Rogers 2007 Annual Report Download - page 85

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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 81
Years ended December 31, 2007 and 2006 2007 2006
Cash provided by (used in):
Operating activities:
Net income for the year $ 637 $ 622
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 1,603 1,584
Program rights and Rogers Retail rental amortization 92 75
Future income taxes 250 61
Unrealized foreign exchange loss (gain) (46) 2
Change in fair value of derivative instruments 34 4
Loss on repayment of long-term debt 47 1
Stock option plan amendment 452 –
Stock-based compensation expense 62 49
Amortization of fair value increment on long-term debt and derivatives (6) (11)
Sale of income tax losses to related party – 13
Other 10 (14)
3,135 2,386
Change in non-cash operating working capital items (note 21(a)) (310) 63
2,825 2,449
Investing activities:
Additions to property, plant and equipment (1,796) (1,712)
Change in non-cash working capital items related to property, plant and equipment (20) 134
Acquisitions, net of cash and cash equivalents acquired (537) (4)
Additions to program rights (67) (32)
Other (18) (19)
(2,438) (1,633)
Financing activities:
Issuance of long-term debt 5,476 1,098
Repayment of long-term debt (5,623) (1,836)
Premium on repayment of long-term debt (59) –
Financing costs incurred (4) –
Issuance of capital stock on exercise of stock options 27 74
Dividends paid on Class A Voting and Class B Non-Voting shares (211) (47)
Proceeds on settlement of cross-currency interest rate exchange agreements and forward contracts 838 –
Payment on settlement of cross-currency interest rate exchange agreements and forward contracts (873) (20)
(429) (731)
Increase (decrease) in cash and cash equivalents (42) 85
Cash deficiency, beginning of year (19) (104)
Cash deficiency, end of year $ (61) $ (19)
Cash and cash equivalents (deficiency) are defined as cash and short-term deposits, which have an original maturity of less than 90 days, less bank advances.
For supplemental cash flow information see note 21(b).
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS OF CANADIAN DOLLARS)