Rogers 2008 Annual Report Download - page 91

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ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 87
Years ended December 31, 2008 and 2007 2008 2007
Cash provided by (used in):
Operating activities:
Net income for the year $ 1,002 $ 637
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 1,760 1,603
Impairment losses on goodwill, intangible assets and other long-term assets 294 –
Program rights and Rogers Retail rental amortization 146 92
Future income taxes 421 250
Unrealized foreign exchange loss (gain) 65 (46)
Change in fair value of derivative instruments (64) 34
Loss on repayment of long-term debt – 47
Stock option plan amendment – 452
Stock-based compensation expense (recovery) (100) 62
Amortization of fair value increment on long-term debt and derivatives (5) (6)
Other 3 10
3,522 3,135
Change in non-cash operating working capital items (note 20(a)) (215) (310)
3,307 2,825
Investing activities:
Additions to property, plant and equipment (“PP&E”) (2,021) (1,796)
Change in non-cash working capital items related to PP&E 40 (20)
Acquisition of spectrum licences (1,008) –
Acquisitions, net of cash and cash equivalents acquired (191) (537)
Additions to program rights and CRTC commitments (150) (67)
Other (7) (18)
(3,337) (2,438)
Financing activities:
Issuance of long-term debt 4,474 5,476
Repayment of long-term debt (3,335) (5,623)
Premium on repayment of long-term debt – (59)
Financing costs incurred – (4)
Payment on re-couponing of cross-currency interest rate exchange agreements (375) –
Payment on settlement of cross-currency interest rate exchange agreements and forward contracts (969) (873)
Proceeds on settlement of cross-currency interest rate exchange agreements and forward contracts 970 838
Repurchase of Class B Non-Voting shares (137) –
Issuance of capital stock on exercise of stock options 3 27
Dividends paid (559) (211)
72 (429)
Increase (decrease) in cash and cash equivalents 42 (42)
Cash deficiency, beginning of year (61) (19)
Cash deficiency, end of year $ (19) $ (61)
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 20(b).
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS OF CANADIAN DOLLARS)