Rogers 2011 Annual Report Download - page 87

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CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS OF CANADIAN DOLLARS)
Years ended December 31, 2011 2010
Cash provided by (used in):
Operating activities:
Net income for the year $ 1,563 $ 1,502
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 1,743 1,639
Impairment of assets –11
Program rights amortization 57 74
Video rental amortization 26 54
Finance costs 738768
Income tax expense 535 612
Pension contributions, net of expense (41) (35)
Settlement of pension obligations 11 –
Stock-based compensation expense 64 50
Amortization of fair value decrement (increment) on long-term debt 1(2)
Share of the income of associates and joint ventures accounted for using the equity method, net of tax (7) (2)
Other 812
4,6984,683
Change in non-cash operating working capital items (169) (386)
4,529 4,297
Income taxes paid (99) (152)
Interest paid (639) (651)
3,791 3,494
Investing activities:
Additions to property, plant and equipment (“PP&E”) (2,127) (1,834)
Change in non-cash working capital items related to PP&E (89) 126
Investment in Cogeco Inc. and Cogeco Cable Inc. –(75)
Acquisitions, net of cash and cash equivalents acquired (532) (201)
Additions to program rights (56) (51)
Other (27) (29)
(2,831) (2,064)
Financing activities:
Issuance of long-term debt 4,100 2,935
Repayment of long-term debt (2,802) (2,387)
Premium on repayment of long-term debt (76) (79)
Payment on settlement of cross-currency interest rate exchange agreement and forward contracts (1,208)(816)
Proceeds on settlement of cross-currency interest rate exchange agreement and forward contracts 878547
Transaction costs incurred (10) (10)
Repurchase of Class B Non-Voting shares (1,099) (1,312)
Proceeds received on exercise of stock options 33
Dividends paid (758)(734)
(972) (1,853)
Change in cash and cash equivalents (bank advances) (12) (423)
Cash and cash equivalents (bank advances), beginning of year (45) 378
Cash and cash equivalents (bank advances), end of year $ (57) $ (45)
The change in non-cash operating working capital items is as follows:
Increase in accounts receivable $(86) $ (147)
Increase in other assets (33) (89)
Decrease in accounts payable and accrued liabilities (51) (140)
Increase/(decrease) in income tax payable 5(2)
Decrease in unearned revenue (4) (8)
$ (169) $ (386)
Cash and cash equivalents (bank advances) are defined as cash and short-term deposits, which have an original maturity of less than 90 days, less bank advances.
See accompanying notes to consolidated financial statements.
2011 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 83