Rogers 2013 Annual Report Download - page 97

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CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Cash Flows
(In millions of Canadian dollars)
Years ended December 31 Note 2013 2012
Cash provided by (used in):
Operating activities:
Net income for the year $ 1,669 $ 1,693
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 12,13 1,898 1,819
Impairment of assets 13 –80
Gain on sale of TVtropolis 7(47) –
Program rights amortization 13 52 73
Finance costs 5742 671
Income tax expense 9596 610
Pension contributions, net of expense 22 (32) (36)
Stock-based compensation expense 24 84 77
Gain on spectrum distribution 25 –(233)
Other (14) (25)
4,948 4,729
Change in non-cash operating working capital items 238 (248)
5,186 4,481
Income taxes paid (496) (380)
Interest paid (700) (680)
Cash provided by operating activities 3,990 3,421
Investing activities:
Additions to property, plant and equipment 12 (2,240) (2,142)
Change in non-cash working capital items related to property, plant and equipment (114) 136
Acquisitions and other strategic transactions, net of cash acquired 7(1,080) –
Proceeds on sale of TVtropolis 759 –
Investments 14 –(707)
Additions to program rights 13 (69) (90)
Other (29) (31)
Cash used in investing activities (3,473) (2,834)
Financing activities:
Issuance of long-term debt 18 2,578 2,090
Repayment of long-term debt 18 (356) (1,240)
Payment on settlement of cross-currency interest rate exchange agreement and debt-related
forward contracts 20 (1,029) –
Proceeds on settlement of cross-currency interest rate exchange agreement and debt-related
forward contracts 20 662 –
Transaction costs incurred 18 (37) (14)
Proceeds received on short-term borrowings 20 650 –
Repurchase of Class B Non-Voting shares, net of issuances 23 (21) (350)
Dividends paid 23 (876) (803)
Cash provided by (used) in financing activities 1,571 (317)
Change in cash and cash equivalents 2,088 270
Cash and cash equivalents, beginning of year 213 (57)
Cash and cash equivalents, end of year $ 2,301 $ 213
The change in non-cash operating working capital items is as follows:
Accounts receivable $58 $15
Other current assets 9(131)
Accounts payable and accrued liabilities 180 (140)
Unearned revenue (9) 8
$ 238 $ (248)
Supplemental cash flow disclosure:
Non-cash acquisition of spectrum licences 13 $– $ 360
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. As at December 31, 2013 and 2012, the balance of cash and cash equivalents was comprised of cash and demand deposits.
The accompanying notes are an integral part of the consolidated financial statements.
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 93