Telus 2011 Annual Report Download - page 114

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110 . TELUS 2011 ANNUAL REPORT
Years ended December 31 (millions) Note 2 0 11 2010
(adjusted –
Note 25)
Operating Activities
Net income $ß1,215 $ß1,052
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 1,810 1,741
Deferred income taxes 205 217
Share-based compensation 13 (12) (30)
Net employee defined benefit plans expense 14(b)–(c) (32) (9)
Employer contributions to employee defined benefit plans (298) (140)
Gain on 51% Transactel (Barbados) Inc. interest re-measured at acquisition-date
fair value and subsequent adjustment to contingent consideration 6, 16(e) (17) –
Other (66) (42)
Net change in non-cash operating working capital 24(b) (255) (119)
Cash provided by operating activities 2,550 2,670
Investing Activities
Capital expenditures 5, 15, 16 (1,847) (1,721)
Acquisitions and other 16(e) (110) –
Proceeds from the sale of property and other assets 4 10
Other – 4
Net change in non-cash investing working capital (15) (24)
Cash used by investing activities (1,968) (1,731)
Financing Activities
Non-Voting Shares issued 24 15
Dividends paid to holders of Common Shares and Non-Voting Shares 12(a) (642) (473)
Issuance and repayment of short-term borrowing 18 4 (100)
Long-term debt issued 20, 24(b) 4,068 3,725
Redemptions and repayment of long-term debt 20, 24(b) (3,946) (4,119)
Acquisition of additional equity interest in subsidiary from non-controlling interest 16(e) (51) –
Dividends paid by a subsidiary to non-controlling interest (4) (3)
Other (6) (8)
Cash used by financing activities (553) (963)
Cash Position
Increase (decrease) in cash and temporary investments, net 29 (24)
Cash and temporary investments, net, beginning of period 17 41
Cash and temporary investments, net, end of period $ 46 $ 17
Supplemental Disclosure of Cash Flows
Interest (paid) 24(b) $ß (378) $ß (479)
Interest received $ 1 $ 3
Income taxes (inclusive of Investment Tax Credits) (paid), net 9 $ß (150) $ß (311)
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS