Cogeco 2007 Annual Report Download - page 68

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15) STATEMENTS OF CASH FLOW
A) CHANGES IN NON-CASH OPERATING ITEMS
2007 2006
(amounts are in thousands of dollars) $ $
ACCOUNTS RECEIVABLE (3,792) (1,131)
INCOME TAXES RECEIVABLE (2,528) —
PREPAID EXPENSES (1,324) (1,020)
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (69,807) 1,681
INCOME TAX LIABILITIES 507 (228)
DEFERRED AND PREPAID INCOME 4,189 1,749
(72,755) 1,051
B) FIXED ASSETS
During the year, fi xed assets acquisitions amounted to $223,966,000 ($143,839,000 in 2006), $3,084,000 ($2,898,000
in 2006) of which were acquired through capital leases. Disbursements for the acquisition of fi xed assets totalled
$220,882,000 ($140,941,000 in 2006).
C) OTHER INFORMATION
2007 2006
(amounts are in thousands of dollars) $ $
FINANCIAL EXPENSE PAID 82,787 54,892
INCOME TAXES PAID 6,255 4,308
16) EMPLOYEE FUTURE BENEFITS
The Corporation and its Canadian subsidiaries offer their employees contributory defi ned benefi t pension plans, a defi ned
contribution pension plan or a collective registered retirement savings plan. With respect to the last two plans, the Corporation
and its subsidiaries’ obligations are limited to the payment of the monthly employer’s portion. Expenses related to these
two plans amounted to $2,307,000 ($1,522,000 in 2006).
The defi ned benefi t pension plans provide pensions based on the number of years of service and the average salary
during the employment of each participant. In addition, the Corporation and its subsidiaries offer certain executives a
supplementary pension plan. The Corporation measures plans’ assets at fair value and the accrued benefi t obligation as at
August 31 of each year for all plans. The most recent actuarial valuation of the pension plans was as of August 31, 2006
and the next required valuation will be as of August 31, 2007.
66 COGECO CABLE INC. 2007 Notes to Consolidated Financial Statements