Cogeco 2008 Annual Report Download - page 45

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44 COGECO CABLE INC. 2008 Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED AUGUST 31, 2008 2007
(in thousands of dollars) $ $
CASH FLOW FROM OPERATING ACTIVITIES
NET INCOME 133,282 84,691
ADJUSTMENTS FOR:
AMORTIZATION (NOTE 4) 228,299 189,323
AMORTIZATION OF DEFERRED TRANSACTION COSTS 3,218 2,226
FUTURE INCOME TAXES (NOTE 6) (8,755) 7,511
STOCK-BASED COMPENSATION 2,569 1,145
LOSS ON DISPOSAL OF FIXED ASSETS 1,077 220
OTHER 712 (551)
360,402 284,565
CHANGES IN NON-CASH OPERATING ITEMS (NOTE 16 A)) 32,481 (72,755)
392,883 211,810
CASH FLOW FROM INVESTING ACTIVITIES
ACQUISITION OF FIXED ASSETS (NOTE 16 B)) (228,441) (220,882)
INCREASE IN DEFERRED CHARGES (27,596) (30,042)
BUSINESS ACQUISITIONS AND RELATED ADJUSTMENTS, NET OF CASH AND CASH
EQUIVALENTS ACQUIRED (NOTE 2) (229,723) 1,265
DECREASE IN RESTRICTED CASH – 591
OTHER 97 489
(485,663) (248,579)
CASH FLOW FROM FINANCING ACTIVITIES
INCREASE IN BANK INDEBTEDNESS 10,302 –
INCREASE IN LONG-TERM DEBT, NET OF ISSUE COSTS 194,846 –
REPAYMENT OF LONG-TERM DEBT (125,735) (299,558)
ISSUE OF SUBORDINATE VOTING SHARES 3,650 352,964
SUBORDINATE VOTING SHARE ISSUE COSTS – (14,840)
DIVIDENDS ON MULTIPLE VOTING SHARES (6,276) (3,766)
DIVIDENDS ON SUBORDINATE VOTING SHARES (13,115) (6,582)
63,672 28,218
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
DENOMINATED IN FOREIGN CURRENCIES 1,271 1,243
NET CHANGE IN CASH AND CASH EQUIVALENTS (27,837) (7,308)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 64,208 71,516
CASH AND CASH EQUIVALENTS, END OF YEAR 36,371 64,208
SEE SUPPLEMENTAL CASH FLOW INFORMATION IN NOTE 16.