Cogeco 2008 Annual Report Download - page 66

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Notes to the Consolidated Financial Statements COGECO CABLE INC. 2008 65
16. STATEMENTS OF CASH FLOW
A) CHANGES IN NON-CASH OPERATING ITEMS
2008 2007
(in thousands of dollars) $ $
ACCOUNTS RECEIVABLE (7,107) (3,792)
INCOME TAXES RECEIVABLE 398 (2,528)
PREPAID EXPENSES (4,027) (1,324)
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 25,866 (69,807)
INCOME TAX LIABILITIES 19,237 507
DEFERRED AND PREPAID INCOME AND OTHER LIABILITIES (1,886) 4,189
32,481 (72,755)
B) FIXED ASSETS
During the year, fixed asset acquisitions amounted to $233,916,000 ($223,966,000 in 2007), $5,475,000 ($3,084,000 in 2007) of
which were acquired through capital leases. Disbursements for the acquisition of fixed assets totalled $228,441,000 ($220,882,000
in 2007).
C) OTHER INFORMATION
2008 2007
(in thousands of dollars) $ $
FINANCIAL EXPENSES PAID 64,434 82,787
INCOME TAXES PAID 3,846 6,255
17. EMPLOYEE FUTURE BENEFITS
The Corporation and its Canadian subsidiaries offer their employees contributory defined benefit pension plans, a defined
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 $3,000,000 in fiscal 2008 ($2,307,000 in 2007).
The defined benefit 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 benefit 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, 2007 and the next required valuation will be as
of August 31, 2008.