Cogeco 2009 Annual Report Download - page 74

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Consolidated financial statements COGECO CABLE INC. 2009 73
17. STATEMENTS OF CASH FLOWS
A) CHANGES IN NON-CASH OPERATING ITEMS
2009
2008
(in thousands of dollars) $
$
ACCOUNTS RECEIVABLE
(206)
(7,107)
INCOME TAXES RECEIVABLE
(2,422)
398
PREPAID EXPENSES
(1,481)
(4,027)
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
12,210
25,866
INCOME TAX LIABILITIES
20,808
19,237
DEFERRED AND PREPAID REVENUE AND OTHER LIABILITIES
2,054
(1,886)
30,963
32,481
B) FIXED ASSETS
During the year, fixed asset acquisitions amounted to $278,021,000 ($233,916,000 in 2008), $4,661,000 ($5,475,000 in 2008) of
which were acquired through capital leases. Disbursements for the acquisition of fixed assets totalled $273,360,000 ($228,441,000
in 2008).
C) CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of:
2009 2008
(in thousands of dollars) $ $
CASH
23,760
36,371
CASH EQUIVALENTS(1)
15,698
–
39,458
36,371
(1)
TERM DEPOSIT OF €10,000,000, 0.67%, MATURING ON SEPTEMBER 14, 2009.
D) OTHER INFORMATION
2009 2008
(in thousands of dollars) $ $
FINANCIAL EXPENSE PAID
63,261 64,434
INCOME TAXES PAID
35,530 3,846
18. 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 $3,928,000 in fiscal 2009 ($3,000,000 in 2008).
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 plan 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 November 27, 2008 and the next required valuation will be
as of August 31, 2009.