Cogeco 2010 Annual Report Download - page 49

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48 COGECO CABLE INC. 2010 Consolidated Financial Statements
Consolidated statements of cash flows
Years ended August 31, 2010 2009
(In thousands of dollars) $ $
(restated)
Cash flow from operating activities
Net income (loss) 157,303 (258,228)
A
djustments for:
Amortization (note 4) 258,871 256,077
Amortization of deferred transaction costs and discounts on long-term debt 3,786 2,575
Reduction of withholding and stamp tax contingent liabilities (note 6) – (16,130)
Impairment of goodwill and intangible assets (note 7) – 399,648
Future income taxes 69,877 2,887
Foreign exchange gain on unhedged net investment and long-term debt – (4,154)
Stock-based compensation 1,653 1,488
Loss on disposal and write-offs of fixed assets 2,932 186
Other 392 (143)
494,814 384,206
Changes in non-cash operating items (note 16 A)) (77,530) 30,963
417,284 415,169
Cash flow from investing activities
A
cquisition of fixed assets (note 16 B)) (308,908) (273,360)
Increase in deferred charges (10,633) (10,773)
Business acquisition and related adjustments (note 2) – (75)
Other 168 466
(319,373) (283,742)
Cash flow from financing activities
Decrease in bank indebtedness – (10,302)
Net repayments under the Term Facility and Term Revolving Facility (62,366) (254,902)
Issuance of long-term debt, net of discounts and transaction costs – 551,502
Repayments of long-term debt and settlement of derivative financial instruments (3,881) (392,307)
Increase in deferred transaction costs (5,238) –
Issuance of subordinate voting shares (note 14) 481 964
A
cquisition of subordinate voting shares held in trust under the Incentive Share Unit Plan (note 14) (2,008) –
Dividends on multiple voting shares (8,787) (7,532)
Dividends on subordinate voting shares (18,384) (15,771)
(100,183) (128,348)
Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency (1,344) 8
Net change in cash and cash equivalents (3,616) 3,087
Cash and cash equivalents, beginning of year 39,458 36,371
Cash and cash equivalents, end of year 35,842 39,458
See supplemental cash flow information in note 16.