Cogeco 2010 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2010 Cogeco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

66 COGECO CABLE INC. 2010 Consolidated Financial Statements
16. Statements of cash flows
A) Changes in non-cash operating items
2010 2009
(in thousands of dollars) $ $
A
ccounts receivable (8,527) (206)
Income taxes receivable (40,438) (2,422)
Prepaid expenses and other (154) (1,481)
A
ccounts payable and accrued liabilities 863 12,210
Income tax liabilities (40,350) 20,808
Deferred and prepaid revenue and other liabilities 11,076 2,054
(77,530) 30,963
B) Fixed assets
During the year, fixed asset acquisitions amounted to $309,049,000 ($278,021,000 in 2009) $141,000 ($4,661,000 in 2009) of which were
acquired through capital leases. Disbursements for the acquisition of fixed assets totalled $308,908,000 ($273,360,000 in 2009).
C) Cash and cash equivalents
Cash and cash equivalents consist of:
2010 2009
(in thousands of dollars) $ $
Cash 35,842 23,760
Cash equivalents(1) – 15,698
35,842 39,458
(1) At August 31, 2009, term deposit of €10,000,000, bearing interest at 0.67%, maturing on September 14, 2009.
D) Other information
2010 2009
(in thousands of dollars) $ $
Financial expense paid 62,859 62,261
Income taxes paid 41,019 35,530
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 $4,585,000 in fiscal 2010
($3,928,000 in 2009).
The Corporation and its subsidiaries sponsor a defined benefit pension plan for the benefit of its employees and a separate defined benefit
pension plan for the benefit of its senior executives, which provide pensions based on the number of years of service and the average salary
during the employment of each participant. In addition, the Corporation offers to its senior 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 for the pension plan for the benefit of the employees was as at August 31, 2009 and the next required valuations will be as
at August 31, 2010. For the senior executives plans, the most recent actuarial valuation was as at August 31, 2008, and the next requires
valuation will be as at August 31, 2011.
The total cash amount paid or payable for employee future benefits for all plans, consisting of cash contributed by the Corporation to its funded
pension plans, cash payments directly to beneficiaries for its unfunded other benefit plans, and cash contributed to its defined contribution
plans, totalled $6,094,000 for the year ended August 31, 2010 ($5,351,000 in 2009).