Cogeco 2014 Annual Report Download - page 39

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38 COGECO CABLE INC. 2014 MD&A
CASH FLOW ANALYSIS
Quarters ended August 31, 2014 2013 (1)
(in thousands of dollars) $$
Operating activities
Cash flow from operations 187,276 161,581
Changes in non-cash operating activities 125,991 55,377
Amortization of deferred transaction costs and discounts on long-term debt (1,940) (4,190)
Income taxes paid (9,630) (23,208)
Current income taxes 13,820 10,769
Financial expense paid (19,038) (20,801)
Financial expense 32,716 48,702
Cash flow from operating activities 329,195 228,230
Investing activities (163,972) (104,319)
Financing activities (132,030) (123,534)
Effect of exchange rate changes on cash and cash equivalents denominated in foreign currencies 112 1,304
Net change in cash and cash equivalents 33,305 1,681
Cash and cash equivalents, beginning of period 30,526 37,894
Cash and cash equivalents, end of period 63,831 39,575
(1) Comparative figures have been adjusted to comply with the adoption of IAS 19 Employee Benefits. For further details, please refer to Note 3 of the consolidated
financial statements.
Fiscal 2014 fourth-quarter cash flow from operating activities reached $329.2 million compared to $228.2 million last year, an increase of $101.0
million, or 44.2% primarily due to the improvement of adjusted EBITDA of $8.3 million, the decrease of $13.6 million in income taxes paid as well
as the increase of $70.6 million in cash inflows from non-cash operating activities as a result of a higher increase in trade and other payables
compared to the same period of the prior year.
Fiscal 2014 fourth-quarter cash flow from operations reached $187.3 million compared to $161.6 million last year, an increase of $25.7 million,
or 15.9%, primarily due to the improvement of adjusted EBITDA of $8.3 million combined with the decrease in financial expense as a result of a
make-whole premium of $10.2 million on the early repayment of the Senior Secured Debentures Series 1 that occurred in the fourth quarter of
fiscal 2013.
ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE AND OTHER ASSETS
Investing activities, including acquisition of property, plant and equipment segmented according to the NCTA standard reporting categories, are
as follows:
Quarters ended August 31, 2014 2013
(in thousands of dollars) $$
Customer premise equipment(1) 42,956 16,459
Scalable infrastructure(2) 36,849 23,141
Line extensions 11,412 8,858
Upgrade / Rebuild 9,335 17,595
Support capital 13,243 8,376
Acquisition of property, plant and equipment - Canadian and American cable services 113,795 74,429
Acquisition of property, plant and equipment - Enterprise data services(3) 50,376 28,749
Acquisitions of property, plant and equipment 164,171 103,178
Acquisition of intangible and other assets - Canadian and American cable services 835 3,655
Acquisition of intangible and other assets - Enterprise data services 119 1,262
Acquisitions of intangible and other assets 954 4,917
165,125 108,095
(1) Includes mainly home terminal devices as well as new and replacement drops.
(2) Includes mainly head-end equipment, digital video and telephony transport as well as HSI equipment.
(3) Fiscal 2013 includes assets acquired under finance lease of $0.9 million that are excluded from the statement of cash flows.