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Consolidated Statements of Cash Flows - CAD
CAD in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net earnings from continuing operations CAD 92,374 CAD 86,536
Adjustments and items not affecting cash:    
Depreciation and amortization 195,751 151,627
Deferred taxes 28,675 36,403
Unrealized gain on derivative financial instruments (18,689) (1,990)
Share-based compensation expense 5,916 5,455
Cost of equity funds used for construction purposes (2,774) (2,424)
Pension and post-employment expense (13,491) (3,333)
Non-cash revenue and other income (10,467) 550
Write-down of long-lived assets 6,259 1,781
Unrealized gain on disposal of VIE 0 220
Changes in non-cash operating items (note 24) 3,704 (11,149)
Cash used in discontinued operations 0 (1,806)
Net Cash Provided by (Used in) Operating Activities, Total 287,258 261,870
Financing Activities    
Cash dividends on common shares (118,145) (79,121)
Cash dividends on preferred shares (10,400) (10,400)
Cash contributions from non-controlling interests 13,468 15,222
Production-based cash contributions from non-controlling interest 9,454 10,815
Cash distributions to non-controlling interests (4,307) (2,936)
Issuance of common shares, net of costs 1,526 144,694
Issuance of convertible debentures, net of costs 357,694 0
Proceeds from exercise of share options 18,461 0
Shares surrendered to fund withholding taxes on exercised share options (5,218) 0
Increase in long-term debt 2,399,009 248,811
Decrease in long-term debt (68,423) (196,149)
Increase in other long-term liabilities 6,486 31,544
Decrease in other long-term liabilities (4,269) (6,182)
Net Cash Provided by (Used in) Financing Activities, Total 2,595,336 156,298
Investing Activities    
Decrease (increase) in restricted cash (2,007,732) 2,900
Increase in other assets (20,501) (2,155)
Distributions received in excess of equity income 653 1,386
Receipt of principal on notes receivable 319,160 29,273
Additions to property, plant and equipment (405,743) (204,195)
Increase in long-term investments (347,901) (138,560)
Acquisitions of operating entities (432,699) (3,717)
Proceeds from sale of long-lived assets 0 5,516
Net Cash Provided by (Used in) Investing Activities, Total (2,894,763) (309,552)
Effect of exchange rate differences on cash (2,231) 6,928
Increase (decrease) in cash and cash equivalents (14,400) 115,544
Cash and cash equivalents, beginning of year 124,817 9,273
Cash and cash equivalents, end of year 110,417 124,817
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest expense 131,783 69,610
Cash paid during the year for income taxes 13,369 6,153
Non-cash financing and investing activities:    
Property, plant and equipment acquisitions in accruals 146,301 44,834
Issuance of common shares under dividend reinvestment plan and share-based compensation plans 35,409 30,645
Issuance of common shares upon conversion of subscription receipts 110,503 0
Acquisition of equity investments in exchange for loan receivable CAD 26,035 CAD 0