CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2005 and 2004
(in thousands of dollars) |
2005
|
2004
|
|
|
Cash flows from (used in) operating activities:
|
|
Net income |
$ 103,353
|
$ 68,490
|
|
Items not involving cash: |
|
|
|
|
Amortization |
13,477
|
12,976
|
|
|
Loss from investment in affiliate |
693
|
1,210
|
|
|
Cost of share option plan |
2,023
|
1,424
|
|
|
Loss on disposal of equipment |
7
|
227
|
|
|
Decrease (increase) in future tax asset |
(26,022)
|
(20,623)
|
|
|
|
|
|
|
|
|
93,531
|
63,704
|
|
|
|
|
|
|
Change in non-cash operating items: |
|
|
|
|
Increase in energy contracts receivable |
(395,937)
|
(211,826)
|
|
|
Increase in accounts receivable
and prepaid expenses |
(4,981)
|
(5,471)
|
|
|
Decrease (increase) in other assets |
1,782
|
(2,443)
|
|
|
Increase in accounts payable and
accrued liabilities |
2,264
|
5,091
|
|
|
Increase in energy contracts payable |
396,783
|
210,819
|
|
|
Increase (decrease) in long term other liabilities |
6,601
|
(13)
|
|
|
Increase in deferred revenue |
58,798
|
53,481
|
|
|
Increase in income taxes payable |
8,285
|
13,679
|
|
|
|
|
|
|
|
|
167,126
|
127,021
|
|
|
|
Cash flows from (used in) financing activities: |
|
|
|
Reduction in obligation under capital lease |
(770)
|
(288)
|
|
Proceeds on options exercised |
4,144
|
2,981
|
|
Dividends on common shares |
(61,241)
|
(39,282)
|
|
|
|
|
|
|
|
|
(57,867)
|
(36,589)
|
|
|
|
|
|
Cash flows from (used in) investing activities: |
|
|
|
Additions to premises and equipment |
(4,677)
|
(9,347)
|
|
Proceeds on disposal of equipment |
100
|
18
|
|
Purchase of NGX Canada Inc., net of cash acquired (note 2) |
-
|
(27,183)
|
|
Decrease (increase) in marketable securities |
(93,621)
|
(44,726)
|
|
|
|
|
|
|
|
|
(98,198)
|
(81,238)
|
|
|
|
|
|
|
Increase in cash |
11,061
|
9,194
|
| Cash, beginning of year |
17,424
|
8,230
|
|
|
|
|
|
|
| Cash, end of year |
$ 28,485
|
$ 17,424
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
Interest paid |
$ 489
|
$ 502
|
|
Interest received |
$ 8,174
|
$ 4,880
|
|
Income taxes paid |
$ 74,230
|
$ 42,441
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
