CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, 2006 and 2005
(in thousands of dollars) | 2006 | 2005 |
| Cash flows from (used in) operating activities: | | Net income | $ 131,524 | $ 103,353 | | Adjustments to determine net cash flows: | | | | | Amortization | 13,048 | 13,477 | | | Loss from investment in affiliate | 82 | 693 | | | Cost of share option plan | 2,553 | 2,023 | | | Loss on disposal of equipment | - | 7 | | | Future tax asset | (12,608) | (26,022) | | | Energy contracts receivable | 114,925 | (395,937) | | | Accounts receivable and prepaid expenses | (6,095) | (4,981) | | | Other assets | 544 | 1,782 | | | Accounts payable and accrued liabilities | (11,144) | 2,264 | | | Energy contracts payable | (114,925) | 396,783 | | | Long term other liabilities | 11,709 | 6,601 | | | Deferred revenue | 67,346 | 58,798 | | | Income taxes payable | (7,431) | 8,285 | | | |
|
| | | | 189,528 | 167,126 | | | | | |
Cash flows from (used in) financing activities: | | | | Reduction in obligation under capital lease | (838) | (770) | | Proceeds on options exercised | 5,296 | 4,144 | | Dividends on common shares | (90,213) | (61,241) | | | |
|
| | | | (85,755) | (57,867) | | | | | |
Cash flows from (used in) investing activities: | | | | Additions to premises and equipment | (4,228) | (4,677) | | Proceeds on disposal of equipment | - | 100 | | Acquisitions, net of cash acquired (note 2) | (53,704) | - | | Marketable securities | (37,308) | (93,621) | | | |
|
| | | | (95,240) | (98,198) | | | |
|
|
Increase in cash | 8,533 | 11,061 | | Cash, beginning of year | 28,485 | 17,424 | | | |
|
| | Cash, end of year | $ 37,018 | $ 28,485 | | | |
|
|
Supplemental cash flow information: | | | | Interest paid | $ 741 | $ 489 | | Interest received | $ 15,026 | $ 8,174 | | Income taxes paid | $ 108,112 | $ 74,230 | | | |
|
| See accompanying notes to consolidated financial statements. |
