Cash Flows
Annual
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
| For the year ended Dec. 31 | |||
| 2009 | 2008 | 2007 | |
| Operating activities | |||
| Net earnings | 181 | 235 | 309 |
| Depreciation and amortization | 493 | 451 | 415 |
| Gain on sale of equipment | - | (5) | (16) |
| Non-controlling interests |
38 |
61 | 48 |
| Asset retirement obligation accretion | 24 | 22 | 24 |
| Asset retirement costs settled | (35) | (37) | (38) |
| Future income taxes | 21 | 1 | (34) |
| Unrealized loss from risk management activities | 2 | 12 | 26 |
|
Unrealized foreign exchange gain |
(11) | (5) | (3) |
| Writedown of mining development costs | 16 | - | - |
| Equity loss | - | 97 | 50 |
| Other non-cash items | - | (4) | - |
| 729 | 828 | 781 | |
| Change in non-cash operating working capital balances | (149) | 210 | 66 |
| Cash flow from operating activities | 580 | 1,038 | 847 |
| Investing activities | |||
| Acquisition of Canadian Hydro Developers, Inc., net of cash acquired | (766) | - | - |
| Additions to property, plant, and equipment | (904) | (1,006) | (599) |
| Proceeds on sale of property, plant, and equipment | 7 | 30 | 47 |
| Proceeds on sale of minority interest in Kent Hills | 29 | - | - |
| Equity investment | - | - | (20) |
| Restricted cash | - | 248 | 57 |
| Long-term receivable | (41) | (8) | - |
| Realized (losses) gains on financial instruments | (16) | 52 | 107 |
| Loan to equity investment | - | (245) | - |
| Proceeds on sale of equity investments | - | 332 | - |
| Net increase in collateral received from counterparties | 87 | - | - |
| Net decrease in collateral paid to counterparties | 7 | - | - |
| Settlement of adjustments on sale of Mexican equity investment | (7) | - | - |
| Other | 6 | 16 | (2) |
| Cash flow used in investing activities | (1,598) | (581) | (410) |
| Financing activities | |||
| Net increase (decrease) in credit facilities | 620 | (243) | 289 |
| Repayment of long-term debt | (796) | (308) | (252) |
| Issuance of long-term debt | 1,119 | 502 | 30 |
| Dividends paid on common shares | (226) | (212) | (205) |
| Redemption of preferred securities | - | - | (175) |
| Funds paid to repurchase common shares under NCIB | - | (130) | (75) |
| Net proceeds on issuance of common shares | 398 | 15 | 20 |
| Decrease in advances to TransAlta Power | - | - | 6 |
| Realized gains in financial instruments | - | 12 | - |
| Distributions paid to subsidiaries' non-controlling interests | (58) | (98) | (87) |
| Other | (4) | (5) | 5 |
| Cash flow from (used in) financing activities | 1,053 | (467) | (444) |
| Cash flow from (used in) operating, investing, and financing activities | 35 | (10) | (7) |
| Effect of translation on foreign currency cash | (3) | 9 | (8) |
| Increase (decrease) in cash and cash equivalents | 32 | (1) | (15) |
| Cash and cash equivalents, beginning of year | 50 | 51 | 66 |
| Cash and cash equivalents, end of year | 82 | 50 | 51 |
| Cash taxes paid | 43 | 47 | 75 |
| Cash interest paid | 149 | 106 | 142 |
Quarterly
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
| Three months ended June 30 | Six months ended June 30 |
|
||||
| Unaudited | 2010 | 2009 | 2010 | 2009 | ||
| Operating activities | ||||||
| Net earnings (loss) | 51 | (6) | 118 | 36 | ||
| Depreciation and amortization | 122 | 122 | 232 | 243 | ||
| Gain on sale of equipment | (1) | - | (1) | - | ||
| Non-controlling interests | 7 | 10 | 12 | 24 | ||
| Asset retirement obligation accretion | 5 | 6 | 10 | 12 | ||
| Asset retirement costs settled | (10) | (8) | (15) | (16) | ||
| Future income taxes | 6 | (23) | 17 | (4) | ||
| Unrealized foreign exchange loss (gain) | 1 | (8) | (2) | (11) | ||
| Unrealized loss from risk management activities | 3 | - | - | - | ||
| Other non-cash items | - | 1 | 3 | 1 | ||
| 184 | 94 | 374 | 285 | |||
| Change in non-cash operating working capital balances | (86) | (37) | (102) | (145) | ||
| Cash flow from operating activities | 98 | 57 | 272 | 140 | ||
| Investing activities | ||||||
| Additions to property, plant, and equipment | (283) | (281) | (409) | (412) | ||
| Proceeds on sale of property, plant, and equipment | 1 | - | 3 | 1 | ||
| Proceeds on sale of minority interest in Kent Hills | - | 29 | - | 29 | ||
| Restricted cash | - | (1) | - | (2) | ||
| Realized losses on financial instruments | (14) | (8) | (21) | (14) | ||
| Net (decrease) increase in collateral received from counterparties | (54) | (72) | 26 | 120 | ||
| Net decrease (increase) in collateral paid to counterparties | 4 | (2) | (2) | 7 | ||
| Settlement of adjustments on sale of Mexican equity investment | - | - | - | (7) | ||
| Other | 2 | (20) | 6 | (14) | ||
| Cash flow used in investing activities | (344) | (355) | (397) | (292) | ||
| Financing activities | ||||||
| Net increase (decrease) in credit facilities | 298 | 194 | (29) | 118 | ||
| Repayment of long-term debt | (16) | (16) | (18) | (18) | ||
| Issuance of long-term debt | - | 200 | 301 | 200 | ||
| Dividends paid on common shares | (64) | (57) | (123) | (111) | ||
| Net proceeds on issuance of common shares | 3 | - | 4 | - | ||
| Realized losses on financial instruments | - | - | (17) | - | ||
| Distributions paid to subsidiaries' non-controlling interests | (15) | (17) | (29) | (33) | ||
| Other | 1 | - | - | - | ||
| Cash flow from financing activities | 207 | 304 | 89 | 156 | ||
| Cash flow (used in) from operating, investing, and financing activities | (39) | 6 | (36) | 4 | ||
| Effect of translation on foreign currency cash | (2) | (1) | (3) | - | ||
| (Decrease) increase in cash and cash equivalents | (41) | 5 | (39) | 4 | ||
| Cash and cash equivalents, beginning of period | 84 | 49 | 82 | 50 | ||
| Cash and cash equivalents, end of period | 43 | 54 | 43 | 54 | ||
| Cash taxes paid | 12 | 9 | 19 | 32 | ||
| Cash interest paid | 37 | 51 | 54 | 66 | ||
| Notes to financial statements | ||||||
© 2009 TransAlta.