Cash Flows
Annual
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
| Year ended Dec. 31 | |||
| 2010 | 2009 | 2008 | |
| Operating activities | |||
| Net earnings | 219 | 181 | 235 |
| Depreciation and amortization | 490 | 493 | 451 |
| Gain on sale of equipment | (4) | - | (5) |
| Non-controlling interests | 20 |
38 |
61 |
| Asset retirement obligation accretion | 21 | 24 | 22 |
| Asset retirement costs settled | (37) | (35) | (37) |
| Future income taxes | 28 | 21 | 1 |
| Unrealized (gain) loss from risk management activities | (47) | 2 | 12 |
|
Unrealized foreign exchange gain |
(5) | (11) | (5) |
| Asset impairment charges | 89 | 16 | - |
| Equity loss | - | - | 97 |
| Other non-cash items | 9 | - | (4) |
| 783 | 729 | 828 | |
| Change in non-cash operating working capital balances | 28 | (149) | 210 |
| Cash flow from operating activities | 811 | 580 | 1,038 |
| Investing activities | |||
| Acquisition of Canadian Hydro Developers, Inc., net of cash acquired | - | (766) | - |
| Additions to property, plant, and equipment | (790) | (904) | (1,006) |
| Proceeds on sale of property, plant, and equipment | 6 | 7 | 30 |
| Proceeds on sale of minority interest in Kent Hills | 15 | 29 | - |
| Restricted cash | - | - | 248 |
| Resolution of certain tax matters | 29 | (41) | (8) |
| Realized (losses) gains on financial instruments | (29) | (16) | 52 |
| Loan to equity investment | - | - | (245) |
| Proceeds on sale of equity investments | - | - | 332 |
| Net increase in collateral received from counterparties | 47 | 87 | - |
| Net (increase) decrease in collateral paid to counterparties | (2) | 7 | - |
| Settlement of adjustments on sale of Mexican equity investment | - | (7) | - |
| Other | 4 | 6 | 16 |
| Cash flow used in investing activities | (720) | (1,598) | (581) |
| Financing activities | |||
| Net (decrease) increase borrowings under credit facilities | (400) | 620 | (243) |
| Repayment of long-term debt | (31) | (796) | (308) |
| Issuance of long-term debt | 301 | 1,119 | 502 |
| Dividends paid on common shares | (216) | (226) | (212) |
| Funds paid to repurchase common shares under NCIB | - | - | (130) |
| Net proceeds on issuance of common shares | 1 | 398 | 15 |
| Net proceeds on issuance of preferred shares | 291 | - | - |
| Realized gains in financial instruments | 3 | - | 12 |
| Distributions paid to subsidiaries' non-controlling interests | (62) | (58) | (98) |
| Other | - | (4) | (5) |
| Cash flow (used in) from financing activities | (113) | 1,053 | (467) |
| Cash flow (used in) from operating, investing, and financing activities | (22) | 35 | (10) |
| Effect of translation on foreign currency cash | (2) | (3) | 9 |
| (Decrease) increase in cash and cash equivalents | (24) | 32 | (1) |
| Cash and cash equivalents, beginning of year | 82 | 50 | 51 |
| Cash and cash equivalents, end of year | 58 | 82 | 50 |
| Cash taxes (recovered) paid | (49) | 43 | 47 |
| Cash interest paid | 153 | 149 | 106 |
Quarterly
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
| 3 months ended Sept. 30 | 9 months ended Sept. 30 |
|
||||
| Unaudited | 2011 | 2010 | 2011 | 2010 | ||
| Operating activities | ||||||
| Net earnings | 61 | 46 | 304 | 183 | ||
| Depreciation and amortization | 126 | 132 | 383 | 372 | ||
| Gain on sale of Meridian | - | - | (3) | - | ||
| Accretion of provisions | 6 | 4 | 15 | 13 | ||
| Asset retirement costs settled | (7) | (12) | (23) | (27) | ||
| Deferred income taxes | 5 | 3 | 79 | 28 | ||
| Unrealized (gain) loss from risk management activities | (13) | 2 | (160) | 2 | ||
| Unrealized foreign exchange (gain) loss | (10) | 2 | (8) | - | ||
| Provisions | - | - | 22 | - | ||
| Asset impairment charges | 5 | - | 14 | - | ||
| Equity income, net of distributions from equity investments | (14) | (11) | (16) | (8) | ||
| Other non-cash items | 9 | 9 | 13 | 8 | ||
| 168 | 175 | 620 | 571 | |||
| Change in non-cash operating working capital balances | 53 | 49 | (108) | (50) | ||
| Cash flow from operating activities | 221 | 224 | 512 | 521 | ||
| Investing activities | ||||||
| Additions to property, plant, and equipment | (127) | (193) | (318) | (615) | ||
| Additions to intangibles | (5) | (7) | (16) | (17) | ||
| Proceeds on sale of property, plant, and equipment | 1 | - | 3 | 3 | ||
| Proceeds on sale of Meridian | - | - | 30 | - | ||
| Resolution of certain tax matters | - | 12 | 3 | 12 | ||
| Realized losses on financial instruments | (3) | (1) | (5) | (22) | ||
| Net (decrease) increase in collateral received from counterparties | (40) | 60 | (96) | 86 | ||
| Net decrease (increase) in collateral paid to counterparties | 1 | (4) | (8) | (6) | ||
| Other | (19) | (1) | (4) | 7 | ||
| Cash flow used in investing activities | (192) | (134) | (411) | (552) | ||
| Financing activities | ||||||
| Net increase (decrease) in borrowings under credit facilities | 55 | (15) | 355 | (44) | ||
| Repayment of long-term debt | (2) | (2) | (232) | (7) | ||
| Issuance of long-term debt | - | - | - | 301 | ||
| Dividends paid on common shares | (48) | (49) | (143) | (169) | ||
| Dividends paid on preferred shares | (4) | - | (11) | - | ||
| Net proceeds on issuance of common shares | - | - | 1 | 1 | ||
| Realized gains (losses) on financial instruments | 5 | 9 | 5 | (8) | ||
| Distributions paid to subsidiaries' non-controlling interests | (9) | (15) | (44) | (44) | ||
| Reduction of the finance lease receivable | 1 | 1 | 2 | 2 | ||
| Other | 1 | - | (4) | - | ||
| Cash flow (used in) from financing activities | (1) | (71) | (71) | 32 | ||
| Cash flow from operating, investing, and financing activities | 28 | 19 | 30 | 1 | ||
| Effective change in value of foreign cash | - | 6 | 1 | 3 | ||
| Increase in cash and cash equivalents | 28 | 25 | 31 | 4 | ||
| Cash and cash equivalents, beginning of period | 38 | 32 | 35 | 53 | ||
| Cash and cash equivalents, end of period | 66 | 57 | 66 | 57 | ||
| Cash taxes recovered | (1) | (37) | (5) | (21) | ||
| Cash interest paid | 37 | 37 | 127 | 88 | ||
© 2009 TransAlta.