Annual Report 2011 - Canlan Ice Sports

Management Discussion & Analysis
The following table provides a reconciliation of EBITDA to the change in cash position for the last two years:
in thousands 2011 2010
EBITDA $9,848 $9,718
Changes in working capital items 406 (1,142)
Net finance costs (3,010) (3,169)
Other (104) 43
Cash flow from operations 7,140 5,450
Less:
Mortgage principal reduction, net of new financing (3,180) (2,669)
Proceeds from sale of capital assets 8,024 37
Purchase of ice rink property (4,043) -
Capital expenditures (1,629) (2,463)
Equipment lease payments (546) (639)
Dividends paid (801) -
Effect of changes in foreign currency rates 18 (26)
Change in cash position for the year $4,983 $(310)
Contractual Obligations
The following table presents the aggregate amount of future cash outflows for contractual obligations in each of the
next five years and thereafter. The operating leases listed below for land and buildings fit the definition of off –
balance sheet financing arrangements.
in thousands 2012 2013 2014 2015 2016 Thereafter Total
Long-term debt:
Mortgage principal and interest 5,385 5,280 13,823 3,135 4,657 19,862 52,142
Equipment leases, includes interest 529 409 227 79 19 - 1,263
5,914 5,689 14,050 3,214 4,676 19,862 53,405
Land and building leases
(off balance sheet financing) 1,797 1,713 1,717 1,580 1,587 21,268 29,662
$7,711 $7,402 $15,767 $4,794 $6,263 $41,130 $83,067
Canlan Ice Sports Corp. 2011 Annual Report
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