Financial Statements of - Shoppers Drug Mart

Shoppers Drug Mart Corporation
Consolidated Statements of Cash Flows
(unaudited)
(in thousands of Canadian dollars)
12 Weeks Ended
March 26, March 27,
Note
2011 2010 (1)
Cash flows from operating activities
Net earnings $ 117,541 $ 122,252
Adjustments for:
Depreciation and amortization 67,060 62,396
Finance expenses 15,441 14,892
Loss (gain) on sale of property and equipment 2,142 (9,799)
Share-based payment transactions (1,619) 387
Long-term liabilities 5,430 14,357
Income tax expense 45,710 51,771
251,705 256,256
Net change in non-cash working capital balances 12 (46,746) (15,636)
Interest paid (16,181) (15,949)
Income tax paid (46,113) (76,343)
Net cash from operating activities 142,665 148,328
Cash flows from investing activities
Proceeds from disposition of property and equipment 48 35,964
Business acquisitions 5 (6,052) (11,358)
Deposits 25 1,202
Acquisition or development of property and equipment (58,905) (77,350)
Acquisition or development of intangible assets (6,316) (10,364)
Other assets (3,901) (982)
Net cash used in investing activities (75,101) (62,888)
Cash flows from financing activities
Proceeds from exercise of share options 11 610 -
Repayment of share-purchase loans 7 33
Borrowings (repayment) of bank indebtedness, net 14,819 (19,891)
Repayment of commercial paper, net (21,000) (13,000)
Repayment of long-term debt - (1,298)
Repayment of financing lease obligations (405) (293)
Associate interest (7,278) (6,934)
Dividends paid 9 (48,927) (46,748)
Net cash used in financing activities (62,174) (88,131)
Net increase (decrease) in cash 5,390 (2,691)
Cash, beginning of period 64,354 44,391
Cash, end of period $ 69,744 $ 41,700
1)
In preparing its 2010 comparative information, the Company has adjusted amounts reported previously in financial
statements prepared in accordance with Canadian GAAP. See Note 13 to these consolidated financial statements for an
explanation of the transition to IFRS.
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