2016 Annual Report For Web 7.3MB
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CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
OPERATING ACTIVITIES<br />
[in thousands of Canadian dollars] Year Ended December 31<br />
INVESTING ACTIVITIES<br />
[in thousands of Canadian dollars] Year Ended December 31<br />
FINANCING ACTIVITIES<br />
[in thousands of Canadian dollars] Year Ended December 31<br />
<strong>2016</strong><br />
$<br />
2015<br />
$<br />
<strong>2016</strong><br />
$<br />
2015<br />
$<br />
<strong>2016</strong><br />
$<br />
2015<br />
$<br />
Profit (loss) from continuing operations<br />
before income taxes for the year<br />
29,815 (6,611)<br />
Add (deduct) items not affecting cash<br />
Depreciation of property, plant and equipment 10,923 8,188<br />
Amortization of intangible assets 11,061 8,329<br />
Translation loss (gain) on foreign exchange (4,864) 30,360<br />
Non-cash component of interest expense 4,363 3,090<br />
Share-based compensation expense 6,891 3,004<br />
Impairment charge 7,839 —<br />
Loss (gain) on sale of property, plant and equipment (98) 3,249<br />
Gain on disposal of asset held for sale (16) (46)<br />
Employer contribution to defined benefit plan (419) (245)<br />
Dividends receivable on equity swap (100) —<br />
Defined benefit plan expense 627 517<br />
Non-cash movement in derivative instruments (9,210) —<br />
Non-cash investment tax credit (68) (412)<br />
Dividends on share-based compensation (55) (962)<br />
Contingent consideration (1,712) —<br />
54,977 48,461<br />
Net change in non-cash working capital balances related<br />
to continuing operations [note 16]<br />
(261) 34,449<br />
Income tax paid (9,720) (2,613)<br />
CASH PROVIDED BY OPERATING ACTIVITIES<br />
FROM CONTINUING OPERATIONS 44,996 80,297<br />
See accompanying notes<br />
Acquisition of property, plant and equipment (40,203) (39,398)<br />
Acquisition of Entringer, net of cash acquired [note 6[d]] (10,981) —<br />
Acquisition of NuVision [note 6[e]] (6,000) —<br />
Acquisition of Mitchell [note 6[f]] (16,300) —<br />
Acquisition of European subsidiary [note 6[b]] (8,775) —<br />
Acquisition of Westeel, net of cash acquired [note 6[b]] — (205,993)<br />
Acquisition of Yargus, net of cash acquired [note 6[g]] (53,195) —<br />
Acquisition of Vis [note 6[c]] — (10,000)<br />
Changes to deposits related to property,<br />
plant and equipment<br />
— 2,252<br />
Transfer to cash held in trust and restricted cash (5,093) —<br />
Proceeds from sale of property, plant and equipment 665 3,557<br />
Proceeds from disposal of assets held for sale 1,202 1,147<br />
Proceeds from disposal of business [note 7] 7,209 —<br />
Development and purchase of intangible assets (2,938) (2,346)<br />
Transaction costs paid and payable 4,744 (420)<br />
CASH USED IN INVESTING ACTIVITIES<br />
FROM CONTINUING OPERATIONS (129,665) (251,201)<br />
See accompanying notes<br />
Repayment of long-term debt (33,507) (63,394)<br />
Repayment of obligation under finance leases (353) (36)<br />
Issuance of long-term debt 93,821 174,731<br />
Costs related to issuance of long-term debt (194) —<br />
Issuance of convertible unsecured subordinated debentures — 71,491<br />
Common share issuance — 51,766<br />
Subscription receipts commission payable — (1,036)<br />
Subscription receipts financing costs — (123)<br />
Dividends paid in cash [note 21[d]] (30,079) (29,453)<br />
Dividend reinvestment plan costs incurred — (16)<br />
CASH PROVIDED BY FINANCING ACTIVITIES<br />
FROM CONTINUING OPERATIONS<br />
29,688 203,930<br />
Net increase (decrease) in cash and cash equivalents<br />
from continuing operations<br />
(54,981) 33,026<br />
Net decrease in cash and cash equivalents from<br />
discontinued operations [note 7]<br />
(479) (87)<br />
NET INCREASE (DECREASE) IN CASH AND CASH<br />
EQUIVALENTS DURING THE YEAR<br />
(55,460) 32,939<br />
Cash and cash equivalents, beginning of year 58,234 25,295<br />
CASH AND CASH EQUIVALENTS, END OF YEAR 2,774 58,234<br />
SUPPLEMENTAL CASH FLOW INFORMATION<br />
Interest paid 19,903 15,739<br />
See accompanying notes<br />
71 CONSOLIDATED FINANCIAL STATEMENTS<br />
FIELD TO CONSUMER<br />
<strong>2016</strong> ANNUAL REPORT<br />
CONSOLIDATED FINANCIAL STATEMENTS 72