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Consolidated statements of cash flows - CAD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net earnings (loss) $ 360,816,000 $ 89,264,000
Adjustments for:    
Depreciation and amortization 220,324,000 177,376,000
Deferred sales (21,468,000) 43,528,000
Unrealized loss (gain) on derivatives (61,658,000) 82,636,000
Share-based compensation 3,692,000 3,318,000
Loss on disposal of assets 2,188,000 514,000
Finance costs 115,869,000 85,728,000
Finance income (111,670,000) (37,499,000)
Share of earnings from equity-accounted investees (154,462,000) (93,988,000)
Other income (16,238,000) (96,934,000)
Other operating expense (income) (7,509,000) 22,944,000
Income tax expense (recovery) 126,337,000 (4,469,000)
Interest received 113,797,000 35,443,000
Income taxes received (paid) 70,372,000 (1,521,000)
Dividends from equity-accounted investee 113,642,000 117,698,000
Other operating items (65,896,000) (119,431,000)
Net cash provided by operations 688,136,000 304,607,000
Investing activities    
Additions to property, plant and equipment (153,631,000) (143,448,000)
Acquisitions (3,028,977,000) (101,681,000)
Decrease (increase) in short-term investments 1,136,687,000 (1,044,473,000)
Decrease (increase) in long-term receivables, investments and other 1,000,000 (2,000,000)
Proceeds from sale of property, plant and equipment 69,000 780,000
Net cash used in investing (2,044,852,000) (1,290,822,000)
Financing activities    
Increase in long-term debt 816,582,000 0
Interest paid (40,798,000) (38,856,000)
Proceeds from issuance of shares, stock option plan 27,537,000 9,632,000
Proceeds from issuance of shares, net of issue costs 0 953,285,000
Lease principal payments (2,430,000) (2,908,000)
Dividends paid (52,079,000) (51,895,000)
Net cash provided by financing 748,812,000 869,258,000
Decrease in cash and cash equivalents, during the year (607,904,000) (116,957,000)
Exchange rate changes on foreign currency cash balances 31,039,000 13,184,000
Cash and cash equivalents, beginning of year 1,143,674,000 1,247,447,000
Cash and cash equivalents, end of year 566,809,000 1,143,674,000
Cash and cash equivalents is comprised of:    
Cash 229,732,000 701,818,000
Cash equivalents $ 337,077,000 $ 441,856,000