| For the years ended December 31 ($ millions) |
2007 | 2006 | |||
|---|---|---|---|---|---|
Operating Activities |
|||||
| Net earnings from continuing operations before minority interest | $ | 693 | $ | 28 | |
| Depreciation and amortization | 704 | 705 | |||
| Goodwill impairment (note 3 PDF) | 800 | ||||
| Restructuring and other charges (note 4 PDF) | 227 | 90 | |||
| Future income taxes | 23 | 11 | |||
| Fair value adjustment of Weston’s forward sale agreement (note 6 PDF) | (141) | (73) | |||
| Change in non-cash working capital | 9 | (135) | |||
| Other | 158 | 26 | |||
Cash Flows from Operating Activities of Continuing Operations |
1,673 | 1,452 | |||
Investing Activities |
|||||
| Fixed asset purchases | (722) | (1,121) | |||
| Short term investments | (99) | (555) | |||
| Proceeds from fixed asset sales | 244 | 116 | |||
| Credit card receivables, after securitization (note 12 PDF) | (238) | (82) | |||
| Franchise investments and other receivables | 14 | (26) | |||
| Other | (31) | (47) | |||
Cash Flows used in Investing Activities of Continuing Operations |
(832) | (1,715) | |||
Financing Activities |
|||||
| Bank indebtedness | (8) | (15) | |||
| Commercial paper | (229) | 340 | |||
| Short term bank loans (notes 17 & 18 PDFs) | – Issued | 72 | 40 | ||
| Long term debt (note 18 PDF) | – Issued | 25 | 29 | ||
| – Retired | (39) | (362) | |||
| Share capital | – Issued (notes 21 & 23 PDFs) | 196 | |||
| Subsidiary share capital | – Issued (note 23 PDF) | 4 | |||
| Dividends | – To common shareholders | (186) | (186) | ||
| – To preferred shareholders | (57) | (52) | |||
| – To minority shareholders | (88) | (66) | |||
| Other | (1) | 2 | |||
Cash Flows used in Financing Activities of Continuing Operations |
(511) | (70) | |||
| Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents (note 11 PDF) | (195) | 1 | |||
| Cash Flows from (used in) Continuing Operations | 135 | (332) | |||
| Cash Flows (used in) from Discontinued Operations (note 10 PDF) | (1) | 11 | |||
| Change in Cash and Cash Equivalents | 134 | (321) | |||
| Cash and Cash Equivalents, Beginning of Year | 1,219 | 1,540 | |||
Cash and Cash Equivalents, End of Year(note 11 PDF) |
$ | 1,353 | $ | 1,219 | |
See accompanying notes to the consolidated financial statements. |
|||||
