| For the years ended December 31 ($ millions) |
2008 | 2007 | |||
|---|---|---|---|---|---|
Operating Activities |
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| Net earnings from continuing operations before minority interest | $ | 864 | $ | 504 | |
| Gain on disposal of business (note 7 PDF) | (335) | ||||
| Depreciation and amortization | 643 | 650 | |||
| Restructuring and other charges (note 4 PDF) | 5 | 215 | |||
| Future income taxes | (14) | (3) | |||
| Fair value adjustment of GWL’s forward sale agreement (note 5 PDF) | 11 | (141) | |||
| Change in non-cash working capital | (181) | 109 | |||
| Other | (8) | 34 | |||
Cash Flows from Operating Activities of Continuing Operations |
985 | 1,368 | |||
Investing Activities |
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| Fixed asset purchases | (807) | (658) | |||
| Short term investments | (114) | (220) | |||
| Proceeds from fixed asset sales | 125 | 237 | |||
| Business acquisition (note 6 PDF) | (10) | ||||
| Proceeds from business disposition (note 7 PDF) | 467 | ||||
| Domtar investment (note 16 PDF) | 144 | ||||
| Credit card receivables, after securitization (note 12 PDF) | 82 | (238) | |||
| Franchise investments and other receivables | (37) | 14 | |||
| Other | (75) | (101) | |||
Cash Flows used in Investing Activities of Continuing Operations |
(225) | (966) | |||
Financing Activities |
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| Bank indebtedness | 53 | (8) | |||
| Commercial paper | (609) | (229) | |||
| Short term bank loans (notes 18 & 19 PDFs) | 203 | 72 | |||
| Long term debt (note 19 PDF) | – Issued | 301 | 25 | ||
| – Retired | (561) | (39) | |||
| Capital securities (note 22 PDF) | – Issued | 218 | |||
| Dividends | – To common shareholders | (232) | (186) | ||
| – To preferred shareholders | (55) | (57) | |||
| – To minority shareholders | (110) | (88) | |||
| Other | (1) | ||||
Cash Flows used in Financing Activities of Continuing Operations |
(792) | (511) | |||
| Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents (note 11 PDF) | 233 | (152) | |||
| Cash Flows from (used in) Continuing Operations | 201 | (261) | |||
| Cash Flows from Discontinued Operations (note 10 PDF) | 188 | 247 | |||
| Change in Cash and Cash Equivalents | 389 | (14) | |||
| Cash and Cash Equivalents, Beginning of Year | 1,076 | 1,090 | |||
Cash and Cash Equivalents, End of Year(note 11 PDF) |
$ | 1,465 | $ | 1,076 | |
See accompanying notes to the consolidated financial statements. |
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