|
|
|
|
|
|
 |
| As at December
31, 2003 |
|
|
|
2003
|
2002
|
|
|
|
|
|
$
|
$
|
|
|
|
 |
|
|
| Change in net
debt |
(72,067,059)
|
18,441,406
|
|
|
|
| Uses: |
|
|
| Increase in accounts
receivable |
(20,648,279)
|
-
|
| Decrease in accounts
payable and other liabilities |
-
|
(2,106,417)
|
|
|
(20,648,279)
|
(2,106,417)
|
|
| Sources: |
|
|
| Decrease in accounts
receivable |
-
|
6,489,087
|
| Increase in accounts
payable and other liabilities |
34,563,666
|
-
|
| Increase in accrued
interest on long-term liabilities |
1,129,913
|
319,076
|
| Increase in employee
benefit obligations |
6,827,105
|
2,965,579
|
| Increase in deferred
revenue-obligatory reserve funds |
78,171,627
|
45,054,853
|
|
|
120,692,311
|
54,828,595
|
|
|
|
|
| Net increase
in cash and cash equivalents from operations |
27,976,973
|
71,163,584
|
|
|
|
|
 |
|
|
| Decrease (increase)
in investments |
(202,367,368)
|
38,219,640
|
|
|
|
|
 |
|
|
| Long-term debt
issued |
112,055,112
|
53,236,798
|
| Long-term debt
repaid |
(25,414,392)
|
(48,261,640)
|
| Interest earned
on own sinking funds |
-
|
(113,209)
|
|
| Net increase
in cash and cash equivalents from financing |
86,640,720
|
4,861,949
|
|
|
|
|
| Net
change in cash and cash equivalents |
(87,749,675)
|
114,245,173
|
|
|
|
| Opening cash
and cash equivalents |
806,450,997
|
692,205,824
|
|
|
|
|
|
| Closing cash
and cash equivalents |
718,701,322
|
806,450,997
|
|
| The
accompanying notes are an integral part of these Consolidated Financial
Statements. |
|
|
|
 |
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