|
|
|
 |
|
 |
| For
the year ended December 31, 2004 |
|
|
|
2004
|
2003
|
|
|
|
$
|
$
|
 |
|
|
| Increase
in net debt |
(195,677,598)
|
|
(72,067,059)
|
|
|
|
| Uses: |
|
|
| Increase
in accounts receivable |
(48,178,580)
|
|
(20,648,279)
|
| Decrease
in deferred revenue-obligatory reserve funds |
(17,067,158)
|
|
-
|
|
|
|
(65,245,738)
|
|
(20,648,279)
|
|
|
|
| Sources: |
|
|
| Increase
in accounts payable and other liabilities |
103,546,248
|
|
34,563,666
|
| Increase
in accrued interest on long-term liabilities |
2,613,308
|
|
1,129,913
|
| Increase
in employee benefit obligations |
7,331,899
|
|
6,827,105
|
| Increase
in deferred revenue-obligatory reserve funds |
-
|
|
78,171,627
|
|
|
|
113,491,455
|
|
120,692,311
|
|
|
| Net
increase in cash and cash equivalents from operations |
(147,431,881)
|
|
27,976,973
|
|
|
|
 |
|
|
| Increase
in investments |
(30,199,552)
|
|
(202,367,368)
|
|
|
|
|
|
 |
|
|
| Long-term
debt issued |
225,097,218
|
|
112,055,112
|
| Long-term
debt repaid |
(42,497,490)
|
|
(25,414,392)
|
|
|
| Net
increase in cash and cash equivalents from financing |
182,599,728
|
|
86,640,720
|
|
|
|
|
|
| Net
change in cash and cash equivalents |
4,968,295
|
|
(87,749,675)
|
| Opening
cash and cash equivalents |
718,701,322
|
|
806,450,997
|
|
|
|
|
|
|
|
| Closing
cash and cash equivalents |
723,669,617
|
|
718,701,322
|
|
|
|
|
|
|
|
|
| The
accompanying notes are an integral part of these Consolidated
Financial Statements.
|
|
|
|
