|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31
|
|
|
|
2004
|
|
2003
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
50.7
|
|
|
$
|
3.2
|
|
|
|
Items not affecting cash
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
59.7
|
|
|
|
59.0
|
|
|
|
Stock-based compensation
|
|
|
2.8
|
|
|
|
—
|
|
|
|
Foreign exchange on future income tax
|
|
|
(2.9
|
)
|
|
|
11.8
|
|
|
|
Provision for future income tax
|
|
|
15.0
|
|
|
|
2.1
|
|
|
|
Share of earnings of equity investees
|
|
|
(3.8
|
)
|
|
|
(2.3
|
)
|
|
|
Provision for post-retirement/post-employment
benefits
|
|
|
5.5
|
|
|
|
11.0
|
|
|
|
Accrued reclamation costs and asset retirement
obligations
|
|
|
1.1
|
|
|
|
0.3
|
|
|
|
Other non-current liabilities and deferred credits
|
|
|
(1.2
|
)
|
|
|
0.1
|
|
|
|
|
Subtotal of items not affecting cash
|
|
|
76.2
|
|
|
|
82.0
|
|
|
|
Changes in non-cash operating working
capital
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
32.9
|
|
|
|
(50.3
|
)
|
|
|
Inventories
|
|
|
(26.6
|
)
|
|
|
(27.9
|
)
|
|
|
Prepaid expenses
|
|
|
(11.3
|
)
|
|
|
(5.9
|
)
|
|
|
Accounts payable and accrued charges
|
|
|
9.5
|
|
|
|
54.7
|
|
|
|
Current income taxes
|
|
|
2.9
|
|
|
|
(11.7
|
)
|
|
|
|
Subtotal of changes in non-cash operating
working capital
|
|
|
7.4
|
|
|
|
(41.1
|
)
|
|
|
Cash provided by operating
activities
|
|
|
134.3
|
|
|
|
44.1
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(16.4
|
)
|
|
|
(17.0
|
)
|
|
Proceeds from disposal of (additions to) other
assets
|
|
|
0.8
|
|
|
|
(8.4
|
)
|
|
|
Cash used in investing activities
|
|
|
(15.6
|
)
|
|
|
(25.4
|
)
|
|
|
Cash before financing activities
|
|
|
118.7
|
|
|
|
18.7
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
—
|
|
|
|
250.0
|
|
|
Repayment of long-term debt
|
|
|
(0.2
|
)
|
|
|
(0.2
|
)
|
|
Repayment of short-term debt
|
|
|
(118.3
|
)
|
|
|
(208.8
|
)
|
|
Dividends
|
|
|
(13.5
|
)
|
|
|
(13.0
|
)
|
|
Issuance of shares
|
|
|
19.8
|
|
|
|
0.5
|
|
|
|
Cash (used in) provided by financing
activities
|
|
|
(112.2
|
)
|
|
|
28.5
|
|
|
|
Increase in Cash and Cash
Equivalents
|
|
|
6.5
|
|
|
|
47.2
|
|
|
Cash and Cash Equivalents, Beginning of
Period
|
|
|
4.7
|
|
|
|
24.5
|
|
|
|
Cash and Cash Equivalents, End of
Period
|
|
$
|
11.2
|
|
|
$
|
71.7
|
|
|
|
Supplemental cash flow disclosure
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
13.4
|
|
|
$
|
1.4
|
|
|
|
Income taxes paid
|
|
$
|
6.2
|
|
|
$
|
15.9
|
|
|
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