|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30
|
|
June 30
|
|
|
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
|
|
|
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
72.6
|
|
|
$
|
29.9
|
|
|
$
|
123.3
|
|
|
$
|
33.1
|
|
|
|
Items not affecting cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
63.9
|
|
|
|
60.0
|
|
|
|
123.6
|
|
|
|
119.0
|
|
|
|
Stock-based compensation
|
|
|
2.8
|
|
|
|
—
|
|
|
|
5.6
|
|
|
|
—
|
|
|
|
(Gain) loss on disposal of property, plant
and equipment
|
|
|
(0.3
|
)
|
|
|
0.3
|
|
|
|
(0.3
|
)
|
|
|
0.3
|
|
|
|
Foreign exchange on future income tax
|
|
|
(4.9
|
)
|
|
|
13.3
|
|
|
|
(7.8
|
)
|
|
|
25.1
|
|
|
|
Provision for future income tax
|
|
|
9.3
|
|
|
|
20.0
|
|
|
|
24.3
|
|
|
|
22.1
|
|
|
|
Share of earnings of equity investees
|
|
|
(3.9
|
)
|
|
|
(2.6
|
)
|
|
|
(7.7
|
)
|
|
|
(4.9
|
)
|
|
|
Provision for PCS Yumbes S.C.M.
|
|
|
5.9
|
|
|
|
—
|
|
|
|
5.9
|
|
|
|
—
|
|
|
|
Provision for post-retirement/post-employment
benefits
|
|
|
1.1
|
|
|
|
(1.9
|
)
|
|
|
6.6
|
|
|
|
9.1
|
|
|
|
Accrued environmental costs and asset retirement
obligations
|
|
|
0.8
|
|
|
|
0.8
|
|
|
|
1.9
|
|
|
|
1.1
|
|
|
|
Other non-current liabilities and deferred credits
|
|
|
(1.4
|
)
|
|
|
0.4
|
|
|
|
(2.6
|
)
|
|
|
0.5
|
|
|
|
|
Subtotal of items not affecting cash
|
|
|
73.3
|
|
|
|
90.3
|
|
|
|
149.5
|
|
|
|
172.3
|
|
|
|
Changes in non-cash operating working
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(23.3
|
)
|
|
|
14.8
|
|
|
|
9.6
|
|
|
|
(35.5
|
)
|
|
|
Inventories
|
|
|
29.7
|
|
|
|
(24.0
|
)
|
|
|
3.1
|
|
|
|
(51.9
|
)
|
|
|
Prepaid expenses
|
|
|
18.2
|
|
|
|
7.2
|
|
|
|
6.9
|
|
|
|
1.2
|
|
|
|
Accounts payable and accrued charges
|
|
|
(17.6
|
)
|
|
|
(49.5
|
)
|
|
|
(8.1
|
)
|
|
|
5.2
|
|
|
|
Current income taxes
|
|
|
25.3
|
|
|
|
(1.7
|
)
|
|
|
28.2
|
|
|
|
(13.4
|
)
|
|
|
|
Subtotal of changes in non-cash operating
working capital
|
|
|
32.3
|
|
|
|
(53.2
|
)
|
|
|
39.7
|
|
|
|
(94.4
|
)
|
|
|
Cash provided by operating
activities
|
|
|
178.2
|
|
|
|
67.0
|
|
|
|
312.5
|
|
|
|
111.0
|
|
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(33.0
|
)
|
|
|
(30.9
|
)
|
|
|
(49.4
|
)
|
|
|
(47.9
|
)
|
|
Proceeds from disposal of property, plant and
equipment
|
|
|
0.7
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
—
|
|
|
Dividends received from equity investees
|
|
|
4.6
|
|
|
|
4.0
|
|
|
|
4.6
|
|
|
|
4.0
|
|
|
Other assets
|
|
|
3.5
|
|
|
|
(2.5
|
)
|
|
|
4.3
|
|
|
|
(10.8
|
)
|
|
|
Cash used in investing activities
|
|
|
(24.2
|
)
|
|
|
(29.4
|
)
|
|
|
(39.8
|
)
|
|
|
(54.7
|
)
|
|
|
Cash before financing activities
|
|
|
154.0
|
|
|
|
37.6
|
|
|
|
272.7
|
|
|
|
56.3
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
250.0
|
|
|
Repayment of long-term debt
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
|
|
(0.5
|
)
|
|
|
(0.5
|
)
|
|
Proceeds from (repayment of) short-term debt
|
|
|
33.5
|
|
|
|
(32.8
|
)
|
|
|
(84.8
|
)
|
|
|
(241.6
|
)
|
|
Dividends
|
|
|
(13.5
|
)
|
|
|
(13.1
|
)
|
|
|
(27.0
|
)
|
|
|
(26.1
|
)
|
|
Issuance of shares
|
|
|
21.6
|
|
|
|
0.4
|
|
|
|
41.4
|
|
|
|
0.9
|
|
|
|
Cash provided by (used in) financing
activities
|
|
|
41.3
|
|
|
|
(45.8
|
)
|
|
|
(70.9
|
)
|
|
|
(17.3
|
)
|
|
|
Increase (Decrease) in Cash and Cash
Equivalents
|
|
|
195.3
|
|
|
|
(8.2
|
)
|
|
|
201.8
|
|
|
|
39.0
|
|
|
Cash and Cash Equivalents, Beginning of
Period
|
|
|
11.2
|
|
|
|
71.7
|
|
|
|
4.7
|
|
|
|
24.5
|
|
|
|
Cash and Cash Equivalents, End of
Period
|
|
$
|
206.5
|
|
|
$
|
63.5
|
|
|
$
|
206.5
|
|
|
$
|
63.5
|
|
|
|
Supplemental cash flow disclosure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
30.3
|
|
|
$
|
38.0
|
|
|
$
|
43.6
|
|
|
$
|
39.4
|
|
|
|
Income taxes paid
|
|
$
|
9.0
|
|
|
$
|
4.2
|
|
|
$
|
15.2
|
|
|
$
|
20.1
|
|
|
Next Section
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