| CORUS ENTERTAINMENT INC. | |||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||
| (unaudited - in thousands of Canadian dollars) |
Share
capital |
Contributed
surplus |
Retained
earnings |
Accumulated
other comprehensive income (loss) |
Total equity
attributable to shareholders |
Non-
controlling interest |
Total
equity |
| At August 31, 2012 | 910,005 | 7,835 | 198,445 | (812) | 1,115,473 | 20,617 | 1,136,090 |
| Comprehensive income | — | — | 148,016 | 1,643 | 149,659 | 4,392 | 154,051 |
| Dividends declared | — | — | (62,914) | — | (62,914) | (5,715) | (68,629) |
| Issuance of shares under stock option plan | 1,155 | (2,200) | — | — | (1,045) | — | (1,045) |
| Issuance of shares under dividend reinvestment plan | 20,350 | — | — | — | 20,350 | — | 20,350 |
| Shares repurchased | (708) | — | (756) | — | (1,464) | — | (1,464) |
| Share-based compensation expense | — | 1,162 | — | — | 1,162 | — | 1,162 |
| Acquisition of non-controlling interest | — | — | (17,231) | — | (17,231) | (1,881) | (19,112) |
| At May 31, 2013 | 930,802 | 6,797 | 265,560 | 831 | 1,203,990 | 17,413 | 1,221,403 |
| At August 31, 2011 | 882,679 | 10,299 | 143,717 | (1,075) | 1,035,620 | 19,200 | 1,054,820 |
| Comprehensive income | — | — | 125,340 | 1,717 | 127,057 | 5,826 | 132,883 |
| Dividends declared | — | — | (58,123) | — | (58,123) | (5,523) | (63,646) |
| Issuance of shares under stock option plan | 13,669 | (3,623) | — | — | 10,046 | — | 10,046 |
| Issuance of shares under dividend reinvestment plan | 19,229 | — | — | — | 19,229 | — | 19,229 |
| Shares repurchased | (2,110) | — | (1,778) | — | (3,888) | — | (3,888) |
| Share-based compensation expense | — | 890 | — | — | 890 | — | 890 |
| At May 31, 2012 | 913,467 | 7,566 | 209,156 | 642 | 1,130,831 | 19,503 | 1,150,334 |
| CORUS ENTERTAINMENT INC. | |||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
|
Three months ended
May 31, |
Nine months ended
May 31, |
||||
| (unaudited - in thousands of Canadian dollars) | 2013 | 2012 | 2013 | 2012 | |
| OPERATING ACTIVITIES | |||||
| Net income for the period | 91,512 | 44,947 | 152,408 | 131,166 | |
| Add (deduct) non-cash items: | |||||
| Depreciation and amortization | 6,926 | 6,339 | 20,872 | 19,231 | |
| Amortization of program and film rights | 49,476 | 46,317 | 142,077 | 139,805 | |
| Amortization of film investments | 7,691 | 4,002 | 17,399 | 21,949 | |
| Deferred income taxes | (3,250) | (51) | (9,976) | 4,735 | |
| Share-based compensation expense | 430 | 298 | 1,162 | 890 | |
| Imputed interest | 2,526 | 2,894 | 7,679 | 8,904 | |
| Debt refinancing | — | — | 25,033 | — | |
| Gain on sale of associated company | (55,394) | — | (55,394) | — | |
| Gain on acquisition | — | (2,383) | — | (2,383) | |
| Other | (404) | (2,000) | (118) | (2,790) | |
| Net change in non-cash working capital balances related to operations | 1,521 | 11,466 | (8,025) | (9,260) | |
| Payment of program and film rights | (38,895) | (44,841) | (106,327) | (131,267) | |
| Net additions to film investments | (14,709) | (6,391) | (48,943) | (40,364) | |
| Cash provided by operating activities | 47,430 | 60,597 | 137,847 | 140,616 | |
| INVESTING ACTIVITIES | |||||
| Additions to property, plant and equipment | (2,856) | (5,501) | (10,328) | (13,585) | |
| Business combination | — | (4,104) | — | (4,104) | |
| Net cash flows for intangibles, investments and other assets | (2,321) | (4,868) | (9,287) | (3,859) | |
| Other | (90) | (242) | (414) | (560) | |
| Cash used in investing activities | (5,267) | (14,715) | (20,029) | (22,108) | |
| FINANCING ACTIVITIES | |||||
| Decrease in bank loans | — | (40,103) | (29,925) | (74,777) | |
| Issuance of notes | — | — | 550,000 | — | |
| Redemption of notes | (500,000) | — | (500,000) | — | |
| Financing fees | (18,125) | — | (26,732) | — | |
| Issuance of shares under stock option plan | 135 | 1,709 | 884 | 10,046 | |
| Shares repurchased | — | — | (1,464) | (3,888) | |
| Dividends paid | (14,586) | (13,705) | (41,584) | (37,525) | |
| Dividends paid to non-controlling interest | (599) | — | (5,715) | (4,423) | |
| Other | (4,488) | (2,722) | (9,589) | (7,227) | |
| Cash used in financing activities | (537,663) | (54,821) | (64,125) | (117,794) | |
| Net change in cash and cash equivalents during the period | (495,500) | (8,939) | 53,693 | 714 | |
| Cash and cash equivalents, beginning of the period | 573,781 | 65,575 | 24,588 | 55,922 | |
| Cash and cash equivalents, end of the period | 78,281 | 56,636 | 78,281 | 56,636 | |
