Unaudited Condensed Consolidated Statements of Cash Flows
(In millions of United States dollars)
|
|
| Nine months ended | ||||
|
|
| September 30, | ||||
|
|
| 2018 |
| 2017 | ||
Cash flows provided by (used in): |
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
Net (loss) earnings |
| $ | (420.1) |
| $ | 35.9 |
Adjustments to reconcile to net cash from operating activities: |
|
|
|
|
|
|
Impairment losses and inventory obsolescence |
|
| 383.6 |
|
| — |
Depreciation of property, plant and equipment |
|
| 120.6 |
|
| 24.8 |
Amortization of intangible assets |
|
| 226.4 |
|
| 32.8 |
Share-based compensation expense |
|
| 13.5 |
|
| 12.1 |
Finance expense, net |
|
| 142.9 |
|
| 25.6 |
Foreign exchange loss (gain) |
|
| 3.3 |
|
| (10.1) |
Income tax (recovery) expense |
|
| (17.6) |
|
| 23.9 |
Income taxes recovered |
|
| 1.7 |
|
| 2.0 |
Legal provision and non-cash settlement |
|
| 7.9 |
|
| — |
Loss on sale of subsidiary |
|
| 2.8 |
|
| — |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Trade and other receivables |
|
| 38.1 |
|
| 21.0 |
Contract assets |
|
| (58.6) |
|
| (54.1) |
Financial assets, other |
|
| 3.1 |
|
| (29.4) |
Trade and other payables |
|
| 11.2 |
|
| 19.7 |
Employee benefits liability |
|
| (14.7) |
|
| (23.2) |
Contract liabilities |
|
| (176.6) |
|
| (43.2) |
Financial liabilities, other |
|
| (7.0) |
|
| 5.0 |
| Cash provided by operating activities |
|
| 260.5 |
|
| 42.8 |
|
|
|
|
|
|
|
|
| Investing activities: |
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
| (115.5) |
|
| (27.3) |
| Purchase/development of intangible assets |
|
| (107.3) |
|
| (43.3) |
| Decrease in restricted cash |
|
| 14.3 |
|
| 7.6 |
| Cash paid for Neptec acquisition |
|
| (5.9) |
|
| — |
| Cash collected on note receivable |
|
| 5.0 |
|
| — |
| Purchase of short term investments and interest received |
|
| (4.5) |
|
| 0.2 |
| Disposal of subsidiary |
|
| 4.4 |
|
| — |
| Cash used in investing activities |
|
| (209.5) |
|
| (62.8) |
|
|
|
|
|
|
|
|
| Financing activities: |
|
|
|
|
|
|
| Proceeds from the Syndicated Credit Facility and other long-term debt |
|
| 161.0 |
|
| 215.9 |
| Repayments of long term debt |
|
| (35.8) |
|
| (110.2) |
| Interest paid on long-term debt |
|
| (139.6) |
|
| (25.2) |
| Proceeds from securitization of orbital receivables |
|
| 18.2 |
|
| — |
| Settlement of securitization liability |
|
| (16.7) |
|
| (16.0) |
| Payment of dividends and other |
|
| (48.8) |
|
| (29.1) |
| Cash (used in) provided by financing activities |
|
| (61.7) |
|
| 35.4 |
| (Decrease) increase in cash and cash equivalents |
|
| (10.7) |
|
| 15.4 |
| Effect of foreign exchange on cash and cash equivalents |
|
| (0.1) |
|
| (1.2) |
| Cash and cash equivalents, beginning of period (a) |
|
| 19.1 |
|
| (3.8) |
| Cash and cash equivalents, end of period (a) |
|
| 8.3 |
|
| 10.4 |
| (a) | Cash and cash equivalents are net of bank overdrafts of $2.3 million and nil as at September 30, 2018, and September 30, 2017, respectively. The Company had an overdraft of nil and $17.9 million as of December 31, 2017 and December 31, 2016, respectively. |
