36 ANNUAL REPORT 2012 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 2012 AND 2011 December 31 December 31 in thousands of Canadian dollars 2012 2011 Note CASH PROVIDED BY USED IN Operating activities Proft before income taxes 86884 73557 Income taxes paid recovered 10206 23699 Defned beneft pension 1770 1214 Items not affecting cash Depreciation and amortization 63562 62548 Income from construction projects accounted for using the equity method 14440 14058 Gain on sale of assets 898 15912 Income from leasehold inducements 403 456 Unrealized foreign exchange gains losses 414 219 Increase decrease in provisions 2909 804 Notional interest representing accretion 6239 4597 Fair value gain on convertible debentures 4260 4269 Stockbased compensation 1231 1568 Change in other balances relating to operations 31 54568 66381 68876 197026 Investing activities Decrease in restricted cash balances 5935 12503 Decrease increase in marketable securities 725 725 Purchase of property plant and equipment 51211 64341 Proceeds on sale of property plant and equipment 4834 28135 Disposal of a subsidiary 3055 Investment in concession rights 66170 83313 Decrease in other intangible assets 2168 2228 Decrease increase in longterm fnancial assets 2338 1067 Distributions from construction projects accounted for using the equity method 5000 8000 105393 97847 Financing activities Increase in bank indebtedness 10368 Issuances of longterm debt 81750 102664 Repayments of longterm debt 140773 244726 Issuance of capital stock 2148 Repurchase of capital stock 8435 19990 Dividends paid 14511 11317 Dividends to noncontrolling interests 3443 71601 174664 Decrease in cash and cash equivalents during the year 108118 75485 Effects of foreign exchange on cash balances 173 169 Cash and cash equivalents beginning of year 175208 250862 Cash and cash equivalents end of year 66917 175208 See Note 31 for additional disclosures relating to the Consolidated Statements of Cash Flows