(G) Capital Management NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 22. NON-CONTROLLING INTERESTS (A) Non-controlling Interests 94 CAPSTONE INFRASTRUCTURE CORPORATION Agbar's (30%) interest  in Bristol Water ITOCHU's (20%) interest in Bristol Water Firelight's (49%) interest in Amherst Municipal partners (49%) interest in Saint-Philémon Total As at January 1, 2012 34,450 — — — 34,450 Partial sale of interest in Bristol Water — 51,659 — — 51,659 NCI portion of net income (loss) 12,315 5,413 — — 17,728 NCI portion of other comprehensive income (loss) (4,266) (2,649) — — (6,915) Dividends declared (4,022) (1,290) — — (5,312) As at December 31, 2012 38,477 53,133 — — 91,610 Business acquisition — — 12,833 — 12,833 Cash contributions fromNCI — — — 3,405 3,405 NCI portion of net income (loss) 15,443 10,296 109 — 25,848 NCI portion of other comprehensive income (loss) 7,614 5,076 — — 12,690 Dividends declared (3,782) (2,521) (1,470) — (7,773) As at December 31, 2013 57,752 65,984 11,472 3,405 138,613 As at Dec 31, 2013 Dec 31, 2012 Long-term debt 1,027,885 813,071 Shareholders' equity  (1) 529,550 418,848 Total capitalization 1,557,435 1,231,919 The Corporation defines capital as the aggregate of long-term debt and shareholders' equity as follows: The Corporation manages its capital to achieve the following objectives:  The Corporation's financial strategy is designed to maintain a capital structure consistent with the objectives stated above and to respond to changes in economic conditions. In doing so, the Corporation may issue additional shares, issue additional debt, issue debt to replace existing debt with similar or different characteristics, or adjust the amount of dividends paid to shareholders. The Corporation's financing and refinancing decisions are made on a specific transaction basis and depend on such things as the Corporation's  needs and economic conditions at the time of the transaction.  The Corporation is not subject to any external capital requirements and is in compliance with all debt covenants as described in note 19. Non-controlling interests represent ownership interests by third parties in businesses consolidated by Capstone. Bristol Water, Amherst and Saint- Philémon non-controlling interests as at December 31, 2013 were: Capstone has agreements with each partner that govern distributions from these investments. In addition, distributions must also comply with the  respective debt agreements. The balances and changes in non-controlling interests is as follows: •  Maintain a capital structure that provides financial flexibility to the Corporation to ensure access to either debt or equity capital on commercially reasonable terms, without exceeding its debt capacity;  • Maintain financial flexibility in order to preserve its ability to meet financial obligations, including debt servicing payments and distribution payments; and • Deploy capital to provide an appropriate investment return to its shareholders. (1) Capstone's definition excludes non-controlling interest of $138,613 (December 31, 2012 – $91,610). •  Bristol Water is 30% owned by Agbar (Sociedad General de Aguas de Barcelona) ("Agbar"), a subsidiary of Suez Environnement and is 20%  owned by I-Environment Investments Ltd., a subsidiary of ITOCHU Corporation ("ITOCHU"). •  Amherst is 49% owned by Firelight Infrastructure Partners LP ("Firelight") • Saint-Philémon is 48.9% owned by Municipalité Régionale de Comté de Bellechasse and 0.1% owned by Municipalité de Saint-Philémon (the "Municipal partners")