ManageMent’s Discussion anD analysis Investment capital expenditures were $0.7 million higher than fiscal 2012. In fiscal 2013, the Company committed  $2.2 million, of which, $0.6 million was spent during the year for the acquisition and installation of a new palletizing station  at the Vancouver refinery, which will start generating labour savings towards the end of fiscal 2014. In fiscal 2012, some  energy savings projects were undertaken and the Company secured a small sugar containing products quota as well as a  retail packaging line for the blending operations. Free cash flow is not reduced by investment capital expenditures, as these  projects are not necessary for the operation of the plants, but are undertaken because of the substantial operational savings  that are realized once the projects are completed.  In fiscal 2013, 23,500 shares were issued pursuant to the Share Option Plan for total proceeds of approximately $0.1 million  compared to 100,000 shares for a total cash inflow of $0.4 million in fiscal 2012. Financing charges are paid when a new debt financing is completed and such charges are deferred and amortized over the  term of that debt. The cash used in the year to pay for such fees is therefore not available and as a result deducted from free  cash flow. In fiscal 2013, the Company negotiated a new five-year Credit Agreement for which deferred financing charges of  approximately $0.6 million were paid. In fiscal 2012, an amount of $2.7 million was paid for the issuance of the fifth series  convertible unsecured subordinated debentures.  In May 2012, the Company increased its quarterly dividend from 8.5 cents to 9.0 cents per common share, for a total  amount of approximately $8.5 million per quarter. In addition, during the second quarter of fiscal 2013, the Company  declared and paid an additional dividend of $33.9 million based on previously earned but undistributed free cash flow of  approximately $64.7 million generated in the last five fiscal years ended September 29, 2012. The following table identifies the outstanding contractual obligations of the Company as at year-end, and the effects such  obligations are expected to have on liquidity and cash flow over the next few years:  Contractual obligations: 23 Annual Report 2013 Less than  1 to 3  4 to 5  After (In thousands of dollars)  Total  1 year  years  years  5 years $ $ $ $ $ Revolving credit facility 75,000  25,000 20,000  30,000  – Interest on convertible  debentures 28,325  6,300  12,600  8,563 862 Interest based on swap  agreement 3,919 1,045 1,777 1,097 – Finance lease obligations  46 39 7 – – Operating leases  3,500 1,761 1,262 382 95 Purchase obligations  33,324 33,324 – – – Derivative financial  instruments 75,936 79,060 (6,390) 3,266 – 220,050 146,529 29,256 43,308 957 (In metric tonnes) Purchase obligations  1,567,000 487,000 816,000 264,000 –