33 Caribbean Utilities Company, Ltd.  2011  Annual Report Financial Statements Statements of Cash Flows (Expressed in thousands of United States dollars) Twelve  Twelve months ended months ended December 31, 2011 December 31, 2010 $ $ Operating Activities Earnings for the period  20,390 19,879 Items not affecting cash: Depreciation of property, plant and equipment  20,570 20,034 Amortization of intangible assets  308 336 Non-cash pension expenses  - 120 Amortization of deferred financing costs  187 182 Stock-based compensation  47 47 41,502 40,598 Net change in non-cash working capital balances related to operations  116 159 Net change in regulatory deferrals  (4,466) 10 Cash flow related to operating activities 37,152  40,767 Investing Activities Purchase of property, plant and equipment  (39,624) (20,173) Costs related to intangible assets  (554) (292) Insurance funds received  4,771  - Proceeds on sale of property, plant and equipment  19 26 Cash flow related to investing activities (35,388) (20,439) Financing Activities Proceeds from debt financing  46,000 9,000 Repayment of debt  (32,500) (14,000) Increase in bank overdraft  1,059 -  Dividends paid  (19,757) (19,529) Net proceeds from share issues  1,495  1,637 Cash flow related to financing activities ( 3,703) (22,892) Decrease in cash and cash equivalents (1,939) (2,564) Cash and cash equivalents - beginning of period 2,363 4,927 Cash and cash equivalents - end of period 424 2,363 Supplemental disclosure of cash flow information: Interest paid during the period  12,079 11,995 See accompanying Notes to Financial Statements