83 CONSOLIDATED STATEMENTS OF CASH FLOWS See accompanying notes Years ended August 31 (thousands of Canadian dollars) 2000 1999 1998 OPERATING ACTIVITIES Net income (loss) 155,984 7,375 (4,284) Non-cash items Depreciation 8,995 6,023 5,203 Amortization 13,383 7,442 6,774 Amortization of program and film rights 21,141 24,240 15,767 Future income taxes 54,171 (2,309) (9,850) Asset writedown – – 22,323 Gain on sale of investments (197,679) – – Equity earnings from investees, net of dividends received (2,108) (627) (403) Minority interest  200 119 117 Other 217 – – Cash flow from operations 54,304 42,263 35,647 Net change in non-cash working capital balances related to operations (note 15) 19,747 (6,899) (11,333) Cash provided by operating activities 74,051 35,364 24,314 INVESTING ACTIVITIES Additions to capital assets (9,975) (6,535) (8,308) Net proceeds from sale of investments 654,094 – – Business acquisitions, net of deposits (notes 3 and 5) (239,361) – – Acquisition of investments, net of share  consideration by Shaw (63,654) (59,754) (209,739) Payment of program rights and film investments (32,241) (26,430) (20,134) Additions to deferred charges (8,907) (1,624) (2,465) Dividends received 860 – – Other (163) – – Cash provided by (used in) investing activities 300,653 (94,343) (240,646) FINANCING ACTIVITIES Increase (decrease) in bank overdrafts – (8,969) 7,823 Increase (decrease) in net investment by Shaw – 68,209 (91,491) Increase in long-term debt 336 – 300,000 Repayment of long-term debt (2,953) – – Cash provided by (used in) financing activities (2,617) 59,240 216,332 Net increase in cash during the year 372,087 261 – Cash and cash equivalents, beginning of year 261 – – Cash and cash equivalents, end of year 372,348 261 – Cash flow from operations per share (note 2) Basic $1.63 – – Fully diluted $1.59 – – Supplementary cash flow disclosures (note 15)