| | 2009 Y
| 2010 Y
| 2011 Y
| 2012 Y
|
|---|
| Period Ended | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012 |
|---|
| Calculation of EBITDA Values (C$000)
| |
| | |
| Calculation of Free Cash Flow (FCF) Values (C$000)
| |
| EBITDA | 84,778 | 71,205 | 82,557 | 102,186 |
| Cash Flow: Capital Expenditures |
(10,916)
|
(20,789)
|
(60,745)
|
(75,692)
|
| Income Taxes Paid | 873 |
(285)
| 195 | 252 |
| Unlevered Free Cash Flow | 72,989 | 50,701 | 21,617 | 26,242 |
| Interest Paid | 19,956 | 21,562 | 28,143 | 28,635 |
| Total Preferred Dividends | 0 | 0 | 0 | 0 |
| Levered Free Cash Flow | 53,033 | 29,139 |
(6,526)
|
(2,393)
|
| | |
| EBITDA Ratios (x)
| |
| EBITDA /
Adjusted Interest and Preferred Dividends | 3.96 | 2.87 | 2.71 | 2.84 |
| EBITDA /
Fixed Charges | NA | NA | NA | NA |
| EBITDA /
Adjusted Interest Expense | 3.96 | 2.87 | 2.71 | 2.84 |
| EBITDA /
Pre-tax Earnings | 5.28 | NM | 14.99 | 10.71 |
| | |
| Adjusted Operating Cash Flow (FFO)
| |
| Adjusted Cash Flow from Operations
($000)
| 49,336 | 41,479 | 71,237 | 66,870 |
| Adjusted Cash Flow Coverage
(x)
| 3.31 | 2.67 | 3.34 | 2.86 |
| Adjusted Operating Cash Flow /
Avg Debt
(%)
| 11.49 | 9.79 | 15.15 | 12.30 |
| Adjusted Operating Cash Flow /
Capital Expenditures
(%)
| 277.51 | 108.61 | 70.22 | 38.56 |
| | |
| Free Cash Flow (FCF) Ratios
| |
| Debt /
Unlevered FCF
(x)
| 5.88 | 8.36 | 21.75 | 20.71 |
| Net Debt and Preferred /
Unlevered FCF
(x)
| 5.81 | 8.31 | 21.00 | 18.37 |
| Unlevered FCF Margin
(%)
| 38.98 | 28.11 | 8.00 | 7.09 |
| | |
