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<br />~
<br />~ See accompanying notes to interim consolidated financial statements.
<br /> IBIINCOME FUND
<br />~ Interim Consolidated Statements of Cash Flows
<br />(In thousands of dollars)
<br /> (Unaudited)
<br />~ Three months Three months Six months Six months
<br /> ended ended ended ended
<br />- June 30, June 30, June 30, June 30,
<br /> 2007 2006 2007 2006
<br /> Cash provided by (used in):
<br />- Operating activities:
<br /> Net earnings $ 5,566 $ 2,839 $ 9,064 $ 5,159
<br />- Non-controlling interest 3,264 1,665 5,316 3,540
<br />Items not affecting cash:
<br /> Amortization of property and equipment 628 647 1,164 1,023
<br /> Amortization of intangible assets 730 878 1 ,431 1,755
<br />~ Amortization of deferred credit - leases (72) (90) (145 ) (180)
<br />Change in non-cash operating working capital
<br /> Current assets (6,285) (7,346) (11,638) (15,169)
<br /> Future income tax asset (3,150) (5) (3,150) (20)
<br /> Deferred charges (32) (153) 5 (283 )
<br /> Accounts payable 1,259 (710) (800) (3,817)
<br /> Notes payable (218) (713) (30)
<br /> Deferred revenue 1,085 620 432 1,351
<br /> Income taxes payable (100) (102)
<br /> Acquisition of working capital (deficiency) 376 (228)
<br /> 2,775 (1,379) 966 (7,001 )
<br /> Financing activities:
<br /> Long term debt 14,000
<br /> Repayment of Class C Unit (14,508)
<br /> Distributions paid to Unitholders (2,913) (2,570) (5,612) (4,015)
<br /> Distributions paid to Class B subordinated
<br />- Unitholders (2,198) (1,4 76) (3,781 ) (2,890)
<br />Issuance of units 38,962
<br />Issue costs (658) (1,758)
<br /> Due to related parties 5,306 (1,083) 5,305 (6,363)
<br />t 195 (5,787) (4,596) 23,936
<br />Investing activities:
<br /> Purchase of property and equipment (848) (842) (2,242) (1,429)
<br />t Acquisitions (note 4) (458) (34) (458) (14,467)
<br /> (1,306) (876) (2,700) (15,896)
<br /> Effect of foreign currency translation 163 9 176 40
<br />t
<br />Net decrease (increase) in bank indebtedness $ 1,827 $ (8,033) $ (6,154) $ 1,079
<br />t Bank indebtedness net, beginning of period (12,622) (4,913) (4,641 ) (14,025)
<br /> Bank indebtedness net, end of period $ (10,795) $ (12,946) $ (10,795) $ (12,946)
<br />t Supplemental cash flow information:
<br /> Income taxes paid $ 109 $ 613 $ 257 $ 615
<br /> Interest paid 646 481 1,228 829
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