RE:RE:RE:Look in the quaterly reports. Fourth Quater 2013Oldtimer, yes it is in the recent CAPP Scotia presentation. However, here is what was in the TD January 12, 2014 presentation. I wish that I knew how to post a picture. It looks like a slow rollout to me.
Here are the words under $0.8B bar, which is the same as in the CAPP Scotia chart. (Cash balance @Sept. 30/13 includes $300 million debt repayment). The footnote says, “Cash balance at Sept. 30/13 has not been reduced for 2013 current taxes estimated at $300 million, which would be paid in 2014." The $300M does appear on P18 of the Q3-13 report. (See below)
In the Barclays, Sept 11, 2013 presentation, the footnote said
“Based on COS’ 2013 Outlook dated July 30/13; dividends assume quarterly $0.35 per share for 2013. Cash flow from operations is an additional GAAP measure.” Nothing about deferred taxes/repayments.
Looking at the Q3 report on page 18, “2013 Outlook”, on the line headed “Current taxes” it shows $300M. I presume this is the $300M noted in the Sept 11 presentation. In the Q4 report, on the same line on P17 it shows current taxes at $200M. So the question is, “Is the $500M, the sum of $300M 2013 taxes and $200M 2014 taxes, or is the 500M for taxes for 2013 and another $200M for 2014. Confusing.
However my other concern is a $500M footnote. How does a $500M deferred payment out of a cash reserve of $800M become a footnote? I think it deserves better!
Namsoc