CONSOLIDATED STATEMENT OF CASH FLOWS

	2006		2005
Year ended March 31	$		$
[in thousands of Canadian dollars]
Operating activities
Excess of revenue over    expenses for the year	5,290		1,424
Add (deduct) items not involving cash
Depreciation and amortization	6,868		7,724
Loss on disposal of property,      plant and equipment	123		50
Gain on sale of investments	(440)		(766)
Increase in accrued pension benefit asset	(5,753)		(3,707)
Increase in accrued other retirement      and post-employment benefit liability	3,689		3,604
Foreign exchange loss	846		829
Net change in non-cash working capital    balances [note 8]	364		(4,949)
Cash provided by operating activities	10,987		4,209
Investing activities
Deferred expenses	–		(715)
Purchase of property, plant and equipment	(4,096)		(5,507)
Proceeds on disposal of property,   plant and equipment	2		8
Purchase of investments	(58,917)		(40,537)
Proceeds on sale of investments	50,036		45,264
Business acquisition	–		(4,101)
Cash used in investing activities	(12,975)		(5,588)
Financing activities
Loan proceeds	530		–
Lease inducements proceeds	1,541		–
Cash provided by financing activities	2,071		–
Net increase (decrease) in cash during the year	83		(1,379)
Effect of exchange rate changes on cash	(414)		(829)
Cash, beginning of year	12,388		14,596
Cash, end of year	12,057		12,388
See accompanying notes