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CI paid sales commissions of $124.2 million in 2012 compared to $141.2 million in 2011. The decrease in sales commissions from the prior year is consistent with the trend to lower sales of deferred load funds. 

CI invested $26.8 million in marketable securities in 2012. During the same period, CI received proceeds of $5.3 million from the disposition of marketable securities, resulting in a gain of $0.3 million. The fair value of marketable securities at December 31, 2012 was $66.2 million. Marketable securities are comprised of seed capital investments in its funds and strategic investments. 

During the year ended December 31, 2012, CI incurred capital expenditures of $5.6 million, primarily relating to leasehold improvements and investments in technology. 

During the year, CI repurchased 1.4 million shares at a cost of $30.5 million under its normal course issuer bid. CI declared dividends of $271.9 million ($269.2 million paid), which was less than net income for the year by $80.3 million. At year end, CI’s dividend payments were $0.08 per share per month, or approximately $272 million per fi scal year. 

The statement of financial position for CI at December 31, 2012 refl ects total assets of $2.972 billion, a decrease of $113.0 million from $3.085 billion at December 31, 2011. This change can be attributed to a decrease in current assets of $71.2 million and a decrease in long-term assets of $42.2 million. 

CI’s cash and cash equivalents decreased by $98.4 million in 2012 primarily due to the repayment of a debenture that matured on December 17, 2012. Marketable securities increased by $24.1 million due to a $20.0 million investment along with some smaller investments. Accounts receivable and prepaid expenses remain relatively unchanged at $70.6 million compared to $70.2 million. 

