Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) ("Quebecor" or the
"Company") today reported its consolidated financial results for
the first quarter of 2010. Quebecor consolidates the financial
results of its Quebecor Media Inc. ("Quebecor Media") subsidiary,
in which it holds a 54.7% interest.
First quarter 2010 highlights
-- Quebecor records revenues of $948.1 million, up $44.8 million (5.0%)
from the first quarter of 2009.
-- Operating income(1): up $16.3 million (6.0%) to $288.5 million;
excluding the unfavourable variance in the consolidated stock option
expense, operating income was up $36.5 million (13.4%).
-- Net income: $38.3 million ($0.60 per basic share), compared with $57.7
million ($0.90 per basic share) in the same period of 2009, down $19.4
million ($0.30 per basic share).
-- Adjusted income from continuing operations(2): $46.8 million ($0.73 per
basic share), compared with $43.1 million ($0.67 per basic share) in the
same period of 2009, an increase of $3.7 million ($0.06 per basic share)
or 8.6%.
-- Telecommunications segment: operating income up $28.1 million (12.6%).
Customer growth in first quarter 2010: +29,000 for cable telephone
service, +21,000 for cable Internet access, +8,500 for cable television
service (including 35,800-customer increase for Digital TV), +2,500
activated handsets on wireless telephone service.
-- News Media segment's operating income up $10.3 million (34.7%) in first
quarter 2010, the second consecutive quarter of significant growth.
-- Estimated $17.0 million additional savings generated by restructuring
initiatives in the News Media segment in first quarter 2010, compared
with first quarter 2009, for total annualized savings of $83.0 million
since the program began.
(1) See "Operating income" under "Definitions."
(2) See "Adjusted income from continuing operations" under
"Definitions."
"The Company's revenues and operating income were up again in
the first quarter of 2010," commented Pierre Karl Peladeau,
President and Chief Executive Officer of Quebecor. "These results
are due to the strong performance of the Telecommunications
segment, which logged customer growth for all services for the 19th
straight quarter, combined with improved results in the News Media
segment. We are pressing ahead with the build-out of the Advanced
Wireless Services ("AWS") network. Videotron has reached site- and
tower-sharing agreements for nearly 90% of the required antenna
sites. The equipment has been or is being installed at more than
70% of the sites for which an agreement has been reached and we are
planning to launch services on our AWS network in summer 2010."
"The restructuring initiatives in the News Media segment
continue to bear fruit," Mr. Peladeau said. "The segment's
operating income was up significantly for the second consecutive
quarter. As the numbers show, we have been able to keep our
business model profitable by adapting it to the new realities in
the news media industry. We have developed our publications into
multiplatform brands delivering reliable, customizable content that
can be accessed at all times. As our various initiatives are
developed to their full potential, they will generate additional
growth opportunities. These initiatives include continuation of the
I.S.O. program, operational integration of Canoe into Sun Media
Corporation, the start-up of Quebecor Media Network, the creation
of the QMI Agency and the establishment of the QMI National Sales
Office. We are confident that by pooling our production resources
and media properties we will continue to differentiate ourselves
through our fully integrated service offering."
Table 1
Quebecor first quarter financial highlights, 2006-2010
(in millions of Canadian dollars, except per share data)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2010 2009 2008 2007 2006
-------------------------------------------------------------------------
Revenues $ 948.1 $ 903.3 $ 884.7 $ 757.3 $700.5
Operating income(1) 288.5 272.2 256.7 183.5 158.2
Income from continuing
operations 38.3 57.7 45.1 3.4 (59.6)
Net income (loss) 38.3 57.7 428.4 (14.4) (60.8)
Adjusted income from continuing
operations(2) 46.8 43.1 34.6 16.8 10.5
Per basic share:
Income (loss) from continuing
operations 0.60 0.90 0.70 0.05 (0.93)
Net income (loss) 0.60 0.90 6.66 (0.22) (0.95)
Adjusted income from
continuing operations(2) 0.73 0.67 0.54 0.26 0.16
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(1) See "Operating income" under "Definitions."
(2) See "Adjusted income from continuing operations" under "Definitions."
Analysis of first quarter 2010 results
-- Quebecor's revenues increased $44.8 million (5.0%) to $948.1 million.
-- Revenues increased in Telecommunications (by $50.8 million or 10.6%
of segment revenues) mainly due to customer growth for all services,
and in Interactive Technologies and Communications ($1.1 million or
4.8%).
-- Revenues decreased in News Media (by $4.6 million or -1.8%) and
Leisure and Entertainment ($2.8 million or -4.4%).
-- Operating income rose $16.3 million (6.0%) to $288.5 million due to
increases in Telecommunications ($28.1 million or 12.6% of segment
operating income) and News Media ($10.3 million or 34.7%). Operating
income decreased in the Broadcasting segment by $5.6 million.
-- The changes in the fair value of Quebecor Media and in the Quebecor
stock price resulted in an aggregate $20.2 million unfavourable variance
in the consolidated stock option expense.
-- Quebecor's net income totalled $38.3 million ($0.60 per basic share) in
the first quarter of 2010, compared with $57.7 million ($0.90 per basic
share) in the same period of 2009.
-- The decrease was mainly due to:
-- $18.8 million unfavourable variance in gains and losses on valuation
and translation of financial instruments;
-- $12.0 million increase in financial expenses, including the $7.8
million unfavourable impact on short-term monetary items of exchange
rate variances;
-- recognition of $10.4 million loss on debt refinancing in the first
quarter of 2010;
-- $4.4 million increase in amortization charge.
Partially offset by:
-- $16.3 million increase in operating income;
-- $5.1 million decrease in income tax.
-- Adjusted income from continuing operations: $46.8 million in the first
quarter of 2010 ($0.73 per basic share), compared with $43.1 million
($0.67 per basic share) in the same period of 2009, an increase of $3.7
million ($0.06 per basic share) or 8.6%.
Financing activities
-- On January 14, 2010, Quebecor Media made a US$170.0 million early
payment on drawings on its term loan "B" and settled a corresponding
portion of its hedge agreements for the amount of $30.9 million, for a
total cash disbursement of $206.7 million. This transaction generated a
$10.4 million loss on debt refinancing, including the $6.5 million loss
already reported in other comprehensive income and reclassified in the
statement of income.
-- On January 14, 2010, Quebecor Media also extended the maturity date of
its $100.0 million revolving credit facility from January 2011 to
January 2013 and obtained certain other advantageous amendments to the
covenants attached to its credit facilities.
-- On January 13, 2010, Videotron closed a placement of $300.0 million
aggregate principal amount of its 7 1/8% Senior Notes maturing in 2020,
for net proceeds of $293.9 million (net of financing fees). This
transaction marks Videotron's inaugural offering on the Canadian high-
yield market, adding to its established presence in the U.S. high-yield
market.
Dividends
On May 11, 2010, the Board of Directors of Quebecor declared a
quarterly dividend of $0.05 per share on Class A Multiple Voting
Shares and Class B Subordinate Voting Shares, payable on June 22,
2010 to shareholders of record at the close of business on May 28,
2010. This dividend is designated to be an eligible dividend, as
provided under subsection 89(14) of the Canadian Income Tax Act and
its provincial counterpart.
Detailed financial information
For a detailed analysis of Quebecor's first quarter 2010
results, please refer to the Management Discussion and Analysis and
consolidated financial statements of Quebecor, available on the
Company's website at:
www.quebecor.com/InvestorCenter/QIQuarterlyReports.aspx or from the
SEDAR filing service at www.sedar.com.
Conference call for investors and webcast
Quebecor will hold a conference call to discuss the first
quarter 2010 results of Quebecor and Quebecor Media on May 12,
2010, at 4:30 p.m. ET. There will be a question period reserved for
financial analysts. To access the conference call, please dial 1
877 293-8052, access code 87098#. A tape recording of the call will
be available from May 12 to June 11, 2010 by dialling 1 877
293-8133, access code 349844#. The conference call will also be
broadcast live on Quebecor's website at
www.quebecor.com/InvestorCenter/QIConferenceCall.aspx. It is
advisable to ensure the appropriate software is installed before
accessing the call. Instructions and links to free player downloads
are available at the Internet address shown above.
Forward-looking statements
The statements in this press release that are not historical
facts are forward-looking statements and are subject to significant
known and unknown risks, uncertainties and assumptions which could
cause Quebecor's actual results for future periods to differ
materially from those set forth in the forward-looking statements.
Forward-looking statements may be identified by the use of the
conditional or by forward-looking terminology such as the terms
"plans," "expects," "may," "anticipates," "intends," "estimates,"
"projects," "seeks," "believes" or similar terms, variations of
such terms or the negative of such terms. Certain factors that may
cause actual results to differ from current expectations include
seasonality (including seasonal fluctuations in customer orders),
operating risk (including fluctuations in demand for Quebecor's
products and pricing actions by competitors), insurance risk, risks
associated with capital investment (including risks related to
technological development and equipment availability and
breakdown), environmental risks, risks associated with labour
agreements, risks associated with commodities and energy prices
(including fluctuations in the cost and availability of raw
materials), credit risk, financial risks, debt risks, risks related
to interest rate fluctuations, foreign exchange risks, risks
associated with government acts and regulations, risks related to
changes in tax legislation, and changes in the general political
and economic environment. Investors and others are cautioned that
the foregoing list of factors that may affect future results is not
exhaustive and that undue reliance should not be placed on any
forward-looking statements. For more information on the risks,
uncertainties and assumptions that could cause Quebecor's actual
results to differ from current expectations, please refer to
Quebecor's public filings available at www.sedar.com and
www.quebecor.com including, in particular, the "Risks and
Uncertainties" section of Quebecor's Management Discussion and
Analysis for the year ended December 31, 2009.
The forward-looking statements in this press release reflect
Quebecor's expectations as of May 12, 2010 and are subject to
change after this date. Quebecor expressly disclaims any obligation
or intention to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws.
The Company
Quebecor Inc. (TSX: QBR.A, QBR.B) is a holding company with a
54.7% interest in Quebecor Media Inc., one of Canada's largest
media groups. Quebecor Media Inc. owns operating companies in
numerous media-related businesses: Videotron Ltd., an integrated
communications company engaged in cable television, interactive
multimedia development, Internet access services, cable telephony
and wireless telephone service; Sun Media Corporation, the largest
publisher of newspapers in Canada; Canoe Inc., operator of a
network of English- and French-language Internet properties in
Canada; TVA Group Inc., operator of the largest French-language
over-the-air television network in Quebec, a number of specialty
channels, and the English-language over-the-air station Sun TV;
Nurun Inc., a major interactive technologies and communications
agency with offices in Canada, the United States, Europe and Asia;
magazine publisher TVA Publishing Inc.; book publishers and
distributors Sogides Group Inc. and CEC Publishing Inc.;
Archambault Group Inc. and TVA Films, companies engaged in the
production, distribution and retailing of cultural products; Le
SuperClub Videotron ltee, a DVD and console game rental and retail
chain; and Quebecor MediaPages, publisher of print and online
directories.
DEFINITIONS
Operating income
In its analysis of operating results, the Company defines
operating income (loss), as reconciled to net income under Canadian
generally accepted accounting principles ("GAAP"), as net income
before amortization, financial expenses, loss (gain) on valuation
and translation of financial instruments, charge for restructuring
of operations and other special items, loss on debt refinancing,
income tax and non-controlling interest. Operating income as
defined above is not a measure of results that is consistent with
Canadian GAAP. It is not intended to be regarded as an alternative
to other financial operating performance measures or to the
statement of cash flows as a measure of liquidity. It should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with Canadian GAAP. Management
believes that operating income is a meaningful measure of
performance. The Company uses operating income in order to assess
the performance of its investment in Quebecor Media. The Company's
management and Board of Directors use this measure in evaluating
its consolidated results as well as the results of the Company's
operating segments. This measure eliminates the significant level
of depreciation and amortization of tangible and intangible assets
and is unaffected by the capital structure or investment activities
of the Company and its segments. Operating income is also relevant
because it is a significant component of the Company's annual
incentive compensation programs. A limitation of this measure,
however, is that it does not reflect the periodic costs of tangible
and intangible assets used in generating revenues in the Company's
segments. The Company also uses other measures that do reflect such
costs, such as cash flows from segment operations and free cash
flows from operations. In addition, measures like operating income
are commonly used by the investment community to analyze and
compare the performance of companies in the industries in which the
Company is engaged. The Company's definition of operating income
may not be the same as similarly titled measures reported by other
companies.
Table 2 below reconciles Quebecor's operating income (loss) with
the closest Canadian GAAP measure.
Table 2
Reconciliation of the operating income (loss) measure used in this press
release to the net income measure used in the consolidated financial
statements
(in millions of Canadian dollars)
Three months ended
March 31
--------------------------------------------------------------------
--------------------------------------------------------------------
2010 2009
--------------------------------------------------------------------
Operating income (loss):
Telecommunications $ 251.7 $ 223.6
News Media 40.0 29.7
Broadcasting 6.8 12.4
Leisure and Entertainment (0.1) 0.8
Interactive Technologies and Communications 1.0 0.4
Head Office (10.9) 5.3
--------------------------------------------------------------------
288.5 272.2
Amortization (89.7) (85.3)
Financial expenses (71.9) (59.9)
(Loss) gain on valuation and translation of
financial instruments (4.7) 14.1
Restructuring of operations and other special
items (2.4) (3.4)
Loss on debt refinancing (10.4) -
Income tax (24.3) (29.4)
Non-controlling interest (46.8) (50.6)
--------------------------------------------------------------------
Net income $ 38.3 $ 57.7
--------------------------------------------------------------------
--------------------------------------------------------------------
Adjusted income from continuing operations
The Company defines adjusted income from continuing operations,
as reconciled to net income under Canadian GAAP, as net income
before gain (loss) on valuation and translation of financial
instruments, charge for restructuring of operations, impairment of
assets and other special items, impairment of goodwill and of
intangible assets, and loss on debt refinancing, net of income tax
and non-controlling interest. Adjusted income from continuing
operations as defined above is not a measure of results that is
consistent with Canadian GAAP. It should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with Canadian GAAP. Management believes that adjusted
income from continuing operations is a meaningful measure that
provides an indication of the long-term profitability of the
Company's operating activities by eliminating the impact of unusual
or one-time items. The Company's definition of adjusted income from
continuing operations may not be identical to similarly titled
measures reported by other companies.
Table 3 provides a reconciliation of adjusted income from
continuing operations to the net income measure used in the
consolidated financial statements of Quebecor.
Table 3
Reconciliation of the adjusted income from continuing operations measure
used in this press release to the net income measure used in the
consolidated financial statements
(in millions of Canadian dollars)
Three months ended
March 31
------------------------------------------------------------------------
------------------------------------------------------------------------
2010 2009
------------------------------------------------------------------------
Adjusted income from continuing operations $ 46.8 $ 43.1
(Loss) gain on valuation and translation of
financial instruments (4.7) 14.1
Restructuring of operations and other special
items (2.4) (3.4)
Loss on debt refinancing (10.4) -
Income tax related to adjustments(1) 4.9 7.5
Non-controlling interest related to adjustments 4.1 (3.6)
------------------------------------------------------------------------
Net income $ 38.3 $ 57.7
------------------------------------------------------------------------
(1) Includes the impact of fluctuations in tax rates applicable to
adjusted items, either for statutory reasons or in connection with tax
planning arrangements.
Average Monthly Revenue per User
Average monthly revenue per user ("ARPU") is an industry metric
that the Company uses to measure its cable television, Internet
access, cable telephone and wireless telephone revenues per average
basic cable customer. ARPU is not a measurement that is consistent
with Canadian GAAP and the Company's definition and calculation of
ARPU may not be the same as identically titled measurements
reported by other companies. The Company calculates ARPU by
dividing its combined cable television, Internet access, cable
telephone and wireless telephone revenues by the average number of
basic customers during the applicable period, and then dividing the
resulting amount by the number of months in the applicable
period.
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions of Canadian dollars, except
for earnings per share data)
(unaudited) Three months ended
March 31
----------------------------------------------------------------
----------------------------------------------------------------
2010 2009
----------------------------------------------------------------
Revenues
Telecommunications $ 528.3 $ 477.5
News Media 248.1 252.7
Broadcasting 109.6 109.8
Leisure and Entertainment 61.3 64.1
Interactive Technologies and
Communications 23.8 22.7
Inter-segment (23.0) (23.5)
------------------------
948.1 903.3
Operating expenses 659.6 631.1
Amortization 89.7 85.3
Financial expenses 71.9 59.9
Loss (gain) on valuation and translation
of financial instruments 4.7 (14.1)
Restructuring of operations and other
special items 2.4 3.4
Loss on debt refinancing 10.4 -
------------------------
Income before income taxes and non-
controlling interest 109.4 137.7
Income taxes:
Current 20.8 (0.8)
Future 3.5 30.2
------------------------
24.3 29.4
------------------------
85.1 108.3
Non-controlling interest (46.8) (50.6)
------------------------
Net income $ 38.3 $ 57.7
------------------------
------------------------
Earnings per share
Basic
Net income $ 0.60 $ 0.90
Diluted
Net income 0.59 0.90
------------------------
------------------------
Weighted average number of shares
outstanding (in millions) 64.3 64.3
Weighted average number of diluted
shares (in millions) 64.8 64.3
------------------------
------------------------
QUEBECOR INC. AND ITS SUBSIDIARIES
SEGMENTED INFORMATION
(in millions of Canadian dollars)
(unaudited) Three months ended
March 31
-----------------------------------------------------------------
-----------------------------------------------------------------
2010 2009
-----------------------------------------------------------------
Net income before amortization,
financial expenses,loss (gain) on
valuation and translation of financial
instruments, restructuring of
operations and other special items,
loss on debt refinancing, income taxes
and non-controlling interest
Telecommunications $ 251.7 $ 223.6
News Media 40.0 29.7
Broadcasting 6.8 12.4
Leisure and Entertainment (0.1) 0.8
Interactive Technologies and
Communications 1.0 0.4
Head Office (10.9) 5.3
-------------------------
$ 288.5 $ 272.2
-------------------------
-------------------------
Amortization
Telecommunications $ 67.2 $ 62.0
News Media 14.7 14.7
Broadcasting 3.7 3.6
Leisure and Entertainment 2.3 2.4
Interactive Technologies and
Communications 0.9 1.1
Head Office 0.9 1.5
-------------------------
$ 89.7 $ 85.3
-------------------------
-------------------------
Additions to property, plant and
equipment
Telecommunications $ 128.2 $ 101.8
News Media 2.3 10.5
Broadcasting 3.6 5.0
Leisure and Entertainment 0.8 0.7
Interactive Technologies and
Communications 0.5 0.8
Head Office 0.4 0.6
-------------------------
$ 135.8 $ 119.4
-------------------------
-------------------------
Additions to intangible assets
Telecommunications $ 24.1 $ 20.4
News Media 2.7 1.9
Broadcasting 0.4 0.4
Leisure and Entertainment 1.4 1.2
-------------------------
$ 28.6 $ 23.9
-------------------------
-------------------------
Externally acquired intangible assets 13.9 11.5
Internally generated intangible assets 14.7 12.4
-------------------------
$ 28.6 $ 23.9
-------------------------
-------------------------
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(in millions of Canadian dollars)
(unaudited) Three months ended
March 31
----------------------------------------------------------------
----------------------------------------------------------------
2010 2009
----------------------------------------------------------------
Net income $ 38.3 $ 57.7
Other comprehensive income:
Unrealized loss on translation of net
investments in foreign operations (3.5) (0.1)
Gain on valuation of derivative
financial instruments 26.8 6.4
Income taxes related to derivative
financial instruments (1.4) (8.9)
Non-controlling interest (10.0) 1.2
Reclassification to income of other
comprehensive loss related to
derivative financial instruments, net
of income taxes of $2.0 million and
non-controlling interest of $2.0
million 2.5 -
------------------------
14.4 (1.4)
------------------------
Comprehensive income $ 52.7 $ 56.3
------------------------
------------------------
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in millions of Canadian dollars)
(unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Accumu-
lated
other
compre- Total
hensive share-
Capital Contributed Retained income holders'
stock surplus earnings (loss) equity
--------------------------------------------------------------------------
Balance as of
December 31, 2008 $ 346.6 $ - $ 565.3 $ (27.5) $ 884.4
Net income - - 57.7 - 57.7
Dividends - - (3.2) - (3.2)
Other comprehensive
loss - - - (1.4) (1.4)
--------------------------------------------------------------------------
Balance as of March
31, 2009 346.6 - 619.8 (28.9) 937.5
Net income - - 220.0 - 220.0
Dividends - - (9.7) - (9.7)
Related party
transactions - 4.7 - - 4.7
Other comprehensive
income - - - 17.9 17.9
--------------------------------------------------------------------------
Balance as of
December 31, 2009 346.6 4.7 830.1 (11.0) 1,170.4
Net income - - 38.3 - 38.3
Dividends - - (3.2) - (3.2)
Other comprehensive
income - - - 14.4 14.4
--------------------------------------------------------------------------
Balance as of March
31, 2010 $ 346.6 $4.7 $ 865.2 $ 3.4 $ 1,219.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of Canadian dollars)
(unaudited) Three months ended
March 31
------------------------------------------------------------------
------------------------------------------------------------------
2010 2009
------------------------------------------------------------------
Cash flows related to operating
activities
Net income $ 38.3 $ 57.7
Adjustments for:
Amortization of property, plant and
equipment 77.0 73.5
Amortization of intangible assets
and other assets 12.7 11.8
Loss (gain) on valuation and
translation of financial
instruments 4.7 (14.1)
Amortization of financing costs and
long-term debt discount 3.0 2.1
Loss on debt refinancing 10.4 -
Future income taxes 3.5 30.2
Non-controlling interest 46.8 50.6
Other 1.2 1.9
--------------------------
197.6 213.7
Net change in non-cash balances
related to operating activities (31.6) (88.4)
--------------------------
Cash flows provided by operating
activities 166.0 125.3
--------------------------
Cash flows related to investing
activities
Business acquisitions, net of cash and
cash equivalents (1.0) (1.0)
Business disposals, net of cash and
cash equivalents 1.0 6.4
Additions to property, plant and
equipment (135.8) (119.4)
Additions to intangible assets (28.6) (23.9)
Net change in temporary investments 30.0 -
Other 1.4 0.7
------------------------
Cash flows used in investing activities (133.0) (137.2)
--------------------------
Cash flows related to financing
activities
Net change in bank indebtedness (0.5) 19.5
Issuance of long-term debt, net of
financing fees 293.9 325.5
Net change under revolving bank
facilities 10.1 (205.6)
Repayments of long-term debt (188.7) (14.0)
Settlement of hedging contracts (30.9) -
Dividends paid to non-controlling
shareholders (8.5) (9.1)
--------------------------
Cash flows provided by financing
activities 75.4 116.3
--------------------------
Net change in cash and cash equivalents 108.4 104.4
Effect of exchange rate changes on cash
and cash equivalents denominated in
foreign currencies (0.7) (0.1)
Cash and cash equivalents at beginning
of period 300.0 10.0
--------------------------
Cash and cash equivalents at end of
period $ 407.7 $ 114.3
--------------------------
--------------------------
Cash and cash equivalents consist of
Cash $ 126.6 $ 8.2
Cash equivalents 281.1 106.1
--------------------------
$ 407.7 $ 114.3
--------------------------
--------------------------
Non-cash investing activities
Additions to property, plant and
equipment and intangible assets
financed with accounts payable
$ 90.0 $ 46.2
--------------------------
--------------------------
Cash interest payments $ 37.3 $ 45.2
Cash income tax payments (net of
refunds) 17.7 5.1
--------------------------
--------------------------
QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions of Canadian dollars)
(unaudited) March 31 December 31
-----------------------------------------------------------------
-----------------------------------------------------------------
2010 2009
-----------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 407.7 $ 300.0
Cash and cash equivalents in trust 5.3 5.3
Temporary investments - 30.0
Accounts receivable 469.5 519.8
Income taxes 4.7 1.3
Inventories 175.8 176.1
Prepaid expenses 46.2 29.1
Future income taxes 42.1 49.8
-------------------------
1,151.3 1,111.4
Property, plant and equipment 2,539.7 2,498.6
Intangible assets 1,065.9 1,052.7
Derivative financial instruments 38.2 49.0
Other assets 128.0 122.5
Future income taxes 14.8 12.5
Goodwill 3,503.8 3,506.1
-------------------------
$ 8,441.7 $ 8,352.8
-------------------------
-------------------------
Liabilities and shareholders' equity
Current liabilities
Bank indebtedness $ 1.3 $ 1.8
Accounts payable and accrued charges 693.8 794.6
Deferred revenue 237.3 234.7
Dividends payable 3.2 -
Income taxes 19.4 16.3
Current portion of long-term debt 192.0 68.6
-------------------------
1,147.0 1,116.0
Long-term debt 3,719.9 3,811.9
Derivative financial instruments 448.1 422.4
Other liabilities 152.6 129.4
Future income taxes 487.7 485.9
Non-controlling interest 1,266.5 1,216.8
Shareholders' equity
Capital stock 346.6 346.6
Contributed surplus 4.7 4.7
Retained earnings 865.2 830.1
Accumulated other comprehensive income
(loss) 3.4 (11.0)
-------------------------
1,219.9 1,170.4
-------------------------
$ 8,441.7 $ 8,352.8
-------------------------
-------------------------
Contacts: Quebecor Inc. Jean-Francois Pruneau Vice President,
Finance 514-380-4144 Quebecor Inc. J. Serge Sasseville Vice
President, Corporate and Institutional Affairs 514-380-1864
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