MONTRÉAL, May 9, 2019 /PRNewswire/ - Quebecor Inc.
("Quebecor" or the "Corporation") today reported its consolidated
financial results for the first quarter of 2019 and announced
an increase of more than 100% in its quarterly dividend. Quebecor
consolidates the financial results of Quebecor Media Inc.
("Quebecor Media"), a wholly owned subsidiary since
June 22, 2018.
As described under "Changes in Accounting Policies" below, on
January 1, 2019 the Corporation
adopted on a fully retrospective basis the new rules in
IFRS 16 – Leases. Accordingly, comparative figures have
been restated to reflect the impact of the new rules.
First quarter 2019 highlights
- Revenues: $1.03 billion, up
$25.3 million (2.5%) from the same
period of 2018.
- Adjusted EBITDA:1 $420.7 million, up $4.8
million (1.2%). Without restatement of comparative figures
following adoption of IFRS 16, adjusted EBITDA increased
$15.9 million (3.9%).
- Net income attributable to shareholders: $189.0 million ($0.74 per basic share) in the first quarter of
2019 compared with $57.1 million
($0.24 per basic share) in the same
period of 2018, a favourable variance of $131.9 million ($0.50 per basic share). Net income attributable
to shareholders without restatement of comparative figures
following adoption of IFRS 16 was $189.0
million in the first quarter of 2019 compared with
$56.7 million in the same period of
2018, a $132.3 million increase.
- Adjusted income from continuing operating
activities:2 $111.4
million ($0.44 per basic
share) in the first quarter of 2019, compared with $89.5 million ($0.38 per basic share) in the same period of
2018, an increase of $21.9 million
($0.06 per basic share) or
24.4%.
- The quarterly dividend on the Corporation's Class A Multiple
Voting Shares ("Class A Shares") and Class B Subordinate Voting
Shares ("Class B Shares") has been increased by more than 100% from
$0.055 to $0.1125 per share.
- The Telecommunications segment grew its revenues by
$22.0 million (2.7%) and its adjusted
EBITDA by $5.8 million (1.4%) in the
first quarter of 2019. Without restatement of comparative figures
following adoption of IFRS 16, the Telecommunications segment's
adjusted EBITDA increased $15.1
million (3.7%).
- Videotron Ltd. ("Videotron") significantly increased its
revenues from mobile telephony ($15.6
million or 12.4%), Internet access ($12.0 million or 4.6%) and customer equipment
sales ($3.7 million or 8.1%) in the
first quarter of 2019.
- Videotron's total average billing per unit3 ("ABPU")
was $49.47 in the first quarter of
2019 compared with $48.82 in the same
period of 2018, a $0.65 (1.3%)
increase. Mobile ABPU was $52.50 in
the first quarter of 2019 compared with $53.25 in the same period of 2018, a $0.75 (‑1.4%) decrease due in part to the
popularity of bring your own device plans, multi‑line plans and the
impact of the launch of Fizz, the new advantageously priced, fully
digital mobile brand.
- There was a net increase of 23,300 revenue-generating units
("RGUs")4 (0.4%) in the first quarter of 2019, including
39,800 connections (3.4%) to the mobile telephony service, 10,900
subscriptions (2.6%) to the Club illico over‑the‑top video service
("Club illico") and 6,300 subscriptions (0.4%) to cable Internet
access service.
- On April 10, 2019, Quebecor
announced the purchase by Videotron of 10 blocks of low-frequency
spectrum in the 600 MHz band in Innovation, Science and Economic
Development Canada's ("ISED Canada") latest commercial mobile
spectrum auction. The licences, covering Eastern, Southern and
Northern Québec, as well as Outaouais and Eastern Ontario areas, were acquired for
$256.0 million.
- On January 24, 2019, Videotron
sold its 4Degrees Colocation Inc. ("4Degrees Colocation") data
centre operations for $261.6 million,
which was fully paid in cash at the date of transaction. An amount
of $0.9 million relating to a working
capital adjustment was also payable by Videotron as of March 31, 2019. A gain on disposal of
$97.2 million, net of income taxes of
$18.5 million, was accounted for in
the first quarter of 2019, while an amount of $53.1 million was deferred in respect of the
estimated present value of the future conditional adjustments.
____________________________
|
1
|
See "Adjusted EBITDA"
under "Definitions."
|
2
|
See "Adjusted income
from continuing operating activities" under
"Definitions."
|
3
|
See "Key Performance
Indicators" under "Definitions."
|
4
|
See "Key Performance
Indicators" under "Definitions."
|
"Our financial results for the first quarter of 2019 again
reflect the soundness of Videotron's business model and the
sustained, profitable growth generated by its growth drivers, the
mobile telephony and Internet services," commented Pierre Karl
Péladeau, President and Chief Executive Officer of Quebecor. "Early
in the year, we cemented our position as a tech leader when
Videotron acquired 10 blocks of low-frequency spectrum in the
600 MHz band, which will allow the roll-out of 5G. Our
ongoing investments in advanced technology will enable us to
maintain the industry-leading growth of our mobile telephone
service in Québec and the Ottawa
area, and to promote real, sustainable competition for the benefit
of consumers.
"TVA Group Inc. ("TVA Group") increased its total market
share5 by 2.1 points to 38.3% in the first quarter
of 2019, due in large part to a 1.8‑point increase at the
specialty channels, including substantial 0.7-point growth at TVA
Sports. LCN increased its market share to 4.7%, extending its
lead as the Québec's most-watched specialty channel. We are very
satisfied with the quality and performance of our specialty
channels and we will continue fighting to obtain royalties that
reflect their true value," Pierre Karl Péladeau added.
"Subscriber connections to our mobile telephony and Internet
access services increased by 146,300 or 14.0% and 36,200
or 2.2% respectively during the 12-month period ended
March 31, 2019," said Jean-François
Pruneau, President and Chief Executive Officer of Videotron. "These
increases are indicative of the quality and relevance of our
services, which we are constantly enhancing, and the level of
customer satisfaction.
"We maintained our momentum in terms of innovation and product
offerings in the first quarter of 2019, capitalizing on the
interest spurred by our new fully digital cellphone service, Fizz,
which helped propel the net increase in subscriber connections to
our mobile services to nearly 40,000, to roll out recently
residential Internet service under the same brand. We are very
enthusiastic about the positive response to date and will continue
developing and leveraging this new high-potential brand, which
perfectly complements our flagship Videotron brand. Our investments
in the development of our Helix platform, based on our partner
Comcast Corporation's Xfinity XI platform, are also starting
to bear fruit. Helix centralizes all the technologies used inside
the home. It is currently being tested with a significant number of
our employees. The results are positive, and we expect to launch in
the coming months.
"I am also very proud of the many honours Videotron garnered in
the first quarter of 2019. It placed first in customer experience
among Canadian mobile carriers on the Forrester Customer Experience
Index. Videotron was also rated the most respected
telecommunications provider in Québec for the 14th
consecutive year by Léger's 2019 Reputation survey and ranked as
Québec's most influential telecommunications brand on the 2019
Ipsos-Infopresse index. Finally, Videotron made its
appearance on Media Corp. Canada's
list of Canada's 70 greenest
employers in 2019," Mr. Pruneau noted.
"TVA Group increased its adjusted EBITDA by 18.7% in the first
quarter of 2019, largely as a result of the savings generated by
the various cost‑cutting initiatives at our magazines," reported
France Lauzière, President and Chief Executive Officer of
TVA Group. "The improvement was also due to increased
postproduction volume in our film production and audiovisual
services division, reflecting the impact of the acquisitions made
in recent quarters. As well, the addition of the Évasion and Zeste
channels is already yielding returns, both financially and by
enhancing our content offering for the benefit of our viewers and
advertisers. On April 1, 2019, we closed the
acquisition of the companies in the Incendo Media inc. group, a
Montréal-based producer and distributor of television programs for
international markets. The transaction is in keeping with our push
to increase our revenues from other markets and step up our
development internationally, especially in English-language
markets."
"We are off to a strong start in 2019 and on track to achieve
our targets. We will continue working every day to increase our
agility, improve our performance and build shareholder value. We
remain focused at all times on our mission of being the first
choice of consumers and businesses by delivering the best possible
customer experience in telecommunications, news media, culture and
entertainment," Pierre Karl Péladeau concluded.
____________________________
|
5
|
Numeris – Quebec
Franco, January 1 to March 31, 2019, Mo-Su, 2a-2a, t2+
|
Table 1
|
Quebecor first
quarter financial highlights, 2015 to 2019
|
(in millions of
Canadian dollars, except per share data)
|
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
|
|
|
|
|
Revenues
|
$
|
1,027.3
|
$
|
1,002.0
|
$
|
995.5
|
$
|
978.8
|
$
|
926.3
|
Adjusted
EBITDA
|
420.7
|
415.9
|
378.7
|
369.0
|
349.7
|
Income from
continuing operating activities
attributable to shareholders
|
91.5
|
56.6
|
2.6
|
72.8
|
31.7
|
Net income
attributable to shareholders
|
189.0
|
57.1
|
3.8
|
72.6
|
29.5
|
Adjusted income from
continuing operating
activities
|
111.4
|
89.5
|
73.7
|
70.6
|
41.6
|
Per basic
share:
|
|
|
|
|
|
Income from continuing
operating activities attributable
to shareholders
|
0.36
|
0.24
|
-
|
0.30
|
0.13
|
Net income
attributable to shareholders
|
0.74
|
0.24
|
0.01
|
0.30
|
0.12
|
Adjusted income from
continuing operating
activities
|
0.44
|
0.38
|
0.30
|
0.29
|
0.17
|
Discontinued operations
On January 24, 2019, Videotron
sold its 4Degrees Colocation data centre operations for an amount
of $261.6 million, which was fully paid in cash at the
date of transaction. An amount of $0.9 million relating to a working capital
adjustment was also payable by Videotron as of
March 31, 2019. The determination of the final proceeds
from the sale is however subject to certain adjustments based on
the realization of future conditions over a period of up to 10
years. Accordingly, a gain on disposal of $97.2 million,
net of income taxes of $18.5 million, was accounted for
in the first quarter of 2019, while an amount of $53.1 million from the proceeds received at
the date of transaction was deferred in respect to the estimated
present value of the future conditional adjustments. The results of
operations and cash flows of these businesses were reclassified as
discontinued operations in the consolidated statements of income
and cash flows. The amount deferred is revaluated on a quarterly
basis and any change is recorded in income from discontinued
operations. In this press release, only continuing operating
activities of Quebecor Media are included in the analysis of its
segment operating results.
Changes in Accounting Policies
On January 1, 2019, the
Corporation adopted, on a fully retrospective basis, the new rules
under IFRS 16 which set out new principles for the
recognition, measurement, presentation and disclosure of leases for
both parties to a contract. The standard provides lessees with a
single accounting model for all leases, with certain exemptions. In
particular, lessees are required to report most leases on their
balance sheets by recognizing right-of-use assets and related
financial liabilities. Assets and liabilities arising from a lease
are initially measured on a present value basis. The adoption of
IFRS 16 has had significant impacts on the consolidated
financial statements since all of the Corporation segments are
engaged in various long-term leases relating to premises and
equipment. Under IFRS 16, most lease charges are now
expensed as a depreciation of the right-of-use asset, along with an
interest on the related lease liability. Since under the former
standard, operating lease charges were recognized as operating
expenses as they were incurred, the adoption of IFRS 16
changes the timing of the recognition of these lease charges over
the term of each lease. It also affects the classification of
expenses in the consolidated statements of income. Principal
payments on the lease liability are now presented as financing
activities in the consolidated statements of cash flows, whereas
under the former standard these payments were presented as
operating activities. A description of the new rules and details of
the retroactive adjustments to comparative data are provided in
note 2 to Quebecor's condensed consolidated financial
statements for the first quarter of 2019 and under "Changes in
Accounting Policies" in Quebecor's Management Discussion and
Analysis for the same period.
Table 2 below presents segmented adjusted EBITDA for the last
eight quarters, restated to reflect the retroactive application
of IFRS 16.
Table 2
|
Quebecor's
segmented adjusted EBITDA (negative adjusted EBITDA) for the past
eight quarters
|
(in millions of
Canadian dollars)
|
|
Q1‑2019
|
Q4‑2018
|
Q3‑2018
|
Q2‑2018
|
Q1‑2018
|
Q4‑2017
|
Q3‑2017
|
Q2‑2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunications
|
$
|
423.0
|
$
|
435.4
|
$
|
433.2
|
$
|
429.7
|
$
|
417.2
|
$
|
403.7
|
$
|
396.6
|
$
|
403.9
|
Media
|
|
1.2
|
|
28.6
|
|
30.8
|
|
0.6
|
|
0.1
|
|
23.6
|
|
36.9
|
|
14.3
|
Sports and
Entertainment
|
|
(0.7)
|
|
3.3
|
|
8.5
|
|
(0.6)
|
|
(0.7)
|
|
3.7
|
|
9.7
|
|
(2.3)
|
Head
Office
|
|
(2.8)
|
|
(6.8)
|
|
1.5
|
|
(3.9)
|
|
(0.7)
|
|
(2.3)
|
|
(3.1)
|
|
(4.1)
|
Total
|
$
|
420.7
|
$
|
460.5
|
$
|
474.0
|
$
|
425.8
|
$
|
415.9
|
$
|
428.7
|
$
|
440.1
|
$
|
411.8
|
Table 3 below presents lease liabilities by segment at
December 31, 2018 and 2017, calculated following retrospective
adoption of IFRS 16.
Table 3
|
Lease liabilities
by segment
|
(in millions of
Canadian dollars)
|
|
March 31,
2019
|
Dec. 31,
2018
|
Dec.
31, 2017
|
|
|
|
|
|
|
|
Telecommunications
|
$
|
115.2
|
$
|
122.6
|
$
|
143.4
|
Media
|
|
16.1
|
|
13.7
|
|
16.6
|
Sports and
Entertainment
|
|
40.7
|
|
39.7
|
|
41.6
|
Head Office and
intersegment
|
|
(33.4)
|
|
(31.6)
|
|
(33.7)
|
Total
|
$
|
138.6
|
$
|
144.4
|
$
|
167.9
|
To explain the effect of choices made in applying a change in
accounting policies, Table 5 below also provides a
reconciliation of adjusted EBITDA to net income for the first
quarter of 2019 compared with the first quarter of 2018, without
restatement of comparative figures following adoption of
IFRS 16, as permitted under International Financial Reporting
Standards ("IFRS").
2019/2018 first quarter comparison
Revenues: $1.03 billion, a $25.3 million (2.5%) increase.
- Revenues increased in Telecommunications ($22.0 million or 2.7% of segment revenues) and in
Sports and Entertainment ($3.2
million or 8.6%).
- Revenues decreased in Media ($0.5
million or -0.3%).
Adjusted EBITDA: $420.7 million, a $4.8 million (1.2%) increase. Without
restatement of comparative figures following adoption of
IFRS 16, adjusted EBITDA increased $15.9 million (3.9%).
- Adjusted EBITDA increased in Telecommunications of $5.8 million (1.4%), despite the $10.9 million favourable retroactive adjustment
recorded in the Telecommunications segment in the first quarter of
2018 related to roaming fees following a Canadian Radio-television
and Telecommunications Commission decision, creating an
unfavourable variance in the year-over-year comparison for the
first quarter of 2019. Without restatement of comparative figures
following adoption of IFRS 16, the Telecommunications segment's
adjusted EBITDA increased $15.1
million (3.7%).
- Adjusted EBITDA increased in Media ($1.1
million).
- Adjusted EBITDA was stable in Sports and Entertainment.
- There was an unfavourable variance at Head Office ($2.1 million) due to a higher stock-based
compensation charge, as well as increased philanthropic
expenses.
- The change in the fair value of Quebecor stock options and in
the value of Quebecor stock-price-based share units resulted in a
$2.3 million unfavourable variance in
the Corporation's stock-based compensation charge in the first
quarter of 2019 compared with the same period of 2018.
Net income attributable to shareholders: $189.0 million ($0.74 per basic share) in the first quarter
of 2019 compared with $57.1 million ($0.24 per basic share) in the same period of
2018. The increase of $131.9 million ($0.50 per basic share) was due primarily to:
- $97.0 million favourable variance
in income from discontinued operations;
- $21.1 million favourable variance
in non-controlling interest;
- $15.3 million favourable variance
in losses on valuation and translation of financial instruments,
including $14.6 million without any
tax consequences.
Net income attributable to shareholders without
restatement of comparative figures following adoption
of IFRS 16: 189.0 million in the first quarter
of 2019 compared with $56.7 million in the same period of 2018, a
$132.3 million increase.
Adjusted income from continuing operating activities:
$111.4 million ($0.44 per basic share) in the first quarter
of 2019 compared with $89.5 million ($0.38 per basic share) in the same period of
2018, an increase of $21.9 million ($0.06 per basic share) or 24.4%.
Financial transactions
- On February 15, 2019, Quebecor
Media amended its $300.0 million
secured revolving credit facility, extending its term to
July 2022. Certain conditions were
also amended.
- On February 13, 2019, TVA Group
amended its $150.0 million secured
revolving credit facility, extending its term to February 2020. Certain conditions were also
amended.
600 MHz spectrum auction
On April 10, 2019, Quebecor
announced the purchase by Videotron of 10 blocks of low-frequency
spectrum in the 600 MHz band in ISED Canada's latest
commercial mobile spectrum auction. The licences covering Eastern,
Southern and Northern Québec, as well as Outaouais and Eastern Ontario areas, were acquired for
$256.0 million.
Capital stock
On August 8, 2018, the Board of
Directors of Quebecor authorized the renewal of its normal course
issuer bid for a maximum of 1,000,000 Class A Shares,
representing approximately 1.3% of issued and outstanding
Class A Shares, and for a maximum of
7,800,000 Class B Shares, representing approximately 5.0%
of issued and outstanding Class B Shares as of
August 1, 2018. The purchases can be made from
August 15, 2018 to August 14, 2019 at prevailing market prices on
the open market through the facilities of the Toronto Stock
Exchange or other alternative trading systems. All repurchased
shares will be cancelled.
In the first quarter of 2019, the Corporation purchased and
cancelled 1,319,600 Class B Shares for a total cash
consideration of $39.5 million
(4,125,800 Class B Shares for a total cash consideration
of $98.7 million in the first
quarter of 2018). The $31.7 million excess of the
purchase price over the carrying value of the repurchased Class B
Shares was recorded as an increase in the deficit ($90.8 million reduction of retained earnings
in the first quarter of 2018.) On February
1, 2019, the maximum number of Class B Shares that
could be repurchased under the normal course issuer bid authorized
on August 8, 2018 had been
reached.
In the first quarter of 2019, 180,000 Class B Shares of
Quebecor were issued upon exercise of stock options for a cash
consideration of $2.7 million. Following this
transaction, the contributed surplus was increased by $3.0 million and the stock option plan
liability was reduced by the same amount.
Dividend
In view of the Corporation's financial profile, in the first
quarter of 2018 the Board of Directors set a dividend target
of 30% to 50% of the Corporation's annual free cash
flows, to be achieved gradually over a four-year period.
Accordingly, on May 8, 2019, the Board of Directors of
the Corporation declared a quarterly dividend of $0.1125 per share on the Corporation's
Class A Shares and Class B Shares, an increase of more
than 100%, payable on June 18, 2019
to shareholders of record as of the record date of
May 24, 2019. This dividend is designated 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 2019
results, please refer to the Management Discussion and Analysis and
condensed consolidated financial statements of Quebecor, available
on the Corporation's website at
www.quebecor.com/en/investors/financial-documentation or from
the SEDAR filing service at <www.sedar.com>.
Conference call for investors and webcast
Quebecor will hold a conference call to discuss its first
quarter 2019 results on May 9, 2019,
at 4:30 p.m. EDT. There will be a question period
reserved for financial analysts. To access the conference call,
please dial 1 877 293‑8052, access code for
participants 48006#. A tape recording of the call will be
available from May 9 to August 9,
2019 by dialling 1 877 293‑8133, conference
number 1245055, access code for participants 48006#. The
conference call will also be broadcast live on Quebecor's website
at
<www.quebecor.com/en/investors/conferences-and-annual-meeting>.
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.
Cautionary statement regarding 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 that could
cause the Corporation'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), new competition and
Quebecor's ability to retain its current customers and attract new
ones, risks related to fragmentation of the advertising market,
insurance risk, risks associated with capital investments
(including risks related to technological development and equipment
availability and breakdown), environmental risks, risks associated
with cybersecurity and the protection of personal information,
risks associated with labour agreements, 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, 2018.
The forward-looking statements in this press release reflect
Quebecor's expectations as of May 9, 2019, and are
subject to change after that 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.
About Quebecor
Quebecor, a Canadian leader in telecommunications,
entertainment, news media and culture, is one of the
best-performing integrated communications companies in the
industry. Driven by their determination to deliver the best
possible customer experience, all of Quebecor's subsidiaries and
brands are differentiated by their high-quality, multiplatform,
convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec and
employs more than 10,000 people in Canada.
A family business founded in 1950, Quebecor is strongly
committed to the community. Every year, it actively supports more
than 400 organizations in the vital fields of culture, health,
education, the environment, and entrepreneurship.
Visit our website: www.quebecor.com
Follow us on Twitter: www.twitter.com/Quebecor
DEFINITIONS
Adjusted EBITDA
In its analysis of operating results, the Corporation defines
adjusted EBITDA, as reconciled to net income under IFRS, as net
income before depreciation and amortization, financial expenses,
loss on valuation and translation of financial instruments,
restructuring of operations and other items, income tax and income
from discontinued operations. Adjusted EBITDA as defined above is
not a measure of results that is consistent with IFRS. 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 IFRS. The Corporation uses adjusted EBITDA in order to
assess the performance of its investment in Quebecor Media. The
Corporation's management and Board of Directors use this measure in
evaluating its consolidated results as well as the results of the
Corporation's operating segments. This measure eliminates the
significant level of impairment and depreciation/amortization of
tangible and intangible assets and is unaffected by the capital
structure or investment activities of the Corporation and its
business segments. Adjusted EBITDA is also relevant because it is a
significant component of the Corporation'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 Corporation's
segments. The Corporation also uses other measures that do reflect
such costs, such as cash flows from segment operations and free
cash flows from continuing operating activities of the Quebecor
Media subsidiary. The Corporation's definition of adjusted EBITDA
may not be the same as similarly titled measures reported by other
companies.
Table 4 below provides a reconciliation of adjusted EBITDA
to net income as disclosed in Quebecor's condensed consolidated
financial statements.
Table 4
|
Reconciliation of
the adjusted EBITDA measure used in this press release to the net
income measure used in the condensed consolidated financial
statements
|
(in millions of
Canadian dollars)
|
|
Three months ended
March 31
|
|
2019
|
2018
|
|
|
|
|
|
Adjusted EBITDA
(negative adjusted EBITDA):
|
|
|
|
|
Telecommunications
|
$
|
423.0
|
$
|
417.2
|
Media
|
|
1.2
|
|
0.1
|
Sports and
Entertainment
|
|
(0.7)
|
|
(0.7)
|
Head Office
|
|
(2.8)
|
|
(0.7)
|
|
|
420.7
|
|
415.9
|
Depreciation and
amortization
|
|
(188.5)
|
|
(186.7)
|
Financial
expenses
|
|
(82.1)
|
|
(78.5)
|
Loss on valuation and
translation of financial instruments
|
|
(14.3)
|
|
(29.6)
|
Restructuring of
operations and other items
|
|
(8.5)
|
|
(6.5)
|
Income
taxes
|
|
(37.9)
|
|
(39.2)
|
Income from
discontinued operations
|
|
97.5
|
|
0.7
|
Net
income
|
$
|
186.9
|
$
|
76.1
|
Adjusted EBITDA without restatement of comparative
figures
Table 5 provides a reconciliation of adjusted EBITDA to net
income for the first quarter of 2019, compared with the first
quarter of 2018, without restatement of comparative figures
following adoption of IFRS 16.
Table 5
|
Reconciliation of
the adjusted EBITDA measure used in this press release to the net
income measure used in the condensed consolidated financial
statements, without restatement of comparative figures following
adoption of IFRS 16
|
(in millions of
Canadian dollars)
|
|
|
Three months ended
March 31
|
|
2019
|
2018
|
|
|
|
|
|
Adjusted EBITDA
(negative adjusted EBITDA):
|
|
|
|
|
Telecommunications
|
$
|
423.0
|
$
|
407.9
|
Media
|
|
1.2
|
|
(1.1)
|
Sports and
Entertainment
|
|
(0.7)
|
|
(2.1)
|
Head Office
|
|
(2.8)
|
|
0.1
|
|
|
420.7
|
|
404.8
|
Depreciation and
amortization
|
|
(188.5)
|
|
(178.6)
|
Financial
expenses
|
|
(82.1)
|
|
(76.2)
|
Loss on valuation and
translation of financial instruments
|
|
(14.3)
|
|
(29.6)
|
Restructuring of
operations and other items
|
|
(8.5)
|
|
(6.5)
|
Income
taxes
|
|
(37.9)
|
|
(39.0)
|
Income from
discontinued operations
|
|
97.5
|
|
0.7
|
Net
income
|
$
|
186.9
|
$
|
75.6
|
Adjusted income from continuing operating activities
The Corporation defines adjusted income from continuing
operating activities, as reconciled to net income attributable to
shareholders under IFRS, as net income attributable to
shareholders before loss on valuation and translation of financial
instruments, restructuring of operations and other items, net of
income tax related to adjustments and net income attributable to
non-controlling interest related to adjustments, and before the
income from discontinued operations attributable to shareholders.
Adjusted income from continuing operating activities, as defined
above, is not a measure of results that is consistent with IFRS. It
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. The
Corporation uses adjusted income from continuing operating
activities to analyze trends in the performance of its businesses.
The above-listed items are excluded from the calculation of this
measure because they impair the comparability of financial results.
Adjusted income from continuing operating activities is more
representative for forecasting income. The Corporation's definition
of adjusted income from continuing operating activities may not be
identical to similarly titled measures reported by other
companies.
Table 6 provides a reconciliation of adjusted income from
continuing operating activities to the net income attributable to
shareholders' measure used in Quebecor's condensed consolidated
financial statements.
Table 6
|
Reconciliation of
the adjusted income from continuing operating activities measure
used in this press release to the net income attributable to
shareholders' measure used in the condensed consolidated financial
statements
|
(in millions of
Canadian dollars)
|
|
Three months
ended March 31
|
|
2019
|
2018
|
|
|
|
|
|
Adjusted income from
continuing operating activities
|
$
|
111.4
|
$
|
89.5
|
Loss on valuation and
translation of financial instruments
|
|
(14.3)
|
|
(29.6)
|
Restructuring of
operations and other items
|
|
(8.5)
|
|
(6.5)
|
Income taxes related
to adjustments1
|
|
2.1
|
|
2.1
|
Net income
attributable to non‑controlling interest related to
adjustments
|
|
0.8
|
|
1.1
|
Discontinued
operations
|
|
97.5
|
|
0.5
|
Net income
attributable to shareholders
|
$
|
189.0
|
$
|
57.1
|
1
|
Includes impact
of fluctuations in income taxes applicable to adjusted items,
either for statutory reasons or in connection with tax
transactions.
|
KEY PERFORMANCE INDICATORS
Revenue-generating unit
The Corporation uses RGU, an industry metric, as a key
performance indicator. An RGU represents, as the case may be,
subscriptions to the cable Internet, cable television and Club
illico services, and subscriber connections to the mobile telephony
and cable telephony services. RGU is not a measurement that is
consistent with IFRS and the Corporation's definition and
calculation of RGU may not be the same as identically titled
measurements reported by other companies or published by public
authorities.
Average billing per unit
The Corporation uses ABPU, an industry metric, as a key
performance indicator. This indicator is used to measure monthly
average subscription billing per RGU. ABPU is not a measurement
that is consistent with IFRS and the Corporation's definition and
calculation of ABPU may not be the same as identically titled
measurements reported by other companies.
Mobile ABPU is calculated by dividing the average subscription
billing for mobile telephony services by the average number of
mobile RGUs during the applicable period, and then dividing
the resulting amount by the number of months in the applicable
period.
Total ABPU is calculated by dividing the combined average
subscription billing for cable Internet, cable television,
Club illico, mobile telephony and cable telephony services by
the total average number of RGUs from cable Internet, cable
television, mobile telephony and cable telephony services during
the applicable period, and then dividing the resulting amount by
the number of months in the applicable period.
QUEBECOR
INC.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
(in millions of
Canadian dollars, except for earnings per share
data)
|
Three months
ended
|
(unaudited)
|
March 31
|
|
|
2019
|
|
2018
|
|
|
|
|
(restated)
|
|
|
|
|
|
Revenues
|
$
|
1,027.3
|
$
|
1,002.0
|
|
|
|
|
|
Employee
costs
|
|
181.8
|
|
180.0
|
Purchase of goods and
services
|
|
424.8
|
|
406.1
|
Depreciation and
amortization
|
|
188.5
|
|
186.7
|
Financial
expenses
|
|
82.1
|
|
78.5
|
Loss on valuation and
translation of financial instruments
|
|
14.3
|
|
29.6
|
Restructuring of
operations and other items
|
|
8.5
|
|
6.5
|
Income before
income taxes
|
|
127.3
|
|
114.6
|
|
|
|
|
|
Income taxes
(recovery):
|
|
|
|
|
Current
|
|
45.6
|
|
59.8
|
Deferred
|
|
(7.7)
|
|
(20.6)
|
|
|
37.9
|
|
39.2
|
|
|
|
|
|
Income from
continuing operations
|
|
89.4
|
|
75.4
|
Income from
discontinued operations
|
|
97.5
|
|
0.7
|
|
|
|
|
|
Net
income
|
$
|
186.9
|
$
|
76.1
|
|
|
|
|
|
Income from
continuing operations attributable to
|
|
|
|
|
Shareholders
|
$
|
91.5
|
$
|
56.6
|
Non-controlling
interests
|
|
(2.1)
|
|
18.8
|
|
|
|
|
|
Net income
attributable to
|
|
|
|
|
Shareholders
|
$
|
189.0
|
$
|
57.1
|
Non-controlling
interests
|
|
(2.1)
|
|
19.0
|
|
|
|
|
|
Earnings per share
attributable to shareholders
|
|
|
|
|
Basic and
diluted:
|
|
|
|
|
From
continuing operations
|
$
|
0.36
|
$
|
0.24
|
From
discontinued operations
|
|
0.38
|
|
-
|
Net
income
|
|
0.74
|
|
0.24
|
|
|
|
|
|
Weighted average
number of shares outstanding (in millions)
|
|
256.0
|
|
235.9
|
Weighted average
number of diluted shares (in millions)
|
|
256.5
|
|
236.3
|
QUEBECOR
INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
(in millions of
Canadian dollars)
|
Three months
ended
|
(unaudited)
|
March 31
|
|
|
2019
|
|
2018
|
|
|
|
|
(restated)
|
|
|
|
|
|
Income from
continuing operations
|
$
|
89.4
|
$
|
75.4
|
|
|
|
|
|
Other comprehensive
loss from continuing operations
|
|
|
|
|
|
|
|
|
|
Items that may be
reclassified to income:
|
|
|
|
|
Cash flow
hedges:
|
|
|
|
|
Loss on valuation of
derivative financial instruments
|
|
(19.3)
|
|
(43.1)
|
Deferred income
taxes
|
|
6.5
|
|
3.8
|
|
|
(12.8)
|
|
(39.3)
|
|
|
|
|
|
Comprehensive
income from continuing operations
|
|
76.6
|
|
36.1
|
|
|
|
|
|
Income from
discontinued operations
|
|
97.5
|
|
0.7
|
|
|
|
|
|
Comprehensive
income
|
$
|
174.1
|
$
|
36.8
|
|
|
|
|
|
Comprehensive
income from continuing operations attributable to
|
|
|
|
|
Shareholders
|
$
|
78.7
|
$
|
24.6
|
Non-controlling
interests
|
|
(2.1)
|
|
11.5
|
|
|
|
|
|
Comprehensive
income attributable to
|
|
|
|
|
Shareholders
|
$
|
176.2
|
$
|
25.1
|
Non-controlling
interests
|
|
(2.1)
|
|
11.7
|
QUEBECOR
INC.
|
SEGMENTED
INFORMATION
|
|
(in millions of
Canadian dollars)
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommuni- cations
|
Media
|
Sports
and
Enter- tainment
|
Head office
and
Inter- segments
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
840.7
|
$
|
172.7
|
$
|
40.4
|
$
|
(26.5)
|
$
|
1,027.3
|
|
|
|
|
|
|
|
|
|
|
|
Employee
costs
|
|
103.7
|
|
57.5
|
|
9.7
|
|
10.9
|
|
181.8
|
Purchase of goods and
services
|
|
314.0
|
|
114.0
|
|
31.4
|
|
(34.6)
|
|
424.8
|
Adjusted
EBITDA1
|
|
423.0
|
|
1.2
|
|
(0.7)
|
|
(2.8)
|
|
420.7
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
188.5
|
Financial
expenses
|
|
|
|
|
|
|
|
|
|
82.1
|
Loss on valuation and
translation of financial instruments
|
|
|
|
|
|
|
|
|
|
14.3
|
Restructuring of
operations and other items
|
|
|
|
|
|
|
|
|
|
8.5
|
Income before
income taxes
|
|
|
|
|
|
|
|
|
$
|
127.3
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
$
|
132.6
|
$
|
6.7
|
$
|
0.5
|
$
|
-
|
$
|
139.8
|
Additions to
intangible assets
|
|
48.6
|
|
1.6
|
|
1.0
|
|
-
|
|
51.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2018
|
|
(restated)
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommuni-
cations
|
Media
|
Sports
and
Enter-
tainment
|
Head
office
and
Inter-
segments
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
818.7
|
$
|
173.2
|
$
|
37.2
|
$
|
(27.1)
|
$
|
1,002.0
|
|
|
|
|
|
|
|
|
|
|
|
Employee
costs
|
|
102.2
|
|
59.3
|
|
9.7
|
|
8.8
|
|
180.0
|
Purchase of goods and
services
|
|
299.3
|
|
113.8
|
|
28.2
|
|
(35.2)
|
|
406.1
|
Adjusted
EBITDA1
|
|
417.2
|
|
0.1
|
|
(0.7)
|
|
(0.7)
|
|
415.9
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
186.7
|
Financial
expenses
|
|
|
|
|
|
|
|
|
|
78.5
|
Loss on valuation and
translation of financial instruments
|
|
|
|
|
|
|
|
|
|
29.6
|
Restructuring of
operations and other items
|
|
|
|
|
|
|
|
|
|
6.5
|
Income before income
taxes
|
|
|
|
|
|
|
|
|
$
|
114.6
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
$
|
138.9
|
$
|
5.0
|
$
|
0.2
|
$
|
0.4
|
$
|
144.5
|
Additions to
intangible assets
|
|
55.0
|
|
1.5
|
|
1.0
|
|
(0.6)
|
|
56.9
|
1
|
The Chief Executive
Officer uses adjusted EBITDA as the measure of profit to assess the
performance of each segment. Adjusted EBITDA is referred
as a non-IFRS measure and is
defined as net income before depreciation and amortization,
financial expenses, loss on valuation and translation of
financial instruments,
restructuring of operations and other items, income taxes and
income from discontinued operations.
|
QUEBECOR
INC.
|
CONSOLIDATED
STATEMENTS OF EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of
Canadian dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
attributable to shareholders
|
Equity
|
|
|
|
|
|
|
|
|
Accumulated
|
attributable
|
|
|
|
|
|
|
|
Retained
|
other
|
to
non-
|
|
|
|
Capital
|
Contributed
|
earnings
|
comprehensive
|
controlling
|
Total
|
|
stock
|
surplus
|
(deficit)
|
loss
|
interests
|
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
as previously
reported
|
$
|
313.9
|
$
|
3.5
|
$
|
601.9
|
$
|
(50.7)
|
$
|
540.4
|
$
|
1,409.0
|
Changes in accounting
policies
|
|
|
|
|
|
(7.2)
|
|
|
|
(4.8)
|
|
(12.0)
|
Balance as of
December 31, 2017, as restated
|
|
313.9
|
|
3.5
|
|
594.7
|
|
(50.7)
|
|
535.6
|
|
1,397.0
|
Net income
|
|
-
|
|
-
|
|
57.1
|
|
-
|
|
19.0
|
|
76.1
|
Other comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(32.0)
|
|
(7.3)
|
|
(39.3)
|
Dividends or
distributions
|
|
-
|
|
-
|
|
(6.6)
|
|
-
|
|
(4.7)
|
|
(11.3)
|
Repurchase of Class B
Shares
|
|
(7.9)
|
|
-
|
|
(90.8)
|
|
-
|
|
-
|
|
(98.7)
|
Balance as of
March 31, 2018
|
|
306.0
|
|
3.5
|
|
554.4
|
|
(82.7)
|
|
542.6
|
|
1,323.8
|
Net income
|
|
-
|
|
-
|
|
346.6
|
|
-
|
|
19.1
|
|
365.7
|
Other comprehensive
income (loss)
|
|
-
|
|
-
|
|
-
|
|
19.2
|
|
(0.1)
|
|
19.1
|
Issuance of Class B
Shares
|
|
786.1
|
|
1.2
|
|
-
|
|
-
|
|
-
|
|
787.3
|
Dividends or
distributions
|
|
-
|
|
-
|
|
(39.7)
|
|
-
|
|
(4.7)
|
|
(44.4)
|
Repurchase of Class B
Shares
|
|
(26.2)
|
|
-
|
|
(166.8)
|
|
-
|
|
-
|
|
(193.0)
|
Non-controlling
interests acquisition
|
|
-
|
|
-
|
|
(1,202.4)
|
|
(19.2)
|
|
(468.4)
|
|
(1,690.0)
|
Balance as of
December 31, 2018
|
|
1,065.9
|
|
4.7
|
|
(507.9)
|
|
(82.7)
|
|
88.5
|
|
568.5
|
Net income
(loss)
|
|
-
|
|
-
|
|
189.0
|
|
-
|
|
(2.1)
|
|
186.9
|
Other comprehensive
loss
|
|
-
|
|
-
|
|
-
|
|
(12.8)
|
|
-
|
|
(12.8)
|
Issuance of Class B
Shares
|
|
2.7
|
|
3.0
|
|
-
|
|
-
|
|
-
|
|
5.7
|
Dividends or
distributions
|
|
-
|
|
-
|
|
(14.1)
|
|
-
|
|
-
|
|
(14.1)
|
Repurchase of Class B
Shares
|
|
(7.8)
|
|
-
|
|
(31.7)
|
|
-
|
|
-
|
|
(39.5)
|
Balance as of
March 31, 2019
|
$
|
1,060.8
|
$
|
7.7
|
$
|
(364.7)
|
$
|
(95.5)
|
$
|
86.4
|
$
|
694.7
|
QUEBECOR
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
(in millions of
Canadian dollars)
|
Three months
ended
|
(unaudited)
|
March 31
|
|
|
2019
|
|
2018
|
|
|
|
|
(restated)
|
Cash flows related
to operating activities
|
|
|
|
|
Income from
continuing operations
|
$
|
89.4
|
$
|
75.4
|
Adjustments
for:
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
151.1
|
|
151.5
|
Amortization of
intangible assets
|
|
28.6
|
|
26.2
|
Amortization of
right-of-use assets
|
|
8.8
|
|
9.0
|
Loss on valuation and
translation of financial instruments
|
|
14.3
|
|
29.6
|
Impairment of
assets
|
|
3.5
|
|
-
|
Amortization of
financing costs and long-term debt discount
|
|
2.0
|
|
1.8
|
Deferred income
taxes
|
|
(7.7)
|
|
(20.6)
|
Other
|
|
(1.7)
|
|
(1.1)
|
|
|
288.3
|
|
271.8
|
Net change in
non-cash balances related to operating activities
|
|
(107.8)
|
|
29.1
|
Cash flows provided
by continuing operating activities
|
|
180.5
|
|
300.9
|
Cash flows related
to investing activities
|
|
|
|
|
Business
acquisitions
|
|
(23.5)
|
|
(2.7)
|
Business
disposals
|
|
261.6
|
|
-
|
Additions to
property, plant and equipment
|
|
(139.8)
|
|
(144.5)
|
Additions to
intangible assets
|
|
(51.2)
|
|
(56.9)
|
Proceeds from
disposals of assets
|
|
2.6
|
|
0.4
|
Other
|
|
(1.3)
|
|
(0.6)
|
Cash flows provided
by (used in) continuing investing activities
|
|
48.4
|
|
(204.3)
|
Cash flows related
to financing activities
|
|
|
|
|
Net change in bank
indebtedness
|
|
3.1
|
|
(0.8)
|
Net change under
revolving facilities
|
|
(180.7)
|
|
82.8
|
Repayment of
long-term debt
|
|
(3.9)
|
|
(3.7)
|
Repayment of lease
liabilities
|
|
(9.9)
|
|
(9.3)
|
Issuance of Class B
Shares
|
|
2.7
|
|
-
|
Repurchase of Class B
Shares
|
|
(39.5)
|
|
(98.7)
|
Dividends or
distributions paid to non-controlling interests
|
|
-
|
|
(4.7)
|
Cash flows used in
continuing financing activities
|
|
(228.2)
|
|
(34.4)
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
0.7
|
|
62.2
|
|
|
|
|
|
Cash flows (used in)
provided by discontinued operations
|
|
(2.3)
|
|
2.2
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
21.3
|
|
864.9
|
Cash and cash
equivalents at end of period
|
$
|
19.7
|
$
|
929.3
|
|
|
|
|
|
Cash and cash
equivalents consist of
|
|
|
|
|
Cash
|
$
|
6.5
|
$
|
929.0
|
Cash
equivalents
|
|
13.2
|
|
0.3
|
|
$
|
19.7
|
$
|
929.3
|
|
|
|
|
|
|
|
|
|
|
Interest and taxes
reflected as operating activities
|
|
|
|
|
Cash interest
payments
|
$
|
47.1
|
$
|
44.4
|
Cash income tax
payments (net of refunds)
|
|
138.7
|
|
14.2
|
QUEBECOR
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
(in millions of
Canadian dollars)
|
|
|
|
|
|
|
(unaudited)
|
March
31
|
December
31
|
December
31
|
|
2019
|
2018
|
2017
|
|
|
(restated)
|
(restated)
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
19.7
|
$
|
21.0
|
$
|
864.9
|
Accounts
receivable
|
|
519.5
|
|
553.8
|
|
543.4
|
Contract
assets
|
|
147.1
|
|
144.4
|
|
132.8
|
Income
taxes
|
|
9.5
|
|
4.8
|
|
29.3
|
Inventories
|
|
201.3
|
|
186.3
|
|
188.1
|
Other current
assets
|
|
133.7
|
|
118.3
|
|
117.6
|
Assets held for
sale
|
|
-
|
|
95.0
|
|
-
|
|
|
1,030.8
|
|
1,123.6
|
|
1,876.1
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
3,419.0
|
|
3,467.3
|
|
3,610.1
|
Intangible
assets
|
|
1,151.6
|
|
1,135.3
|
|
983.1
|
Goodwill
|
|
2,684.5
|
|
2,678.3
|
|
2,695.8
|
Right-of-use
assets
|
|
108.2
|
|
112.6
|
|
133.5
|
Derivative financial
instruments
|
|
779.7
|
|
887.0
|
|
591.8
|
Deferred income
taxes
|
|
34.3
|
|
51.8
|
|
33.2
|
Other
assets
|
|
199.9
|
|
201.6
|
|
185.1
|
|
|
8,377.2
|
|
8,533.9
|
|
8,232.6
|
Total
assets
|
$
|
9,408.0
|
$
|
9,657.5
|
$
|
10,108.7
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Bank
indebtedness
|
$
|
27.4
|
$
|
24.3
|
$
|
0.8
|
Accounts payable and
accrued charges
|
|
756.2
|
|
832.0
|
|
738.7
|
Provisions
|
|
31.6
|
|
32.0
|
|
24.0
|
Deferred
revenue
|
|
349.1
|
|
340.7
|
|
346.8
|
Income
taxes
|
|
30.7
|
|
119.2
|
|
13.3
|
Convertible
debentures
|
|
-
|
|
-
|
|
450.0
|
Embedded derivatives
related to convertible debentures
|
|
-
|
|
-
|
|
442.2
|
Current portion of
long-term debt
|
|
68.5
|
|
57.9
|
|
20.4
|
Current portion of
lease liabilities
|
|
35.7
|
|
36.0
|
|
39.8
|
Liabilities held for
sale
|
|
-
|
|
6.6
|
|
-
|
|
|
1,299.2
|
|
1,448.7
|
|
2,076.0
|
Non-current
liabilities
|
|
|
|
|
|
|
Long-term
debt
|
|
6,083.0
|
|
6,370.3
|
|
5,516.2
|
Derivative financial
instruments
|
|
6.7
|
|
-
|
|
34.1
|
Convertible
debentures
|
|
150.0
|
|
150.0
|
|
-
|
Lease
liabilities
|
|
102.9
|
|
108.4
|
|
128.1
|
Deferred income
taxes
|
|
764.6
|
|
775.9
|
|
744.9
|
Other
liabilities
|
|
306.9
|
|
235.7
|
|
212.4
|
|
|
7,414.1
|
|
7,640.3
|
|
6,635.7
|
Equity
|
|
|
|
|
|
|
Capital
stock
|
|
1,060.8
|
|
1,065.9
|
|
313.9
|
Contributed
surplus
|
|
7.7
|
|
4.7
|
|
3.5
|
(Deficit) retained
earnings
|
|
(364.7)
|
|
(507.9)
|
|
594.7
|
Accumulated other
comprehensive loss
|
|
(95.5)
|
|
(82.7)
|
|
(50.7)
|
Equity attributable
to shareholders
|
|
608.3
|
|
480.0
|
|
861.4
|
Non-controlling
interests
|
|
86.4
|
|
88.5
|
|
535.6
|
|
|
|
|
|
|
|
|
|
694.7
|
|
568.5
|
|
1,397.0
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
9,408.0
|
$
|
9,657.5
|
$
|
10,108.7
|
View original
content:http://www.prnewswire.com/news-releases/quebecor-inc-announces-increase-of-more-than-100-in-quarterly-dividend-and-reports-consolidated-results-for-first-quarter-2019-300846813.html
SOURCE Quebecor