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48 COGECO CABLE INC. 2013 Management's discussion and analysis (“MD&A”)
CAPITAL INTENSITY
Capital intensity is used by Cogeco Cable’s management and investors to assess the Corporation’s investment in capital expenditures in order
to support a certain level of revenue. Capital intensity is defined as acquisitions of property, plant and equipment, intangible and other assets
divided by revenue.
Capital intensity is calculated as follows:
Quarters ended Years ended
August 31,
2013 August 31,
2012 August 31,
2013 August 31,
2012
(in thousands of dollars, except percentages) $$$$
Acquisition of property, plant and equipment 102,241 119,175 388,698 359,581
Acquisition of intangible and other assets 4,917 5,217 18,567 15,787
Assets acquired under finance leases 937 —937 —
Total capital expenditures 108,095 124,392 408,202 375,368
Revenue 470,386 324,768 1,692,466 1,277,698
Capital intensity 23.0% 38.3% 24.1% 29.4%
ADDITIONAL INFORMATION
This MD&A was prepared on October 30, 2013. Additional information relating to the Corporation, including its Annual Information Form, is
available on the SEDAR website at www.sedar.com.