Cogeco 2003 Annual Report Download - page 42

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(1) Total assets less cash and cash equivalents, accounts payable and accrued liabilities
and deferred and prepaid income.
(2) Operating Income / Revenue.
(3) Operating Income / Average net assets employed.
(4) Net income applicable to multiple voting shares and subordinate voting shares /
Average shareholders’ equity.
(5) For the fiscal year ended August 31, 2001, the ratio includes financial results for
periods less than twelve months of the acquisitions of Cablevue (Quinte) Limited and
related companies, of Harrowby Communications and related companies, of Muskoka
Cable Systems Limited and related companies, of Huntsville Cable Services Limited,
of Médiacâble inc. and of Décibel inc.
(6) For the fiscal year ended August 31, 2000, the ratio includes financial results of the
acquisition of Cableworks Communications Inc. for an eleven-month period only.
2003 2002 2001 2000
Operations
Revenue $479,293 $447,984 $ 438,768 $ 371,231
Operating Income 183,344 168,346 160,509 140,051
Financial expense 61,113 59,645 53,794 48,440
Income (loss) before income taxes 15,073 8,703 (15,846) 27,522
Net income from recurring operations 7,879 7,200 26,616 11,326
Net income 7,879 3,788 5,818 11,662
Cash Flow 120,260 111,173 105,369 92,553
Free Cash Flow 3,251 (38,961) (62,505) (102,495)
Investments
Acquisition of fixed assets $101,073 $122,105 $ 166,369 $ 176,633
Business acquisitions ——226,148 155,358
Financial condition
Fixed assets $765,085 $757,260 $ 719,919 $ 615,273
Net assets employed (1) 1,705,747 1,715,378 1,682,687 1,298,823
Total assets 1,830,517 1,830,282 1,784,264 1,406,027
Indebtedness 806,429 828,570 801,219 743,407
Shareholders’ equity 724,692 716,797 712,877 467,164
Other statistics
Number of shares outstanding at year end 39,881,143 39,873,814 39,867,196 33,566,483
Weighted average number of outstanding shares 39,881,871 39,871,601 38,812,879 33,554,726
Per share data (basic)
Operating Income $4.60 $4.22 $ 4.14 $ 4.17
Net income from recurring operations 0.20 0.18 0.69 0.34
Net income 0.20 0.10 0.15 0.35
Cash Flow 3.02 2.79 2.71 2.76
Shareholders’ equity 18.17 17.98 17.88 13.92
Return ratios
Operating Income margin (2) 38.3% 37.6% 36.6% 37.7%
Return on average net assets employed (3) 10.7 9.9 10.8 12.2
Return on average shareholders’ equity (4) 1.1 0.5 1.0 2.5
Financial ratios
Indebtedness / Operating Income 4.4 4.9 5.0 (5) 5.3 (6)
Interest coverage (10) 3.0 2.8 3.0 2.9
Indebtedness / Shareholders’ equity 1.1 1.2 1.1 1.6
YEARS ENDED AUGUST 31,
40 Cogeco Cable Inc. 2003
Ten-Year Financial Highlights