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Cogeco Cable Inc. 2006 Annual Report
06

Table of contents

  • Page 1
    Cogeco Cable Inc. 2006 Annual Report 06

  • Page 2

  • Page 3
    ... BASE BY OFFERING AUDIO, ANALOG AND DIGITAL TELEVISION, HIGH SPEED INTERNET AND TELEPHONY SERVICES. COGECO CABLE PROVIDES 2,184,977 REVENUE-GENERATING UNITS TO THE 2,303,273 HOMES PASSED BY ITS CABLE NETWORK IN THE TERRITORIES IT SERVES. IT IS THE SECOND LARGEST CABLE SYSTEM OPERATOR IN ONTARIO, IN...

  • Page 4
    ... TO 16 MBPS HIGH SPEED INTERNET SERVICE WITH DOWNLOAD SPEED OF UP TO 10 MBPS INTERNET PROTOCOL MEGABITS PER SECOND INCLUDES BASIC SERVICE, HSI SERVICE, DIGITAL TELEVISION SERVICE AND TELEPHONY SERVICE CUSTOMERS SUBSCRIPTION VIDEO ON DEMAND SERVICES VIDEO ON DEMAND SERVICES 2 COGECO CABLE INC. 2006

  • Page 5
    ... BASIC SERVICE CUSTOMERS PENETRATION AS A PERCENTAGE OF HOMES PASSED HSI SERVICE CUSTOMERS DIGITAL TELEVISION SERVICE CUSTOMERS TELEPHONY SERVICE CUSTOMERS 2,184,977 1,102,871 47.9% 479,358 327,364 275,384 1,347,733 821,433 56.7 % 277,648 247,204 1,448 62.1 34.3 72.6 32.4 -) PER SHARE DATA (BASIC...

  • Page 6
    ...)1 AND RETURN ON SHAREHOLDERS' EQUITY. THIS WAS POSSIBLE DESPITE A DECLINE IN FREE CASH FLOW ATTRIBUTABLE TO THE INVESTMENTS WE MADE TO ENHANCE OUR DIGITAL TELEVISION SERVICES AND DEPLOY OUR DIGITAL TELEPHONY SERVICE IN CANADA. THE NUMBER OF REVENUE-GENERATING UNITS ENJOYED A REMARKABLE INCREASE OF...

  • Page 7
    ... of Digital and HD Television, and to our continuously improving offerings in Digital Television, HD, and VOD services. At year-end, Digital Television customers had access to more than 250 channels in Ontario and 180 channels in Québec, while VOD offered 1,400 hours of programming, including...

  • Page 8
    ... endeavours. For the future, Cogeco Cable is committed to providing its customers with the best service and best products. This is our purpose and the source of our pride. LOUIS AUDET PRESIDENT AND CHIEF EXECUTIVE OFFICER JAN PEETERS BOARD CHAIR 6 COGECO CABLE INC. 2006 Message to Shareholders

  • Page 9
    ... - CORPORATE STRATEGIES AND OBJECTIVES - CABLE NETWORKS - KEY PERFORMANCE INDICATORS - CRITICAL ACCOUNTING POLICIES AND ESTIMATES - RELATED PARTY TRANSACTIONS - ADOPTION OF NEW ACCOUNTING STANDARDS - CONTROLS AND PROCEDURES - UNCERTAINTIES AND MAIN RISK FACTORS PERFORMANCE HIGHLIGHTS 8 OPERATING...

  • Page 10
    ...to its customers. As for HSI services, the platform is constantly adapted to support the growth in subscriber numbers. The Canadian networks can support the deployment of new services such as Digital Telephony in most sectors, reaching 77% by December 31, 2006. 8 COGECO CABLE INC. 2006 Management...

  • Page 11
    ... by the bundled service offerings. In Portugal, RGUs should grow by 75,000, an increase of 12% compared to 2006 RGUs. CABLE NETWORKS CANADA Digital and VOD services are available to 98% and 90% of homes passed, respectively, and 93% of homes passed are served by a two-way cable plant. Cogeco Cable...

  • Page 12
    ..., headends and drops. Digital and VOD services are not currently offered but are planned for launch progressively over the coming years. As in Canada HSI service using fully certified DOCSIS technology is offered to 100% of homes passed and served by a two-way cable plant. Telephony service is...

  • Page 13
    ... the service offering and pricing. Penetration statistics measure Cogeco Cable's market share. Cogeco Cable computes the penetration for basic services as a percentage of homes passed and, in the case of all other services, as a percentage of basic customers in the cable systems where the service is...

  • Page 14
    ... periods. CAPITALIZATION OF LAUNCH COSTS, COSTS TO ACQUIRE CUSTOMERS AND SUBSIDIES ON EQUIPMENT The Corporation incurs significant marketing costs during the launch of new services, such as new digital tiers, VOD, HSI and Digital Telephony services. These costs are capitalized and amortized over...

  • Page 15
    ... Under the Management Agreement, the Corporation pays monthly fees equal to 2% of its total revenue to COGECO for the above-mentioned services. In 1997, the management fee was capped at $7 million per year, subject to annual upward adjustments based on increases in the Consumer Price Index in Canada...

  • Page 16
    ... statements. These sections are to be applied to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2006. The Corporation is currently evaluating the impact of these new standards. 14 COGECO CABLE INC. 2006 Management's Discussion and Analysis

  • Page 17
    ... penetration of Digital Television, HSI and Digital Telephony services and the launch of different types of home terminal devices has heightened the complexity of tracking such customer premise equipment. Existing information systems at Cogeco Cable record such equipment located in its warehouse as...

  • Page 18
    ... parts of Cogeco Cable's footprint to offer Cogeco Cable's Digital Telephony service. Bell Canada offers a new digital telephone service in Ontario and Québec and is expected to launch some time in 2007 a new digital video distribution service over its wireline network, starting with larger urban...

  • Page 19
    ..., PT owns TV Cabo, the largest cable broadband operator in Portugal, which also offers a direct-to-home satellite television distribution service to the Portuguese market. Sonae owns and operates the Clix and Novis services, which provide voice, data, and high speed Internet services respectively to...

  • Page 20
    ... offered by competitors in the market, and the emergence of the more powerful MPEG-4 video standard promote the increased distribution and consumption of video content directly over the Internet. Video content, which is bandwidth-intensive, already accounts for over 50% of total peer-to-peer data...

  • Page 21
    ... Cogeco Cable applies itself on to keeping its cost of goods sold in check so as to secure continued operating margin growth. The two largest drivers of cost of goods sold are network fees paid to audio and video service suppliers, and data transport and connectivity charges, mostly for Internet...

  • Page 22
    ... service options, customer account management, internal controls, provisioning, billing and the roll-out of new services. The Corporation uses different customer relations management tools and databases for its operation respectively in Ontario, Québec and Portugal. The agreement with the main...

  • Page 23
    ...448 NA NA 44.3 40.0 10.4 NA NA 37.7 30.7 0.2 ( 1 ) AS A PERCENTAGE OF BASIC SERVICE IN AREAS SERVED. (2) ACCORDING TO THE FISCAL 2005 ANNUAL REPORT. (3) REPRESENT THE SUM OF BASIC, DIGITAL TELEVISION, HSI AND DIGITAL TELEPHONY SERVICE CUSTOMERS. (4) CUSTOMERS SUBSCRIBING ONLY TO INTERNET SERVICES...

  • Page 24
    ... operations is primarily the result of an increase in basic service rates, higher penetration of HSI, Digital Telephony, basic cable and Digital Television services. The acquisition of Cabovisão was completed on August 1, 2006. For fiscal 2006, the Portuguese operations generated $16.9 million for...

  • Page 25
    ... by a greater number of customers renting digital terminals. - Monthly rate increases of up to $3 per customer, averaging $2 per basic service customer, took effect on June 15, 2006 in Ontario and on August 1, 2006 in Québec. In addition, new digital services, VOD and equipment rentals contributed...

  • Page 26
    ... enacted tax rate described below, the expense amounted to $29.3 million compared to $18 million for fiscal 2005. The income tax increase, excluding the tax rate change, was mainly attributable to the operating income before amortization growth. On May 2, 2006, the federal government announced its...

  • Page 27
    ... tax rate change amounting to $20 million in 2006, the net income for 2006 would have been $45.6 million or $1.14 per share. During fiscal years 2006 and 2005, stock options for 136,059 and 140,766 subordinate voting shares were granted, respectively. The Corporation recorded compensation expense...

  • Page 28
    ...capital changes from the moment when the tax losses were generated, unless a request is filed before such change in the ownership takes place subject to approval by the Portuguese tax authorities. To this effect, a request for preservation of tax 26 COGECO CABLE INC. 2006 Management's Discussion...

  • Page 29
    ... subsidies related to cable modems and digital terminals are expected to decrease as unit prices continue to decline and as such devices are increasingly integrated in consumer electronics products such as PCs, television sets and DVDs. Management's Discussion and Analysis COGECO CABLE INC. 2006...

  • Page 30
    ...was recorded, in light of the digital terminal rental program offered to customers since fiscal 2005. Reconnect costs increase due to the higher-than-anticipated demand for HSI, Digital Telephony and Digital Television services. New services launch costs consist mainly of marketing costs associated...

  • Page 31
    ... cash equivalents. Interest coverage ratio will decline as a result of the costs of financing the Portuguese operations. See "Fiscal 2007 Financial Guidelines" on page 35 for further details. OUTSTANDING SHARE DATA A description of Cogeco Cable's share data as at September 30, 2006 is presented in...

  • Page 32
    ... year 2006. Cogeco Cable maintains a working capital deficiency due to a low level of accounts receivable since the majority of the Corporation's customers pay before their services are rendered, unlike accounts payable and accrued liabilities, which are paid after products or services are rendered...

  • Page 33
    ..., PENSION PLAN LIABILITIES AND ACCRUED EMPLOYEE BENEFITS AND FUTURE INCOME TAX LIABILITIES. THE NATURE OF THOSE OBLIGATIONS PREVENTS THE CORPORATION FROM ESTIMATING AN ANNUAL BREAKDOWN. (4) ANNUAL BREAKDOWN EXCLUDES OTHER LONG-TERM OBLIGATIONS. Management's Discussion and Analysis COGECO CABLE INC...

  • Page 34
    ... FROM OPERATIONS ACQUISITION OF FIXED ASSETS INCREASE IN DEFERRED CHARGES ASSETS ACQUIRED UNDER CAPITAL LEASES - AS PER NOTE 15 B) ON PAGE 59 194,739 (140,941) (20,607) (2,898) 30,293 170,938 (110,365) (13,382) (1,924) 45,267 FREE CASH FLOW 32 COGECO CABLE INC. 2006 Management's Discussion and...

  • Page 35
    ... customers is generally lower in the third quarter, mainly because students leave their campus at the end of the school year. Cogeco Cable offers its services in several university and college towns such as Kingston, Windsor, St. Catharines, Hamilton, Peterborough, Trois-Rivières and Rimouski...

  • Page 36
    ... ANNUAL TOTAL GIVEN ROUNDING. 2006 VS 2005 FOURTH QUARTER OPERATING RESULTS Consolidated revenue rose by $34.7 million, or 24.8%, of which $17.8 million or 12.7% relates to Canadian operations and is mainly attributable to improved HSI, Digital Telephony, basic cable and Digital Television service...

  • Page 37
    ...of the Digital Telephony will also contribute to the revenue increase. Cogeco Cable plans to expand its basic service clientele through effective marketing, competitive product offering and superior customer service. As the penetration of HSI and Digital Television services increases, the demand for...

  • Page 38
    ... the increase in fixed charges. ADDITIONAL INFORMATION This MD&A was prepared on October 23, 2006. Additional information relating to the Corporation, including its Annual Information Form, is available on the SEDAR Web site at www.sedar.com. 36 COGECO CABLE INC. 2006 Management's Discussion...

  • Page 39
    ... RESPONSIBILITY AUDITORS' REPORT CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF RETAINED EARNINGS 38 38 39 39 CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOW NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 40 41 42 Consolidated Financial Statements COGECO CABLE INC. 2006...

  • Page 40
    ... Canadian generally accepted accounting principles and have been approved by the Board of Directors. Operating and financial information used elsewhere in the annual report is consistent with that in the financial statements. In fulfilling its responsibilities, management of Cogeco Cable Inc. and...

  • Page 41
    ... 31, (in thousands of dollars, except per share data) 2006 $ 2005 $ REVENUE SERVICE EQUIPMENT 617,806 2,195 620,001 550,711 3,693 554,404 318,704 8,179 227,521 125,088 102,433 55,692 46,741 18,020 28,721 OPERATING COSTS (NOTE 1 L)) MANAGEMENT FEES - COGECO INC. (NOTE 18) 358,631 8,392 252...

  • Page 42
    ... - STOCK-BASED COMPENSATION RETAINED EARNINGS FOREIGN CURRENCY TRANSLATION ADJUSTMENT (NOTE 12) 630,458 1,425 117,760 (4,452) 745,191 2,602,603 630,220 660 58,604 -) 689,484 1,755,796 ON BEHALF OF THE BOARD OF DIRECTORS, JAN PEETERS DIRECTOR HARRY A. KING DIRECTOR 40 COGECO CABLE INC. 2006...

  • Page 43
    ...-TERM DEBT INCREASE IN DEFERRED FINANCING COSTS ISSUE OF SUBORDINATE VOTING SHARES DIVIDENDS ON MULTIPLE VOTING SHARES DIVIDENDS ON SUBORDINATE VOTING SHARES - 633,402 (1,720) (10,110) 228 (2,512) (3,888) 615,400 (5,410) -) (62,166) -) 742 (1,569) (2,428) (70,831) 61 -) -) 61 NET CHANGE IN CASH...

  • Page 44
    ... NATURE OF OPERATIONS Cogeco Cable Inc. (the "Corporation") is a Canadian public company whose shares are listed on the Toronto Stock Exchange. The Corporation's core business is providing cable television, High Speed Internet and Telephony services in Canada and in Portugal (note 2). B) PRINCIPLES...

  • Page 45
    ... sources is as follows: • Revenue from cable television and related services, from High Speed Internet services and Telephony services are recognized when services are provided; • Revenue generated from sales of home terminal devices are recorded as equipment revenue upon activation of services...

  • Page 46
    ... pension costs, recorded in operating costs, related to the defined contribution pension plan and the collective registered retirement saving plan are equivalent to the contributions which the Corporation is required to pay in exchange for services provided by employees. 44 COGECO CABLE INC. 2006...

  • Page 47
    ... and the revenue and expenses during the reporting year. Significant areas requiring the use of management estimates relate to the determination of pension plans liabilities and accrued employee benefits, the determination of allowance for doubtful accounts, the useful life of assets for...

  • Page 48
    ... on August 1, 2006. The final purchase price will be determined following completion of a post-closing working capital adjustment. The Corporation is assuming a â,¬20 million working capital deficiency of Cabovisão. The acquisition was accounted for using the purchase method. The results of...

  • Page 49
    ... been presented at cost. The measurement of indefinite and finite-lived intangible assets is also under way. Furthermore, in accordance with the Portuguese Companies Income Tax Code, accumulated tax losses cannot be deducted if the ownership of at least 50% of the social capital changes from the...

  • Page 50
    ...CUSTOMER BASE FOREIGN EXCHANGE GAIN ON LONG-TERM DEBT TOTAL...the Portuguese Companies Income Tax Code ("CIRC"), ...change in the ownership takes place, subject to approval by the Portuguese tax authorities. To this effect, a request for preservation of tax losses was filed by Cabovisão on July 28, 2006...

  • Page 51
    ... its cable distribution, high-speed Internet access and telephony activities as a single operating segment. The Corporation's activities are carried out in Canada and in Portugal. The Portugal segment includes operating results since the date of the acquisition of control on August 1, 2006. The...

  • Page 52
    ... OF AMORTIZATION (amounts are in thousands of dollars) 2006 $ 2005 $ NEW SERVICES LAUNCH COSTS RECONNECT COSTS EQUIPMENT SUBSIDIES FINANCING COSTS OTHER 1,524 29,907 5,664 10,232 - 47,327 2,067 21,646 13,249 1,262 2 38,226 50 COGECO CABLE INC. 2006 Notes to Consolidated Financial Statements

  • Page 53
    ...BALANCE, BEGINNING OF YEAR BUSINESS ACQUISITION (NOTE 2) FOREIGN CURRENCY TRANSLATION ADJUSTMENT BALANCE, END OF YEAR 989,552 - - 989,552 - 431,024 (8,916) 422,108 989,552 431,024 (8,916) 1,411,660 At August 31, 2006 and 2005, the Corporation tested the value of customer base for impairment and...

  • Page 54
    ... bear interest at 6.75% per annum, payable semi-annually. These debentures are indirectly secured by a first fixed and ï¬,oating charge and a security interest on all assets of the Corporation and certain of its subsidiaries. 52 COGECO CABLE INC. 2006 Notes to Consolidated Financial Statements

  • Page 55
    ... payments due under capital leases total $5,584,000 of which $575,000 represents financial expense and are as follows: (amounts are in thousands of dollars) 2007 $ 2008 $ 2009 $ 2010 $ 2011 $ 2,158 1,786 1,190 450 -) Notes to Consolidated Financial Statements COGECO CABLE INC. 2006...

  • Page 56
    ... their annual salary. The subscription date is December 31 and the subscription price is based on the average market price of the shares of the last five business days of November less 10%. A maximum of 167,500 shares are available, up to 40,000 annually, under this plan. 54 COGECO CABLE INC. 2006...

  • Page 57
    ... related taxes must be kept in shares of the Corporation until termination of employment with the Corporation or retirement. Under the Stock Option Plan, the following options were granted by the Corporation and are outstanding as at August 31: 2006 WEIGHTED AVERAGE OPTIONS EXERCISE PRICE $ OPTIONS...

  • Page 58
    ...000 in 2005) was recorded for the year ended August 31, 2006. If compensation cost had been recognized using the fair value-based method at the grant date for options granted between September 1, 2001 and August 31, 2003, the Corporation's net income and earnings per share for the years ended August...

  • Page 59
    ... as a result. During fiscal 2006 and 2005, no performance unit were granted to employees by the Corporation. In 2006, an expense amounting to $139,000 ($197,000 in 2005) has been recorded related to this plan. 12. FOREIGN CURRENCY TRANSLATION ADJUSTMENT The change in the foreign currency...

  • Page 60
    ... financial institutions that carry a credit rating equal to or superior to its own credit rating. In addition, since the Corporation has a large and diversified clientele, credit risk concentration from customers is minimal. 58 COGECO CABLE INC. 2006 Notes to Consolidated Financial Statements

  • Page 61
    ... for the purchase of fixed assets totalled $140,941,000 ($110,365,000 in 2005). C) OTHER INFORMATION (amounts are in thousands of dollars) 2006 $ 2005 $ INTEREST PAID INCOME TAXES PAID 54,892 4,308 54,438 2,978 Notes to Consolidated Financial Statements COGECO CABLE INC. 2006 59

  • Page 62
    ...are limited to the payment of the monthly employer's portion. Expenses related to these two plans amounted to $1,522,000 ($1,239,000 in 2005). The defined benefit pension plans provide pensions based on the number of years of service and the average salary during the employment of each participant...

  • Page 63
    ... DISCOUNT RATE RATE OF COMPENSATION INCREASE 5.50 5.00 5.00 5.00 DEFINED BENEFIT PENSION COSTS DISCOUNT RATE EXPECTED LONG-TERM RATE OF RETURN ON PLANS' ASSETS RATE OF COMPENSATION INCREASE 5.00 7.25 5.00 6.25 7.25 5.00 Notes to Consolidated Financial Statements COGECO CABLE INC. 2006 61

  • Page 64
    ... ACQUISITION AND ASSETS DISPOSAL In connection with the acquisition of business or sale of assets, in addition to possible indemnification relating to failure ... pay. As at August 31, 2006 and 2005, no liability has been recorded associated with these indemnifications. 62 COGECO CABLE INC. 2006 ...

  • Page 65
    ... Affairs. No direct remuneration is payable to such officers by the Corporation. However, the Corporation granted 31,743 stock options (38,397 in 2005) to COGECO Inc.'s officers during fiscal year 2006. Under the Management Agreement, the Corporation pays monthly fees equal to 2% of its total...

  • Page 66
    ...,871,601 PER SHARE DATA (BASIC) OPERATING INCOME BEFORE AMORTIZATION NET INCOME (LOSS) CASH FLOW FROM OPERATIONS 6.33 1.64 4.87 5.69 0.72 4.28 5.09 (0.81) 3.63 4.40 (0.00) 2.82 4.00 (0.11) 2.57 RETURN RATIOS OPERATING MARGIN(2) RETURN ON AVERAGE NET ASSETS EMPLOYED(3) RETURN ON EQUITY(4) 40...

  • Page 67
    ...VOTES PER SHARE) OUTSTANDING NUMBER OF SUBORDINATE VOTING SHARES (1 VOTE PER SHARE) OUTSTANDING 15,691,100 24,308,112 STOCK EXCHANGE LISTING TRADING SYMBOL THE TORONTO STOCK EXCHANGE CCA DIVIDEND POLICY The Corporation declared an annual dividend of $0.16, or $0.04 quarterly, during fiscal 2006...

  • Page 68
    .... 30 $ FEB. 28 $ MAY 31 $ AUG. 31 $ TOTAL THE TORONTO STOCK EXCHANGE HIGH LOW CLOSE VOLUME (SHARES) 24.49 20.00 23.60 2,550,984 26.00 23.35 25.59 2,583,157 26.75 24.80 25.85 1,255,912 33.19 25.50 32.45 2,830,029 9,220,082 66 COGECO CABLE INC. 2006 Investor Information

  • Page 69
    ... AND BASIC SERVICE CUSTOMERS. (2) CALCULATED ON THE BASIS OF THE SYSTEMS WHERE THE SERVICE IS OFFERED. (3) THE NUMBER OF DIGITAL TELEVISION SERVICE CUSTOMERS FOR FISCAL 2005 WAS RESTATED TO REFLECT CHANGES BROUGHT ABOUT BY THE CORPORATION'S BILLING IMPROVEMENT PROGRAM, WHICH HAS ALLOWED COGECO CABLE...

  • Page 70
    ... PASSED BASIC SERVICE % OF CUSTOMERS PENETRATION(1) BREAKDOWN ONTARIO QUÉBEC CANADA PORTUGAL TOTAL ( 1) AS PERCENTAGE OF HOMES PASSED. 1,002,187 474,717 1,476,904 826,369 2,303,273 587,289 245,888 833,177 269,694 1,102,871 58.6% 51.8% 56.4% 32.6% 47.9% 68 COGECO CABLE INC. 2006 Customer...

  • Page 71
    ...Director â˜...â-† â-† â- DAVID MCAUSLAND, B.C.L., LL.B. Beaconsfield (Québec) Executive Vice President, Corporate Development and Chief Legal Officer, Alcan ... MEMBER OF THE STRATEGIC OPPORTUNITIES COMMITTEE â- â˜... â-²â-† Board of Directors and Corporate Management COGECO CABLE INC. 2006 69

  • Page 72
    ..., Ontario JACQUES GRAVEL Vice President, Québec JULES GRENIER Vice President, Portugal CHRISTIAN JOLIVET Chief Legal Officer and Secretary HÉLÈNE LAURIN Vice President, Administration and Control YVES MAYRAND Vice President, Corporate Affairs RON A. PERROTTA Vice President, Marketing LOUISE ST...

  • Page 73
    ... 101 College Street, auditorium BC, Toronto (Ontario). AUDITORS 950 Syscon Road P.O. Box 5076 Station Main Burlington (Ontario) L7R 4S6 Tel.: (905) 333-5343 Fax: (905) 332-8426 CABLE QUÉBEC Deloitte & Touche LLP 1 Place Ville Marie Suite 3000 Montréal (Québec) H3B 4T9 LEGAL COUNSEL 1630 6e Rue...

  • Page 74
    ... à la section Relations avec les investisseurs du site Internet cogeco.ca ou sur demande au (514) 874-2600. INVESTORS AND ANALYSTS For financial information about the Corporation, please contact the Department of Finance. SHAREHOLDERS For any inquiries other than a change of address, financial...

  • Page 75
    ...;>7:G 8>INH:GK:9 ED>CID;EG:H:C8: 9>HG6:A> CDIG:"96B:"9J"7DC"8DCH:>A IDDCI6G>D IDDCI6G>D BDCIGw6A K6AA:N;>:A9 H=:G7GDD@: K6A8DJGI Operations and Corporate Information COGECO CABLE INC. 2006 73

  • Page 76
    ...=6B I>A7JGN L=:6IA:N A:6B>C7:G 8>INH:GK:9 ED>CID;EG:H:C8: 9DJ: B8

  • Page 77
    ... EDGI:A 9>G6 H>C:H H6CI>6G6 6A:CI:?D 7:?6 A:7:G EA6CC:9;>7:G 8>INH:GK:9 EDGI>BÀD D9:8:>M: A6AK:H A6CID;EG:H:C8: COGECO CABLE INC. 2006 75

  • Page 78

  • Page 79
    Credits PHOTOS COVERS: MAUDE ARSENAULT PAGE 6: MARC MONTPLAISIR DESIGN www.nolin.ca PRINTED IN CANADA

  • Page 80
    www.cogeco.ca