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46 COGECO CABLE INC. 2009 Management’s discussion and analysis
CONSOLIDATED
(in millions of dollars, except RGU growth and operating margin)
PROJECTIONS
(1)
FISCAL 2010
$
PRELIMINARY
PROJECTIONS
JULY 9, 2009
FISCAL 2010
$
PRO-FORMA
ACTUALS
(1)
FISCAL 2009
$
ACTUALS
FISCAL 2009
$
FINANCIAL GUIDELINES
REVENUE
1,250
1,250
1,218
1,218
OPERATING INCOME BEFORE AMORTIZATION
481
500
508
524
OPERATING MARGIN
38.5%
40%
41.7%
43.1%
AMORTIZATION
273
285
256
270
FINANCIAL EXPENSE
70
70
70
70
CURRENT INCOME TAXES
(55)
(55)
54
54
NET INCOME (LOSS)
80
85
(258)
(257)
CAPITAL EXPENDITURES AND INCREASE IN DEFERRED
CHARGES
341
360
289
305
FREE CASH FLOW
125
125
95
95
RGU GROWTH
125,000
125,000
175,364
175,364
(1) THE PROJECTIONS FOR FISCAL 2010 HAVE BEEN ADJUSTED TO REFLECT THE APPLICATION OF CICA HANDBOOK SECTION 3064. THE PRO-FORMA ACTUALS FOR FISCAL
2009 REPRESENT THE RESULTS AS ISSUED IN THIS ANNUAL REPORT, ADJUSTED TO REFLECT THE PRO-FORMA APPLICATION OF CICA HANDBOOK SECTION 3064.
PURSUANT TO THE GUIDELINES ISSUED BY THE CICA, SECTION 3064 WILL BE APPLICABLE FOR COGECO CABLE AS OF SEPTEMBER 1, 2009. PLEASE REFER TO THE
“ADOPTION OF NEW ACCOUNTNG STANDARDS” SECTION ON PAGE 13 FOR FURTHER DETAILS.
The exchange rate used for fiscal 2010 projections is $1.50 per Euro.
ADDITIONAL INFORMATION
This MD&A was prepared on October 29, 2009. Additional information relating to the Corporation, including its Annual Information
Form, is available on SEDAR at www.sedar.com.