Cogeco 2011 Annual Report Download - page 17

Download and view the complete annual report

Please find page 17 of the 2011 Cogeco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89

16 COGECO CABLE INC. 2011 Management’s Discussion and Analysis (MD&A)
Reconciliation of Canadian GAAP to IFRS
The Corporation has completed the evaluation of the differences between IFRS and Canadian GAAP. The preliminary financial statement
impacts of the most significant differences in accounting policies adopted on and after transition to IFRS with respect to the recognition,
measurement, presentation and disclosure of financial information are as follows:
Consolidated statement of income (loss) for the year ended August 31, 2011
(In thousands of dollars, except per share data) Note
Canadian
GAAP
Preliminar
y
IFRS
adjustments
Preliminary
IFRS
Revenue
Service 1,350,352 (4,206) 1,346,146
Equipment 10,814 – 10,814
1,361,166 (4,206) 1,356,960
Operating costs ii., iii., vi. 786,011 (2,275) 783,736
Management fees – COGECO Inc. 9,172 – 9,172
Operating income before amortization 565,983 (1,931) 564,052
A
mortization i. 247,178 (4,805) 242,373
Operating income 318,805 2,874 321,679
Financial expense viii. 71,629 (541) 71,088
Impairment of goodwill and fixed assets 225,873 – 225,873
Income before income taxes 21,303 3,415 24,718
Income taxes i., ii., vi., viii. 68,969 1,320 70,289
Net income (loss) (47,666) 2,095 (45,571)
Earnings (loss) per share
Basic (0.98) 0.04 (0.94)
Diluted (0.98) 0.04 (0.94)
Consolidated statement of comprehensive income (loss) for the year ended August 31, 2011
(In thousands of dollars) Note
Canadian
GAAP
Preliminar
y
IFRS
adjustments
Preliminar
y
IFRS
Net income (loss) (47,666) 2,095 (45,571)
Other comprehensive income (loss)
Unrealized losses on derivative financial instruments designated as cash flow hedges, net of income
tax recovery (15,353) – (15,353)
Reclassification to financial expense of unrealized losses on derivative financial instruments
designated as cash flow hedges, net of income tax recovery 14,425 – 14,425
Unrealized gains on translation of a net investment in self-sustaining foreign subsidiaries 7,248 – 7,248
Unrealized losses on translation of long-term debts designated as hedges of a net investment in self-
sustaining foreign subsidiaries (3,903) – (3,903)
A
ctuarial losses on defined benefit plans ii. – (1,968 ) (1,968)
2,417 (1,968 ) 449
Comprehensive income (loss) (45,249) 127 (45,122)