Cogeco 2011 Annual Report Download - page 41

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40 COGECO CABLE INC. 2011 Management’s Discussion and Analysis (MD&A)
Three-year annual financial highlights and quarterly financial
highlights
Three-year annual financial highlights
Years ended August 31, 2011 2010 2009
(in thousands of dollars, except percentages and per share data) $ $ $
Revenue 1,361,166 1,281,376 1,217,837
Operating income before amortization 565,983 510,096 507,876
Operating margin 41.6% 39.8% 41.7%
Operating income 318,805 251,225 251,799
Impairment losses(1) 225,873 – 399,648
Net income (loss) (47,666) 157,303 (258,228)
A
djusted net income(2) 178,207 127,521 102,039
Cash flow from operating activities 515,322 417,284 415,169
Cash flow from operations 440,349 494,814 384,206
Capital expenditures and increase in deferred charges 336,592 319,682 288,794
Free cash flow 103,757 175,132 95,412
Total assets 2,735,500 2,702,819 2,630,912
Long-term financial liabilities(3) 976,893 956,311 1,015,069
Per share data(4)
Earnings (loss) per share
Basic (0.98) 3.24 (5.32)
Diluted (0.98) 3.23 (5.32)
A
djusted earnings per share
Basic 3.67 2.63 2.10
Diluted 3.65 2.62 2.10
Dividends 0.71 0.56 0.48
(1) Impairment losses include the impairment of goodwill and fixed assets recorded in fiscal 2011 and the impairment of goodwill and intangible assets recorded in
fiscal 2009.
(2) In addition to the adjustments described in the “Non-GAAP financial measures” section on page 45, net income for the 2009 fiscal year has been adjusted to
remove the impairment of goodwill and intangible assets, net of related income taxes, of $383.6 million, the reduction of withholding and stamp tax contingent
liabilities of $16.1 million, the utilization of pre-acquisition tax losses of $6.1 million and the Part II licence fee favourable settlement agreement, net of related
income taxes, of $13.4 million.
(3) Long-term financial liabilities include long-term debt, balance due on a business acquisition, derivative financial instrument liabilities and pension plan liabilities
and accrued employee benefits.
(4) Per multiple and subordinate voting share.