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ANNUAL
REPORT
2013

Table of contents

  • Page 1
    ANNUAL REPORT 2013

  • Page 2
    ... Peer 1 Network Enterprises, Cogeco Cable also provides to its commercial customers a suite of IT hosting, information and communications technology services (data centre, colocation, managed hosting, cloud infrastructure and connectivity), with 20 data centres, extensive fibre networks in Montreal...

  • Page 3
    ......Message to shareholders...Management's Discussion and Analysis ("MD&A")...3 Investor information...4 Customer statistics...5 Board of Directors and corporate management...7 Operations information...91 93 94 96 97 Consolidated financial statements...49 Corporate information...2 COGECO CABLE...

  • Page 4
    ... Reporting Standards ("IFRS") and, therefore, may not be comparable to similar measures presented by other companies. For more details, please consult the "Non-IFRS financial measures" section of the Management's discussion and analysis ("MD&A"). Three-year financial performance COGECO CABLE...

  • Page 5
    ... on long-term debt, balance due on a business combination and obligations under derivative financial instruments. Represents the sum of Television, High Speed Internet ("HSI") and Telephony service customers. Per multiple and subordinate voting share. 4 COGECO CABLE INC. 2013 Financial highlights

  • Page 6
    ... services across TV, Web and Mobile platforms greatly enhancing its digital television offering. Enterprise services segment • Cogeco Data Services Inc. ("CDS") opened its fourth data centre in Barrie, Ontario to respond to the growing demand of our corporate customers in the Greater Toronto Area...

  • Page 7
    ... wise counsel and unwavering support, which enabled your Corporation to continue growing profitably. In terms of quality of governance, the 11th edition of its Annual Corporate Governance Rankings published by The Globe and Mail Report on Business in November 2012 ranks Cogeco Cable Inc. in the top...

  • Page 8
    ... Segmented operating results...37 annual financial highlights and quarterly financial 9 Three-year highlights...40 27 Fiscal 2014 financial guidelines...45 29 Non-IFRS financial measures...46 32 Additional Information...48 33 Management's discussion and analysis ("MD&A") COGECO CABLE INC. 2013 7

  • Page 9
    ... Cogeco Cable currently expects. These factors include risks pertaining to markets and competition, technology, regulatory developments, operating costs, information systems, disasters or other contingencies, financial risks related to capital requirements, human resources, controlling shareholder...

  • Page 10
    ...service customers can connect wirelessly to the Internet at no extra cost from numerous designated wireless Wi-Fi Internet hotspots in our Canadian footprint. Telephony services: Telephony service uses IP to transport digitized voice signals over the same private network that brings Cable Television...

  • Page 11
    ... service support capabilities across critical areas, such as server, operating system ("OS"), network, application and database. This allows customers to scale and achieve greater flexibility without the burden of managing additional complexity and without the cost of adding more resources. Cogeco...

  • Page 12
    ... Ontario market. Overall, 66 new HD channels including Disney, TMN Fest, ABC Spark, Travel & Escape, Food Network and Discovery were added free for customers of the equivalent standard definition channel. We also expanded content available on our On Demand Online service for our Digital Television...

  • Page 13
    .... We also upgraded our customer surveying technology in Canada through Service Quality Management, North America's leader in voice of customer first call resolution management, to provide enhanced, real-time, agent level web based reporting tools to address customer needs. 12 COGECO CABLE INC. 2013...

  • Page 14
    ... also added enhanced, city-based service outage reporting on our public websites to ensure real-time incident messaging for our customers. In addition, through improved training, support and workforce resource management, we successfully improved the average speed of answer for our customers calling...

  • Page 15
    ... to the existing plan and service penetration rate. Cogeco Cable uses a FTTH technology called Radio Frequency Over Glass ("RFoG"). The primary benefit of RFoG is its compatibility backward and forward with existing Cable Modem Termination System ("CMTS") investments and back-office systems. RFoG is...

  • Page 16
    ... Barrie, north of Toronto, and has lease agreements for the other data centres and points of presence. Cogeco Enterprise Services' data centres include highly secure and redundant IT infrastructure, including state of the art 24/7/365 monitoring, regulated climate control, power redundancy, support...

  • Page 17
    ... In the 2012 annual report, the Corporation projected operating income before depreciation and amortization of $614 million for fiscal 2013, which was then increased to $780 million in the revised projections issued on July 10, 2013 in order to reflect the acquisitions of Atlantic Broadband and PEER...

  • Page 18
    ... additional service activation costs are capitalized up to a maximum amount not exceeding the revenue generated by the reconnect activity. Direct and incremental costs associated with the acquisition of Enterprise services customers are capitalized. USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT AND...

  • Page 19
    ... are based on several assumptions. The actuarial valuation uses the Corporation's assumptions for the discount rate, expected long-term rate of return on plan assets, rate of compensation increase and expected average remaining years of service of employees. If the actuarial assumptions are found to...

  • Page 20
    ...service costs immediately in profit or loss, recognition of expected return on plan assets in profit or loss to be calculated based on the rate used to discount the defined benefit obligation and additional disclosures explaining the characteristics of the Corporation's defined benefit pension plans...

  • Page 21
    ... Affairs and Communications and the Vice President, Internal Audit. No direct remuneration is payable to such senior executives by the Corporation. However, the Corporation granted 71,233 stock options (47,729 in 2012) to these senior executives as executives of Cogeco Cable during fiscal year 2013...

  • Page 22
    ..., the direct-to-home satellite service of Shaw Communications Inc. ("Shaw") which competes for television customers throughout Cogeco Cable's footprint; Rogers Wireless Communications Inc., an operator of a mobile telecommunications network in Ontario and Quebec and the owner of a broadband wireless...

  • Page 23
    ...may not be able to pass on programming cost increases to our customers which would have an adverse impact on our cash flow and operating margins. In addition, as we upgrade the channel capacity of our systems and add programming to our basic, expanded basic and digital service offerings, we may face...

  • Page 24
    ... entities; Cable system ownership limitations and program access requirements; Payment of franchise fees to local franchising authorities; Payment of federal universal service assessments for any end user revenue from interstate and international telecommunications services and telecommunications...

  • Page 25
    ... equipment that are critical to our operations. These materials and services include set-top boxes; telephony; cable and telephony modems; servers and routers; cable; telephony switches; inter-city links; support structures; software; the "backbone" telecommunications network for our Internet access...

  • Page 26
    ... fibre networks or data centres. Further, as IP based traffic continues to grow very rapidly over our networks and new technology, systems, software and equipment are deployed more quickly in order to manage this increased traffic, there is an increased risk of unexpected technical problems, service...

  • Page 27
    ... 2013, we issued our first CSR policy which was approved by our Board of Directors. Cogeco Cable's CSR policy integrates our corporate social responsibility objectives articulated around five engagements managing our ecological footprint; taking part in developing communities; integrating the best...

  • Page 28
    ... and internal websites. We are also active in social media to engage with our customers and communities on our initiatives. We implemented better waste management programs at our Headquarters location in Montreal including composting and expanded recycling programs. The Corporation has calculated...

  • Page 29
    ... related to the deployment and support costs incurred in fiscal 2012 for the migration of Television service customers from analogue to digital. For further details on the Corporation's operating expenses, please refer to the "Segmented operating results" sections. Management fees paid to COGECO...

  • Page 30
    ...2012. Television service customer net losses are mainly due to promotional offers of competitors for the video service combined with the tightening of our customer credit controls in Canada. Fiscal 2013 HSI service customers grew by 28,437 compared to 35,301 for the prior year, and the number of net...

  • Page 31
    ... at August 31, 2013 pending to the completion of the valuation of the net assets acquired. The acquisitions were accounted for using the purchase method. The preliminary allocation of the purchase price of Atlantic Broadband and PEER 1: As previously reported Atlantic Broadband Preliminary (in...

  • Page 32
    ... of data centre facilities in Toronto, Canada and in Portsmouth, England as well as the fibre expansion in the Toronto area in order to fulfill orders from new customers demand. Acquisition of intangible and other assets are mainly attributable to reconnect and additional service activation costs as...

  • Page 33
    ... of the acquisitions of Atlantic Broadband and PEER 1, most financial position balances have changed significantly during the year ended August 31, 2013. For further details on the preliminary allocation of the purchase price of these acquisitions, please refer to the investing activities as well...

  • Page 34
    ... RESOURCES AND LIQUIDITY CAPITAL STRUCTURE The table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2014 guidelines. Years ended August 31, Average cost of indebtedness Fixed rate indebtedness(2) Average term: long-term debt (in years) Net secured...

  • Page 35
    ... 23, 2013, Cogeco Cable reimbursed the Canadian Term Facility of $175 million and the US Term Facility of US$225 million in connection with the financing for the acquisition of PEER 1. As a result of the acquisition of PEER 1 on January 31, 2013, the Corporation concluded Secured Credit Facilities...

  • Page 36
    ...result of the increased leverage following the debt financed acquisitions of Atlantic Broadband and PEER 1. However, the rating on Senior Secured Notes was confirmed at "BBB-". Obligations rated in the "BBB" category are regarded as of good credit quality, where the capacity for payment of financial...

  • Page 37
    ... prevents the Corporation from estimating an annual breakdown. (5) Annual breakdown excludes pension plan liabilities and accrued employees benefits. In the normal course of business, Cogeco Cable enters into agreements containing features that meet the criteria for a guarantee. In connection with...

  • Page 38
    ... the Atlantic Broadband acquisition are presented in the American cable services and operating results from the PEER 1 acquisition are included in the Enterprise services segment. CANADIAN CABLE SERVICES CUSTOMER STATISTICS Net additions (losses) Years ended August 31, 2013 PSU Television service...

  • Page 39
    ... margin increased from 48.3% to 49.8% for fiscal 2013 when compared to prior year. AMERICAN CABLE SERVICES On November 30, 2012, the Corporation completed the acquisition of Atlantic Broadband, an independent cable system operator formed in 2003 and providing Analogue and Digital Television, as...

  • Page 40
    ....9%. Atlantic Broadband's operating results are in line with management's expectations. ENTERPRISE SERVICES On January 31, 2013 and on April 3, 2013, the Corporation acquired 100% of the issued and outstanding shares of PEER 1 which is one of the world's leading web hosting providers, specializing...

  • Page 41
    ...financial liabilities include long-term debt, balance due on a business combination, derivative financial instrument liabilities and pension plan liabilities and accrued employee benefits. (2) Per multiple and subordinate voting share. 40 COGECO CABLE INC. 2013 Management's discussion and analysis...

  • Page 42
    ... winter season residents returning home from late Spring through the Fall. Furthermore, the third and fourth quarter's operating margin is usually higher as no management fees are paid to COGECO Inc. Under the Management Agreement, Cogeco Cable pays a fee equal to 2% of its total revenue subject to...

  • Page 43
    ... for the same period of the prior year. Television service customer net losses are mainly due to promotional offers of competitors for the video service combined with the tightening of our customer credit controls. Fiscal 2013 fourth-quarter HSI service customers grew by 159 compared to 6,287 in the...

  • Page 44
    .... Operating margin increased to 51.5% from 50.8% when compared to fiscal 2012 fourth-quarter. AMERICAN CABLE SERVICES Customer statistics Quarters ended August 31, Net additions (losses) August 31, 2013 PSU Television service customers HSI service customers Telephony service customers 485,658 230...

  • Page 45
    ... drops. Includes mainly head-end equipment, digital video and telephony transport as well as HSI equipment. Includes assets acquired under finance lease of $0.9 million that are excluded from the statement of cash flows. Management's discussion and analysis ("MD&A") 44 COGECO CABLE INC. 2013

  • Page 46
    ... of data centre facilities in Toronto, Canada and in Portsmouth, England as well as the fibre expansion in the Toronto area in order to fulfill orders from new customers demand. Acquisition of intangible and other assets is mainly attributable to reconnect and additional service activation costs as...

  • Page 47
    ...expand existing territories, support capital to improve business information systems and support facility requirements and expansion for the Enterprise services segment in order to fulfill orders from new customers. Fiscal 2014 free cash flow is expected to amount to $230 million, an increase of $80...

  • Page 48
    ... Operating income before depreciation and amortization is used by Cogeco Cable's management and investors to assess the Corporation's ability to seize growth opportunities in a cost effective manner, to finance its ongoing operations and to service its debt. Operating income before depreciation and...

  • Page 49
    ..., 2012 $ 359,581 15,787 - 375,368 1,277,698 29.4% ADDITIONAL INFORMATION This MD&A was prepared on October 30, 2013. Additional information relating to the Corporation, including its Annual Information Form, is available on the SEDAR website at www.sedar.com. 48 COGECO CABLE INC. 2013 Management...

  • Page 50
    ... income...50 Consolidated statements of changes in shareholders' equity...54 51 Consolidated statements of financial position...55 52 Consolidated statements of cash flows...56 53 Notes to the consolidated financial statements...57 Consolidated financial statements COGECO CABLE INC. 2013 49

  • Page 51
    ... auditor have free access to the Audit Committee, with or without the presence of management. Their report follows. Louis Audet President and Chief Executive Officer Pierre Gagné Senior Vice-President and Chief Financial Officer Montreal, October 30, 2013 50 COGECO CABLE INC. 2013 Consolidated...

  • Page 52
    ... its cash flows for the years ended August 31, 2013 and August 31, 2012 in accordance with International Financial Reporting Standards. October 30, 2013 Montreal, Quebec _____ 1 CPA auditor, CA, public accountancy permit No. A109522 Consolidated financial statements COGECO CABLE INC. 2013 51

  • Page 53
    ... Years ended August 31, (In thousands of Canadian dollars, except per share data) Revenue Operating expenses (note 6) Management fees - COGECO Inc. (note 22 A)) Integration, restructuring and acquisition costs (note 4) Depreciation and amortization (note 7) Operating income Financial expense (note...

  • Page 54
    ... defined benefit pension plans actuarial adjustments Other comprehensive income (loss) for the year Comprehensive income for the year 3,243 (872) 2,371 19,520 204,603 (4,181) 1,125 (3,056) (22,505) 202,458 (745) - (19,817) (20,562) (19,449) Consolidated financial statements COGECO CABLE INC. 2013...

  • Page 55
    ..., 2013 and 2012 (In thousands of Canadian dollars) Balance at September 1, 2011 Profit for the year Other comprehensive loss for the year Comprehensive income for the year Issuance of subordinate voting shares under the Stock Option Plan Share-based payment Share-based payment previously recorded in...

  • Page 56
    ...2,908,079 39,575 86,985 16,935 13,338 156,833 215,391 68,420 12,407 12,064 308,282 2013 $ 2012 $ Commitments, contingencies and guarantees (note 23) On behalf of the Board of Directors, Jan Peeters Director L. G. Serge Gadbois Director Consolidated financial statements COGECO CABLE INC. 2013 55

  • Page 57
    ... revolving facilities Issuance of long-term debt, net of discounts and transaction costs Repayments of long-term debt Increase in deferred transaction costs Repayment of balance due on a business combination Issuance of subordinate voting shares (note 16 B)) Acquisition of subordinate voting shares...

  • Page 58
    ... Enterprise services Principal subsidiaries Cogeco Cable Canada Atlantic Broadband Cogeco Enterprise Services The Corporation has established a special purpose entity ("SPE") with the objective of mitigating the impact of stock price fluctuations in connection with its Incentive Share Unit Plan...

  • Page 59
    ...customers or the term of the agreement for Enterprise service customers. Unearned revenue, such as payments for goods and services received in advance of delivery, are recorded as deferred and prepaid revenue until the service is provided or the product is delivered to the customer. 58 COGECO CABLE...

  • Page 60
    ..., headends, transmitters, fibre and coaxial networks, customer drops, and network equipment. (3) Data centre equipment includes general infrastructure, mechanical and electrical equipment, security and access control. Servers that are included as part of the hosting product line are amortized on...

  • Page 61
    ... exceeding four years; and Direct and incremental costs associated with the acquisition of Enterprise service customers are capitalized and amortized over the term of the revenue arrangement. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives are those for...

  • Page 62
    ...payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease. Lessor The Corporation leases certain telecommunication equipment, primarily home terminal devices, to its customers. These leases are classified as operating leases and rental...

  • Page 63
    ... by employees. Defined benefit pension plans Pension costs for defined benefit pension plans are determined using the projected unit credit method (sometimes known as the accrued benefit method pro-rated on service), with estimated valuation being carried out at the end of each reporting period...

  • Page 64
    ... uses interest rate swaps as derivative financial instruments to manage interest rate risk related to its floating rate long-term debt. The Corporation does not hold or use any derivative financial instruments for speculative trading purposes. Consolidated financial statements COGECO CABLE INC. 2013...

  • Page 65
    ... Plan. Diluted earnings per share is determined by adjusting the weighted average number of multiple and subordinate voting shares outstanding for the effects of all dilutive potential subordinate voting shares, which comprise stock options and ISUs granted to employees. 64 COGECO CABLE INC. 2013...

  • Page 66
    ... are based on several assumptions. The actuarial valuation uses the Corporation's assumptions for the discount rate, expected long-term rate of return on plan assets, rate of compensation increase and expected average remaining years of service of employees. If the actuarial assumptions are found to...

  • Page 67
    ...service costs immediately in profit or loss, recognition of expected return on plan assets in profit or loss to be calculated based on the rate used to discount the defined benefit obligation and additional disclosures explaining the characteristics of the Corporation's defined benefit pension plans...

  • Page 68
    ... its data centres, colocation, managed and dedicated hosting, managed IT and cloud services to small, medium and large enterprises and public sector customers as well as connectivity services provisioned over its whollyowned optical networks. It also provides high-performance Ethernet broadband...

  • Page 69
    ...in Canada. 5. BUSINESS COMBINATIONS On November 30, 2012, the Corporation completed the acquisition of all the outstanding shares of Atlantic Broadband, an independent cable system operator formed in 2003, serving about 485,000 primary service units and providing Analogue and Digital Television, as...

  • Page 70
    ... Enterprise services segment, future development of service suite for businesses across the Canadian, United States and European markets to the expected benefits from the corporate tax structure and to the strength of PEER 1's assembled workforce. In connection with this acquisition, the Corporation...

  • Page 71
    ... and programming costs, payments to other carriers, data centre expenses, franchise fees and network costs. Includes advertising and marketing expenses, selling costs, billing expenses, bad debts and collection expenses. Includes office building expenses, professional service fees, Canadian Radio...

  • Page 72
    ... accounting purposes and the amounts used for tax purposes, as well as tax loss carryforwards: At August 31, (In thousands of Canadian dollars) Property, plant and equipment Intangible assets Deferred and prepaid revenue Partnerships income Non-capital losses and other tax credit carryforwards, net...

  • Page 73
    ... August 31, 2013, 177,348 stock options (157,757 in 2012) were excluded from the calculation of diluted earnings per share as the exercise price of the options was greater than the average share price of the subordinate voting shares. 72 COGECO CABLE INC. 2013 Consolidated financial statements

  • Page 74
    ..., headends, transmitters, fibre and coaxial networks, customer drops, and network equipment. (2) Data centre equipment includes general infrastructure, mechanical and electrical equipment, security and access control. Servers that are included as part of the hosting product line are amortized on...

  • Page 75
    ... 35,736 20,406 (10,627) 45,515 51,542 (10,966) 524 86,615 (1) Includes reconnect and additional service activation costs, direct and incremental costs associated with the acquisition of Enterprise service customers and favorable leases. 74 COGECO CABLE INC. 2013 Consolidated financial statements

  • Page 76
    ...25,723 Goodwill $ 4,662 - - - - - 205,780 - - 210,442 Enterprise services Canada United States Europe Total At August 31, 2013 and 2012, the Corporation tested the carrying value of goodwill and intangible assets with indefinite useful lives for impairment. The recoverable amount of each CGU is...

  • Page 77
    ... cable services Ontario Quebec Miami South Carolina Pennsylvania Maryland/Delaware Enterprise services Canada United States Europe 10.9 11.0 13.0 13.0 13.0 13.0 12.4 12.0 11.3 2013 Perpetual growth rates % 2.0 2.0 3.0 3.0 3.0 3.0 3.5 5.3 4.5 Pre-tax discount rate % 10.6 10.4 - - - - 11.0 - - 2012...

  • Page 78
    ...5, 2013, Cogeco Cable reduced its Term Revolving Facility from $750 million to $600 million. b) As a result of the acquisition of PEER 1 on January 31, 2013, the Corporation concluded Secured Credit Facilities totaling approximately $650 million with a syndicate of lenders in four tranches for net...

  • Page 79
    ... nature and kind of the Corporation and certain of its subsidiaries. On May 27, 2013, Cogeco Cable completed pursuant to a public debt offering, the issue of $300 million Senior Secured Debentures Series 4 for net proceeds of $296.9 million net of transaction costs of $3.1 million. These debentures...

  • Page 80
    k) In connection with the acquisition of Atlantic Broadband on November 30, 2012, the Corporation concluded, through two of its United States subsidiaries, First Lien Credit Facilities totaling US$710 million in three tranches for net proceeds of US$641.5 million net of transaction costs of US$18.5...

  • Page 81
    ...") for members of the Board of Directors of the Corporation. Stock purchase plan The Corporation offers, for the benefit of its employees and those of its subsidiaries, an Employee Stock Purchase Plan, which is accessible to all employees up to a maximum of 7% of their base annual salary and the...

  • Page 82
    ...shares presented as subordinate voting shares held in trust under the ISU Plan in reduction of share capital. A compensation expense of $2,117,000 ($1,391,000 in 2012) was recorded for the year ended August 31, 2013 related to this plan. Consolidated financial statements COGECO CABLE INC. 2013 81

  • Page 83
    ... 2013, the Corporation issued 5,573 deferred share units ("DSUs") (4,446 in 2012) to the participants in connection with the DSU Plan. A compensation expense of $421,000 (a reduction of expense of $65,000 in 2012) was recorded for the year ended August 31, 2013 for the liability related to this plan...

  • Page 84
    ... benefit pension plan for the benefit of its employees and a separate defined benefit pension plan for the benefit of its senior executives, which provide pensions based on the number of years of service and the average salary during the employment of each participant. In addition, the Corporation...

  • Page 85
    ... used in measuring the Corporation's pension and other obligations are as follows: At August 31, Accrued benefit obligation Discount rate Rate of compensation increase Defined benefit pension costs Discount rate Expected long-term rate of return on plan assets Rate of compensation increase 2013...

  • Page 86
    ... various credit controls, including credit checks, deposits on accounts and advance billing, and has also established procedures to suspend the availability of services when customers have fully utilized approved credit limits or have violated existing payment terms. Since the Corporation has...

  • Page 87
    ... risk related to its long-term debt denominated in US dollars that is not designated as a hedge on its US dollar net investments. In order to mitigate this risk, the Corporation has established guidelines whereby cross-currency swap agreements can be used to fix the exchange rates applicable to...

  • Page 88
    ...part of the purchase prices for Atlantic Broadband and PEER 1 were borrowed directly in US dollars and British Pounds. At August 31, 2013, the net investment for Atlantic Broadband and for PEER 1 amounted to US$1.1 billion and £72.6 million while long-term debt hedging these net investments were US...

  • Page 89
    ... dollars) Net cash flows from operating activities Net cash flows from investing activities Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency Net increase in cash and cash equivalents $ 13,637 36,826 (866) 49,597 88 COGECO CABLE INC. 2013 Consolidated...

  • Page 90
    ... Corporation. The compensation paid or payable to key management personnel for employee services is as follows: Years ended August 31, (In thousands of Canadian dollars) Salaries and other short-term employee benefits Post-employment benefits Share-based payments 2013 $ 4,926 680 1,960 7,566 2012...

  • Page 91
    ... ASSISTANCE In 2013 and 2012, the Corporation recorded tax credits related to research and development costs in the amount of $690,000 and $1,144,000, respectively. These credits were accounted as a reduction of operating expenses in 2013 and as a reduction of property, plant and equipment and of...

  • Page 92
    ...result of the increased leverage following the debt financed acquisitions of Atlantic Broadband and PEER 1. However, the rating on Senior Secured Notes was confirmed at "BBB-". Obligations rated in the "BBB" category are regarded as of good credit quality, where the capacity for payment of financial...

  • Page 93
    ...agent Computershare Trust Company of Canada 100 University Avenue, 9th Floor Toronto, ON M5J 2Y1 Tel.: 514-982-7555 Tel.: 1 800-564-6253 Fax: 416-263-9394 DIVIDENDS DIVIDEND DECLARATION At its October 30, 2013 meeting, the Board of Directors of Cogeco Cable declared a quarterly eligible dividend of...

  • Page 94
    ... Internet ("HSI") and Telephony service customers. (2) In the fourth quarter of fiscal 2013, HSI service customers have been adjusted upwards retroactively to comply with the industry practices and consequently, PSU and penetration rates have been also adjusted Customer statistics COGECO CABLE...

  • Page 95
    ... (Ontario) President and Chief Executive Officer Cardavan Corporation (Management consultancy) Legend : Member of the Audit Committee Member of the Human Resources Committee Member of the Corporate Governance Committee Member of the Strategic Opportunities Committee (1) MR. JAN PEETERS, BOARD...

  • Page 96
    ... HEAD OFFICE 5 Place Ville Marie Suite 1700 Montréal (Québec) H3B 0B3 www.cogeco.ca CORPORATE MANAGEMENT LOUIS AUDET President and Chief Executive Officer ELIZABETH ALVES Vice President, Internal Audit ANDRÉ BERGEVIN Vice President, Control NATHALIE DORVAL Vice President, Regulatory Affairs...

  • Page 97
    OPERATIONS INFORMATION CANADIAN CABLE SERVICES COGECO CABLE CANADA LOUISE ST-PIERRE President and Chief Executive Officer 5 Place Ville Marie Suite 1700 Montréal (Québec) H3B 0B3 www.cogeco.ca ONTARIO 950 Syscon Road P.O. Box 5076 Station Main Burlington (Ontario) L7R 4S6 QUÉBEC 4141 boul. St-...

  • Page 98
    ... of violations of the COGECO Group Code of Ethics (including complaints regarding accounting, internal accounting controls and audit matters). The Ethics Line is comprised of toll-free telephone lines as well as a secure web site (see details below). The Ethics Line is operated by a specialized...