Cogeco 2015 Annual Report Download - page 28

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MD&A COGECO CABLE INC. 2015 27
The total dividend per share trend over the last five years is as follow:
6. FINANCIAL POSITION
6.1 WORKING CAPITAL
As part of the usual conduct of its business, Cogeco Cable maintains a working capital deficiency due to a low level of trade and other receivables
since a large proportion of the Corporation’s customers pay before their services are rendered, unlike trade and other payables, which are usually
paid after products are delivered or services are rendered, thus enabling the Corporation to use cash and cash equivalents to reduce Indebtedness.
The variations are as follows:
At August 31, 2015 2014 Change Explanations
(in thousands of dollars) $$ $
Current assets
Cash and cash equivalents 163,166 63,831 99,335 Excess cash flow generated from operations combined with the appreciation of the
US dollar and British Pound currency against the Canadian dollar compared to last
year, partly offset by long-term debt repayments and dividend payments.
Trade and other receivables 123,880 95,514 28,366 Increase in revenue and amount receivable from the settlement of a claim with a
supplier combined with the appreciation of the US dollar and British Pound currency
against the Canadian dollar.
Income taxes receivable 10,747 21,714 (10,967) Mainly attributable to amounts received during the year.
Prepaid expenses and other 16,416 16,117 299 Non significant.
Derivative financial instruments 49,834 — 49,834 Increase in the value of the cross-currency swaps on the Senior Notes Series A
maturing in October 2015 due to the appreciation of the US dollar currency against
the Canadian dollar.
364,043 197,176 166,867
Current liabilities
Trade and other payables 287,632 313,560 (25,928) Timing of payments made to suppliers.
Provisions 23,780 15,987 7,793 Non significant, for further details, refer to Note 15 in the consolidated financial
statements.
Income tax liabilities 53,790 47,483 6,307 Non significant.
Deferred and prepaid revenue 62,094 55,376 6,718 Non significant.
Current portion of long-term
debt 297,629 32,323 265,306 US$190 million Senior Secured Notes Series A maturing in October 2015.
724,925 464,729 260,196
Working capital deficiency (360,882) (267,553) (93,329)