Back to main menu
Selected Annual Information


SELECTED ANNUAL INFORMATION

Download the Excel document (XLS 18 KB)
(IN THOUSANDS OF CANADIAN DOLLARS, EXCEPT PER UNIT DATA)





Year ended December 31,  2004
2003
 2002(1)
YPG





Revenues  $667,375   $612,558   $638,365  
Income (loss) from operations  $358,506   $(31,068 ) $288,608  
Net earnings (loss)  $276,547   $(56,936 ) $132,162  
             
Adjusted Revenues(2)  $667,375   $640,216   $613,358  
Adjusted EBITDA(2)  $388,757   $372,347   $341,223  
Adjusted EBITDA margin  58.3 % 58.2 % 55.6 %
             
Cash available for distributions(3) $337,265    $315,011   $265,903  
             
Total assets  $3,157,288   $2,990,821   $3,234,801  
Total long-term debt $1,191,731   $1,055,106   $2,143,688  
             
The Fund(4)            
Revenues  $637,346   $25,416      
Income from operations  $153,226   $4,039      
Net earnings  $106,989   $3,161      
Net earnings per unit  $0.36   $0.028      
Diluted earnings per unit  $0.35   $0.026      
             
Total assets  $4,940,446   $4,462,744      
Total long-term debt $1,191,731   $1,055,106      
             
Distributions declared $272,939   $45,280      
Distributions paid and payable per unit $0.91   $0.35      

(1) 

Combines the historical results of the predecessor business for the eleven months ended November 29, 2002, and YPG's one-month period ended December 31, 2002

(2) 

See definition of Adjusted Revenues and Adjusted EBITDA in Non-Gaap Financial Measures section.

(3) 

See definition of distributable cash in Capital Ressources and Liquidity section.

(4) 

Comparative figure covers period from commencement of operations, August 1, 2003 to December 31, 2003

YPG

Revenues, Income (loss) from operations and Net earnings (loss): Revenues, Income (loss) from operations and Net earnings (loss) reported in 2004, 2003 and 2002 were impacted by purchase accounting following our acquisition of the directories businesses from affiliates of Bell Canada on November 29, 2002 (the “Acquisition”). Reported amounts for those years are not representative of amounts that would have otherwise been reported. Reference should be made to the information presented in tabular form in the section entitled “Non-GAAP Measures” of this MD&A for a more meaningful discussion of Revenues, Income (loss) from operations and Net earnings (loss).

Income (loss) from operations: In addition to the impact of purchase accounting referred to above, the loss from operations reported in 2003 has been impacted by restructuring and special charges in the amount of $144.1 million. These charges related primarily to the refinancing of the Acquisition credit facilities and also included amounts related to initiatives that were undertaken to improve efficiencies following a thorough review of all aspects of the operations.

Net earnings (loss): The changes to our capital structure and our funding over the years have resulted in a substantial positive impact in our financial charges. Prior to the Acquisition, the predecessor business did not hold any long-term debt. As such, no interest expense was incurred during the 11 month-period ended November 29, 2002. Concurrent with the Acquisition, a $1.5 billion facility and $600 million of subordinated loans were put in place. Beginning with the initial public offering (the “IPO”) of the Fund in August 2003, we began diversifying our funding sources and significantly reinforced our capital structure by substituting debt for equity. As a result, we now have lower levels of borrowings which, coupled with lower interest rates, have significantly reduced our financial charges.

Adjusted Revenues2: Adjusted Revenues2 have grown consistently over the last three years. We have executed on our growth strategy with initiatives such as new pricing models, bundling of print and Internet, improved sales coverage, intensive advertising campaigns and product enhancements.

Adjusted EBITDA2: Despite the expansion of our management team, the creation of new positions, and the additional recurring costs associated with being a publicly-listed company, our cost reduction initiatives following the transition of YPG to a stand-alone entity resulted in an improvement in Adjusted EBITDA margins from 55.6% in 2002 to 58.2% in 2003 and 58.3% in 2004.

Total assets: The excess cash as at December 31, 2004, accounted for most of the increase in total assets from 2003 to 2004 while the amortization of intangibles accounted for most of the decrease from 2002 to 2003.

Total long-term debt: A portion of the proceeds from the initial public offering in August 2003 and a follow-on equity offering in December of the same year were used to substantially reduce borrowings in 2003. The increase from 2003 to 2004 is due to the issuance of Medium Term Notes in November 2004.


The Fund

From its inception to December 17, 2003, the Fund accounted for its investment in YPG using the equity method of accounting. Under this method, the Fund's 30.56% share of the earnings of YPG, adjusted for the amortization of certain intangible assets and other items arising from the use of purchase accounting was reflected in the statement of earnings of the Fund as “Share of earnings from equity investee”. On December 17, 2003, the Fund increased its ownership in YPG to 67% and became the controlling unitholder. Consequently, for the period from December 17 to December 31, 2003, the results of operations of YPG were consolidated with those of the Fund. On June 11, 2004, YPG became a wholly-owned subsidiary of the Fund. The results of operations of the Fund are entirely dependent on the performance of YPG.

Total assets: The increase in total assets is largely due to the increase in goodwill which occurred on June 11, 2004, when the Fund acquired the remaining 33% of YPG.

Total long-term debt: Represents the long-term debt of YPG in the Fund's consolidated financial statements.

2 

See definition of Adjusted Revenues and Adjusted EBITDA in Non-GAAP financial measures section
Print this page Top of page