FINANCIAL POSITION
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The Fund
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ASSETS
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| (IN THOUSANDS OF CANADIAN DOLLARS) |
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As at December 31, 2004 |
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As at December 31, 2003 |
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| Total assets |
$4,940,446 |
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$4,462,744 |
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The balance sheet of the Fund is presented on a consolidated basis.
Intangibles and goodwill amounted to approximately $4.5 billion as at
December 31, 2004, and approximately $4 billion at December 31, 2003.
These intangibles and goodwill result from the step-acquisitions of YPG
and the acquisition of the directories businesses by YPG in November
2002.
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CAPITAL STRUCTURE
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| (IN THOUSANDS OF CANADIAN DOLLARS) |
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As at December 31, 2004 |
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As at December 31, 2003 |
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| Cash and cash equivalents |
$186,957 |
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$45,545 |
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| Long-term debt, including short term portion |
1,191,731 |
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1,055,106 |
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| Total net debt (net of cash and cash equivalents) |
1,004,774 |
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1,009,561 |
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| Non-controlling interest |
— |
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585,615 |
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| Unitholders' Equity |
3,511,671 |
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2,422,481 |
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| Total capitalization |
$4,516,445 |
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$4,017,657 |
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| Net debt to total capitalization |
22.3 |
% |
25.1 |
% |
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Unitholders' Equity increased by $1.1 billion for the year ended
December 31, 2004. The exchange of units by BCE and Teachers' during
the first six months of 2004, for all of their units of YPG LP and
common shares of YPG GP into the equivalent number of units of the Fund
in accordance with the Investor Liquidity Agreement entered into at the
time of the Fund's initial public offering, increased Unitholders'
Capital by $538.2 million. On June 11, 2004, the Fund also completed an
offering of 66,666,600 units for net proceeds of $713.6 million, which
were then used to purchase an equivalent number of units of YPG LP and
common shares in YPG General Partner Inc. held by entities controlled
by funds managed by KKR. These increases to Unitholders' Capital
combined with net earnings of $107 million were partially offset by
monthly distributions totaling $272.9 million for the year ended
December 31, 2004.
Following the June 11, 2004 transaction mentioned
above, YPG LP became a wholly-owned subsidiary of the Fund resulting in
the elimination of the non-controlling interest.
YPG
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ASSETS
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| (IN THOUSANDS OF CANADIAN DOLLARS) |
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As at December 31, 2004 |
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As at December 31, 2003 |
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| Total assets |
$3,157,288 |
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$2,990,821 |
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Working
capital excluding cash was $33.6 million as at December 31, 2004,
compared to $36.8 million as at December 31, 2003. We do not expect any
significant variations in our working capital for 2005.
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CAPITAL STRUCTURE
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(IN THOUSANDS OF CANADIAN DOLLARS)
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As at December 31, 2004 |
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As at December 31, 2003 |
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Cash and cash equivalents
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$186,957 |
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$45,545 |
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Long-term debt, including short term portion
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1,191,731 |
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1,055,106 |
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Total net debt (net of cash and cash equivalents)
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1,004,774 |
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1,009,561 |
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Partners' Equity
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1,755,677 |
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1,774,730 |
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Total capitalization
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$2,760,451 |
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$2,784,291 |
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Net debt to total capitalization
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36.4 |
% |
36.3 |
% |
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Cash and cash equivalents increased in 2004 compared to 2003 due to
timing differences in the reimbursement of commercial paper outstanding
following the issuance of additional Medium Term Notes in November
2004. Total net debt in 2004, however, is comparable to that in 2003.
Partners' Equity decreased by $19.1 million during
2004. The exchange of units during 2004 whereby certain option-holders
exercised 1,527,110 options into 1,527,110 shares of YPG Holdings Inc.
and subsequently exchanged into 1,527,110 units of the Fund, in
accordance with the Optionholders' Liquidity Agreement, increased the
Partners' Capital by $17.8 million. This increase to Partners capital
combined with net earnings of $276.5 million was offset by monthly
distributions totaling $311.5 million.
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