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Financial Highlights

Every day

Yellow Pages Group is working to create a sustainable and predictable cash flow stream for the benefit of unitholders.

For the year ended December 31, 2004, cash available for distributions was $337 million, up 23% from the time of the IPO completed August 1, 2003.

YPG's strong performance has resulted in increased distributions to unitholders; a growth of 16% since the IPO.

How We Performed

4.2% increase in Adjusted Revenues

4.4% increase in Adjusted EBITDA 

 

FINANCIAL METRICS OF YPG LP     
 
(in thousands of Canadian dollars, except unit information)  2004   2003  
INCOME STATEMENT     
 
Adjusted Revenues1  $667,375   $640,216  
Adjusted operating costs  278,618   267,869  
Adjusted EBITDA1  388,757   372,347  
Adjusted EBITDA margin  58.3 %  58.2 % 





FINANCIAL CONDITION     
 
Total long-term debt  $1,191,731   $1,055,106  
Cash and cash equivalents  186,957   45,545  
Total net debt (net of cash and cash equivalents)  1,004,774   1,009,561  
Partner's equity  1,755,677   1,774,730  





CASH AVAILABLE FOR DISTRIBUTIONS     
 
Cash interest expense  $42,093   $48,826  
Maintenance capital expenditures 7,949   7,911  
Cash available for distributions  337,265   315,011  
Cash available for distributions per unit  $0.98   $0.92  

1EBITDA is defined as revenues less operating costs which represents income (loss) from operations before depreciation, amortization, restructuring and special charges. YPG also uses the terms Adjusted Revenues and Adjusted EBITDA (revenues and EBITDA adjusted for certain items which management believes are reflective of ongoing operations).

 

SELECTED FINANCIAL INFORMATION OF YPG


(in thousands of dollars, unaudited) 
 
 
 
     
 

Years ended December 31, 

 20001   20011   20022   2003   2004   

CAGR3

 

Normalized Revenues 

 $571,490   $583,683   601,210  
     
 

Normalized EBITDA 

 283,887   302,487   321,829  
     
 

Normalized EBITDA Margin 

 49.7 %  51.8 %  53.5 % 
     
 

 

Adjusted Revenues 
 
  613,358   $640,216   $667,375   4.3 % 

Adjusted EBITDA 
 
  341,223   372,347   388,757   6.7 % 

Adjusted EBITDA Margin 
 
  55.6 %  58.2 %  58.3 % 
 

 

Normalized capital expenditures 

 $9,607   $5,410   $11,742  
     
 

Maintenance capital expenditures
 
 
  $7,911   $7,949  
 

 

Total assets 
 
  $3,234,801   $2,990,821   $3,157,288  
 

 

Total net debt (net of cash and cash equivalents) 

   $2,106,306   $1,009,561   $1,004,774  
 

Normalized Revenues and Normalized EBITDA represent the historical revenues and earnings before interest, taxes, depreciation and amortization of BAI Finance LP and the Predecessor Business, adjusted for certain items that management believes enhance the comparability of historical periods.

1

Predecessor Business
2 December 31, 2002 amounts are for BAI Finance LP (including the Predecessor Business) 
3 Compound Annual Growth Rate

 

 
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