Record operating and financial metrics for the fourth year in a row
FINANCIAL METRICS
(IN THOUSANDS OF CANADIAN DOLLARS, EXCEPT UNIT INFORMATION) |
|
| |
CAGR |
| |
2006 |
2005 |
2004 |
20032 |
20024 |
2002-2006 |
| INCOME STATEMENT |
| Revenues |
$1,384,956 |
$922,945 |
$637,346 |
$612,558 |
$638,365 |
| EBITDA1 |
$746,755 |
$540,616 |
$405,622 |
$400,816 |
$346,691 |
| Adjusted Revenues1 |
$1,389,702 |
$952,530 |
$667,375 |
$640,216 |
$613,358 |
22.7% |
| Adjusted operating costs1 |
$641,720 |
$404,482 |
$279,010 |
$267,869 |
$272,135 |
23.9% |
| Adjusted EBITDA1 |
$747,982 |
$548,048 |
$388,365 |
$372,347 |
$341,223 |
21.7% |
| |
| FINANCIAL POSITION |
Long-term debt, including
current portion |
$2,592,334 |
$2,014,454 |
$1,191,731 |
$1,055,106 |
$2,143,688 |
| Cash and cash equivalents |
$57,408 |
$49,420 |
$186,957 |
$45,545 |
$37,382 |
Total net debt (net of cash and
cash equivalents) |
$2,534,926 |
$1,965,034 |
$1,004,774 |
$1,009,561 |
$2,106,306 |
| Unitholders' equity |
$5,831,544 |
$4,995,644 |
$3,511,671 |
$1,774,730 |
$869,026 |
| |
| DISTRIBUTABLE CASH |
| Interest |
$122,315 |
$74,111 |
$42,432 |
$48,826 |
$63,7205 |
Maintenance capital
expenditures |
$18,826 |
$14,513 |
$7,949 |
$7,911 |
$10,0005 |
| Distributable cash |
$604,4147 |
$446,7677 |
$336,5053 |
$315,011 |
$265,903 |
22.8% |
| Distributable cash per unit |
$1.187 |
$1.067 |
$0.98 |
$0.92 |
$0.806 |
10.2% |
|
1The Fund defines EBITDA as revenues less operating costs which represents income from operations before depreciation and amortization, restructuring and special charges and impairment of intangibles. In addition, the terms Adjusted Revenues, Adjusted operating costs and Adjusted EBITDA are used. For comparability purposes, revenues are adjusted (“Adjusted Revenues”) by removing the effect of purchase accounting related to the step acquisitions of YPG LP and the acquisitions of ADS and MTS. Operating costs and EBITDA are adjusted (“Adjusted operating costs” and “Adjusted EBITDA”) for comparability purposes by removing the effect of purchase accounting related to the step acquisitions of YPG LP and the acquisitions of ADS and MTS and by excluding the impact of non-recurring transition expenses relating to acquisitions in the core Directories segment.
2The Fund accounted for its investment in YPG LP from August 1, 2003 to December 17, 2003 using the equity method. On December 17, 2003 the Fund increased its ownership in YPG LP to 67% and became the controlling Unitholder. Consequently, for the period from December 17, 2003 to December 31, 2003, the results of operations of YPG LP were consolidated into those of the Fund. As such, the results of 2002 and 2003 are presented for YPG LP. The results of the Fund are presented starting from 2004 as a full year of comparative information for the consolidated entity.
3Assumes the Fund owned 100% of YPG LP as of January 1, 2004 for comparability purposes. The Fund owned 70.28% of YPG LP until June 11, 2004, and 100% thereafter.
4Combines the historical results of the predecessor business for the eleven months ended November 29, 2002 and YPG LP's one-month period ended December 31, 2002.
5Estimated amounts for 2002.
6Based on 332,803,030 units assuming the Fund was in existence for the year ended December 31, 2002.
7Following the revised Staff Notice 52-306 issued by the Canadian Securities Administrators on distributable cash presentation, we adopted their recommendations retroactive to January 1, 2005. As such, adjustments to eliminate the impact of purchase accounting and non-recurring transition expenses were not made for those years. The elimination of those adjustments in our calculation has impacted our 2005 distributable cash compared to what had initially been released reducing it by $0.02 per unit.
|
|
Key Performance Indicators
From Inception to 2006
Directories growth on a comparable basis
| |
CAGR
2002-20051,2 |
Year-Over-Year
Growth
2005-20063 |
| Adjusted Revenues |
4.9 % |
5.3 % |
| Adjusted EBITDA |
6.5 % |
7.7 % |
|
|
1 The Fund accounted for its investment in YPG LP from August 1, 2003 to December 31, 2003 using the equity method. On December 17, 2003 the Fund increased its ownership in YPG LP to 67% and became the controlling unitholder. Consequently, for the period from December 17, 2003 to December 31, 2003, the results of operations of YPG LP were consolidated into those of the Fund. As such, the results of 2002 and 2003 are presented for YPG LP. The results of the Fund are presented for 2004 and 2005 as a full year of comparative information for the consolidated entity is available.
2 YPG stand-alone basis, excluding ADS results.
3 2005 Pro Forma results, including ADS results as though we had owned them since January 1, 2005. Excluding revenues from ADS independent operations
|
|
FINANCIAL HIGHLIGHTS