Financial Statement analysis and ratio calculation
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CONSOLIDATED STATEMENTS OF PROFIT OR LOSS Notes 2020 2019 4 8 Years ended August 31, (In thousands of Canadian dollars, except per share data) Revenue Operating expenses Management fees - Cogeco Inc. Integration, restructuring and acquisition costs Depreciation and amortization Financial expense Profit before income taxes Income taxes Profit for the year from continuing operations Profit for the year from discontinued operations Profit for the year 24 A) 5 9 $ 2,384,283 1,211,422 24,132 9,486 499,238 131,093 508,912 112,321 396,591 $ 2,331,820 1,203,980 19,900 11,150 480,725 175,502 440.563 83,655 356,908 75,380 10 11 7 396,591 432,288 Profit for the year attributable to: Owners of the Corporation Non-controlling interest 375,174 21,417 396,591 415,353 16,935 432,288 12 7.74 6.89 Earnings per share Basic Profit for the year from continuing operations Profit for the year from discontinued operations Profit for the year Diluted Profit for the year from continuing operations Profit for the year from discontinued operations 1.53 8.41 7.74 12 7.67 6.83 1.51 Profit for the year 7.67 8.35 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Note Years ended August 31, (In thousands of Canadian dollars) 2020 $ 2019 $ Profit for the year 396,591 432,288 Other comprehensive loss Items to be subsequently reclassified to profit or loss Cash flow hedging adjustments Net change in fair value of hedging derivative financial instruments Related income taxes (24,954) 6,612 (81,171) 21,511 (59,660) (18,342) Foreign currency translation adjustments Net foreign currency translation differences on a net investment in foreign operations Net changes on translation of long-term debt designated as a hedge of a net investment in foreign operations Realized foreign currency translation adjustments on disposal of a subsidiary Related income taxes (37,356) 9,867 32,533 (20,754) (29,809) 1,256 (16,774) (76,434) 84 (27,405) (45,747) Items not to be subsequently reclassified to profit or loss Defined benefit plans actuarial adjustments Remeasurement of net defined benefit liability or asset Related income taxes 22 1,425 (378) (9,741) 2,655 (7,086) (83,520) 1.047 (44,700) 351,891 348,768 Comprehensive income for the year Comprehensive income for the year attributable to: Owners of the Corporation Non-controlling interest 338,076 13,815 325,521 23,247 348,768 351,891 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Equity attributable to owners of the Corporation Accumulated other comprehensive income (loss) Share-based payment reserve $ Equity attributable to Retained non-controlling earnings interest $ Total shareholders' equity Share capital $ (Note 19) 1,017,172 Years ended August 31, 2020 and 2019 (In thousands of Canadian dollars) $ $ (Note 20) 113,774 15,260 336,442 850,963 415,353 (7,086) 408,267 16,935 6,312 (82.746) 2,333,611 432,288 (83,520) 348,768 9,780 5,913 (82,746) 23,247 9.780 5,913 IL Balance at August 31, 2018 Profit for the year Other comprehensive income (loss) for the year Comprehensive income (loss) for the year Issuance of subordinate voting shares under the Stock Option Plan Share-based payment Share-based payment previously recorded in share-based payment reserve for options exercised Dividends (Note 19 C)) Purchase and cancellation of subordinate voting shares Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans Total contributions by (distributions to shareholders 1,717 (1,717) (103,708) (23,292) (103,708) (32,382) (9,090) (2,504) (2,504) 6,315 6,218 (5,930) (1,734) (385) (127,385) (122,901) 1,023,390 13,526 31,028 359,689 1,131,845 375,174 1,047 376,221 (38,145) (38,145) 21,417 (7,602) 13,815 2,559,478 396,591 (44,700) 351,891 6,670 7,164 6,670 7,164 Balance at August 31, 2019 Profit for the year Other comprehensive income (loss) for the year Comprehensive income (loss) for the year Issuance of subordinate voting shares under the Stock Option Plan Share-based payment Share-based payment previously recorded in share-based payment reserve for options exercised Dividends (Note 19 C)) Purchase and cancellation of subordinate voting shares Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans Total contributions by (distributions to shareholders 1,129 (1,129) (112,275) (120,999) | | (112,275) (165,535) (44,536) (5,643) (5,643) 3,953 (739) (3,214) 2,821 (38,427) (234,013) (269,619) Balance at August 31, 2020 984,963 16,347 (7,117) 1,274,053 373,504 2,641,750 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Notes 2020 2019 At August 31, (In thousands of Canadian dollars) $ Assets Current Cash and cash equivalents Trade and other receivables Income taxes receivable Prepaid expenses and other 23 A) 366,497 83,013 3,283 29,266 482,059 556,504 75,652 17,706 22,740 672,602 Non-current Other assets Property, plant and equipment Intangible assets Goodwill Deferred tax assets 13 14 15 A) 15 B) 11 45,109 2,088,930 2,800,401 1,381,024 6,674 40,020 2,007,610 2,850,844 1,373,439 6,564 6,804,197 6,951,079 Liabilities and Shareholders' equity ' Liabilities Current Bank indebtedness Trade and other payables Provisions Income tax liabilities Contract liabilities and other liabilities Derivative financial instruments Current portion of long-term debt 16 7,610 211,052 33,864 39,897 47,162 3,834 29,569 372,988 260,481 36,553 16,693 43,395 17 18 27,121 384,243 18 Non-current Long-term debt Derivative financial instruments Contract liabilities and other liabilities Pension plan liabilities and accrued employee benefits Deferred tax liabilities 17 3,087,033 67,375 10,965 13,490 610,596 4,162,447 3,382,258 46,044 11.119 14,355 553,582 4,391,601 22 11 19 B) Shareholders' equity ' Equity attributable to owners of the Corporation Share capital Share-based payment reserve Accumulated other comprehensive (loss) income Retained earnings 984,963 16,347 (7,117) 1.274,053 1,023,390 13,526 31,028 1,131,845 20 2,268,246 2,199.789 Equity attributable to non-controlling interest 373,504 359,689 2,641,750 2,559,478 6,804,197 6,951,079 CONSOLIDATED STATEMENTS OF CASH FLOWS Notes 2019 2020 $ 396,591 356,908 Years ended August 31, (In thousands of Canadian dollars) Cash flows from operating activities Profit for the year from continuing operations Adjustments for: Depreciation and amortization Financial expense Income taxes Share-based payment (Gain) loss on disposals and write-offs of property, plant and equipment Defined benefit plans contributions, net of expense , 9 10 11 499,238 131,093 112,321 8,070 (515) (347) 1,146,451 (55,194) (153,434) (20,004) ) 917,819 480,725 175,502 83,655 7,226 2.770 1,227 1,108,013 (25,108) (165,507) (48,687) 868,711 21 A) Changes in non-cash operating activities Financial expense paid Income taxes paid 14 Cash flows from investing activities Acquisition of property, plant and equipment Business combinations, net of cash and cash equivalents acquired Proceeds on disposals of property, plant and equipment 6 (483,990) (81,509) 8,224 (557,275) (434,545) (38.876) 2,343 (471,078) 7,610 (5.949) (443,955) (77,639) Cash flows from financing activities Increase (decrease) in bank indebtedness Net decrease under the revolving facilities Repayment of notes, debentures and credit facilities Repayment of lease liabilities Repayment of balance due on business combinations Increase in deferred transaction costs Issuance of subordinate voting shares Purchase and cancellation of subordinate voting shares Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans Dividends paid (269,169) (4,905) (3,228) (620) 6,670 (165,535) (655) (2,210) 9,780 (32,382) 19 B) 19 B) 19 B) (5,643) 19 C) (112,275) (547,095) (3,456) (190,007) (2,504) (103,708) (659,222) (439) (262,028) Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency Net change in cash and cash equivalents from continuing operations Net change in cash and cash equivalents from discontinued operations Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of the year 7 733,807 556,504 84,725 366,497 556,504 Ratio Cogeco Ratios for the Year Ended August 31, 2020 ** Annual sales growth* Annual profit growth**** Net profit margin **** Return on equity**** Return on assets **** Quality of earnings Accounts receivable turnover ** Fixed asset turnover** Quick ratio** Times interest earned** Dividend yield **** Current ratio ** Debt to equity* Price/earnings ratio** **
