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All rights reserved. Prev Article. Next Article. Gender Male Female. Mick Jagger returns to the stage for the first time since heart surgery Return of the Mick, Rolling Stones legend Mick Jagger has returned to the stage for the first time since undergoing heart surgery. Couple who got engaged at Glastonbury to tie the knot at festival Congrats, Jack and Sarah! All In One Place. The company has streamlined the libraries of premium users Spotify Spotify users have reacted angrily after the streaming platform unveiled a series of divisive changes on its mobile apps for iOS and Android.
The new music section is divided into […] The post Spotify users hit out as music app unveils new changes appeared first on NME. Myspace Exclusives. Mariah Carey responds to mix-up that sees fan receiving Marie Curie birthday cake by mistake Mariah Carey has responded after one of her fans found themselves at the receiving end of a brilliant mix-up. Our ability to obtain additional financing to repay such existing debt at maturity will depend upon a number of factors, including prevailing market conditions and our operating performance.
There can be no assurance that any such financing will be available to us on favorable terms or at all. Table of Contents We may not be able to finance an offer to purchase the exchange notes in the event of a change of control as required by the indenture governing our Existing Notes because we may not have sufficient funds at the time of the change of control or our Senior Secured Credit Facilities may not allow the repurchases.
If we experience certain change of control as that term is defined in the indenture governing the notes, as well as in the respective indentures governing out Existing Notes , or if we or our subsidiaries dispose of significant assets under specified circumstances, we may be required to make an offer to repurchase all of the exchange notes and our Existing Notes prior to maturity.
We can provide no assurance that we will have sufficient funds or be able to arrange for additional financing to repurchase the notes following such change of control or asset sale. There is no sinking fund with respect to the exchange notes. In addition, a change of control would be an event of default under our Senior Secured Credit Facilities. Any future credit agreement or other agreements relating to our senior indebtedness to which we become a party may contain similar provisions. Our failure to repurchase our Existing Notes and the exchange notes upon a change of control would, pursuant to the terms of the respective indentures governing our outstanding Existing Notes, constitute an event of default under such indentures.
Any such default could, in turn, constitute an event of default under future senior indebtedness, any of which may cause the related debt to be accelerated after the expiry of any applicable notice or grace periods. If debt were to be accelerated, we may not have sufficient funds to repurchase the notes and repay the debt. There is currently no active trading market for the exchange notes. If an active trading market does not develop for the exchange notes, you may not be able to resell them.
No active trading market currently exists for the exchange notes and an active trading market may not develop in the future.
The exchange notes will not be listed on any securities exchange. If an active trading market does not develop, it could have an adverse effect on the market price of, and your ability to sell, the exchange notes. Historically, the market for non-investment grade debt has been subject to disruptions that have caused substantial volatility in the prices of securities similar to the exchange notes.
The market for the exchange notes, if any, may be subject to similar disruptions. The trading price may depend upon prevailing interest rates, the market for similar securities, and other factors, including general economic conditions and our financial condition, performance and prospects.
These factors could adversely affect you as a holder of exchange notes. In addition, the market for non-investment grade debt has historically, including recently, been subject to disruptions that have caused volatility in prices of securities. It is possible that the market for the exchange notes will be subject to such disruptions. The rights of the trustee, who represent the holders of the exchange notes, to enforce remedies could be delayed by the restructuring provisions of applicable Canadian federal bankruptcy, insolvency and other restructuring legislation if the benefit of such legislation is sought with respect to us.
A restructuring proposal, if accepted by the requisite majorities of each affected class of creditors, and if approved by the relevant Canadian court, would be binding on all creditors within each affected class, including those creditors that did not vote to accept the proposal. Moreover, this legislation, in certain instances, permits the insolvent debtor to retain possession and administration of its property, subject to court oversight, even though it may be in default under the applicable debt instrument, during the period that the stay against proceedings remains in place.
In addition, it may be possible in certain circumstances to restructure certain debt obligations under the corporate governing statute applicable to the debtor. Accordingly, we cannot predict whether payments under the notes would be made during any proceedings in bankruptcy, insolvency or other restructuring, whether or when the trustee could exercise its rights under the indenture governing the notes or whether and to what extent holders of the notes would be compensated for any delays in payment, if any, of principal, interest and costs, including the fees and disbursements of the trustee.
Table of Contents Non-U.
Although we have registered certain series of our Existing Notes under the Securities Act, we did not, and we do not intend to, qualify our notes by prospectus in Canada, and, accordingly, the Existing Notes remain subject to restrictions on resale and transfer in Canada.
In addition, non-U. The exchange notes are unsecured and, therefore, are effectively subordinated to any secured indebtedness that we may incur to the extent of the assets securing such indebtedness. In the event of a bankruptcy or similar proceeding involving us, the assets that serve as collateral for any secured indebtedness will be available to satisfy the obligations under the secured indebtedness before any payments are made on the notes. The notes are effectively subordinated to any borrowings under our senior secured credit facilities.
In addition, our senior secured credit facilities and the respective indentures governing our Existing Notes and the notes permit us to incur additional secured indebtedness in the future, which could be significant. Our subsidiaries will not guarantee the exchange notes and will have no obligation, contingent or otherwise, to pay amounts due under the notes or to make any funds available to pay those amounts, whether by dividend, distribution, loan or other payment.
Holders of exchange notes do not have a claim as a creditor against our subsidiaries. The exchange notes are, therefore, structurally subordinated to all indebtedness and other obligations of our subsidiaries. We will not receive any cash proceeds from the issuance of the exchange notes in exchange for the outstanding initial notes.
We are making this exchange solely to satisfy our obligations under the registration rights agreement entered into in connection with the offering of the initial notes. In consideration for issuing the exchange notes, we will receive initial notes in like aggregate principal amount. Because we are exchanging the exchange notes for the initial notes, which have substantially identical terms, the issuance of the exchange notes will not result in any increase in our indebtedness.
Long-term debt, including current portion:. Quebecor Media. Senior Secured Credit Facilities. Revolving credit facility. Export financing facility. Senior secured credit facilities. TVA Group. Term Loan due Sub-total long-term debt. Adjustments related to embedded derivatives. Financing fees, net of amortization. Total long-term debt, including current portion. Total consolidated capitalization. In separate tables below, we also present selected consolidated financial information presented in accordance with Canadian GAAP and, separately, in accordance with U.
We derived this U. GAAP, respectively. Ratio of earnings to fixed charges or coverage deficiency 2 unaudited. Cost of sales, selling and administrative expenses. Gain loss on valuation and translation of financial instruments. Non-controlling interest. Income from discontinued operations. Net income loss. Comprehensive income loss. Ratio of earnings to fixed charges or coverage deficiency 3 4 unaudited. Table of Contents U.
Net income loss attributable to:. Operating income 1. Comprehensive income loss attributable to:. Ratio of earnings to fixed charges or coverage deficiency 4 5 unaudited. We define operating income, as reconciled to net income under IFRS, as net income before amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring of operations, impairment of assets and other special items, impairment of goodwill and intangible assets, loss on debt refinancing and income taxes.
We defined operating income, as reconciled to net income loss under Canadian GAAP, as net income loss before amortization, financial expenses, gain or loss on valuation and translation of financial instruments, restructuring of operations, impairment of assets and other special items, impairment of goodwill and intangible assets, loss on debt refinancing, income taxes, non-controlling interests and income from. Under U. GAAP, we defined operating income, as reconciled to net income loss under U.
GAAP, as net income loss before amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring of operations, impairment of assets and other special items, impairment of goodwill and intangible assets, loss on debt refinancing, income taxes, and income from discontinued operations. Operating income, and ratios using this measure, are not intended to be regarded as alternatives to other financial operating performance measures or to the consolidated statement of cash flows as a measure of liquidity and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, Canadian GAAP or U.
Our parent company, Quebecor, considers the media segment as a whole and uses operating income in order to assess the performance of its investment in Quebecor Media. Our management and Board of Directors use this measure in evaluating our consolidated results as well as results of our operating segments. As such, this measure eliminates the significant level of non-cash depreciation of tangible assets and amortization of certain intangible assets, and it is unaffected by the capital structure or investment activities of Quebecor Media and of its affiliates.
Operating income is also relevant because it is a significant component of our annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the periodic costs of capitalized tangible and intangible assets used in generating revenues in our segments.
We use other measures that do reflect such costs, such as cash flows from segment operations and free cash flows from continuing operating activities. In addition, measures like operating income are commonly used by the investment community to analyze and compare the performance of companies in the industries in which we are engaged. Our definition of operating income may not be the same as similarly titled measures reported by other companies therefore limiting its usefulness as a comparative measure.
Table of Contents The following table provides a reconciliation under Canadian GAAP of operating income to net income loss as presented in our historical consolidated financial statements not included in this prospectus:. Reconciliation of operating income to net income loss. Canadian GAAP. The following table provides a reconciliation under U. GAAP of operating income to net income loss as presented in our historical consolidated financial statements not included in this prospectus:.
This discussion should be read in conjunction with the consolidated financial statements and accompanying notes. This discussion contains forward-looking statements, which are subject to a variety of factors that could cause actual results to differ materially from those contemplated by these statements. In the News Media segment, circulation, measured in terms of copies sold, has been generally declining in the industry over the past several years. Also, the traditional run of press advertising for major multimarket retailers has been declining over the past few years due to consolidation in the retail industry, combined with a shift in marketing strategy toward other media.
Newsprint prices have historically experienced significant volatility. Table of Contents Competition continues to be intense in the cable and alternative multichannel broadcast distribution industry and in the mobile telephony market. Moreover, the significant subscriber growth recorded in the Telecommunications sector in past years is not necessarily representative of future growth, due to the penetration rates currently reached.http://expanditnow.com/the-princess-and-the-flower.php
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The Telecommunications segment has in the past required substantial capital for the upgrade, expansion and maintenance of its network, the launch and expansion of new or additional services to support growth in its customer base, and demands for increased bandwidth capacity and other services. Moreover, the demand for wireless data services has been growing at unprecedented rates and it is projected that this demand will further increase in the future.
The Telecommunications segment may have to acquire additional spectrum, as available, in order to address this increased demand. The broadcasting industry is undergoing a period of significant change. Television audiences are fragmenting as viewing habits shift not only toward specialty channels, but also toward content delivery platforms that allow users greater control over content and timing, such as the Internet, video on demand and mobile devices.
Audience fragmentation has prompted many advertisers to review their strategies. The Broadcasting segment is taking steps to adjust to the profound changes occurring in its industry so as to maintain its leadership position and offer audiences and advertisers alike the best available content, when they want it and on the media platform they want. Videotron Ltd. Quebecor Media Printing Inc. Archambault Group Inc. Sogides Group Inc. CEC Publishing Inc. Nurun Inc. At the end of February , Videotron launched illico Club Unlimited, a new subscription video on demand service that carries the largest unlimited on-demand selection of French-language titles in Canada.
Videotron rolled out illico TV new generation across its service area in the first half of It features innovative functions that deliver a smoother and more intuitive navigation experience. The sum of cable television, cable and mobile Internet access, and cable telephony service subscriptions and subscriber connections to the mobile telephony service. Table of Contents Broadcasting. Other highlights. In October , the Corporation completed its annual review of its three-year strategic plan. A number of financial transactions were carried out during The following financial operations were carried out as part of this major transaction:.
In March , Videotron redeemed all of its 6. The Corporation defines operating income, as reconciled to net income under IFRS, as net income before amortization, financial expenses, gain loss on valuation and translation of financial instruments, charge for restructuring of operations, impairment of assets and other special items, impairment of goodwill and intangible assets, loss on debt refinancing, and income taxes.
Operating income as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. This measure eliminates the significant level of impairment and amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of Quebecor Media and its segments.
Quebecor Media uses other measures that do reflect such costs, such as cash flows from segment operations and free cash flows from continuing operating activities. In addition, measures like operating income are commonly used by the investment community to analyze and compare the performance of companies in the industries in which the Corporation is engaged.
Reconciliation of the operating income measure used in this report to the net income measure used in the condensed consolidated financial statements. Operating loss income:. Head Office. Cash Flows from Segment Operations. Cash flows from segment operations represents operating income, less additions to property, plant and equipment and additions to intangible assets excluding disbursements for licence acquisitions and renewals , plus proceeds from disposal of assets.
The Corporation uses cash flows from segment operations as a measure of the liquidity generated by its segments. Cash flows from segment operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, the payment of dividends, and the repayment of long-term debt.
Cash flows from segment operations is not a measure of liquidity that is consistent with IFRS. When cash flows from segment operation is reported, a detail calculation is provided in the same section of the report. Free cash flows from continuing operating activities consists of cash flows provided by operating activities, minus additions to property, plant and equipment and additions to intangible assets excluding disbursements for licence acquisitions and renewals , plus proceeds from disposal of assets.
The Corporation uses free cash flows from continuing operating activities as a measure of total liquidity generated on a consolidated basis. Free cash flows from continuing operating activities represents funds available for business acquisitions, the payment of dividends and the repayment of long-term debt. Free cash flows from continuing operating activities is not a measure of liquidity that is consistent with IFRS.
Table 9 provides a reconciliation of free cash flows from continuing operating activities of the Corporation to cash flows provided by its operating activities reported in the consolidated financial statements. Average Monthly Revenue per User. ARPU is an industry metric that the Corporation uses to measure its monthly cable television, Internet access, cable telephony and mobile telephony revenues per average basic cable customer. The Corporation calculates ARPU by dividing its combined cable television, Internet access, cable telephony and mobile telephony revenues by the average number of basic customers during the applicable period, and then dividing the resulting amount by the number of months in the applicable period.
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The financial year contained an additional week in the News Media, Broadcasting, Leisure and Entertainment, and Interactive Technologies and Communications segments. Analysis of consolidated results of Quebecor Media. The decrease was mainly due to:. Partially offset by:. Quebecor Media concluded that the recoverable amount based on value in use was less than the carrying amount of both CGUs.
Accordingly, the Corporation reviewed its business plan for the segment and determined that goodwill was no longer fully recoverable. In , Videotron redeemed all of its 6. Its state-of-the-art network passes 2,, homes and businesses. The Telecommunications segment also includes the activities of two specialty websites, the employment and training site jobboom. The favourable variance was mainly due to customer growth and increases in some rates. Customer statistics. Revenue generating units are the sum of cable television, cable and mobile Internet access, and cable telephony service subscriptions and subscriber connections to the mobile telephony service.
The customer base for analog cable television services decreased by 90, Telecommunications segment year-end customer numbers Cable television:. Cable Internet. Cable telephony. Mobile telephony 1. Internet over wireless 2. Total revenue generating units. Internet over wireless subscriptions have been added to revenue generating units because of recent growth. The increase in operating income was mainly due to:. The decrease was mainly due to the impact of revenue growth as the fixed component of operating costs does not fluctuate in proportion to revenues , partially offset by the increase in some operating costs.
Table of Contents Cash flows from operations. Cash flows from operations. Operating income. Additions to property, plant and equipment. Additions to intangible assets. Proceeds from disposal of assets. Cash flows from segment operations. The Canoe network also operates a number of sites, including canoe. As well, the News Media segment is engaged in the distribution of newspapers, magazines, inserts and flyers through the Quebecor Media Network, among others. The segment also includes QMI Agency, a news agency that provides content to all Quebecor Media properties and external customers. In addition, the News Media segment offers commercial printing and related services to other publishers through its national printing and production platform, and is also engaged in outdoor advertising through Quebecor Media Out of Home.
Table of Contents operating results. Advertising revenues decreased 8. Revenues decreased 5. Portal revenues decreased The decrease was due primarily to:. Proceeds from disposal of assets 1. The operations of the Leisure and Entertainment segment consist primarily of retail sales of CDs, books, DVDs, Blu-ray discs, musical instruments, games and toys, video games, gift ideas and magazines through the chain of stores operated by Archambault Group and the archambault.
The Interactive Technologies and Communications segment consists of Nurun, which is engaged in Internet, intranet and extranet development, technological platforms, e-commerce, interactive television, automated publishing solutions, and e-marketing and online customer relationship management strategies and programs. Nurun has offices in North America, Europe and China. The increase was mainly due to:. The favourable variance was mainly due to impact of revenue increase, partially offset by higher labour costs related to strategic personnel retention programs and provision for bonuses.
The fourth quarter of the financial year contained an additional week in the News Media, Broadcasting, Leisure and Entertainment, and Interactive Technologies and Communications segments. The unfavourable variance was due primarily to:. Analog cable TV: 24, The increase was mainly due to certain operating expense increases in the fourth quarter of Table of Contents News Media.
Advertising revenues decreased Revenues decreased Table of Contents Leisure and Entertainment. The unfavourable variance was due primarily to impact of revenue decrease. Offset by:. The increase was due mainly to:. The variance was due to a favourable change in the fair value of early settlement options due to interest rate and credit premium fluctuations, and to fluctuations in the ineffective portion of derivative financial instruments. The favourable variance was mainly due to customer growth, increases in some rates and customer migration to upgraded service plans.
This excellent performance was due to the effective strategy of marketing bundled services, including mobile telephony service, at a time of technological change in television broadcasting. The number of revenue generating units increased by , in Revenue generating units are the sum of cable television, Internet access and cable telephony service subscriptions and subscriber connections to the mobile telephony service.
Migration from analog to digital service was the main reason for the , Combined revenues from commercial printing and other sources increased Revenues decreased 3. Excluding business acquisitions, revenues of the community newspapers decreased 2. Portal revenues decreased 5. This section provides an analysis of sources and uses of cash flows, as well as an analysis of the financial position as of the balance sheet date.
Operating activities. On the other hand, the costs of product and service launches and the negative impact of more aggressive competition and weak market conditions in the News Media and Broadcasting segments had an unfavourable impact on cash flows provided by operating activities. Finally, the deferral of current income taxes of a general partnership created in had the effect of deferring some income tax expenses. The impact of an increase in cash and cash equivalents was outweighed by decreases in accounts receivable, inventory and income tax credits, and increases in accounts payable, accrued charges, provisions, and income tax liabilities.
Table of Contents Investing activities. Free cash flows from continuing operating activities. Table of Contents financial year. Cash flows provided by continuing operating activities reported in the financial statements and free cash flows from continuing operating activities. Operating income:.
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Cash interest expense 1. Cash portion of charge for restructuring of operations, impairment of assets and other special items 2. Current income taxes. Net change in non-cash balances related to operations. Cash flows provided by continuing operating activities. Additions to property, plant and equipment and additions to intangible assets, less proceeds from disposal of assets:. Charge for restructuring and other items see note 6 in the consolidated financial statements.
Table of Contents Financing activities. Summary of debt increases in Summary of debt reductions in News Media Our newspaper publishing operations, which we conduct through our Sun Media operating subsidiary, are the largest newspaper publisher in Canada based on total paid and unpaid circulation, according to management estimates. Leisure and Entertainment Our activities in the Leisure and Entertainment segment consist primarily of retailing CDs, books, DVDs, Blu-ray discs, musical instruments, games and toys, video games, gifts and magazines through the Archambault chain of stores and the archambault.
Interactive Technologies and Communications Through Nurun, we provide interactive communication and technology services in North America, Europe and China. Our Shareholders Quebecor Media is a Summary of the Exchange Offer The summary below describes the principal terms of the exchange offer and the exchange notes. In order to exchange your initial notes, you must properly tender them and we must accept your tender. We will exchange all outstanding initial notes that are properly tendered and not validly withdrawn. Conditions to the Exchange Offer The exchange offer is subject to customary conditions, some of which we may waive.
You must also mail or otherwise deliver the letter of transmittal, together with your initial notes and any other required documents, to the exchange agent at the address set forth on the cover of the letter of transmittal. Acceptance of Initial Notes and Delivery of Exchange Notes If all the conditions to the completion of this exchange offer are satisfied, we will accept any and all initial notes that are properly tendered in this exchange offer on or before p. We will return any initial note that we do not accept for exchange to you without expense promptly after the expiration date.
We will deliver the exchange notes to you promptly after the expiration date and acceptance of your initial notes for exchange. In general, the initial notes may not be offered or sold unless registered under the Securities Act or pursuant to an exemption from registration under the Securities Act and applicable state securities laws. Therefore, the market for secondary resales of any unexchanged initial notes is likely to be minimal.