- Revenue increased by 4.5% (8.1% in constant currency
(1)) compared to the same period of the prior year to
reach $632.7 million;
- Adjusted EBITDA (1) reached $290.6 million, a decrease of 1.3% (increase of
1.7% in constant currency (1)) compared to the same
period of the prior year;
- Profit for the period amounted to $103.4 million, an increase of 7.5%;
- Free cash flow (1) amounted to $71.4 million, a decrease of 35.9% (37.7% in
constant currency (1)) compared to the same period of
the prior year due to accelerated purchases of equipment;
- Cash flows from operating activities increased by 10.5% to
reach $281.5 million;
- Cogeco Connexion has secured 38 spectrum licences in the
3500 MHz band auction, for a total purchase price of $295 million;
- Fiscal 2022 preliminary financial guidelines were revised
following the acquisition of the Ohio broadband systems; and
- A quarterly eligible dividend of $0.705 was declared, compared to $0.64 last year.
MONTRÉAL, Nov. 11, 2021 /CNW
Telbec/ - Today, Cogeco Communications Inc. (TSX: CCA)
("Cogeco Communications" or the "Corporation") announced its
financial results for the fourth quarter ended August 31,
2021, in accordance with International Financial Reporting
Standards ("IFRS").
OPERATING RESULTS
For the fourth quarter of fiscal 2021:
- Revenue increased by 4.5% to reach $632.7 million. On a constant currency basis,
revenue increased by 8.1%, mainly explained as follows:
-
- Canadian broadband services revenue increased by 10.1% mostly
as a result of the DERYtelecom acquisition completed on
December 14, 2020, and to a lesser
extent due to growth in the number of Internet service customers
and a higher value product mix, combined with rate increases
implemented for certain services, partly offset by a decline in
video and telephony service customers as some customers have
migrated to Internet-only services.
- American broadband services revenue increased by 5.8% in
constant currency mainly resulting from a higher Internet service
customer base and a higher value product mix, combined with annual
rate increases implemented for certain services.
- Adjusted EBITDA decreased by 1.3% to reach $290.6 million. On a constant currency basis,
adjusted EBITDA increased by 1.7%, mainly explained as follows:
-
- Canadian broadband services adjusted EBITDA increased by 1.7%
in constant currency mainly resulting from the impact of the
DERYtelecom acquisition and rate increases implemented for certain
services, partly offset by a $4
million unusual reduction in expenses last year, in addition
to lower marketing and advertising activities last year in the
context of the COVID-19 pandemic.
- American broadband services adjusted EBITDA increased by 4.6%
in constant currency mainly resulting from revenue growth driven by
the cumulative effect of high-speed Internet service additions over
the past year and by rate increases implemented for certain
services, partly offset by higher marketing and advertising
expenses to support overall customer base growth.
- Profit for the period amounted to $103.4
million, of which $96.2
million, or $2.05 per share,
was attributable to owners of the Corporation compared to
$96.1 million, $90.8 million, and $1.90 per share, respectively, in the comparable
period of fiscal 2020. The increase results mainly from reduced
financial expense. This favorable impact is partly offset by lower
adjusted EBITDA, which was unfavorably impacted by the depreciation
of the US dollar and higher marketing and advertising activities at
both the Canadian and American broadband services segments, and
higher depreciation and amortization expense.
- Free cash flow decreased by 35.9% (37.7% in constant currency)
and amounted to $71.4 million mainly
as a result of higher capital expenditures and to a lesser extent
due to the increase in current income taxes, partly offset by
reduced financial expense, which results from lower interest rates,
and improved adjusted EBITDA in constant currency. The significant
spending in capital expenditures in the fourth quarter is mostly
due to accelerated purchases of customer premise equipment and
networking equipment in light of supply chain disruptions impacting
many industries, to business growth and to high-speed Internet
network expansions.
- Cash flows from operating activities increased by 10.5% to
reach $281.5 million, mainly from
improved working capital elements and reduced interest paid, partly
offset by higher income taxes paid as a portion of last fiscal
year's instalments was paid in September
2020 pursuant to governments allowing certain payment delays
in the context of the COVID-19 pandemic.
- Cogeco Communications purchased and cancelled 391,500
subordinate voting shares for a total consideration of $46.0 million.
- At its November 11, 2021 meeting, the Board of Directors
of Cogeco Communications declared a quarterly eligible dividend of
$0.705 per share compared to
$0.64 per share in the comparable
quarter of fiscal 2020.
|
(1)
|
The indicated terms
do not have standardized definitions prescribed by IFRS and,
therefore, may not be comparable to similar measures presented by
other companies. For more details, please consult the "Non-IFRS
financial measures" section of this press release, including
reconciliation to the most comparable IFRS financial
measures.
|
"We are satisfied with the overall performance of Cogeco
Communications, where revenue and adjusted EBITDA met our revised
financial guidelines for fiscal 2021," declared Philippe Jetté,
President and Chief Executive Officer of Cogeco Communications
Inc.
"In Canada, results for the
fourth quarter were in line with expectations and we continued to
see a positive trend with our Internet services," stated Mr. Jetté.
"The integration of DERYtelecom into Cogeco Connexion has been
progressing well, with most synergies already realized. Cogeco
Connexion is making good progress with various network expansion
projects in Québec and Ontario. We
were also very pleased to announce in July an investment of
$295 million to acquire 38 spectrum
licences in the 3500 MHz band auction in strategic areas of
Ontario and Québec. This
investment is another step toward Cogeco Communications offering
mobile wireless services."
"In the United States, Atlantic
Broadband has shown good results this past quarter, in line with
our annual financial guidelines," added Mr. Jetté. "The acquisition
of WOW!'s Ohio broadband systems
was completed on September 1 and we
look forward to reporting on the integration activities in the next
quarter."
"I'm very proud that Cogeco has signed the United Nations (UN)
Global Compact, the world's largest corporate sustainability
initiative. With this, we are committing to align our strategies
and operations with the ten UN principles on human rights, labour,
environment and anti-corruption, and to take strategic actions to
advance broader societal goals, such as the UN sustainable
development goals, with an emphasis on collaboration and
innovation. Recently, we also held our first 1Cogeco Community
Involvement Day, an annual company-wide employee initiative where
Cogeco employees have the opportunity to support local communities
where they live and work. This year's initiative resulted in 1,879
trees or seeds being planted in support of 16 non-profit
organizations in 46 communities across our footprint in
Canada and the United States," concluded Mr. Jetté.
ACQUISITION OF WIDEOPENWEST'S
OHIO BROADBAND SYSTEMS
On September 1, 2021, Atlantic
Broadband completed the acquisition of the broadband systems of
WideOpenWest, Inc. ("WOW!") located in Ohio ("Ohio
broadband systems") for a purchase price of US$1.125 billion, subject to customary
post-closing adjustments. With the closing of this transaction,
Atlantic Broadband is expanding its activities in Ohio and significantly growing its customer
base. The purchase price and transaction costs have been financed
through the issuance of a US$900
million secured Term B loan by Atlantic Broadband maturing
in 2028 and excess cash on hand.
FISCAL 2022 REVISED FINANCIAL GUIDELINES
Cogeco Communications revised its fiscal 2022 preliminary
financial guidelines as issued on July 14,
2021 giving effect to the impact of the acquisition of the
Ohio broadband systems, which was
completed on September 1, 2021. In
fiscal 2022, on a constant currency basis, the Corporation expects
to grow revenue between 15% and 17%, and adjusted EBITDA, between
14% and 16%. Acquisition of property, plant and equipment should
amount to between $815 and
$845 million, including those related
to the Ohio broadband systems
integration, and net investments of approximately $230 to $240
million in network expansions in Canada and the
United States. As a result of these growth initiatives, free
cash flow is expected to decrease between 33% and 43%. Excluding
the fiscal year 2022 network expansion projects, free cash flow on
a constant currency and consolidated basis would otherwise increase
between 5% and 15%.
COVID-19 PANDEMIC
The COVID-19 pandemic continues to impact our day-to-day
operations although public health restrictions continue to be
lifted as vaccines are being rolled out, in both Canada and the
United States. Our priority remains on ensuring the
well-being of our employees, customers and business partners.
During fiscal 2021, we continued to experience some of the trends
from past quarters. Those primarily relate to sustained demand for
our residential high-speed Internet product, due to customers
spending more time at home for work, online education and
entertainment purposes, and a reduction of certain expenses due to
a more stable customer base (fewer connections and disconnections)
and not being able to use all usual sales channels. In these
unusual circumstances, certain marketing and advertising activities
were delayed during fiscal 2021 in both countries. We expect that
the current remote working trend will continue after the COVID-19
pandemic, where more workers will work remotely than pre-pandemic,
on a partial or full-time basis. This trend should benefit our
various network expansion projects, especially in underserved and
unserved areas. Although we are pleased with the financial results
for fiscal 2021, we remain cautious in our management of this
situation as uncertainties remain on the potential human, operating
and financial impact of the pandemic. The Corporation's results
discussed herein may not be indicative of future operational trends
and financial performance.
FINANCIAL HIGHLIGHTS
|
|
|
Three months ended
August 31,
|
Years ended August
31,
|
|
2021
|
2020
|
Change
|
Change
in
constant
currency(1)(2)
|
Foreign
exchange
impact(1)
|
2021
|
2020
|
Change
|
Change
in
constant
currency(1)(2)
|
Foreign
exchange
impact(1)
|
(In thousands of
Canadian
dollars, except percentages
and per share data)
|
$
|
$
|
%
|
%
|
$
|
$
|
$
|
%
|
%
|
$
|
Operations
|
|
|
|
|
|
|
|
|
|
Revenue
|
632,684
|
605,168
|
4.5
|
8.1
|
(21,515)
|
2,510,453
|
2,384,283
|
5.3
|
8.1
|
(67,157)
|
Adjusted EBITDA
(2)
|
290,570
|
294,535
|
(1.3)
|
1.7
|
(8,965)
|
1,205,656
|
1,148,729
|
5.0
|
7.4
|
(28,367)
|
Adjusted EBITDA
margin (2)
|
45.9%
|
48.7%
|
|
|
48.0%
|
48.2%
|
|
|
|
Integration,
restructuring and acquisition costs (3)
|
3,974
|
3,955
|
0.5
|
|
|
8,744
|
9,486
|
(7.8)
|
|
|
Profit for the
period
|
103,406
|
96,148
|
7.5
|
|
|
431,647
|
396,591
|
8.8
|
|
|
Profit for the period
attributable to owners of the Corporation
|
96,200
|
90,834
|
5.9
|
|
|
401,517
|
375,174
|
7.0
|
|
|
Cash
flow
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
281,547
|
254,745
|
10.5
|
|
|
1,019,059
|
917,819
|
11.0
|
|
|
Acquisition of
property, plant and equipment (4)
|
175,180
|
128,195
|
36.7
|
43.7
|
(9,013)
|
533,186
|
483,990
|
10.2
|
15.0
|
(23,200)
|
Free cash flow
(2)
|
71,423
|
111,372
|
(35.9)
|
(37.7)
|
1,997
|
486,877
|
455,436
|
6.9
|
6.7
|
927
|
Capital intensity
(2)
|
27.7%
|
21.2%
|
|
|
|
21.2%
|
20.3%
|
|
|
|
Financial
condition
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
365,520
|
366,497
|
(0.3)
|
|
|
Total
assets
|
|
|
|
|
|
7,351,692
|
6,804,197
|
8.0
|
|
|
Indebtedness (2)
(5)
|
|
|
|
|
|
3,319,708
|
3,179,926
|
4.4
|
|
|
Equity attributable
to owners of the Corporation
|
|
|
|
|
|
2,415,144
|
2,268,246
|
6.5
|
|
|
Per share data
(6)
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.05
|
1.90
|
7.9
|
|
|
8.47
|
7.74
|
9.4
|
|
|
Diluted
|
2.03
|
1.88
|
8.0
|
|
|
8.40
|
7.67
|
9.5
|
|
|
Dividends
|
0.64
|
0.58
|
10.3
|
|
|
2.56
|
2.32
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Key performance
indicators presented on a constant currency basis are obtained by
translating financial results from the current periods denominated
in US dollars at the foreign exchange rates of the comparable
periods of the prior year. For the three-month period and year
ended August 31, 2020, the average foreign exchange rates used for
translation were 1.3424 USD/CDN and 1.3456 USD/CDN,
respectively.
|
(2)
|
The indicated terms
do not have standardized definitions prescribed by IFRS and,
therefore, may not be comparable to similar measures presented by
other companies. For more details, please consult the "Non-IFRS
financial measures" section of this press release, including
reconciliation to the most comparable IFRS financial
measures.
|
(3)
|
For the three-month
period and year ended August 31, 2021, integration,
restructuring and acquisition costs resulted mostly from costs
incurred in connection with the acquisition and integration of
DERYtelecom, which was completed on December 14, 2020, and due
diligence costs and legal fees related to the acquisition of the
Ohio broadband systems, which was completed on September 1, 2021.
For the three-month period and year ended August 31, 2020,
integration, restructuring and acquisition costs resulted primarily
from organizational changes initiated across the Corporation
resulting in cost optimization, as well as costs related to the
acquisition and integration of Thames Valley Communications and
iTéract.
|
(4)
|
For the three-month
period and year ended August 31, 2021, acquisition of
property, plant and equipment in constant currency amounted to
$184.2 million and $556.4 million, respectively.
|
(5)
|
Indebtedness is
defined as the total of bank indebtedness and principal on
long-term debt.
|
(6)
|
Per multiple and
subordinate voting share.
|
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release may
constitute forward-looking information within the meaning of
securities laws. Forward-looking information may relate to Cogeco
Communications Inc.'s ("Cogeco Communications" or the
"Corporation") future outlook and anticipated events, business,
operations, financial performance, financial condition or results
and, in some cases, can be identified by terminology such as "may";
"will"; "should"; "expect"; "plan"; "anticipate"; "believe";
"intend"; "estimate"; "predict"; "potential"; "continue";
"foresee", "ensure" or other similar expressions concerning matters
that are not historical facts. Particularly, statements regarding
the Corporation's financial guidelines, future operating results
and economic performance, objectives and strategies are
forward-looking statements. These statements are based on certain
factors and assumptions including expected growth, results of
operations, purchase price allocation, tax rates, weighted average
cost of capital, performance and business prospects and
opportunities, which Cogeco Communications believes are reasonable
as of the current date. Refer in particular to the "Corporate
objectives and strategies" and "Fiscal 2022 financial guidelines"
sections of the Corporation's 2021 annual Management's Discussion
and Analysis ("MD&A") for a discussion of
certain key economic, market and operational assumptions we have
made in preparing forward-looking statements. While management
considers these assumptions to be reasonable based on information
currently available to the Corporation, they may prove to be
incorrect. Forward-looking information is also subject to certain
factors, including risks and uncertainties that could cause actual
results to differ materially from what Cogeco Communications
currently expects. These factors include risks such as competitive
risks, business risks (including potential disruption to our supply
chain), regulatory risks, technology risks (including cybersecurity
risk), financial risks (including variations in currency and
interest rates), economic conditions, human-caused and natural
threats to our network, infrastructure and systems, community
acceptance risks, ethical behavior risks, ownership risks,
litigation risks and public health crisis and emergencies such as
the current COVID-19 pandemic, many of which are beyond the
Corporation's control. For more exhaustive information on these
risks and uncertainties, the reader should refer to the
"Uncertainties and main risk factors" section of the Corporation's
2021 annual MD&A. These factors are not intended to represent a
complete list of the factors that could affect Cogeco
Communications and future events and results may vary significantly
from what management currently foresees. The reader should not
place undue importance on forward-looking information contained in
this press release which represent Cogeco Communications'
expectations as of the date of this press release (or as of the
date they are otherwise stated to be made) and are subject to
change after such date. While management may elect to do so, the
Corporation is under no obligation (and expressly disclaims any
such obligation) and does not undertake to update or alter this
information at any particular time, whether as a result of new
information, future events or otherwise, except as required by
law.
All amounts are stated in Canadian dollars unless otherwise
indicated. This press release should be read in conjunction with
the MD&A included in the Corporation's 2021 Annual Report, the
Corporation's consolidated financial statements and the notes
thereto prepared in accordance with the International Financial
Reporting Standards ("IFRS") for the year ended August 31,
2021.
NON-IFRS FINANCIAL MEASURES
This section describes non-IFRS financial measures used by
Cogeco Communications throughout this press release. These
financial measures are reviewed in assessing the performance of the
Corporation and used in the decision-making process with regards to
its business units. Reconciliations between "adjusted EBITDA",
"adjusted EBITDA margin", "free cash flow", "capital intensity",
"indebtedness" and "net indebtedness" and the most comparable IFRS
financial measures are also provided. These financial measures do
not have standard definitions prescribed by IFRS and therefore, may
not be comparable to similar measures presented by other
companies.
This press release also makes reference to key performance
indicators on a constant currency basis, including revenue,
"adjusted EBITDA", acquisition of property, plant and equipment and
"free cash flow". Measures on a constant currency basis are
considered non-IFRS financial measures and do not have any
standardized meaning prescribed by IFRS and therefore, may not be
comparable to similar measures presented by other companies.
|
|
|
|
Non-IFRS financial
measures
|
Application
|
Calculation
|
Most comparable
IFRS financial measures
|
Adjusted
EBITDA
and
adjusted EBITDA
margin
|
Adjusted EBITDA and
adjusted EBITDA margin are key measures commonly reported and used
in the telecommunications industry, as they allow comparisons
between companies that have different capital structures and are
more current measures since they exclude the impact of historical
investments in assets. Adjusted EBITDA is one of the key metrics
employed by the financial community to value a business and its
financial strength.
Adjusted EBITDA for
Cogeco Communications' business units is equal to the segment
profit (loss) reported in Note 5 of the consolidated financial
statements.
|
Adjusted
EBITDA:
- Profit for the
period and/or year
add:
- Income
taxes;
- Financial
expense;
- Depreciation and
amortization; and
- Integration,
restructuring and acquisition costs.
|
Profit for the period
and/or year
|
|
|
Adjusted EBITDA
margin:
- Adjusted
EBITDA
divided
by:
- Revenue.
|
No comparable IFRS
financial measure
|
Free cash
flow
|
Management and
investors use free cash flow to measure Cogeco Communications'
ability to repay debt, distribute capital to its shareholders and
finance its growth.
|
Free cash
flow:
- Adjusted
EBITDA
add:
- Amortization of
deferred transaction costs and discounts on long-term
debt;
- Share-based
payment;
- Loss (gain) on
disposals and write-offs of property, plant and equipment;
and
- Defined benefit
plans expense, net of contributions;
deduct:
- Integration,
restructuring and acquisition costs;
- Financial expense
(1);
- Current income
taxes;
- Acquisition of
property, plant and equipment (2); and
- Repayment of lease
liabilities.
|
Cash flows from
operating activities
|
Constant currency
basis
|
Revenue, operating
expenses, adjusted EBITDA, acquisition of property, plant and
equipment and free cash flow are measures presented on a constant
currency basis to enable an improved understanding of the
Corporation's underlying financial performance, undistorted by the
effects of changes in foreign exchange rates.
|
Constant currency
basis is obtained by translating financial results from the current
periods denominated in US dollars at the foreign exchange rates of
the comparable periods of the prior year.
|
No comparable IFRS
financial measure
|
Capital
intensity
|
Capital intensity is
used by Cogeco Communications' management and investors to assess
the Corporation's investment in capital expenditures in order to
support a certain level of revenue.
|
Capital
intensity:
- Acquisition of
property, plant and equipment (2)
divided
by:
- Revenue.
|
No comparable IFRS
financial measure
|
|
|
|
|
(1)
|
Excludes the non-cash
gain on debt modification of $22.9 million recognized in the second
quarter of fiscal 2020.
|
(2)
|
Excludes the non-cash
acquisition of right-of-use assets and the purchases of spectrum
licences.
|
|
|
|
|
Non-IFRS financial
measures
|
Application
|
Calculation
|
Most comparable
IFRS financial measures
|
Indebtedness and net
indebtedness
|
Indebtedness and net
indebtedness are measures used by management and investors to
assess Cogeco Communications' financial leverage, as they represent
the debt and the debt that is not covered by the available cash and
cash equivalents, respectively.
|
Indebtedness:
add:
- Principal on
long-term debt; and
- Bank
indebtedness.
|
Long-term debt,
including the current portion
|
|
|
Net
indebtedness:
-
Indebtedness
deduct:
- Cash and cash
equivalents.
|
Long-term debt,
including the current portion
|
|
|
|
|
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
RECONCILIATION
The reconciliation of adjusted EBITDA to the most comparable
IFRS financial measure and the calculation of adjusted EBITDA
margin are as follows:
|
|
|
|
Three months ended
August 31,
|
Years ended August
31,
|
|
2021
|
2020
|
2021
|
2020
|
(In thousands of
Canadian dollars, except percentages)
|
$
|
$
|
$
|
$
|
Profit for the
period
|
103,406
|
96,148
|
431,647
|
396,591
|
Income
taxes
|
28,466
|
30,305
|
130,726
|
112,321
|
Financial
expense
|
23,608
|
39,302
|
124,163
|
131,093
|
Depreciation and
amortization
|
131,116
|
124,825
|
510,376
|
499,238
|
Integration,
restructuring and acquisition costs
|
3,974
|
3,955
|
8,744
|
9,486
|
Adjusted
EBITDA
|
290,570
|
294,535
|
1,205,656
|
1,148,729
|
Revenue
|
632,684
|
605,168
|
2,510,453
|
2,384,283
|
Adjusted EBITDA
margin
|
45.9
%
|
48.7 %
|
48.0
%
|
48.2 %
|
FREE CASH FLOW RECONCILIATION
The reconciliation of free cash flow to the most comparable IFRS
financial measure is as follows:
|
|
|
|
Three months ended
August 31,
|
Years ended August
31,
|
|
2021
|
2020
|
2021
|
2020
|
(In thousands of
Canadian dollars)
|
$
|
$
|
$
|
$
|
Cash flows from
operating activities
|
281,547
|
254,745
|
1,019,059
|
917,819
|
Amortization of
deferred transaction costs and discounts on long-term
debt
|
2,342
|
2,344
|
9,277
|
9,503
|
Changes in other
non-cash operating activities
|
(50,068)
|
(1,116)
|
(40,289)
|
55,194
|
Income taxes paid
(received)
|
25,320
|
(7,410)
|
101,715
|
20,004
|
Current income
taxes
|
(20,331)
|
(13,713)
|
(65,070)
|
(57,632)
|
Interest
paid
|
32,185
|
45,162
|
123,657
|
153,434
|
Financial expense
(1)
|
(23,608)
|
(39,302)
|
(124,163)
|
(153,991)
|
Acquisition of
property, plant and equipment
|
(175,180)
|
(128,195)
|
(533,186)
|
(483,990)
|
Repayment of lease
liabilities
|
(784)
|
(1,143)
|
(4,123)
|
(4,905)
|
Free cash
flow
|
71,423
|
111,372
|
486,877
|
455,436
|
(1)
|
Excludes the non-cash
gain on debt modification of $22.9 million recognized during the
second quarter of fiscal 2020.
|
CAPITAL INTENSITY RECONCILIATION
The calculation of capital intensity is as follows:
|
|
|
|
|
|
|
|
|
Three months ended
August 31,
|
Years ended August
31,
|
|
2021
|
2020
|
2021
|
2020
|
(In thousands of
Canadian dollars, except percentages)
|
$
|
$
|
$
|
$
|
Acquisition of
property, plant and equipment
|
175,180
|
128,195
|
533,186
|
483,990
|
Revenue
|
632,684
|
605,168
|
2,510,453
|
2,384,283
|
Capital
intensity
|
27.7%
|
21.2%
|
21.2%
|
20.3%
|
INDEBTEDNESS AND NET INDEBTEDNESS RECONCILIATION
The reconciliation of indebtedness and net indebtedness to the
most comparable IFRS financial measure is as follows:
|
|
|
At August
31,
|
2021
|
2020
|
(In thousands of
Canadian dollars)
|
$
|
$
|
Long-term debt,
including the current portion
|
3,272,216
|
3,116,602
|
Discounts,
transaction costs and other
|
43,032
|
55,714
|
Bank
indebtedness
|
4,460
|
7,610
|
Indebtedness
|
3,319,708
|
3,179,926
|
Cash and cash
equivalents
|
(365,520)
|
(366,497)
|
Net
indebtedness
|
2,954,188
|
2,813,429
|
ADDITIONAL INFORMATION
Additional information relating to the Corporation, including
its Annual Information Form, is available on the SEDAR website at
www.sedar.com or on the Corporation's website at
corpo.cogeco.com.
ABOUT COGECO COMMUNICATIONS INC.
Cogeco Communications Inc. is a communications corporation. It
is the 8th largest cable operator in North America, operating in Canada under the Cogeco Connexion name in
Québec and Ontario, and in
the United States under the
Atlantic Broadband brand in 12 states. The Corporation provides
residential and business customers with Internet, video and
telephony services through its two-way broadband fibre networks.
Cogeco Communications Inc. subordinate voting shares are listed on
the Toronto Stock Exchange (TSX: CCA).
Investors:
Patrice Ouimet
Senior Vice President and Chief Financial Officer
Cogeco Communications Inc.
Tel.: 514-764-4700
patrice.ouimet@cogeco.com
Media
Marie-Hélène Labrie
Senior Vice President and Chief Public Affairs, Communications and
Strategy Officer
Cogeco Communications Inc.
Tel.: 514-764-4700
marie-helene.labrie@cogeco.com
Conference
Call:
|
Friday, November 12,
2021 at 11:00 a.m. (Eastern Time)
|
|
|
|
A live audio webcast
will be available on Cogeco Communications' website at
https://corpo.cogeco.com/cca/en/investors/investor-relations/. The
webcast will be available on Cogeco Communications' website for a
three-month period. Members of the financial community will be able
to access the conference call and ask questions. Media
representatives may attend as listeners only.
|
|
|
|
Please use the
following dial-in number to have access to the conference call
10 minutes before the start of the conference:
|
|
|
|
Canada/United States
Access Number: 1-877-291-4570
|
|
International Access
Number: 1-647-788-4919
|
|
|
|
In order to join this
conference, participants are required to provide the operator with
the name of the company hosting the call, that is, Cogeco Inc. or
Cogeco Communications Inc.
|
SOURCE Cogeco Communications Inc.