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Table 3 provides a reconciliation of adjusted income from continuing operations to the net income attributable to shareholders measure used in Quebecor's consolidated financial statements.
Table 3Reconciliation of the adjusted income from continuing operations measureused in this press release to the net income attributable to shareholdersmeasure used in the consolidated financial statements(in millions of Canadian dollars) Year ended Three months ended December 31 December 31-------------------------------------------------------------------------------------------------------------------------------------------------------- 2012 2011 2010 2012 2011----------------------------------------------------------------------------Adjusted income from continuing operations $ 196.1 $ 191.5 $ 220.6 $ 56.0 $ 55.6Gain (loss) on valuation and translation of financial instruments 197.5 54.6 46.1 (44.0) 82.5Restructuring of operations, impairment of assets and other special items (29.4) (30.2) (37.1) (0.6) (11.2)Impairment of goodwill and intangible assets (201.5) - - - -Loss on debt refinancing (67.7) (6.6) (12.3) (60.4) -Income taxes related to adjustments(1) 24.3 (3.8) 7.9 31.1 (17.5)Net income (loss) attributable to non- controlling interests related to adjustments 48.4 (4.5) 0.1 27.1 (24.0)----------------------------------------------------------------------------Net income attributable to shareholders $ 167.7 $ 201.0 $ 225.3 $ 9.2 $ 85.4--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Includes impact of fluctuations in income tax applicable to adjusted items, either for statutory reasons or in connection with tax transactions.
Average Monthly Revenue per User
ARPU is an industry metric that the Corporation uses to measure its monthly cable television, Internet access, cable and mobile telephony revenues per average basic cable customer. ARPU is not a measurement that is consistent with IFRS and the Corporation's definition and calculation of ARPU may not be the same as identically titled measurements reported by other companies. The Corporation calculates ARPU by dividing its combined cable television, Internet access, and cable 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.
QUEBECOR INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(in millions of Canadian dollars, except for earnings per share data) Three months ended Twelve months ended(unaudited) December 31 December 31-------------------------------------------------------------------------------------------------------------------------------------------------------- 2012 2011 2012 2011----------------------------------------------------------------------------Revenues $ 1,142.3 $ 1,147.9 $ 4,351.8 $ 4,206.6Employee costs 267.6 273.7 1,060.6 1,005.6Purchase of goods and services 503.9 505.0 1,887.6 1,859.3Amortization 167.4 138.2 600.3 512.2Financial expenses 95.4 77.7 334.6 322.9Loss (gain) on valuation and translation of financial instruments 44.0 (82.5) (197.5) (54.6)Restructuring of operations, impairment of assets and other special items 0.6 11.2 29.4 30.2Impairment of goodwill and intangible assets - - 201.5 -Loss on debt refinancing 60.4 - 67.7 6.6 ------------------------------------------------Income before income taxes 3.0 224.6 367.6 524.4Income taxes: Current 20.8 (12.8) 57.0 (17.7) Deferred (27.1) 73.0 43.1 159.1 ------------------------------------------------ (6.3) 60.2 100.1 141.4 ------------------------------------------------Net income $ 9.3 $ 164.4 $ 267.5 $ 383.0 ------------------------------------------------ ------------------------------------------------Net income attributable to Shareholders $ 9.2 $ 85.4 $ 167.7 $ 201.0 Non-controlling interests 0.1 79.0 99.8 182.0 ------------------------------------------------ ------------------------------------------------Earnings per share attributable to shareholders Basic $ 0.15 $ 1.34 $ 2.65 $ 3.14 Diluted 0.15 1.34 2.56 3.11 ------------------------------------------------ ------------------------------------------------Weighted average number of shares outstanding (in millions) 62.7 63.5 63.2 64.0Weighted average number of diluted shares (in millions) 74.3 63.8 66.1 64.4 ------------------------------------------------ ------------------------------------------------QUEBECOR INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in millions of Canadian dollars) Three months ended Twelve months ended(unaudited) December 31 December 31-------------------------------------------------------------------------------------------------------------------------------------------------------- 2012 2011 2012 2011----------------------------------------------------------------------------Net income $ 9.3 $ 164.4 $ 267.5 $ 383.0Other comprehensive loss: Gain (loss) on translation of net investments in foreign operations 2.3 - (1.4) 1.6 Cash flow hedges: Gain (loss) on valuation of derivative financial instruments 1.9 (22.9) 33.1 (9.5) Deferred income taxes 1.5 5.1 2.9 (2.0) Defined benefit plans: Acturial loss and net change in asset limit and in minimum funding liability (36.8) (89.7) (36.8) (90.0) Deferred income taxes 9.8 23.6 9.8 23.7 Reclassification to income: Other comprehensive (gain) loss related to cash flow hedges (12.0) - (15.3) 0.8 Deferred income taxes 1.7 - 0.5 (0.2) ------------------------------------------------ (31.6) (83.9) (7.2) (75.6) ------------------------------------------------ ------------------------------------------------Comprehensive (loss) income $ (22.3)$ 80.5 $ 260.3 $ 307.4 ------------------------------------------------ ------------------------------------------------Conprehensive (loss) income attributable to Shareholders $ (12.0)$ 44.1 $ 159.9 $ 164.4 Non-controlling interests (10.3) 36.4 100.4 143.0 ------------------------------------------------ ------------------------------------------------QUEBECOR INC. AND ITS SUBSIDIARIESSEGMENTED INFORMATION(in millions of Canadian dollars)(unaudited)-------------------------------------------------------------------------------------------------------------------------------------------------------- Three months ended December 31, 2012-------------------------------------------------------------------------------------------------------------------------------------------------------- Leisure and Telecommu- News Broad- Enter- nications Media casting tainment --------------------------------------------------Revenues $ 678.3 $ 244.5 $ 128.9 $ 89.5Employee costs 96.6 79.1 38.0 14.6Purchase of goods and services 271.3 126.8 73.7 69.9----------------------------------------------------------------------------Operating income(1) 310.4 38.6 17.2 5.0AmortizationFinancial expensesLoss on valuation and translation of financial instrumentsRestructuring of operations, impairment of assets and other special itemsLoss on debt refinancing----------------------------------------------------------------------------Income before income taxes--------------------------------------------------------------------------------------------------------------------------------------------------------Additions to property, plant and equipment $ 150.1 $ 1.0 $ 4.2 $ 2.7Additions to intangible assets 32.7 2.7 1.1 0.3--------------------------------------------------------------------------------------------------------------------------------------------------------QUEBECOR INC. AND ITS SUBSIDIARIESSEGMENTED INFORMATION(in millions of Canadian dollars)(unaudited)-------------------------------------------------------------------------------------------------------------------------------------- Three months ended December 31, 2012-------------------------------------------------------------------------------------------------------------------------------------- Interactive Techno- Head logies and office Communi- and Inter- cations segments Total -----------------------------------------Revenues $ 35.8 $ (34.7) $ 1,142.3Employee costs 20.5 18.8 267.6Purchase of goods and services 11.9 (49.7) 503.9-------------------------------------------------------------------Operating income(1) 3.4 (3.8) 370.8Amortization 167.4Financial expenses 95.4Loss on valuation and translation of financial instruments 44.0Restructuring of operations, impairment of assets and other special items 0.6Loss on debt refinancing 60.4-------------------------------------------------------------------Income before income taxes $ 3.0--------------------------------------------------------------------------------------------------------------------------------------Additions to property, plant and equipment $ 1.2 $ (0.2) $ 159.0Additions to intangible assets - (0.8) 36.0--------------------------------------------------------------------------------------------------------------------------------------
