CANBRAS COMMUNICATIONS CORP.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)(1)
(in thousands of Canadian dollar except foreign exchange rates)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
(reclassified) (reclassified)
(2) (2)
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$ $ $ $
Revenue
Broadband cable services
Cable television 13,119 14,278 24,848 29,440
Internet access 949 914 1,778 1,769
Data transmission
and other 1,391 1,301 2,385 2,517
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15,459 16,493 29,011 33,726
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EBITDA 4,997 2,565 7,979 5,547
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Net Income (loss) 3,166 (1,100) 3,547 (4,767)
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Capital expenditures 1,447 3,392 2,949 6,098
Foreign Exchange rates
Rs/C$ - at period end 2.13 1.88 2.13 1.88
Rs/C$ - average for
the period 2.13 1.60 2.22 1.55
As at June 30, As at Dec. 31,
2003 2002
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$ $
Cash and cash equivalents 11,340 9,627
Current assets 17,597 14,614
Fixed assets, net 70,629 111,254
Total assets 123,230 185,960
Total debt 22,458 29,171
Total liabilities 50,859 67,483
Shareholders' equity 72,371 118,477
(1) As of January 1, 2003 the Corporation changed the functional
currency for its Brazilian subsidiaries. The impact of this
change was a reduction in the carrying value of fixed assets,
licenses, deferred costs, non-controlling interest and
shareholders' equity. Following the change, depreciation and
amortization expense has also declined significantly.
(2) Certain comparative figures have been reclassified to conform
with the 2003 presentation.
CANBRAS COMMUNICATIONS CORP.
SELECTED OPERATING STATISTICS
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As at As at
June 30, 2003 June 30, 2002 Variation
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Broadband cable services:
Homes passed 877,264 860,848 1.9%
Km of activated plant 4,158 4,158 0.0%
Cable television subscribers 190,317 182,948 4.0%
Internet access subscribers 14,446 11,656 23.9%
Premium subscribers 69,963 76,158 (8.1%)
% of activated plant
bi-directional 80% 80%
Penetration of homes passed 21.7% 21.3% 0.4
percentage
pt
Year-to-date average
gross revenue
per subscriber (in Reais)
Cable television 54.12 49.19 10.0%
Internet access 66.32 50.36 31.7%