Quebecor Inc.
TSX : QBR.A
TSX : QBR.B

Quebecor Inc.

May 08, 2008 16:17 ET

Quebecor Inc. Reports Consolidated Results for 2007 Financial Year

MONTREAL, QUEBEC--(Marketwire - May 8, 2008) - This press release discloses Quebecor Inc.'s (TSX:QBR.A)(TSX.QBR.B) consolidated financial results for the financial year ended December 31, 2007. It should be noted that Quebecor Media Inc. reported its financial results for 2007 on February 26, 2008 and Quebecor World Inc. did so on April 29, 2008.

On January 21, 2008, Quebecor World placed itself under the protection of the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the United States Bankruptcy Code. As a result, Quebecor does not expect to realize any future earnings on its investment in Quebecor World. Quebecor has not secured Quebecor World's commitments, including its debt and advances under its securitization programs. In accordance with generally accepted accounting principles, Quebecor's investment in Quebecor World is no longer consolidated as of January 21, 2008 and Quebecor's investment in Quebecor World has been valued at zero as of that date.

Quebecor Inc.

Quebecor's consolidated revenues totalled $9.38 billion, compared with $9.81 billion in 2006, a decrease of $427.4 million (-4.4%). Revenues increased by $367.3 million (12.2%) at Quebecor Media and decreased by $807.6 million (-11.7%) at Quebecor World.

Quebecor's consolidated operating income was flat at $1.41 billion in 2007. Operating income increased by $164.3 million (20.5%) at Quebecor Media and decreased by $167.3 million (-26.7%) at Quebecor World.

Quebecor recognized a consolidated net loss of $969.2 million ($15.07 per basic share) in 2007, compared with a net loss of $93.9 million ($1.46 per basic share) in 2006. The net loss in 2007 was essentially due to Quebecor's share of the $2.29 billion net loss reported by Quebecor World ($1.30 billion after non-controlling interest, with no impact on Quebecor's liquidity, or $20.25 per basic share of Quebecor), which was partially offset by net income of $327.1 million ($179.0 million after non-controlling interest, or $2.78 per basic share of Quebecor) recorded by Quebecor Media.

It should be noted that a portion of Quebecor Inc.'s share of Quebecor World's net loss was reversed upon deconsolidation on January 21, 2008, generating a $724.5 million gain (after non-controlling interest) in the first quarter of 2008 for Quebecor. This amount represents Quebecor World's net asset deficiency, i.e., the excess of the liabilities and non-controlling interest related to Quebecor World over Quebecor World's assets included in Quebecor's consolidated balance sheet as of December 31, 2007.

Quebecor also recognized a $146.9 million unrealized gain on re-measurement of the floating rate debentures Series 2001 in 2007 ($121.9 million after income tax) compared with $27.7 million in 2006 ($25.5 million after income tax).

Excluding unusual items, i.e., the reserve for restructuring of operations, impairment of assets and other special charges, the unrealized gain on re-measurement of debentures and of a portfolio investment, the loss on debt refinancing, the loss (gain) on sales of businesses and other assets, and impairment of goodwill and intangible assets (all net of income tax and non-controlling interest), net income was $91.7 million in 2007 ($1.42 per basic share), compared with $123.2 million ($1.92 per basic share) in 2006, a decrease of $31.5 million ($0.50 per basic share).

Quebecor Media Inc.

As reported on February 26, 2008, Quebecor Media recorded the following results for the 2007 financial year:

- Revenues of $3.37 billion, up $367.3 million (12.2%) from 2006. Revenues increased in all of Quebecor Media's business segments.

- Operating income up $164.3 million (20.5%) to a record $963.9 million.

- Record net income of $327.1 million.

- Cable segment: operating income up $130.2 million (25.4%). Annual net customer growth: +238,600 for cable telephone service, +141,000 for cable Internet access, +65,700 for all cable services combined (including an increase of 144,600 customers for illico Digital TV), +33,900 activated phones on wireless telephone service.

- Newspapers segment: revenues up $99.9 million (10.8%) to $1.03 billion; operating income up $18.3 million (8.8%) to $225.9 million. The increases mainly reflect the acquisition of Osprey Media Publishing Inc.

- Broadcasting segment: revenues up $22.2 million (5.6%) to $415.5 million; operating income up $17.3 million (41.1%) to $59.4 million.

Quebecor World Inc.

Quebecor World's net loss of $2.29 billion ($1.30 billion after non-controlling interest) was mainly due to the recognition in 2007 of goodwill impairment in the amount of $2.05 billion, recognition of a $329.4 million reserve for restructuring, impairment of assets and other special charges (compared with $127.0 million in 2006), the $167.3 million decrease in operating income and a $56.1 million loss on debt refinancing. In 2006, Quebecor World recognized a net loss of $4.8 million ($2.9 million after non-controlling interest).

2007/2006 FOURTH QUARTER COMPARISON

Quebecor Inc.

Quebecor's consolidated revenues for the fourth quarter of 2007 totalled $2.43 billion, compared with $2.67 billion in the same period of 2006, a $234.9 million (-8.8%) decrease. Revenues increased by $120.7 million (14.3%) at Quebecor Media and decreased by $356.9 million (-19.3%) at Quebecor World.

Quebecor's consolidated operating income totalled $375.7 million in the fourth quarter of 2007, compared with $411.1 million in the same period of 2006, a decrease of $35.4 million (-8.6%). Operating income increased by $48.9 million (20.5%) at Quebecor Media and decreased by $83.7 million (-46.2%) at Quebecor World.

Quebecor recorded a fourth quarter 2007 net loss of $962.6 million ($14.96 per basic share), compared with a net loss of $80.8 million ($1.26 per basic share) in the same period of 2006. The unfavourable variance of $881.8 million was mainly due to the $1.88 billion net loss recognized in the fourth quarter of 2007 by Quebecor World ($1.15 billion after non-controlling interest with no impact on Quebecor's liquidity, or $17.93 per basic share of Quebecor), compared with a net loss of $4.2 million in the same quarter of 2006 ($1.2 million after non-controlling interest, or $0.02 per basic share). As noted in the discussion of the annual results, a $724.5 million portion, after non-controlling interest, of Quebecor's share of Quebecor World's net loss was reversed on January 21, 2008, generating a $724.5 million gain in the first quarter of 2008 for Quebecor.

Quebecor recognized a $98.5 million unrealized loss on re-measurement of the floating rate debentures Series 2001 in the fourth quarter of 2007 ($82.0 million after income tax), compared with an unrealized loss of $23.2 million in the fourth quarter of 2006 ($19.0 million after income tax), a favourable variance of $121.7 million.

Between the last time Quebecor reported financial results, for the third quarter of 2007, and the deconsolidation of Quebecor World on January 21, 2008, Quebecor World's results and the mark-to-market of Quebecor's investment in Quebecor World had the following combined impact on Quebecor's consolidated financial results (with no impact on Quebecor's liquidity):



Impact on financial results of Quebecor Inc.,
October 1, 2007 to January 21, 2008
(in millions of dollars)
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Quebecor World fourth quarter 2007 net loss,
after non-controlling interest $(1,152.9)
Reversal of Quebecor World's net asset deficiency
on January 21, 2008 724.5
Recognition of translation losses accumulated in
other comprehensive income (329.6)
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Total impact $(758.0)
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For further details, refer to notes 1(a), 21 and 31 to the consolidated financial statements of Quebecor Inc., which are available on the Company's website.

Excluding unusual items, i.e., the reserve for restructuring of operations, impairment of assets and other special charges, the unrealized gain on re-measurement of debentures and of a portfolio investment, the loss on debt refinancing, the loss (gain) on sales of businesses and other assets, and impairment of goodwill and intangible assets (all net of income tax and non-controlling interest), net income was $4.3 million in the fourth quarter of 2007 ($0.07 per basic share), compared with $40.7 million ($0.63 per basic share) in the same period of 2006, a decrease of $36.4 million ($0.56 per basic share).

Quebecor Media Inc.

As reported on February 26, 2008, Quebecor Media recognized the following results for the fourth quarter of 2007:

- Revenues up $120.7 million (14.3%) to $964.9 million, primarily as a result of higher revenues in Cable ($64.4 million or 17.7%) and Newspapers ($59.8 million or 24.2%).

- Operating income up $48.9 million (20.5%) to $287.2 million, mainly because of increases in Cable ($35.9 million or 25.7%) and Newspapers ($13.1 million or 20.6%).

- Net income of $112.4 million.

Quebecor World Inc.

Quebecor World's fourth quarter 2007 loss resulted from goodwill impairment of $1.88 billion, recognition of a $120.3 million reserve for restructuring, impairment of assets and other special charges, and the $83.7 million decrease in operating income.

Presentation of consolidated financial statements

Additional columns titled "Quebecor Inc. and Quebecor Media Inc." and "Quebecor World Inc." have been added to Quebecor's consolidated financial statements for the 2007 financial year (refer to note 1(a) to the consolidated financial statements which are available on the company's website).

"Quebecor Inc. and Quebecor Media Inc." columns

The results of operations, cash flow and financial position of the Company, of Quebecor Media (on a consolidated basis), and of Quebecor World (using the equity method for recording the investment in this subsidiary), are shown in separate columns entitled "Quebecor Inc. and Quebecor Media Inc." in the consolidated financial statements. These columns represent the activities of all the Company's segments with the exclusion of Quebecor World. Intercompany transactions and balances with Quebecor World have not been eliminated.

"Quebecor World Inc." columns

The results of operations, cash flow and the financial position of Quebecor World are shown in separate columns entitled "Quebecor World Inc." These columns represent the Company's interest in the activities of Quebecor World. Net asset attributable to non-controlling interest is also presented in Quebecor World Inc. columns. Intercompany transactions with Quebecor Media and Quebecor have not been eliminated.

Dividend

On May 8, 2008, the Board of Directors of Quebecor declared a quarterly dividend of $0.05 per share on Class A Multiple Voting Shares and Class B Subordinate Voting Shares, payable on June 17, 2008 to shareholders of record at the close of business on May 23, 2008. This dividend is designated to be an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.

Detailed financial information

For a detailed analysis of the results of Quebecor Inc. and its subsidiaries for the fourth quarter and fiscal year of 2007, please refer to the Management Discussion and Analysis and consolidated financial statements of Quebecor Inc. at http://www.quebecor.com/InvestorCenter/QIQuarterlyReports.aspx.

See also the Company's press release of February 26, 2007 concerning the results of Quebecor Media Inc., and the press release, Management Discussion and Analysis and consolidated financial results published on April 29, 2008 by Quebecor World Inc.

Quebecor Inc. and Quebecor Media documents are also available on the Company's website at http://www.quebecor.com/InvestorCenter/QIQuarterlyReports.aspx and from the SEDAR filing service at http://www.sedar.com. Quebecor World documents are available on its website at http://www.quebecorworld.com, in the "Investors" section.

Forward-looking statements

The statements in this press release that are not historical facts are forward-looking statements and are subject to significant known and unknown risks, uncertainties and assumptions which could cause the Company's actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements may be identified by the use of the conditional or by forward-looking terminology such as the terms "plans," "expects," may," "anticipates," "intends," "estimates," "projects," "seeks," "believes" or similar terms, variations of such terms or the negative of such terms. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for the Company's products and pricing actions by competitors), insurance risk, risks associated with capital investment (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with labour agreements, risks associated with commodities and energy prices (including fluctuations in the cost and availability of raw materials), credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks related to government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's public filings available at www.sedar.com and www.quebecor.com including, in particular, the "Risks and Uncertainties" section in the Company's Management Discussion and Analysis for the financial year ended December 31, 2007.

The forward-looking statements in this report reflect the Company's expectations as of May 8, 2008, and are subject to change after that date. The Company expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

The Company

Quebecor Inc. (TSX: QBR.A)(TSX:QBR.B) is a holding company with interests in two companies, Quebecor Media Inc. and Quebecor World Inc. Quebecor holds a 54.7% interest in Quebecor Media, which owns operating companies in numerous media-related businesses: Videotron Ltd., the largest cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, the largest publisher of newspapers in Canada; Quebecor MediaPages, a publisher of print and online directories; TVA Group Inc., operator of the largest French-language over-the-air television network in Quebec, a number of specialty channels, and the English-language over-the-air station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; magazine publisher TVA Publishing Inc.; book publisher and distributor Quebecor Media Book Group Inc.; Archambault Group Inc. and TVA Films, companies engaged in the production, distribution and retailing of cultural products, and Le SuperClub Videotron ltee, a DVD and console game rental and retail chain. Quebecor World is a commercial print media services company with operations in North America, Europe, Latin America and Asia.



QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2007 and 2006
(in millions of Canadian
dollars, except earnings per share data)
(audited)

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Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
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2007 2006 2007 2006
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REVENUES $9,382.5 $9,809.9 $3,365.9 $2,998.6

Cost of sales and selling and
administrative expenses 7,974.5 8,395.4 2,416.6 2,210.1
Amortization 628.3 611.9 291.0 261.5
Financial expenses 456.4 408.5 267.2 256.3
Reserve for restructuring of
operations, impairment of
assets and other
special charges 341.0 145.9 11.6 18.9
Gain on re-measurement of
exchangeable debentures
and a portfolio investment (146.9) (27.7) (146.9) (27.7)
Loss on debt refinancing 57.1 342.6 1.0 342.6
Loss (gain) on sale of
businesses and other assets 14.3 0.3 (0.4) (2.2)
Impairment of goodwill and
intangible assets 2,054.8 180.0 5.4 180.0
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(LOSS) INCOME BEFORE INCOME
TAXES, DIVIDENDS ON
PREFERRED SHARES OF
SUBSIDIARIES AND
NON-CONTROLLING INTEREST (1,997.0) (247.0) 520.4 (240.9)

Income taxes :
Current 18.9 (39.0) 15.2 5.4
Future (249.3) (73.2) 14.9 (76.6)
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(230.4) (112.2) 30.1 (71.2)
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(1,766.6) (134.8) 490.3 (169.7)

Dividends on preferred shares
of subsidiaries,
net of income taxes (32.5) (38.8) - -
Non-controlling interest 827.0 79.5 (160.3) 77.6
Share of Quebecor World Inc.
net loss - - (1,302.1) (2.9)
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LOSS FROM CONTINUING
OPERATIONS (972.1) (94.1) (972.1) (95.0)
Income (loss) from
discontinued operations 2.9 0.2 2.9 1.1
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NET LOSS $(969.2) $(93.9) $(969.2) $(93.9)
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EARNINGS PER SHARE
Basic
From continuing operations $(15.12) $(1.46)
Net loss (15.07) (1.46)
Diluted
From continuing operations $(15.17) $(1.46)
Net loss (15.12) (1.46)
---------------------------------------------------
---------------------------------------------------

Basic and diluted weighted
average number of
shares (in millions) 64.3 64.3
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Quebecor World Inc.
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2007 2006
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REVENUES $6,094.2 $6,901.8

Cost of sales and selling and administrative
expenses 5,635.5 6,275.8
Amortization 337.3 350.4
Financial expenses 189.2 152.2
Reserve for restructuring of operations, impairment
of assets and other special charges 329.4 127.0
Gain on re-measurement of exchangeable debentures
and a portfolio investment - -
Loss on debt refinancing 56.1 -
Loss (gain) on sale of businesses and other assets 14.7 2.5
Impairment of goodwill and intangible assets 2,049.4 -
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(LOSS) INCOME BEFORE INCOME TAXES,
DIVIDENDS ON PREFERRED SHARES OF
SUBSIDIARIES AND NON-CONTROLLING INTEREST (2,517.4) (6.1)

Income taxes :
Current 3.7 (44.4)
Future (264.2) 3.4
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(260.5) (41.0)
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(2,256.9) 34.9

Dividends on preferred shares of subsidiaries,
net of income taxes (32.5) (38.8)
Non-controlling interest 987.3 1.9
Share of Quebecor World Inc. net loss - -
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LOSS FROM CONTINUING OPERATIONS (1,302.1) (2.0)
Income (loss) from discontinued operations - (0.9)
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NET LOSS $(1,302.1) $(2.9)
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QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three-month periods ended December 31, 2007 and 2006
(in millions of Canadian dollars, except earnings per share data)
(unaudited)

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Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
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2007 2006 2007 2006
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REVENUS $2,431.6 $2,666.5 $964.9 $844.2

Cost of sales and selling and
administrative expenses 2,055.9 2,255.4 686.8 614.4
Amortization 162.2 165.7 75.9 68.5
Financial expenses 129.4 109.2 79.7 76.7
Reserve for restructuring of
operations, impairment of
assets and other
special charges 116.8 62.9 (3.5) 9.5
(Gain) loss on re-measurement
of exchangeable debentures
and a portfolio investment (98.5) 23.2 (98.5) 23.2
Loss on debt refinancing 1.0 0.5 1.0 0.5
Loss (gain) on sale of
businesses and other assets 0.1 (1.3) - (13.6)
Impairment of goodwill and
intangible assets 1,880.4 180.0 5.4 180.0
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(LOSS) INCOME BEFORE INCOME
TAXES, DIVIDENDS ON PREFERRED
SHARES OF SUBSIDIARIES AND
NON-CONTROLLING INTEREST (1,815.7) (129.1) 218.1 (115.0)

Income taxes :
Current 11.0 (41.3) 14.0 1.5
Future (203.7) 32.9 (42.3) 17.3
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(192.7) (8.4) (28.3) 18.8
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(1,623.0) (120.7) 246.4 (133.8)
Dividends on preferred shares
of subsidiaries,
net of income taxes (7.2) (8.8) - -
Non-controlling interest 667.6 48.3 (56.2) 51.3
Share of Quebecor World Inc.
net (loss) income - - (1,152.9) 1.2
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(LOSS) INCOME FROM CONTINUING
OPERATIONS (962.6) (81.2) (962.7) (81.3)
Income (loss) from
discontinued operations - 0.4 0.1 0.5
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NET (LOSS) INCOME $(962.6) $(80.8) $(962.6) $(80.8)
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EARNINGS PER SHARE
Basic
From continuing operations $(14.96) $(1.26)
Net loss (14.96) (1.26)
Diluted
From continuing operations $(14.99) $(1.26)
Net loss (14.99) (1.26)
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Basic and diluted weighted
average number of
shares (in millions) 64.3 64.3
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Quebecor World Inc.
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2007 2006
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REVENUS $1,487.6 $1,844.5

Cost of sales and selling and administrative
expenses 1,390.0 1,663.2
Amortization 86.3 97.2
Financial expenses 49.7 32.5
Reserve for restructuring of operations, impairment
of assets
and other special charges 120.3 53.4
(Gain) loss on re-measurement of exchangeable
debentures and a
portfolio investment - -
Loss on debt refinancing - -
Loss (gain) on sale of businesses and other assets 0.1 12.3
Impairment of goodwill and intangible assets 1,875.0 -
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(LOSS) INCOME BEFORE INCOME TAXES,
DIVIDENDS ON PREFERRED SHARES OF
SUBSIDIARIES AND NON-CONTROLLING INTEREST (2,033.8) (14.1)

Income taxes :
Current (3.0) (42.8)
Future (161.4) 15.6
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(164.4) (27.2)
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(1,869.4) 13.1
Dividends on preferred shares of subsidiaries,
net of income taxes (7.2) (8.8)
Non-controlling interest 723.8 (3.0)
Share of Quebecor World Inc. net (loss) income - -
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(LOSS) INCOME FROM CONTINUING OPERATIONS (1,152.8) 1.3
Income (loss) from discontinued operations (0.1) (0.1)
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NET (LOSS) INCOME $ (1,152.9) $ 1.2
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QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Years ended December 31, 2007 and 2006
(in millions of Canadian dollars)
(audited)
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Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
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2007 2006 2007 2006
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Net loss $(969.2) $(93.9) $(969.2) $(93.9)

Other comprehensive income
(loss), net of income taxes
and non-controlling
interest:

Unrealized (loss) gain on
translation of net
investments in foreign
operations (129.3) 8.2 5.5 0.7
Reclassification in income
of translation loss on net
investments in foreign
operations 1.6 1.4 1.6 -
Unrealized gain on
derivative instruments 29.8 - 26.3 -
Reclassification in income
of loss on derivative
instruments 1.8 - - -
Share of other
comprehensive (loss) income
from Quebecor World Inc. - - (129.5) 8.9
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(96.1) 9.6 (96.1) 9.6

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Comprehensive (loss) income $(1,065.3) $(84.3) $(1,065.3) $(84.3)
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Quebecor World Inc.
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2007 2006
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Net loss $(1,302.1) $(2.9)

Other comprehensive income (loss),
net of income taxes and non-controlling interest:

Unrealized (loss) gain on translation of net
investments in foreign operations (134.8) 7.5
Reclassification in income of translation
loss on net investments in foreign operations - 1.4
Unrealized gain on derivative instruments 3.5 -
Reclassification in income of loss on derivative
instruments 1.8 -
Share of other comprehensive (loss) income
from Quebecor World Inc. - -
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(129.5) 8.9

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Comprehensive (loss) income $(1,431.6) $6.0
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three-months periods ended December 31, 2007 and 2006
(in millions of Canadian dollars)
(unaudited)

--------------------------------------------------------------------------
Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
--------------------------------------------------------------------------
2007 2006 2007 2006
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Net loss (income) $(962.6) $(80.8) $(962.6) $(80.8)

Other comprehensive income
(loss), net of income taxes
and non-controlling
interest:

Unrealized gain on
translation of net
investments in foreign
operations 4.1 40.2 - 0.6
Reclassification in income
of translation loss on net
investments in foreign
operations 1.4 0.8 1.4 -
Unrealized gain (loss) on
derivative instruments 16.2 - 16.6 -
Reclassification in income
of loss on derivative
instruments 0.3 - - -
Share of other
comprehensive income
from Quebecor World Inc. - - 4.0 40.4
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22.0 41.0 22.0 41.0
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Comprehensive (loss) income $(940.6) $(39.8) $(940.6) $(39.8)
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Quebecor World Inc.
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2007 2006
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Net loss (income) $(1,152.9) $1.2

Other comprehensive income (loss),
net of income taxes and non-controlling interest:

Unrealized gain on translation of net
investments in foreign operations 4.1 39.6
Reclassification in income of translation loss on
net investments in foreign operations - 0.8
Unrealized gain (loss) on derivative instruments (0.4) -
Reclassification in income of loss on derivative
instruments 0.3 -
Share of other comprehensive income
from Quebecor World Inc. - -
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4.0 40.4
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Comprehensive (loss) income $(1,148.9) $41.6
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(in millions of Canadian dollars)

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Three months ended Twelve months ended
December 31 December 31
--------------------------------------------------------------------------
2007 2006 2007 2006

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(unaudited) (audited)

Balance at beginning of
period, as previously
reported $1,378.0 $1,250.0 $1,165.9 $1,272.7

Cumulative effect of
changes in accounting
policies - - 220.0 -
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As revised 1,378.0 1,250.0 1,385.9 1,272.7

Net loss (962.6) (80.8) (969.2) (93.9)
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415.4 1,169.2 416.7 1,178.8

Redemption of convertible
notes - - 8.3 -
Dividends (3.3) (3.3) (12.9) (12.9)
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Balance at end of year $412.1 $1,165.9 $412.1 $1,165.9
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QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2007 and 2006
(in millions of Canadian dollars)
(audited)

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Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
--------------------------------------------------------------------------
2007 2006 2007 2006
--------------------------------------------------------------------------

Cash flows related to
operations
Loss from continuing
operations $(972.1) $(94.1) $(972.1) $(95.0)
Adjustments for :
Amortization of property,
plant and equipment 610.7 601.8 276.0 252.0
Amortization of deferred
charges and other assets 17.6 10.1 15.0 9.5
Amortization of contract
acquisition costs 62.0 33.9 - -
Impairment of assets and
non-cash portion of
restructuring charges 283.2 39.6 - -
Impairment of goodwill and
intangible assets 2,054.8 180.0 5.4 180.0
Net (gain) loss on
derivative instruments and
on foreign currency
translation of financial
instruments (11.2) (12.6) 4.7 1.2
Loss (gain) on sale of
businesses, property, plant
and equipment
and other assets 13.2 (9.0) 6.3 1.8
Gain on re-measurement of
exchangeable debentures
and a portfolio investment (146.9) (27.7) (146.9) (27.7)
Loss on revaluation of the
Additional Amount payable 5.2 10.5 5.2 10.5
Loss on debt refinancing 57.1 342.6 1.0 342.6
Repayment of accrued
interest on
Senior Discount Notes - (197.3) - (197.3)
Amortization of deferred
financing costs and
long-term debt discount 11.1 11.6 4.9 8.4
Future income taxes (249.3) (73.2) 14.9 (76.6)
Non-controlling interest (827.0) (79.5) 160.3 (77.6)
Share of Quebecor World
Inc. net loss - - 1,302.1 2.9
Other 9.2 8.2 4.3 (1.3)
--------------------------------------------------------------------------
917.6 744.9 681.1 333.4
Net change in non-cash
balances related to
operations (79.8) (207.4) 50.0 (12.6)
-------------------------------------------------------------------------
Cash flows provided by
continuing operations 837.8 537.5 731.1 320.8
Cash flows provided by
discontinued operations 1.4 1.2 1.4 1.2
--------------------------------------------------------------------------
Cash flows provided by
operations 839.2 538.7 732.5 322.0
--------------------------------------------------------------------------
Cash flows related to
investing activities
Business acquisitions, net
of cash and cash equivalents (442.3) (10.6) (438.6) (10.5)
Proceeds from disposal of
businesses, net of cash
and cash equivalents 8.5 33.4 8.5 0.5
Additions to property,
plant and equipment (833.9) (796.9) (492.8) (441.7)
Net decrease in temporary
investments 1.1 39.2 1.1 39.2
Net decrease (increase) in
restricted cash, cash
equivalents and temporary
investments 10.1 (14.1) 2.8 2.9
Proceeds from disposal of
assets 114.5 104.3 7.7 9.6
Other (1.5) (3.3) (1.5) (1.7)
--------------------------------------------------------------------------
Cash flows used in investing
activities (1,143.5) (648.0) (912.8) (401.7)
--------------------------------------------------------------------------
Cash flows related to
financing activities
Net increase (decrease) in
bank indebtedness 11.2 8.0 (6.9) 8.0
Increase in short-term
secured financing 84.0 - - -
Issuance of long-term debt,
net of financing fees 855.4 2,318.1 789.3 1,225.8
Net borrowings (repayments)
under revolving
and bridge bank facilities 489.5 (269.1) (105.8) 14.4
Repayments of long-term
debt and unwinding of
hedging contracts (682.7) (1,722.9) (306.7) (1,201.8)
Repurchase of Preferred
Shares of a subsidiary - (200.0) - -
Repayment of the Additional
Amount payable (127.2) - (127.2) -
Repayment of convertible
notes (127.8) - - -
Issuance of capital stock
by subsidiaries 5.4 9.1 - 0.1
Dividends (12.9) (12.9) (12.9) (12.9)
Dividends received from
Quebecor World Inc. - - - 15.8
Dividends paid to
non-controlling shareholders (53.9) (81.0) (53.9) (52.0)
Net decrease in prepayments
under cross-currency
swap agreements - 21.6 - 21.6
Other (3.2) (0.9) (3.2) (0.9)
--------------------------------------------------------------------------
Cash flows provided by
financing activities 437.8 70.0 172.7 18.1
--------------------------------------------------------------------------
Net increase (decrease) in
cash and cash equivalents 133.5 (39.3) (7.6) (61.6)
Effect of exchange rate
changes on cash and cash
equivalents denominated in
foreign currencies (101.7) (22.5) 0.3 0.3
Cash and cash equivalents at
beginning of year 34.7 96.5 13.9 75.2
--------------------------------------------------------------------------
Cash and cash equivalents at
end of year $66.5 $34.7 $6.6 $13.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Cash and cash equivalents
consist of
Cash $54.8 $25.9 $6.6 $13.9
Cash equivalents 11.7 8.8 - -
--------------------------------------------------------------------------
$66.5 $34.7 $6.6 $13.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash interest payments $398.2 $626.7 $270.4 $465.2
Cash income taxes payments
(net of refunds) (10.6) 46.8 (1.2) 9.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------


--------------------------------------------------------------------------
Quebecor World Inc.
--------------------------------------------------------------------------
2007 2006
--------------------------------------------------------------------------

Cash flows related to operations
Loss from continuing operations $(1,302.1) $(2.0)
Adjustments for :
Amortization of property, plant and equipment 334.7 349.8
Amortization of deferred charges and other assets 2.6 0.6
Amortization of contract acquisition costs 62.0 33.9
Impairment of assets and non-cash portion of
restructuring charges 283.2 39.6
Impairment of goodwill and intangible assets 2,049.4 -
Net (gain) loss on derivative instruments and on
foreign currency translation of financial
instruments (15.9) (13.8)
Loss (gain) on sale of businesses, property, plant
and equipment and other assets 6.9 (10.8)
Gain on re-measurement of exchangeable debentures
and a portfolio investment - -
Loss on revaluation of the Additional Amount
payable - -
Loss on debt refinancing 56.1 -
Repayment of accrued interest on
Senior Discount Notes - -
Amortization of deferred financing costs and
long-term debt discount 6.2 3.2
Future income taxes (264.2) 3.4
Non-controlling interest (987.3) (1.9)
Share of Quebecor World Inc. net loss - -
Other 4.9 9.5
--------------------------------------------------------------------------
236.5 411.5
Net change in non-cash balances related to
operations (129.8) (194.8)
--------------------------------------------------------------------------
Cash flows provided by continuing
operations 106.7 216.7
Cash flows provided by discontinued operations - -
--------------------------------------------------------------------------
Cash flows provided by operations 106.7 216.7
--------------------------------------------------------------------------
Cash flows related to investing activities
Business acquisitions, net of cash and cash
equivalents (3.7) (0.1)
Proceeds from disposal of businesses, net of cash
and cash equivalents - 32.9
Additions to property, plant and equipment (341.1) (355.2)
Net decrease in temporary investments - -
Net decrease (increase) in restricted cash, cash
equivalents and temporary investments 7.3 (17.0)
Proceeds from disposal of assets 106.8 94.7
Other - (1.6)
--------------------------------------------------------------------------
Cash flows used in investing activities (230.7) (246.3)
--------------------------------------------------------------------------
Cash flows related to financing activities
Net increase (decrease) in bank indebtedness 18.1 -
Increase in short-term secured financing 84.0 -
Issuance of long-term debt, net of financing fees 66.1 1,092.3
Net borrowings (repayments) under revolving
and bridge bank facilities 595.3 (283.5)
Repayments of long-term debt and unwinding of
hedging contracts (376.0) (521.1)
Repurchase of Preferred Shares of a subsidiary - (200.0)
Repayment of the Additional Amount payable - -
Repayment of convertible notes (127.8) -
Issuance of capital stock by subsidiaries 5.4 9.0
Dividends - (15.8)
Dividends received from Quebecor World Inc. - -
Dividends paid to non-controlling shareholders - (29.0)
Net decrease in prepayments under
cross-currency swap agreements - -
Other - -
--------------------------------------------------------------------------
Cash flows provided by financing activities 265.1 51.9
--------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 141.1 22.3
Effect of exchange rate changes on cash and cash
equivalents denominated in foreign currencies (102.0) (22.8)
Cash and cash equivalents at beginning of year 20.8 21.3
--------------------------------------------------------------------------
Cash and cash equivalents at end of year $59.9 $20.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash and cash equivalents consist of Cash $48.2 $12.0
Cash equivalents 11.7 8.8
--------------------------------------------------------------------------
$59.9 $20.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash interest payments $127.8 $161.5
Cash income taxes payments (net of refunds) (9.4) 36.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------



QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three-month periods ended December 31, 2007 and 2006
(in millions of Canadian dollars)
(unaudited)
--------------------------------------------------------------------------
Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
--------------------------------------------------------------------------
2007 2006 2007 2006
--------------------------------------------------------------------------

Cash flows related to
operations
(Loss) income from
continuing operations $(962.6) $(81.2) $(962.7) $(81.3)
Adjustments for :
Amortization of property,
plant and equipment 153.0 161.7 69.6 65.4
Amortization of deferred
charges and other assets 9.2 4.0 6.3 3.1
Amortization of contract
acquisition costs 43.9 12.3 - -
Impairment of assets and
non-cash portion of
restructuring charges 115.2 28.4 - -
Impairment of goodwill
and intangible assets 1,880.4 180.0 5.4 180.0
Net (gain) loss on

derivative instruments and
on foreign currency
translation of financial
instruments (7.6) (4.3) 2.1 (3.0)
Loss (gain) on sale of
businesses, property,
plant and equipment
and other assets 3.2 (10.0) 4.9 2.2
(Gain) loss on
re-measurement of
exchangeable debentures
and a portfolio
investment (98.5) 23.2 (98.5) 23.2
Loss on revaluation of
the Additional Amount
payable - 8.1 - 8.1
Loss on debt refinancing 1.0 0.5 1.0 0.5
Amortization of deferred
financing costs and
long-term debt discount 4.8 2.1 1.9 1.3
Future income taxes (203.7) 32.9 (42.3) 17.3
Non-controlling interest (667.6) (48.3) 56.2 (51.3)
Share of Quebecor World
Inc. net loss - - 1,152.9 (1.2)
Other 5.9 0.7 2.4 (3.0)
--------------------------------------------------------------------------
276.6 310.1 199.2 161.3
Net change in non-cash
balances related to
operations (5.6) (62.5) 85.8 60.6
--------------------------------------------------------------------------
Cash flows provided by
continuing operations 271.0 247.6 285.0 221.9
Cash flows provided by
discontinued operations - 1.4 - 0.6
--------------------------------------------------------------------------
Cash flows provided by
operations 271.0 249.0 285.0 222.5
--------------------------------------------------------------------------
Cash flows related to
investing activities
Business acquisitions,
net of cash and cash
equivalents (2.1) (1.2) (2.1) (1.2)
Proceeds from disposal of
businesses, net of cash
and cash equivalents 0.8 1.5 0.8 0.5
Additions to property,
plant and equipment (296.4) (218.4) (175.4) (110.7)
Net increase in temporary
investments (0.1) (1.3) (0.1) (1.3)
Net decrease (increase)
in restricted cash, cash
equivalents and temporary
investments 5.9 - - 1.8
Proceeds from disposal of
assets 33.0 85.0 2.5 0.9
Other (0.4) (0.8) (0.6) (0.4)
--------------------------------------------------------------------------
Cash flows used in
investing activities (259.3) (135.2) (174.9) (110.4)
--------------------------------------------------------------------------
Cash flows related to
financing activities
Net increase (decrease)
in bank indebtedness 26.4 (2.7) 8.3 (2.7)
Increase in short-term
secured financing 84.0 - - -
Issuance of long-term
debt, net of
financing fees 782.0 471.1 760.7 0.1
Net (repayments)
borrowings under revolving
and bridge bank
facilities (204.3) (334.2) (605.0) (84.0)
Repayments of long-term
debt and unwinding of
hedging contracts (649.5) (58.2) (286.2) (28.5)
Repurchase of Preferred
Shares of a subsidiary - (200.0) - -
Issuance of capital stock
by subsidiaries 0.8 2.7 - (0.1)
Dividends (3.3) (3.3) (3.3) (3.3)
Dividends paid to

non-controlling
shareholders (30.6) (7.4) (30.6) (7.4)
Other - 0.1 - 0.1
--------------------------------------------------------------------------
Cash flows (used for)
provided by
financing activities 5.5 (131.9) (156.1) (125.8)
--------------------------------------------------------------------------
Net increase (decrease) in
cash and cash equivalents 17.2 (18.1) (46.0) (13.7)
Effect of exchange rate
changes on cash and cash
equivalents denominated
in foreign currencies (36.4) (3.9) 2.1 (1.1)
Cash and cash equivalents
at beginning of year 85.7 56.7 50.5 28.7
--------------------------------------------------------------------------
Cash and cash equivalents
at end of year $66.5 $34.7 $6.6 $13.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Cash and cash equivalents
consist of
Cash $54.8 $25.9 $6.6 $13.9
Cash equivalents 11.7 8.8 - -
--------------------------------------------------------------------------
$66.5 $34.7 $6.6 $13.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Cash interest payments $96.0 $99.0 $101.3 $54.3
Cash income taxes payments
(net of refunds) (9.2) (22.8) 1.5 0.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------


--------------------------------------------------------------------------
Quebecor World Inc.
--------------------------------------------------------------------------
2007 2006
--------------------------------------------------------------------------

Cash flows related to operations
(Loss) income from continuing operations $(1,152.8) $1.3
Adjustments for :
Amortization of property, plant and equipment 83.4 96.3
Amortization of deferred charges and other assets 2.9 0.9
Amortization of contract acquisition costs 43.9 12.3
Impairment of assets and non-cash portion of
restructuring charges 115.2 28.4
Impairment of goodwill and intangible assets 1,875.0 -
Net (gain) loss on derivative instruments and on
foreign currency translation of financial instruments (9.7) (1.3)
Loss (gain) on sale of businesses, property, plant
and equipment and other assets (1.7) (12.2)
(Gain) loss on re-measurement of exchangeable
debentures and a portfolio investment - -
Loss on revaluation of the Additional Amount
payable - -
Loss on debt refinancing - -
Amortization of deferred financing costs and
long-term debt discount 2.9 0.8
Future income taxes (161.4) 15.6
Non-controlling interest (723.8) 3.0
Share of Quebecor World Inc. net loss - -
Other 3.5 3.7
--------------------------------------------------------------------------
77.4 148.8
Net change in non-cash balances related to
operations (91.4) (123.1)
--------------------------------------------------------------------------
Cash flows provided by continuing
operations (14.0) 25.7
Cash flows provided by discontinued operations - 0.8
--------------------------------------------------------------------------
Cash flows provided by operations (14.0) 26.5
--------------------------------------------------------------------------
Cash flows related to investing activities
Business acquisitions, net of cash and cash
equivalents - -
Proceeds from disposal of businesses, net of cash
and cash equivalents - 1.0
Additions to property, plant and equipment (121.0) (107.7)
Net increase in temporary investments - -
Net decrease (increase) in restricted cash, cash
equivalents and temporary investments 5.9 (1.8)
Proceeds from disposal of assets 30.5 84.1
Other 0.2 (0.4)

--------------------------------------------------------------------------
Cash flows used in investing activities (84.4) (24.8)
--------------------------------------------------------------------------
Cash flows related to financing activities
Net increase (decrease) in bank indebtedness 18.1 -
Increase in short-term secured financing 84.0 -
Issuance of long-term debt, net of financing fees 21.3 471.0
Net (repayments) borrowings under revolving
and bridge bank facilities 400.7 (250.2)
Repayments of long-term debt and unwinding of
hedging contracts (363.3) (29.7)
Repurchase of Preferred Shares of a subsidiary - (200.0)
Issuance of capital stock by subsidiaries 0.8 2.8
Dividends - -
Dividends paid to non-controlling shareholders - -
Other - -
--------------------------------------------------------------------------
Cash flows (used for) provided by
financing activities 161.6 (6.1)
--------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 63.2 (4.4)
Effect of exchange rate changes on cash and cash
equivalents denominated in foreign currencies (38.5) (2.8)
Cash and cash equivalents at beginning of year 35.2 28.0
--------------------------------------------------------------------------
Cash and cash equivalents at end of year $59.9 $20.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash and cash equivalents consist of
Cash $11.7 $12.0
Cash equivalents 48.2 8.8
--------------------------------------------------------------------------
$59.9 $20.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash interest payments $(5.3) $44.7
Cash income taxes payments (net of refunds) (10.7) (23.7)
--------------------------------------------------------------------------
--------------------------------------------------------------------------



QUEBECOR INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions of Canadian dollars)
(audited)
--------------------------------------------------------------------------
Quebecor Inc. Quebecor Inc. and
(consolidated) Quebecor Media Inc.
--------------------------------------------------------------------------
2007 2006 2007 2006
--------------------------------------------------------------------------

ASSETS

CURRENT ASSETS
Cash and cash equivalents $66.5 $34.7 $6.6 $13.9
Restricted cash, cash
equivalents and temporary
investments 5.2 8.0 5.2 8.0
Temporary investments 0.2 1.4 0.2 1.4
Accounts receivable 1,513.4 945.9 502.6 426.5
Amount receivable from
related parties - - 12.8 1.7
Income taxes 25.9 58.4 10.6 17.4
Inventories and investments
in televisual
products and movies 529.9 574.4 169.0 158.7
Prepaid expenses 51.1 51.8 32.9 24.9
Future income taxes 223.7 113.2 195.6 65.9
--------------------------------------------------------------------------
2,415.9 1,787.8 935.5 718.4

PROPERTY, PLANT AND EQUIPMENT 4,121.1 4,517.7 2,151.3 1,851.9
FUTURE INCOME TAXES 65.1 70.6 54.1 70.6
RESTRICTED CASH 53.8 56.0 - -
OTHER ASSETS 664.7 706.0 480.7 441.1
GOODWILL 4,417.8 6,474.4 4,082.1 3,722.6
EQUITY INVESTMENT IN
QUEBECOR WORLD INC. - - - 706.2
--------------------------------------------------------------------------
$11,738.4 $13,612.5 $7,703.7 $7,510.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS'
EQUITY

CURRENT LIABILITIES
Bank indebtedness $88.6 $21.6 $16.9 $21.6
Accounts payable, accrued
charges
and deferred revenue 1,937.8 1,871.3 962.0 762.5
Income taxes 58.0 44.5 19.2 4.8
Amount payable to related
parties - - 20.1 23.5
Future income taxes 1.2 1.6 - -
Short-term secured financing 453.5 - - -
Additional Amount payable - 122.0 - 122.0
Current portion of long-term
debt 1,028.4 59.0 24.7 23.2
--------------------------------------------------------------------------
3,567.5 2,120.0 1,042.9 957.6

LONG-TERM DEBT 4,393.8 5,209.4 3,105.8 2,897.3
EXCHANGEABLE DEBENTURES 79.4 302.8 79.4 302.8
CONVERTIBLE NOTES - 137.2 - -
DERIVATIVE FINANCIAL
INSTRUMENTS 599.8 250.0 538.6 231.3
OTHER LIABILITIES 407.6 784.6 126.7 472.8
FUTURE INCOME TAXES 514.7 635.3 385.2 180.9
PREFERRED SHARES OF A
SUBSIDIARY 175.0 175.0 - -
NET ASSETS DEFICIENCY OF
QUEBECOR WORLD INC. - - 724.5 -
NON-CONTROLLING INTEREST 1,563.7 2,689.5 1,263.7 1,159.4

NET SHARE OF EQUITY (DEFICIT)
OF QUEBECOR WORLD INC.

SHAREHOLDERS' EQUITY
Capital stock 346.6 346.6 346.6 346.6
Retained earnings 412.1 1,165.9 412.1 1,165.9
Accumulated other
comprehensive loss (321.8) (203.8) (321.8) (203.8)
--------------------------------------------------------------------------
436.9 1,308.7 436.9 1,308.7
--------------------------------------------------------------------------
$11,738.4 $13,612.5 $7,703.7 $7,510.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Quebecor World Inc.
--------------------------------------------------------------------------
2007 2006

ASSETS

CURRENT ASSETS
Cash and cash equivalents $59.9 $20.8
Restricted cash, cash equivalents and temporary
investments - -
Temporary investments - -
Accounts receivable 1,010.8 519.4
Amount receivable from related parties 20.1 23.5
Income taxes 15.3 41.0
Inventories and investments in televisual
products and movies 360.9 415.7
Prepaid expenses 18.2 26.9
Future income taxes 28.1 47.3
--------------------------------------------------------------------------
1,513.3 1,094.6

PROPERTY, PLANT AND EQUIPMENT 1,969.8 2,665.8
FUTURE INCOME TAXES 11.0 -
RESTRICTED CASH 53.8 56.0
OTHER ASSETS 198.3 264.9
GOODWILL 335.7 2,751.8
EQUITY INVESTMENT IN
QUEBECOR WORLD INC. - -
--------------------------------------------------------------------------
$ 4,081.9 $ 6,833.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Bank indebtedness $71.7 $-
Accounts payable, accrued charges
and deferred revenue 975.8 1,108.8
Income taxes 38.8 39.7
Amount payable to related parties 12.8 1.7
Future income taxes 1.2 1.6
Short-term secured financing 453.5 -
Additional Amount payable - -
Current portion of long-term debt 1,003.7 35.8
--------------------------------------------------------------------------
2,557.5 1,187.6

LONG-TERM DEBT 1,288.0 2,312.1
EXCHANGEABLE DEBENTURES - -
CONVERTIBLE NOTES - 137.2
DERIVATIVE FINANCIAL INSTRUMENTS 61.2 18.7
OTHER LIABILITIES 295.2 311.8
FUTURE INCOME TAXES 129.5 454.4
PREFERRED SHARES OF A SUBSIDIARY 175.0 175.0
NET ASSETS DEFICIENCY OF
QUEBECOR WORLD INC. - -
NON-CONTROLLING INTEREST 300.0 1,530.1

NET SHARE OF EQUITY (DEFICIT) OF
QUEBECOR WORLD INC. (724.5) 706.2

SHAREHOLDERS' EQUITY
Capital stock
Retained earnings
Accumulated other comprehensive loss

--------------------------------------------------------------------------
$4,081.9 $6,833.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------



QUEBECOR INC. AND ITS SUBSIDIARIES
SEGMENTED INFORMATION
(in millions of Canadian dollars)

--------------------------------------------------------------------------
Three months ended Twelve months ended
December 31 December 31
2007 2006 2007 2006
(unaudited) (audited)
--------------------------------------------------------------------------
Revenues
Cable $427.3 $362.9 $1,552.6 $1,309.5
Newspapers 306.5 246.7 1,028.1 928.2
Broadcasting 124.1 119.9 415.5 393.3
Leisure and entertainment 103.4 105.1 329.8 315.8
Interactive Technologies and
Communications 20.1 20.0 82.0 73.9
Internet/Portals 13.7 11.6 48.3 41.6
Head Office and inter-segment (30.2) (22.0) (90.4) (63.7)
--------------------------------------------------------------------------
964.9 844.2 3,365.9 2,998.6

Printing 1,487.6 1,844.5 6,094.2 6,901.8
Inter-segment between Printing
and other segments (20.9) (22.2) (77.6) (90.5)
--------------------------------------------------------------------------
$2,431.6 $2,666.5 $9,382.5 $9,809.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Income before amortization,
financial expenses, reserve
for restructuring of
operations, impairment of
assets and other special
charges, (gain) loss on
re-measurement of exchangeable
debentures and a portfolio
investment, loss on debt
refinancing, loss (gain)
on sale of businesses and
other assets and impairment of
goodwill and intangible assets
Cable $175.7 $139.8 $642.7 $512.5
Newspapers 76.6 63.5 225.9 207.6
Broadcasting 22.8 18.9 59.4 42.1
Leisure and entertainment 10.3 10.0 27.0 19.3
Interactive Technologies and
Communications - 3.3 2.8 7.5
Internet/Portals 2.8 1.6 6.9 10.1
General corporate expenses (10.1) (7.3) (15.4) (10.6)
--------------------------------------------------------------------------
278.1 229.8 949.3 788.5

Printing 97.6 181.3 458.7 626.0
--------------------------------------------------------------------------
$375.7 $411.1 $1,408.0 $1,414.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Amortization
Cable $55.6 $52.1 $219.4 $198.4
Newspapers 13.6 9.2 44.7 36.5
Broadcasting 3.4 3.8 13.2 14.3
Leisure and entertainment 1.9 1.7 7.9 7.2
Interactive Technologies and
Communications 0.8 1.1 3.0 2.3
Internet/Portals 0.5 0.5 1.6 1.1
Head Office 0.1 0.1 1.2 1.7
--------------------------------------------------------------------------
75.9 68.5 291.0 261.5
Printing 86.3 97.2 337.3 350.4
--------------------------------------------------------------------------
$162.2 $165.7 $628.3 $611.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Additions to property, plant
and equipment
Cable $94.3 $85.8 $330.1 $302.6
Newspapers 63.7 15.9 111.4 116.3
Broadcasting 6.5 3.6 16.2 9.0
Leisure and entertainment 1.5 1.1 2.9 3.4
Interactive Technologies and
Communications 0.7 0.9 3.3 1.8
Internet/Portals 1.5 0.7 4.6 1.9
Head Office 7.2 2.7 24.3 6.7
--------------------------------------------------------------------------
175.4 110.7 492.8 441.7

Printing 121.0 107.7 341.1 355.2
--------------------------------------------------------------------------
$296.4 $218.4 $833.9 $796.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Contact Information

  • Quebecor Inc.
    Louis Morin
    Vice President and Chief Financial Officer
    514-380-1912
    or
    Quebecor Inc.
    Luc Lavoie
    Executive Vice President, Corporate Affairs
    514-380-1974
    514-947-6672 (mobile)
    lavoie.luc@quebecor.com