Date: May 13, 2008
Source: BFI Canada Income Fund
BFI Canada Income Fund (the "Fund") (TSX: BFC.UN) reported strong financial
results for the three months ended
Management Commentary
"We achieved an impressive start to the year, with a strong performance throughout our Company as we intensified our focus on growth opportunities," said
"We were able to accomplish this level of internal improvement despite the harsh weather conditions in eastern
Carrigan added, "Our revenue performance in the quarter drove a 14.0% increase in EBITDA, a 25.0% increase excluding the impact of foreign currency translation, and a 20.7% increase in free cash flow available for distribution."
Financial Highlights for the Three Months Ended
Total consolidated revenues increased 20.8% to
Total consolidated revenue growth, excluding the impact of foreign currency translation, was 33.9%.
Total EBITDA(A) growth, excluding the impact of foreign currency translation, was 25.0%.
Free cash flow available for distribution(B) increased to
The Fund's payout ratio was 78.2%.
The Fund's payout ratio excluding the effects of the foreign currency hedge was 79.8%.
Other Highlights for the Three Months Ended
The Fund completed two acquisitions, one in each of the U. S. south and northeast segments.
The Fund's
The Trustees continue to actively work with management to review the Fund's corporate structure in response to changes to the taxation of income trusts and its related impact on the Fund's continuous improvement and growth strategy. No definitive conclusions have been reached as to the appropriate response to date.
Summarized Financial Highlights
Three months
ended
March 31, 2008
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Revenues March 31, 2007 $ 202,300
Organic growth and acquisitions (includes fuel and
environmental surcharges) 68,500
Foreign currency exchange impact (26,453)
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Revenues March 31, 2008 $ 244,347
% Revenue growth before foreign currency exchange impact 33.9%
Total revenue growth % 20.8%
EBITDA(A) March 31, 2007 $ 58,672
Organic growth and acquisitions 14,643
Foreign currency exchange impact (6,457)
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EBITDA(A) March 31, 2008 $ 66,858
% EBITDA(A) growth before foreign currency
exchange impact 25.0%
Total EBITDA(A) growth % 14.0%
Free cash flow available for distribution(B)
March 31, 2007 $ 33,090
Organic growth and acquisitions 9,934
Foreign currency exchange impact (3,084)
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Free cash flow available for distribution(B)
March 31, 2008 $ 39,940
% Free cash flow available for distribution(B) growth
before foreign currency exchange impact 30.0%
Total free cash flow available for distribution(B)
growth % 20.7%
Free cash flow available for distribution(B)
without hedge $ 39,137
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Distributions and dividends declared $ 31,227
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Payout ratio with foreign currency hedge 78.2%
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Payout ratio without foreign currency hedge 79.8%
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Foreign Currency Hedge
A significant portion of the Fund's operating results, maintenance capital and landfill expenditures ("maintenance expenditures"), interest on long-term debt, and cash income taxes reported in Canadian dollars, originate in the U.S. Operating expenses, maintenance expenditures, interest on long-term debt, and cash income taxes originating in the U.S. are settled in U.S. dollars generated from U.S. operations which results in a natural cash flow hedge.
Financial Highlights
(in thousands, except per weighted average trust unit and participating
preferred share ("PPS"))
Three months ended
March 31
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2008 2007
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(unaudited) (unaudited)
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Operating results
Revenues $ 244,347 $ 202,300
Operating expenses 147,148 116,630
Selling, general and administration
expenses ("SG&A") 30,341 26,998
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EBITDA(A) 66,858 58,672
Amortization 42,577 37,918
Interest on long-term debt 13,374 9,894
Financing costs - 864
Net loss (gain) on sale of capital assets 40 (208)
Net loss on financial instruments 9,047 1,855
Net foreign exchange (gain) loss (624) 1,621
Other expenses 31 5
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Income before income taxes and non-controlling
interest 2,413 6,723
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Income tax recovery (8,061) (5,792)
Non-controlling interest 1,698 2,150
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Net income $ 8,776 $ 10,365
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Net income per weighted average trust unit, basic
& diluted $ 0.15 $ 0.19
Trust units and PPSs outstanding
Weighted average number of trust units outstanding 57,568 53,744
Weighted average number of PPSs outstanding 11,138 11,497
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Weighted average number of trust units and PPSs
outstanding 68,706 65,241
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Aggregate number of trust units and PPSs
outstanding 68,706 65,141
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Maintenance and growth expenditures
Maintenance expenditures $ 10,846 $ 12,355
Growth capital and landfill expenditures
("growth expenditures") 12,430 10,184
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Total maintenance and growth expenditures $ 23,276 $ 22,539
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Operating and free cash flow
Cash generated from operating activities $ 42,934 $ 28,455
Free cash flow available for distribution(B) $ 39,940 $ 33,090
Free cash flow available for distribution(B)
per weighted average trust unit and PPS $ 0.58 $ 0.51
Distributions
Distributions declared, trust units $ 26,164 $ 24,553
Dividends declared, PPSs 5,063 5,092
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Total distributions and dividends declared $ 31,227 $ 29,645
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Total distributions and dividends declared per
weighted average trust unit and PPS $ 0.45 $ 0.45
Management's Discussion
(all amounts are in thousands, except per trust unit, PPS, and foreign currency exchange rate amounts)
Foreign Currency Exchange Rates
The Fund reports its financial results in Canadian dollars. Consequently changes in the foreign currency exchange rate between
2008 2007
------------------------------- --------------------------------
Consolidated Consolidated Consolidated Consolidated
Balance Statement of Balance Statement of
Sheet Operations and Sheet Operations and
Comprehensive Comprehensive
Income (Loss) Income (Loss)
----------------------------- ----------------------------------
Cumulative Cumulative
Current Average average Current Average average
----------------------------- ----------------------------------
December 31 $ 0.988 $ 0.982 $ 1.074
March 31 $ 1.028 $ 1.004 $ 1.004 $ 1.153 $ 1.172 $ 1.172
----------------------------- ----------------------------------
Readers are reminded that a significant portion of the Fund's financial results originate in the U.S. The impact of foreign currency exchange on the Fund's consolidated results is included in the Fund's MD&A for the three months ended
Operating Highlights
Three months ended March 31
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2008 2007 $ Change
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Revenues $ 244,347 $ 202,300 $ 42,047
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Canada $ 85,768 $ 73,355 $ 12,413
U.S. south $ 79,816 $ 74,535 $ 5,281
U.S. northeast $ 78,763 $ 54,410 $ 24,353
Operating expenses $ 147,148 $ 116,630 $ 30,518
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Canada $ 46,544 $ 37,667 $ 8,877
U.S. south $ 51,402 $ 48,555 $ 2,847
U.S. northeast $ 49,202 $ 30,408 $ 18,794
SG&A $ 30,341 $ 26,998 $ 3,343
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Canada $ 11,070 $ 10,482 $ 588
U.S. south $ 10,407 $ 10,079 $ 328
U.S. northeast $ 8,864 $ 6,437 $ 2,427
EBITDA(A) $ 66,858 $ 58,672 $ 8,186
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Canada $ 28,154 $ 25,206 $ 2,948
U.S. south $ 18,007 $ 15,901 $ 2,106
U.S. northeast $ 20,697 $ 17,565 $ 3,132
The discussions to follow are in addition to the impact of foreign currency exchange fluctuations which are detailed in the Fund's MD&A for the three months ended
Revenues - Three months ended
The increase in consolidated revenues for the period ended is due in part to organic Canadian and U.S. segment growth, where organic growth excludes the impact of fuel and environmental surcharges, acquisitions, and foreign currency translation. The balance of the increase is attributable to acquisitions and fuel and environmental surcharges. The Fund's U.S. northeast segment continues to experience landfill pricing softness and slightly lower volumes received at its Seneca Meadows landfill. The decline is due to an increase in disposal capacity and an overall economic slowdown in the region.
Operating expenses - Three months ended
Higher total disposal and labour costs are attributable to higher internally collected waste volumes and higher costs to service new and existing customers, contracts, and acquisitions. The balance of the change is due principally to higher vehicle operating costs, including but not limited to fuel and lubricants, and repairs and maintenance expense, partially offset by a decline in insurance expense.
Selling, general and administration expenses - Three months ended
Higher salary expense is due principally to acquisition and organic growth and is the primary reason for the comparative increase. Higher facility, office, and travel expenditures, as a result of acquisition and organic growth, are the primary reasons for the balance of the change.
Free Cash Flow Available for Distribution(B)
Results
Free cash flow available for distribution(B) totalled
Free cash flow available for distribution(B) per weighted average trust unit and PPS for the three months ended
Free Cash Flow Available for Distribution(B) - Cash Flow Approach
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Three months ended March 31
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2008 2007 Change
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Cash generated from operating activities
(per statement of cash flows) $ 42,934 $ 28,455 $ 14,479
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Operating
Write-off of deferred costs (728) (35) (693)
Changes in non-cash working capital items 10,579 18,464 (7,885)
Net change in landfill closure and
post-closure costs (2,234) (2,555) 321
Maintenance expenditures (10,846) (12,355) 1,509
Financing
Amortization of gain on settlement of
bond forward contracts 56 56 -
Financing costs - 864 (864)
Effect of foreign currency hedges to
support Canadian dollar distributions 803 559 244
Realized foreign exchange gain (624) (363) (261)
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Free cash flow available for
distribution(B) $ 39,940 $ 33,090 $ 6,850
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Free Cash Flow Available for Distribution(B) - Operations Approach
Three months ended March 31
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2008 2007 Change
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EBITDA(A) $ 66,858 $ 58,672 $ 8,186
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Amortization of capitalized landfill asset
closure and post-closure costs, including
revisions to estimated cash flows not
recorded to operating expense (1,698) (2,280) 582
Interest on long-term debt (13,374) (9,894) (3,480)
Management transaction bonuses (other
expenses) (31) (5) (26)
Current income taxes (1,828) (1,663) (165)
Maintenance expenditures (10,846) (12,355) 1,509
Effect of foreign currency hedges to
support Canadian dollar distributions 803 559 244
Amortization of gain on settlement of bond
forward contracts 56 56 -
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Free cash flow available for
distribution(B) $ 39,940 $ 33,090 $ 6,850
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Maintenance and Growth Expenditures
Three months ended March 31
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2008 2007 Change
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Total $ 23,276 $ 22,539 $ 737
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Maintenance:
Canada $ 3,364 $ 5,096 $ (1,732)
U.S. 7,482 7,259 223
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Total maintenance $ 10,846 $ 12,355 $ (1,509)
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Growth:
Canada $ 5,817 $ 3,279 $ 2,538
U.S. 6,613 6,905 (292)
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Total growth $ 12,430 $ 10,184 $ 2,246
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Maintenance and growth expenditures include amounts accrued for capital and landfill assets received but for which payment remains outstanding.
Maintenance Expenditures
Three months ended
The Canadian segment decrease is largely attributable to a decline in vehicle and landfill equipment purchases. Landfill equipment purchased in 2007 for the Fund's
Growth Expenditures
Three months ended
Canadian segment residential contract wins which commenced in 2008 exceeded those that commenced in 2007 resulting in an increase in comparative growth expenditures. The timing of landfill expenditures, primarily at the Seneca Meadows landfill is the primary reason for the U.S. segment's decline in growth expenditures.
Distributions
The following table summarizes various details of the Fund's 2008 and 2007 distributions:
Three months ended March 31
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Monthly Annual Percentage
distribution distribution Total increase in
per trust unit per trust distributions total
and PPS unit and PPS and PPS distrib-
dividend dividend dividends utions
declared and PPS
Period dividends
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2008 January-March $ 0.1515 $ 1.8180 $ 31,227 5.3%
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2007 January-March $ 0.1515 $ 1.8180 $ 29,645
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Long-term debt
Summarized details of the Fund's long-term debt facilities are as follows:
Letters of
credit (not
reported as
long-term
debt on the
Facility drawn Consolidated Current
Available at March 31, Balance available
lending 2008 Sheets) capacity
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Canadian long-term
debt facilities
- stated in
Canadian dollars
Senior secured
debentures,
series A $ 47,000 $ 47,000 $ - $ -
Senior secured
debentures,
series B $ 58,000 $ 58,000 $ - $ -
Revolving credit
facility $ 150,000 $ 82,000 $ 24,953 $ 43,047
U.S. long-term debt
facilities
- stated in U.S.
dollars
Term loan $ 195,000 $ 195,000 $ - $ -
Revolving credit
facility $ 575,000 $ 358,000 $ 169,355 $ 47,645
IRBs $ 104,000 $ 104,000 $ - $ -
Both the Canadian and U.S. long-term debt facilities have an accordion feature which can increase the available capacity of the Canadian revolving credit facility from
Definitions of EBITDA and free cash flow available for distribution
(A) All references to "EBITDA" in this press release are to "income before the following" on the consolidated statement of operations and comprehensive income (loss). "Income before the following" excludes some or all of the following: "amortization, interest on long-term debt, financing costs, net gain or loss on sale of capital and landfill assets, net gain or loss on financial instruments, net foreign exchange gain or loss, write-off of deferred financing costs, other expenses, income taxes, and non-controlling interest". EBITDA is a term used by the Fund that does not have a standardized meaning prescribed by Canadian generally accepted accounting principles ("GAAP") and is therefore unlikely to be comparable to similar measures used by other issuers. EBITDA is a measure of the Fund's operating profitability, and by definition, excludes certain items as detailed above. These items are viewed by management as either non-cash (in the case of amortization, certain financing costs, write-off of deferred financing costs, net gain or loss on financial instruments, net foreign exchange gain or loss, and future income taxes) or non-operating (in the case of interest on long-term debt, net gain or loss on sale of capital and landfill assets, certain financing costs, other expenses, current income taxes, and non-controlling interest). EBITDA is a useful financial and operating metric for management, the Fund's Trustees, and its lenders, as it represents a starting point in the determination of free cash flow available for distribution(B). The underlying reasons for exclusion of each item are as follows:
Amortization - as a non-cash item amortization has no impact on the determination of free cash flow available for distribution(B).
Interest on long-term debt - interest on long-term debt is a function of the Fund's debt/equity mix and interest rates; as such, it reflects the treasury/financing activities of the Fund and represents a different class of expense than those included in EBITDA.
Financing costs - financing costs are a function of the Fund's treasury/financing activities and represents a different class of expense than those included in EBITDA.
Net gain or loss on sale of capital and landfill assets - the gain or loss on sale of capital and landfill assets has no impact on the determination of free cash flow available for distribution(B), because proceeds from the sale were either reinvested in other capital or landfill assets or used to repay the Fund's revolving credit facility.
Net gain or loss on financial instruments - as non-cash items, gains or losses on financial instruments have no impact on the determination of free cash flow available for distribution(B).
Net foreign exchange gain or loss - as non-cash items, foreign exchange gains or losses have no impact on the determination of free cash flow available for distribution(B).
Write-off of deferred financing costs - as a non-cash item, write-off of deferred financing costs has no impact on the determination of free cash flow available for distribution(B).
Other expenses - other expenses represent amounts paid to management of the Fund on account of certain acquisitions and are not considered an expense indicative of continuing operations. Accordingly, other expenses represent a different class of expense than those included in EBITDA.
Income taxes - income taxes are a function of tax laws and rates and are affected by matters which are separate from the daily operations of the Fund.
Non-controlling interest - non-controlling interest represents a direct non-controlling equity interest in IESI through PPS holdings. Accordingly, non-controlling interest represents a different class of expense than those included in EBITDA.
EBITDA should not be construed as a measure of income or of cash flows. The reconciling items between EBITDA and net income (loss) are detailed in the consolidated statement of operations and comprehensive income (loss) beginning with "income before the following" and ending with "net income (loss)".
(B) The Fund has adopted a measurement called "free cash flow available for distribution" to supplement net income (loss) as a measure of operating performance. Free cash flow available for distribution is a term which does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures used by other issuers. The objective of presenting this non-GAAP measure is to calculate the amount which is available for distribution to unitholders and non-controlling interest. PPS holdings are presented as non-controlling interest in the consolidated financial statements; however, management of the Fund has elected to include the shareholdings of the non-controlling interest in the calculation of free cash flow available for distribution as PPSs are entitled to dividends that are economically equivalent to the distributions received by unitholders and PPSs are exchangeable on a one-to-one basis for trust units of the Fund. Details of the calculation are included in the "Other Performance Measures - Free cash flow available for distribution(B)" section of the Fund's MD&A. Free cash flow available for distribution is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to cash flow as a measure of liquidity. All references to "free cash flow available for distribution" in this press release have the meaning set out in this note.
© Excess free cash flow available for distribution represents the result of free cash flow available for distribution(B) less distributions and dividends declared.
Forward-looking statements
This document may contain forward-looking statements relating to the Fund's operations or to the environment in which it operates, which are based on the Fund's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the Fund's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the Fund's Annual Information Form for the period ended
The Fund, through its operating subsidiaries, is one of
Management will hold a conference call on
A rebroadcast of the call will be available until midnight on
BFI CANADA INCOME FUND Consolidated Balance SheetsMarch 31, 2008 (unaudited) andDecember 31, 2007 (in thousands of dollars) ---------------------------------------------------------------------- March 31, December 31, 2008 2007 ---------------------------------------------------------------------- ASSETS CURRENT Cash and cash equivalents $ 17,589 $ 13,359 Accounts receivable 113,175 115,851 Other receivables 463 457 Prepaid expenses 17,040 15,001 ---------------------------------------------------------------------- 148,267 144,668 OTHER RECEIVABLES 686 761 FUNDED LANDFILL POST-CLOSURE COSTS 6,154 5,976 INTANGIBLES 139,324 144,686 GOODWILL 637,371 616,534 DEFERRED COSTS 7,843 7,306 CAPITAL ASSETS 420,029 404,900 LANDFILL ASSETS 656,933 644,711 OTHER ASSETS - 1,670 ---------------------------------------------------------------------- $ 2,016,607 $ 1,971,212 ---------------------------------------------------------------------- ---------------------------------------------------------------------- LIABILITIES CURRENT Accounts payable $ 56,903 $ 66,815 Accrued charges 57,615 75,355 Distribution and dividend payable 10,409 10,409 Income taxes payable 3,198 2,515 Deferred revenues 12,990 12,018 Landfill closure and post-closure costs 2,730 2,900 ---------------------------------------------------------------------- 143,845 170,012 LONG-TERM DEBT 862,330 801,973 LANDFILL CLOSURE AND POST-CLOSURE COSTS 60,355 55,943 OTHER LIABILITIES 12,661 5,056 FUTURE INCOME TAX LIABILITIES 51,637 57,668 ---------------------------------------------------------------------- 1,130,828 1,090,652 ---------------------------------------------------------------------- NON-CONTROLLING INTEREST 248,006 251,371 UNITHOLDERS' EQUITY 637,773 629,189 ---------------------------------------------------------------------- $ 2,016,607 $ 1,971,212 ---------------------------------------------------------------------- ----------------------------------------------------------------------BFI CANADA INCOME FUND Consolidated Statements of Operations and Comprehensive Income (Loss) For the three months endedMarch 31, 2008 andMarch 31, 2007 (unaudited - in thousands of dollars, except net income per trust unit amounts) --------------------------------------------------------------------------- 2008 2007 --------------------------------------------------------------------------- REVENUES $ 244,347 $ 202,300 EXPENSES OPERATING 147,148 116,630 SELLING, GENERAL AND ADMINISTRATION 30,341 26,998 --------------------------------------------------------------------------- INCOME BEFORE THE FOLLOWING 66,858 58,672 AMORTIZATION 42,577 37,918 INTEREST ON LONG-TERM DEBT 13,374 9,894 FINANCING COSTS - 864 NET LOSS (GAIN) ON SALE OF CAPITAL ASSETS 40 (208) NET LOSS ON FINANCIAL INSTRUMENTS 9,047 1,855 NET FOREIGN EXCHANGE (GAIN) LOSS (624) 1,621 OTHER EXPENSES 31 5 --------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES AND NON-CONTROLLING INTEREST 2,413 6,723 --------------------------------------------------------------------------- INCOME TAX EXPENSE (RECOVERY) Current 1,828 1,663 Future (9,889) (7,455) --------------------------------------------------------------------------- (8,061) (5,792) --------------------------------------------------------------------------- INCOME BEFORE NON-CONTROLLING INTEREST 10,474 12,515 NON-CONTROLLING INTEREST 1,698 2,150 --------------------------------------------------------------------------- NET INCOME 8,776 10,365 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 25,972 (5,058) --------------------------------------------------------------------------- COMPREHENSIVE INCOME $ 34,748 $ 5,307 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Net income per weighted average trust unit, basic & diluted $ 0.15 $ 0.19 Weighted average number of trust units outstanding (thousands), basic 57,568 53,744 Weighted average number of trust units outstanding (thousands), diluted 68,706 65,241BFI CANADA INCOME FUND Consolidated Statements of Cash Flows For the three months endedMarch 31, 2008 andMarch 31, 2007 (unaudited - in thousands of dollars) --------------------------------------------------------------------------- Three months ended --------------------------------------------------------------------------- 2008 2007 --------------------------------------------------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net income $ 8,776 $ 10,365 Items not affecting cash Write-off of deferred costs 728 35 Accretion of landfill closure and post-closure costs 781 802 Amortization of intangibles 8,035 5,196 Amortization of capital assets 19,297 15,739 Amortization of landfill assets 15,245 16,983 Net loss (gain) on sale of capital assets 40 (208) Net loss on financial instruments 9,047 1,855 Net unrealized foreign exchange loss - 1,984 Future income taxes (9,889) (7,455) Non-controlling interest 1,698 2,150 Landfill closure and post-closure expenditures (245) (527) --------------------------------------------------------------------------- 53,513 46,919 Changes in non-cash working capital items (10,579) (18,464) --------------------------------------------------------------------------- Cash generated from operating activities 42,934 28,455 --------------------------------------------------------------------------- INVESTING Acquisitions (19,053) (4,305) Investment in other receivables - (400) Proceeds from other receivables 69 354 Funded landfill post-closure costs (390) (348) Purchase of capital assets (13,537) (16,846) Purchase of landfill assets (7,872) (9,874) Proceeds from the sale of capital assets 83 262 Investment in deferred costs (1,058) (980) --------------------------------------------------------------------------- Cash utilized in investing activities (41,758) (32,137) --------------------------------------------------------------------------- FINANCING Proceeds from long-term debt 65,217 80,352 Repayment of long-term debt (30,617) (41,234) Trust units issued, net of issue costs - (10) Distributions and dividends paid to trust unitholders and participating preferred shareholders (31,227) (29,683) --------------------------------------------------------------------------- Cash generated from financing activities 3,373 9,425 --------------------------------------------------------------------------- Effect of foreign exchange changes on foreign cash and cash equivalents (319) 138 --------------------------------------------------------------------------- NET CASH INFLOW 4,230 5,881 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 13,359 9,275 --------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 17,589 $ 15,156 --------------------------------------------------------------------------- ---------------------------------------------------------------------------BFI CANADA INCOME FUND Consolidated Statements of Unitholders' Equity, Deficit and Accumulated Other Comprehensive Loss For the three months endedMarch 31, 2008 andMarch 31, 2007 (unaudited - in thousands of dollars) ------------------------------------------------------------------------ 2008 2007 ------------------------------------------------------------------------ CONTRIBUTED EQUITY Trust units, beginning of year $ 1,006,751 $ 908,221 Issuance of trust units, net of issue costs and related tax effect, during the period - (10) Trust units issued on exchange of PPSs, during the period - 8,617 ------------------------------------------------------------------------ Trust units, end of period 1,006,751 916,828 ------------------------------------------------------------------------ Class A units, beginning of year - - Class A units issued, during the period - - ------------------------------------------------------------------------ Class A units, end of year - - ------------------------------------------------------------------------ Treasury units, beginning of year - - Trust units acquired by the U.S. LTIP, during the period (2,004) - Deferred compensation obligation, during the period 2,004 - ------------------------------------------------------------------------ Treasury units, end of period - - ------------------------------------------------------------------------ TOTAL CONTRIBUTED EQUITY 1,006,751 916,828 ------------------------------------------------------------------------ DEFICIT Accumulated net income, beginning of year 115,064 83,377 Accumulated distributions, beginning of year (363,879) (260,991) ------------------------------------------------------------------------ Deficit, beginning of year 248,815 (177,614) ------------------------------------------------------------------------ Net income, during the period 8,776 10,365 Distributions declared, during the period (26,164) (24,553) ------------------------------------------------------------------------ Accumulated net income, end of period 123,840 93,742 ------------------------------------------------------------------------ Accumulated distributions, end of period (390,043) (285,544) ------------------------------------------------------------------------ DEFICIT, END OF PERIOD (266,203) (191,802) ------------------------------------------------------------------------ ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive loss, beginning of year (128,747) (32,888) Foreign currency translation adjustment, during the period 25,972 (5,058) ------------------------------------------------------------------------ ACCUMULATED OTHER COMPREHENSIVE LOSS, END OF PERIOD (102,775) (37,946) ------------------------------------------------------------------------ DEFICIT AND ACCUMULATED OTHER COMPREHENSIVE LOSS, END OF PERIOD (368,978) (229,748) ------------------------------------------------------------------------ UNITHOLDERS' EQUITY $ 637,773 $ 687,080 ------------------------------------------------------------------------ ------------------------------------------------------------------------
For more information, contact:
Director, Investor Relations and Corporate Communications
(416) 401-7729
Email: chaya.cooperberg@bficanada.com
Website: www.bficanada.com.
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