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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the months of APRIL, MAY AND JUNE 1999
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QUEBECOR PRINTING INC.
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(Translation of Registrant's Name into English)
612 Saint-Jacques Street, Montreal, Quebec, H3C 4M8
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(Address of Principal Executive Office)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F)
Form 20-F Form 40-F X
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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PAGE 1 OF 6
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INTERIM FINANCIAL STATEMENTS
QUEBECOR PRINTING INC.
FILED IN THIS FORM 6-K
SECOND QUARTER OF 1999
PAGE 2 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS OF US DOLLARS)
<TABLE>
<CAPTION>
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JUNE 30 December 31 June 30
1999 1998 1998
(UNAUDITED) (audited) (unaudited)
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<S> <C> <C> <C>
ASSETS
Current assets :
Cash $ 1,676 $ 309 $ 1,819
Trade receivables 621,217 695,867 569,947
Inventories 222,928 233,019 244,780
Prepaid expenses 31,290 25,035 26,149
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877,111 954,230 842,695
Fixed assets 3,275,600 3,224,609 3,058,230
less accumulated depreciation 1,108,180 1,013,645 927,122
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2,167,420 2,210,964 2,131,108
Goodwill 624,640 595,724 379,156
Other assets 97,380 81,198 70,442
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$ 3,766,551 $ 3,842,116 $ 3,423,401
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities :
Bank indebtedness $ 4,331 $ 15,607 $ 19,948
Trade payables and accrued liabilities 546,125 601,244 507,972
Income and other taxes 54,001 42,207 32,017
Current portion of long-term debt
and convertible debentures 37,461 51,066 40,347
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641,918 710,124 600,284
Long-term debt 949,775 1,140,941 953,177
Other liabilities 129,971 127,859 119,408
Deferred income taxes 234,325 223,085 206,750
Convertible debentures 52,583 58,193 57,414
Non-controlling interest 21,378 17,410 16,869
Shareholders' equity :
Capital stock 1,061,448 898,138 897,000
Contributed surplus 88,737 88,737 88,737
Retained earnings 674,023 629,596 548,463
Translation adjustment (87,607) (51,967) (64,701)
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1,736,601 1,564,504 1,469,499
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$ 3,766,551 $ 3,842,116 $ 3,423,401
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</TABLE>
PAGE 3 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF US DOLLARS, EXCEPT FOR EARNINGS PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
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Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
(Unaudited) (Unaudited)
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<S> <C> <C> <C> <C>
REVENUES $ 944,323 $ 890,171 $ 1,854,838 $ 1,772,050
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Operating expenses :
Operating costs 798,985 761,316 1,595,458 1,539,956
Depreciation and amortization 63,410 57,382 124,459 113,153
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862,395 818,698 1,719,917 1,653,109
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OPERATING INCOME 81,928 71,473 134,921 118,941
Financial expenses 15,889 15,264 33,673 30,412
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66,039 56,209 101,248 88,529
Income taxes 19,810 16,800 30,374 27,886
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46,229 39,409 70,874 60,643
Non-controlling interest 339 461 761 1,006
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NET INCOME 45,890 38,948 70,113 59,637
Net income available for holders
of preferred shares 2,544 2,595 5,021 5,221
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NET INCOME AVAILABLE FOR HOLDERS
OF EQUITY SHARES $ 43,346 $ 36,353 $ 65,092 $ 54,416
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EARNINGS PER SHARE $ 0.37 $ 0.31 $ 0.56 $ 0.47
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AVERAGE NUMBER OF EQUITY SHARES
OUTSTANDING (IN THOUSANDS) 117,589 115,685 116,723 115,649
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</TABLE>
PAGE 4 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF US DOLLARS)
<TABLE>
<CAPTION>
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Six months ended
June 30,
1999 1998
(Unaudited)
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<S> <C> <C>
Cash flows provided by (used in):
OPERATIONS:
Net income $ 70,113 $ 59,637
Non-cash items in income :
Depreciation and amortization 124,459 113,153
Deferred income taxes 12,339 11,803
Non-controlling interest 761 1,006
Other 1,170 1,757
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208,842 187,356
Changes in non-cash operating working capital 34,200 (6,756)
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243,042 180,600
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FINANCING:
Net proceeds from issuance of capital stock 158,946 999
Net increase (decrease) of long-term debt (247,211) 36,558
Increase (decrease) in bank indebtedness (11,276) 964
Dividends on equity shares (16,233) (13,882)
Dividends paid to preferred shareholders (5,089) (5,806)
Dividends paid to non-controlling shareholders (19) (1,395)
Translation adjusment 6,240 (550)
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(114,642) 16,888
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INVESTMENTS:
Business acquisitions, net of cash position (59,920) (14,974)
Additions to fixed assets (72,939) (185,687)
Proceeds from disposal of assets 8,278 874
Increase in other assets (10,105) (5,223)
Other 7,763 8,995
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(126,923) (196,015)
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Effect of exchange rate changes on cash (110) (34)
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INCREASE IN CASH 1,367 1,439
Cash at beginning 309 380
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CASH AT END $ 1,676 $ 1,819
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</TABLE>
PAGE 5 OF 6
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
QUEBECOR PRINTING INC.
By: (s) CLAUDINE TREMBLAY
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Name: Claudine Tremblay
Title: Assistant Secretary
Date: AUGUST 30, 1999
PAGE 6 OF 6
