(in thousands of Canadian dollars)
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  As at December 31, 2014 As at December 31, 2013
Assets    
current assets    
Cash and cash equivalents $102,776 $202,287
Trade and other receivables (Note 22) 132,278 142,446
Prepaid expenses 8,220 6,835
Deferred publication costs 69,852 71,018
Income taxes receivable (Note 14) 47,798 –  
Total Current Assets 360,924 422,586
NON-CURRENT ASSETS    
Deferred Publication Costs 8,153 7,378
Financial and other assets (Note 22) 4,366 19,096
Investments In Associates (Note 5 and 6) –   2,780
Property, Plant And Equipment (Note 7) 36,431 29,489
Intangible Assets (Note 8) 1,334,967 1,310,494
Deferred Income Taxes (Note 14) 4,719 2,211
Total Non-Current Assets 1,388,636 1,371,448
Total Assets $1,749,560 $1,794,034
Liabilities And Equity    
Current Liabilities    
Trade and other payables (Note 9) $82,048 $78,824
Income taxes payable –   25,782
Provisions (Note 10) 65,840 70,632
Financial liabilities (Note 22) –   18,472
Deferred revenues 28,461 34,145
Current portion of long-term debt (Note 12) 103,152 89,051
Total Current Liabilities 279,501 316,906
NON-CURRENT LIABILITIES    
Provisions(Note 10) 2,577 6,031
Deferred credits and other 8,936 14,349
Deferred Income Taxes (Note 14) 53,386 31,535
Income Tax payable –   55,419
Post-Employment Benefits (Note 11) 227,262 178,948
Long-Term Debt (Note 12) 404,759 558,417
Exchangeable Debentures (Note 13) 88,959 87,934
Total Non-Current Liabilities 785,879 932,633
Total Liabilities 1,065,380 1,249,539
Capital And Reserves 6,600,178 6,604,971
Deficit (5,915,998) (6,060,476)
Total Equity 684,180 544,495
Total Liabilities And Equity $1,749,560 $1,794,034

The accompanying notes are an integral part of these consolidated financial statements.

Approved on behalf of Yellow Pages Limited by

Robert MacLellan, Director
David A. Lazzarato, Director