Unaudited financial information

Form 6-K*

for the quarter ended

June 30, 2003

August 15, 2003

Highlights

Six months ended June 30

FINANCIAL HIGHLIGHTS

OPERATIONAL HIGHLIGHTS

REPORT TO BONDHOLDERS

Quarter ended June 30, 2003

Semester ended June 30, 2003

Consolidated Statements of Income

Liquidity and Capital Resources

CF CABLE TV Inc.

CONSOLIDATED STATEMENTS OF INCOME

CF CABLE TV Inc.

CONSOLIDATED STATEMENTS OF DEFICIT

CF CABLE TV Inc.

CONSOLIDATED CASH FLOWS

CF CABLE TV Inc.

CONSOLIDATED BALANCE SHEETS

SIGNATURE

CF CABLE TV INC.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF AUGUST 2003

CF CABLE TV INC.
(Name of Registrant)

300 Viger Avenue East, Montreal, Canada, H2X 3W4
(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]

Form 20-F

|_|

Form 40-F

|_|

[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 12g 3-2(b) under the Securities Exchange Act of 1934.]

Yes

|_|

|X|

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g
3-2(b): 82-____________.]

CF CABLE TV INC.
Filed in this Form 6-K

Documents index

1.	Unaudited Consolidated Financial Statements of CF Cable TV Inc. for the quarter ended June 30, 2003; and Report to bondholders (Management Discussion and Analysis for the quarter ended June 30, 2003).

*	This document has not been filed with the U.S. Securities and Exchange Commission (SEC) but has been delivered to the SEC for informational purposes only.

(in thousands of Canadian dollars)	2003		2002


Revenues	$	77,894	$	81,612	-4.6	%
EBITDA	$	26,720	$	27,964	-4.4	%
Depreciation and amortisation	$	9,917	$	9,760	1.6	%
Operating income	$	16,803	$	18,204	-7.7	%
Net income	$	23,359	$	13,413	74.2	%
Cash flows from operating activities	$	6,207	$	28,321	-78.1	%
Capital expenditures	$	6,271	$	6,971	-10.0	%

Subscribers


*Basic Cable*

Basic Subscribers (1)	416,795		431,892		-3.5	%
Home passed (2)	657,361		654,527		0.4	%

% Penetration (3)	63.4	%	66.0	%


Basic Subscribers - Residential (4)	362,113		377,715		-4.1	%

Extended Basic Tier - Residential Subscribers	288,381		303,610		-5.0	%

% Penetration - Residential Basic Subscribers	79.6	%	80.4	%


*Digital Cable*

Digital Subscribers	43,193		30,278		42.7	%

% Penetration (5)	10.4	%	7.0	%


Number of digital terminals	46,332		32,344		43.2	%

(1)	Basic subscribers are subscribers who received basic cable service and includes analogue and digital basic subscribers.

(2)	Homes passed are number of living units, such as residence homes, apartments and condominium units, passed by the cable television distribution network in a given cable system service area to which we offer the named service.

(3)	Represents subscribers as a percentage of homes passed.

(4)	Residential basic subscribers are residential subscribers who received basic cable service and includes analogue and digital basic subscribers.

(5)	Represents digital subscribers as a percentage of basic subscribers.

Consolidated operating revenue for the quarter ended June 30, 2003, was $38.9 million compared to $40.5 million for the 2002 corresponding period, a decrease of $1.6 million, or 4.0%. The decrease is mainly due to the loss of 15,097 basic service subscribers.

Operating income before depreciation and amortisation increased by $1.8 million, or 14.2%, from $12.7 million realised in the same quarter last year. Last year’s results were impacted by a labour conflict which resulted in higher costs.

Depreciation and amortisation totalled $5.0 million, an increase of 2.0% over the quarter of the previous year.

Consolidated operating revenue for the first semester ended June 30, 2003, was $77.9 million compared to $81.6 million for the same period last year, a decrease of $3.7 million, or 4.6%, resulting mainly from the loss of basic service subscribers. Operating income before depreciation and amortisation (EBITDA) totalled $26.7 million in 2003 compared to $28.0 million in 2002, a decrease of $1.3 million, or 4.6%.

Gross profit margins fell to 69.3% from 70.2% for the first semester, a decrease of 0.9%. The reduction in gross profit margin is due to the increase in monthly programming fees and an increase in marketing rebates to customers, such as waivers on installation charges.

Operating and administrative expenses decreased to $27.3 million from $29.3 million, down by $2.0 million, or 6.8 %. The decrease reflects the avoidance of labor conflict related costs of 2002 and the results of the cost reduction program including labor force downsizing.

Financial expenses totalled $3.3 million in 2003 compared to $3.5 million in 2002, a decrease of $0.2 million, or 5.7%.

Exchange rate fluctuations on US-denominated debt generated a non-materialised gain of $17.4 million for the first semester of 2003 compared $6.3 million for the same period last year, an increase of $11.1 million.

The Company reported a net income of $23.4 million for the first semester of 2003 compared to $13.4 million for the first semester of 2002, an increase of $10.0 million, or 74.6%. The change in results is mainly attributable to exchange gains on US-denominated long-term debt in 2003 compared to 2002.

Cash flows from operating activities reached $6.2 million in 2003 compared to $3.6 million in 2002. Cash inflows from operations were $1.0 million lower than the previous year and cash outflows from non-cash operating items were $3.6 million lower than last year due to the change in receivables from the parent company and to the timing of payments made to suppliers.

Investing activities resulted in cash outflows of $6.3 million in the first semester of 2003 compared to $6.8 million in the same semester for the previous year.

Financing activities did not generate a change in cash flows in 2003 compared to cash inflows of $2.6 million in 2002. The change in cash flows is mainly due to the repayment of long term debt and to proceeds from the sale of preferred shares of an affiliated company.

As at June 30, 2003, the Company’s cash position was $69,000 compared to an indebtedness of $563,000 at the end of the same semester last year.

Yvan Gingras
Executive Vice-President, Finance and Operations
CF CABLE TV INC.
August 15, 2003

	For the three-month period ended						For the six-month period ended
(in thousands of Canadian dollars) (Unaudited)	June 30, 2003			June 30, 2002			June 30, 2003			June 30, 2002


Operating revenues	$	38,897		$	40,490		$	77,894		$	81,612

Direct costs		11,887			12,118			23,886			24,306

		27,010			28,372			54,008			57,306

Operating and administrative expenses		12,540			15,672			27,288			29,342


Operating income before depreciation and amortisation		14,470			12,700			26,720			27,964

Depreciation and amortisation		4,975			4,858			9,917			9,760

Operating income		9,495			7,842			16,803			18,204

Financial expenses		1,343			532			3,341			3,521
Exchange (gain) loss on US denominated
long-term debt (note 1b)		(9,095	)		(6,021	)		(17,396	)		(6,270	)

		17,247			13,331			30,858			20,953
Income taxes
Current		157			172			324			343
Future		5,494			4,808			7,202			7,183

		5,651			4,980			7,526			7,526


		11,596			8,351			23,332			13,427
Share in the results of a company subject to
significant influence		(9	)		33			27			74
Non-controlling interest in a subsidiary		—			—			—			(88	)


Net income	$	11,587		$	8,384		$	23,359		$	13,413

	For the three-month period ended						For the six-month period ended
(in thousands of Canadian dollars) (Unaudited)	June 30, 2003			June 30, 2002			June 30, 2003			June 30, 2002


Balance at beginning	$	(23,867	)	$	(46,628	)	$	(35,639	)	$	(45,038	)

Cumulative effect of accounting change (note 1 b)		—			—			—			(8,480	)

Balance at beginning restated		(23,867	)		(46,628	)		(35,639	)		(53,518	)

Net income		11,587			8,384			23,359			13,413

Excess of the fair value over the carrying value
of the assets sold to an affiliated company (note 2 a)		—			—			—			1,861



Balance at end	$	(12,280	)	$	(38,244	)	$	(12,280	)	$	(38,244	)

	For the three-month period ended						For the six-month period ended
(in thousands of Canadian dollars) (Unaudited)	June 30, 2003			June 30, 2002			June 30, 2003			June 30, 2002


Cash flows from operating activities
Net income	$	11,587		$	8,384		$	23,359		$	13,413
Adjustments for the following items:
Amortisation of fixed assets		4,947			4,719			9,862			9,482
Amortisation of deferred charges		28			139			55			278
Amortisation of financing expenses		67			66			134			133
Future income taxes		5,494			4,808			7,202			7,183
Share in the results of a company subject to
significant influence		9			(33	)		(27	)		(74	)
Exchange (gain) loss on US denominated
long-term debt		(9,095	)		(6,021	)		(17,396	)		(6,270	)
Other items		—			67			—			54

Cash flows from operations		13,037			12,129			23,189			24,199

Net change in non-cash operating items:
Receivable (payable) from (to) parent and
affiliated companies		(10,768	)		(9,832	)		(13,785	)		(25,251	)
Income taxes receivable		(118	)		55			(638	)		69
Prepaid expenses and other current assets		(8	)		749			(142	)		822
Accounts payable and accrued liabilities		2,312			5,365			(1,652	)		4,855
Deferred revenue and prepaid services		(424	)		(359	)		(765	)		(1,122	)

		(9,006	)		(4,022	)		(16,982	)		(20,627	)

Cash flows from operating activities		4,031			8,107			6,207			3,572


Cash flows from investing activities
Acquisition of fixed assets		(3,462	)		(3,777	)		(6,271	)		(6,971	)
Proceeds on disposal of fixed assets		—			4			—			185
Deferred charges transferred to affiliated companies		—			—			—			29

Cash flows from investing activities		(3,462	)		(3,773	)		(6,271	)		(6,757	)


Cash flows from financing activities
Repayment of long-term debt		(8	)		(3,391	)		(15	)		(3,397	)
Proceeds on disposal of preferred shares
of an affiliated company (note 2a)		—			—			—			6,820
Acquisition of non-controlling interest (note 2c)		—			—			—			(800	)
Other		88			(32	)		88			(32	)

		80			(3,423	)		73			2,591


Net change in cash and cash equivalents		649			911			9			(594	)
Cash and cash equivalents at beginning		(580	)		(1,474	)		60			31


Cash and cash equivalents at end	$	69		$	(563	)	$	69		$	(563	)


Cash and cash equivalents are comprised of:
Cash	$	119		$	3		$	119		$	3
Issued and outstanding cheques		(50	)		(566	)		(50	)		(566	)

	$	69		$	(563	)	$	69		$	(563	)

(in thousands of Canadian dollars) (Unaudited)	June 30, 2003			December 31, 2002


Assets

Current assets
Cash	$	119		$	72
Amounts receivable from an affiliated company		974			767
Amounts receivable from parent company		68,967			55,432
Advance receivable from parent company		733			733
Prepaid expenses and other current assets		665			523
Income taxes receivable		638			—

		72,096			57,527

Investments		817			878
Fixed assets (note 3)		180,528			184,119
Deferred charges (note 4)		4,625			4,814
Future income tax assets		—			1,123
Goodwill		167,892			167,892


	$	425,958		$	416,353


Liabilities and Shareholder’s Equity

Current liabilities
Issued and outstanding cheques	$	50		$	12
Accounts payable and accrued liabilities (note 5)		27,967			29,619
Amounts payable to affiliated companies (note 6)		485			528
Deferred revenue and prepaid services		19,854			20,619

		48,356			50,778

Long-term debt (note 7)		101,880			119,291
Due to parent company (note 8)		25,969			25,969
Future income taxes		27,023			20,944
Non-controlling interest in a subsidiary (note 2c)		10			10


		203,238			216,992


Shareholders’ equity
Share capital		235,000			235,000
Deficit		(12,280	)		(35,639	)


		222,720			199,361


	$	425,958		$	416,353

CF CABLE TV INC.
Notes to the consolidated financial statements
for the six-month period ended June 30, 2003
(unaudited)

1.	Significant Accounting Principles:

(a)

Consolidated financial statements:

These consolidated financial statements, expressed in Canadian dollars, are prepared in accordance with Canadian generally accepted accounting principles.

The consolidated financial statements include the accounts of CF Cable TV inc. (the “Company”) and all its subsidiaries from the date of acquisition of their control.

(b)

Foreign currency translation:

In November 2001, the CICA issued Handbook Section 1650, Foreign Currency Translation. It recommends to eliminate the deferral and amortisation of unrealised foreign currency translation gains and losses on long-lived monetary items for a recognition in the statement of operations. In the first quarter of 2002, the Company adopted the new recommendations retroactively and the comparative figures have been restated. The effect of adopting the new recommendation resulted in a decrease in deferred charges in the amount of $8.5 million and an increase in deficit in the amount of $8.5 million

2.	Business reorganisation:

(a)

On February 8, 2002, the Company and its subsidiaries sold to an affiliated company, Cablage QMI Inc., all their rights and obligations in their internal wire for a total consideration of $6.8 million which represents the transaction price agreed between affiliated companies. As consideration, the Company received 6,820 preferred shares of Cablage QMI Inc. in the amount of $6.8 million. Since this transaction is between companies under common control, the excess of fair value over the carrying value of the assets sold, representing $1.9 million has been credited to deficit. On February 8, 2002, Cablage QMI Inc. redeemed the preferred shares issued previously.

(b)

In 2002, CF Cable TV Inc. proceeded to a reorganisation of the subsidiaries under the control of CF Cable TV Inc.: Videotron (RDL) Ltee, Videotron (Granby) Ltee, TDM Newco Ltee, Videotron (Richelieu) Ltee, Videotron (Laurentien) Ltee. These subsidiaries were merged or wound up into a parent company, renamed Videotron (Regional) Ltee, subsidiary of CF Cable TV Inc.

(c)

In March and December 2002, Telecable Charlevoix (1977) Inc., a subsidiary of the Company, redeemed respectively from its non-controlling shareholder 80,000 and 109,000 of Class “D” Preferred Shares for a total consideration of $0.8 million and $1.2 million including cumulative unpaid dividends of $0.1 million.

CF CABLE TV INC.
Notes to the consolidated financial statements
for the six-month period ended June 30, 2003
(unaudited)

3.	Fixed assets:

			June 30, 2003


	Cost		Accumulated depreciation		Net book value

			(in thousands of dollars)

Receiving and distribution networks	$	325,105	$	150,254	$	174,851
Furniture and equipment		19,295		17,427		1,868
Buildings		4,767		1,696		3,071
Land		738		—		738

	$	349,905	$	169,377	$	180,528

			December 31, 2002


	Cost		Accumulated depreciation		Net book value

			(in thousands of dollars)

Receiving and distribution networks	$	318,860	$	140,755	$	178,105
Furniture and equipment		19,269		17,142		2,127
Buildings		4,767		1,617		3,150
Land		737		—		737

	$	343,633	$	159,514	$	184,119

4.	Deferred charges:

	June 30, 2003		December 31, 2002


	(in thousands of dollars)

Long-term financing	$	1,038	$	1,172
Development and pre-operating costs		130		185
Employee future benefit costs		3,457		3,457

	$	4,625	$	4,814

CF CABLE TV INC.
Notes to the consolidated financial statements
for the six-month period ended June 30, 2003
(unaudited)

5.	Accounts payable and accrued liabilities:

	June 30, 2003		December 31, 2002


	(in thousands of dollars)

Expenses and accounts payable	$	2,181	$	4,294
Royalties and services providers dues		18,811		17,723
Employees’ salaries and dues		1,323		1,153
Provincial and federal sales tax		1,391		1,366
Interest due		4,261		5,083

	$	27,967	$	29,619

6.	Amounts payable to affiliated companies:

	June 30, 2003		December 31, 2002


	(in thousands of dollars)

Quebecor Media Inc.	$	4	$	4
Videotron Telecom ltee		169		147
Groupe TVA Inc.		—		255
Cablage QMI Inc.		33		69
Videotron TVN Inc.		279		53

	$	485	$	528

7.	Long-term debt:

	June 30, 2003		December 31, 2002


	(in thousands of dollars)

Senior Secured First Priority Notes at 9.125% interest rate (a)	$	101,871	$	119,266
Mortgage (b)		9		25

	$	101,880	$	119,291

CF CABLE TV INC.
Notes to the consolidated financial statements
for the three-months periods ended March 31, 2003
(unaudited)

7.	Long-term debt (continued):

(a)

Senior Secured First Priority Notes:

Senior Secured First Priority Notes having a par value of US$75.6 million (2002 - US$75.6 million), bear interest at the rate of 9.125%, and mature in 2007. The Notes are redeemable at the option of the Company on or after July 15, 2005 at 100% of the principal amount. These Notes are secured by first-ranking hypothecs on substantially all of the assets of CF Cable TV Inc. and certain of its subsidiaries. In addition, CF Cable TV Inc. and its subsidiaries have provided, to the extent permitted under the Notes Trust Indenture, guarantees in favour of the lenders under its parent credit agreement. In the case of realisation on the assets of CF Cable TV Inc. and its subsidiaries, the proceeds thereof would be firstly used to repay, on a pro rata basis, and as described in an inter-creditor agreement entered into on June 29, 2001, between, among others, the agent under the parent’s credit agreement and the trustee under the Notes Trust Indenture, the Senior Secured First Priority Notes and the first priority guarantees provided to the lenders under the parent’s credit agreement. In May 2002, the Company repurchased US$2.2 million of these Notes.

(b)

Mortgage:

The mortgage bears interest at a rate of 11% and matures in 2003.

Minimum principal repayments on long-term debt in each of the years are as follows:

8.	Due to parent company:

	June 30, 2003		December 31, 2002


	(in thousands of dollars)

Inter-company Deeply Subordinated Debt, bank prime rate
plus 2% and repayable after the total repayment of
the Senior Secured First Priority Notes	$	25,969	$	25,969

The repayment of capital and interest on the inter-company Deeply Subordinated Debt is subordinated to the repayment of the Senior Secured First Priority Notes maturing in 2007. The parent company waives annually the interests on this debt.

CF CABLE TV INC.
Notes to the consolidated financial statements
for the six-month period ended June 30, 2003
(unaudited)

9.	Comparative figures:

Certain figures of 2002 have been reclassified to conform with the presentation adopted in the semester ended June 30, 2003.

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.

(in thousands of dollars)

(Signed) Claudine Tremblay

————————————————
By: Claudine Tremblay
Assistant Secretary

Date: August 26, 2003

CF CABLE TV INC 6-K