Hong Kong-based Unitas Capital and Canada's Teachers' Private Capital bought Yellow Pages for $2.24 billion -- including $1.5 billion of debt funding -- from Telecom in 2007. The owners received annual management fees totalling $4.7 million and Yellow Pages is committed to paying them $61 million in fees over 10 years.

Yellow Pages' annual loss was blown out by $350.9 million of non-cash charges stemming from a goodwill impairment charge and a write-down of interest rate swaps.

With debt on its books of $1.7 billion, held by a consortium of 36 banks, Yellow Pages also paid net finance costs of $190.9 million.

The group's 0.7 percent revenue growth to $296.9 million was significantly slower than its 11 percent increase in expenses, to $156.2 million.