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18 ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
This Management’s Discussion and Analysis (“MD&A”) should be
read in conjunction with our 2007 Audited Consolidated Financial
Statements and Notes thereto. The financial information presented
herein has been prepared on the basis of Canadian generally
accepted accounting principles (“GAAP”) and is expressed in
Canadian dollars, unless otherwise stated. Please refer to Note 26
to the 2007 Audited Consolidated Financial Statements for a sum-
mary of differences between Canadian and United States (“U.S.”)
GAAP. This MD&A, which is current as of February 20, 2008, is orga-
nized into six sections.
In this MD&A, the terms “we”, “us”, “our”, “Rogers” and “the
Company” refer to Rogers Communications Inc. and our subsidiar-
ies, which were reported in the following segments for the year
ended December 31, 2007:
• “Wireless”,whichreferstoourwirelesscommunicationsopera-
tions, including Rogers Wireless Partnership (“RWP”) and Fido
Solutions Inc. (“Fido”);
• “Cable” (formerly “Cable and Telecom”), which refers to our
wholly owned cable television subsidiaries, including Rogers
Cable Communications Inc. (“RCCI”). In January 2007, we com-
pleted an internal reorganization whereby the Cable and
Internet and Rogers Home Phone segments were combined into
one segment known as Cable Operations. As a result, beginning
in 2007, the Cable segment consists of the following segments:
Cable Operations, Rogers Business Solutions (“RBS”) and Rogers
Retail. Comparative figures have been reclassified to conform to
this new segment reporting; and
• “Media”,whichreferstoourwhollyownedsubsidiaryRogers
Media Inc. and its subsidiaries, including Rogers Broadcasting,
which owns Rogers Sportsnet, a group of AM and FM Radio
stations, OMNI television, The Biography Channel Canada,
G4TechTV Canada and The Shopping Channel; Rogers Publishing;
and Rogers Sports Entertainment, which owns the Toronto Blue
Jays and the Rogers Centre. Media also holds ownership interests
in entities involved in specialty TV content, TV production and
broadcast sales. In addition, the operating results of Citytv are
included in Media’s results of operations from the date of acqui-
sition on October 31, 2007.
Substantially all of our operations are in Canada.
“RCI” refers to the legal entity Rogers Communications Inc. exclud-
ing our subsidiaries.
1CORPORATE OVERVIEW 2SEGMENT REVIEW 3CONSOLIDATED LIQUIDITY
AND FINANCING
19 Our Business
20 Our Strategy
20 Acquisitions
20 Consolidated Financial and
Operating Results
26 2008 Financial and
Operating Guidance
27 Wireless
33 Cable
42 Media
44 Liquidity and Capital Resources
47 Interest Rate and Foreign
Exchange Management
48 Outstanding Common Share Data
48 Dividends and Other Payments
on RCI Equity Securities
49 Commitments and Other
Contractual Obligations
49 Off-Balance Sheet Arrangements
50 Government Regulation and
Regulatory Developments
53 Competition in our Businesses
54 Risks and Uncertainties Affecting
our Businesses
60 Key Performance Indicators and
Non-GAAP Measures
62 Critical Accounting Policies
62 Critical Accounting Estimates
64 New Accounting Standards
66 Recent Canadian Accounting
Pronouncements
66 U.S. GAAP Differences
67 Related Party Transactions
68 Five-Year Summary of
Consolidated Financial Results
69 Summary of Seasonality and
Quarterly Results
71 Controls and Procedures
72 Supplementary Information:
Non-GAAP Calculations
54 OPERATING ENVIRONMENT ACC O UN TI NG P OL IC IE S A N D
NON-GAAP MEASURES 6AD DI TI ON AL FI NA NC IA L
INFORMATION