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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 19
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
no obligation (and we expressly disclaim any such obligation) to
update or alter any forward-looking statements or assumptions
whether as a result of new information, future events or otherwise,
except as required by law.
Before making any investment decisions and for a detailed discus-
sion of the risks, uncertainties and environment associated with
our business, fully review the sections of this MD&A entitled “Risks
and Uncertainties Affecting our Businesses” and “Government
Regulation and Regulatory Developments”.
ADDITIONAL INFORMATION
Additional information relating to us, including our Annual
Information Form and discussions of our 2007 quarterly results,
may be found on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov.
1. CORPORATE OVERVIEW
OUR BUSINESS
We are a diversified Canadian communications and media com-
pany. We are engaged in wireless voice and data communications
services through Wireless, Canada’s largest wireless provider and
the operator of the country’s only national Global System for
Mobile Communications (“GSM”) based network. Through Cable
we are one of Canada’s largest providers of cable television ser-
vices as well as high-speed Internet access and telephony services.
Through Media, we are engaged in radio and television broadcast-
ing, televised shopping, magazines and trade publications, and
sports entertainment.
We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A
and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
For more detailed descriptions of our Wireless, Cable and Media
businesses, see the respective segment discussions that follow.
Throughout this MD&A, all percentage changes are calculated
using numbers rounded to the decimal to which they appear. Please
note that the charts, graphs and diagrams that follow have been
included for ease of reference and illustrative purposes only and do
not form part of management’s discussion and analysis.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS, RISKS
AND ASSUMPTIONS
This MD&A includes forward-looking statements and assumptions
concerning the future performance of our business, its operations
and its financial performance and condition approved by manage-
ment on the date of this MD&A and is provided for the purpose
of providing to shareholders management’s current views as to
guidance ranges for 2008 selected financial and operating ranges.
Such views may not be appropriate for other purposes and, in any
event, are only current as of the date hereof. These forward-looking
statements include, but are not limited to, statements with respect
to our objectives and strategies to achieve those objectives, as
well as statements with respect to our beliefs, plans, expectations,
anticipations, estimates or intentions. These forward-looking state-
ments include, but are not limited to, guidance relating to revenue,
operating profit and property, plant and equipment (“PP&E”)
expenditures and free cash flow, expected growth in subscribers,
the deployment of new services and all other statements that are
not historical facts. Such forward-looking statements are based on
current expectations and various factors and assumptions applied
that we believe to be reasonable at the time, including but not
limited to, general economic and industry growth rates, currency
exchange rates, product pricing levels and competitive intensity,
subscriber growth and usage rates, changes in government regu-
lation, technology deployment, content and equipment costs, the
integration of acquisitions, and industry structure and stability.
Except as otherwise indicated, this MD&A does not reflect the poten-
tial impact of any non-recurring or other special items or of any
dispositions, monetizations, mergers, acquisitions, other business
combinations or other transactions that may be announced or may
occur after the date of the financial information contained herein.
We caution that all forward-looking information is inherently
uncertain and that actual results may differ materially from the
assumptions, estimates or expectations reflected in the forward-
looking information. A number of factors could cause actual results
to differ materially from those in the forward-looking statements,
including but not limited to economic conditions, technological
change, the integration of acquisitions, unanticipated changes
in content or equipment costs, changing conditions in the enter-
tainment, information and communications industries, regulatory
changes, litigation and tax matters, and the level of competitive
intensity, many of which are beyond our control. Therefore, should
one or more of these risks materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary significantly from what we currently foresee.
Accordingly, we warn investors to exercise caution when consider-
ing any such forward-looking information herein and to not place
undue reliance on such statements and assumptions. We are under
200720062005
$5,503$4,580$3,860
3,5583,2012,492
1,3171,2101,097
Wireless Cable Media
REVENUE
(In millions of dollars)
200720062005
$2,589$1,987$1,409
1,016916778
176156131
Wireless Cable Media
ADJUSTED OPERATING
PROFIT
(In millions of dollars)