Rogers 2008 Annual Report Download - page 125

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ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 121
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During the year ended December 31, 2008, 4,077,400 shares were
repurchased, 77,400 of which were repurchased directly under
the NCIB and 4,000,000 of which were made under issuer bid
exemption orders issued by the Ontario Securities Commission and
each of which will be included in calculating the number of Class B
Non-Voting shares that the Company may purchase pursuant to the
NCIB (note 18(c)). The NCIB expired on January 13, 2009 (note 26).
In August 2008, the Company issued U.S. $1.75 billion of long-term
debt (note 14(a)) and entered into Cross-Currency Swaps (note 15(d)).
In addition, the Company re-couponed certain Cross-Currency
Swaps (note 15(d)). In December 2008, two of the Company’s Cross-
Currency Swaps aggregating U.S. $400 million notional principal
amount expired (note 15(d)).
The Company monitors debt leverage ratios as part of the
management of liquidity and shareholders’ return and to sustain
future development of the business.
The Company is not subject to externally imposed capital requirements
and its overall strategy with respect to capital risk management
remains unchanged from the year ended December 31, 2007.
(A) CHANGE IN NON - C ASH OPERATING WORKING
CAPITAL ITEMS:
(B) SUPPLEMENTAL CASH FLOW INFORMATION:
20. CONSOLIDATED STATEMENTS OF CASH FLOWS AND SUPPLEMENTAL INFORMATION
21. CAPITAL RISK MANAGEMENT
2008 2007
Increase in accounts receivable $ (166) $ (122)
Increase in other assets (176) (71)
Increase (decrease) in accounts payable and accrued liabilities 115 (115)
Increase (decrease) in unearned revenue 12 (2)
$ (215) $ (310)
2008 2007
Income taxes paid $ 1 $ 1
Interest paid 532 605
The Company’s objectives in managing capital are to ensure
sufficient liquidity to pursue its strategy of organic growth
combined with strategic acquisitions and to provide returns to its
shareholders. The Company defines capital that it manages as the
aggregate of its shareholders’ equity, which is comprised of issued
capital, contributed surplus, accumulated other comprehensive
income and retained earnings.
The Company manages its capital structure and makes adjustments
to it in light of general economic conditions, the risk characteristics
of the underlying assets and the Company’s working capital
requirements. In order to maintain or adjust its capital structure, the
Company, upon approval from its Board of Directors, may issue or
repay long-term debt, issue shares, repurchase shares, pay dividends
or undertake other activities as deemed appropriate under the
specific circumstances. The Board of Directors reviews and approves
any material transactions out of the ordinary course of business,
including proposals on acquisitions or other major investments or
divestitures, as well as annual capital and operating budgets.
In January 2008, the Company applied to the TSX to make an NCIB,
which was accepted by the TSX on January 10, 2008 for purchases
of its Class B Non-Voting shares through the facilities of the TSX.