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22 ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2008
This Management’s Discussion and Analysis (“MD&A”) should be
read in conjunction with our 2008 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 25
to the 2008 Audited Consolidated Financial Statements for a summary
of differences between Canadian and United States (“U.S.”) GAAP.
This MD&A, which is current as of February 18, 2009, is organized into
six sections.
In this MD&A, the terms “we”, “us”, “our”, “Rogers” and “the
Company” refer to Rogers Communications Inc. and our subsidiaries,
which were reported in the following segments for the year ended
December 31, 2008:
• “Wireless”,whichreferstoourwirelesscommunicationsopera-
tions, including Rogers Wireless Partnership (“RWP”) and Fido
Solutions Inc. (“Fido”);
• “Cable”,whichreferstoourwholly-ownedcabletelevisionsub-
sidiaries, including Rogers Cable Communications Inc. (“RCCI”)
and its subsidiary, Rogers Cable Partnership; and
• “Media”,whichreferstoourwholly-ownedsubsidiaryRogers
Media Inc. and its subsidiaries, including Rogers Broadcasting,
which owns a group of 52 radio stations, the Citytv television
network, the Rogers Sportsnet television network, The Shopping
Channel, the OMNI television stations, and Canadian specialty
channels including The Biography Channel Canada, G4TechTV
and Outdoor Life Network; Rogers Publishing, which publishes
approximately 70 magazines and trade journals; and Rogers
Sports Entertainment, which owns the Toronto Blue Jays Baseball
Club (“Blue Jays”) and Rogers Centre. Media also holds owner-
ship interests in entities involved in specialty television content,
television production and broadcast sales.
Substantially all of our operations are in Canada.
“RCI” refers to the legal entity Rogers Communications Inc. exclud-
ing our subsidiaries.
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.
1CORPORATE OVERVIEW 2SEGMENT REVIEW 3CONSOLIDATED LIQUIDITY
AND FINANCING
23 Our Business
24 Our Strategy
24 Acquisitions
24 Consolidated Financial and
Operating Results
31 2009 Financial and
Operating Guidance
31 Wireless
37 Cable
48 Media
50 Liquidity and Capital Resources
53 Interest Rate and Foreign
Exchange Management
54 Outstanding Common Share Data
54 Dividends and Other Payments
on RCI Equity Securities
55 Commitments and Other
Contractual Obligations
55 Off-Balance Sheet Arrangements
56 Government Regulation and
Regulatory Developments
59 Competition in our Businesses
61 Risks and Uncertainties Affecting
our Businesses
66 Key Performance Indicators and
Non-GAAP Measures
68 Critical Accounting Policies
69 Critical Accounting Estimates
71 New Accounting Standards
71 Recent Canadian Accounting
Pronouncements
73 U.S. GAAP Differences
73 Related Party Transactions
74 Five-Year Summary of
Consolidated Financial Results
75 Summary of Seasonality and
Quarterly Results
77 Controls and Procedures
78 Supplementary Information:
Non-GAAP Calculations
54 OPERATING ENVIRONMENT ACCOUN T I N G P O L I C I ES A N D
NON-GAAP MEASURES 6AD D I T I O N AL F I N A N C I A L
INFORMATION