Rogers 2008 Annual Report Download - page 27

ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 23
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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 2008 quarterly results, may
be found on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
For a glossary of communications and media industry terms, please
refer to the Investor Relations section of rogers.com.
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 Rogers Wireless, Canada’s largest wireless provider
and the operator of the country’s only national Global System for
Mobile Communications/High-Speed Packet Access (“GSM/HSPA”)
based network. Through Rogers Cable we are one of Canada’s
largest providers of cable television services as well as high-speed
Internet access, telephony services and video retailing. Through
Rogers 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.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS, RISKS
AND ASSUMPTIONS
This MD&A includes forward-looking statements and assumptions
concerning our business, its operations and its financial perfor-
mance and condition approved by management on the date of
this MD&A. These forward-looking statements and assumptions
include, but are not limited to, statements with respect to our objec-
tives and strategies to achieve those objectives, statements with
respect to our beliefs, plans, expectations, anticipations, estimates
or intentions, including guidance and forecasts relating to revenue,
adjusted operating profit, property, plant and equipment (“PP&E”)
expenditures, free cash flow, expected growth in subscribers and
the services to which they subscribe, the cost of acquiring subscrib-
ers and the deployment of new services and all other statements
that are not historical facts. Such forward-looking statements are
based on current objectives, strategies, expectations and assump-
tions 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 regula-
tion, technology deployment, device availability, the timing of new
product launches, content and equipment costs, the integration of
acquisitions, and industry structure and stability.
Except as otherwise indicated, this MD&A and our forward-looking
statements do not reflect the potential 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 considered or announced or may occur after the date of the
financial information contained herein.
We caution that all forward-looking information, including any
statement regarding our current intentions, is inherently subject to
change and uncertainty and that actual results may differ materi-
ally 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-look-
ing statements or could cause our current objectives and strategies
to change, including but not limited to economic conditions, tech-
nological change, the integration of acquisitions, unanticipated
changes in content or equipment costs, changing conditions in the
entertainment, information and communications industries, regu-
latory changes, litigation and tax matters, the level of competitive
intensity and the emergence of new opportunities, many of which
are beyond our control and current expectation or knowledge.
Therefore, should one or more of these risks materialize, should
our objectives or strategies change, or should any other factors
underlying the forward-looking statements prove incorrect, actual
results and our plans may vary significantly from what we currently
foresee. Accordingly, we warn investors to exercise caution when
considering any such forward-looking information herein and that
it would be unreasonable to rely on such statements as creating
any legal rights regarding our future results or plans. We are under
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.
200820072006
$6,335$5,503$4,580
3,8093,5583,201
1,4961,3171,210
Wireless Cable Media
REVENUE
(In millions of dollars)
200820072006
$2,806$2,589$1,987
1,2331,016916
142176156
Wireless Cable Media
ADJUSTED OPERATING
PROFIT
(In millions of dollars)