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74 ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
Years ended December 31,
(In millions of dollars, except per share amounts) 2008 2007 2006 2005 2004
Income and Cash Flow:
Revenue
Wireless $ 6,335 $ 5,503 $ 4,580 $ 3,860 $ 2,689
Cable 3,809 3,558 3,201 2,492 1,946
Media 1,496 1,317 1,210 1,097 957
Corporate and eliminations (305) (255) (153) (115) (78)
$ 11,335 $ 10,123 $ 8,838 $ 7,334 $ 5,514
Operating profit(1)
Wireless $ 2,797 $ 2,532 $ 1,969 $ 1,337 $ 950
Cable 1,220 802 890 765 709
Media 142 82 151 128 115
Corporate and eliminations (81) (317) (135) (86) (41)
$ 4,078 $ 3,099 $ 2,875 $ 2,144 $ 1,733
Adjusted operating profit(1)
Wireless $ 2,806 $ 2,589 $ 1,987 $ 1,409 $ 958
Cable 1,233 1,016 916 778 715
Media 142 176 156 131 117
Corporate and eliminations (121) (78) (117) (66) (38)
$ 4,060 $ 3,703 $ 2,942 $ 2,252 $ 1,752
Net Income (loss)(2) 1,002 $ 637 $ 622 $ (45) $ (68)
Adjusted net income (loss) $ 1,260 $ 1,066 $ 684 $ 47 $ (32)
Cash flow from operations (3) $ 3,522 $ 3,135 $ 2,386 $ 1,551 $ 1,305
Property, plant and equipment expenditures $ 2,021 $ 1,796 $ 1,712 $ 1,355 $ 1,055
Average Class A and Class B shares outstanding (Ms)(4) 638 642 642 577 481
Net income (loss) per share:(2)(4)
Basic $ 1.57 $ 1.00 $ 0.99 $ (0.08) $ (0.14)
Diluted 1.57 0.99 0.97 (0.08) (0.14)
Adjusted net income (loss) per share:
Basic $ 1.98 $ 1.67 $ 1.08 $ 0.08 $ (0.07)
Diluted 1.98 1.66 1.07 0.08 (0.07)
Balance Sheet:
Assets
Property, plant and equipment, net $ 7,898 $ 7,289 $ 6,732 $ 6,152 $ 5,487
Goodwill 3,024 3,027 2,779 3,036 3,389
Intangible assets 2,761 2,086 2,152 2,627 2,856
Investments 343 485 139 138 139
Other assets 3,067 2,438 2,303 1,881 1,402
$ 17,093 $ 15,325 $ 14,105 $ 13,834 $ 13,273
Liabilities and Shareholders’ Equity
Long-term debt (2) $ 8,506 $ 6,033 $ 6,988 $ 7,739 $ 8,542
Accounts payable and other liabilities 3,860 4,668 2,917 2,567 2,346
Total liabilities 12,366 10,701 9,905 10,306 10,888
Shareholders’ equity 4,727 4,624 4,200 3,528 2,385
$ 17,093 $ 15,325 $ 14,105 $ 13,834 $ 13,273
Ratios:
Revenue growth 12% 15% 21% 33% 16%
Adjusted operating profit growth 10% 26% 31% 29% 21%
Debt
(2)/adjusted operating profit 2.1 2.1 2.7 3.8 5.3
Dividends declared per share(4) $ 1.00 $ 0.42 $ 0.08 $ 0.06 $ 0.05
(1) As defined. See section entitled “Key Performance Indicators Non-GAAP Measures”.
(2) Year ended December 31, 2004 has been restated for a change in accounting of foreign exchange translation. The ratio of debt to adjusted operating profit includes debt and the foreign exchange
component of the fair value of derivative instruments.
(3) Cash flow from operations before changes in working capital amounts.
(4) Prior period shares and per share amounts have been retroactively adjusted to reflect a two-for-one-split of the Company’s Class A Voting and Class B Non-Voting shares on December 29, 2006.