Rogers 2009 Annual Report Download - page 15

ROGERS COMMUNICATIONS INC. 2009 ANNUAL REPORT 19
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Before making any investment decisions and for a detailed
discussion of the risks, uncertainties and environment associated
with our business, see the sections of this MD&A entitled “Risks
and Uncertainties Affecting our Businesses” and “Government
Regulation and Regulatory Developments”. Our annual and
quarterly reports can be found online at rogers.com, sedar.com,
and sec.gov or are available directly from Rogers.
ADDITIONAL INFORMATION
Additional information relating to Rogers, including our Annual
Information Form, discussions of our 2009 quarterly results, and
a glossary of communications and media industry terms, may be
found online at sedar.com, sec.gov or rogers.com. Information
contained in or connected to these websites are not a part of and
not incorporated into this MD&A.
1. CORPORATE OVERVIEW
OUR BUSINESS
We are a diversified Canadian communications and media
company with substantially all of our operations in Canada. We
are engaged in wireless voice and data communications services
through Wireless, Canada’s largest wireless provider. Through
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 Media, we are engaged in radio and
television broadcasting, 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 performance
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 objectives 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, amounts and timing of income tax
payments, expected growth in subscribers and the services to which
they subscribe, the cost of acquiring subscribers 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 assumptions, most of which
are confidential and proprietary, 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 regulation, 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
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 or could cause our current objectives
and strategies to change, including but not limited to economic
conditions, technological change, the integration of acquisitions,
unanticipated changes in content or equipment costs, changing
conditions in the entertainment, information and communications
industries, regulatory 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.
20092008
2007
2008
2007
2009
$6,654$6,335$5,503
3,9483,8093,558
1,4071,4961,317
Wireless Cable Media
REVENUE
(In millions of dollars)
20092008
2007
2008
2007
2009
$3,042$2,806$2,589
1,3241,2331,016
119142176
Wireless Cable Media
ADJUSTED OPERATING PROFIT
(In millions of dollars)