Rogers 2009 Annual Report Download - page 2

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Table Of Contents
1 Letter to Shareholders 4 Defi ning Next 14 Why Invest in Rogers 15 2009 Financial and Operating Highlights 16 2009 Financial Highlights
18 Management’s Discussion and Analysis 82 Management’s Responsibility for Financial Reporting 82 Auditors’ Report to the Shareholders
83 Consolidated Statements of Income 84 Consolidated Balance Sheets 85 Consolidated Statements of Shareholders’ Equity
86 Consolidated Statement of Comprehensive Income 87 Consolidated Statements of Cash Flows 88 Notes to Consolidated Financial Statements
128 Corporate Governance 130 Directors and Senior Corporate Offi cers 132 Corporate and Shareholder Information
ROGERS COMMUNICATIONS INC. AT A GLANCE
Delivering Results In 2009
What We Said: Increase cash
returns to shareholders consistently
over time.
What We Did: Increased annual
dividend per share 16% from $1.00
to $1.16 in 2009.
Dividend
Increases
What We Said: Maintain Rogers’
leadership in network technology
and innovation.
What We Did: Launched North
America’s first HSPA+ 21 Mbps
wireless network and deployed
leading-edge DOCSIS 3 50 Mbps
high-speed Internet service.
Fast and Reliable
Networks
What We Said: Repurchase up to
$300 million of Rogers shares on
open market.
What We Did: Increased share
buyback program repurchasing
43.8 million Rogers shares for
$1.35 billion.
Share
Buybacks
What We Said: Strong double-digit
wireless data growth to support
continued ARPU leadership.
What We Did: 44% wireless data
revenue growth with data as a
percent of network revenue
expanding to 22% from 16%
in 2008.
Grow Wireless Data
Revenue
What We Said: Leverage
networks, channels and brand
to deliver strong single-digit
revenue growth.
What We Did: Drove 7% top-line
growth in core Wireless Network
and Cable Operations businesses.
Strong Single-Digit
Revenue Growth
What We Said: Continued rapid
growth in smartphone subscriber
base to drive wireless data revenue
and ARPU.
What We Did: Activated nearly
1.5 million smartphone customers
bringing smartphone penetration
to 31% of postpaid subscriber base.
Gain Higher Value
Wireless Subscribers
What We Said: Implement cost
containment initiatives to capture
efficiencies.
What We Did: Delivered 160 basis
points of consolidated adjusted
operating profit margin expansion
despite economic and competitive
pressures.
Expand Adjusted
Operating Profit Margins
Free Cash Flow
Growth
What We Said: Deliver
approximately 16% growth in
consolidated free cash flow.
What We Did: Generated a 29%
increase in free cash flow growth.
Rogers Communications Inc. is a diversified Canadian communications and media company
engaged in three primary lines of business. Rogers Wireless is Canada’s largest wireless voice
and data communications services provider and the country’s only national carrier operating
on both the world standard GSM and HSPA technology platforms. Rogers Cable is a leading
Canadian cable services provider, offering cable television, high-speed Internet access, and
telephony products for residential and business customers, and operating a retail distribution
chain which offers Rogers branded wireless and home entertainment services. Rogers Media
is Canada’s premier group of category-leading broadcast, specialty, print and on-line media
assets with businesses in radio and television broadcasting, televised shopping, magazine
and trade journal publication, and sports entertainment.