Rogers 2009 Annual Report Download - page 70
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74 ROGERS COMMUNICATIONS INC. 2009 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
We have entered into certain transactions with companies, the partners or senior officers of which are Directors of our Company and/or its
subsidiary companies. Total amounts paid to these related parties, directly or indirectly, are as follows:
U.S. GAAP DIFFERENCES
We prepare our financial statements in accordance with Canadian
GAAP. U.S. GAAP differs from Canadian GAAP in certain respects.
The areas of principal differences and their impact on our 2009
Audited Consolidated Financial Statements are described in Note
25 to the 2009 Audited Consolidated Financial Statements. The
significant differences in accounting relate to:
• Differencesinbusinesscombinationsandconsolidationaccounting;
• GainonSaleofCableSystems;
• CapitalizedInterest;
• FinancialInstruments;
• Stock-BasedCompensation;
• Pensions;
• IncomeTaxes;and
• InstallationRevenuesandCosts.
Recent U.S. accounting pronouncements are also discussed in Note
25 to the 2009 Audited Consolidated Financial Statements.
6. ADDITIONAL FINANCIAL INFORMATION
RELATED PARTY TRANSACTIONS
We have entered into certain transactions in the normal course
of business with certain broadcasters in which we have an equity
interest. The amounts paid to these broadcasters are as follows:
In January 2010, with the approval of the Board of Directors, we
closed an agreement to sell our aircraft to a private Rogers’ family
holding company for cash proceeds of US$18 million. The terms
of the sale were negotiated by a Special Committee of the Board
of Directors comprised entirely of independent directors. The
Special Committee was advised by several independent parties
knowledgeable in aircraft valuations to ensure that the sale price
was within a range that was reflective of current market value. As
the aircraft was held for sale at December 31, 2009, an additional
$5 million of depreciation was recorded in 2009 to write down the
net book value of the aircraft to approximate the amount realized
from the sale of the aircraft.
Years ended December 31,
(in millions of dollars) 2009 2008 %Chg
Fees paid to broadcasters accounted
for by the equity method $ 16 $ 17 (6)
Years ended December 31,
(in millions of dollars) 2009 2008 %Chg
Charges to Rogers for business use of aircraft, net
of other adminstrative services $ (1) $ (1) –
Years ended December 31,
(in millions of dollars) 2009 2008 %Chg
Printing, legal services and commissions paid on premiums
for insurance coverage $ 39 $ 7 n/m
We have entered into certain transactions with our controlling shareholder and companies controlled by the controlling shareholder.
These transactions are subject to formal agreements approved by the Audit Committee. Total amounts paid (received) by us to (from)
these related parties are as follows:
These transactions are measured at the exchange amount, being the amount agreed to by the related parties and are reviewed by the
Audit Committee and are at market terms and conditions.