Rogers 2009 Annual Report Download - page 79

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ROGERS COMMUNICATIONS INC. 2009 ANNUAL REPORT 83
CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS)
Years ended December 31, 2009 and 2008 2009 2008
Operating revenue (note 3(b)) $ 11,731 $ 11,335
Operating expenses:
Cost of sales 1,380 1,303
Sales and marketing 1,207 1,334
Operating, general and administrative 4,681 4,569
Settlement of pension obligations (note 17(d)) 30 –
Integration and restructuring (note 6) 117 51
Depreciation and amortization 1,730 1,760
Impairment losses on goodwill, intangible assets
and other long-term assets (notes 11(a) and 13) 18 294
Operating income 2,568 2,024
Interest on long-term debt (647) (575)
Debt issuance costs (note 14(a)) (11) (16)
Foreign exchange gain (loss) 136 (99)
Loss on repayment of long-term debt (note 14(c)) (7) –
Change in fair value of derivative instruments (65) 64
Other income 6 28
Income before income taxes 1,980 1,426
Income tax expense (note 7):
Current 215 3
Future 287 421
502 424
Net income for the year $ 1,478 $ 1,002
Net income per share (note 8):
Basic and diluted $ 2.38 $ 1.57
See accompanying notes to consolidated financial statements.