Rogers 2010 Annual Report Download - page 2

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1 Letter to Shareholders
4 Seamless Connections
14 Why Invest in Rogers
15 2010 Financial and Operating Highlights
16 2010 Financial Highlights
18 Management’s Discussion and Analysis
80 Management’s Responsibility for
Financial Reporting
80 Independent Auditors’ Report of Registered
Public Accounting Firm
81 Consolidated Statements of Income
82 Consolidated Balance Sheets
83 Consolidated Statements of
Shareholders’ Equity
83 Consolidated Statement of
Comprehensive Income
84 Consolidated Statements of Cash Flows
85 Notes to Consolidated Financial Statements
120 Corporate Governance
122 Directors and Senior Corporate Officers
124 Corporate and Shareholder Information
Table of Contents
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 the second
largest Canadian cable services provider, offering cable television, high-speed Internet access,
and telephony products for residential and business customers, and 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.
Delivering Results In 2010
What We Said: Increase cash
returns to shareholders consistently
over time.
What We Did: Increased annualized
dividend per share 10% from $1.16
to $1.28 in 2010.
Dividend
Increases
What We Said: Maintain Rogers’
leadership in network technology
and innovation.
What We Did: Completed
deployment of HSPA+ 21 Mbps
wireless network nationally and
DOCSIS-3 50 Mbps Internet service
across entire cable territory.
Fast and Reliable
Networks
What We Said: Return
additional cash to shareholders
by repurchasing Rogers shares
on open market.
What We Did: Repurchased
37.1 million Rogers Class B shares
for $1.3 billion.
Share
Buybacks
What We Said: Strong double-digit
wireless data growth to support
continued ARPU leadership.
What We Did: 34% wireless data
revenue growth with data as a
percent of network revenue
expanding to 28% from 22%
in 2009.
Grow Wireless Data
Revenue
What We Said: Leverage
networks, channels and brands
to deliver continued revenue
growth.
What We Did: Delivered 4%
consolidated top-line growth
with 6% growth in adjusted
operating profit.
Top-line
Growth
What We Said: Continued rapid
growth in smartphone subscriber
base to drive wireless data revenue
and ARPU.
What We Did: Activated nearly
1.9 million smartphones helping
bring smartphone penetration to
41% of postpaid subscriber base.
Gain Higher Value
Wireless Subscribers
What We Said: Implement cost
containment initiatives to capture
efficiencies.
What We Did: Delivered 80 basis
points of consolidated adjusted
operating profit margin expansion
despite economic and competitive
pressures.
Capture Operating
Leverage
Pre-tax Free Cash
Flow Growth
What We Said: Deliver
approximately 5% growth in
consolidated free cash flow.
What We Did: Generated a
14% year-over-year increase in
pre-tax free cash flow growth
in 2010.
ROGERS COMMUNICATIONS INC. AT A GLANCE