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ROGERS COMMUNICATIONS INC. 2010 ANNUAL REPORT 73
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
(1) As defined. See the section entitled “Key Performance Indicators and Non-GAAP Measures”.
(2) Cash flow from operations before changes in working capital amounts.
(3) Debt includes net derivative liabilities at the risk free mark-to-market value and is net of cash as applicable.
(4) Prior period shares and per share amounts have been retroactively adjusted to reflect a two-for-one-split of the Company’s Class A Voting and Class B Non-Voting shares on December 29, 2006.
Years ended December 31,
(In millions of dollars, except per share amounts) 2010 2009 2008 2007 2006
Income and Cash Flow:
Revenue
Wireless $ 6,968 $ 6,654 $ 6,335 $ 5,503 $ 4,580
Cable 4,052 3,948 3,809 3,558 3,201
Media 1,501 1,407 1,496 1,317 1,210
Corporate and eliminations (335) (278) (305) (255) (153)
$ 12,186 $ 11,731 $ 11,335 $ 10,123 $ 8,838
Operating profit(1)
Wireless $ 3,146 $ 3,006 $ 2,797 $ 2,532 $ 1,969
Cable 1,402 1,325 1,220 802 890
Media 122 73 142 82 151
Corporate and eliminations (118) (88) (81) (317) (135)
$ 4,552 $ 4,316 $ 4,078 $ 3,099 $ 2,875
Adjusted operating profit(1)
Wireless $ 3,167 $ 3,042 $ 2,806 $ 2,589 $ 1,987
Cable 1,437 1,324 1,233 1,016 916
Media 147 119 142 176 156
Corporate and eliminations (98) (97) (121) (78) (117)
$ 4,653 $ 4,388 $ 4,060 $ 3,703 $ 2,942
Net income $ 1,528 $ 1,478 $ 1,002 $ 637 $ 622
Adjusted net income(1) $ 1,707 $ 1,556 $ 1,260 $ 1,066 $ 684
Cash flow from operations(2) $ 3,800 $ 3,526 $ 3,500 $ 3,135 $ 2,386
Property, plant and equipment expenditures $ 1,839 $ 1,855 $ 2,021 $ 1,796 $ 1,712
Average Class A and Class B shares
outstanding (Ms)(4) 576 621 638 642 642
Net income per share:(4)
Basic $ 2.65 $ 2.38 $ 1.57 $ 1.00 $ 0.99
Diluted 2.65 2.38 1.57 0.99 0.97
Adjusted net income per share:
Basic $ 2.96 $ 2.51 $ 1.98 $ 1.67 $ 1.08
Diluted 2.96 2.51 1.98 1.66 1.07
Balance Sheet:
Assets
Property, plant and equipment, net $ 8,493 $ 8,197 $ 7,898 $ 7,289 $ 6,732
Goodwill 3,115 3,018 3,024 3,027 2,779
Intangible assets 2,669 2,643 2,761 2,086 2,152
Investments 721 547 343 485 139
Other assets 2,332 2,613 3,056 2,438 2,303
$ 17,330 $ 17,018 $ 17,0 82 $ 15,325 $ 14,105
Liabilities and Shareholders’ Equity
Long-term debt $ 8,718 $ 8,463 $ 8,506 $ 6,033 $ 6,988
Accounts payable and other liabilities 4,653 4,282 3,860 4,668 2,917
Total liabilities 13,371 12,745 12,366 10,701 9,905
Shareholders’ equity 3,959 4,273 4,716 4,624 4,200
$ 17,330 $ 17,018 $ 17,082 $ 15,325 $ 14,105
Ratios:
Revenue growth 4% 3% 12% 15% 21%
Adjusted operating profit growth 6% 8% 10% 26% 31%
Debt/adjusted operating profit(3) 2.1 2.1 2.1 2.1 2.8
Dividends declared per share(4) $ 1.28 $ 1.16 $ 1.00 $ 0.42 $ 0.08