Rogers 2010 Annual Report Download - page 77

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ROGERS COMMUNICATIONS INC. 2010 ANNUAL REPORT 81
CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS)
Years ended December 31, 2010 and 2009 2010 2009
Operating revenue (note 3(b)) $ 12,186 $ 11,731
Operating expenses:
Cost of sales 1,520 1,380
Sales and marketing 1,227 1,207
Operating, general and administrative 4,847 4,681
Settlement of pension obligations (note 17(d)) –30
Integration and restructuring (note 6) 40 117
Depreciation and amortization 1,645 1,730
Impairment losses on goodwill, intangible assets
and other long-term assets (notes 11(a) and 13) 618
Operating income 2,901 2,568
Interest on long-term debt (669) (647)
Debt issuance costs (note 14(c)) (10) (11)
Loss on repayment of long-term debt (note 14(d)) (87) (7)
Foreign exchange gain 20 136
Change in fair value of derivative instruments (16) (65)
Other income (expense) (1) 6
Income before income taxes 2,138 1,980
Income tax expense (note 7):
Current 322 215
Future 288 287
610 502
Net income for the year $ 1,528 $ 1,478
Net income per share (note 8):
Basic and diluted $ 2.65 $ 2.38
See accompanying notes to consolidated financial statements.