Rogers 2011 Annual Report Download - page 2

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2 Letter to Shareholders
5 Why Invest in Rogers
6 Connections Come Alive
16 Supporting our Communities
and the Environment
18 2011 Financial and Operating Highlights
18 Goals and Objectives in 2012
20 Management’s Discussion and Analysis
78 Management’s Responsibility for
Financial Reporting
78 Independent Auditors’ Report of Registered
Public Accounting Firm
79 Consolidated Statements of Income
80 Consolidated Statements of
Comprehensive Income
81 Consolidated Statements of
Financial Position
82 Consolidated Statements of
Changes in Shareholders’ Equity
83 Consolidated Statement of Cash Flows
84 Notes to Consolidated Financial Statements
126 Corporate Governance
128 Directors and Senior Corporate Ofcers
130 Corporate and Shareholder Information
Table of Contents
ROGERS COMMUNICATIONS INC. AT A GLANCE
DELIVERING RESULTS I N 2011
DIVIDEND
INCREASES
WHAT WE SAID: Increase cash
returns to shareholders consistently
over time.
WHAT WE DID: Increased
annualized dividend per share
11% from $1.28 to $1.42 in 2011.
FAST AND RELIABLE
NETWORKS
WHAT WE SAID: Maintain Rogers’
leadership in network technology
and innovation.
WHAT WE DID: Deployed Canada’s first,
largest and fastest 4G LTE wireless net-
work and completed the deployment of
DOCSIS 3.0 Internet capabilities across
our cable TV footprint.
SHARE
BUYBACKS
WHAT WE SAID: Return
additional cash to shareholders
by repurchasing Rogers shares
on open market.
WHAT WE DID: Repurchased
31 million Rogers Class B shares
for $1.1 billion.
GROW WIRELESS DATA
REVENUE
WHAT WE SAID: Strong double-digit
wireless data growth to support
continued ARPU leadership.
WHAT WE DID: 27% wireless
data revenue growth with data
as a percent of network revenue
expanding to 35% from 28%
in 2010.
TOP-LINE
GROWTH
WHAT WE SAID: Leverage
networks, channels and brands
to deliver continued revenue
growth.
WHAT WE DID: Delivered 2%
consolidated top-line growth
with 2% growth in adjusted
operating profit.
GAIN HIGHER VALUE
WIRELESS SUBSCRIBERS
WHAT WE SAID: Continued rapid
growth in smartphone subscriber
base to drive wireless data revenue
and ARPU.
WHAT WE DID: Activated nearly
2.5 million smartphones helping
bring smartphone penetration to
56% of postpaid subscriber base.
CAPTURE OPERATING
EFFICIENCIES
WHAT WE SAID: Implement cost
containment initiatives to capture
efficiencies.
WHAT WE DID: Reduced operating
expenses for the combined Wireless
and Cable segments, excluding the
cost of wireless equipment sales, by
approximately 2% from 2010 levels.
FREE CASH FLOW
GENERATION
WHAT WE SAID: Deliver another year
of significant consolidated pre-tax
free cash flow.
WHAT WE DID: Generated $2 billion
of pre-tax free cash flow in 2011,
supporting the significant cash we
returned to shareholders during
the year.
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 the world standard GSM, HSPA+ and LTE technology platforms.
Rogers Cable is a leading Canadian cable services provider, offering cable television,
high-speed Internet access, and telephony products for residential and business customers.
Rogers Media is Canada’s premier group of category-leading broadcast, specialty, sports,
print and on-line media assets with businesses in radio and television broadcasting,
televised shopping, sports entertainment, and magazine and trade journal publication.