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MANAGEMENT’S DISCUSSION AND ANALYSIS
FIVE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
IFRS Canadian GAAP
Years Ended December 31,
(In millions of dollars, except per share amounts) 2011 2010 2009 2008 2007
Income and Cash Flow:
Revenue
Wireless $ 7,138 $ 6,973 $ 6,654 $ 6,335 $ 5,503
Cable 3,796 3,785 3,948 3,809 3,558
Media 1,611 1,461 1,407 1,496 1,317
Corporate and eliminations (117) (77) (278) (305) (255)
$ 12,428 $ 12,142 $ 11,731 $ 11,335 $ 10,123
Operating profit(1)
Wireless $ 3,008 $ 3,151 $ 3,006 $ 2,797 $ 2,532
Cable 1,559 1,391 1,325 1,220 802
Media 154 105 73 142 82
Corporate and eliminations (150) (116) (88) (81) (317)
$ 4,571 $ 4,531 $ 4,316 $ 4,078 $ 3,099
Adjusted operating profit(1)
Wireless $ 3,036 $ 3,173 $ 3,042 $ 2,806 $ 2,589
Cable 1,612 1,426 1,324 1,233 1,016
Media 180 131 119 142 176
Corporate and eliminations (112) (95) (97) (121) (78)
$ 4,716 $ 4,635 $ 4,388 $ 4,060 $ 3,703
Net income $ 1,563 $ 1,502 $ 1,478 $ 1,002 $ 637
Adjusted net income(1) $ 1,747 $ 1,678 $ 1,556 $ 1,260 $ 1,066
Cash flow from operations(2) $ 3,960 $ 3,880 $ 3,526 $ 3,500 $ 3,135
Property, plant and equipment expenditures $ 2,127 $ 1,834 $ 1,855 $ 2,021 $ 1,796
Weighted average number of shares outstanding 543 576 621 638 642
Earnings per share:
Basic $ 2.88 $ 2.61 $ 2.38 $ 1.57 $ 1.00
Diluted 2.86 2.59 2.38 1.57 0.99
Adjusted earnings per share:
Basic $ 3.22 $ 2.91 $ 2.51 $ 1.98 $ 1.67
Diluted 3.19 2.89 2.51 1.98 1.66
Balance Sheet:
Assets
Property, plant and equipment, net $ 9,114 $ 8,437 $ 8,197 $ 7,898 $ 7,289
Goodwill 3,280 3,108 3,018 3,024 3,027
Intangible assets 2,721 2,591 2,643 2,761 2,086
Investments 1,107 933 563 343 485
Other assets 2,140 1,964 2,597 3,056 2,438
$ 18,362 $ 17,033 $ 17,018 $ 17,082 $ 15,325
Liabilities and Shareholders’ Equity
Long-term debt $ 10,034 $ 8,654 $ 8,463 $ 8,506 $ 6,033
Accounts payable and other liabilities 4,756 4,619 4,282 3,860 4,668
Total liabilities 14,790 13,273 12,745 12,366 10,701
Shareholders’ equity 3,572 3,760 4,273 4,716 4,624
$ 18,362 $ 17,033 $ 17,018 $ 17,082 $ 15,325
Ratios:
Revenue growth 2% 4% 3% 12% 15%
Adjusted operating profit growth 2% 6% 8% 10% 26%
Debt/adjusted operating profit(3) 2.2 2.1 2.1 2.1 2.1
Dividends declared per share $ 1.42 $ 1.28 $ 1.16 $ 1.00 $ 0.42
(1) As defined. See the section entitled “Key Performance Indicators and Non-GAAP Measures”.
(2) Cash flow from operations excluding 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.
2011 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 71