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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) 2012 2011 2010 2009 2008
Income and Cash Flow:
Revenue
Wireless $ 7,280 $ 7,138 $ 6,973 $ 6,685 $ 6,343
Cable 3,358 3,309 3,190 3,074 2,877
RBS 351 405 452 446 474
Media 1,620 1,611 1,461 1,407 1,496
Corporate items and intercompany eliminations (123) (117) (77) (75) (80)
$ 12,486 $ 12,346 $ 11,999 $ 11,537 $ 11,110
Adjusted operating profit(1)
Wireless $ 3,063 $ 3,036 $ 3,173 $ 3,067 $ 2,818
Cable 1,605 1,549 1,419 1,300 1,171
RBS 89 86 40 35 59
Media 190 180 131 119 142
Corporate items and intercompany eliminations (113) (112) (95) (114) (115)
$ 4,834 $ 4,739 $ 4,668 $ 4,407 $ 4,075
Net income from continuing operations $ 1,732 $ 1,590 $ 1,532 $ 1,499 $ 1,016
Adjusted net income from continuing operations(1) $ 1,788 $ 1,736 $ 1,704 $ 1,569 $ 1,272
Pre-tax free cash flow(1) $ 2,029 $ 1,973 $ 2,181 $ 1,919 $ 1,500
Property, plant and equipment expenditures $ 2,142 $ 2,127 $ 1,821 $ 1,841 $ 2,000
Earnings per share from continuing operations:
Basic $ 3.34 $ 2.93 $ 2.66 $ 2.41 $ 1.59
Diluted 3.32 2.91 2.64 2.41 1.59
Adjusted net income per share from continuing operations:
Basic $ 3.45 $ 3.20 $ 2.96 $ 2.53 $ 1.99
Diluted 3.43 3.17 2.94 2.53 1.99
Balance Sheet:
Assets
Property, plant and equipment, net $ 9,576 $ 9,114 $ 8,437 $ 8,197 $ 7,898
Goodwill 3,215 3,280 3,108 3,018 3,024
Intangible assets 2,951 2,721 2,591 2,643 2,761
Investments 1,484 1,107 933 563 343
Other assets 2,392 2,140 1,964 2,597 3,056
$ 19,618 $ 18,362 $ 17,033 $ 17,018 $ 17,082
Liabilities and Shareholders’ Equity
Long-term debt (including current portion) $ 10,789 $ 10,034 $ 8,654 $ 8,464 $ 8,507
Accounts payable and other liabilities 5,061 4,756 4,619 4,281 3,859
Total liabilities 15,850 14,790 13,273 12,745 12,366
Shareholders’ equity 3,768 3,572 3,760 4,273 4,716
$ 19,618 $ 18,362 $ 17,033 $ 17,018 $ 17,082
Ratios:
Revenue growth 1% 3% 4% 4% 11%
Adjusted operating profit growth 2% 2% 6% 8% 10%
Debt/adjusted operating profit(2) 2.3 2.2 2.1 2.1 2.1
Dividends declared per share $ 1.58 $ 1.42 $ 1.28 $ 1.16 $ 1.00
Key business indicators:
Blended ARPU $ 59.79 $ 60.20 $ 62.62 $ 63.59 $ 64.34
Wireless subscribers 9,437 9,335 8,977 8,494 7,942
Total television subscribers 2,214 2,297 2,305 2,296 2,320
Total cable high-speed internet subscribers 1,864 1,793 1,686 1,619 1,571
Total cable telephony lines 1,074 1,052 1,003 937 840
(1) As defined. See the section “Key Performance Indicators and Non-GAAP Measures”.
(2) Debt includes net derivative liabilities at the credit-adjusted mark-to-market value and is net of cash as applicable.
72 ROGERS COMMUNICATIONS INC. 2012 ANNUAL REPORT