Rogers 2014 Annual Report Download - page 120

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17: INVESTMENTS
(In millions of dollars) 2014 2013
Investments in:
Publicly traded companies 1,130 809
Private companies 161 103
Investments, available-for-sale 1,291 912
Investments, associates and joint ventures 607 575
Total investments 1,898 1,487
INVESTMENTS, AVAILABLE-FOR-SALE
Publicly Traded Companies
We hold interests in a number of publicly traded companies. This year
we recorded realized gains of $3 million and unrealized gains of $325
million (2013 – $13 million of realized gains and $186 million of
unrealized gains) with a corresponding increase in net income and
other comprehensive income, respectively.
INVESTMENTS, ASSOCIATES AND JOINT VENTURES
We have interests in a number of associates and joint ventures, some
of which include:
Maple Leaf Sports and Entertainment Limited (MLSE)
MLSE, a sports and entertainment company, owns and operates the
Air Canada Centre, the NHL’s TorontoMapleLeafs,theNBA’sToronto
Raptors, the MLS’ Toronto FC, the AHL’s Toronto Marlies and other
assets. We, along with BCE Inc., jointly own an indirect net 75% equity
interest in MLSE with our portion representing a 37.5% equity interest
in MLSE. Our investment in MLSE is a joint venture and is accounted for
using the equity method.
shomi
In 2014, we entered into a joint venture equally owned by Rogers and
Shaw Communications Inc. to develop,launchandoperateapremium
subscription video-on-demand service offering movies and television
series for viewing on-line and through cable set-top boxes. Our
investment in shomi is a joint venture and is accounted for using the
equity method.
Inukshuk
Inukshuk is a joint operation owned 50% by each Rogers and BCE Inc.
that was created to operate a national fixed wireless
telecommunications network to be used by the partners and their
subsidiaries.
The following tables provide summary financial information on all our
material associates and joint ventures and our portions thereof. We
record our investments in joint ventures and associates using the
equity method.
(In millions of dollars) 2014 2013
Current assets 261 153
Long-term assets 2,577 2,434
Current liabilities 432 334
Long-term liabilities 1,247 1,146
Total net assets 1,159 1,108
Our share of net assets 580 554
Revenues 714 648
Expenses 736 644
Total net (loss) income (22) 4
Our share of net (loss) income (11) 2
Some of our joint ventures have non-controlling shareholders that have
a right to require our joint venture to purchase the non-controlling
interest at a future date.
NOTE 18: OTHER LONG-TERM ASSETS
(In millions of dollars) 2014 2013
Spectrum licence deposits 250 250
Other 106 147
Total other long-term assets 356 397
In 2013, we paid total deposits of $250 million for the option to
purchase Shaw’s Advanced Wireless Services (AWS) spectrum
holdings pending regulatory approval. Under the agreement,
$200 million of this balance is refundable if the transaction does not
close.
116 ROGERS COMMUNICATIONS INC. 2014 ANNUAL REPORT