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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 30: SUPPLEMENTAL CASH FLOW INFORMATION
CHANGE IN NON-CASH OPERATING WORKING CAPITAL
ITEMS
(In millions of dollars) 2014 2013
The changes in non-cash operating working capital
items are as follows:
Accounts receivable (81) 58
Inventory 26 17
Other current assets (18) (8)
Accounts payable and accrued liabilities (2) 180
Unearned revenue 86 (9)
Total change in non-cash operating working capital
items 11 238
CASH PROVIDED BY FINANCING ACTIVITIES
(In millions of dollars) Note 2014 2013
Debt derivatives:
Proceeds on debt derivatives 2,150 662
Payments on debt derivatives (2,115) (766)
Net cash proceeds (settlement) on debt
derivatives 16 35 (104)
The following two tables provide details on the net cash proceeds
(settlement) on debt derivatives:
(In millions of dollars) Note 2014 2013
Proceeds on termination of US$750 million
debt derivatives 834 –
Proceeds on termination of US$350 million
debt derivatives 387 –
Proceeds on termination of US$350 million
debt derivatives –356
Proceeds on foreign exchange forward
contracts 929 306
Gross proceeds on debt derivatives and
foreign exchange forward contracts 2,150 662
(In millions of dollars) Note 2014 2013
Payments on termination of US$750 million
debt derivatives (773) –
Payments on termination of US$350 million
debt derivatives (413) –
Payments on termination of US$350 million
debt derivatives –(460)
Payments on foreign exchange forward
contracts (929) (306)
Subtotal (2,115) (766)
Payments on early termination of US$1,075
million debt derivatives 16 –(263)
Gross payments on debt derivatives and
foreign exchange forward contracts (2,115) (1,029)
The following two tables provide details on the net cash issuance
(repayment) of long-term debt:
(In millions of dollars) Note 2014 2013
Issuance of long-term debt:
Net issuance of senior notes 21 2,082 2,578
Borrowings under bank credit facility 1,330 –
Total proceeds on issuance of long-term
debt 3,412 2,578
(In millions of dollars) Note 2014 2013
Repayment of long-term debt:
Net repayment of senior notes 21 (1,221) (356)
Repaymentofbankcreditfacility (1,330) –
Total repayment on long-term debt (2,551) (356)
NOTE 31: SUBSEQUENT EVENTS
The following events occurred or will occur after the year ended
December 31, 2014:
INVESTMENT IN GLENTEL INC.
In late December 2014, we announced an agreement with BCE Inc.
(BCE) under which Rogers will purchase 50% of Glentel Inc. (Glentel)
for cash consideration of approximately $392 million. As part of the
agreement, Rogers and BCE intend to divest all Glentel operations
located outside of Canada (International Operations). The terms of the
agreement provide that BCE is entitled to the first $100 million and
Rogers is entitled to the subsequent $195 million of the divestiture
proceeds from International Operations. Divesture proceeds in excess
of $295 million are to be shared evenly between both parties. Glentel
is a large multicarrier mobile phone retailer with several hundred
Canadian wireless retail distribution outlets. The outlets operate under
banner names such as Wireless Wave and TBooth Wireless. The
transaction is expected to close in the first half of 2015 and is subject to
regulatory approval and completion of BCE’s acquisition of Glentel.
INCREASE IN ANNUAL DIVIDEND RATE AND
DECLARATION OF DIVIDENDS
In January 2015, the Board of Directors approved an increase of 5% in
the annualized dividend rate, to $1.92 per Class A Voting share and
Class B Non-Voting share, effective immediately to be paid in quarterly
amounts of $0.48. The Board of Directors last increased the annualized
dividend rate in February 2014, from $1.74 to $1.83 per Class A Voting
and Class B Non-Voting share. Dividends are payable when declared
by the Board of Directors.
On January 28, 2015, the Board of Directors declared a quarterly
dividend of $0.48 per Class A Voting share and Class B Non-Voting
share, to be paid on April 1, 2015, to shareholders of record on
March 13, 2015. This is the first quarterly dividend declared in 2015
and reflects the new dividend rate.
130 ROGERS COMMUNICATIONS INC. 2014 ANNUAL REPORT