Rogers 2014 Annual Report Download - page 45

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MANAGEMENT’S DISCUSSION AND ANALYSIS
2014 Financial Results
See “Critical Accounting Estimates” and “New Accounting Standards”,
in “Accounting Policies” in this MD&A, and the notes to our 2014
Audited Consolidated Financial Statements for important accounting
policies and estimates as they relate to the following discussion.
We use several key performance indicators to measure our
performance against our strategies and the results of our peers and
competitors. Many of these are not defined terms under IFRS and so
should not be considered as alternative measures to net income or any
other financial measure of performance under IFRS. See “Key
Performance Indicators” and “Non-GAAP Measures” for more
information.
SUMMARY OF CONSOLIDATED RESULTS
Years ended December 31
(In millions of dollars, except margins and per share amounts) 2014 2013 % Chg
Operating revenue
Wireless 7,305 7,270 –
Cable 3,467 3,475 –
Business Solutions 382 374 2
Media 1,826 1,704 7
Corporate items and intercompany eliminations (130) (117) 11
Operating revenue 12,850 12,706 1
Adjusted operating profit
Wireless 3,246 3,157 3
Cable 1,665 1,718 (3)
Business Solutions 122 106 15
Media 131 161 (19)
Corporate items and intercompany eliminations (145) (149) (3)
Adjusted operating profit 15,019 4,993 1
Adjusted operating profit margin 139.1% 39.3% (0.2 pts)
Net income 1,341 1,669 (20)
Diluted earnings per share 2.56 3.22 (20)
Adjusted net income 11,532 1,769 (13)
Adjusted diluted earnings per share 12.96 3.42 (13)
Additions to property, plant and equipment 2,366 2,240 6
Free cash flow 11,437 1,548 (7)
Cash provided by operating activities 3,698 3,990 (7)
1Adjusted operating profit, adjusted operating profit margin, adjusted net income, adjusted diluted earnings per share and free cash flow are non-GAAP measures and should
not be considered as a substitute or alternative for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way
to compare us to other companies. See “Non-GAAP Measures” for information about these measures, including how we calculate them.
2014 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 41