Rogers 2015 Annual Report Download - page 22

MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s Discussion and Analysis
This Management’s Discussion and Analysis (MD&A) contains
important information about our business and our performance for
the year ended December 31, 2015. This MD&A should be read in
conjunction with our 2015 Audited Consolidated Financial
Statements, which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board.
All dollar amounts are in Canadian dollars unless otherwise stated.
All percentage changes are calculated using the rounded numbers
as they appear in the tables. Charts, graphs, and diagrams are
included for reference; however, they do not form part of this
MD&A. This MD&A is current as at February 11, 2016 and was
approved by the Rogers Communications Inc. Board of Directors
(theBoard).ThisMD&Aincludesforward-lookingstatementsand
assumptions. See “About Forward-Looking Information” for more
information.
We, us, our, Rogers, Rogers Communications, and the Company
refer to Rogers Communications Inc. and our subsidiaries. RCI
refers to the legal entity Rogers Communications Inc., not including
our subsidiaries. RCI also holds interests in various investments and
ventures.
We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A
and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
In this MD&A, this year refers to the year ended December 31,
2015, and last year refers to the year ended December 31, 2014.
All results commentary is compared to the equivalent period in
2014 or as at December 31, 2014, unless otherwise indicated.
ABOUT FORWARD-LOOKING INFORMATION
This MD&A includes “forward-looking information” and “forward-
looking statements” within the meaning of applicable securities
laws (collectively “forward-looking information”), and assumptions
about, among other things, our business, operations, and financial
performance and condition approved by our management on the
date of this MD&A. This forward-looking information and these
assumptions include, but are not limited to, statements about our
objectives and strategies to achieve those objectives, and about
our beliefs, plans, expectations, anticipations, estimates, or
intentions.
Forward-looking information:
• typically includes words like could,expect,may,anticipate,
assume,believe,intend,estimate,plan,project,guidance,
outlook, and similar expressions, although not all forward-
looking information includes them;
• includes conclusions, forecasts, and projections based on our
current objectives and strategies and on estimates, expectations,
assumptions, and other factors, most of which are confidential
and proprietary and that we believe to be reasonable at the time
they were applied but may prove to be incorrect; and
• was approved by our management on the date of this MD&A.
Our forward-looking information and statements include forecasts
and projections related to the following items, among others:
• operating revenue;
• adjusted operating profit;
• additions to property, plant and equipment;
• cash income taxes;
•freecashflow;
•dividendpayments;
• the growth of new products and services;
• expected growth in subscribers and the services to which they
subscribe;
• the cost of acquiring and retaining subscribers and deployment
of new services;
• continued cost reductions and efficiency improvements; and
• all other statements that are not historical facts.
Specific forward-looking information included or incorporated in
this document includes, but is not limited to, our information and
statements under “Financial and Operating Guidance” relating to
our 2016 consolidated guidance on operating revenue, adjusted
operating profit, additions to property, plant and equipment, and
free cash flow. All other statements that are not historical facts are
forward-looking statements.
We base our conclusions, forecasts and projections (including the
aforementioned guidance) on the following factors, among others:
• general economic and industry growth rates;
• currency exchange rates and interest rates;
• product pricing levels and competitive intensity;
• subscriber growth;
• pricing, usage, and churn rates;
• changes in government regulation;
• technology deployment;
• availability of devices;
• timing of new product launches;
• content and equipment costs;
• the integration of acquisitions; and
• industry structure and stability.
Except as otherwise indicated, this MD&A and our forward-looking
statements do not reflect the potential impact of any non-recurring
or other special items or of any dispositions, monetizations,
mergers, acquisitions, other business combinations, or other
transactions that may be considered or announced or may occur
after the date the statement containing the forward-looking
information is made.
RISKS AND UNCERTAINTIES
Actual events and results can be substantially different from what is
expressed or implied by forward-looking information because of
risks, uncertainties, and other factors, many of which are beyond
our control, including but not limited to:
• regulatory changes;
• technological changes;
• economic conditions;
• unanticipated changes in content or equipment costs;
• changing conditions in the communications, entertainment,
and/or information industries;
• the integration of acquisitions;
• litigation and tax matters;
• the level of competitive intensity;
• the emergence of new opportunities; and
• new interpretations and new accounting standards from
accounting standards bodies.
20 ROGERS COMMUNICATIONS INC. 2015 ANNUAL REPORT