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MANAGEMENT’S DISCUSSION AND ANALYSIS
2015 Financial Results
See “Accounting Policies” in this MD&A and the notes to our 2015
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
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) 2015 2014 % Chg
Operating revenue
Wireless 7,651 7,305 5
Cable 3,465 3,467 –
Business Solutions 377 382 (1)
Media 2,079 1,826 14
Corporate items and intercompany eliminations (158) (130) 22
Operating revenue 13,414 12,850 4
Adjusted operating profit (loss)
Wireless 3,239 3,246 –
Cable 1,658 1,665 –
Business Solutions 116 122 (5)
Media 172 131 31
Corporate items and intercompany eliminations (153) (145) 6
Adjusted operating profit 15,032 5,019 –
Adjusted operating profit margin 137.5% 39.1% (1.6 pts)
Net income 1,381 1,341 3
Basic earnings per share $2.68$2.60 3
Adjusted net income 11,490 1,532 (3)
Adjusted basic earnings per share 1$2.89$2.97 (3)
Additions to property, plant and equipment 2,440 2,366 3
Free cash flow 11,676 1,437 17
Cash provided by operating activities 3,747 3,698 1
1Adjusted operating profit, adjusted operating profit margin, adjusted net income, adjusted basic 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.
40 ROGERS COMMUNICATIONS INC. 2015 ANNUAL REPORT