Rogers Communications Inc 6-K, filed Mar 5, 2021

Rogers Communications Inc (RCI)

6-K 2021-03-05 For: 2021-03-04

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Added on July 04, 2026

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Rogers Communications Inc filed this 6-K on March 5, 2021.

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ROGERS COMMUNICATIONS INC.

By:	/s/ *“Anthony Staffieri”*
	Name:	Anthony Staffieri
	Title:	Chief Financial Officer


Exhibit Number		Description of Document

99.1		MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020



	Years ended December 31

(In millions of dollars, except margins and per share amounts)	2020		2019		% Chg
Consolidated
Total revenue		13,916		15,073		(8	)
Total service revenue ¹		11,955		12,965		(8	)
Adjusted EBITDA ²		5,857		6,212		(6	)
Adjusted EBITDA margin²		42.1%		41.2%		0.9 pts

Net income		1,592		2,043		(22	)
Adjusted net income²		1,725		2,135		(19	)

Basic earnings per share	$	3.15	$	3.99		(21	)
Adjusted basic earnings per share ²	$	3.42	$	4.17		(18	)

Capital expenditures ³		2,312		2,807		(18	)
Cash provided by operating activities		4,321		4,526		(5	)
Free cash flow ²		2,366		2,278		4
Wireless
Service revenue		6,579		7,156		(8	)
Revenue		8,530		9,250		(8	)
Adjusted EBITDA		4,067		4,345		(6	)
Adjusted EBITDA service margin ⁴		61.8%		60.7%		1.1 pts
Adjusted EBITDA margin ⁵		47.7%		47.0%		0.7 pts
Cable
Revenue		3,946		3,954		–
Adjusted EBITDA		1,935		1,919		1
Adjusted EBITDA margin		49.0%		48.5%		0.5 pts
Media
Revenue		1,606		2,072		(22	)
Adjusted EBITDA		51		140		(64	)
Adjusted EBITDA margin		3.2%		6.8%		(3.6 pts	)


	As at or years ended December 31
	2020			2019			Chg
Subscriber results (in thousands) ¹
Wireless postpaid net additions		245			334			(89	)
Wireless prepaid net losses		(142	)		(97	)		(45	)
Wireless subscribers		10,943			10,840			103

Internet net additions		57			104			(47	)
Internet subscribers ^2,3		2,598			2,534			64

Ignite TV net additions		218			284			(66	)
Total Ignite TV subscribers		544			326			218

Customer relationships net additions		12			21			(9	)
Total customer relationships ^2,3		2,530			2,510			20
Additional Wireless metrics ¹
Postpaid churn (monthly)		1.00%			1.11%			(0.11 pts	)
Blended ABPU (monthly)	$	63.24		$	66.23		($	2.99	)
Blended ARPU (monthly)	$	50.75		$	55.49		($	4.74	)
Additional Cable metrics ¹
ARPA (monthly)	$	130.70		$	131.71		($	1.01	)
Penetration		55.3%			56.1%			(0.8 pts	)
Ratios
Capital intensity ¹		16.6%			18.6%			(2.0 pts	)
Dividend payout ratio of net income ¹		63.4%			50.0%			13.4 pts
Dividend payout ratio of free cash flow ^1,4		42.7%			44.9%			(2.2 pts	)
Return on assets ¹		4.1%			5.5%			(1.4 pts	)
Debt leverage ratio ⁴		3.0			2.9			0.1
Employee-related information
Total active employees		23,500			25,300			(1,800	)



Segment		Principal activities

Wireless		Wireless telecommunications operations for Canadian consumers and businesses.

Cable		Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.

Media		A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.



		Strategic Priority		2020 Objectives

		Create best-in-class customer experiences by putting our customers first in everything we do		Evolve our customer experience across all our channels; solve customer problems the first time they contact us; and invest in tools to create frictionless digital and frontline experiences

		Invest in our networks and technology to deliver leading performance and reliability		Continue our cable and wireless network uplift programs; accelerate our network leadership in 5G and IoT; and deliver reliable systems and leverage emerging technologies

		Deliver innovative solutions and compelling content that our customers will love		Drive a growth agenda in each of our lines of business; create capabilities to establish great partnerships; and challenge the core value propositions in each of our businesses

		Drive profitable growth in all the markets we serve		Deliver on our 2020 financial commitments and execute on our cost management playbook

		Develop our people and a high performance culture		Build our culture and reputation as a great Canadian company; attract diverse talent that builds our future workforce; and deliver a differentiated and rewarding employee experience

		Be a strong, socially responsible leader in our communities across Canada		Grow our presence both locally and regionally; distinguish our community investment and social responsibility programs; and grow our business in key underserved markets across Canada



		Strategic Priority		2021 Objectives

		Create best-in-class customer experiences by putting our customers first in everything we do		Accelerate digital and self-serve adoption by building on momentum generated during COVID-19; reinvent experiences across all channels to optimize customer journeys; solve customer problems the first time, or even before, they contact us; and invest in tools, capabilities, and our team to create frictionless digital and frontline experiences.

		Invest in our networks and technology to deliver leading performance, reliability, and coverage		Invest in our cable and wireless networks to deliver industry-leading connectivity to our customers; grow our leadership in 5G and reestablish leadership in IoT; expand our network footprint and product reach to connect underserved communities; and modernize our systems by leveraging cloud and data capabilities.

		Drive growth in each of our lines of business		Enhance our marketing and sales capabilities to propel consistent and sustainable customer additions; grow our business in key regional markets across Canada; create products, services, and content that customers will love; and anchor our Media strategy in sports and diversify into digital and sports-related growth areas.

		Drive best-in-class financial outcomes for our shareholders		Improve financial performance and drive cost and productivity improvements across Rogers.

		Develop our people, drive engagement, and build a high-performing and inclusive culture		Ensure the safety and well-being of our employees and evolve our ways of working; build a culture of inclusion for our team members, customers, and communities; and attract top and diverse talent and develop our team as we build our future workforce.

		Be a strong, socially and environmentally responsible leader in our communities		Partner with communities across Canada to deepen engagement and increase impact; grow our presence in a sustainable and environmentally responsible manner; and build our culture and reputation as a great Canadian company.



Type of spectrum	Rogers licences	Who the licences support

600 MHz	20 to 40 MHz across Canada, covering 100% of the Canadian population.	5G subscribers.

700 MHz	24 MHz in Canada’s major geographic markets, covering 95% of the Canadian population.	4G / 4.5G LTE subscribers; future 5G subscribers.

850 MHz	25 MHz across Canada.	2G GSM, 3.5G HSPA+, 4G / 4.5G LTE subscribers; future 5G subscribers.

1900 MHz	60 MHz in all areas of Canada except 40 MHz in northern Quebec, 50 MHz in southern Ontario, and 40 MHz in the Yukon, Northwest Territories, and Nunavut.	2G GSM, 3.5G HSPA+, 4G / 4.5G LTE subscribers; future 5G subscribers.

AWS 1700/2100 MHz	40 MHz in British Columbia and Alberta, 30 MHz in southern Ontario, an additional 10 MHz in the Greater Toronto Area, and 20 MHz in the rest of Canada.	4G / 4.5G LTE subscribers; 5G subscribers.

2500 MHz	40 MHz FDD across the majority of Canada except 20 MHz in parts of Quebec and no holdings in Nunavet and the Northwest Territories. Rogers also holds an additional 25 MHz TDD in key population areas in Quebec, Ontario, and British Columbia.	4G, 4.5G LTE, and 5G subscribers.

3500 MHz	Between 20 MHz and 30 MHz across the majority of the Canadian population.	Fixed wireless subscribers; future 5G fixed and mobile broadband subscribers.



Type of spectrum	Type of network venture	Who it supports

2300 MHz	Orion Wireless Partnership (Orion) is a joint operation with Bell in which Rogers holds a 50% interest. Orion holds licences for 30 MHz of FDD 2300 MHz spectrum (of which 20 MHz is usable), previously held by Inukshuk Wireless Partnership, primarily in eastern Canada, including certain population centres in southern and eastern Ontario, southern Quebec, and smaller holdings in New Brunswick, Manitoba, Alberta, and British Columbia. The Orion fixed wireless LTE national network utilizes the jointly held 2300 MHz bands.	5G subscribers.

850 MHz, 1900 MHz AWS spectrum, 700 MHz, 2500 MHz TDD	Two network-sharing arrangements to enhance coverage and network capabilities: • with Bell MTS, which covers 98% of the population across Manitoba; and • with Videotron to provide HSPA and LTE services across the province of Quebec and Ottawa.	3.5G / 4G HSPA+, 4G LTE, 5G subscribers. 4G LTE subscribers.



	Years ended December 31

(In millions of dollars, except margins)	2020		2019		% Chg

Revenue
Service revenue		6,579		7,156		(8	)
Equipment revenue		1,951		2,094		(7	)

Revenue		8,530		9,250		(8	)

Operating expenses
Cost of equipment		1,932		2,231		(13	)
Other operating expenses		2,531		2,674		(5	)

Operating expenses		4,463		4,905		(9	)

Adjusted EBITDA		4,067		4,345		(6	)

Adjusted EBITDA service margin ¹		61.8%		60.7%		1.1 pts

Adjusted EBITDA margin ²		47.7%		47.0%		0.7 pts
Capital expenditures		1,100		1,320		(17	)



(In thousands, except churn, blended ABPU, and blended ARPU)	Years ended December 31
	2020			2019			Chg

Postpaid
Gross additions		1,381			1,566			(185	)
Net additions		245			334			(89	)
Total postpaid subscribers²		9,683			9,438			245
Churn (monthly)		1.00%			1.11%			(0.11 pts	)
Prepaid
Gross additions		550			773			(223	)
Net losses		(142	)		(97	)		(45	)
Total prepaid subscribers²		1,260			1,402			(142	)
Churn (monthly)		4.38%			4.86%			(0.48 pts	)
Blended ABPU (monthly)	$	63.24		$	66.23		($	2.99	)
Blended ARPU (monthly)	$	50.75		$	55.49		($	4.74	)


(In thousands, except ARPA and penetration)	Years ended December 31
(In thousands, except ARPA and penetration)	2020		2019		Chg
Internet
Net additions		57		104		(47	)
Total Internet subscribers ^2,3,4		2,598		2,534		64
Ignite TV
Net additions		218		284		(66	)
Total Ignite TV subscribers ²		544		326		218
Homes passed ²		4,578		4,472		106
Customer relationships
Net additions		12		21		(9	)
Total customer relationships ^2,3,4		2,530		2,510		20
ARPA (monthly)	$	130.70	$	131.71	($	1.01	)
Penetration ²		55.3%		56.1%		(0.8 pts	)



(In millions of dollars, except capital intensity)	Years ended December 31
(In millions of dollars, except capital intensity)	2020		2019		% Chg
Wireless		1,100		1,320		(17	)
Cable		940		1,153		(18	)
Media		79		102		(23	)
Corporate		193		232		(17	)

Capital expenditures ¹		2,312		2,807		(18	)

Capital intensity ²		16.6%		18.6%		(2.0 pts	)



	Years ended December 31

(In millions of dollars)	2020		2019			% Chg

Adjusted EBITDA ¹		5,857		6,212			(6	)
Deduct (add):
Depreciation and amortization		2,618		2,488			5
Restructuring, acquisition and other		185		139			33
Finance costs		881		840			5
Other expense (income)		1		(10	)		n/m
Income tax expense		580		712			(19	)

Net income		1,592		2,043			(22	)



	Years ended December 31

(In millions of dollars, except tax rates)	2020			2019

Statutory income tax rate		26.6%			26.7%
Income before income tax expense		2,172			2,755

Computed income tax expense		578			736
Increase (decrease) in income tax expense resulting from:
Non-deductible portion of equity losses		10			7
Income tax adjustment, legislative tax change		(3	)		(23	)
Non-taxable portion of capital gains		–			(2	)
Other items		(5	)		(6	)

Total income tax expense		580			712

Effective income tax rate		26.7%			25.8%
Cash income taxes paid		418			400



(In millions of dollars, except per share amounts)	Years ended December 31
(In millions of dollars, except per share amounts)	2020		2019		% Chg

Net income		1,592		2,043		(22	)
Basic earnings per share	$	3.15	$	3.99		(21	)
Diluted earnings per share	$	3.13	$	3.97		(21	)



	Years ended December 31

(In millions of dollars, except margins)	2019 ¹			2018¹			% Chg
Revenue
Wireless		9,250			9,200			1
Cable		3,954			3,932			1
Media		2,072			2,168			(4	)
Corporate items and intercompany eliminations ²		(203	)		(204	)		–

Revenue		15,073			15,096			–
Total service revenue ²		12,965			12,974			–

Adjusted EBITDA ³
Wireless		4,345			4,090			6
Cable		1,919			1,874			2
Media		140			196			(29	)
Corporate items and intercompany eliminations		(192	)		(177	)		8

Adjusted EBITDA ³		6,212			5,983			4
Adjusted EBITDA margin³		41.2%			39.6%			1.6 pts

Net income		2,043			2,059			(1	)
Adjusted net income³		2,135			2,241			(5	)



	2020															2019

(In millions of dollars, except per share amounts)	Full Year			Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1

Revenue
Wireless		8,530			2,291			2,228			1,934			2,077			9,250			2,493			2,324			2,244			2,189
Cable		3,946			1,019			988			966			973			3,954			987			994			997			976
Media		1,606			409			489			296			412			2,072			530			483			591			468
Corporate items and intercompany eliminations		(166	)		(39	)		(40	)		(41	)		(46	)		(203	)		(58	)		(47	)		(52	)		(46	)

Total revenue		13,916			3,680			3,665			3,155			3,416			15,073			3,952			3,754			3,780			3,587
Total service revenue ¹		11,955			3,023			3,086			2,797			3,049			12,965			3,244			3,233			3,345			3,143
Adjusted EBITDA
Wireless		4,067			1,034			1,089			918			1,026			4,345			1,064			1,138			1,128			1,015
Cable		1,935			520			508			454			453			1,919			497			499			478			445
Media		51			82			89			(35	)		(85	)		140			22			130			72			(84	)
Corporate items and intercompany eliminations		(196	)		(46	)		(48	)		(43	)		(59	)		(192	)		(53	)		(55	)		(43	)		(41	)

Adjusted EBITDA ²		5,857			1,590			1,638			1,294			1,335			6,212			1,530			1,712			1,635			1,335
Deduct (add):
Depreciation and amortization		2,618			666			663			650			639			2,488			638			627			614			609
Restructuring, acquisition and other		185			73			49			42			21			139			38			42			39			20
Finance costs		881			228			219			214			220			840			230			215			206			189
Other expense (income)		1			2			6			7			(14	)		(10	)		(12	)		16			(1	)		(13	)

Net income before income tax expense		2,172			621			701			381			469			2,755			636			812			777			530
Income tax expense		580			172			189			102			117			712			168			219			186			139

Net income		1,592			449			512			279			352			2,043			468			593			591			391

Earnings per share:
Basic	$	3.15		$	0.89		$	1.01		$	0.55		$	0.70		$	3.99		$	0.92		$	1.16		$	1.15		$	0.76
Diluted	$	3.13		$	0.89		$	1.01		$	0.54		$	0.68		$	3.97		$	0.92		$	1.14		$	1.15		$	0.76
Net income		1,592			449			512			279			352			2,043			468			593			591			391
Add (deduct):
Restructuring, acquisition and other		185			73			49			42			21			139			38			42			39			20
Loss on repayment of long-term debt		–			–			–			–			–			19			19			–			–			–
Income tax impact of above items		(49	)		(19	)		(13	)		(11	)		(6	)		(43	)		(14	)		(13	)		(10	)		(6	)
Income tax adjustment, legislative tax change		(3	)		(3	)		–			–			–			(23	)		–			–			(23	)		–

Adjusted net income ²		1,725			500			548			310			367			2,135			511			622			597			405

Adjusted earnings per share ²:
Basic	$	3.42		$	0.99		$	1.09		$	0.61		$	0.73		$	4.17		$	1.00		$	1.22		$	1.17		$	0.79
Diluted	$	3.40		$	0.99		$	1.08		$	0.60		$	0.71		$	4.15		$	1.00		$	1.19		$	1.16		$	0.78
Capital expenditures		2,312			656			504			559			593			2,807			791			657			742			617
Cash provided by operating activities		4,321			947			986			1,429			959			4,526			1,166			1,305			1,057			998
Free cash flow ²		2,366			568			868			468			462			2,278			497			767			609			405


As at December 31
(In millions of dollars)	2020	2019	$ Chg		% Chg		Explanation of significant changes
Assets
Current assets:
Cash and cash equivalents	2,484	494	1,990		n/m		See “Managing our Liquidity and Financial Resources”.
Accounts receivable ¹	2,856	2,376	480		20		Primarily reflects the increase in financing receivables and business seasonality.
Inventories	479	460	19		4		n/m
Current portion of contract assets	533	1,234	(701	)	(57	)	Reflects our transition of consumer offerings to device financing agreements.
Other current assets ¹	516	452	64		14		n/m
Current portion of derivative instruments	61	101	(40	)	(40	)	Primarily reflects changes in market values of our equity derivatives as a result of the decrease in the share price of Class B Non-Voting Shares.

Total current assets	6,929	5,117	1,812		35
Property, plant and equipment	14,018	13,934	84		1		n/m
Intangible assets	8,926	8,905	21		–		n/m
Investments	2,536	2,830	(294	)	(10	)	Primarily reflects fair value decreases for certain publicly traded investments.
Derivative instruments	1,378	1,478	(100	)	(7	)	Primarily reflects changes in market values of certain debt derivatives as a result of changes in the Canadian and US interest rate environments and the appreciation of the Cdn$ relative to the US$.
Financing receivables ¹	748	76	672		n/m		Reflects an increase as a result of strong adoption of device and accessory financing plans.
Other long-term assets ¹	346	756	(410	)	(54	)	Reflects a decrease in contract assets as we transition our consumer offerings to device financing agreements.
Goodwill	3,973	3,923	50		1		n/m
Total assets	38,854	37,019	1,835		5

Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings	1,221	2,238	(1,017	)	(45	)	Reflects a decrease in borrowings under our US CP program.
Accounts payable and accrued liabilities	2,714	3,033	(319	)	(11	)	Reflects reduced spending due to the effects of COVID-19.
Income tax payable	344	48	296		n/m		Reflects the excess of current income tax expense over tax installments paid.
Other current liabilities ¹	243	191	52		27		Primarily reflects changes in market values of certain expenditure derivatives as a result of the appreciation of the Cdn$ relative to the US$.
Contract liabilities	336	224	112		50		Primarily reflects an increase in contract liabilities related to device financing contracts.
Current portion of long-term debt	1,450	–	1,450		–		Reflects the reclassification to current of our $1,450 million senior notes due March 2021.
Current portion of lease liabilities	278	230	48		21		Reflects liabilities related to new leases entered.

Total current liabilities	6,586	5,964	622		10
Provisions	42	36	6		17		n/m
Long-term debt	16,751	15,967	784		5		Reflects the issuance of $1.5 billion of senior notes due March 2027, the issuance of US$750 million of senior notes due March 2022, partially offset by the changes as a result of the appreciation of the Cdn$ relative to the US$ and the reclassification to current of our $1,450 million senior notes.
Lease liabilities	1,557	1,495	62		4		Reflects liabilities related to new leases entered.
Other long-term liabilities ¹	1,149	704	445		63		Primarily reflects changes in market values of certain debt derivatives as a result of changes in the Canadian and US interest rate environment and the appreciation of the Cdn$ relatives to the US$. Also reflects an increase in our net pension liability.
Deferred tax liabilities	3,196	3,437	(241	)	(7	)	Primarily reflects a decrease in temporary differences between the accounting and tax bases for certain assets and liabilities.

Total liabilities	29,281	27,603	1,678		6
Shareholders’ equity	9,573	9,416	157		2		Reflects changes in retained earnings and equity reserves.

Total liabilities and shareholders’ equity	38,854	37,019	1,835		5



	Year ended December 31, 2020								Year ended December 31, 2019

(In millions of dollars, except exchange rates)	Notional (US$)			Exchange rate		Notional (Cdn$)			Notional (US$)			Exchange rate		Notional (Cdn$)

Proceeds received from US commercial paper		3,316			1.329		4,406			12,897			1.328		17,127

Repayment of US commercial paper		(4,098	)		1.355		(5,552	)		(12,876	)		1.328		(17,094	)

Net (repayment of) proceeds received from US commercial paper							(1,146	)							33

Proceeds received from credit facilities		–			–		–			420			1.336		561

Repayment of credit facilities		–			–		–			(420	)		1.343		(564	)

Net repayment of credit facilities							–								(3	)

Net (repayment of) proceeds received from short-term borrowings							(1,146	)							30



(In millions of dollars, except interest rates and discounts)

Date issued	Principal amount		Due date		Interest rate		Discount/ premium at issuance		Total gross proceeds ¹ (Cdn$)		Transaction costs and discounts ² (Cdn$)

2020 issuances

March 31, 2020		1,500		2027		3.650%		99.511%		1,500		16

June 22, 2020		US 750		2022		USD LIBOR + 0.60%		100%		1,019		5

2019 issuances

April 30, 2019		US 1,250		2049		4.350%		99.667%		1,676		20

November 12, 2019		US 1,000		2049		3.700%		98.926%		1,308		25



(In millions of dollars)

Maturity date	Notional amount (Cdn$)

2019 repayments

March 2019		400

November 2019		500

September 2020, repaid November 2019		900

Total for 2019		1,800


As at December 31, 2020 (In millions of dollars)
As at December 31, 2020 (In millions of dollars)	Total available		Drawn		Letters of credit		US CP program¹		Net available
Bank credit facilities:
Revolving		3,200		–		8		573		2,619
Outstanding letters of credit		101		–		101		–		–
Total bank credit facilities		3,301		–		109		573		2,619
Receivables securitization		1,200		650		–		–		550
Cash and cash equivalents		2,484		–		–				2,484
Total		6,985		650		109		573		5,653

As at December 31, 2019 (In millions of dollars)
As at December 31, 2019 (In millions of dollars)	Total available		Drawn		Letters of credit		US CP program ¹		Net available
Bank credit facilities:
Revolving		3,200		–		8		1,593		1,599
Outstanding letters of credit		101		–		101		–		–
Total bank credit facilities		3,301		–		109		1,593		1,599
Receivables securitization		1,050		650		–		–		400
Cash and cash equivalents		494		–		–		–		494
Total		4,845		650		109		1,593		2,493


Issuance	S&P	Moody’s	Fitch
Corporate credit issuer default rating ¹	BBB+ with a stable outlook	Baa1 with a stable outlook	BBB+ with a stable outlook
Senior unsecured debt ¹	BBB+ with a stable outlook	Baa1 with a stable outlook	BBB+ with a stable outlook
US commercial paper ¹	A-2	P-2	N/A ²


(In millions of dollars, except ratios)	As at December 31			As at December 31
(In millions of dollars, except ratios)	2020			2019
Long-term debt ¹		18,373			16,130
Net debt derivative assets valued without any adjustment for credit risk ²		(1,101	)		(1,414	)
Short-term borrowings		1,221			2,238
Lease liabilities		1,835			1,725
Cash and cash equivalents		(2,484	)		(494	)
Adjusted net debt³		17,844			18,185
Divided by: trailing 12-month adjusted EBITDA³		5,857			6,212
Debt leverage ratio³		3.0			2.9


Derivative	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward foreign exchange agreements
Expenditure derivatives	Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures	Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives	Impact of fluctuations in share price on stock-based compensation expense	Total return swap agreements


			US$				Hedging effect

(In millions of dollars, except interest rates) Effective date	Principal/Notional amount (US$)		Maturity date		Coupon rate		Fixed hedged (Cdn$) interest rate ¹		Equivalent (Cdn$)
2020 issuances
June 22, 2020		750		2022		USD LIBOR + 0.60%		0.955%		1,019

2019 issuances
April 30, 2019		1,250		2049		4.350%		4.173%		1,676
November 12, 2019		1,000		2049		3.700%		3.996%		1,308


	As at December 31, 2020
(In millions of dollars, except exchange rates)	Notional amount (US$)		Exchange rate		Notional amount (Cdn$)		Fair value (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets		4,550		1.0795		4,912		1,405
As liabilities		4,642		1.3359		6,201		(307	)
Short-term debt derivatives not accounted for as hedges:
As liabilities		449		1.2995		583		(12	)
Net mark-to-market debt derivative asset								1,086
Expenditure derivatives accounted for as cash flow hedges:
As liabilities		1,590		1.3421		2,134		(109	)
Net mark-to-market expenditure derivative liability								(109	)
Equity derivatives not accounted for as hedges:
As assets		–		–		238		34
Net mark-to-market asset								1,011


	As at December 31, 2019
(In millions of dollars, except exchange rates)	Notional amount (US$)		Exchange rate		Notional amount (Cdn$)		Fair value (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets		5,800		1.1357		6,587		1,508
As liabilities		2,570		1.3263		3,409		(96	)
Short-term debt derivatives not accounted for as hedges:
As liabilities		1,223		1.3227		1,618		(29	)
Net mark-to-market debt derivative asset								1,383
Expenditure derivatives accounted for as cash flow hedges:
As assets		270		1.2391		335		16
As liabilities		720		1.3228		952		(15	)
Net mark-to-market expenditure derivative asset								1
Equity derivatives not accounted for as hedges:
As assets		–		–		223		55
Net mark-to-market asset								1,439



Declaration date	Record date	Payment date

April 20, 2021	June 10, 2021	July 2, 2021

June 2, 2021	September 9, 2021	October 1, 2021

October 20, 2021	December 10, 2021	January 4, 2022


	Years ended December 31
(Number of shares in millions)	2020		2019
Basic weighted average number of shares outstanding		505		512
Diluted weighted average number of shares outstanding		506		513


(In millions of dollars)	Less than 1 Year		1-3 Years			4-5 Years		After 5 Years			Total
Short-term borrowings		1,221		–			–		–			1,221
Long-term debt ¹		1,450		3,274			1,490		12,159			18,373
Net interest payments		747		1,322			1,167		8,331			11,567
Lease liabilities		278		647			300		1,128			2,353
Debt derivative instruments ²		5		(256	)		46		(383	)		(588	)
Expenditure derivative instruments ²		83		27			–		–			110
Player contracts ³		73		87			–		–			160
Purchase obligations ⁴		295		178			70		48			591
Property, plant and equipment		186		157			1		–			344
Intangible assets		30		–			–		–			30
Program rights ⁵		626		1,198			1,078		316			3,218
Other long-term liabilities		–		14			2		6			22
Total		4,994		6,648			4,154		21,605			37,401



(In millions of dollars)	Income taxes		Unrecoverable sales taxes		Payroll taxes		Regulatory and spectrum fees ¹		Property and business taxes		Total taxes and other payments

Total payments		418		8		137		492		50		1,105



(In millions of dollars)	Increase (decrease) in accrued benefit obligation
Discount rate
Impact of 0.5% increase		(279	)
Impact of 0.5% decrease		319
Rate of future compensation increase
Impact of 0.25% increase		20
Impact of 0.25% decrease		(20	)
Mortality rate
Impact of 1 year increase		76
Impact of 1 year decrease		(80	)


Non-GAAP measure or related performance measure	How and why we use it	How we calculate it	Most comparable IFRS financial measure
Adjusted EBITDA Adjusted EBITDA margin	• To evaluate the performance of our businesses, and when making decisions about the ongoing operations of the business and our ability to generate cash flows. • We believe that certain investors and analysts use adjusted EBITDA to measure our ability to service debt and to meet other payment obligations. • We also use it as one component in determining short-term incentive compensation for all management employees.	Adjusted EBITDA: Net income add (deduct) income tax expense (recovery); finance costs; depreciation and amortization; other expense (income); restructuring, acquisition and other; and loss (gain) on disposition of property, plant and equipment. Adjusted EBITDA margin: Adjusted EBITDA divided by revenue (or service revenue for Wireless).	Net income
Adjusted net income Adjusted basic and diluted earnings per share	• To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.	Adjusted net income: Net income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; and income tax adjustments on these items, including adjustments as a result of legislative changes. Adjusted basic and diluted earnings per share: Adjusted net income and adjusted net income including the dilutive effect of stock-based compensation divided by basic and diluted weighted average shares outstanding.	Net income Basic and diluted earnings per share
Free cash flow	• To show how much cash we have available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance. • We believe that some investors and analysts use free cash flow to value a business and its underlying assets.	Adjusted EBITDA deduct capital expenditures; interest on borrowings net of capitalized interest; and cash income taxes.	Cash provided by operating activities
Adjusted net debt	• To conduct valuation-related analysis and make decisions about capital structure. • We believe this helps investors and analysts analyze our enterprise and equity value and assess our leverage.	Total long-term debt add (deduct) current portion of long-term debt; deferred transaction costs and discounts; net debt derivative (assets) liabilities; credit risk adjustment related to net debt derivatives; current portion of lease liabilities; lease liabilities; bank advances (cash and cash equivalents); and short-term borrowings.	Long-term debt
Debt leverage ratio	• To conduct valuation-related analysis and make decisions about capital structure. • We believe this helps investors and analysts analyze our enterprise and equity value and assess our leverage.	Adjusted net debt (defined above) divided by 12-month trailing adjusted EBITDA (defined above).	Long-term debt divided by net income