(including issued capital, share premium, retained earnings, hedging
reserve and available-for-sale financial assets reserve) and indebtedness
(including current portion of our long-term debt, long-term debt and
short-term borrowings).
We manage our capital structure commitments and maturities and make
adjustments based on general economic conditions, financial markets
and operating risks and our investment and working capital
requirements. To maintain or adjust our capital structure, we may, with
approval from our Board of Directors, issue or repay debt and/or short-
term borrowings, issue shares, repurchase shares, pay dividends or
undertake other activities as deemed appropriate under the
circumstances. The board reviews and approves any material transactions
that are not part of the ordinary course of business, including proposals
for acquisitions or other major investments or divestitures, financing
transactions and annual capital and operating budgets.
We monitor debt leverage ratios such as adjusted net debt to adjusted
operating profit as part of the management of liquidity and
shareholders’ return to sustain future development of the business,
conduct valuation-related analyses and make decisions about capital.
112 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT