Shaw 2009 Annual Report Download - page 6

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kWe continued to enhance our HD offerings adding popular channels and future expansion
capacity to meet the growing demand for HDTV. We now carry 56 HD channels and offer over
500 HD titles through VOD and PPV.
kWe expanded our Digital Phone footprint and offer three tiers of residential Digital Phone
products appealing to a wide range of customers as well as offering a variety of business voice
services.
kWe continued to upgrade our back office and customer support systems for enhanced service
and efficiency improvements.
kWe have also invested for the future and hold sufficient wireless spectrum to enable the
launch of a major new customer service.
Innovations, improvements and major capital investments are required in order to meet customers’
demands. We continue to build on our long standing commitment to deliver the latest, most
attractive and compelling products and services to our customers.
OUR FINANCIAL POSITION REMAINS SOLID
Over the past year, the markets have confirmed our solid balance sheet and moderate risk profile;
rating agencies have all affirmed Shaw’s corporate debt as investment grade. Our financial position
has provided opportunities to use economic circumstances to our advantage to strengthen our
capital structure and lower costs:
kWe repurchased $34 million of our Class B Non-Voting Participating Shares this year for
cancellation.
kIn March 2009 we completed a $600 million senior notes offering at 6.50%. In April, we
redeemed $130 million of senior debentures.
kSubsequent to our fiscal year end we closed a $1.25 billion offering of 5.65% senior notes
due October 1, 2019. This was the largest 10 year BBB debt offering ever completed in
Canada. The proceeds were used to pay near maturing debt, and we now have no significant
debt maturities until late calendar 2012.
kMost recently, in November 2009, we took advantage of favorable market conditions and
issued $650 million 6.75% 30 year senior notes. This was the largest 30 year BBB debt
offering ever completed in Canada. It will be a cost efficient cornerstone of our capital
structure for many years to come.
kWe have made cable system acquisitions, Campbell River in February, and in October 2009
we closed Mountain Cable in Hamilton; both of which add customers and represent
complementary growth opportunities for Shaw.
OUR FUTURE
Our prudent management approach will continue to enable us to invest in the business and execute
on our strategic initiatives, providing customers with high quality innovative products, value
pricing, and exceptional customer service.
Certain challenges do lie ahead: we operate in a highly competitive market, technology in the
industry is constantly changing, and regulatory issues must be addressed.
2
Shaw Communications Inc.
REPORT TO SHAREHOLDERS
August 31, 2009