Shaw 2009 Annual Report Download - page 65

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]
1. SIGNIFICANT ACCOUNTING POLICIES
Shaw Communications Inc. (the “Company”) is a public company whose shares are listed on the
Toronto and New York Stock Exchanges. The Company is a diversified Canadian communications
company whose core operating business is providing broadband cable television services, Internet,
Digital Phone, and telecommunications services (“Cable”); Direct-to-home (“DTH”) satellite
services (Shaw Direct) and satellite distribution services (“Satellite Services”).
The consolidated financial statements are prepared by management in accordance with Canadian
generally accepted accounting principles (“GAAP”). The effects of differences between the
application of Canadian and US GAAP on the consolidated financial statements of the Company
are described in note 22.
Basis of consolidation
The consolidated financial statements include the accounts of the Company and those of its
subsidiaries. Intercompany transactions and balances are eliminated on consolidation. The results
of operations of subsidiaries acquired during the year are included from their respective dates of
acquisition.
The accounts also include the Company’s 33.33% proportionate share of the assets, liabilities,
revenues, and expenses of its interest in the Burrard Landing Lot 2 Holdings Partnership (the
“Partnership”).
The Company’s interest in the Partnership’s assets, liabilities, results of operations and cash flows
are as follows:
2009
$
2008
$
Working capital 369 345
Property, plant and equipment 17,451 18,120
17,820 18,465
Debt 21,473 21,963
Proportionate share of net liabilities (3,653) (3,498)
2009
$
2008
$
2007
$
Operating, general and administrative expenses 1,829 1,829 1,829
Amortization (688) (707) (707)
Interest (1,358) (1,389) (1,418)
Other gains 879 848 735
Proportionate share of income before income taxes 662 581 439
Cash flow provided by operating activities 1,326 1,608 1,284
Cash flow used in financing activities (509) (478) (449)
Proportionate share of increase in cash 817 1,130 835
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