Shaw 2009 Annual Report Download - page 8

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2009
November 30, 2009
FORWARD
Tabular dollars are in thousands of Canadian dollars, except per share amounts or unless otherwise
indicated. Management’s Discussion and Analysis should be read in conjunction with the
Consolidated Financial Statements.
INDEX
CONTENTS Page
Outline
I. INTRODUCTION TO THE BUSINESS 6
A. Company overview – core business and strategies 6
B. General development of the business 6
C. Description of the business 10
D. Seasonality and other information concerning the business 13
E. Government regulations and regulatory developments 14
F. Key performance drivers 18
G. Critical accounting policies and estimates 20
H. Related party transactions 26
I. New accounting standards 27
J. Known events, trends, risks and uncertainties 28
II. SUMMARY OF QUARTERLY RESULTS 36
III. RESULTS OF OPERATIONS 37
IV. FINANCIAL POSITION 48
V. CONSOLIDATED CASH FLOW ANALYSIS 49
VI. LIQUIDITY AND CAPITAL RESOURCES 50
VII. ADDITIONAL INFORMATION 52
VIII. COMPLIANCE WITH NYSE CORPORATE GOVERNANCE LISTING STANDARDS 52
IX. CERTIFICATION 52
CAUTION CONCERNING FORWARD LOOKING STATEMENTS
Certain statements included in this Management’s Discussion and Analysis may constitute forward-
looking statements. Such forward-looking statements involve risks, uncertainties and other factors
which may cause actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. When used, the words “anticipate”, “believe”, “expect”, “plan”,
“intend”, “target”, “guideline”, “goal”, and similar expressions generally identify forward-looking
statements. These forward-looking statements include, but are not limited to, references to future
capital expenditures (including the amount and nature thereof), financial guidance related to
service operating income before amortization and free cash flow, business strategies and measures
to implement strategies, competitive strengths, goals, expansion and growth of Shaw’s business
and operations, plans and references to the future success of Shaw. These forward-looking
statements are based on certain assumptions and analyses made by Shaw in light of its experience
and its perception of historical trends, current conditions and expected future developments as well
as other factors it believes are appropriate in the circumstances. However, whether actual results
4