Shaw 2010 Annual Report Download - page 76

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2010, 2009 and 2008
[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”); and programming
content (through Shaw Media). During the current year, the Company commenced its initial wireless
activities and began reporting this new business as a separate reporting unit.
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:
2010
$
2009
$
Working capital 180 369
Property, plant and equipment 16,820 17,451
17,000 17,820
Debt 20,951 21,473
Proportionate share of net liabilities (3,951) (3,653)
2010
$
2009
$
2008
$
Operating, general and administrative expenses 1,829 1,829 1,829
Amortization (683) (688) (707)
Interest (1,326) (1,358) (1,389)
Other gains 867 879 848
Proportionate share of income before income taxes 687 662 581
Cash flow provided by operating activities 1,560 1,326 1,608
Cash flow used in investing activities (34) ––
Cash flow used in financing activities (541) (509) (478)
Proportionate share of increase in cash 985 817 1,130
72