Shaw 2010 Annual Report Download - page 8

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2010
November 5, 2010
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 additional information concerning the business 15
E. Government regulations and regulatory developments 16
F. Key performance drivers 21
G. Critical accounting policies and estimates 23
H. Related party transactions 30
I. New accounting standards 31
J. Known events, trends, risks and uncertainties 36
II. SUMMARY OF QUARTERLY RESULTS 44
III. RESULTS OF OPERATIONS 46
IV. FINANCIAL POSITION 57
V. CONSOLIDATED CASH FLOW ANALYSIS 59
VI. LIQUIDITY AND CAPITAL RESOURCES 60
VII. ADDITIONAL INFORMATION 62
VIII. COMPLIANCE WITH NYSE CORPORATE GOVERNANCE LISTING STANDARDS 62
IX. CERTIFICATION 62
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, although not all forward-looking statements contain such words. These forward-looking
statements include, but are not limited to, references to future capital expenditures (including the
amount and nature thereof), financial guidance for future performance, 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, some of which are noted above, 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
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