Shaw 2011 Annual Report Download - page 118

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2011, 2010 and 2009
[all amounts in thousands of Canadian dollars except share and per share amounts]
2009
Satellite
Cable
$
DTH
$
Satellite
Services
$
Total
$
Intersegment
Eliminations
$
Total
$
Revenue 2,635,832 684,831 90,205 775,036 (19,955) 3,390,913
Operating income before amortization 1,267,937 223,341 49,331 272,672 – 1,540,609
Operating income as % of revenue 48.1% 32.6% 54.7% 35.2% – 45.4%
Interest(1) 209,438 n/a n/a 26,251 – 235,689
Burrard Landing Lot 2 Holdings Partnership 1,358
237,047
Cash taxes(2) 23,300 n/a n/a – – 23,300
Segment assets 6,599,120 855,283 498,720 1,354,003 – 7,953,123
Corporate assets(1) 981,563
Total assets 8,934,686
Capital expenditures and equipment costs (net) by
segment
Capital expenditures 658,862 4,907 192 5,099 – 663,961
Equipment costs (net) 35,222 76,362 – 76,362 – 111,584
694,084 81,269 192 81,461 – 775,545
Reconciliation to Consolidated Statements of Cash Flows
Additions to property, plant and equipment 623,695
Additions to equipment costs (net) 124,968
Additions to other intangibles 54,223
Total of capital expenditures and equipment costs (net) per
Consolidated Statements of Cash Flows
Increase in working capital related to capital expenditures
802,886
11,559
Less: Proceeds on disposal of property, plant and
equipment (22,081)
Less: Realized gains on cancellation of US dollar forward
purchase contracts (3) (13,384)
Less: Satellite services equipment profit (4) (3,435)
Total capital expenditures and equipment costs (net)
reported by segments 775,545
(1) The Company reports interest on a segmented basis for Cable, Media, Wireless and
combined satellite only. It does not report interest on a segmented basis for DTH and
Satellite Services. Effective August 31, 2011, Wireless is presented as discontinued
operations with restatement of comparative periods. Interest was allocated to the Wireless
division based on the Company’s average cost of borrowing to fund the capital
expenditures and operating costs and therefore has not been included in discontinued
operations. Upon restatement of comparative periods, wireless spectrum licenses have
been reclassified to corporate segment assets.
(2) The Company reports cash taxes on a segmented basis for Cable, Media and combined
satellite only. It does not report cash taxes on a segmented basis for DTH and Satellite
Services.
(3) The Company realized gains totaling $13,384 on cancellation of certain of its US dollar
forward purchase contracts in respect of capital expenditures and equipment costs. The
gains were included in other comprehensive income and reclassified to the initial carrying
amount of capital assets or equipment costs when the assets were recognized.
114