Shaw 2011 Annual Report Download - page 137

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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]
(ii) Changes in non-cash working capital balances related to continuing operations include the
following:
2011 2010 2009
$$$
Accounts receivable 54,181 (1,217) (5,714)
Other current assets (13,298) (2,115) (14,393)
Accounts payable and accrued liabilities (53,842) (76,608) 47,781
Income taxes payable (196,683) 156,748 22,894
Unearned revenue 8,114 5,044 8,522
(201,528) 81,852 59,090
(iii) Interest and income taxes paid and classified as operating activities are as follows:
2011 2010 2009
$$$
Interest 331,994 237,377 231,594
Income taxes 399,927 4,243 404
(iv) Non-cash transactions
The Consolidated Statements of Cash Flows exclude the following non-cash transactions:
2011 2010 2009
$$$
Issuance of Class B Non-Voting Shares:
Dividend reinvestment plan [note 12] 39,363 ––
Cable system acquisition [note 2] –120,000 –
23. CAPITAL STRUCTURE MANAGEMENT
The Company’s objectives when managing capital are:
(i) to maintain a capital structure which optimizes the cost of capital, provides flexibility and
diversity of funding sources and timing of debt maturities, and adequate anticipated
liquidity for organic growth and strategic acquisitions;
(ii) to maintain compliance with debt covenants; and
(iii) to manage a strong and efficient capital base to maintain investor, creditor and market
confidence.
133