Shaw 2011 Annual Report Download - page 138

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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]
The Company defines capital as comprising all components of shareholders’ equity (other than
non-controlling interests and amounts in accumulated other comprehensive income/loss), long-
term debt (including the current portion thereof), and bank indebtedness less cash and cash
equivalents.
August 31, 2011 August 31, 2010
Cash and cash equivalents (443,427) (216,735)
Long-term debt repayable at maturity 5,320,457 4,021,033
Share capital 2,633,459 2,250,498
Contributed surplus 65,498 53,330
Retained earnings 516,462 457,728
8,092,449 6,565,854
The Company manages its capital structure and makes adjustments to it in light of changes in
economic conditions and the risk characteristics of underlying assets. The Company may also
from time to time change or adjust its objectives when managing capital in light of the
Company’s business circumstances, strategic opportunities, or the relative importance of
competing objectives as determined by the Company. There is no assurance that the Company
will be able to meet or maintain its currently stated objectives.
On November 25, 2010, Shaw received the approval of the TSX to renew its normal course
issuer bid to purchase its Class B Non-Voting Shares for a further one year period. The Company
is authorized to acquire up to 37,000,000 Class B Non-Voting Shares during the period
December 1, 2010 to November 30, 2011.
The Company’s banking facilities are subject to covenants which include maintaining minimum
or maximum financial ratios, including total debt to operating cash flow and operating cash flow
to fixed charges. At August 31, 2011, the Company is in compliance with these covenants and
based on current business plans and economic conditions, the Company is not aware of any
condition or event that would give rise to non-compliance with the covenants.
The Company’s overall capital structure management strategy remains unchanged from the
prior year.
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