Shaw 2011 Annual Report Download - page 8

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2011
November 29, 2011
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. Description of the business 7
C. Seasonality and other additional information concerning the business 14
D. Government regulations and regulatory developments 15
E. Key performance drivers 20
F. Critical accounting policies and estimates 22
G. Related party transactions 30
H. New accounting standards 31
I. Known events, trends, risks and uncertainties 37
II. SUMMARY OF QUARTERLY RESULTS 44
III. RESULTS OF OPERATIONS 46
IV. FINANCIAL POSITION 61
V. CONSOLIDATED CASH FLOW ANALYSIS 63
VI. LIQUIDITY AND CAPITAL RESOURCES 65
VII. ADDITIONAL INFORMATION 68
VIII. COMPLIANCE WITH NYSE CORPORATE GOVERNANCE LISTING
STANDARDS 68
IX. CERTIFICATION 68
CAUTION CONCERNING FORWARD LOOKING STATEMENTS
Statements included in this Management’s Discussion and Analysis that are not historic
constitute “forward-looking statements” within the meaning of applicable securities laws. Such
statements include, but are not limited to, statements about future capital expenditures,
financial guidance for future performance, business strategies and measures to implement
strategies, competitive strengths, expansion and growth of Shaw’s business and operations and
other goals and plans. They can generally be identified by words such as “anticipate”,
“believe”, “expect”, “plan”, “intend”, “target”, “goal” and similar expressions (although not all
forward-looking statements contain such words). All of the forward-looking statements made in
this report are qualified by these cautionary statements.
Forward-looking statements are based on assumptions 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 circumstances as of the
current date. These assumptions include, but are not limited to, general economic and industry
growth rates, currency exchange rates, technology deployment, content and equipment costs,
4