Shaw 2011 Annual Report Download - page 81

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Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
Years ended August 31 [thousands of Canadian dollars
except per share amounts]
2011
$
2010
$
2009
$
Revenue [note 16] 4,740,903 3,717,580 3,390,913
Operating, general and administrative expenses 2,710,075 1,957,433 1,850,304
Operating income before amortization [note 16] 2,030,828 1,760,147 1,540,609
Amortization –
Deferred IRU revenue [note 11] 12,546 12,546 12,547
Deferred equipment revenue [note 11] 106,628 120,639 132,974
Deferred equipment costs [note 8] (204,712) (228,714) (247,110)
Deferred charges [note 8] (1,025) (1,025) (1,025)
Property, plant and equipment [note 7] (604,214) (526,432) (449,808)
Other intangibles [note 9] (45,210) (33,285) (30,774)
Operating income 1,294,841 1,103,876 957,413
Amortization of financing costs – long-term debt [note 10] (4,302) (3,972) (3,984)
Interest [notes 10 and 16] (331,584) (248,011) (237,047)
958,955 851,893 716,382
Gain on redemption of debt [note 10] 32,752 ––
Debt retirement costs [note 10] –(81,585) (8,255)
CRTC benefit obligation [note 2] (139,098) ––
Business acquisition, integration and restructuring expenses
[notes 2 and 14] (90,648) ––
Loss on derivative instruments [note 21] (22,022) (45,164) –
Accretion of long-term liabilities (14,975) (2,142) –
Foreign exchange gain on unhedged long-term debt 16,695 ––
Other gains [note 1] 11,022 5,513 19,644
Income before income taxes 752,681 728,515 727,771
Income tax expense [note 15] 204,829 183,489 191,197
Income before the following 547,852 545,026 536,574
Equity income (loss) on investees [note 6] 14,200 (11,250) (99)
Net income from continuing operations 562,052 533,776 536,475
Loss from discontinued operations [note 2] (89,263) (1,044) –
Net income 472,789 532,732 536,475
Net income attributable to:
Common shareholders 453,701 532,732 536,475
Non-controlling interests 19,088 ––
472,789 532,732 536,475
Retained earnings, beginning of year 457,728 382,227 222,652
Net income attributable to common shareholders 453,701 532,732 536,475
Reduction on Class B Non-Voting Shares purchased for cancellation [note
12] –(85,143) (25,017)
Dividends – Class A Shares and Class B Non-Voting Shares (391,343) (372,088) (351,883)
Dividends – Series A Preferred Shares (3,624) ––
Retained earnings, end of year 516,462 457,728 382,227
Earnings per share – basic and diluted [note 12]
Earnings per share from continuing operations 1.24 1.23 1.25
Loss per share from discontinued operations (0.21) ––
Earnings per share 1.03 1.23 1.25
See accompanying notes
77