Shaw 2012 Annual Report Download - page 124

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
(ii) Changes in non-cash working capital balances related to continuing operations include the
following:
2012 2011
$$
Accounts receivable 22 54
Other current assets –(13)
Accounts payable and accrued liabilities and provisions (37) (54)
Income taxes payable 31 (187)
Unearned revenue 28
18 (192)
(iii) Interest and income taxes paid and classified as operating activities are as follows:
2012 2011
$$
Interest 328 332
Income taxes 218 400
(iv) Non-cash transactions
The Consolidated Statements of Cash Flows exclude the following non-cash transactions:
2012 2011
$$
Issuance of Class B Non-Voting Shares:
Dividend reinvestment plan [note 19] 98 39
30. 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.
120