Shaw 2013 Annual Report Download - page 120

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S
haw
C
ommunications Inc
.
N
O
TE
S
T
OCO
N
SO
LIDATED FINAN
C
IAL
S
TATEMENT
S
August 31, 2013 and 201
2
[all amounts in millions of Canadian dollars exce
p
t share and
p
er share amounts
]
Other related
p
arties
The
C
om
p
an
y
has entered
i
nto certa
i
n transact
i
ons and a
g
reements
i
n the normal course o
f
bus
i
ness w
i
th certa
i
no
fi
ts related part
i
es. These transact
i
ons are measured at the exchange
amount, which is the amount of consideration established and agreed to by the related parties
.
Co
r
us
The
C
om
p
an
y
and
C
orus are sub
j
ect to common vot
i
n
g
control. Dur
i
n
g
the
y
ear, network
f
ees o
f
$
125 (2012 – $132), advertising fees of $1 (2012 – $2) and programming fees of $1 (2012 – $1
)
were paid to various Corus subsidiaries and entities subject to significant influence. In addition, th
e
Com
p
an
yp
rovided administrative and other services for $nil (2012 – $1), u
p
link of television
signals for $5 (2012 – $5), Internet services and lease of circuits for $1 (2012 – $1) and
programming content of
$
1 (2012 –
$
nil). At August 31, 2013, the Company had a net of
$
2
1
o
win
g
in res
p
ect of these transactions (2012 – $22) and commitments in res
p
ect of networ
k
program agreements of $55 which are included in the amounts disclosed in note 25.
D
urin
g
the current
y
ear the Com
p
an
y
sold to Corus its 49% interest in ABC S
p
ark and ac
q
uired
f
rom
C
orus
i
ts
20% i
nterest
i
n Food Network
C
anada. The
C
om
p
an
y
had a non-
i
nterest bear
i
n
g
promissory note of
$
48 owing to Corus at August 31, 2013 in respect of these transactions. I
n
addition, the Com
p
an
y
has a
g
reed to sell to Corus its 50% interest in its two French-lan
g
ua
ge
channels, H
i
stor
i
a and
S
er
i
es+. The sale o
f
H
i
stor
i
a and
S
er
i
es+
i
sex
p
ected to occur
i
n
201
4
(see note 3)
.
The
C
om
p
an
yp
rov
i
ded
C
orus w
i
th telev
i
s
i
on advert
i
s
i
n
g
s
p
ots
i
n return
f
or rad
i
o and telev
i
s
i
on
advertising. No monetary consideration was exchanged for these transactions and no amount
s
were recorded in the accounts
.
B
urrard Landin
g
Lot 2 Holdin
g
s Partnershi
p
D
urin
g
the
y
ear, the Com
p
an
yp
aid $10 (2012 – $10) to the Partnershi
p
for lease of office
space
i
n
S
haw Tower.
S
haw Tower, located
i
n Vancouver, B
C
,
i
s the
C
ompany’s headquarters
f
or
its Lower Mainland operations. At August 31, 2013, the Company had a remaining
commitment of $90 in res
p
ect of the office s
p
ace lease which is included in the amounts
disc
l
osed i
nn
ote 25.
S
pecialty
C
hannel
s
The Company either currently holds or previously held interests in a number of specialt
y
t
elevision channels which are sub
j
ect to either
j
oint control or si
g
nificant influence. Th
e
Com
p
an
yp
aid network fees of $2 (2012 – $6) and
p
rovided u
p
link of television si
g
nals of $
1
(2012 –
$
1) to these channels during the year.
28. FINANCIAL INSTRUMENT
S
Fai
rv
alues
The fair value of financial instruments has been determined as follows
:
(i) C
urrent assets and current l
i
ab
i
l
i
t
i
es
The fair value of financial instruments included in current assets and current liabilities
app
rox
i
mates the
i
r carr
yi
n
g
value due to the
i
r short-term nature.
116