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S
haw
C
ommunications Inc
.
MANA
G
EMENT’
S
DI
SCUSS
I
O
N AND ANALY
S
I
S
August
,
III. RE
SU
LT
SO
F
O
PERATI
O
N
S
O
VERVIEW
O
FFI
SC
AL
2013 CO
N
SO
LIDATED RE
SU
LT
S
C
han
g
e
(
In
$
millions Cdn exce
p
t
p
er share amounts) 2013 2012 201
1
2013
%
2012
%
Operations
:
Revenu
e
5,
14
2
4
,
998 4
,
74
1
2
.
9
5
.4
O
p
eratin
g
income before amortizatio
n
(1
)
2,
22
0
2,
127 2
,
05
1
4
.
4
3
.7
Op
erat
i
n
g
mar
gin
(1
)
4
3
.
2%
4
2
.
6%
4
3
.
3%
0
.
6
(0
.7
)
Funds
f
low
f
rom o
p
erat
i
on
s
(2)
1
,
380
1,299 1,
4
33
6
.
2
(9
.4
)
N
et i
n
co
m
e
78
47
61 559
3
.
0
36
.
1
Fr
ee cas
h
f
l
ow
(1)
60
44
82 617
25
.
3
(21
.
9)
Bala
n
ce sheet
:
Tota
l
assets
12
,7
32
12
,7
22 12
,5
88
Long-term
fi
nanc
i
al l
i
ab
i
l
i
t
i
es
(i
nclud
i
ng curren
t
port
i
on
)
L
ong-term deb
t
4,818 5,263 5,25
7
D
erivative instrument
s
–
1
8
Other financial liabilities
53
4
16
8
Pe
r
sha
r
e data:
Earn
i
ngs per share
Bas
i
c
1
.
6
4
1
.
6
2 1.2
3
D
ilute
d
1
.6
3
1
.61 1.23
Weighted average number of participating
shares outstanding during period (millions
)
4
48 441 435
C
ash d
i
v
i
dends declared
p
er share
Class A 1.005
0
0
.9550 0.9075
Class B 1.0075
0
.9575 0.9100
(1) S
ee ke
yp
er
f
ormance dr
i
vers on
p
a
g
e
20.
(2)
Funds
f
low
f
rom operat
i
ons
i
s presented be
f
ore changes
i
n non-cash work
i
ng cap
i
tal a
s
presented in the Consolidated Statements of Cash Flows.
Hi
g
hli
g
hts
Š
Net income was
$
784 million for the year compared to
$
761 million in 2012
.
Š
Earnin
g
s
p
er share were $1.64 com
p
ared to $1.62 in 2012.
Š
R
evenue for the year improved 2.9% to
$
5.14 billion from
$
5.00 billion last year
.
Š
Operating income before amortization of
$
2.22 billion was up 4.4% over last year’
s
amount of $2.13 billion
.
Š
Consolidated free cash flow was
$
604 million compared to
$
482 million in 2012.
Š
D
uring 2013 the Company increased the dividend rate on Shaw’s Class A
P
art
i
c
ip
at
i
n
gS
hares and
C
lass B Non-Vot
i
n
g
Part
i
c
ip
at
i
n
gS
hares to an e
q
u
i
valen
t
d
ividend rate of
$
1.0175 and
$
1.02 respectively. Dividends paid in 2013 were
$
445 million
.
4
1