Shaw 2013 Annual Report Download - page 56

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S
haw
C
ommunications Inc
.
MANA
G
EMENT’
S
DI
SCUSS
I
O
N AND ANALY
S
I
S
August
,
Shareholders’ e
q
uit
y
increased $379 million
p
rimaril
y
due to increases in share ca
p
ital of $20
5
m
illion and retained earnings of
$
223 million partially offset by a decrease in non-controllin
g
interests of
$
50 million. Share capital increased due to the issuance of 9,117,845 Class B
N
on-Vot
i
n
gS
hares under the
C
om
p
an
y
’s o
p
t
i
on
p
lan and DRIP. As o
f
November
1
5,
2013
share capital is as reported at August 31, 2013 with the exception of the issuance of a total o
f
1,475,118 Class B Non-Votin
g
Shares under the DRIP and u
p
on exercise of o
p
tions under th
e
Com
p
an
y
’s o
p
tion
p
lan. Retained earnin
g
s increased due to current
y
ear earnin
g
s of $74
6
m
illion partially offset by dividends of
$
467 million and a charge of
$
56 million representin
g
t
he difference between the consideration and the carrying value of the additional interest
s
ac
q
u
i
red
i
n Food Network
C
anada and TVtro
p
ol
i
s. Non-controll
i
n
gi
nterests decreased as the
i
r
share of earnings was exceeded by the distributions declared during the period and the impac
t
o
f the aforementioned changes in ownership of Food Network Canada and TVtropolis
.
V
.
CO
N
SO
LIDATED
C
A
S
HFL
O
W ANALY
S
I
S
Op
eratin
g
activitie
s
(
In
$
millions Cdn) 2013 2012
C
han
g
e
%
Funds
f
low
f
rom operat
i
on
s
1
,
380
1
,
299 6
.
2
Net chan
g
e
i
n non-cash work
i
n
g
ca
pi
tal balances
(11)
18
>
100
.
0
1,
36
9
1,
317 3.9
F
unds
f
low
f
rom o
p
erat
i
ons
i
ncreased over the com
p
arat
i
ve
y
ear due to h
ig
her o
p
erat
i
n
gi
ncome
before amortization adjusted for non-cash program rights expense, lower interest and curren
t
income tax ex
p
ense and the settlement of the amended cross-currenc
y
interest a
g
reements in
t
he
p
rior
y
ear, all of which were
p
artiall
y
offset b
y
the $300 million contribution to the RCA
.
The net change in non-cash working capital balances related to operations fluctuated over the
com
p
arative
y
ear due to the timin
g
of
p
a
y
ment of current income taxes
p
a
y
able and accounts
p
a
y
able and accrued l
i
ab
i
l
i
t
i
es as well as
f
luctuat
i
ons
i
n accounts rece
i
vable.
I
nvest
i
ng act
i
v
i
t
i
es
(
In $millions Cdn) 2013 2012 Decreas
e
C
ash
f
low used
i
n
i
nvest
i
n
g
act
i
v
i
t
i
e
s
(6
4
2)
(983) 3
4
1
The cash used in investing activities decreased over the comparable year due to the net receip
t
o
f
$
589 million in respect of the transactions with Rogers partially offset by the acquisition o
f
E
nv
isio
n
.
52