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S
haw
C
ommunications Inc
.
MANA
G
EMENT’
S
DI
SCUSS
I
O
N AND ANALY
S
I
S
August
,
November
29
,
2013
FORWAR
D
Tabular dollars are in millions of Canadian dollars, except per share amounts or unless
o
therwise indicated. Management’s Discussion and Analysis should be read in conjunction with
t
h
eCo
n
so
l
idated
F
i
n
a
n
cia
l
State
m
e
n
ts.
INDEX
CONTENT
S
P
a
g
e
Outline
I
. INTR
O
D
UC
TI
O
NT
O
THE B
US
INE
SS
A
. Company overview – core business and strategies 6
B. Descr
ip
t
i
on o
f
the bus
i
ness
7
C
. Seasonality and other additional information concerning the business 14
D. Government regulations and regulatory developments 1
5
E. Ke
yp
er
f
ormance dr
i
vers
20
F. Critical accounting policies and estimates 2
4
G
. Related party transactions 3
0
H. New account
i
n
g
standards
31
I. Known events, trends, risks and uncertainties 32
I
I. SUMMARY OF
Q
UARTERLY RESULTS 39
I
II. RE
SU
LT
SO
F
O
PERATI
O
N
S
4
1
I
V. FINAN
C
IAL P
OS
ITI
O
N
50
V
. CONSOLIDATED CASH FLOW ANALYSIS 5
2
V
I. LI
Q
UIDITY AND
C
APITAL RE
SO
UR
C
E
S
5
3
V
II. ADDITI
O
NAL INF
O
RMATI
O
N
55
V
III. COMPLIANCE WITH NYSE CORPORATE GOVERNANCE LISTING
S
TANDARD
S55
I
X.
C
ERTIFI
C
ATI
O
N
55
C
AUTI
O
N
CO
N
C
ERNIN
G
F
O
RWARD L
OO
KIN
GS
TATEMENT
S
Statements included in this Management’s Discussion and Analysis that are not historic
const
i
tute
“f
orward-look
i
n
g
statements” w
i
th
i
n the mean
i
n
g
o
f
a
pp
l
i
cable secur
i
t
i
es laws.
S
uc
h
statements
i
nclude, but are not l
i
m
i
ted to, statements about
f
uture cap
i
tal expend
i
tures, asse
t
d
ispositions, financial guidance for future performance, business strategies and measures to
i
m
p
lement strate
gi
es, com
p
et
i
t
i
ve stren
g
ths, ex
p
ans
i
on and
g
rowth o
fS
haw’s bus
i
ness and
o
perat
i
ons and other goals and plans. They can generally be
i
dent
ifi
ed by words such a
s
“anticipate”, “believe”, “expect”, “plan”, “intend”, “target”, “goal” and similar expressions
(
althou
g
h not all
f
orward-look
i
n
g
statements conta
i
n such words
)
. All o
f
the
f
orward-look
i
n
g
statements made
i
nth
i
s report are qual
ifi
ed by these caut
i
onary statements.
F
orward-look
i
n
g
statements are based on assum
p
t
i
ons and anal
y
ses made b
yS
haw
i
nl
ig
ht o
f
i
ts exper
i
ence and
i
ts percept
i
on o
f
h
i
stor
i
cal trends, current cond
i
t
i
ons and expected
f
utur
e
d
evelopments as well as other factors it believes are appropriate in the circumstances as of the
current date. These assum
p
t
i
ons
i
nclude, but are not l
i
m
i
ted to,
g
eneral econom
i
c cond
i
t
i
ons
,
i
nterest and exchange rates, technology deployment, content and equ
i
pment costs,
i
ndustr
y
structure, conditions and stability, government regulation and the integration of recent
ac
q
u
i
s
i
t
i
ons. Man
y
o
f
these assum
p
t
i
ons are con
fi
dent
i
al
.
4