Shaw 2014 Annual Report Download - page 124

Download and view the complete annual report

Please find page 124 of the 2014 Shaw annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2014 and 2013
[all amounts in millions of Canadian dollars except share and per share amounts]
(ii) Interest and income taxes paid and interest and distributions received and classified as
operating activities are as follows:
2014 2013
$$
Interest paid 283 317
Income taxes paid (net of refunds) 137 154
Interest received 52
Distributions received 12
(iii) Non-cash transactions
The Consolidated Statements of Cash Flows exclude the following non-cash transactions:
2014 2013
$$
Issuance of Class B Non-Voting Shares:
Dividend reinvestment plan [note 19] 146 126
Non-monetary exchange:
Exchange of fibre assets for network capacity leases 5–
Lease transaction:
Capitalization of transponders under lease renewal 5–
Issuance of promissory note:
Transactions with a related party [notes 3 and 27] –48
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.
The Company defines capital as comprising all components of shareholders’ equity (other than
non-controlling interests and amounts in accumulated other comprehensive income/loss), long-
term debt (including the current portion thereof), and bank indebtedness less cash and cash
equivalents.
August 31, 2014
$
August 31, 2013
$
Cash and cash equivalents (637) (422)
Long-term debt repayable at maturity 4,740 4,869
Share capital 3,182 2,955
Contributed surplus 64 72
Retained earnings 1,589 1,242
8,938 8,716
120