Shaw 2014 Annual Report Download - page 46

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2014
III. RESULTS OF OPERATIONS
OVERVIEW OF FISCAL 2014 CONSOLIDATED RESULTS
Change
($millions Cdn except per share amounts) 2014 2013 2012
2014
%
2013
%
Operations:
Revenue 5,241 5,142 4,998 1.9 2.9
Operating income before restructuring costs and
amortization(1) 2,262 2,220 2,127 1.9 4.4
Operating margin(1) 43.2% 43.2% 42.6% –0.6
Funds flow from operations(2) 1,524 1,380 1,299 10.4 6.2
Net income 887 784 761 13.1 3.0
Free cash flow(1) 698 604 482 15.6 25.3
Balance sheet:
Total assets 13,250 12,732 12,722
Long-term financial liabilities
Long-term debt (including current portion) 4,690 4,818 5,263
Derivative instruments – – 1
Other financial liabilities 5 53 4
Per share data:
Earnings per share
Basic 1.84 1.64 1.62
Diluted 1.84 1.63 1.61
Weighted average number of participating shares
outstanding during period (millions) 457 448 441
Cash dividends declared per share
Class A 1.0775 1.0050 0.9550
Class B 1.0800 1.0075 0.9575
(1) See key performance drivers on page 21.
(2) Funds flow from operations is presented before changes in non-cash working capital as
presented in the Consolidated Statements of Cash Flows.
Highlights
ŠNet income was $887 million for the year compared to $784 million in 2013.
ŠEarnings per share were $1.84 compared to $1.64 in 2013.
ŠRevenue for the year improved 1.9% to $5.24 billion from $5.14 billion last year.
ŠOperating income before restructuring costs and amortization of $2.26 billion was
up 1.9% over last year’s amount of $2.22 billion.
ŠConsolidated free cash flow was $698 million compared to $604 million in 2013.
ŠDuring 2014 the Company increased the dividend rate on Shaw’s Class A
Participating Shares and Class B Non-Voting Participating Shares to an equivalent
dividend rate of $1.0975 and $1.10 respectively. Dividends paid in 2014 were
$485 million.
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