Shaw 2014 Annual Report Download - page 8

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2014
November 28, 2014
FORWARD
Tabular dollars are in millions of Canadian dollars, except per share amounts or unless
otherwise indicated. Management’s Discussion and Analysis should be read in conjunction with
the Consolidated Financial Statements.
INDEX
CONTENTS Page
Outline
I. INTRODUCTION TO THE BUSINESS 6
A. Company overview – core business and strategies 6
B. Description of the business 7
C. Seasonality and other additional information concerning the business 14
D. Government regulations and regulatory developments 15
E. Key performance drivers 21
F. Critical accounting policies and estimates 25
G. Related party transactions 31
H. New accounting standards 31
I. Known events, trends, risks and uncertainties 33
II. SUMMARY OF QUARTERLY RESULTS 40
III. RESULTS OF OPERATIONS 42
IV. FINANCIAL POSITION 51
V. CONSOLIDATED CASH FLOW ANALYSIS 52
VI. LIQUIDITY AND CAPITAL RESOURCES 53
VII. ADDITIONAL INFORMATION 55
VIII. COMPLIANCE WITH NYSE CORPORATE GOVERNANCE LISTING
STANDARDS 55
IX. CERTIFICATION 56
CAUTION CONCERNING FORWARD LOOKING STATEMENTS
Statements included in this Management’s Discussion and Analysis that are not historic
constitute “forward-looking statements” within the meaning of applicable securities laws. Such
statements include, but are not limited to, statements about future capital expenditures, asset
dispositions, financial guidance for future performance, business strategies and measures to
implement strategies, competitive strengths, expansion and growth of Shaw’s business and
operations and other goals and plans. They can generally be identified by words such as
“anticipate”, “believe”, “expect”, “plan”, “intend”, “target”, “goal” and similar expressions
(although not all forward-looking statements contain such words). All of the forward-looking
statements made in this report are qualified by these cautionary statements.
Forward-looking statements are based on assumptions and analyses made by Shaw in light of
its experience and its perception of historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate in the circumstances as of the
current date. These assumptions include, but are not limited to, general economic conditions,
interest and exchange rates, technology deployment, content and equipment costs, industry
structure, conditions and stability, government regulation and the integration of recent
acquisitions. Many of these assumptions are confidential.
4