Shaw 2015 Annual Report Download - page 5

Shaw Communications Inc.
Management’s Discussion and Analysis
August 31, 2015
November 23, 2015
Forward
Tabular dollar amounts are in millions of Canadian dollars, except per share amounts or unless otherwise indicated. This
Management’s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements. The terms
“we,” “us,” “our,” “Shaw” and “the Company” refer to Shaw Communications Inc. and, as applicable, Shaw Communications
Inc. and its direct and indirect subsidiaries as a group.
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, acquisitions and 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, income tax 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.
You should not place undue reliance on any forward-looking statements. Many factors, including those not within Shaw’s
control, may cause Shaw’s actual results to be materially different from the views expressed or implied by such forward-looking
statements, including, but not limited to, general economic, market and business conditions; changes in the competitive
environment in the markets in which Shaw operates and from the development of new markets for emerging technologies;
industry trends and other changing conditions in the entertainment, information and communications industries; Shaw’s ability
to execute its strategic plans; opportunities that may be presented to and pursued by Shaw; changes in laws, regulations and
decisions by regulators that affect Shaw or the markets in which it operates; Shaw’s status as a holding company with separate
operating subsidiaries; and other factors described in this report under the heading “Known events, trends, risks and
uncertainties”. The foregoing is not an exhaustive list of all possible factors. Should one or more of these risks materialize, or
should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those
described herein.
The Company provides certain financial guidance for future performance as the Company believes that certain investors,
analysts and others utilize this and other forward-looking information in order to assess the Company’s expected operational and
financial performance and as an indicator of its ability to service debt and return cash to shareholders. The Company’s financial
guidance may not be appropriate for this or other purposes.
Any forward-looking statement speaks only as of the date on which it was originally made and, except as required by law, Shaw
expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to
reflect any change in related assumptions, events, conditions or circumstances.
2015 Annual Report Shaw Communications Inc. 3