Shaw 2015 Annual Report Download - page 6

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Shaw Communications Inc.
Management’s Discussion and Analysis
August 31, 2015
ABOUT OUR BUSINESS
At Shaw, we are focused to deliver leading network and content experiences for our highly valued customers and viewers.
Šour Consumer team connects consumers in their homes and on the go with broadband Internet, Shaw Go WiFi, video and
phone
Šour Business Network Services team enables businesses to focus on their core strategies with a full suite of connectivity
and managed services
Šour Business Infrastructure Services team provides hybrid IT solutions, including colocation, managed services, cloud
computing and security and compliance for North American enterprises
Šour Media team delivers engaging programming to Canadians through dynamic conventional and specialty television
channels along with online and over-the-top video platforms
In the following sections we provide select financial highlights and review our strategy, our four divisions, our network and our
presence in the communities in which we operate.
Shaw is traded on the Toronto Stock Exchange (SJR.B) and the New York Stock Exchange (SJR) and is included in the S&P/TSX
60 Index.
Select Financial and Operational Highlights
Through an evolving operating and competitive landscape our consolidated business has delivered stable and profitable results
in 2015.
Year ended August 31,
(millions of Canadian dollars except per share amounts) 2015 2014
Change
%
Operations:
Revenue 5,488 5,241 4.7
Operating income before restructuring costs and amortization(1) 2,379 2,262 5.2
Operating margin(1) 43.3% 43.2% 0.1pts
Net income 880 887 (0.8)
Per share data:
Earnings per share
Basic 1.80 1.84 (2.2)
Diluted 1.79 1.84 (2.7)
Weighted average participating shares outstanding during period (millions) 468 457
Funds flow from operations(2) 1,637 1,524 7.4
Free cash flow(1) 653 698 (6.4)
(1) Refer to Key performance drivers.
(2) Funds flow from operations is before changes in non-cash working capital balances related to operations as presented in
the Consolidated Statements of Cash Flows.
4Shaw Communications Inc. 2015 Annual Report