Revenue of $144 million for the quarter was up 5.9% over the comparable period. The business, excluding satellite services, increased revenues 7.7% in
the current quarter primarily due to our continued growth across the entire customer base as well as an August 2016 rate increase for video, Internet and phone products.
Operating income before restructuring costs and amortization of $72 million for the quarter improved 12.5% over the comparable period. Consistent with
the growth trends achieved in fiscal 2016, current quarter improvements were due mainly to profitable customer growth partially offset by the incremental costs associated with pursuing new customer opportunities including additional employee and
marketing related costs.
Revenue improved 2.9% or by $4 million over the fourth quarter of fiscal 2016, primarily due to customer growth across our
entire customer base as well as a full quarter of revenue after the August 2016 rate increases in our video, Internet and phone products. Operating income before restructuring costs and amortization also improved by 2.9% or by $2 million over
the fourth quarter due mainly to the profitable customer growth.
Business Infrastructure Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Change
%
|
|
Revenue
|
|
|
90
|
|
|
|
73
|
|
|
|
23.3
|
|
Operating income before restructuring costs and amortization
(1)
|
|
|
32
|
|
|
|
25
|
|
|
|
28.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
(1)
|
|
|
35.6
|
%
|
|
|
34.2
|
%
|
|
|
1.4pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See definitions and discussion under
Non-IFRS
and additional GAAP measures.
|
Revenue of $90 million for the current quarter increased 23.3% over the comparable period primarily due to the December 2015 acquisition of INetU and
continued customer growth. Excluding the effect of foreign exchange, revenue for the U.S. based operations increased by 21.3% to US$67 million for the three month period. Excluding the effect of INetU, revenue for the U.S. based operations
increased by 5.6% to US$59 million for the three month period.
Operating income before restructuring costs and amortization improved over the
comparable period by 28.0% for the current quarter. Excluding the effect of foreign exchange, operating income before restructuring costs and amortization for the U.S. based operations increased by 22.9% to US$25 million for the three month
period. Year-over-year improvements were primarily due to the acquisition of INetU and profitable customer growth.
Compared to the fourth quarter of
2016, revenue increased 4.7% or by $4 million and operating income before restructuring costs and amortization was comparable as the incremental margin earned on customer growth was offset by the timing of certain annual administrative costs
and planned
IT-related
enhancement costs incurred in the quarter. Excluding the impact of foreign exchange, revenue and operating income before restructuring costs and amortization for U.S. based operations
increased 1.5% and flat respectively, compared to the fourth quarter of fiscal 2016.
16
Shaw Communications Inc.
Wireless
|
|
|
|
|
(millions of Canadian dollars)
|
|
Three months ended November 30, 2016
|
|
Revenue
|
|
|
138
|
|
Operating income before restructuring costs and amortization
(1)
|
|
|
30
|
|
|
|
|
|
|
Operating margin
(1)
|
|
|
21.7
|
%
|
|
|
|
|
|
(1)
|
See definitions and discussion under
Non-IFRS
and additional GAAP measures.
|
The Company is reporting its third full quarter of results from its Wireless division that was acquired in March 2016.
Revenue for the quarter decreased by $10 million over the fourth quarter of fiscal 2016 due mainly to a reduction in handset revenue and a 1.5% decrease
in average revenue per unit (ARPU) to $36.84, partially offset by the impact of 9,470 added RGUs. Slower RGU growth and a decline in ARPU over the prior quarter reflect our focus on the launch of Freedom Mobile, the rollout of our
LTE-Advanced
network and significantly heightened competition in the market, particularly in the month of November.
Operating income before restructuring costs and amortization was comparable to the prior quarter as the decrease in revenue and higher commercial costs
associated with the branding transition from WIND to Freedom Mobile were offset by a decrease in costs associated with handset sales, and lower dealer commissions on fewer customer activations.
In the quarter, the Wireless division continued taking the necessary steps to becoming an enhanced connectivity provider and achieved three important
milestones. First, the launch of the new Freedom Mobile brand, replacing WIND and signaling the Companys renewed focus on making wireless service more affordable while saving on trademark costs. Second, the rollout of our
LTE-Advanced
network in the key markets of central Toronto and central Vancouver. Third, the introduction of the Freedom
Wi-Fi
trial, allowing customers to connect to over
65,000 Shaw Go WiFi hotspots across western Canada.
Capital expenditures and equipment costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Change
%
|
|
Consumer and Business Network Services
|
|
|
|
|
|
|
|
|
|
|
|
|
New housing development
|
|
|
22
|
|
|
|
23
|
|
|
|
(4.3
|
)
|
Success based
|
|
|
81
|
|
|
|
73
|
|
|
|
11.0
|
|
Upgrades and enhancements
|
|
|
71
|
|
|
|
93
|
|
|
|
(23.7
|
)
|
Replacement
|
|
|
6
|
|
|
|
10
|
|
|
|
(40.0
|
)
|
Building and other
|
|
|
25
|
|
|
|
16
|
|
|
|
56.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as per Note 4 to the unaudited interim consolidated financial statements
|
|
|
205
|
|
|
|
215
|
|
|
|
(4.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Infrastructure Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as per Note 4 to the unaudited interim consolidated financial statements
|
|
|
21
|
|
|
|
30
|
|
|
|
(30.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as per Note 4 to the unaudited interim consolidated financial statements
|
|
|
64
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated total as per Note 4 to the unaudited interim consolidated financial
statements
|
|
|
290
|
|
|
|
245
|
|
|
|
18.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
Shaw Communications Inc.
Capital investment was $290 million in the current quarter, an 18.4% increase over the comparable period
investment of $245 million driven primarily by the $64 million of added capital expenditures from the Wireless division.
Consumer and
Business Network Services
The combined Consumer and Business Network Services divisions investment in capital reduced 4.7% or $10 million
compared to the first quarter of fiscal 2016 primarily due to lower planned capital spend on plant upgrades and enhancements offset partially by an increase in success based capital.
Success based capital for the quarter of $81 million was 11% higher than in the prior year. The higher capital spend was driven primarily by advanced
Internet WiFi modem purchases and installs offset partially by lower phone installations.
For the quarter, investment in the combined upgrades and
enhancement and replacement categories was $77 million, a 25% decrease over the prior year due mostly to the timing of spend in network capacity upgrades in support of enhanced broadband capacity and DOCSIS 3.1.
Investment in buildings and other of $25 million for the quarter was up $9 million over the comparable period. The increase relates mostly to
refurbishment expenditures in owned corporate facilities.
Business Infrastructure Services
Capital investment of $21 million for the quarter, decreased 30% or by $9 million primarily due to higher spend in the prior year related to the
investment in the Calgary, Alberta data centre. The current quarter spend relates primarily to capital invested in core infrastructure and equipment to deploy customer solutions.
Wireless
Capital investment of $64 million for the
quarter represented investment for the continued improvement in the network infrastructure primarily in the
LTE-Advanced
core and the radio network rollout readiness project across the network as well as
capital investments made on the upgrade of back office systems.
18
Shaw Communications Inc.
Discontinued operations Shaw Media
On April 1, 2016, Shaw sold 100% of its wholly owned subsidiary Shaw Media Inc. to Corus, a related party subject to common voting control for
$2.65 billion, comprised of $1.85 billion in cash and 71,364,853 Corus Class B
non-voting
participating shares. Accordingly, the operating results and operating cash flows for the previously
reported Media division are presented as discontinued operations separate from the Companys continuing operations. Prior period financial information has been reclassified to present the Media division as a discontinued operation.
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
|
|
|
|
294
|
|
Eliminations
(1)
|
|
|
|
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating, general and administrative expenses
|
|
|
|
|
|
|
|
|
Employee salaries and benefits
|
|
|
|
|
|
|
45
|
|
Purchases of goods and services
|
|
|
|
|
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176
|
|
Eliminations
(1)
|
|
|
|
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157
|
|
Amortization
|
|
|
|
|
|
|
7
|
|
Accretion of long-term liabilities and provisions
|
|
|
|
|
|
|
1
|
|
Other losses
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before tax and gain on divestiture
|
|
|
|
|
|
|
109
|
|
Income taxes
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Eliminations relate to intercompany transactions between continuing and discontinued operations. The costs are included in continuing operations as they are expected
to continue to be incurred subsequent to the disposition.
|
Supplementary quarterly financial information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Revenue
|
|
|
Operating
income before
restructuring
costs and
amortization
(1)
|
|
|
Net income from
continuing
operations
attributable to
equity shareholders
|
|
|
Net income
attributable
to equity
shareholders
|
|
|
Net income
(2)
|
|
|
Basic and
Diluted earnings
per share from
continuing
operations
|
|
|
Basic and
Diluted
earnings per
share
|
|
(millions of Canadian dollars except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
|
|
|
1,313
|
|
|
|
539
|
|
|
|
89
|
|
|
|
89
|
|
|
|
89
|
|
|
|
0.18
|
|
|
|
0.18
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
|
|
|
1,306
|
|
|
|
549
|
|
|
|
144
|
|
|
|
154
|
|
|
|
154
|
|
|
|
0.29
|
|
|
|
0.31
|
|
Third
|
|
|
1,283
|
|
|
|
555
|
|
|
|
58
|
|
|
|
700
|
|
|
|
704
|
|
|
|
0.11
|
|
|
|
1.44
|
|
Second
|
|
|
1,151
|
|
|
|
502
|
|
|
|
116
|
|
|
|
156
|
|
|
|
164
|
|
|
|
0.24
|
|
|
|
0.32
|
|
First
|
|
|
1,144
|
|
|
|
508
|
|
|
|
138
|
|
|
|
209
|
|
|
|
218
|
|
|
|
0.28
|
|
|
|
0.43
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
|
|
|
1,131
|
|
|
|
525
|
|
|
|
247
|
|
|
|
272
|
|
|
|
276
|
|
|
|
0.51
|
|
|
|
0.57
|
|
Third
|
|
|
1,135
|
|
|
|
527
|
|
|
|
136
|
|
|
|
202
|
|
|
|
209
|
|
|
|
0.28
|
|
|
|
0.42
|
|
Second
|
|
|
1,118
|
|
|
|
498
|
|
|
|
135
|
|
|
|
163
|
|
|
|
168
|
|
|
|
0.28
|
|
|
|
0.34
|
|
(1)
|
See definition and discussion under
Non-IFRS
and additional GAAP measures.
|
(2)
|
Net income attributable to both equity shareholders and
non-controlling
interests
|
In the first quarter of fiscal 2017, net income decreased $65 million compared to the fourth quarter of fiscal 2016 mainly due to a
non-recurring
provision related to the wind down of shomi operations included in net other costs and revenue for the current quarter. Also contributing to the decreased net income was lower operating income before
restructuring costs and amortization, higher restructuring charges and lower income from discontinued operations, partially offset by $27 equity income from our investment in Corus and lower income taxes. See Other income and expense
items for further detail on
non-operating
items.
19
Shaw Communications Inc.
In the fourth quarter of fiscal 2016 net income decreased $550 million compared to the third quarter of
fiscal 2016 mainly due to lower income from discontinued operations relating primarily to the gain on the divestiture of the former Media division recorded in the third quarter, decreased operating income before restructuring costs and amortization,
and higher income taxes. Partly offsetting the decrease in net income were decreases in net other costs and revenues and restructuring costs. Net other costs and revenue decreased primarily due to
non-recurring
charges recorded in the third quarter, including a $17 million impairment of goodwill relating to the Tracking business, a $51 million impairment of the Companys joint venture
investment in shomi, a $20 million write-down of a private portfolio investment, $12 million acquisition related costs and a $10 million loss from an equity accounted associate.
Net income for the third quarter of fiscal 2016 increased $540 million compared to the second quarter of fiscal 2016 mainly due to higher income from
discontinued operations relating primarily to the gain on the divestiture of the former Media division, increased operating income before restructuring costs and amortization and lower income taxes. Partly offsetting the net income improvement in
the quarter were: i) decreased net other costs and revenue; ii) increased restructuring charges; and iii) increased amortization. Net other costs and revenue decreased primarily due to $17 million impairment of goodwill relating to the Tracking
operations in the Business Networks Services division, a $51 million impairment of the Companys shomi joint venture investment, a $20 million write-down of a private portfolio investment and a $10 loss from an equity accounted
associate.
In the second quarter of fiscal 2016, net income decreased $54 million compared to the first quarter of fiscal 2016 mainly due to
decreased income from discontinued operations of $32 million, primarily due to the seasonality of the Media business reflected in income from discontinued operations, net of tax, and net other costs and revenue of $13 million. Net other
costs and revenues decreased primarily due to $8 million of costs recorded in the quarter related to the acquisition of WIND and INetU.
In the first
quarter of fiscal 2016, net income decreased $58 million compared to the fourth quarter of 2015 mainly due to a change in net other costs and revenues of $140 million and decrease in operating income before restructuring costs and
amortization of $17 million offset by an increase in income from discontinued operations, net of tax, of $51 million and a decrease in income taxes of $50 million. Net other costs and revenue decreased primarily due to a fourth
quarter fiscal 2015 gain on the sale of wireless spectrum of $158 million less the impact of a $27 million write-down of a private portfolio investment in the same period offset by an increase in the equity loss of a joint venture interest
in shomi of $5 million in the first quarter of fiscal 2016.
In the fourth quarter of fiscal 2015, net income increased $67 million primarily
due to improved net other costs and revenue items of $191 million partially offset by lower income from discontinued operations, net of tax, of $44 million and higher income tax expense of $70 million. The improvement in net other
costs and revenue items was due to the combined effect of the aforementioned sale of spectrum licenses and write-down of a private portfolio investment during the fourth quarter and the $59 million net charge arising in the third quarter
related to an impairment of goodwill, write-down of IPTV assets and proceeds received from the Shaw Court insurance claim.
In the third quarter of fiscal
2015, net income increased $41 million due to higher operating income before restructuring costs and amortization of $29 million, an increase in income from discontinued operations, net of tax, of $40 million, lower restructuring
costs of $35 million and $11 million of proceeds related to the Shaw Court insurance claim, partially offset by a charge for impairment of goodwill of $15 million and write-down of IPTV assets of $55 million as well as the
distributions
20
Shaw Communications Inc.
received from a venture capital fund in the second quarter. The impairment of goodwill was in respect of the Tracking operations in the Business Network Services division and was a result of the
Companys annual impairment test of goodwill and indefinite-life intangibles in the third quarter. The write-down of IPTV assets was a result of the Companys decision to work with Comcast to begin technical trials of their cloud-based X1
platform.
In the second quarter of fiscal 2015, net income decreased $59 million due to lower income from discontinued operations, net of tax, of
$46 million and restructuring expenses of $36 million partially offset by higher operating income before restructuring costs and amortization of $10 million, net other costs and revenue items of $24 million due to the
aforementioned venture capital fund distributions.
Other income and expense items
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Change
%
|
|
Amortization revenue (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred equipment revenue
|
|
|
14
|
|
|
|
19
|
|
|
|
(26.3
|
)
|
Deferred equipment costs
|
|
|
(34
|
)
|
|
|
(40
|
)
|
|
|
15.0
|
|
Property, plant and equipment, intangibles and other
|
|
|
(235
|
)
|
|
|
(202
|
)
|
|
|
16.3
|
|
Amortization of property, plant and equipment, intangibles and other increased 16.3% over the comparable quarter due to
amortization related to the new Wireless division and the amortization of new expenditures exceeding the amortization of assets that became fully amortized during the periods.
Amortization of financing costs and Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Change
%
|
|
Amortization of financing costs long-term debt
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
Interest expense
|
|
|
73
|
|
|
|
73
|
|
|
|
|
|
Interest expense for the quarter was comparable to the same period in the prior year.
Equity income (loss) of an associate or joint venture
For the quarter the Company recorded equity income of $27 million related to its interest in Corus. In the comparable period, the Company recorded equity
losses of $18 million related to its interest in shomi.
Other losses
In the current quarter, the category is comprised primarily of a $107 million provision in respect of the Companys investment in shomi which
announced a wind down of operations during the quarter. This category also includes realized and unrealized foreign exchange gains and losses on U.S. dollar denominated current assets and liabilities, gains and losses on disposal of property, plant
and equipment and minor investments, and the Companys share of the operations of Burrard Landing Lot 2 Holdings Partnership.
21
Shaw Communications Inc.
Income taxes
Income taxes are lower in the current quarter compared to the prior year mainly due to a reduction in net income.
Financial position
Total assets
were $15.4 billion at November 30, 2016 and August 31, 2016. Following is a discussion of significant changes in the consolidated statement of financial position since August 31, 2016.
Current assets decreased $107 million due to decreases in cash of $116 million, partially offset by increases in other current assets of
$15 million. Cash decreased as the cash outlay for investing and financing activities exceeded the funds provided by operations. Other current assets increased due to the timing of payments related to prepaid expenses.
Investments and other assets increased $35 million primarily due to equity income and other comprehensive income of associates related to the
Companys investment in Corus. Property, plant and equipment increased $36 million due to capital investment in excess of amortization and the effect of foreign exchange rates on the translation of ViaWest. Intangibles and goodwill
increased $39 million due to net software intangible additions and the ongoing effect of foreign exchange arising on translation of ViaWest.
Current
liabilities decreased $50 million during the quarter due to decreases in accounts payable and accruals of $71 million and income taxes payable of $89 million, partially offset by increases of $115 million in current provisions.
Accounts payable and accruals decreased due the timing of payment and fluctuations in various payables including capital expenditures and interest. Income taxes payable decreased due to tax installment payments, partially offset by the current
period provision. Current provisions increased primarily due to unpaid amounts relating to the current period provisions for the wind down of the shomi investment and restructuring.
Long-term debt increased $47 million due to additional US dollar borrowings by ViaWest under its bank credit facilities and the effect of foreign
exchange rates on ViaWests debt and the Companys US dollar borrowings under its credit facility.
Other long-term liabilities decreased
$18 million mainly due to actuarial gains on employee benefit plans in the current quarter.
Shareholders equity increased $36 million
primarily due to an increase in share capital of $54 million and decrease in accumulated other comprehensive loss of $41 million, partly offset by a decrease in retained earnings of $59 million. Share capital increased due to the
issuance of 2,013,081 Class B
non-voting
participating shares (Class B
Non-Voting
Shares) under the Companys option plan and Dividend
Reinvestment Plan (DRIP). As at December 31, 2016, share capital is as reported at November 30, 2016 with the exception of the issuance of a total of 1,073,922 Class B
Non-Voting
Shares upon exercise of options under the Companys option plan and the DRIP. Retained earnings decreased due to dividends of $148 million, partially offset by current year earnings of $89 million. Accumulated other comprehensive loss
decreased due to the net effect of exchange differences arising on the translation of ViaWest and U.S. dollar denominated debt designated as a hedge of the Companys net investment in those foreign operations as well as
re-measurements
recorded on employee benefit plans and the Companys share of other comprehensive income of associates.
22
Shaw Communications Inc.
Liquidity and capital resources
In the current quarter, the Company generated $158 million of free cash flow. Shaw used its free cash flow along with cash of $116 million,
borrowings of $20 million under ViaWests credit facility and proceeds on issuance of Class B
Non-Voting
Shares of $3 million to fund the net working capital change of $160 million,
pay common share dividends of $96 million, make $31 million in financial investments, pay $3 million in restructuring costs and pay $7 million in other net items.
The Company issues Class B
Non-Voting
Shares from treasury under its DRIP which resulted in cash savings and
incremental Class B
Non-Voting
Shares of $49 million during the three months ending November 30, 2016. On December 16, 2016, the Company amended its DRIP to permit eligible shareholders who
are residents of the United States to enroll their Class A Participating Shares and Class B
Non-voting
Participating Shares in the DRIP. Prior to this amendment, the DRIP was only available to
eligible shareholders who were residents of Canada.
As at November 30, 2016, the Company had $289 million of cash on hand, as well as
approximately $970 million of available credit under its $1.5 billion bank credit facility. On December 15, 2016, the Company amended the terms of this bank credit facility to extend the maturity date from December 2019 to December
2021. The facility is used for working capital and general corporate purposes.
Shaws and ViaWests credit facilities are subject to customary
covenants which include maintaining minimum or maximum financial ratios.
|
|
|
|
|
|
|
Covenant Limit
|
|
Shaw Credit Facilities
|
|
|
|
|
Total Debt to Operating Cash Flow
(1)
Ratio
|
|
|
< 5.00:1
|
|
Operating Cash Flow
(1)
to Fixed Charges
(2)
Ratio
|
|
|
> 2.00:1
|
|
|
|
ViaWest Credit Facilities
|
|
|
|
|
Total Net Leverage Ratio
(3)
|
|
|
£
6.50:1
|
|
(1)
|
Operating Cash Flow, for the purposes of the covenants, is calculated as net earnings before interest expense, depreciation, amortization and current and deferred
income taxes, excluding profit or loss from investments accounted for on an equity basis, for the most recently completed fiscal quarter multiplied by four, plus cash dividends and other cash distributions received in the most recently completed
four fiscal quarters from investments accounted for on an equity basis.
|
(2)
|
Fixed Charges are defined as the aggregate of interest expense for the most recently completed fiscal quarter multiplied by four and dividends paid or accrued on
shares (other than participating shares) during the most recently completed four fiscal quarters.
|
(3)
|
Total Net Leverage Ratio is calculated as the ratio of consolidated total debt under the facility as of the last day of the most recent completed four fiscal quarters
to Consolidated Adjusted EBITDA of ViaWest for the same period. Consolidated Adjusted EBITDA, for the purposes of the covenants, is calculated similar to Operating income before restructuring and amortization with adjustments for certain items such
as
one-time
expenses and extraordinary items.
|
At November 30, 2016 Shaw is in compliance with
these covenants and based on current business plans, the Company is not aware of any condition or event that would give rise to
non-compliance
with the covenants over the life of the borrowings.
Based on the aforementioned financing activities, available credit facilities and forecasted free cash flow, the Company expects to have sufficient liquidity
to fund operations and obligations, including maturing debt, during the upcoming fiscal year. On a longer-term basis, Shaw expects to generate free cash flow and have borrowing capacity sufficient to finance foreseeable future business plans and
refinance maturing debt.
23
Shaw Communications Inc.
Cash Flow from Operations
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Change
%
|
|
Funds flow from operations
|
|
|
414
|
|
|
|
347
|
|
|
|
19.3
|
|
Net change in
non-cash
balances related to
operations
|
|
|
(151
|
)
|
|
|
(89
|
)
|
|
|
(69.7
|
)
|
Operating activities of discontinued operations
|
|
|
|
|
|
|
46
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263
|
|
|
|
304
|
|
|
|
(13.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three month period ended November 30, 2016, funds flow from operations increased over the comparable period
primarily due to higher operating income before restructuring costs and amortization, lower income tax expense and lower pension funding, partially offset by higher restructuring costs recorded during the quarter. The net change in
non-cash
working capital balances related to operations fluctuated over the comparative periods due to changes in accounts receivable balances and the timing of payment of current income taxes payable and accounts
payable and accrued liabilities.
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
|
Decrease
|
|
Cash flow used in investing activities
|
|
|
(301
|
)
|
|
|
(324
|
)
|
|
|
23
|
|
The cash used in investing activities decreased over the comparable quarter due primarily to reduced cash outlays for capital
expenditures in the current year.
Financing Activities
The changes in financing activities during the comparative periods were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
Bank loans net borrowings
|
|
|
|
|
|
|
|
|
ViaWests credit facility and finance lease obligations
|
|
|
18
|
|
|
|
(2
|
)
|
WIND finance lease obligations
|
|
|
(1
|
)
|
|
|
|
|
Bank facility arrangement costs
|
|
|
|
|
|
|
(1
|
)
|
Dividends
|
|
|
(98
|
)
|
|
|
(98
|
)
|
Issuance of Class B
Non-Voting
Shares
|
|
|
3
|
|
|
|
6
|
|
Financing activities of discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78
|
)
|
|
|
(95
|
)
|
|
|
|
|
|
|
|
|
|
Accounting standards
The MD&A included in the Companys August 31, 2016 Annual Report outlined critical accounting policies, including key estimates and assumptions
that management has made under these policies, and how they affect the amounts reported in the Consolidated Financial Statements. The MD&A also describes significant accounting policies where alternatives exist. The condensed interim
consolidated financial statements follow the same accounting policies and methods of application as the most recent annual consolidated financial statements except as described below.
24
Shaw Communications Inc.
Change in accounting policy
In November 2016, the IFRS Interpretations Committee (the Committee) published a summary of its meeting discussion regarding a request to clarify
how an entity determines the expected manner of recovery of an intangible asset with an indefinite useful life for the purposes of measuring deferred tax in accordance with IAS 12
Income Taxes
. Although the Committee decided not to add this
issue to its agenda, the Committee noted that an intangible asset with an indefinite useful life is not a
non-depreciable
asset because a
non-depreciable
asset has an
unlimited (or infinite) life, and that indefinite does not mean infinite. Consequently, the fact that an entity does not amortize an intangible asset with an indefinite useful life does not necessarily mean that the entity will recover the carrying
amount of that asset only through sale and not through use. As such, the Company changed retrospectively its accounting policy for the accounting of deferred tax on intangible assets with indefinite useful lives to be in line with the Committee
discussions.
The following table summarizes the impact of this change of accounting policy on previously reported consolidated statements of financial
position. The change of accounting policy did not have an impact on the previously reported consolidated statements of income or consolidated statements of cash flows.
Increase (decrease) to previously reported amounts:
|
|
|
|
|
|
|
|
|
|
|
As at August 31,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
Goodwill
|
|
|
143
|
|
|
|
182
|
|
Deferred income tax liabilities
|
|
|
740
|
|
|
|
779
|
|
Retained earnings
(1)
|
|
|
(597
|
)
|
|
|
(597
|
)
|
(1)
|
Included in Shareholders equity - Common and preferred shareholders
|
Related Party Transactions
The
Companys transactions with related parties are discussed in its Managements Discussion and Analysis for the year ended August 31, 2016 under Related Party Transactions and under Note 27 of the Consolidated Financial
Statements of the Company for the year ended August 31, 2016. There has been no material change in the Companys transactions with related parties between August 31, 2016 and November 30, 2016.
Financial Instruments
There
has been no material change in the Companys risk management practices with respect to financial instruments between August 31, 2016 and November 30, 2016. See Known Events, Trends and Uncertainties Interest Rates,
Foreign Exchange Rates and Capital Markets in the Companys Managements Discussion and Analysis for the year ended August 31, 2016 and the section entitled Risk Management under Note 28 of the Consolidated Financial
Statements of the Company for the year ended August 31, 2016.
Risks and Uncertainties
The significant risks and uncertainties affecting the Company and its business are discussed in the Companys August 31, 2016 Annual Report under
Known events, trends, risks and uncertainties in Managements Discussion and Analysis.
25
Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
[millions of Canadian dollars]
|
|
November 30, 2016
|
|
|
August 31, 2016
|
|
|
August 31, 2015
|
|
|
|
|
|
|
(restated,
note 2
)
|
|
|
(restated,
note 2
)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
289
|
|
|
|
405
|
|
|
|
398
|
|
Accounts receivable
|
|
|
259
|
|
|
|
268
|
|
|
|
468
|
|
Inventories
|
|
|
68
|
|
|
|
65
|
|
|
|
60
|
|
Other current assets
|
|
|
153
|
|
|
|
138
|
|
|
|
78
|
|
Asset held for sale
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
769
|
|
|
|
876
|
|
|
|
1,009
|
|
Investments and other assets
[notes 12 and 13]
|
|
|
888
|
|
|
|
853
|
|
|
|
97
|
|
Property, plant and equipment
|
|
|
4,643
|
|
|
|
4,607
|
|
|
|
4,220
|
|
Other long-term assets
|
|
|
281
|
|
|
|
275
|
|
|
|
259
|
|
Deferred income tax assets
|
|
|
6
|
|
|
|
6
|
|
|
|
14
|
|
Intangibles
|
|
|
7,466
|
|
|
|
7,450
|
|
|
|
7,459
|
|
Goodwill
|
|
|
1,338
|
|
|
|
1,315
|
|
|
|
1,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,391
|
|
|
|
15,382
|
|
|
|
14,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
873
|
|
|
|
944
|
|
|
|
887
|
|
Provisions
|
|
|
148
|
|
|
|
33
|
|
|
|
52
|
|
Income taxes payable
|
|
|
126
|
|
|
|
215
|
|
|
|
195
|
|
Unearned revenue
|
|
|
210
|
|
|
|
215
|
|
|
|
196
|
|
Current portion of long-term debt
[notes 7 and 12]
|
|
|
412
|
|
|
|
412
|
|
|
|
608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,769
|
|
|
|
1,819
|
|
|
|
1,938
|
|
Long-term debt
[notes 7 and 12]
|
|
|
5,247
|
|
|
|
5,200
|
|
|
|
5,061
|
|
Other long-term liabilities
|
|
|
117
|
|
|
|
135
|
|
|
|
186
|
|
Provisions
|
|
|
54
|
|
|
|
53
|
|
|
|
10
|
|
Deferred credits
|
|
|
557
|
|
|
|
563
|
|
|
|
588
|
|
Deferred income tax liabilities
|
|
|
1,913
|
|
|
|
1,914
|
|
|
|
1,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,657
|
|
|
|
9,684
|
|
|
|
9,697
|
|
Shareholders equity
[notes 8 and 10]
|
|
|
|
|
|
|
|
|
|
|
|
|
Common and preferred shareholders
|
|
|
5,733
|
|
|
|
5,697
|
|
|
|
4,812
|
|
Non-controlling
interests in subsidiaries
|
|
|
1
|
|
|
|
1
|
|
|
|
237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,734
|
|
|
|
5,698
|
|
|
|
5,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,391
|
|
|
|
15,382
|
|
|
|
14,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
26
Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
Revenue
[note 4]
|
|
|
1,313
|
|
|
|
1,143
|
|
Operating, general and administrative expenses
[note 6]
|
|
|
(774
|
)
|
|
|
(635
|
)
|
Restructuring costs
[notes 6 and 14]
|
|
|
(12
|
)
|
|
|
|
|
Amortization:
|
|
|
|
|
|
|
|
|
Deferred equipment revenue
|
|
|
14
|
|
|
|
19
|
|
Deferred equipment costs
|
|
|
(34
|
)
|
|
|
(40
|
)
|
Property, plant and equipment, intangibles and other
|
|
|
(235
|
)
|
|
|
(202
|
)
|
|
|
|
|
|
|
|
|
|
Operating income from continuing operations
|
|
|
272
|
|
|
|
285
|
|
Amortization of financing costs long-term debt
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Interest expense
|
|
|
(73
|
)
|
|
|
(73
|
)
|
Business acquisition costs
|
|
|
|
|
|
|
(1
|
)
|
Equity income (loss) of an associate or joint venture
|
|
|
27
|
|
|
|
(18
|
)
|
Other losses
[note 15]
|
|
|
(108
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
|
117
|
|
|
|
190
|
|
Current income tax expense
[note 4]
|
|
|
39
|
|
|
|
63
|
|
Deferred income tax recovery
|
|
|
(11
|
)
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
89
|
|
|
|
138
|
|
Income from discontinued operations, net of tax
[note 3]
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
89
|
|
|
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations attributable to:
|
|
|
|
|
|
|
|
|
Equity shareholders
|
|
|
89
|
|
|
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations attributable to:
|
|
|
|
|
|
|
|
|
Equity shareholders
|
|
|
|
|
|
|
72
|
|
Non-controlling
interests in subsidiaries held for
sale
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
[note 9]
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
0.18
|
|
|
|
0.28
|
|
Discontinued operations
|
|
|
|
|
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.18
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
[note 9]
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
0.18
|
|
|
|
0.28
|
|
Discontinued operations
|
|
|
|
|
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.18
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
27
Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
Net income
|
|
|
89
|
|
|
|
218
|
|
|
|
|
Other comprehensive income (loss)
[note 10]
|
|
|
|
|
|
|
|
|
Items that may subsequently be reclassified to income:
|
|
|
|
|
|
|
|
|
Change in unrealized fair value of derivatives designated as cash flow hedges
|
|
|
2
|
|
|
|
|
|
Adjustment for hedged items recognized in the period
|
|
|
(1
|
)
|
|
|
|
|
Share of other comprehensive income of associates
|
|
|
8
|
|
|
|
|
|
Exchange differences on translation of a foreign operation
|
|
|
27
|
|
|
|
15
|
|
Exchange differences on US denominated debt hedging a foreign operation
|
|
|
(12
|
)
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
9
|
|
Items that will not subsequently be reclassified to income:
|
|
|
|
|
|
|
|
|
Remeasurements on employee benefit plans:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
17
|
|
|
|
5
|
|
Discontinued operations
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
130
|
|
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
Equity shareholders
|
|
|
130
|
|
|
|
227
|
|
Non-controlling
interests in subsidiaries
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130
|
|
|
|
236
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
28
Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
(unaudited)
Three months ended
November 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity shareholders
|
|
|
|
|
|
|
|
[millions of Canadian dollars]
|
|
Share
capital
|
|
|
Contributed
surplus
|
|
|
Retained
earnings
(restated,
note 2
)
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
|
|
|
Equity
attributable to
non-controlling
interests
|
|
|
Total
equity
|
|
Balance as at September 1, 2016
|
|
|
3,799
|
|
|
|
42
|
|
|
|
1,908
|
|
|
|
(52
|
)
|
|
|
5,697
|
|
|
|
1
|
|
|
|
5,698
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
89
|
|
|
|
|
|
|
|
89
|
|
|
|
|
|
|
|
89
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|
|
41
|
|
|
|
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
89
|
|
|
|
41
|
|
|
|
130
|
|
|
|
|
|
|
|
130
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
(99
|
)
|
|
|
|
|
|
|
(99
|
)
|
|
|
|
|
|
|
(99
|
)
|
Dividend reinvestment plan
|
|
|
49
|
|
|
|
|
|
|
|
(49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued under stock option plan
|
|
|
5
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
Share-based compensation
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
1
|
|
Distributions declared by subsidiaries to
non-controlling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at November 30, 2016
|
|
|
3,853
|
|
|
|
42
|
|
|
|
1,849
|
|
|
|
(11
|
)
|
|
|
5,733
|
|
|
|
1
|
|
|
|
5,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity shareholders
|
|
|
|
|
|
|
|
[millions of Canadian dollars]
|
|
Share
capital
|
|
|
Contributed
surplus
|
|
|
Retained
earnings
(restated,
note 2
)
|
|
|
Accumulated
other
comprehensive
loss
|
|
|
Total
|
|
|
Equity
attributable to
non-controlling
interests
|
|
|
Total
equity
|
|
Balance as at September 1, 2015
|
|
|
3,500
|
|
|
|
45
|
|
|
|
1,286
|
|
|
|
(19
|
)
|
|
|
4,812
|
|
|
|
237
|
|
|
|
5,049
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
209
|
|
|
|
|
|
|
|
209
|
|
|
|
9
|
|
|
|
218
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
18
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
209
|
|
|
|
18
|
|
|
|
227
|
|
|
|
9
|
|
|
|
236
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
(99
|
)
|
|
|
|
|
|
|
(99
|
)
|
|
|
|
|
|
|
(99
|
)
|
Dividend reinvestment plan
|
|
|
46
|
|
|
|
|
|
|
|
(46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued under stock option plan
|
|
|
7
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
6
|
|
Share-based compensation
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
1
|
|
Distributions declared by subsidiaries to
non-controlling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at November 30, 2015
|
|
|
3,553
|
|
|
|
45
|
|
|
|
1,350
|
|
|
|
(1
|
)
|
|
|
4,947
|
|
|
|
246
|
|
|
|
5,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30,
|
|
(millions of Canadian dollars)
|
|
2016
|
|
|
2015
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Funds flow from continuing operations
[note 11]
|
|
|
414
|
|
|
|
347
|
|
Net change in
non-cash
balances related to continuing
operations
|
|
|
(151
|
)
|
|
|
(89
|
)
|
Operating activities of discontinued operations
|
|
|
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263
|
|
|
|
304
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
[note 4]
|
|
|
(240
|
)
|
|
|
(267
|
)
|
Additions to equipment costs (net)
[note 4]
|
|
|
(23
|
)
|
|
|
(24
|
)
|
Additions to other intangibles
[note 4]
|
|
|
(27
|
)
|
|
|
(22
|
)
|
Net additions to inventories
|
|
|
(2
|
)
|
|
|
|
|
Business acquisitions, net of cash acquired
|
|
|
|
|
|
|
(2
|
)
|
Additions to investments and other assets
|
|
|
(9
|
)
|
|
|
(11
|
)
|
Distributions received and proceeds from sale of investments
|
|
|
|
|
|
|
2
|
|
Proceeds on disposal of property, plant and equipment
|
|
|
|
|
|
|
6
|
|
Investing activities of discontinued operations
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(301
|
)
|
|
|
(324
|
)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Increase in long-term debt
|
|
|
20
|
|
|
|
|
|
Debt repayments
|
|
|
(3
|
)
|
|
|
(2
|
)
|
Bank facility arrangement costs
|
|
|
|
|
|
|
(1
|
)
|
Issue of Class B
Non-Voting
Shares
[note
8]
|
|
|
3
|
|
|
|
6
|
|
Dividends paid on Class A Shares and Class B
Non-Voting
Shares
|
|
|
(96
|
)
|
|
|
(95
|
)
|
Dividends paid on Preferred Shares
|
|
|
(2
|
)
|
|
|
(3
|
)
|
Financing activities of discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78
|
)
|
|
|
(95
|
)
|
|
|
|
|
|
|
|
|
|
Effect of currency translation on cash balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash
|
|
|
(116
|
)
|
|
|
(115
|
)
|
Cash, beginning of the period
|
|
|
405
|
|
|
|
398
|
|
|
|
|
|
|
|
|
|
|
Cash of continuing operations, end of the period
|
|
|
289
|
|
|
|
283
|
|
|
|
|
|
|
|
|
|
|
30
Shaw Communications Inc.