Reports |
||||
73 |
||||
Consolidated Statements of |
||||
Financial Position | 77 |
|||
78 |
||||
79 |
||||
80 |
||||
81 |
||||
Notes to the Consolidated Financial Statements |
||||
82 |
||||
83 |
||||
94 |
||||
94 |
||||
94 |
||||
95 |
||||
95 |
||||
96 |
||||
96 |
||||
98 |
||||
99 |
99 |
||||
100 |
||||
101 |
||||
102 |
||||
103 |
||||
103 |
||||
104 |
||||
106 |
||||
106 |
||||
108 |
||||
109 |
||||
111 |
||||
111 |
||||
111 |
||||
113 |
||||
114 |
||||
115 |
||||
118 |
||||
120 |
||||
122 |
||||
123 |
72 |
Shaw Communications Inc. 2022 Annual Report |
[Signed] | [Signed] | |
Brad Shaw | Trevor English | |
Executive Chair & Chief Executive Officer | Executive Vice President, Chief Financial & Corporate Development Officer |
Consolidated Financial Statements Shaw Communications Inc. |
73 |
74 |
Shaw Communications Inc. 2022 Annual Report |
Critical Audit Matter |
Valuation of the Wireless and Satellite cash generating units | |
Description of the Matter |
As more fully described in Note 9 to the consolidated financial statements, the Company conducted its annual impairment test on goodwill and indefinite-life intangibles as at February 1, 2022 and the recoverable amount of the cash generating units exceeded their carrying value. Management performed an assessment of indicators of impairment as at August 31, 2022 and determined there were indicators of impairment for the Wireless and Satellite Cash Generating Units (“CGUs”). Auditing management’s impairment test is complex and judgmental due to the estimation required in determining the recoverable amount of the cash generating units. The recoverable amount was estimated using a discounted cash flow which includes the significant assumptions of: revenue growth rate, margins, terminal growth rate and discount rates. | |
How We Addressed the Matter in Our Audit |
We obtained an understanding of management’s process for performing their impairment assessment. We evaluated the design and tested the operating effectiveness of controls over the Company’s processes to determine the recoverable amount. To test the estimated recoverable amount of the CGUs, our audit procedures included, among others, assessing the methodology used and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to historical and current trends. We audited the forecasted revenue by evaluating future subscriber growth compared to current and historical trends as well as evaluating 3rd party information on projected growth. We audited forecasted margins by comparing management’s estimates to historical actuals. We assessed the historical accuracy of management’s estimates by performing a lookback analysis which compared prior years’ forecasts to actuals. With the assistance of our internal valuation specialists, we assessed the reasonability of management’s recoverable amounts including the impact of the discount rate to market data including comparable companies, transactions and analyst valuations. We also completed a reconciliation of the Company’s net asset value and enterprise value as at August 31, 2022 to the sum of the recoverable amounts for each of the CGUs. We assessed the adequacy of the Company’s disclosure in the consolidated financial statements. |
Consolidated Financial Statements Shaw Communications Inc. |
75 |
76 |
Shaw Communications Inc. 2022 Annual Report |
(millions of Canadian dollars) |
August 31, 2022 |
August 31, 2021 |
||||||||||
ASSETS |
||||||||||||
Current |
||||||||||||
Cash |
||||||||||||
Accounts receivable (note 3) |
||||||||||||
Income taxes recoverable |
||||||||||||
Inventories (note 4) |
||||||||||||
Other current assets (note 5) |
||||||||||||
Current portion of contract assets (note 22) |
||||||||||||
Investments and other assets (notes 6 and 30) |
||||||||||||
Property, plant and equipment (note s 7 and 14) |
||||||||||||
Other long-term assets (notes 8 and 28) |
||||||||||||
Deferred income tax assets (note 25) |
||||||||||||
Intangibles (note 9) |
||||||||||||
Goodwill (note 9) |
||||||||||||
Contract assets (note 22) |
||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
Current |
||||||||||||
Short-term borrowings (note 10) |
||||||||||||
Accounts payable and accrued liabilities (note 11) |
||||||||||||
Provisions (note 12) |
||||||||||||
Current portion of contract liabilities (note 22) |
||||||||||||
Current portion of long-term debt (notes 13 and 30) |
||||||||||||
Current portion of lease liabilities (note 14) |
||||||||||||
Current portion of derivatives |
||||||||||||
Long-term debt (notes 13 and 30) |
||||||||||||
Lease liabilities (note 14) |
||||||||||||
Other long-term liabilities (notes 15 and 28) |
||||||||||||
Provisions (note 12) |
||||||||||||
Deferred credits (note 16) |
||||||||||||
Contract liabilities (note 22) |
||||||||||||
Deferred income tax liabilities (note 25) |
||||||||||||
Commitments and contingencies (notes 12, 27 and 28) |
||||||||||||
Shareholders’ equity |
||||||||||||
Common and preferred shareholders |
||||||||||||
See accompanying notes |
||
On behalf of the Board: |
||
[Signed] |
[Signed] | |
Brad Shaw |
Carl Vogel | |
Director |
Director |
Consolidated Financial Statements Shaw Communications Inc. |
77 |
Years ended August 31, (millions of Canadian dollars except per share amounts) |
2022 $ |
2021 $ |
||||||||||
Revenue (notes 22 and 26) |
||||||||||||
Operating, general and administrative expenses (note 23) |
( |
) |
( |
) | ||||||||
Restructuring costs (notes 12 and 23) |
– |
( |
) | |||||||||
Amortization: |
||||||||||||
Deferred equipment revenue (note 16) |
||||||||||||
Deferred equipment costs (note 8) |
( |
) |
( |
) | ||||||||
Property, plant and equipment, intangibles and other (notes 7, 9, 14 and 16) |
( |
) |
( |
) | ||||||||
Operating income |
||||||||||||
Amortization of financing costs – long-term debt (note 13) |
( |
) |
( |
) | ||||||||
Interest expense (notes 13, 14, and 26) |
( |
) |
( |
) | ||||||||
Other gains (losses) (note 24) |
( |
) |
( |
) | ||||||||
Income before income taxes |
||||||||||||
Current income tax expense (note 25) |
||||||||||||
Deferred income tax expense / (recovery) (note 25) |
( |
) |
||||||||||
Net income |
||||||||||||
Net income attributable to: |
||||||||||||
Equity shareholders |
||||||||||||
Earnings per share (note 19) |
||||||||||||
Basic |
||||||||||||
Diluted |
||||||||||||
78 |
Shaw Communications Inc. 2022 Annual Report |
Years ended August 31, (millions of Canadian dollars) |
2022 $ |
2021 $ |
||||||||||
Net income |
||||||||||||
Other comprehensive income (loss) (note 21) |
||||||||||||
Items that may subsequently be reclassified to income: |
||||||||||||
Change in unrealized fair value of derivatives designated as cash flow hedges |
( |
) | ||||||||||
Adjustment for hedged items recognized in the period |
– |
|||||||||||
Items that will not be subsequently reclassified to income: |
||||||||||||
Remeasurements on employee benefit plans |
||||||||||||
Comprehensive income |
||||||||||||
Comprehensive income attributable to: |
||||||||||||
Equity shareholders |
||||||||||||
Consolidated Financial Statements Shaw Communications Inc. |
79 |
Year ended August 31, 2022 |
|
||||||||||||||||||||||||||||||||
Attributable to equity shareholders |
||||||||||||||||||||||||||||||||
(millions of Canadian dollars) |
Share capital |
Contributed surplus |
Retained earnings |
Accumulated other comprehensive loss |
Total |
Equity attributable to non- controlling interests |
Total equity |
|||||||||||||||||||||||||
Balance at September 1, 2021 |
( |
) |
– |
|||||||||||||||||||||||||||||
Net income |
– |
– |
– |
– |
||||||||||||||||||||||||||||
Other comprehensive income |
– |
– |
– |
– |
||||||||||||||||||||||||||||
Comprehensive income |
– |
– |
– |
|||||||||||||||||||||||||||||
Dividends |
– |
– |
( |
) |
– |
( |
) |
– |
( |
) |
||||||||||||||||||||||
Shares issued under stock option plan |
( |
) |
– |
– |
– |
|||||||||||||||||||||||||||
Share-based compensation |
– |
– |
– |
– |
||||||||||||||||||||||||||||
Balance as at August 31, 2022 |
( |
) |
– |
|||||||||||||||||||||||||||||
Year ended August 31, 2021 |
||||||||||||||||||||||||||||||||
Attributable to equity shareholders |
||||||||||||||||||||||||||||||||
(millions of Canadian dollars) |
Share capital |
Contributed surplus |
Retained earnings |
Accumulated other comprehensive loss |
Total |
Equity attributable to non- controlling interests |
Total equity |
|||||||||||||||||||||||||
Balance at September 1, 2020 |
( |
) | – | |||||||||||||||||||||||||||||
Net income |
– | – | – | – | ||||||||||||||||||||||||||||
Other comprehensive income |
– | – | – | – | ||||||||||||||||||||||||||||
Comprehensive income |
– | – | – | |||||||||||||||||||||||||||||
Dividends |
– | – | ( |
) | – | ( |
) | – | ( |
) | ||||||||||||||||||||||
Shares issued under stock option plan |
( |
) | – | – | – | |||||||||||||||||||||||||||
Shares repurchased (note 17) |
( |
) | – | ( |
) | – | ( |
) | – | ( |
) | |||||||||||||||||||||
Redemption of preferred shares (note 17) |
( |
) | – | ( |
) | – | ( |
) | – | ( |
) | |||||||||||||||||||||
Share-based compensation |
– | – | – | – | ||||||||||||||||||||||||||||
Balance as at August 31, 2021 |
( |
) | – | |||||||||||||||||||||||||||||
80 |
Shaw Communications Inc. 2022 Annual Report |
Years ended August 31, (millions of Canadian dollars) |
2022 $ |
2021 $ |
||||||||||
OPERATING ACTIVITIES |
||||||||||||
Funds flow from operations (note 31) |
||||||||||||
Net change in non-cash balances |
( |
) |
( |
) | ||||||||
INVESTING ACTIVITIES |
||||||||||||
Additions to property, plant and equipment (note 26) |
( |
) |
( |
) | ||||||||
Additions to equipment costs (net) (note 26) |
( |
) |
( |
) | ||||||||
Additions to other intangibles (note 26) |
( |
) |
( |
) | ||||||||
Net additions to investments and other assets |
( |
) |
( |
) | ||||||||
Proceeds on disposal of property, plant and equipment (notes 26 and 31) |
||||||||||||
Proceeds from leasehold inducement (note 14) |
|
|
|
|
|
|
– |
|
|
|
|
|
( |
) |
( |
) | |||||||||
FINANCING ACTIVITIES |
||||||||||||
Repayment of long-term debt |
( |
) |
( |
) | ||||||||
Payment of lease liabilities (note 14) |
( |
) |
( |
) | ||||||||
Issue of Class B Shares |
||||||||||||
Purchase of Class B Shares (note 17) |
– |
( |
) | |||||||||
Redemption of preferred shares (note 17) |
– |
( |
) | |||||||||
Dividends paid on Class A Shares and Class B Shares |
( |
) |
( |
) | ||||||||
Dividends paid on Series A Preferred Shares |
– |
( |
) | |||||||||
( |
) |
( |
) | |||||||||
(Decrease) increase in cash |
( |
) | ||||||||||
Cash, beginning of year |
||||||||||||
Cash, end of year |
||||||||||||
Consolidated Financial Statements Shaw Communications Inc. |
81 |
1. |
CORPORATE INFORMATION |
82 |
Shaw Communications Inc. 2022 Annual Report |
2. |
BASIS OF PRESENTATION AND ACCOUNTING POLICIES |
(i) |
Subsidiaries |
Consolidated Financial Statements Shaw Communications Inc. |
83 |
(ii) |
Joint operations |
(1) | identify the contract(s) with a customer; |
(2) | identify the performance obligations in the contract; |
(3) | determine the transaction price; |
(4) | allocate the transaction price to the performance obligations in the contract; and, |
(5) | recognize revenue when (or as) we satisfy a performance obligation. |
84 |
Shaw Communications Inc. 2022 Annual Report |
(ii) |
Contract assets and liabilities |
(iii) |
Deferred commission cost assets |
(iv) |
Deferred equipment revenue and deferred equipment costs |
(v) |
Deferred IRU revenue |
Consolidated Financial Statements Shaw Communications Inc. |
85 |
Asset |
Estimated useful life | |
Cable, Wireless and telecommunications distribution system |
||
Digital cable terminals and modems |
||
Satellite audio, video and data network equipment and DTH receiving equipment |
||
Buildings |
||
Data processing |
||
Other |
||
• |
the contract involves the use of an identified asset; |
86 |
Shaw Communications Inc. 2022 Annual Report |
• |
the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and |
• |
the Company has the right to direct the use of the identified asset. |
• |
fixed payments, including in-substance fixed payments; |
• |
variable lease payments that depend on an index or rate; |
• |
amounts expected to be payable under a residual value guarantee; and |
• |
payments relating to purchase options and renewal option periods that are reasonably certain to be exercised, or periods subject to termination options that are not reasonably certain to be exercised. |
• |
the non-cancellable period of the lease; |
• |
periods covered by options to extend the lease, where the Company is reasonably certain to exercise the option; and |
• |
periods covered by options to terminate the lease, where the Company is reasonably certain not to exercise the option. |
Consolidated Financial Statements Shaw Communications Inc. |
87 |
(i) |
Goodwill and indefinite-life intangibles |
(ii) |
Non-financial assets with finite useful lives |
88 |
Shaw Communications Inc. 2022 Annual Report |
(i) |
Asset retirement obligations |
(ii) |
Restructuring provisions |
(iii) |
Other provisions |
Consolidated Financial Statements Shaw Communications Inc. |
89 |
90 |
Shaw Communications Inc. 2022 Annual Report |
Consolidated Financial Statements Shaw Communications Inc. |
91 |
(i) |
Allowance for doubtful accounts |
(ii) |
Contractual service revenue |
(iii) |
Property, plant and equipment |
(iv) |
Leases |
(v) |
Business combinations – purchase price allocation |
(vi) |
Impairment |
(vii) |
Employee benefit plans |
92 |
Shaw Communications Inc. 2022 Annual Report |
(viii) |
Income taxes |
(ix) |
Contingencies |
(i) |
Determination of a CGU |
(ii) |
Broadcast rights and licences and spectrum licences – indefinite-life assessment |
• |
Proceeds before Intended Use Property, Plant and Equipment |
• |
Onerous Contracts – Costs of Fulfilling a Contract Provisions, Contingent Liabilities and Contingent Assets |
• |
Classification of Liabilities as Current or Non-Current Presentation of Financial Statements non-current is based on rights that are in existence at the end of the reporting period and specifies that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. The amendments are required to be applied for annual periods commencing on or after January 1, 2023 with early application permitted. The amendments are required to be adopted retrospectively. These amendments are not expected to have a material impact on our financial statements. |
Consolidated Financial Statements Shaw Communications Inc. |
93 |
• |
Definition of Accounting Estimates Accounting Policies , Changes in Accounting Estimates and Errors |
• |
Disclosure of Accounting Policies Presentation of Financial Statements Mak ing Material ity Judgements |
• |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction Income Taxes |
3. |
ACCOUNTS RECEIVABLE |
2022 $ |
2021 $ |
|||||||
Subscriber and trade receivables |
||||||||
Miscellaneous receivables |
||||||||
Less allowance for doubtful accounts (note 30) |
( |
) |
( |
) | ||||
4. |
INVENTORIES |
2022 $ |
2021 $ |
|||||||
Wireless devices and accessories |
||||||||
DTH subscriber equipment |
||||||||
Other – built to suit |
– |
|||||||
5. |
OTHER CURRENT ASSETS |
2022 $ |
2021 $ |
|||||||
Prepaid expenses |
||||||||
Costs incurred to obtain or fulfill a contract with a customer (note 22) |
||||||||
Wireless handset receivables |
||||||||
Current portion of derivatives |
||||||||
94 |
Shaw Communications Inc. 2022 Annual Report |
6. |
INVESTMENTS AND OTHER ASSETS |
2022 $ |
2021 $ |
|||||||
Investments in private entities |
||||||||
7. |
PROPERTY, PLANT AND EQUIPMENT |
August 31, 2022 |
August 31, 2021 |
|||||||||||||||||||||||||||
Cost $ |
Accumulated amortization $ |
Net book value $ |
Cost $ |
Accumulated amortization $ |
Net book value $ |
|||||||||||||||||||||||
Cable and telecommunications distribution system |
|
|
|
|
|
| ||||||||||||||||||||||
Digital cable terminals and modems |
|
|
|
|
|
| ||||||||||||||||||||||
Satellite audio, video and data network and DTH receiving equipment |
|
|
|
|
|
| ||||||||||||||||||||||
Land and buildings |
|
|
|
|
|
| ||||||||||||||||||||||
Data centre infrastructure, data processing and other |
|
|
|
|
|
| ||||||||||||||||||||||
Assets under construction |
– |
– | ||||||||||||||||||||||||||
Property, plant and equipment excluding right-of-use |
|
|
|
|
|
| ||||||||||||||||||||||
Right-of-use (note 14) |
||||||||||||||||||||||||||||
Property, plant and equipment |
||||||||||||||||||||||||||||
August 31, 2021 |
August 31, 2022 |
|||||||||||||||||||||||
Net book value $ |
Additions $ |
Transfers $ |
Amortization $ |
Disposals and writedown $ |
Net book value $ |
|||||||||||||||||||
Cable and telecommunications distribution system |
( |
) |
( |
) |
||||||||||||||||||||
Digital cable terminals and modems |
– |
( |
) |
– |
||||||||||||||||||||
Satellite audio, video and data network and DTH receiving equipment |
( |
) |
( |
) |
– |
|||||||||||||||||||
Land and buildings |
– |
– |
( |
) |
– |
|||||||||||||||||||
Data centre infrastructure, data processing and other |
( |
) |
( |
) |
||||||||||||||||||||
Assets under construction |
( |
) |
– |
( |
) |
|||||||||||||||||||
( |
) |
( |
) |
|||||||||||||||||||||
Consolidated Financial Statements Shaw Communications Inc. |
95 |
August 31, 2020 |
August 31, 2021 |
|||||||||||||||||||||||
Net book value $ |
Additions $ |
Transfers $ |
Amortization $ |
Disposals and writedown $ |
Net book value $ |
|||||||||||||||||||
Cable and telecommunications distribution system |
( |
) | ( |
) | ||||||||||||||||||||
Digital cable terminals and modems |
– | ( |
) | |||||||||||||||||||||
Satellite audio, video and data network and DTH receiving equipment |
( |
) | ( |
) | – | |||||||||||||||||||
Land and buildings |
( |
) | ( |
) | ||||||||||||||||||||
Data centre infrastructure, data processing and other |
( |
) | ( |
) | ||||||||||||||||||||
Assets under construction |
( |
) | – | – | ||||||||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||||||
8. |
OTHER LONG-TERM ASSETS |
2022 $ |
2021 $ |
|||||||
Equipment costs subject to a deferred revenue arrangement |
||||||||
Long-term Wireless handset receivables |
||||||||
Costs incurred to obtain or fulfill a contract with a customer (note 22) |
||||||||
Credit facility arrangement fees |
||||||||
Net pension assets (note 28) |
– | |||||||
Other |
||||||||
9. |
INTANGIBLES AND GOODWILL |
2022 $ |
2021 $ |
|||||||
Broadcast rights and licences |
||||||||
Cable systems |
||||||||
DTH and satellite services |
||||||||
Wireless spectrum licences |
||||||||
Other intangibles |
||||||||
Software |
||||||||
Customer relationships |
||||||||
Goodwill |
||||||||
Cable and telecommunications systems |
||||||||
Wireless |
||||||||
Net book value |
||||||||
96 |
Shaw Communications Inc. 2022 Annual Report |
Broadcast rights and licences $ |
Goodwill $ |
Wireless spectrum licences $ |
||||||||||
September 1, 2020 |
||||||||||||
Additions |
||||||||||||
Disposition |
||||||||||||
August 31, 2021 |
||||||||||||
Additions |
||||||||||||
Disposition |
||||||||||||
August 31, 2022 |
||||||||||||
August 31, 2022 |
August 31, 2021 |
|||||||||||||||||||||||||||
Cost |
Accumulated amortization |
Net book value |
Cost |
Accumulated amortization |
Net book value |
|||||||||||||||||||||||
Software |
||||||||||||||||||||||||||||
Software under construction |
||||||||||||||||||||||||||||
Customer relationships |
||||||||||||||||||||||||||||
Software $ |
Software under construction $ |
Customer relationships $ |
Total $ |
|||||||||||||
September 1, 2020 |
||||||||||||||||
Additions |
||||||||||||||||
Transfers |
( |
) | ||||||||||||||
Dispositions |
||||||||||||||||
Amortization |
( |
) | ( |
) | ( |
) | ||||||||||
August 31, 2021 |
||||||||||||||||
Additions |
||||||||||||||||
Transfers |
( |
) |
( |
) | ||||||||||||
Dispositions |
||||||||||||||||
Amortization |
( |
) |
( |
) |
( |
) | ||||||||||
August 31, 2022 |
||||||||||||||||
Consolidated Financial Statements Shaw Communications Inc. |
97 |
Terminal value |
|||||||||||||
Post-tax discount rate |
Terminal growth rate |
Terminal operating income before restructuring costs and amortization multiple |
|||||||||||
Satellite |
% |
- |
% |
| |||||||||
Wireless |
% |
% |
|||||||||||
Estimated decline in recoverable amount |
||||||||||||
Terminal value |
||||||||||||
1% increase in discount rate |
1% decrease in terminal growth rate |
0.5 times decrease in terminal operating income before restructuring costs and amortization multiple |
||||||||||
Satellite |
% |
% |
% | |||||||||
Wireless |
% |
% |
% | |||||||||
10. |
SHORT-TERM BORROWINGS |
98 |
Shaw Communications Inc. 2022 Annual Report |
2022 $ |
2021 $ |
|||||||
Accounts receivable securitization program, beginning of period |
||||||||
Repayment of accounts receivable securitization |
||||||||
Accounts receivable securitization program, end of period |
||||||||
2022 $ |
2021 $ |
|||||||
Trade accounts receivable sold to buyer as security (1) |
||||||||
Short-term borrowings from buyer |
( |
) |
( |
) | ||||
Overcollateralization |
||||||||
(1) |
On August 26, 2022, all Freedom related upsale agreements for this program were terminated. |
11. |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
2022 $ |
2021 $ |
|||||||
Trade |
||||||||
Program rights |
||||||||
Accrued liabilities |
||||||||
Accrued network fees |
||||||||
Interest and dividends |
||||||||
Related parties (note 29) |
||||||||
12. |
PROVISIONS |
Asset retirement obligations $ |
Restructuring (1) $ |
Other ( 2 )$ |
Total $ |
|||||||||||||
Balance as at September 1, 2020 |
||||||||||||||||
Additions |
( |
) | ||||||||||||||
Accretion |
||||||||||||||||
Reversal (2) |
( |
) | ( |
) | ||||||||||||
Payments |
( |
) | ( |
) | ||||||||||||
Balance as at August 31, 2021 |
||||||||||||||||
Additions |
||||||||||||||||
Accretion |
||||||||||||||||
Reversal |
( |
) | ( |
) | ||||||||||||
Payments |
( |
) |
( |
) |
( |
) | ||||||||||
Balance as at August 31, 2022 |
||||||||||||||||
Current |
||||||||||||||||
Long-term |
||||||||||||||||
Balance as at August 31, 2021 |
||||||||||||||||
Current |
||||||||||||||||
Long-term |
||||||||||||||||
Balance as at August 31, 2022 |
||||||||||||||||
(1) |
In fiscal 2021 the Company made a number of changes to its organizational structure. A total of $ has been paid in fiscal 2022 relating to this and other prior period initiatives. The remaining costs are expected to be paid out within the next 5 months. |
( 2 ) |
During the third quarter of fiscal 2021, the Company recorded a $ |
Consolidated Financial Statements Shaw Communications Inc. |
99 |
13. |
LONG-TERM DEBT |
2022 |
2021 |
|||||||||||||||||||||||||||||||
Effective interest rates % |
Long-term debt at amortized cost (1) $ |
Adjustment for finance costs (1) $ |
Long-term debt repayable at maturity $ |
Long-term debt at amortized cost (1) $ |
Adjustment for finance costs (1) $ |
Long-term debt repayable at maturity $ |
||||||||||||||||||||||||||
Corporate |
||||||||||||||||||||||||||||||||
Cdn fixed rate senior notes- |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||
Burrard Landing Lot 2 Holdings Partnership |
Various | |||||||||||||||||||||||||||||||
Total consolidated debt |
||||||||||||||||||||||||||||||||
Less current portion (2) |
||||||||||||||||||||||||||||||||
(1) |
Long-term debt is presented net of unamortized discounts and finance costs. |
(2) |
Current portion of long-term debt includes amounts due within one year in respect of the Burrard Landing loans. |
100 |
Shaw Communications Inc. 2022 Annual Report |
$ |
||||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
Thereafter |
||||
2022 $ |
2021 $ |
|||||||
Interest expense – long-term debt |
||||||||
Amortization of senior notes discounts |
||||||||
Interest income – short-term (net) |
( |
) |
( |
) | ||||
Interest on lease liabilities (note 14) |
||||||||
Interest expense – other (1) |
( |
) | ||||||
(1) |
Interest expense – other for the year ended August 31, 2021 includes a $ period . |
14. |
LEASES |
$ |
| |||
| ||||
Net book value as at September 1, 2020 |
|
|
| |
| ||||
Additions |
|
|
| |
| ||||
Amortization |
|
|
( |
) |
|
|
|
|
|
Lease terminations and other |
|
|
( |
) |
| ||||
Net book value as at August 31, 2021 |
|
|
| |
| ||||
Additions |
|
|
| |
| ||||
Amortization |
|
|
( |
) |
|
|
|
| |
Leasehold inducements |
|
|
( |
) |
| ||||
Lease terminations and other |
|
|
( |
) |
| ||||
Net book value as at August 31, 2022 |
|
|
| |
|
Consolidated Financial Statements Shaw Communications Inc. |
101 |
$ |
||||
Balance as at September 1, 2020 |
||||
Net additions |
||||
Interest on lease liabilities |
||||
Interest payments on lease liabilities |
( |
) | ||
Principal payments of lease liabilities |
( |
) | ||
Other |
||||
Balance as at August 31, 2021 |
||||
Net additions |
||||
Interest on lease liabilities |
||||
Interest payments on lease liabilities |
( |
) | ||
Principal payments of lease liabilities |
( |
) | ||
Other |
( |
) | ||
Balance as at August 31, 2022 |
||||
Current |
||||
Long-term |
||||
Balance as at August 31, 2021 |
||||
Current |
||||
Long-term |
||||
Balance as at August 31, 2022 |
||||
2022 $ |
2021 $ |
|||||||
Expenses related to variable lease components not included in lease liabilities |
||||||||
Expenses related to low-value leases |
||||||||
15. |
OTHER LONG-TERM LIABILITIES |
2022 $ |
2021 $ |
|||||||
Pension liabilities (note 28) |
||||||||
Post retirement liabilities (note 28) |
||||||||
102 |
Shaw Communications Inc. 2022 Annual Report |
16. |
DEFERRED CREDITS |
2022 $ |
2021 $ |
|||||||
IRU prepayments |
||||||||
Equipment revenue |
||||||||
Deposit on future fibre sale |
||||||||
17. |
SHARE CAPITAL |
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Number of securities |
$ |
$ |
||||||||||||||
Class A Shares | ||||||||||||||||
Class B Shares | ||||||||||||||||
|
Series A Shares | |||||||||||||||
Series B Shares | ||||||||||||||||
Class A Shares |
Class B Shares |
|||||||||||||||||||||||
Number |
$ |
Number |
$ |
|||||||||||||||||||||
September 1, 2020 |
||||||||||||||||||||||||
Stock option exercises |
||||||||||||||||||||||||
Restricted Share Units |
||||||||||||||||||||||||
Shares Repurchased |
( |
) | ( |
) | ||||||||||||||||||||
August 31, 2021 |
||||||||||||||||||||||||
Stock option exercises |
||||||||||||||||||||||||
Restricted Share Units |
||||||||||||||||||||||||
August 31, 2022 |
||||||||||||||||||||||||
Consolidated Financial Statements Shaw Communications Inc. |
103 |
18. |
SHARE-BASED COMPENSATION AND AWARDS |
104 |
Shaw Communications Inc. 2022 Annual Report |
2022 |
2021 |
|||||||||||||||
Number |
Weighted average exercise price $ |
Number |
Weighted average exercise price $ |
|||||||||||||
Outstanding, beginning of year |
||||||||||||||||
Granted |
– |
– |
||||||||||||||
Forfeited |
( |
) |
( |
) | ||||||||||||
Exercised (1) |
( |
) |
( |
) | ||||||||||||
Outstanding, end of year |
||||||||||||||||
(1) |
The weighted average Class B Share price for the options exercised for the year ended August 31, 2022 was $ |
Options outstanding |
Options exerciseable |
|||||||||||||||||||||||
Range of prices |
Number outstanding |
Weighted average remaining contractual life |
Weighted average exercise price |
|
Number exercisable |
Weighted average exercise price |
||||||||||||||||||
$ |
||||||||||||||||||||||||
$ |
||||||||||||||||||||||||
$ |
||||||||||||||||||||||||
$ |
||||||||||||||||||||||||
$ |
||||||||||||||||||||||||
2022 |
2021 | |||
Dividend yield |
||||
Risk-free interest rate |
N/A |
|||
Expected life of options |
N/A |
|||
Expected volatility factor of the future expected market price of Class B Shares |
N/A |
|||
Consolidated Financial Statements Shaw Communications Inc. |
105 |
19. |
EARNINGS PER SHARE |
2022 |
2021 |
|||||||
Numerator for basic and diluted earnings per share ($) |
||||||||
Net income |
||||||||
Deduct: dividends on Preferred Shares |
( |
) | ||||||
Net income attributable to common shareholders |
||||||||
Denominator (millions of shares) |
||||||||
Weighted average number of Class A Shares and Class B Shares for basic earnings per share |
||||||||
Effect of dilutive securities (1) |
||||||||
Weighted average number of Class A Shares and Class B Shares for diluted earnings per share |
||||||||
Earnings per share ($) |
||||||||
Basic |
||||||||
Diluted |
||||||||
(1) |
The earnings per share calculation does not take into consideration the potential dilutive effect of certain stock options since their impact is anti-dilutive. For the year ended August 31, 2022, |
20. |
DIVIDENDS |
106 |
Shaw Communications Inc. 2022 Annual Report |
Period |
Annual Dividend Rate |
|||
June 30, 2020 to September 29, 2020 |
|
|
% | |
September 30, 2020 to December 30, 2020 |
|
|
% | |
December 31, 2020 to March 30, 2021 |
|
|
% | |
March 31, 2021 to June 29, 2021 |
|
|
% | |
2022 |
2021 | |||||||
Class A Voting Share |
Class B Share |
Class A Voting Share |
Class B Share | |||||
|
|
|
| |||||
2022 |
2021 | |||||||
Series A Share |
Series B Share |
Series A Share |
Series B Share | |||||
|
|
|
| |||||
Consolidated Financial Statements Shaw Communications Inc. |
107 |
21. |
OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS |
Amount $ |
Income taxes $ |
Net $ |
||||||||||
Items that may subsequently be reclassified to income |
||||||||||||
Change in unrealized fair value of derivatives designated as cash flow hedges |
( |
) |
||||||||||
Adjustment for hedged items recognized in the period |
||||||||||||
( |
) |
|||||||||||
Items that will not be subsequently reclassified to income |
||||||||||||
Remeasurements on employee benefit plans: |
( |
) |
||||||||||
( |
) |
|||||||||||
Amount $ |
Income taxes $ |
Net $ |
||||||||||
Items that may subsequently be reclassified to income |
||||||||||||
Change in unrealized fair value of derivatives designated as cash flow hedges |
( |
) | ( |
) | ||||||||
Adjustment for hedged items recognized in the period |
( |
) | ||||||||||
( |
) | |||||||||||
Items that will not be subsequently reclassified to income |
||||||||||||
Remeasurements on employee benefit plans: |
( |
) | ||||||||||
( |
) | |||||||||||
2022 $ |
2021 $ |
|||||||
Items that may subsequently be reclassified to income |
||||||||
Change in unrealized fair value of derivatives designated as cash flow hedges |
( |
) | ||||||
Items that will not be subsequently reclassified to income |
||||||||
Remeasurements on employee benefit plans: |
( |
) |
( |
) | ||||
( |
) |
( |
) | |||||
108 |
Shaw Communications Inc. 2022 Annual Report |
22. |
REVENUE |
Contract Assets |
Contract Liabilities |
|||||||
September 1 , 2020 |
||||||||
Increase in contract assets from revenue recognized during the period |
– | |||||||
Contract assets transferred to trade receivables |
( |
) | – | |||||
Contract terminations transferred to trade receivables |
( |
) | – | |||||
Revenue recognized included in contract liabilities at the beginning of the year |
– | ( |
) | |||||
Increase in contract liabilities during the period |
– | |||||||
August 31, 2021 |
||||||||
Increase in contract assets from revenue recognized during the period |
– |
|||||||
Contract assets transferred to trade receivables |
( |
) |
– |
|||||
Contract terminations transferred to trade receivables |
( |
) |
– |
|||||
Revenue recognized included in contract liabilities at the beginning of the year |
– |
( |
) | |||||
Increase in contract liabilities during the period |
– |
|||||||
August 31, 2022 |
||||||||
Contract Assets |
Contract Liabilities |
|||||||
Current |
||||||||
Long-term |
||||||||
Balance as at August 31, 2021 |
||||||||
Current |
||||||||
Long-term |
||||||||
Balance as at August 31, 2022 |
||||||||
Consolidated Financial Statements Shaw Communications Inc. |
109 |
September 1 , 2020 |
||||
Additions to deferred commission cost assets |
||||
Amortization recognized on deferred commission cost assets |
( |
) | ||
August 31, 2021 |
||||
Additions to deferred commission cost assets |
||||
Amortization recognized on deferred commission cost assets |
( |
) | ||
August 31, 2022 |
||||
Current |
||||
Long-term |
||||
Balance as at August 31, 2021 |
||||
Current |
||||
Long-term |
||||
Balance as at August 31, 2022 |
||||
2022 $ |
2021 $ |
|||||||
Services |
||||||||
– Consumer |
||||||||
Wireline – Business |
||||||||
Wireless |
||||||||
Equipment and other |
||||||||
Wireless |
||||||||
Intersegment eliminations |
( |
) |
( |
) | ||||
Total revenue |
||||||||
110 |
Shaw Communications Inc. 2022 Annual Report |
Within 1 year |
Within 2 years |
Within 3 years |
Within 4 years |
Within 5 years |
Thereafter |
Total |
||||||||||||||||||||||
Wireline |
||||||||||||||||||||||||||||
Wireless |
||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
23. |
OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES AND RESTRUCTURING COSTS |
2022 $ |
2021 $ |
|||||||
Employee salaries and benefits (1) |
||||||||
Purchases of goods and services |
||||||||
(1) |
For the year ended August 31, 2022, employee salaries and benefits include restructuring costs of $ |
24. |
OTHER GAINS (LOSSES) |
2022 $ |
2021 $ |
|||||||
Gain on disposal of fixed assets and intangibles |
||||||||
Costs associated with Rogers-Shaw Transaction |
( |
) |
( |
) | ||||
Fair value adjustment of private investments |
||||||||
Other (1) |
( |
) |
( |
) | ||||
( |
) |
( |
) | |||||
(1) |
Other gains (losses) generally includes realized and unrealized foreign exchange gains and losses on US dollar denominated current assets and liabilities and the Company’s share of the operations of Burrard Landing Lot 2 Holdings Partnership. |
25. |
INCOME TAXES |
2022 $ |
2021 $ |
|||||||
Deferred tax assets |
||||||||
Deferred tax liabilities |
( |
) |
( |
) | ||||
Net deferred tax liability |
( |
) |
( |
) | ||||
Consolidated Financial Statements Shaw Communications Inc. |
111 |
Property, plant and equipment and software assets $ |
Broadcast rights, licences, customer relationships, trademark and brands $ |
Partnership income $ |
Non- capital loss carry- forwards $ |
Accrued charges $ |
Capital Loss Carry- Forwards $ |
Total $ |
||||||||||||||||||||||
Balance at September 1 , 2020 |
( |
) | ( |
) | ( |
) | ( |
) | – | ( |
) | |||||||||||||||||
Recognized in statement of income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Recognized in other comprehensive income |
– | – | – | – | ( |
) | – | ( |
) | |||||||||||||||||||
Balance at August 31, 2021 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Recognized in statement of income |
( |
) |
( |
) |
– |
|||||||||||||||||||||||
Recognized in other comprehensive income |
– |
– |
– |
– |
( |
) |
– |
( |
) | |||||||||||||||||||
Balance at August 31, 2022 |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
2022 |
2021 |
|||||||
Current statutory income tax rate |
% |
% | ||||||
Income tax expense at current statutory rates |
||||||||
Net increase (decrease) in taxes resulting from: |
||||||||
Recognition of previously unrecognized tax losses |
( |
) | ||||||
Revision to liabilities for uncertain tax positions |
( |
) | ||||||
Other |
( |
) |
( |
) | ||||
Income tax expense |
||||||||
2022 $ |
2021 $ |
|||||||
Current income tax expense |
||||||||
Current tax recovery from revision to liabilities for uncertain tax positions |
( |
) | ||||||
Deferred tax expense (recovery) related to temporary differences |
( |
) |
||||||
Deferred tax recovery from the recognition of previously unrecognized tax losses |
( |
) | ||||||
Income tax expense |
||||||||
112 |
Shaw Communications Inc. 2022 Annual Report |
26. |
BUSINESS SEGMENT INFORMATION |
2022 $ |
2021 $ |
|||||||
Revenue |
||||||||
Wireline |
||||||||
Wireless |
||||||||
Intersegment eliminations |
( |
) |
( |
) | ||||
Adjusted EBITDA (1) |
||||||||
Wireline |
||||||||
Wireless |
||||||||
Restructuring costs |
( |
) | ||||||
Amortization |
( |
) |
( |
) | ||||
Operating income |
||||||||
Interest |
||||||||
Operating |
||||||||
Other/non-operating |
||||||||
Current taxes (2) |
||||||||
Operating |
||||||||
Other/non-operating |
( |
) |
( |
) | ||||
(1) |
Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers; the Company defines adjusted EBITDA as revenues less operating, general and administrative expenses. |
(2) |
Current taxes are higher for the year ended August 31, 2022 due mainly to higher taxable income in the period and the impact of a prior year revision to liabilities for uncertain tax positions that became statute barred in the period of $ |
Consolidated Financial Statements Shaw Communications Inc. |
113 |
2022 $ |
2021 $ |
|||||||
Capital expenditures accrual basis |
||||||||
Wireline |
||||||||
Wireless |
||||||||
Equipment costs (net of revenue) |
||||||||
Wireline |
||||||||
Capital expenditures and equipment costs (net) |
||||||||
Wireline |
||||||||
Wireless |
||||||||
Reconciliation to Consolidated Statements of Cash Flows |
||||||||
Additions to property, plant and equipment |
||||||||
Additions to equipment costs (net) |
||||||||
Additions to other intangibles |
||||||||
Total of capital expenditures and equipment costs (net) per Consolidated Statements of Cash Flows |
||||||||
Increase in working capital and other liabilities related to capital accruals |
||||||||
Increase (decrease) in other liabilities related to ARO additions |
( |
) |
||||||
Less: Proceeds on disposal of property, plant and equipment |
( |
) |
( |
) | ||||
Total capital expenditures and equipment costs (net) reported by segments |
||||||||
27. |
COMMITMENTS AND CONTINGENCIES |
Purchase Obligations (1) |
Property, Plant and Equipment |
|||||||
Within one year |
||||||||
1 to 3 years |
||||||||
3 to 5 years |
||||||||
Over 5 years |
||||||||
(1) |
Includes contractual obligations under service, product, and wireless device contracts, program related agreements and exclusive rights to use intellectual property in Canada. |
114 |
Shaw Communications Inc. 2022 Annual Report |
28. |
EMPLOYEE BENEFIT PLANS |
2022 |
2021 |
|||||||
Non-registered plans |
||||||||
Accrued benefit obligation |
||||||||
Fair value of plan assets |
||||||||
Accrued benefit (assets) liabilities and deficit |
( |
) |
||||||
Consolidated Financial Statements Shaw Communications Inc. |
115 |
SERP $ |
ERP $ |
2022 Total $ |
SERP $ |
ERP $ |
2021 Total $ |
|||||||||||||||||||
Accrued benefit obligation, beginning of year |
||||||||||||||||||||||||
Current service cost |
– |
– |
||||||||||||||||||||||
Interest cost |
||||||||||||||||||||||||
Payment of benefits to employees |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Transfer from DC plan |
– |
– |
– |
– |
||||||||||||||||||||
Remeasurements: |
||||||||||||||||||||||||
Effect of changes in demographic assumptions |
– |
– |
– |
– |
– |
– |
||||||||||||||||||
Effect of changes in financial assumptions |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Effect of experience adjustments |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Accrued benefit obligation, end of year |
||||||||||||||||||||||||
Fair value of plan assets, beginning of year |
||||||||||||||||||||||||
Employer contributions |
– |
– |
– |
– |
||||||||||||||||||||
Interest income |
||||||||||||||||||||||||
Transfer from DC plan |
– |
– |
– |
– |
||||||||||||||||||||
Payment of benefits |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Return on plan assets, excluding interest income |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Fair value of plan assets, end of year |
||||||||||||||||||||||||
Accrued benefit (assets) liabilities and plan deficit, end of year |
( |
) |
( |
) |
||||||||||||||||||||
SERP |
ERP |
|||||||
Cash and cash equivalents |
||||||||
Fixed income securities |
||||||||
Equity securities – Canadian |
||||||||
Equity securities – Foreign |
||||||||
116 |
Shaw Communications Inc. 2022 Annual Report |
Accrued benefit obligation |
2022 SERP % |
2022 ERP % |
2021 SERP % |
2021 ERP % |
||||||||||||
Discount rate |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Rate of compensation increase |
|
|
(1) |
|
|
|
|
|
(1) |
|
|
| ||||
Benefit cost for the year |
2022 SERP % |
2022 ERP % |
2021 SERP % |
2021 ERP % |
||||||||||||
Discount rate |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Rate of compensation increase |
|
|
(1) |
|
|
|
|
|
(1) |
|
|
| ||||
(1) |
Applies only to incentive compensation component of eligible pensionable earnings. |
SERP |
ERP |
2022 Total |
SERP |
ERP |
2021 Total |
|||||||||||||||||||
Current service cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest income |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
|
|
|
|
( |
) | ||||||
Pension expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
2022 |
2021 |
|||||||
Accrued benefit obligation and plan deficit, beginning of year |
|
|
|
|
|
| ||
Current service cost |
|
|
|
|
|
| ||
Interest cost |
|
|
|
|
|
| ||
Payment of benefits to employees |
|
|
|
|
|
| ||
Remeasurements: |
|
– |
|
|||||
Effect of changes in demographic assumptions |
|
|
|
|
|
| ||
Effect of changes in financial assumptions |
|
( |
) |
|
( |
) | ||
Effect of experience adjustments |
|
|
|
|
|
| ||
Accrued benefit obligation and plan deficit, end of year |
|
|
|
|
|
| ||
Consolidated Financial Statements Shaw Communications Inc. |
117 |
29. |
RELATED PARTY TRANSACTIONS |
Ownership Interest |
||||||||
August 31, 2022 |
August 31, 2021 |
|||||||
Shaw Cablesystems Limited |
|
|
% |
|
|
% | ||
Shaw Cablesystems G.P. |
|
|
% |
|
|
% | ||
Shaw Envision Inc. |
|
|
% |
|
|
% | ||
Shaw Telecom Inc. |
|
|
% |
|
|
% | ||
Shaw Telecom G.P. |
|
|
% |
|
|
% | ||
Shaw Satellite Services Inc. |
|
|
% |
|
|
% | ||
Star Choice Television Network Incorporated |
|
|
% |
|
|
% | ||
Shaw Satellite G.P. |
|
|
% |
|
|
% | ||
Freedom Mobile Inc. |
|
|
% |
|
|
% | ||
118 |
Shaw Communications Inc. 2022 Annual Report |
2022 $ |
2021 $ |
|||||
Short-term employee benefits |
|
|
|
|
|
|
Post-employment pension benefits |
|
|
|
|
|
|
Share-based compensation |
|
|
|
|
|
|
|
|
|
|
|
| |
Consolidated Financial Statements Shaw Communications Inc. |
119 |
30. |
FINANCIAL INSTRUMENTS |
August 31, 2022 |
August 31, 2021 |
|||||||||||||||||||
Carrying value |
Estimated fair value |
Carrying value |
Estimated fair value |
|||||||||||||||||
Liabilities |
||||||||||||||||||||
Long-term debt (including current portion) (1) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
(1) |
Level 2 fair value – determined by valuation techniques using inputs based on observable market data, either directly or indirectly, other than quoted prices. |
120 |
Shaw Communications Inc. 2022 Annual Report |
2022 $ |
2021 $ |
|||||||
Balance, beginning of period |
|
|
|
|
|
| ||
Additions (doubtful accounts expense) |
|
|
|
|
|
| ||
Net usage |
|
( |
) |
|
( |
) | ||
Balance, end of period |
|
|
|
|
|
| ||
Consolidated Financial Statements Shaw Communications Inc. |
121 |
Short-term borrowings |
Accounts payable and accrued liabilities (1) |
Long-term debt repayable at maturity |
Leases (note 14) |
Interest payments |
||||||||||||||||
Within one year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
1 to 3 years |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
| |||||
3 to 5 years |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
| |||||
Over 5 years |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(1) |
Includes accrued interest and dividends of $ |
31. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
2022 $ |
2021 $ |
|||||||
Net income from operations |
|
|
|
|
|
| ||
Adjustments to reconcile net income to funds flow from operations: |
||||||||
Amortization |
|
|
|
|
|
| ||
Deferred income tax expense (recovery) |
|
( |
) |
|
|
| ||
Share-based compensation |
|
|
|
|
|
| ||
Defined benefit pension plans |
|
|
|
|
|
| ||
Fair value adjustments for private investments |
|
|
|
|
( |
) | ||
Net change in contract asset balances |
|
|
|
|
|
| ||
Loss (gain) on disposal of fixed assets and intangibles |
|
( |
) |
|
( |
) | ||
Accretion on ARO |
|
|
|
|
|
| ||
Other |
|
|
|
|
|
| ||
Funds flow from operations |
|
|
|
|
|
| ||
2022 $ |
2021 $ |
|||||||
Interest paid |
|
|
|
|
|
| ||
Income taxes paid (net of refunds) |
|
|
|
|
|
| ||
Interest received |
|
|
|
|
|
| ||
122 |
Shaw Communications Inc. 2022 Annual Report |
32. |
CAPITAL STRUCTURE MANAGEMENT |
2022 $ |
2021 $ |
|||||||
Cash |
|
( |
) |
|
( |
) | ||
Short-term borrowings |
|
|
|
|
|
| ||
Long-term debt repayable at maturity |
|
|
|
|
|
| ||
Lease liabilities |
|
|
|
|
|
| ||
Share capital |
|
|
|
|
|
| ||
Contributed surplus |
|
|
|
|
|
| ||
Retained earnings |
|
|
|
|
|
| ||
|
|
|
|
|
| |||
Consolidated Financial Statements Shaw Communications Inc. |
123 |