Shaw Communications Inc. Annual Report 2001
Cover.qxd 24/10/2001 10:32 PM Page 1 SHAW COMMUNICATIONS INC. ANNUAL REPORT 2001 630 – 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 4L4 AR.qxd 26/10/2001 9:03 PM Page 1 In our ongoing efforts to contain costs, Shaw Communications Inc. no longer publishes a formal annual report. This document contains the Report to Shareholders, Management Discussion and Analysis and its Financial Statements for fiscal 2001. CONTENTS Page Report to Shareholders 3 Management’s Discussion and Analysis 5 Management’s responsibility for financial reporting 24 Auditors’ Report 25 Financial Statements 26 Notes to the Consolidated Financial Statements 29 Five Years in Review 72 Subscriber Statistics 73 Shareholder Information 74 Corporate Information 75 The Annual General Meeting of Shareholders will be held on December 7, 2001 at 11:00 am at Le Royal Meridien King Edward Hotel, Toronto. 1 AR.qxd 26/10/2001 9:03 PM Page 2 2 AR.qxd 26/10/2001 9:03 PM Page 3 REPORT TO SHAREHOLDERS Shaw continued to execute its strategy of growing cash flow through focusing on a few key areas such as core cable, Internet, digital and satellite. As a result, the fiscal year 2001 was very active and successful. The Company achieved significant growth in operations and cash flow, completed strategic transactions necessary for present and future growth and secured the necessary funding and financial flexibility to support its strategy. Operations During a year of fierce competition from satellite, the core cable division was able to grow its subscriber base by 4,875 subscribers, increase digital penetration from 159,452 to 362,916 terminals, an increase of 128%, grow Pay TV subscribers by 159,000 to 340,000, an increase of 88%, increase revenues by 17.6% and operating income by 17.4%.
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