CBC/Radio-Canada 2016-2017 third quarterly report now available online
Press Release
February 23, 2017, Ottawa CBC/Radio-Canada today made its third quarterly report for 2016-2017 available online.
“We are choosing to be bold as we move ahead with Strategy 2020,” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada. “This quarter, we released our vision outlining how a public broadcaster at the centre of a creative hub could generate even more economic and cultural benefits for all Canadians.”
FINANCIAL REPORT FOR THE THIRD QUARTER ENDED DECEMBER 31, 2016
Q3 Results
- Our revenue decreased by 0.8% this quarter, mainly due to fewer subscribers to some of our specialty channels and lower content sales. These decreases were partly offset by higher sales of digital advertising.
- Our expenses were up by 6.3%, as we continued investing in new content across different platforms in accordance with our strategy, while also incurring additional costs for digital initiatives.
- The 13.6% increase in government funding this quarter is consistent with an increase in appropriations approved by the government for 2016-2017.
“This quarter’s increase in expenses reflects the new content we made available across all CBC/Radio-Canada platforms,” said Judith Purves, Executive Vice President and Chief Financial Officer.
Q3 Business Update
This quarter’s programming included both CBC and Radio-Canada’s fall and holiday season offerings, providing Canadians with a robust mix of new shows and returning favourites for the whole family.
CBC/Radio-Canada is at the heart of Canada’s 150th anniversary celebrations and our kick-off of special programming got 2017 off to a vibrant start with a full line-up of New Year’s Eve and New Year’s Day programming across CBC and Radio-Canada. In fact, 3.8 million viewers tuned into Radio-Canada’s New Year’s Eve tradition, Bye Bye 2016, and 5.5 million Canadians tuned into the 2017 Countdown special on CBC at some point during the evening. Also this quarter, CBC/Radio-Canada shared its full spectrum of multiplatform content to be made available to Canadians throughout this milestone year with the release of the 2017 Programming Guide.
On the corporate side, CBC/Radio-Canada responded to the federal government’s request for views on how to strengthen Canadian culture in a digital world. We provided our vision with a proposal that can anchor a modern culture policy framework and place the public broadcaster at the centre of a strong culture sector.
In its Budget 2016, the federal government committed to investing an additional $75 million in CBC/Radio-Canada for 2016-2017, rising to $150 million in the following years, and asked the Minister of Canadian Heritage to work with the public broadcaster to develop an accountability plan. The CBC/Radio-Canada Accountability Plan is completed and posted on our corporate website.
For more highlights, please see our Fast Facts infographic for Q3.
Reconciliation of Q3 results under IFRS to Results on a Current Operating Basis
CBC/Radio-Canada defines Results on a Current Operating Basis as Net Results under IFRS less the adjustments for non-cash expenses that will not require operating funds within one year and non-cash revenues that will not generate operating funds within one year. This measure is used regularly by management to help monitor performance and balance the Corporation’s budget consistent with parliamentary appropriations. We believe this measure provides useful complementary information to readers, while recognizing that it does not have a standard meaning under IFRS and will not likely be comparable to measures presented by other companies.
Adjustments include the elimination of non-cash pension and other employee future benefit costs, which represent the excess of the IFRS expense over the actual cash contribution for the year. Adjustments are also made for other non-cash items such as the depreciation, amortization and decommissioning of capital assets; the amortization of deferred capital funding; and non-budgetary annual leave. Other less significant items not funded or generating funds in the current period, primarily employee benefit-related, are adjusted for in the reconciliation to Results on a Current Operating Basis.
About CBC/Radio-Canada
CBC/Radio-Canada is Canada’s national public broadcaster and one of its largest cultural institutions. We are Canada’s trusted source of news, information and Canadian entertainment. Deeply rooted in communities all across the country, CBC/Radio-Canada offers diverse content in English, French and eight Indigenous languages. We also provide international news and information from a uniquely Canadian perspective.
Follow us on Twitter: @CBCRadioCanada
For additional information, please contact:
Emma Bedard
Public Affairs, CBC
tel. 416-205-7831
cel. 416-464-3906
emma.bedard@cbc.ca
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