CBC/Radio-Canada 2016-2017 second quarterly report now available online

November 28, 2016, Ottawa

CBC/Radio-Canada today made its second quarterly report for 2016-2017 available online.

“Whether it was the 32 million proud Canadians who watched our Olympic coverage, or the 11 million Canadians who tuned in to the emotional concert by The Tragically Hip, the message is clear: Canadians turn to their public broadcaster for events of significance and it is important that we continue to evolve, through our platforms, into the public space of the future,” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada.

FINANCIAL REPORT FOR THE SECOND QUARTER-ENDED SEPTEMBER 30, 2016

Q2 Results

  • Our revenue increased by 24.2% this quarter, mainly due to our broadcasting of the Rio 2016 Olympic Games. Ongoing revenue decreased as a result of continued weakness in the television advertising market, especially conventional television.
  • Our expenses were up by 15.1%, reflecting additional costs for the rights and broadcasting of the Rio 2016 Olympic Games, compared to last year when we incurred costs for host broadcasting services for the Toronto 2015 Pan Am and Parapan Am Games. We also reinvested in content on several platforms.
  • Compared to the same period last year, we drew down more funding this quarter to meet our working capital requirements.

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As we continue to be guided by Strategy 2020, we are aiming to put the public broadcaster on strong, stable financial footing, despite an unpredictable media environment.

“The federal government’s reinvestment is allowing us to develop new content, which we’re beginning to see reflected in our results this quarter. We’ll notice more program expenses in the third quarter when more of our new programs are broadcast during the fall TV season,” said Judith Purves, Executive Vice-President and Chief Financial Officer.

Q2 Business Update

This quarter featured special multiplatform events, including our Olympic coverage, which reached more than 32 million Canadians, while almost one in three Canadians tuned into the final summer tour show of iconic band The Tragically Hip either on television or online.

In September, CBC/Radio-Canada hosted more than 60 public broadcasters from around the world at PBI Montreal 2016. The conference was a forum to explore shared challenges and propose innovative solutions to the global challenges facing public broadcasters.

On November 22, the CBC/Radio-Canada Board of Directors approved the Maison de Radio-Canada redevelopment project, selecting the proposal of the Broccolini group for the construction of the new broadcast centre and Groupe Mach for the acquisition of the current Maison de Radio-Canada site.

For more highlights, please see our Fast Facts infographic for Q2.

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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

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