CBC/Radio-Canada today issued its first quarter financial report for 2013–2014. The report highlights significant business and financial developments occurring in the first quarter ended June 30, 2013.
“We continue to find ways to increase revenue and lower expenses as planned in order to manage our financial challenges and deliver on our Strategy 2015,” says Suzanne Morris, Vice-President and Chief Financial Officer.
The results reflect the Corporation’s performance one year after absorbing one-time costs to implement the three-year action plan to address the $200 million in financial pressures, resulting from reductions to annual appropriations and other cost pressures.
Results for the first quarter ended June 30, 2013
Results on a Current Operating Basis1 were close to breakeven, at ($0.6) million for the first quarter of 2013-2014.
Changes in revenue, expenses and funding were as follows:
The first quarter of 2013–2014 saw CBC/Radio-Canada advance its Strategy 2015 to be more Canadian, more regional and more digital. Highlights include original digital content from Radio-Canada, and CBC’s presentation of the NHL playoffs. CBC and Radio-Canada continued to present stories of importance to Canadians including the election in British Columbia (which featured the use of the interactive online tool, Vote Compass for the first time in a British Columbia election).
Both CBC and Radio-Canada improved their regional presence, with Radio-Canada focusing on Eastern Quebec and CBC launching a digital morning show on April 29 for Canadians in Saskatoon. The program will be broadcast over the air in the near future, subject to regulatory approval.
“We know that Canada’s national public broadcaster must be more than just a media company,” said Hubert T. Lacroix, President and CEO. “Our Strategic Plan 2015: Everyone. Every way has brought us closer to the people and communities we serve. This is a trend that will continue. I take great pride not only in the role CBC/Radio-Canada has played in our country’s history, but also in the role we’re uniquely positioned to play in its future.”
Reconciliation of 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 and revenue which neither generate nor require operating funds within one year. This measure is used by management to help monitor ongoing performance and to balance the Corporation’s budget, consistent with government funding for current expenditures. While this measure does not have a standard meaning under IFRS and is not likely comparable with measures presented by private companies, the Corporation believes it provides useful additional information to readers about the Corporation’s performance.
A reconciliation between Results on a Current Operating Basis and Net Results under IFRS for the first quarter of 2013-2014 follows.
CBC/Radio-Canada’s 2013–2014 first quarter financial report can be found here