Annual Report looks to the future and chronicles a year of change for the public broadcaster
On Friday October 3, 2014, a detailed account of the successes, challenges and future opportunities of Canada’s public broadcaster was released to Canadians following the tabling in Parliament of the CBC/Radio-Canada 2013-2014 Annual Report. The report is available in full on the CBC/Radio-Canada corporate website, cbc.radio-canada.ca.
“Through this Annual Report, we continue to engage with Canadians about your public broadcaster: past, present and future,” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada. “While we do face challenges, the transformation we are undergoing through our new strategy, A space for us all, is putting us on the road to a stronger, more relevant and more fiscally secure tomorrow.”
Changes in net results under IFRS and on a Current Operating Basis were primarily due to the following:
In addition to providing a full financial picture and programming highlights of the previous year, the report details, among other successes, the Corporation’s coverage of the Sochi 2014 Olympic Winter Games where CBC/Radio-Canada and its partners reached more than 33 million Canadians, including 11 million through our digital offerings.
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 by management to help monitor performance and balance the Corporation’s budget consistent with government funding methodology. We believe this measure provides useful complementary information to readers, while we recognize 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 period. Adjustments are also made for the depreciation and amortization of capital assets and the amortization of deferred capital funding because these are non-cash items. 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.
CBC/Radio-Canada is Canada's national public broadcaster and one of its largest cultural institutions. The Corporation is a leader in reaching Canadians on new platforms and delivers a comprehensive range of radio, television, internet, and satellite-based services. Deeply rooted in the regions, CBC/Radio-Canada is the only domestic broadcaster to offer diverse regional and cultural perspectives in English, French and eight Aboriginal languages.
A space for us all is CBC/Radio-Canada’s new strategy to modernize the public broadcaster and ensure that it continues to fulfill its mandate for Canadians and for future generations. Through to 2020, it will increase its investment in prime time television programming, and continue to create radio programs of the highest quality, while promoting the development of digital and mobile platforms and content.
For more information about the MRC project, please visit this page.