CBC/Radio-Canada made its third quarterly report for 2017-2018 available online today.
"As Canadians change the way they consume content, CBC/Radio-Canada will be right there with them,” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada. “Thanks to Canadians, in Q3 we doubled our digital reach two and a half years earlier than planned. This shows that programs and content on our digital platforms are resonating with Canadians. We will build on this success. We will continue to evolve to meet the ever-changing needs of our audiences.”
Q3 Financial Highlights
“This quarter, our revenue was up by 1.3% driven largely by higher Radio-Canada advertising revenue,” said Judith Purves, CFO of CBC/Radio-Canada. “Our expenses also increased, reflecting our commitment to invest in original programming content.”
Q3 Business Update
This quarter, we introduced major upgrades to CBC’s over-the top streaming service and launched a renewed Radio-Canada.ca website. Both are more mobile friendly and provide easy access to a wide range of digital content.
CBC’s and Radio-Canada’s popular holiday offerings topped off a special year of Canada 150 festivities, across television, radio and digital platforms. Special musical tributes to Leonard Cohen and Gord Downie aired this quarter, as we continued to help bring Canadians together.
The diversity of our external hires increased significantly this quarter at 25.0%, surpassing our 2020 and annual targets of 23.2%. We continue to make improvements in hiring members of visible minorities, Indigenous peoples and people with disabilities.
Finally, five new members of the CBC/Radio-Canada Board of Directors were appointed by the Minister of Canadian Heritage. The Chair of the Board of Directors, Rémi Racine, and the President and CEO, Hubert T. Lacroix, have agreed to remain in their positions until their successors are appointed later this year.
CBC/Radio-Canada’s Quarterly report is available on our corporate website in the Financial Reports section.
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.