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  • CBC/Radio-Canada Annual Report 2014-2015
    President and CEO Year in review Transparency and Accountability Financial Highlights Strategic Highlights Programming Highlights Corporate Highlights Results Outlook Management Discussion and Analysis Finacial Results Summary Revenue Operating Expenses Government Funding Non Operating Items Total Comprehensive Income Loss Liquidity Seasonality Outlook Risk Management Resources Infrastructure People and Leadership Finance Financial Reporting Financial Report Disclosure Financial Review Management s Responsibility Financial Statements Independant Auditor s Report Consolidated Statement of Financial Position Consolidated Statement of Income Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Complete Financials Governance Governance Matters Board of Directors Board Committee Members Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook Management Discussion and Analysis Note Regarding Forward Looking Statements This report contains forward looking statements regarding objectives strategies and expected financial and operational results Forward looking statements are based on the following broad assumptions CBC Radio Canada s parliamentary appropriations remain consistent with amounts announced in the federal budget and the broadcasting regulatory environment will not change significantly Key risks and uncertainties are described in the Outlook and Risk Management and Key Risk Table sections of this report However some risks and uncertainties are by definition difficult to predict and beyond our control They include but are not limited to economic financial advertising market technical and regulatory conditions These and other factors may cause actual results to differ substantially from the expectations stated or implied in forward looking statements Non IFRS Measure This report includes the measure Results on a Current Operating Basis which does not have any standardized meaning according to IFRS It is therefore unlikely to be comparable to similar measures presented

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/management-discussion-analysis-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    the first year in which we did not have advertising revenue for a full year of broadcasting Hockey Night in Canada HNIC following the end of our contract with the NHL in June 2014 A weaker advertising market relative to last year also contributed to a lesser extent to the decline in revenue These decreases were partly offset by higher revenue generated from our coverage of the 2014 FIFA World Cup Brazil last summer While our production spending associated with the broadcast of last year s Sochi 2014 Winter Olympics and hockey games also notably decreased in 2014 2015 we have been successful in reducing other operating expenses through cost management initiatives Together these decreases led to a reduction in our expenses of 151 4 million 8 1 compared to the prior year These reductions were partly offset by severance costs associated with the workforce initiatives announced during the year and the production costs incurred to broadcast the 2014 FIFA World Cup Brazil These cost reduction initiatives now provide us with a balanced budget for 2015 2016 which responds to the lower revenue base following the end of our NHL contract the changes in the broadcasting industry and our lower level of government funding Government funding recognized for accounting purposes was 54 8 million 5 0 lower in the current year This primarily reflects the lower levels of government appropriations received of 45 5 million and lower capital funding recognized for accounting purposes of 8 5 million this year following the implementation of initiatives to reduce our asset base Net results reflected a loss of 47 4 million for the year compared with a loss of 18 0 million in the prior year In addition to revenue expenses and government funding this year s results include non operating gains of 38 7 million mostly from a gain on the sale of Sirius XM Canada Holdings Inc SiriusXM shares for 33 5 million Included in net results for both years are items that do not currently generate or require funds from operations as explained on the following page Jeun Info ICI Radio Canada ca Reconciliation of net 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

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/financial-results-summary-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Services 138 670 157 119 11 7 333 420 491 189 32 1 Subscriber fees English Services 74 731 75 326 0 8 French Services 58 083 57 951 0 2 132 814 133 277 0 3 Financing and other income English Services 57 656 62 157 7 2 French Services 33 957 40 371 15 9 Corporate Services 42 288 40 836 3 6 133 901 143 364 6 6 TOTAL 600 135 767 830 21 8 Advertising Advertising revenue was lower this year by 157 8 million 32 1 due to reductions in both English and French Services of 139 3 million 41 7 and 18 4 million 11 7 respectively Last fiscal year s coverage of the Sochi 2014 Olympic Winter Games in February 2014 generated advertising revenue on multiple platforms for both English and French Services The absence of this income in 2014 2015 mostly explains the decrease in revenue This decrease was partly offset by additional revenue from the broadcast of the 2014 FIFA World Cup Brazil in June and July 2014 Other factors contributing to lower advertising revenue was the end of our contract with the NHL following Rogers acquisition of the broadcast rights and a weaker advertising market this year Helping to offset these revenue decreases is the absence of rights costs and production costs for NHL hockey as discussed below in Operating Expenses Our balanced budget for 2015 2016 considers both the absence of NHL hockey for a full fiscal year and the possibility of continued softness in the advertising market Subscriber fees Subscriber fees were marginally lower by 0 5 million 0 3 in 2014 2015 over the prior year Higher fees resulting from the increased popularity of ICI EXPLORA the launch of the new Extra offer from ICI Tou tv

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/revenue-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Consolidated Statement of Income Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Complete Financials Governance Governance Matters Board of Directors Board Committee Members Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook OPERATING EXPENSES in thousands of Canadian dollars For the year ended March 31 2015 2014 change Television radio and digital services costs English Services 939 164 1 038 297 9 5 French Services 683 670 723 926 5 6 1 622 834 1 762 223 7 9 Transmission distribution and collection 71 758 71 959 0 3 Corporate management 9 823 10 741 8 5 Payments to private stations 2 386 2 364 0 9 Finance costs 30 574 30 870 1 0 Share of results in associate 15 083 4 440 N M TOTAL 1 722 292 1 873 717 8 1 N M not meaningful The following paragraphs explain the operating expenses decrease of 151 4 million 8 1 in 2014 2015 compared to last fiscal year Television radio and digital services English Services and French Services expenditures decreased by 99 1 million 9 5 and 40 3 million 5 6 respectively In 2013 2014 costs were higher because they included the coverage of the Sochi 2014 Olympic Winter Games The impact of successful cost reduction initiatives implemented across the Corporation also contributed to the lower expenditures in 2014 2015 In addition English Services costs reflect the lower production spending following the end of our agreement with the NHL in June 2014 This overall decrease was partly offset by higher production costs from broadcasting the 2014 FIFA World Cup Brazil last summer

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/operating-expenses-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Print Français Messages Message from the Chair Message from the President and CEO Year in review Transparency and Accountability Financial Highlights Strategic Highlights Programming Highlights Corporate Highlights Results Outlook Management Discussion and Analysis Finacial Results Summary Revenue Operating Expenses Government Funding Non Operating Items Total Comprehensive Income Loss Liquidity Seasonality Outlook Risk Management Resources Infrastructure People and Leadership Finance Financial Reporting Financial Report Disclosure Financial Review Management s Responsibility Financial Statements Independant Auditor s Report Consolidated Statement of Financial Position Consolidated Statement of Income Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Complete Financials Governance Governance Matters Board of Directors Board Committee Members Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook GOVERNMENT FUNDING in thousands of Canadian dollars For the year ended March 31 2015 2014 change Parliamentary appropriations for operating expenditures 929 284 975 618 4 7 Parliamentary appropriations for working capital 4 000 4 000 Amortization of deferred capital funding 102 812 111 280 7 6 TOTAL 1 036 096 1 090 898 5 0 Parliamentary appropriations for operating expenditures decreased by 46 3 million 4 7 in 2014 2015 compared to the previous year This is consistent with implementing the final phase of Federal Budget 2012 Capital funding is recorded as deferred capital funding It is amortized and recognized as revenue over the same periods as the related property and equipment and intangible assets are used in CBC Radio Canada s operations The decrease of 8 5 million 7 6 largely reflects the lower value of our asset base as we simplify our infrastructure and reduce our real estate footprint consistent with

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/government-funding-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Français Messages Message from the Chair Message from the President and CEO Year in review Transparency and Accountability Financial Highlights Strategic Highlights Programming Highlights Corporate Highlights Results Outlook Management Discussion and Analysis Finacial Results Summary Revenue Operating Expenses Government Funding Non Operating Items Total Comprehensive Income Loss Liquidity Seasonality Outlook Risk Management Resources Infrastructure People and Leadership Finance Financial Reporting Financial Report Disclosure Financial Review Management s Responsibility Financial Statements Independant Auditor s Report Consolidated Statement of Financial Position Consolidated Statement of Income Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Complete Financials Governance Governance Matters Board of Directors Board Committee Members Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook NON OPERATING ITEMS in thousands of Canadian dollars For the year ended March 31 2015 2014 change Gain on sale of shares 33 548 N A Dilution gain 1 040 100 0 Gain loss on disposal of property and equipment and intangibles 5 122 4 004 N M TOTAL 38 670 2 964 N M N A not applicable N M not meaningful Non operating gains of 38 7 million this year resulted mainly from the July 2014 sale of a portion of our investment in the share capital of SiriusXM for a gain of 33 5 million Gains of 5 1 million from the disposal of property and equipment and intangible assets include expected insurance proceeds and the associated write off of a mobile production vehicle that was destroyed by fire Other net gains in 2014 2015 were due to asset retirements and disposals as we continue to renew equipment and reduce our real

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/non-operating-items-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Financial Highlights Strategic Highlights Programming Highlights Corporate Highlights Results Outlook Management Discussion and Analysis Finacial Results Summary Revenue Operating Expenses Government Funding Non Operating Items Total Comprehensive Income Loss Liquidity Seasonality Outlook Risk Management Resources Infrastructure People and Leadership Finance Financial Reporting Financial Report Disclosure Financial Review Management s Responsibility Financial Statements Independant Auditor s Report Consolidated Statement of Financial Position Consolidated Statement of Income Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes Complete Financials Governance Governance Matters Board of Directors Board Committee Members Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook TOTAL COMPREHENSIVE INCOME LOSS in thousands of Canadian dollars For the year ended March 31 2015 2014 change Net results for the year 47 391 17 953 N M Other comprehensive income Remeasurements of defined benefit plans 187 457 203 812 8 0 Total comprehensive income for the year 140 066 185 859 24 6 N M not meaningful Total comprehensive income recognized this year was 140 1 million compared to 185 9 million in the prior year In addition to net results total comprehensive income includes remeasurements of pension plan values These remeasurements are driven by significant non cash fluctuations in our pension plan s obligations and assets that occur when actual results or interest rates differ from our actuarial assumptions We recognize these movements immediately in other comprehensive income each reporting period This year s 187 5 million in other comprehensive income was driven by a higher return on plan assets than that used in our assumptions The higher return on plan assets was partly offset by an increase in our

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/total-comprehensive-income-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    Board of Directors Attendance and Compensation Senior Executive Team Performance Strategic Indicators Operational Indicators About Us Mandate Current Services Board and Management Structure Corporate Strategy Business Model Operations Contact Us Results and Outlook FINANCIAL CONDITION CASH FLOW AND LIQUIDITY Our main sources of liquidity are parliamentary appropriations for operating capital and working capital requirements and self generated revenue such as from selling advertising on our various platforms As a result of Federal Budget 2012 our annual appropriations are now reduced by 115 0 million annually Additionally 47 1 million in funding from the LPIF was phased out in August 2014 and a salary inflation funding freeze was reintroduced for fiscal years 2014 2015 and 2015 2016 In response to these reductions new financial pressures on our self generated revenue and other funding pressures as discussed in the Business Model section we are implementing our new strategic plan A space for us all as we address fundamental changes based on a much different funding and revenue model Our cash flows from operating investing and financing activities for the year are summarized below Our cash balance at March 31 2015 was 214 9 million compared to 62 0 million on March 31 2014 This reflects a temporary position in cash following several one time receipts this year as outlined below which the Corporation will be investing in 2015 2016 in accordance with our strategic priorities These investments will be made in new content development and infrastructure to increase our agility and lower long term operating costs Further details of these objectives can be found in the Strategic Highlights section of this report Cash Position in thousands of Canadian dollars For the year ended March 31 2015 2014 change Cash beginning of the year 61 974 51 459 20 4 Changes in the year Cash from operating activities 116 461 24 418 N M Cash used in financing activities 61 765 58 906 4 9 Cash from investing activities 98 214 45 003 N M Net change 152 910 10 515 N M Cash end of the year 214 884 61 974 N M N M not meaningful Cash from operating activities Cash from operating activities was 116 5 million this year an increase of 92 0 million compared to last year Cash from operations is impacted each year by fluctuations in working capital This year we also generated additional cash in operations from several sources the largest being collections on advertising revenue following our broadcast of the Sochi 2014 Olympic Winter Games Cash used in financing activities Cash outflows for financing activities were 61 8 million higher than last year by 2 9 million as a result of cash used in February 2015 to settle our remaining obligations under finance leases for mobile and office equipment and to purchase the related assets Other cash outflows for financing activities in both years presented above relate to interest payments repayments of the Toronto Broadcasting Centre bonds payments of notes payable and payments to meet

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/liquidity-en.html (2016-02-06)
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