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  • CBC/Radio-Canada Annual Report 2014-2015
    throughout this management discussion and analysis in thousands of Canadian dollars For the year ended March 31 2015 For the year ended March 31 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue 192 592 138 129 142 971 126 443 184 152 127 568 189 897 266 213 Expenses 469 521 362 923 416 216 473 632 467 000 387 480 460 893 558 344 Government funding 247 755 128 177 265 305 394 859 253 982 266 392 230 585 339 939 Net results before non operating items 29 174 96 617 7 940 47 670 28 866 6 480 40 411 47 808 Non operating items 4 395 43 410 1 988 2 333 1 515 759 286 404 Net results under IFRS 33 569 53 207 5 952 45 337 30 381 5 721 40 697 47 404 Results on a Current Operating Basis 7 421 55 536 15 394 66 787 590 9 443 15 841 53 417 Our operating results are subject to seasonal fluctuations that materially impact quarter to quarter operating results Historically our operating results have been seasonal with the third and fourth quarters of each financial year typically being higher as both additional revenue and expenses were incurred to broadcast both regular season and playoff hockey games With the end of CBC s contract with the NHL in June 2014 we expect the seasonality of our revenue will be less specific and generally more reflective of market economic and viewership patterns affecting all conventional broadcasters Revenue generated during the second quarter of the year is usually at its lowest level because the summer season attracts fewer viewers In contrast revenue in the third quarter is comparably higher as both television use and the propensity to spend rises significantly during the Christmas season Advertising Revenue by Quarter Higher revenue in the first and second quarter of 2014 2015 relative to last year was mainly driven by the impact on advertising revenue of our coverage of the FIFA 2014 World Cup Brazil in the summer of 2014 Lower revenue for the third and fourth quarters of this year relative to 2013 2014 resulted mainly from the inclusion of Sochi 2014 Winter Olympic Games coverage in our advertising revenue last year and the loss of hockey related advertising revenue this fiscal year following the end of our contract with the NHL Expenses also tend to follow a seasonal pattern because they are influenced by the programming schedule As shown previously expenses were relatively low in the second quarters of 2014 2015 and 2013 2014 Operating costs tend to be higher in the fourth quarter as the Corporation incurs costs preparing for the fall broadcasting season and completes project deliverables due by the end of the fiscal year High expenses in the first quarter of 2014 2015 were mostly attributable to the costs incurred to cover the FIFA 2014 World Cup and those associated with the implementation of restructuring initiatives consistent with our new

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/seasonality-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    been announced In October 2013 the CRTC initiated Let s Talk TV a discussion about the future of Canada s television system CBC Radio Canada participated in the public hearing in September 2014 and submitted comments and a proposal for changes to the regulatory regime for television services in Canada In November 2014 the CRTC began releasing a series of decisions as a result of Let s Talk TV the last of which was announced on March 26 2015 These regulatory changes could have an adverse effect on our business the extent to which is unclear at this time Below is a summary of some of these decisions and how they will affect CBC Radio Canada The Commission ruled that local TV stations must keep operating their over the air transmitters The Commission did not address funding issues in the decision announcing instead its intention to re examine the overall state of local television programming in the 2015 2016 fiscal year The CRTC is requiring cable and satellite service providers to offer a small basic package costing no more than 25 per month as an alternative to the basic services they currently offer Cable and satellite providers can continue to offer their existing big basic package provided that it includes all of the services in the mandated small basic package and provided that the new small basic is offered separately In most markets this package currently includes our national news services The CRTC announced a pick and pay framework where all discretionary services must eventually be offered on a stand alone basis and in small packages The CRTC s decision to immediately eliminate genre protection means that our competitors will be able to offer programming similar in format and content to our specialty services namely documentary and ICI ARTV On the other hand our specialty services will have more flexibility for genres of programming previously reserved to other specialty services With the exception of services that benefit from a mandatory distribution order there will be an increased reliance on market forces for the distribution of discretionary services This change will take effect at licence renewal time At the same time enhanced protections will be provided for independent services The CRTC will require vertically integrated companies to offer one English and French language independently owned channel for each of their own English and French language channels the 1 1 rule The CRTC is strengthening the Code of Conduct between cable and satellite providers and broadcasters to enhance the protections for independent programming services ensuring Canadians have access to a range of independently owned channels including all the specialty services owned by CBC Radio Canada The Commission anticipates that this will be implemented in September 2015 CBC s broadcast and digital rights contract with the NHL ended in June 2014 Rogers Communications Inc Rogers was granted exclusive hockey broadcast rights for the next 12 years beginning with the 2014 2015 hockey season On November 25 2013 the Corporation reached an agreement with

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/outlook-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    landscape that demonstrate a need for our plan Continue to reaffirm that changes associated with the strategy are needed to ensure that CBC Radio Canada is better positioned to meet the evolving needs of Canadians and the fundamental shifts transforming the media landscape Take leadership in bringing together international public broadcasters to reflect on strategic challenges Review and adjust the organizational structure to ensure it is optimally aligned with the strategic plan Develop and implement change management strategies Monitor implementation closely to ensure adherence to plan The new strategic framework will position the Corporation to succeed now as well as in an age beyond traditional broadcasting It will ensure that the services we provide and the operating model that supports those services evolve in tandem with the changing expectations of Canadians and the movements of our industry 2 Budget Concerns CBC Radio Canada is faced with financial challenges that include an industry wide softening of the advertising market a shift of advertising dollars from traditional television to digital platforms and the NHL s decision to move to a single exclusive broadcaster These reductions are in addition to significant pressures already managed by the Corporation since 2008 2009 including Federal Budget 2012 115 million the elimination of the Local Programming Improvement Fund LPIF 47 million and the salary inflation funding freeze for five of the last six fiscal years 65 million Due to limited financial flexibility initiatives under the A space for us all strategic plan must be funded by reductions to other services The implementation of the A space for us all strategy will result in the reduction of up to 1 500 positions by 2020 Two thirds of the reductions are expected to be announced by March 31 2016 Reductions required to finance A space for us all have been identified and incorporated into the five year financial plan developed to support the new strategy Detailed monitoring to ensure expected outcomes are achieved Underachievement of reduction targets further advertising weakening and or further government funding reductions may require changes to implementation plans 3 Workforce Challenges Recruiting Training Retaining and Empowering a Skilled Workforce The degree to which staff is aligned with the Corporation s new strategic plan will have an impact on engagement retention and our ability to achieve objectives Managers and employees require the necessary skill set to adapt to an accelerated pace of change and the transformation needs of A space for us all Staff reductions create a climate of uncertainty and stress that may lead to reduced morale lower productivity and increased turnover Develop and implement an enterprise change management plan including change management support activities linked to major projects that enable A space for us all Change management activities will include the following transparent communication to employees and unions involvement of employees in change continued investment in learning and development and increased efforts to recognize employee contributions Implement action plans to address recommendations of the Rubin Report on the internal review of allegations of improprieties

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/results-outlook/risk-management-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    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 RESOURCES Infrastructure CBC Radio Canada has a base capital appropriation from the Government of Canada of 92 3 million per year For 2014 2015 we increased this amount by transferring funds from our operating appropriation for a total of 104 7 million to satisfy the annual capital portion increase on the Canadian Broadcast Centre mortgage As required by subsection 54 4 of the Broadcasting Act we present our capital budget to the Minister of Canadian Heritage and Official Languages in our Corporate Plan and then submit it to the Treasury Board for approval We currently use 2 4 billion of assets with a net book value of 948 million in our operations We operate one of the world s largest broadcast transmission and distribution systems with 539 transmission sites located throughout Canada We are responsible for a real estate portfolio of more than 4 3 million square feet including 21 buildings owned across Canada We are also highly dependent on technology and technology based assets in the production and delivery of our services The projects in the capital investment plan are aligned with and support our new strategic plan Key capital projects include a new media asset management system managing production to archiving functions regional investments in new digital standards e g high definition regional investments in infrastructure and systems e g program production updates to major broadcast management systems and real estate consolidation projects On the real estate side we will continue to work towards our objective to halve our real estate footprint by 2020 We also require facilities that are better suited to

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/resources/infrastructure-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    helpline and a review of our existing channels Policy renewal A review of our policies including the Code of Conduct Workplace investigation and data Training for human resources employees and a review of our data gathering methods We are in the process of consulting with our unions on this action plan and will continue to do so as we move forward with the variety of initiatives outlined above In addition two executive champions have been named Susan Marjetti Managing Director CBC Ontario and Ginette Viens Senior Editor in Chief ICI Radio Canada Première to lead the charge Reporting directly to the President and CEO Ms Marjetti and Ms Viens will be responsible for making sure that the corporate decisions we make actually translate into something that can live and thrive on the floor in an everyday environment As we execute on this action plan we are committed to open and timely updates Employee development Our learning and development team focused on supporting employees with initiatives aligned with the strategic priorities including enhancing leadership capabilities as the organization navigates through the changes ahead Highlights of the year included the launch of a single dedicated e learning portal that is accessible to all employees training support for our mobile first strategy to help employees make any necessary transitions to digital a new leadership development program a simplified performance management approach to help managers have effective conversations with staff that inspire performance and strengthened partnerships across the business to enhance the overall approach to change management INCLUSION AND DIVERSITY Accountability This year saw both the continued implementation of our current Inclusion and Diversity Corporate Plan as well as the start of strategic planning for the 2015 2018 period The new plan will continue to focus on removing employment barriers expanding our pool of candidates for the four designated employment equity groups Aboriginal peoples persons with disabilities visible minorities and women and on making our workforce even more representative of the Canadian population In addition our new diversity index developed in support of the new strategy will track how we are doing at hiring diverse external candidates in comparison with the Canadian labour force availability HELP fund Every year we invite managers to apply to the 175 000 HELP Fund which assists them in reaching their hiring targets of recruiting and retaining diverse candidates by allocating funding for internships and development opportunities Matching funding of up to 15 000 is provided per internship while up to 7 500 is provided per development opportunity An example of the 2014 2015 HELP Fund in action is Radio Canada s Kirano project focused on inspiring First Nations which had a significant digital component produced through one of the HELP Fund internships Employment equity questionnaire As the public broadcaster it is important that our workforce reflect the Canadian public Through the Cultural Census we can better gauge the broad diversity of our employees across the country As of March 2015 the response rate was tracking at 82 exceeding

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/resources/people-leadership-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    of Funds For detailed year to date variance analysis see the Results and Outlook section GOVERNMENT FUNDING For the fiscal year ended March 31 2015 government funding recognized was approximately 63 of total revenue and sources of funds This included 102 8 million of amortization of deferred capital funding which is 8 5 million lower than last year The federal government announced reductions in our appropriations during Federal Budget 2012 to be phased in over the last three years 2014 2015 being the final year Our share of these reductions is now 115 0 million annually of which 45 5 million came into effect this year This explains most of the current year decrease of parliamentary appropriations for operating expenditures which now total 929 3 million A freeze of salary inflation funding for fiscal years 2014 2015 and 2015 2016 was confirmed by the government in its November 2013 Economic Update This means that salary increases for our employees have to be managed through cost reductions in other areas For an average salary increase of 1 5 the Corporation needs to find 14 0 million in cost savings each year ADVERTISING REVENUE We generate revenue by selling advertising on our conventional and specialty television channels CBC Radio 2 ICI Musique and other platforms For the year ended March 31 2015 advertising revenue accounted for approximately 20 of our total revenue and sources of funds Advertising revenue is decreasing as a proportion of our total revenue and sources of funds as a result of the end of our broadcast rights contract with the NHL in June 2014 The end of this contract has also resulted in lower associated costs for program rights and production SUBSCRIBER FEES Subscriber fees from our specialty services CBC News Network documentary ICI EXPLORA ICI ARTV ICI RDI the new ICI Tou tv Extra premium package and Curio ca generated approximately 8 of total revenue and sources of funds for the year ended March 31 2015 FINANCING AND OTHER INCOME Financing and other income includes contributions from the Canada Media Fund CMF and the Local Programming Improvement Fund LPIF which was phased out at the end of August 2014 It also includes income from activities such as program sales rental of mobile broadcasting vehicles to external parties rental of real estate assets leasing of space at our transmission sites and merchandising These sources of income collectively accounted for approximately 9 of total revenue and sources of funds in the current year BORROWING PLAN The Broadcasting Act section 46 1 confers on CBC Radio Canada the authority to borrow up to 220 0 million or such greater amount as may be authorized by Parliament subject to approval of the Minister of Finance Section 54 3 1 of the Act requires that our borrowing plan be included in our corporate plan for the approval of the Minister of Finance When we sold long term accounts receivable in 2009 as part of our Financial Recovery Plan which addressed the impact

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/resources/resource-capacity-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    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 Financial Reporting Financial Reporting Disclosure Future Accounting Standards Refer to Note 3 of the consolidated financial statements for information pertaining to accounting changes effective during 2014 2015 and for information on issued accounting pronouncements that will be effective in future years Key Accounting Estimates and Critical Judgments Discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements which have been prepared in accordance with IFRS Our key significant accounting estimates and critical judgments are contained in Note 4 of our annual financial statements During the year a new significant estimate arose from the valuation of the advertising minutes given up as part of the Rogers deal Full details are included in Note 7 of our consolidated financial statements Transactions with Related Parties Investments in associate On July 28 2014 we sold 4 8 million Class A shares in Sirius XM Canada Holdings Inc SiriusXM decreasing our equity interest to 10 2 and our voting interest to 9 7 Transactions with defined benefit pension plans We made employer contributions to

    Original URL path: http://www.cbc.radio-canada.ca/site/annual-reports/2014-2015/financial/financial-report-disclosure-en.html (2016-02-06)
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  • CBC/Radio-Canada Annual Report 2014-2015
    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 Financial Reporting Financial Review INTERNAL CONTROLS The Corporation has an internal control program based on the 2013 Committee of Sponsoring Organizations of the Treadway Commission COSO framework which requires periodic reviews of key controls over financial reporting This program continues to evolve towards industry best practices with an aim to maintain and strengthen policies and procedures that ensure the reliability of financial information and the safeguarding of assets A dedicated internal control team reviews and evaluates key internal controls over financial reporting on an ongoing basis This program is supported by the Corporation s internal auditors who conduct audits and reviews some of which relate to financial reporting and operations identified using a risk based approach and agreed upon through discussions with the Corporation and its Audit Committee In 2014 2015 the Corporation assessed the design and operating effectiveness of certain key internal controls over financial reporting The assessment did not identify any material weaknesses in the operating effectiveness of the internal controls but identified some opportunities for improvements for which management has developed an action plan

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