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TVA GROUP REPORTS Q1 2022 RESULTS

MONTREAL, May 9, 2022 /CNW/ – TVA Group Inc. (“TVA Group” or the “Corporation”) announced today that it recorded operating revenues in the amount of $144.5 million for the first quarter of 2022, a year-over-year increase of $3.7 million. Net loss attributable to shareholders was $13.0 million or $0.30 per share, compared with net loss attributable to shareholders of $4.5 million or $0.10 per share for the same quarter of 2021.


Logo TVA Group (CNW Group/TVA Group)

First quarter operating highlights:

  • $9,721,000 in consolidated negative adjusted EBITDA[1], an $11,857,000 unfavourable variance from the same quarter of 2021.
  • $15,468,000 in negative adjusted EBITDA1 in the Broadcasting segment, an $11,886,000 unfavourable variance mainly due to a decrease in profitability at TVA Network, which increased its investments in content, and to the decrease in Qolab’s adjusted EBITDA1 due to lower volume of activities. The variances were partially offset by increased profitability at “TVA Sports,” which had to absorb significant content costs in the first quarter of 2021 as a result of the change in the broadcast schedule for the National Hockey League 2020-2021 season.
  • $3,844,000 in adjusted EBITDA1 in the Film Production & Audiovisual Services (“MELS”) segment, a $216,000 favourable variance stemming primarily from an increase in profitability of soundstage, mobile and equipment rental services and virtual production services, whereas the segment’s other activities recorded decreased profitability.
  • $440,000 in adjusted EBITDA1 in the Magazines segment, a $1,323,000 unfavourable variance due mainly to reduced government assistance and lower newsstand revenues, which were not entirely offset by cost-reduction measures and savings in operating expenses.
  • $1,553,000 in adjusted EBITDA1 in the Production & Distribution segment, a $1,261,000 favourable variance generated primarily by Canadian and international distribution of films produced by Incendo.

“First quarter results were largely affected by the reduced profitability of TVA Network due to a significant increase in our content investments. With our variety shows and series, our strong prime time schedule allowed us to grow our market share by 0.7 points, as we broadcast four of the five most-watched shows in Quebec, including the new original series Le bonheur and the variety show Star Académie, which stood out with average audiences of more than 1.5 million viewers. It is becoming critical to invest more heavily in our programming to ensure that TVA Network maintains its leadership position amid the intensified competition and the increase in available content. On the strength of this strategy, despite a declining traditional advertising market compared with 2021, TVA Network grew its advertising revenues by 2.3% during the quarter, a level of growth fuelled by our digital platforms, particularly TVA+. Our specialty channels’ advertising revenues also increased 11.3%, mainly due to “LCN,” which has provided exceptional coverage of the current geopolitical situation, as well as “TVA Sports.” More than ever, content is the key to our strategies and our viewers and advertisers alike reap the benefits,” said Pierre Karl Péladeau, acting President and CEO of TVA Group.

__________________________

1 See definition of adjusted EBITDA below.

“In the Film Production & Audiovisual Services segment, our soundstage and equipment rental services reported increased activity. In addition to our desirability for various local productions, we continue to be a destination of choice for international players, including Disney, which rented part of our studios for the first quarter of the year. Our financial performance continues to be dependent on the presence of major productions in our facilities. Indeed, enhancement of our service offering through the addition of MELS 4 is designed to position us well in that regard. Our virtual production activities, which are up over the 2021 reference quarter, continue to stand out and attract growing numbers of producers with a superior business case,” continued Mr. Péladeau.

“In the Magazines segment, first quarter results were significantly impacted by the reduced government assistance and a 9.5% decrease in newsstand revenues, which are a major source of revenues for our entertainment titles. In that context, we reiterate the importance for the federal government to commit to maintaining the current grant programs to support this segment, which has been in decline for a number of years. As a leading publisher in the French-language market, we produce titles that help showcase our talent and local culture and it is essential to ensure their survival.

“Our Production & Distribution segment, for its part, achieved solid performance for the first quarter of the year. Our increased distribution activities during the period enabled us to deliver over 20 films produced by Incendo in the past two years. To continue to develop this segment, we recently announced the establishment of a brand new distribution unit for Incendo and Quebecor Content, under the direction of Cynthia Kennedy. With over 25 years of experience in sales and management positions with international media companies, we are confident Ms. Kennedy has the expertise and leadership to accelerate our growth in this segment,” concluded Mr. Péladeau.

COVID-19 pandemic

Since March 2020, the COVID-19 pandemic has at times affected the quarterly results of the Corporation’s various segments. Given the uncertainty about the future evolution of the pandemic, including any major new wave, the full future impact of the public health crisis on operating results cannot be determined with certainty.

Definition

Adjusted EBITDA

In its analysis of operating results, the Corporation defines adjusted EBITDA as net income (loss) before depreciation and amortization, financial expenses, operational restructuring costs and other, income taxes expense (recovery) and share of income of associates. Adjusted EBITDA as defined above is not a measure of results that is consistent with International Financial Reporting Standards (“IFRS”). It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. This measure is used by management and the Board of Directors to evaluate the Corporation’s consolidated results and the results of its segments. This measure eliminates the significant level of impairment, depreciation and amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its segments. Adjusted EBITDA is also relevant because it is a significant component of the Corporation’s annual incentive compensation programs. The Corporation’s definition of adjusted EBITDA may not be identical to similarly titled measures reported by other companies.

Forward-looking information disclaimer

The statements in this news release that are not historical facts may be forward-looking statements and are subject to important known and unknown risks, uncertainties and assumptions which could cause the Corporation’s actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements generally can be identified by the use of the conditional, the use of forward-looking terminology such as “propose,” “will,” “expect,” “may,” “anticipate,” “intend,” “estimate,” “plan,” “foresee,” “believe” or the negative of these terms or variations of them or similar terminology.  Certain factors that may cause actual results to differ from current expectations include seasonality, operational risks (including pricing actions by competitors and the risk of loss of key customers in the Film Production & Audiovisual Services and Production & Distribution segments), programming, content and production cost risks, credit risk, government regulation risks, government assistance risks, changes in economic conditions, fragmentation of the media landscape, risk related to the Corporation’s ability to adapt to fast-paced technological change and to new delivery and storage methods, labour relation risks, and the risks related to public health emergencies, including COVID-19, as well as any emergency measures implemented by government.

Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation’s actual results to differ from current expectations, please refer to the Corporation’s public filings, available at www.sedar.com and www.groupetva.ca, including in particular the “Risks and Uncertainties” section of the Corporation’s annual Management’s Discussion and Analysis for the year ended December 31, 2021 and the “Risk Factors” section in the Corporation’s 2021 annual information form.

The forward-looking statements in this news release reflect the Corporation’s expectations as of May 9, 2022, and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by the applicable securities laws.

TVA Group

TVA Group Inc., a subsidiary of Quebecor Media Inc., is a communications company engaged in the broadcasting, film production and audiovisual services, international production and distribution of television content, and magazine publishing industries. TVA Group Inc. is North America’s largest broadcaster of French-language entertainment, information and public affairs programming and one of the largest private-sector producers of French-language content. It is also the largest publisher of French-language magazines and publishes some of the most popular English-language titles in Canada. The Corporation’s Class B shares are listed on the Toronto Stock Exchange under the ticker symbol TVA.B.

The condensed consolidated Financial Statements, with notes, and the interim Management’s Discussion and Analysis for the three-month period ended March 31, 2022, can be consulted on the Corporation’s website at www.groupetva.ca.

TVA GROUP INC.
Consolidated statements of loss

(unaudited)
(in thousands of Canadian dollars, except per-share amounts)

Three-month periods

ended March 31

Note

2022

2021

Revenues

2

$

144,497

$

140,808

Purchases of goods and services

3

115,624

102,919

Employee costs

38,594

35,753

Depreciation and amortization

7,620

8,258

Financial expenses

4

500

701

Operational restructuring costs and other

5

20

(273)

Loss before income tax recovery and share of income
    of associates

(17,861)

(6,550)

Income tax recovery

(4,597)

(1,696)

Share of income of associates

(249)

(402)

Net loss

$

(13,015)

$

(4,452)

Net (loss) income attributable to:

    Shareholders

$

(13,016)

$

(4,451)

    Non-controlling interest

1

(1)

Basic and diluted loss per share attributable to shareholders

$

(0.30)

$

(0.10)

Weighted average number of shares outstanding and diluted shares

43,205,535

43,205,535

See accompanying notes to condensed consolidated financial statements.

 

TVA GROUP INC.
Consolidated statements of comprehensive (loss) income

(unaudited)
(in thousands of Canadian dollars)

Three-month periods

ended March 31

Note

2022

2021

Net loss

$

(13,015)

$

(4,452)

Other comprehensive items that will not be reclassified to (loss) income:

    Defined benefit plans:

        Re-measurement gain

8

14,500

29,500

        Deferred income taxes

(3,800)

(7,800)

10,700

21,700

Comprehensive (loss) income

$

(2,315)

$

17,248

Comprehensive (loss) income attributable to:

Shareholders

$

(2,316)

$

17,249

Non-controlling interest

1

(1)

See accompanying notes to condensed consolidated financial statements.

 

TVA GROUP INC.
Consolidated statements of equity 

(unaudited)
(in thousands of Canadian dollars)

Equity attributable to shareholders

Equity
attributable
to non-
controlling
interest

Total
equity

Capital
stock
(note 6)

Contributed
surplus

Retained
earnings

Accumula-
ted other
comprehen
-sive (loss)
income

Defined
benefit
plans

Balance as at December 31, 2020

$

207,280

$

581

$

108,175

$

(4,637)

$

1,220

$

312,619

Net loss

(4,451)

(1)

(4,452)

Other comprehensive income

21,700

21,700

Balance as at March 31, 2021

207,280

581

103,724

17,063

1,219

329,867

Net income (loss)

34,955

(9)

34,946

Other comprehensive income

15,651

15,651

Balance as at December 31, 2021

207,280

581

138,679

32,714

1,210

380,464

Net (loss) income

(13,016)

1

(13,015)

Other comprehensive income

10,700

10,700

Balance as at March 31, 2022

$

207,280

$

581

$

125,663

$

43,414

$

1,211

$

378,149

See accompanying notes to condensed consolidated financial statements.

 

TVA GROUP INC.
Consolidated balance sheets

(unaudited)
(in thousands of Canadian dollars)

March 31,
2022

December 31,
2021

Assets

Current assets

    Cash

$

2,675

$

5,181

    Accounts receivable

196,451

210,814

    Income taxes

11,617

5,755

    Audiovisual content

120,972

108,530

    Prepaid expenses

8,200

3,866

339,915

334,146

Non-current assets

    Audiovisual content

72,351

72,541

    Investments

12,364

12,115

    Property, plant and equipment

161,375

160,288

    Right-of-use assets

8,453

9,084

    Intangible assets

18,988

20,559

    Goodwill

21,696

21,696

    Defined benefit plan asset

34,416

21,309

    Deferred income taxes

7,142

9,353

336,785

326,945

Total assets

$

676,700

$

661,091

 

TVA GROUP INC.
Consolidated balance sheets (continued)

(unaudited)
(in thousands of Canadian dollars)

Note

March 31,
2022

December 31,
2021

Liabilities and equity

Current liabilities

    Bank overdraft

$

1,574

$

    Accounts payable, accrued liabilities and provisions

131,732

139,149

    Content rights payable

106,796

93,383

    Deferred revenues

8,556

9,961

    Income taxes

50

1,622

    Current portion of lease liabilities

2,503

2,503

    Short-term debt

24,930

11,980

276,141

258,598

Non-current liabilities

    Lease liabilities

7,142

7,857

    Other liabilities

8,285

7,798

    Deferred income taxes

6,983

6,374

22,410

22,029

Equity

    Capital stock

6

207,280

207,280

    Contributed surplus

581

581

    Retained earnings

125,663

138,679

    Accumulated other comprehensive income

43,414

32,714

    Equity attributable to shareholders

376,938

379,254

    Non-controlling interest

1,211

1,210

378,149

380,464

Total liabilities and equity

$

676,700

$

661,091

See accompanying notes to condensed consolidated financial statements.

 

TVA GROUP INC.
Consolidated statements of cash flows

(unaudited)
(in thousands of Canadian dollars)

    Three-month periods

ended March 31

Note

2022

2021

Cash flows related to operating activities

Net loss

$

(13,015)

$

(4,452)

Adjustments for:

    Depreciation and amortization

7,620

8,258

    Share of income of associates

(249)

(402)

    Deferred income taxes

(980)

(124)

    Other

13

(81)

(6,611)

3,199

    Net change in non-cash balances related to operating items

(3,991)

4,238

Cash flows (used in) provided by operating activities

(10,602)

7,437

Cash flows related to investing activities

    Additions to property, plant and equipment

(5,196)

(3,737)

    Additions to intangible assets

(423)

(1,004)

    Business acquisitions

5

(606)

Cash flows used in investing activities

(5,619)

(5,347)

Cash flows related to financing activities

    Net change in bank overdraft

1,574

1,553

    Net change in revolving credit facility

12,990

(3,085)

    Repayment of lease liabilities

(796)

(979)

    Other

(53)

(53)

Cash flows provided by (used in) financing activities

13,715

(2,564)

Net change in cash

(2,506)

(474)

Cash, beginning of period

5,181

2,838

Cash, end of period

$

2,675

$

2,364

Interest and taxes reflected as operating activities

    Net interest paid

$

294

$

369

    Income taxes paid

3,817

10,763

See accompanying notes to condensed consolidated financial statements.

 

TVA GROUP INC.
Notes to condensed consolidated financial statements

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

TVA Group Inc. (“TVA Group” or the “Corporation”) is governed by the Quebec Business Corporations Act. TVA Group is a communications company engaged in broadcasting, film production & audiovisual services, international production & distribution of television content, and magazine publishing (note 9). The Corporation is a subsidiary of Quebecor Media Inc. (“Quebecor Media” or the “parent corporation”) and its ultimate parent corporation is Quebecor Inc. (“Quebecor”). The Corporation’s head office is located at 1600 de Maisonneuve Boulevard East, Montreal, Quebec, Canada.

The Corporation’s businesses experience significant seasonality due to, among other factors, seasonal advertising patterns, consumers’ viewing, reading and listening habits, demand for production services from international and local producers, and demand for content from global broadcasters. Because the Corporation depends on the sale of advertising for a significant portion of its revenues, operating results are also sensitive to prevailing economic conditions, including changes in local, regional and national economic conditions, particularly as they may affect advertising spending. In view of the seasonal nature of some of the Corporation’s activities, the results of operations for interim periods should not necessarily be considered indicative of full-year results.

Since March 2020, the COVID-19 pandemic has at times affected the quarterly results of the Corporation’s segments. Given the uncertainty about the future evolution of the pandemic, including any major new wave, the full future impact of the public health crisis on operating results cannot be determined with certainty.

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

1.   Basis of presentation

These consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), except that they do not include all disclosures required under IFRS for annual consolidated financial statements. In particular, these consolidated financial statements were prepared in accordance with IAS 34, Interim Financial Reporting, and accordingly are condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the Corporation’s 2021 annual consolidated financial statements, which describe the accounting policies used to prepare these condensed consolidated financial statements.

These condensed consolidated financial statements were approved by the Corporation’s Board of Directors on May 9, 2022.

Certain comparative figures for the three-month period ended March 31, 2021 have been restated to conform to the presentation adopted for the three-month period ended March 31, 2022.

2.   Revenues

Three-month periods

ended March 31

2022

2021

Advertising services

$

66,468

$

63,252

Royalties

34,253

34,890

Rental, postproduction and distribution services and other services rendered(1)

29,801

27,316

Product sales(2)

13,975

15,350

$

144,497

$

140,808

 (1)     

Revenues from rental of soundstages, mobiles, equipment and rental space amounted to $9,573,000 for the three-month period ended March 31, 2022 ($8,471,000 for the same period of 2021). Service revenues also include the activities of the Production & Distribution segment.

(2)     

Revenues from product sales include newsstand and subscription sales of magazines and sales of audiovisual content.

 

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

3.   Purchases of goods and services

The main components of purchases of goods and services are as follows:

Three-month periods

ended March 31

2022

2021

Rights and audiovisual content costs

$

88,403

$

75,986

Printing and distribution

3,678

3,200

Services rendered by the parent corporation:

 

         –   Commissions on advertising sales

 

6,632

6,732

 

         – Other

 

2,384

2,136

Building costs

4,462

4,595

Marketing, advertising and promotion

4,128

4,405

Other

5,937

5,865

$

115,624

$

102,919

 

4.   Financial expenses

Three-month periods

ended March 31

2022

2021

Interest on debt

$

191

$

158

Amortization of financing costs

13

13

Interest on lease liabilities

119

141

(Revenues) interest expense related to defined benefit plans

(111)

191

Foreign exchange loss

196

91

Other

92

107

$

500

$

701

 

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

5.   Operational restructuring costs and other

Three-month periods

ended March 31

2022

2021

Operational restructuring costs

$

37

$

(130)

Other

(17)

(143)

$

20

$

(273)


Operational restructuring costs

For the three-month periods ended March 31, 2022 and 2021, the Corporation recorded a charge (reversal of charge) for operational restructuring in connection with the elimination of positions and the implementation of cost reduction initiatives. The segment breakdown is as follows:

Three-month periods

ended March 31

2022

2021

Broadcasting

$

37

$

156

Film Production & Audiovisual Services

3

Magazines

(289)

$

37

$

(130)


Other

During the first quarter of 2021, the Corporation reversed a $49,000 charge following remeasurement of the contingent consideration payable in connection with the acquisition of the companies in the Incendo group. During the same period, the Corporation also made a $606,000 payment with respect to this contingent consideration.

For the first quarter of 2021, the Corporation recorded a $94,000 gain on the write-off of lease liabilities as a result of early release from certain real estate spaces.

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

6.   Capital stock

(a) Authorized capital stock

An unlimited number of Class A common shares, participating, voting, without par value.

An unlimited number of Class B shares, participating, non-voting, without par value.

An unlimited number of preferred shares, non-participating, non-voting, with a par value of $10 each, issuable in series.

(b) Issued and outstanding capital stock

March 31,
2022

December 31,
2021

   4,320,000 Class A common shares

$

72

$

72

38,885,535 Class B shares

207,208

207,208

$

207,280

$

207,280

7.   Stock-based compensation and other stock-based payments

(a) Stock option plans

Outstanding options

Number

Weighted average
exercise price

Groupe TVA

As at December 31, 2021 and as at March 31, 2022

369,503

$

2.09

Vested options as at March 31, 2022

48,832

$

4.56

Quebecor

As at December 31, 2021

207,295

$

31.12

Transferred

(23,079)

30.69

As at March 31, 2022

184,216

$

31.18

Vested options as at March 31, 2022

13,833

$

26.52

 

During the three-month period ended March 31, 2022, no Quebecor Media stock options were exercised (6,300 options were exercised for a cash consideration of $374,000 during the three-month period ended March 31, 2021).

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

7.   Stock-based compensation and other stock-based payments (continued)

(b) Deferred stock unit (“DSU”) plan for executives

TVA Group has a DSU plan for some executives based on TVA Group Class B Non-Voting Shares (“TVA Group Class B Shares”). Quebecor also has a DSU plan for its executives and those of its subsidiaries, based on, among other things, Quebecor Class B Shares. Under these plans, the DSUs vest over six years and will be redeemed for cash only upon the participant’s retirement or cessation of employment, as the case may be. Under the TVA Group plan, holders of DSUs are entitled to collect dividends on TVA Group Class B Shares in the form of additional units. Under the Quebecor plan, holders of DSUs are entitled to collect dividends on Quebecor Class B Shares in the form of additional units.

The following table shows changes in outstanding DSUs for the three-month period ended March 31, 2022:

Outstanding units

Corporation stock units

Quebecor stock units

Balance as at December 31, 2021

102,648

14,874

Transferred

(7,401)

(1,611)

Balance as at March 31, 2022

95,247

13,263

 

For the three-month period ended March 31, 2022, 7,401 DSUs under the Corporation’s plan and 1,611 DSUs under Quebecor’s plan were transferred to Quebecor Media (for the same period of 2021, 18,122 DSUs under the Corporation’s plan and 3,747 DSUs under the Quebecor plan were redeemed for cash considerations of $43,000 and $139,000, respectively).

(c) Deferred stock unit (“DSU”) plan for directors

The following table shows changes in outstanding units for the three-month period ended March 31, 2022:

Outstanding units

Corporation stock units

Balance as at December 31, 2021

385,440

Granted

13,625

Balance as at March 31, 2022

399,065

 

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

7.   Stock-based compensation and other stock-based payments (continued)

(d) Stock-based compensation expense

For the three-month period ended March 31, 2022, a $469,000 compensation charge was recorded in respect of all stock-based compensation plans ($684,000 for the same period of 2021).

8.   Pension plans and post-retirement benefits

The gain on remeasurement of defined benefit plans recognized on the consolidated statement of comprehensive (loss) income for the three-month periods ended March 31, 2022 and 2021 mainly reflects the increase in the discount rate.

9.   Segmented information

Management made changes to the Corporation’s management structure at the beginning of the year. As a result of those changes, the activities of the TVA Films division, formerly presented in the Broadcasting segment, have been combined with the Production & Distribution segment’s existing distribution activities. Comparative period disclosures have been restated to reflect this new presentation.

The Corporation’s operations consist of the following segments:

  • The Broadcasting segment, which includes the operations of TVA Network, specialty services, the marketing of digital products associated with the various televisual brands, and commercial production and custom publishing services, including those of its Communications Qolab inc. subsidiary;
  • The Film Production & Audiovisual Services segment, which through its subsidiaries Mels Studios and Postproduction G.P. and Mels Dubbing Inc. provides soundstage, mobile and production equipment rental services, as well as dubbing and described video (“media accessibility services”), postproduction, virtual production and visual effects;
  • The Magazines segment, which through its TVA Publications inc. subsidiary, publishes magazines in various fields including the arts, entertainment, television, fashion and decorating, and markets digital products associated with the various magazine brands;
  • The Production & Distribution segment, which through the companies in the Incendo group and the TVA Films division produces and distributes television shows, movies and television series for the world market.

TVA GROUP INC.
Notes to condensed consolidated financial statements (continued)

Three-month periods ended March 31, 2022 and 2021 (unaudited)
(Tabular amounts are expressed in thousands of Canadian dollars, except per share and per option amounts)

9.   Segmented information (continued)

Three-month periods

ended March 31

2022

2021

Revenues

    Broadcasting

$

114,139

$

113,922

    Film Production & Audiovisual Services

19,351

18,017

    Magazines

9,661

10,507

    Production & Distribution

5,980

3,275

    Intersegment items

(4,634)

(4,913)

144,497

140,808

(Negative adjusted EBITDA) adjusted EBITDA(1)

Broadcasting

(15,468)

(3,582)

Film Production & Audiovisual Services

3,844

3,628

Magazines

440

1,763

Production & Distribution

1,553

292

Intersegment items

(90)

35

(9,721)

2,136

Depreciation and amortization

7,620

8,258

Financial expenses

500

701

Operational restructuring costs and other

20

(273)

Loss before income tax recovery and share of income of associates

$

(17,861)

$

(6,550)

The above-noted intersegment items represent the elimination of normal course business transactions between the Corporation’s business segments.

(1)

The Chief Executive Officer uses adjusted EBITDA as a measure of financial performance for assessing the performance of each of the Corporation’s segments. Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, financial expenses, operational restructuring costs and other, income taxes expense (recovery) and share of income of associates. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS.

 

SOURCE TVA Group

Written by Tenner Smith

Tenner Smith - I have experience in financial intelligence and automated intelligence. In industry I have worked on artificial intelligence and machine learning. Tenner Smith is a reporter at DF media.

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