TVA Group loses $47.89-million in 2023
2024-02-21 17:27 ET - News Release
Mr. Pierre Peladeau reports
TVA GROUP REPORTS CONSOLIDATED RESULTS FOR FOURTH QUARTER AND FISCAL 2023
TVA Group Inc. has released its consolidated financial results for the fourth quarter and fiscal 2023.
Highlights
Fiscal 2023
- $545,197,000 in revenues, a $49,212,000 (-8.3%) decrease compared with 2022.
- $47,891,000 (-$1.11 per basic share) net loss attributable to shareholders, a $39,022,000 (-$0.90 per basic share) unfavourable variance from 2022.
- $5,431,000 in consolidated negative adjusted EBITDA,1 a $24,816,000 unfavourable variance compared with fiscal 2022.
- $9,312,000 in negative adjusted EBITDA1 in the Broadcasting segment, an $8,727,000 unfavourable variance due mainly to a significant decrease in revenues, combined with higher content costs, partially offset by certain operating cost reduction measures.
- $686,000 in adjusted EBITDA1 in the Film Production & Audiovisual Services segment ("MELS"), a $12,198,000 unfavourable variance due mainly to lower volume of activities in soundstage, mobile and equipment rental, postproduction and media accessibility services, partially offset by the positive impact of the discontinuation of visual effects activities on March 31, 2023.
- $2,008,000 in adjusted EBITDA1 in the Magazines segment, $1,795,000 unfavourable variance due mainly to a decrease in revenues, particularly reduced government assistance, as well as lower newsstand and subscription revenues, partly offset by certain savings, notably in employee costs, printing costs, subscription and newsstand selling expenses.
- $553,000 in adjusted EBITDA1 in the Production & Distribution segment, a $2,312,000 unfavourable variance due to lower margins on international and Canadian distribution than last year.
- In the third quarter of 2023, unfavourable market conditions and the changing ecosystem in the television industry led the Corporation to record a $4,813,000 goodwill impairment charge, as well as a $2,850,000 charge for impairment of intangible assets in the Broadcasting segment.
Fourth quarter 2023
- $151,714,000 in revenues, a $20,210,000 (-11.8%) decrease compared with the fourth quarter of 2022.
- $15,872,000 (-$0.37 per basic share) net loss attributable to shareholders, a $15,608,000 (-$0.36 per basic share) unfavourable variance compared with the same quarter of 2022.
- $5,904,000 in consolidated adjusted EBITDA,1 a $1,772,000 unfavourable variance from the same quarter of 2022.
- $3,577,000 in adjusted EBITDA1 in the Broadcasting segment, a $2,612,000 favourable variance mainly due to a retroactive adjustment related to CRTC Part II licence fees and other cost savings that offset the decrease in revenues, particularly advertising revenues.
- $985,000 in adjusted EBITDA1 in the Film Production & Audiovisual Services segment, a $3,298,000 unfavourable variance due mainly to lower volume of activities in soundstage, mobile and equipment rental, postproduction and media accessibility services, partially offset by the positive impact of the discontinuation of visual effects activities.
- $778,000 in adjusted EBITDA1 in the Magazines segment, a $283,000 favourable variance, mainly because cost savings were slightly higher than the decrease in revenues.
- $472,000 in adjusted EBITDA1 in the Production & Distribution segment, a $1,280,000 unfavourable variance due to lower margins on international and Canadian distribution compared with the same period of 2022.