Financial Highlights

(in thousands of Canadian dollars)	For the year ended March 31
	2014	2013 (revised¹)	% change
Revenue	767,830	646,065	18.8
Expenses	(1,873,717)	(1,870,963)	0.1
Government funding	1,090,898	1,154,850	(5.5)
Results before non-operating items	(14,989)	(70,048)	(78.6)

Net results for the year	(17,953)	(50,972)	(64.8)

Results on a current operating basis²	46,429	216	N/M
N/M = not meaningful 1.The amounts for 2013 have been revised as a result of the adoption of the revised accounting standard on pensions. See Note 3A, New and Future Changes in Accounting Policies of the consolidated financial statements for more details. 2.Results on a Current Operating Basis is a non - IFRS measure. A reconciliation of net results to Results on a Current Operating Basis is provided in section 4.1.

Results under IFRS and on a Current Operating Basis

Changes in net results under IFRS and on a Current Operating Basis were primarily due to the following:

Revenue increased by $121.8 million, largely due to higher advertising revenue from our coverage of the Sochi 2014 Olympic Winter Games. This year’s revenue also included advertising from broadcasting a complete season of Hockey Night in Canada (HNIC) after last year’s NHL lockout. This revenue increase was somewhat offset by a weaker advertising market.
Our overall expenses were comparable to last year while producing a larger number of significant events, including a full season of HNIC and the Sochi 2014 Winter Olympics. This was possible because of our successful cost management initiatives.
Government funding recognized for accounting purposes was $64.0 million lower this year, reflecting decreases in both government appropriations received and capital funding recognized in income as a result of the shutdown of our analogue TV assets.
Results on a Current Operating Basis for the year were $46.4 million. This excludes items that do not generate or require funds from operations, the most significant being $58.8 million charged for non-cash pension expense. Further details reconciling net results to Results on a Current Operating Basis are provided in section 4.1 of this report.