FINANCIAL SUSTAINABILITY
YEAR IN REVIEW – OUR RESULTS
OTHER GAINS AND LOSSES
| For the year ended March 31 | |||
|---|---|---|---|
| 2018 | 2017 | % change | |
| Gain on sale of shares | 54,462 | - | N/M |
| Loss on disposal of property and equipment and intagibles | (16,954) | (2,362) | N/M |
| TOTAL | 37,508 | (2,362) | N/M |
Other gains and losses reflect items that are not considered to be reflective of the standard activities of the Corporation such as the sale of an investment.
The gain on sale of shares resulted from selling our remaining interest in SiriusXM following its privatization in May 2017. The sale was completed at $4.50 a share, resulting in net proceeds of $57.6 million and a gain of $54.5 million.
The loss on disposal of property and equipment and intangibles of $17.0 million was due to:
- A non-operating loss of $8.0 million from the remeasurement of assets sold during the disposal of our Maison de Radio-Canada premises in Montreal; refer to Note 14 of our audited Consolidated Financial Statements for information pertaining to the disposal;
- The write-down of software development costs of $4.8 million;
- The replacement of several components of the Toronto Broadcast Centre building; and
- The sale of a property in Halifax (Nova Scotia).
Last year, the loss on disposal of property and equipment and intangibles of $2.4 million was due to asset retirements and impairment losses on assets held for sale.
