Annual report 2018 - Corus Entertainment

annual report 2018

1 | Corus Entertainment Annual Report 2018

"Our assets consistently deliver

strong free cash flow, providing the fuel that powers the Corus engine and enabling us to strategically invest to create the future, strengthen our balance sheet and return

cash to shareholders."

- Doug Murphy and Heather Shaw from the Message to Shareholders

2 | Corus Entertainment Annual Report 2018

table of contents

financial highlights 4 message to shareholders 7 maximizing audiences 10 monetizing audiences 12 rationalizing our operating model 13 our brands 14 board of directors 16 officers 16 executive leadership team 16 management's discussion and analysis 17 management's responsibility for 50

financial reporting

independent auditors' report 51 consolidated statements of financial position 52 consolidated statements of income and 53

comprehensive income

consolidated statements of changes in equity 54 consolidated statements of cash flows 55 notes to consolidated financial statements 56 corporate information 97

Corus Entertainment Annual Report 2018 | 3

$349 $293 million

million

$1,679 million

$1,647 million

2017 2018

free cash flow

up 19%

$578 $576 million million

2017

2018

consolidated segment profit

~flat

3.46x 3.28x

2017

2018

net debt to segment profit

at August 31

4 | Corus Entertainment Annual Report 2018

2017 2018

consolidated revenue

down 2%

34%

35%

2017

2018

consolidated segment profit margin

up 1%

financial highlights

ANNUAL SELECTED FINANCIAL INFORMATION(1)

The following table presents summary financial information for Corus for each of the listed years ended August 31:

(in millions of Canadian dollars, except percentages and per share amounts)

2018

2017

Revenues Segment profit (2) Net income (loss) attributable to shareholders Adjusted net income attributable to shareholders (2)

1,647.3 575.6 (784.5) 238.4

1,679.0 578.1 191.7 220.5

Basic earnings (loss) per share Adjusted basic earnings per share (2) Diluted earnings (loss) per share

$(3.77) $1.14 $(3.77)

$0.95 $1.10 $0.95

Total assets Long-term debt (inclusive of current portion)

4,883.0 1,983.9

6,067.8 2,091.6

Cash dividends declared per share Class A Voting Class B Non-Voting

$1.1350

$1.1350

$1.1400

$1.1400

Notes: (1) For further information, refer to the Annual Management's Discussion and Analysis on page 17. (2) As defined in Key Performance Indicators section on page 29.

FISCAL 2018 FINANCIAL PROFILE

Business Segment Revenues

television

91%

Sources of Revenue

advertising

63%

merchandising, distribution and other

6%

Business Segment Profit

television

93%

radio

9%

subscriber

31%

radio

7%

Corus Entertainment Annual Report 2018 | 5

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