Thank you, Mr. Chair.
I would like to congratulate Ms. Drouin on her clear presentation. From the outset, I think it sets the record straight on a number of questions.
In fact, I was surprised at the rapid increase in mechanical royalties in recent years. You have said this was an adjustment. In general, that adjustment did not prevent the broadcasting industry from being a goldmine in Canada.
I have examined the rise in both total revenue and net pre-tax profits. Earlier, the representative of Corus Entertainment said there had been a 63 per cent increase in costs associated with various licences in the last five years. At the same time, however, radio stations' profits rose by 64 per cent. That is a corresponding parallel increase. As well, if we look only at pre-tax profit margin, last year it increased by 3.2 per cent, representing a return of 22.9¢ on the dollar before tax. My RRSPs do not provide that kind of return. You are part of an industry that is genuinely dynamic and efficient. As well, we are talking about a levy of 1.4 per cent of your revenue that is used for mechanical rights. What is that money used for?
I would like to ask Mr. Chenart a question. I think that money is used to produce Canadian content, which is then disseminated by the broadcasters. This is a cohesive industry that is doing very well. There is a radio industry that is extremely prosperous, with high rates of return. There is a small amount that is part of the total envelope and helps to produce Canadian content. Am I mistaken?