Released on April 27, 2004
Saskatchewan's Crown corporation sector posted strong results in 2003, as both revenue and earnings increased, and overall debt was reduced significantly.The results were made public today when Crown Investments Corporation of Saskatchewan (CIC) tabled its 2003 Annual Report with the Legislative Assembly. CIC is the financial holding company for Saskatchewan's commercial Crown corporations and publicly owned investments.
"In 2003, CIC and its subsidiaries had consolidated earnings of $347.4 million," Crown Management Board Minister Pat Atkinson said. "That represents an increase of $53 million over 2002. Earnings were up mainly due to higher earnings at NewGrade and the four major Crowns - SaskPower, SaskTel, SaskEnergy and SGI."
Consolidated debt at the end of 2003 was $3.36 billion, a reduction of more than $165 million over the previous year. This was due mainly to lower debt at SaskPower, SaskTel, SaskEnergy, and NewGrade. Consolidated debt has been reduced by more than $2 billion since 1991.
CIC paid a dividend of $200 million to the province's General Revenue Fund (GRF) for 2003, and has paid more than $1.8 billion to the GRF since 1995 in regular and special dividends and equity repayments. CIC expects to declare a $250 million dividend for 2004, including a $50 million portion that was deferred from 2000.
"The Crown sector has made a significant contribution to the GRF over the past several years to support vitally important services like health care, education, and highways, which benefit all Saskatchewan people," Atkinson said. "We have been able to do this because we have kept our Crowns publicly owned."
Atkinson noted this is the first time in several years that CIC and its subsidiaries have tabled their annual reports on different days, with CIC tabling last to provide the broader picture of the consolidated results.
"By staggering the tabling dates we are giving people more time to examine the financial performance of each Crown," Atkinson said. "This is in keeping with the Premier's commitment last fall to make the Crowns more open and accountable to the people of Saskatchewan. This measure and others, such as new quarterly reports from the Crowns and a Summary Annual Report to be mailed to all homes in Saskatchewan, will ensure that public accountability about our Crowns exceeds private sector standards."
CIC's 2003 Annual Report is available on the internet at: www.cicorp.sk.ca/pubs/annreport2003.html
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For More Information, Contact:
| Karen Schmidt CIC Regina Phone: (306) 787-5889 |