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Crown Sector Sees Major Growth in 2012

Released on April 24, 2013

The Saskatchewan Crown sector made net earnings of almost $479 million in 2012, up $28 million from last year’s mark of $451 million.  Total revenues for 2012 were $4.54 billion, down $1.0 million from the previous year.

These strong results were higher than budgeted, and reflected better than expected performance at SaskTel, SGI and SaskEnergy.

This performance allowed the Crown sector to contribute $280 million in dividends to the General Revenue Fund, while making investments in infrastructure of more than $1.5 billion.

“The Crowns continued to deal with extraordinary growth in 2012,” Crown Investments Minister Donna Harpauer said.  “Since 2007, they have each made more than 33,000 new connections, a rate of growth that is just unprecedented in Saskatchewan.”

Because of infrastructure demand, Crown debt went up by $941.3 million.  However, debt remains at reasonable levels, with a consolidated debt ratio of 53.9 per cent.  Individual Crown corporation debt ratios benchmark well against accepted industry standards.

There were a number of significant accomplishments in Crown Investments Corporation and the Crown sector in 2012, including:

  • SaskPower made steady progress on the world’s first and largest commercial-scale coal-fired carbon capture and storage project at Boundary Dam, which is expected to be online in the fall of 2013 and with full commercial operation of CO2 capture in 2014.  In 2012, the company also spent $44 million on upgrades to the Shand Power Station and is embarking on a number of other infrastructure renewal projects in 2013.
  • SaskEnergy spent $79 million in 2012 on system integrity activities, including nearly 2,150 distribution service upgrades and expanded leak surveying efforts.  The system integrity budget will increase to $94 million in 2013.
  • SGI Canada achieved a record underwriting profit in 2012, aided by a summer of fewer than expected storms and resulting claims.
  • SaskTel made fibre optic service accessible to more than 40,000 homes in 2012 as it continues to replace cable with the new, faster technology.
  • SaskWater increased the total volume of potable and non-potable water delivered by 17 per cent, and generated a surplus of $3.0 million in 2012.

“The Crowns are making a key contribution to the Saskatchewan Plan for Growth, meeting the unprecedented demand for service and preparing for more growth in the future,” Harpauer said.

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For more information, contact:

Randy Burton
Crown Investments Corporation
Regina
Phone: 306-787-5889

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