2004 Crown Investments Corporation of Saskatchewan Annual Report

More documents

Recommendations

Info

Strategic Direction and Performance ReportingInnovation and Growth PerspectiveCorporate StrategicObjectivePerformanceMeasurePerformance Result2004Performance Target2005I-1 CIC has a well trained,healthy, productive andcollaborative workforceEmployee SatisfactionSurveyN/A conductedon a 2 yearcycle> 77%Training as % of payroll1.8%> 3%Average sick days/year3.8 days< 4 daysEffective technologydeployment, functionalityand securityNew for 2005Benchmark to beestablishedI-2 Youth and aboriginalopportunitiesCo-op ProgramGradworks4 students4 interns4 students6 internsI-3 CIC promotes a diverseworkforceWomen (Exec)Women (Mgt 2)Women (Mgt1)Persons w/disabilitiesVisible minoritiesAboriginalYouthExpandedreportingcategories for200550%41%69%6.8%3.0%7.6%4.0%Ratio of hires in diversitygroups1:4.51:3I-4 Support a GreenEnvironmentComputer and officeequipment meet Energy Starstandards100%> 80%Purchase of Green Power10,000 kw permonth10,000 kw permonthI-5 Our people supportingour communitiesEmployees participating involunteer activities (%)149 volunteerhoursNo target - reportedannuallyKey Initiatives for 2005Completion of the organizational restructure, including the staffing and resourcing of two new divisions, the Labourand Aboriginal Initiatives Division and the Economic Initiatives Division.C I C36
Management’s Discussion and AnalysisCIC is the provincial government’s holding company for its commercial Crown corporations. CIC has investedequity in its subsidiary Crown corporations and collects dividends from these corporations. CIC also holds theProvince’s investment in NewGrade.The purpose of the following discussion is to provide users of CIC’s financial statements, with an overview ofthe Corporation’s financial performance and the various measures CIC uses to evaluate its financial health. Thisnarrative on CIC’s 2004 financial results should be read in conjunction with the audited consolidated and nonconsolidatedfinancial statements.To facilitate greater transparency and accountability, CIC prepares two different sets of financial statements:CIC’s consolidated financial statements that report on the commercial Crown sector; and CIC’s non-consolidatedfinancial statements that reflect its role as a holding corporation for the Province.CIC Consolidated Financial StatementsWhat are the financial results for the CIC Crown sector as a whole?These statements show CIC’s results consolidated with the results of itssubsidiary Crown corporations. The financial statements are preparedin accordance with Canadian Generally Accepted Accounting Principles(GAAP) and include:Financial results of subsidiary Crown corporations (SaskPower, SaskTel,SaskEnergy, SGI, ISC, Investment Saskatchewan Inc., STC, SaskWater,SOCO, SGGF MC, and SDFC);CIC’s share of NewGrade financial results;Dividends paid by CIC to the GRF; andCIC’s operating costs, public policy expenditures and interest incomeon cash balances.CIC Non-Consolidated Financial StatementsHow is CIC performing as a holding company?How do Crown dividends compare to CIC’s dividend to the General Revenue Fund?CIC’s non-consolidated financial statements are used by CIC to determinedividend capacity to the Province’s General Revenue Fund (GRF). TheNon-Consolidated statements have not been and are not intended to beprepared in accordance with GAAP. These statements are intended toisolate the corporation’s cash-flow, capital support for certain subsidiaryCrown corporations, and public policy expenditures. These financialstatements include:Dividends of subsidiary Crown corporations (SaskPower, SaskTel,SaskEnergy, SGI and Investment Saskatchewan Inc.);Dividends received from NewGrade;Dividends paid by CIC to the GRF;Grants by CIC to subsidiaries; andCIC’s operating costs and interest income on cash balances.37 C I C
Page 2 and 3: 2004 Financial HighlightsCrown Sect
Page 4 and 5: Table Of Contents2004 HighlightsLet
Page 6 and 7: Chair’s MessageSaskatchewan’s C
Page 8 and 9: Corporate ProfileCIC is the financi
Page 10 and 11: Corporate ProfileCIC ManagementThe
Page 12 and 13: Corporate ProfileFinancial and Publ
Page 14 and 15: Corporate ProfileCIC’s Holdings20
Page 16 and 17: Corporate ProfileSASKATCHEWAN GOVER
Page 18 and 19: Corporate ProfileSaskatchewan Telec
Page 21: Policy and ProgramsUtility Bundle C
Page 24 and 25: Policy and ProgramsCommitment to Gr
Page 26: Policy and ProgramsCommitment to Yo
Page 30: GovernanceFor the purposes of this
Page 33 and 34: Strategic Direction and Performance
Page 39: Strategic Direction and Performance
Page 43 and 44: MANAGEMENT’S DISCUSSION AND ANALY
Page 65: MANAGEMENT’S DISCUSSION AND ANALY
Page 68 and 69: Consolidated Statement of Financial
Page 70 and 71: Consolidated Statement of Cash Flow
Page 72 and 73: Notes to Consolidated Financial Sta
Page 90 and 91:
Notes to Consolidated Financial Sta
Page 92 and 93:
Page 94 and 95:
Page 96:
Page 99 and 100:
Non-Consolidated Statement of Finan
Page 101 and 102:
Non-Consolidated Statement of Cash
Page 103 and 104:
Notes to Non-Consolidated Financial
Page 105 and 106:
Page 107:
Page 110:
Pat AtkinsonMinisterPrinted in Sask
show all

2004 Crown Investments Corporation of Saskatchewan Annual Report

Create successful ePaper yourself

Delete template?

Save as template?