2004 Crown Investments Corporation of Saskatchewan Annual Report

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MANAGEMENT’S DISCUSSION AND ANALYSISA Closer View of CIC’s HoldingsCIC is involved in a broad array of industries through various forms of investment. A number of investments areheld as wholly-owned subsidiaries while others are joint ventures and partnerships held either directly by CIC orthrough its wholly-owned subsidiaries.Investment Major Business Line Form of investmentSaskatchewan Power Corporation(SaskPower)Saskatchewan TelecommunicationsHolding Corporation and SaskatchewanTelecommunications(collectively SaskTel)SaskEnergy Incorporated(SaskEnergy)Saskatchewan Water Corporation(SaskWater)Information Services Corporation of Saskatchewan(ISC)Saskatchewan Government Insurance(SGI)Investment Saskatchewan Inc.NewGrade Energy Inc.(NewGrade)Saskatchewan Opportunities Corporation(SOCO)Saskatchewan Development Fund Corporation(SDFC)Saskatchewan Government Growth FundManagement Corporation(SGGF)Saskatchewan Transportation Company(STC)ElectricityTelecommunicationsNatural GasWater and WastewaterLand and Property RegistrationServicesProperty and CasualtySeveralHeavy OilInfrastructureMutual FundImmigrant InvestorPassenger and FreightTransportationwholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiary50.0 per cent equity interestwholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiarywholly-owned subsidiaryUtilitiesInsuranceCommodity Based InvestmentsEconomic GrowthTransportationProfiles of each subsidiary Crown corporation and NewGrade, as a major investment, are included in this section. Eachsubsidiary Crown corporation prepares an annual report which is tabled in the Legislative Assembly. For additionalinformation please refer to these annual reports.The data on the following page illustrates the importance of the utility business segment to the financial results of CIC. Ofthese corporations, SaskPower, SaskTel and SaskEnergy are the most significant in terms of assets, liabilities and operatingincome generated. The ability of utilities to achieve their respective financial targets is important to CIC’s financial success.C I C48
MANAGEMENT’S DISCUSSION AND ANALYSISTotal Assets by Business Segment11.4%6.5%2.6%Total Assets by Corporation6.5%15.8%8.7%15.1%6.8%79.5%47.1%UtilitiesInsuranceCommodity-BasedOtherSaskPowerSaskEnergySaskTelInvestment SaskatchewanSGIOtherSegmented InformationIncome Statement for the year UtilitiesCommodity-Based Insurance TransportationEconomicGrowthOther &Adjustments Totalended December 31 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003Sales and other revenueOperating expenses & otherDebt costsEarnings before the followingNon-recurring items and taxesNet Earnings2,9612,459243259172762,8902,461111318(15)30385976588616102786744141(6)294252-42(1)261239-22(1)35 41 211818----1618-(2)-(2)271827-730228---(77)(65)-(12)(102)(114)(74)(57)2(19)7(12)4,0823,447253382(70)3123,9093,427122360(15)345Balance Sheetas at December 31Current assetsInvestments & otherCapital assetsCurrent liabilitiesLong-term debtOtherProvince’s equity7923845,2976,4739622,9411714,0742,3996,4736403335,2286,2019792,7651163,8602,3416,20140242110192415276-22869692416254911482528091-3714548251803439532192-23442610653218129610487181-213394934873-16192-9118192-16182-81081810361910--109198152416431126416131641752(4)173138-(13)125481731412513179(132)-(11)(143)3221791,5621,1535,4258,1401,4563,0174014,8743,2668,1401,1341,3555,3857,8741,3412,9823304,6533,2217,874Statement of Cash Flowsfor the year ended December 31Operating activities554568(67)3055421(1)85(208)130343774Investing activitiesCapital asset purchasesOtherFinancing activitiesDebt proceedsDebt repaymentsDividends paid to CICDividends paid to GRFOtherChange in Cash(480) (468)15 (3)(465) (471)454(207)(274)-(65)(92)(3)295(225)(172)-(32)(134)(37)(3)147144-(18)(8)-1(25)52(9)(24)(33)25(33)--102(1)(1)(24)(25)--(27)--(27)3(1)(21)(22)--(8)--(8)12(2)-(2)----11-(2)-(2)----22(1)(9)1(8)1----11(18)1(17)10(1)--312-16(52)(36)(3)59309(205)22182(62)102434(73)55180(300)(2)(140)24(479)87(392)452(166)-(205)(41)40(9)(488)(23)(511)257(204)-(300)(19)(266)(3)49 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 41 and 42: Management’s Discussion and Analy
Page 43 and 44: MANAGEMENT’S DISCUSSION AND ANALY
Page 51: 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 96: Notes to Consolidated Financial Sta
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
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2004 Crown Investments Corporation of Saskatchewan Annual Report

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