2004 Crown Investments Corporation of Saskatchewan Annual Report

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MANAGEMENT’S DISCUSSION AND ANALYSISInformationServicesCorporationof Saskatchewan2004 ResultsEarnings were $8.3 million (2003 - $5.8 million loss including a $2.9 million payment to the GRF in 2003).2004 marked ISC’s first year of profitability since its inception in 2000.Revenues of $44.1 million (2003 - $36.7 million) increased $7.4 million primarily related to high valuetransactions, higher volumes of registrations, new contracts and the rebalanced Land Registry, PersonalProperty Registry and Geomatics fee models.Operating expenses were $35.8 million (2003 - $39.5 million), reflecting a concerted effort to optimizeand reduce core costs. This reduction was largely attributable to lower employee costs partly offsetby contractual arrangements with our technology service providers, and cost reductions across theorganization.Debt was $51.0 million (2003 - $62.9 million), reflecting the repayment of $11.9 million in short-term debtdue to strong operating performance.Capital spending was $4.7 million (2003 - $6.4 million) primarily related to computer software and hardware,geomatics enhancements, projects and system enhancements.Earnings ($ millions)Debt ($ millions)Capital Spending ($ millions)10 8.38056004051.062.98644.76.4-5-10-5.82004 20032002004 200320200420032005 OutlookFocus on broadening ISC’s reach to all customer sectors and identifying new services that address customerneeds, to solidify excellent working relationships with our customers.Continue with Land Registry Business Improvement Initiatives, which will address customer priorities throughon-line Land Registry submissions and improved title accuracy.Continue redevelopment of PPR services, to provide customers with a fully integrated self-serve, internet-basedapplication.Develop and implement a Geomatics Strategy to understand the future of Geomatics from a provincialperspective and determine ISC’s role in that future.Continue to advance our people practices; sustaining and enhancing established employee developmentinitiatives including succession planning.Further develop and implement strategies to attract youth and aboriginal people.Continue improving the quality of the products and services that we provide to our customers.Undertake a portfolio of Centennial projects to profile the current and historic work of the organization.Achieve Level II of the National Quality Institute standards of excellence.Develop and implement a new image strategy to heighten public awareness of ISC in the Province.Key Factors Affecting PerformanceVolume of searches and registrations.Customer satisfaction.Ability to achieve and sustain targeted cost reductions.Interest rates.C I C54
MANAGEMENT’S DISCUSSION AND ANALYSIS 2004 ResultsLoss before grant was $4.7 million (2003 - $4.6 million).CIC provided grants of $5.6 million (2003 - $3.5 million) to cover the operating cash shortfall and capitalexpenditures. The operating grant was $3.7 million (2003 - $1.6 million) and the capital grant was$1.9 million (2003 - $1.9 million).Operating revenues were $13.6 million (2003 - $13.6 million).Operating expenses were $18.4 million (2003 - $18.2 million).Capital expenditures were $2.3 million (2003 - $2.3 million).Earnings ($ millions)Capital Spending ($ millions)-2-3-4-52004 2003-4.7 -4.643212.32.3-60200420032005 OutlookSTC anticipates an increase of approximately $1.0 million in its cash shortfall due to inflationary pressures andone-time administrative savings realized in 2004.Capital spending of $2.0 million is anticipated, mainly for coach replacement.No significant changes to routes are expected.STC will be monitoring the federal government’s response to the Senate report on bus service deregulation.As a result of an audit conducted to determine compliance with The Employment Equity Act (Canada), STC mayrequest additional capital funding to upgrade its facilities to improve accessibility.Key Factors Affecting PerformanceFuel prices.Declining freight market due to depressed rural economy.Declining passenger base due to changing demographics, although this trend appears to be slowing down.55 C I C
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2004 Financial HighlightsCrown Sect
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Table Of Contents2004 HighlightsLet
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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
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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: Notes to Non-Consolidated Financial
Page 107: Notes to Non-Consolidated Financial
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Pat AtkinsonMinisterPrinted in Sask
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2004 Crown Investments Corporation of Saskatchewan Annual Report

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