2004 Crown Investments Corporation of Saskatchewan Annual Report

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Chair’s MessageSaskatchewan’s Crown corporations have been providing high quality, reliable, affordable services toSaskatchewan citizens for more than 100 years. They play a vital role in our province’s economy by providingthousands of jobs across Saskatchewan, buying most of their goods and services from local suppliers, andpartnering with hundreds of businesses to provide insurance, natural gas and phone service to the peopleof our province. As we celebrate Saskatchewan’s Centennial in 2005, it is important to reflect on thesecontributions so we can prepare our Crowns for a new century of excellence and service to Saskatchewanpeople.In 2004, the provincial government passed legislation to ensure that public ownership of our Crowncorporations will be maintained into our next century. The Crown Corporations Public Ownership Act wasintroduced and passed in the fall 2004 legislative session. This legislation requires that before the sale ofspecified Crown assets a full and public debate, and ultimately a provincial election, must take place so thepeople of Saskatchewan have the final say. We believe this legislation will accomplish what Saskatchewanpeople have asked for – the preservation of our cherished Crown corporations for generations to come.In 2004, we kept our commitment to provide Saskatchewan families with the lowest-cost bundle of basicutility rates in Canada. Cost comparisons during 2004 showed that Saskatchewan would have the secondlowest annual cost for a basket of rates that includes residential electricity and natural gas, basic phoneservice, and auto insurance. By providing a rebate of $137 to 380,000 households, Saskatchewan’s bundlecost was the lowest in the country for 2004.We took several steps in 2004 to improve accountability in our Crown corporations, including: quarterlyfinancial reporting; independent third party reviews of proposed investments; mailing a summary annualreport to all homes in the province; and expanding disclosure of payee information to the Crown andCentral Agencies Committee of the Legislature. Our goal is to exceed private sector standards for disclosure.Financially, our Crown corporations earned $312.1 million from revenues of $4.1 billion in 2004. Due tothe good financial performance of the Crowns, CIC was able to provide a dividend of $268 million to theGeneral Revenue Fund, money that will be used to provide support for health, education,infrastructure and agriculture in Saskatchewan.Over the last 100 years Saskatchewan Crown corporations have provided solidfinancial returns, a commitment to communities, and high quality, reliableservice with affordable rates to Saskatchewan people. We look forward tobuilding on the legacy of our Crown corporation sector as we celebrateSaskatchewan’s 100 th birthday and embark on a new century in ourprovince’s history.I am pleased to present CIC’s 2004 Annual Report.Pat AtkinsonMinister of Crown Management BoardChair of the Board of Directors2
President’s MessageI was pleased to accept the position of President and CEO of CIC effective March 1, 2004. It has been a yearof accomplishments and challenges, and I believe we can all take pride in the progress we have made in ourCrown sector in a number of areas.As the Chair has mentioned, one of the major accomplishments of the year was meeting the commitment tothe lowest-cost bundle of basic residential utility rates in Canada. We are very proud of the work done by CICofficials to develop the methodology for the bundle, to continually monitor costs across the country, and todesign and deliver the utility bundle rebate program.We made great strides in 2004 on another major initiative in the Crown sector, the commitment to hire moreyoung and aboriginal people in our Crowns. Young and aboriginal people are among our greatest assets, sowe need to provide opportunities that will keep them in our province. One of the best ways of doing thatis by setting an example in our Crowns, which are some of Saskatchewan’s largest employers. We set thefoundation in 2004 by establishing a bursary program for aboriginal students enrolled in the University ofRegina or First Nations University of Canada. We followed that with Gradworks, an internship program inour Crowns for recent post-secondary graduates. Early in 2005 we announced a Mathematics and ScienceEnrichment Program at the University of Saskatchewan to prepare aboriginal students for further studyor careers in the maths and sciences. We are optimistic that these programs, and others to be announced,will move us toward our goals of providing more opportunities for our young people, and having arepresentative workforce in our Crowns.In financial terms, 2004 was another good year for our Crown corporation sector. Consolidated earningsof $312.1 million were down $33.3 million from 2003 ($345.4 million restated), but revenue of $4.1 billionwas up $173.3 million ($3.9 billion restated for 2003). We were also able to provide total dividends of $268million to the province’s General Revenue Fund. This included a regular dividend of $188 million and specialdividends of $80 million – $5 million for Centennial projects and events, and $75 million for the CanadianAgricultural Income Stabilization (CAIS) program.As we reflect on the financial, policy and program achievements of our Crown sector in 2004, we lookforward to another prosperous, progressive year in 2005.Tom Waller, Q.C.President and CEO3
Page 2 and 3: 2004 Financial HighlightsCrown Sect
Page 4 and 5: Table Of Contents2004 HighlightsLet
Page 8 and 9: Corporate ProfileCIC is the financi
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Page 12 and 13: Corporate ProfileFinancial and Publ
Page 14 and 15: Corporate ProfileCIC’s Holdings20
Page 16 and 17: Corporate ProfileSASKATCHEWAN GOVER
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Page 21: Policy and ProgramsUtility Bundle C
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MANAGEMENT’S DISCUSSION AND ANALY
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Consolidated Statement of Financial
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Consolidated Statement of Cash Flow
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Notes to Consolidated Financial Sta
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Non-Consolidated Statement of Finan
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Non-Consolidated Statement of Cash
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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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