2004 Crown Investments Corporation of Saskatchewan Annual Report

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Consolidated Statement of Cash FlowsFor the Year Ended December 31(thousands of dollars)OPERATING ACTIVITIESNet earningsItems not affecting cash from operations (Note 20)$2004 2003312,061379,016$RestatedNote 3345,353230,846Net change in non-cash working capital balancesrelated to operations691,077(348,277)576,199197,793Cash provided by operating activities342,800773,992INVESTING ACTIVITIESPurchase of investmentsProceeds from sales and collections of investmentsPurchase of property, plant and equipmentProceeds from sale of property, plant and equipment(Increase) decrease in other assets(554,505)669,327(479,229)7,352(34,825)(509,065)457,314(488,462)8,11121,292Cash used in investing activities(391,880)(510,810)FINANCING ACTIVITIESDecrease in notes payableIncrease (decrease) in deferred revenue andother liabilitiesLong-term debt proceeds from General Revenue FundLong-term debt proceeds from other lendersLong-term debt repayments to General Revenue FundLong-term debt repayments to other lendersDividend paid to General Revenue Fund(70,875)29,373452,100506(142,739)(23,409)(205,000)(28,750)(20,101)250,0007,172(163,696)(11,275)(300,000)Cash provided by (used in) financing activities39,956(266,650)NET DECREASE IN CASH DURING YEAR(9,124)(3,468)CASH POSITION, BEGINNING OF YEAR5,6799,147CASH POSITION, END OF YEAR$(3,445)$5,679Cash position consists of:CashBank indebtedness$18,923(22,368)$27,097(21,418)$(3,445)$5,679(See accompanying notes)66
Notes to Consolidated Financial StatementsDecember 31, 20041. Summary of Significant Accounting PoliciesThese financial statements have been prepared by management in accordance with Canadian generallyaccepted accounting principles, within reasonable limits of materiality, using the accounting policiessummarized below:a) Consolidation principles and basis of presentationCertain Saskatchewan provincial Crown corporations are designated as subsidiary Crown corporationsof Crown Investments Corporation of Saskatchewan (CIC) under The Crown Corporations Act, 1993(the Act). In addition, certain Saskatchewan provincial Crown corporations created under the Act areCIC Crown corporations. The Act assigns specific financial and other responsibilities regarding thesecorporations to CIC.Separate audited financial statements for CIC have been prepared on a non-consolidated basis to showthe financial position and results of operations of the corporate entity. In addition, separate auditedfinancial statements for each of the undernoted Crown corporations are prepared and submittedannually to the Legislative Assembly.The following Crown corporations have been designated or created as subsidiary Crown corporations ofCIC and have been consolidated in these financial statements:Information Services Corporation of SaskatchewanInvestment Saskatchewan Inc.SaskEnergy IncorporatedSaskatchewan Development Fund CorporationSaskatchewan Government Growth FundManagement CorporationSaskatchewan Government InsuranceSaskatchewan Opportunities CorporationSaskatchewan Power CorporationSaskatchewan TelecommunicationsSaskatchewan TelecommunicationsHolding CorporationSaskatchewan Transportation CompanySaskatchewan Water CorporationThroughout these financial statements the phrase “the Corporation” is used to collectively describe theactivities of the consolidated entity.b) Joint venturesThe Corporation’s share of jointly controlled enterprises included in these financial statements are asfollows:Canadian Power Consultants 14%Centennial Foods Partnership 35%Cory Cogeneration Funding Corporation 50%Cory Cogeneration Joint Venture 50%Foragen Technologies Limited Partnership 33%Heritage Gas Limited 50%Hypor B.V. 50%Hypor LP 50%Meadow Lake Pulp Limited Partnership 50%NewGrade Energy Inc. 50%c) Short-term investmentsShort-term investments have an average maturity date of 90 days or less from the date of acquisition.These investments are carried at cost which approximates market value.67
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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
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Corporate ProfileCIC is the financi
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Corporate ProfileCIC ManagementThe
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Corporate ProfileFinancial and Publ
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Corporate ProfileCIC’s Holdings20
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Corporate ProfileSASKATCHEWAN GOVER
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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 68 and 69: Consolidated Statement of Financial
Page 72 and 73: Notes to Consolidated Financial Sta
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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
Page 110: Pat AtkinsonMinisterPrinted in Sask
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2004 Crown Investments Corporation of Saskatchewan Annual Report

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