Yesterday, we held our 2015 Annual Public Meeting in St. John’s, NL. Marine Atlantic’s Corporate Governance Committee Chair Sharon Duggan was joined by the President and CEO Paul Griffin, and Vice President Finance Shawn Leamon in presenting the 2014-15 financial statements and an overview of the Corporation’s activities.
The Annual Public Meeting is designed to provide an update on Marine Atlantic’s fiscal year initiatives and investments, with this year’s meeting focusing on the period April 1, 2014 to March 31, 2015.
The main highlights of this year’s meeting included:
- corporate and shareholder investment
- project and financial updates
- customer service initiatives
- ongoing fleet renewal
- update on renewal activities
Financial highlights included:
- the Corporation’s total expenditures of $242.6 million (a reduction of $16.3 million from the previous year)
- $136.3 million was received via subsidy from the Government of Canada ($16.7 million less than the previous year)
- $106.4 million was generated via customer tariffs and related revenue (an increase of $800,000 from the previous year)
Savings were achieved as a result of better matching the operating schedule with customer demand, internal fuel saving initiatives such as shore power, more efficient maintenance programs, and a reduction in overtime payments.
Marine Atlantic’s cost recovery was 66.5%, which falls within the targeted range established by the Government of Canada.
Marine Atlantic is a federal Crown Corporation that reports to the Government of Canada through Transport Canada.