Marine Atlantic held its 2013 Annual Public Meeting this afternoon (December 12) at the Sheraton Hotel Newfoundland in St. John's, NL. Marine Atlantic Board of Directors Member Garfield Moffatt was joined by the President and CEO Paul Griffin, and Vice President Finance Shawn Leamon in presenting the 2012-13 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, 2012 to March 31, 2013.
"We have reached the midway point of our five-year funded business plan to help renew our aging infrastructure and update our business practices," said Rob Crosbie, Chair of the Board of Directors. "Over the past three years we have renewed our fleet, upgraded our shore-based infrastructure and started the process of introducing new business processes. These efforts are designed to help us reach our goal of becoming a modern and efficient organization offering a high level of customer service."
The main highlights of this year's meeting included corporate and shareholder investment, renewal and project and financial updates.
Financial highlights included the Corporation's total expenditures of $295.6 million; $107.5 million was generated via customer tariffs and related revenue and $191.8 million was received via subsidy from the Government of Canada. Over $34 million was spent on fuel, while approximately $51 million was invested in asset renewal.
"This past year produced positive results that have strengthened our ferry service for the future," said Paul Griffin, President and CEO. "We look forward to sharing our successes and working with our stakeholders as we continue to innovate and deliver our renewal program. Everything we are doing and the investments we are making are aimed at improving the service experienced by our customers."
Marine Atlantic is a federal Crown Corporation that reports to the Government of Canada through Transport Canada.
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