Newsroom
2005
Prairie farmers receive 95 per cent of total CWB revenues in 2003-04
Feb. 10, 2005
Winnipeg - The CWB's revenues increased by just under $800 million in 2003-04 to $4.1 billion, of which $3.9 billion, or 95 per cent, was returned to Prairie farmers. The figures are outlined in the CWB's 2003-04 annual report, copies of which are now available.
Revenues were up across the four pool accounts as production levels returned to average following two consecutive years of drought, noted President and CEO Adrian Measner. "Farmers produced one of the highest-grade, highest-protein spring wheat crops on record, with over 90 per cent grading No. 1 and No. 2," he said. Farmers delivered over 18 million tonnes of grain into the wheat, durum, designated barley and feed barley pools, up five million tonnes from the 2002-03 crop year.
"The annual report highlights some of the CWB's most significant achievements in 2003-04," Measner said. On the trade front, the punitive tariff on western Canadian durum wheat in the U.S. was lifted and the World Trade Organization ruled the CWB was not engaged in unfair trading practices, dismissing a U.S. complaint.
Transportation savings were up significantly over the previous year, at $51 million, generated by a combination of freight and terminal rebates, CWB financial penalties for non-performance and tendering. The CWB also returned to farmers a record $15 million in despatch savings, paid to the CWB when ships leave port ahead of schedule.
The CWB undertook a significant corporate restructuring in 2003-04, cutting its workforce by 23 per cent, while refocusing operations on better serving farmers and customers. "The measures we took will ensure the CWB is well positioned to meet the challenges of the future," Measner said, "while reducing overall administrative costs in the long-term."
Copies of the 2003-04 annual report can be downloaded from the CWB Web site at www.cwb.ca, or can be ordered by phoning the CWB at 1-800-275-4292 or e-mailing questions@cwb.ca.
Controlled by western Canadian farmers, the CWB is the largest wheat and barley marketer in the world. As one of Canada's biggest exporters, the Winnipeg-based company sells grain to more than 70 countries and returns all sales revenue, less marketing costs, to Prairie farmers.
For more information, please contact:
Louise Waldman
Manager, Media Relations
Tel: (204) 983-3101
Cell: (204) 479-2451