Canada. Profits rise for Federal Government Business Enterprises

Federal government business enterprises (GBEs), including monetary authorities, earned an after-tax profit of $5.7 billion in 2008, up 4.7% from 2007.

Provincial and territorial GBEs posted a 1.8% decline from 2007, with a profit of $18.7 billion in 2008.

Local GBEs earned an after-tax profit of $977 million in 2007, down 7.3% from 2006.

Among federal GBEs, the finance, insurance and real estate industry was the main contributor to total profits. Among provincial and territorial GBEs, the main contributors were the utilities and personal, business and other services industries. Among local GBEs, the electric power industry was the main contributor to total profits.

Federal GBEs had total assets, including fixed assets, of $254.7 billion in 2008, up 32.8% from 2007. Total liabilities rose 35.4% to $236.1 billion. The total net worth of federal GBEs amounted to $18.6 billion, up 7.1%. Between 2003 and 2008, the total net worth of federal GBEs nearly doubled.

During this five-year period, the net worth of provincial and territorial GBEs more than doubled. The total net worth of provincial and territorial GBEs in 2008 amounted to $41.4 billion, up 3.9% from 2007. Their total assets rose 3.8% to $264.3 billion and liabilities also rose 3.8% to $222.9 billion.

The total revenue including other income of federal GBEs increased 18.3% to $30.3 billion, while their total expenses increased 22.0% to $24.6 billion.

The total revenue including other income of provincial and territorial GBEs increased 0.8% to $86.7 billion in 2008, while their total expenses rose 1.5% to $68.0 billion.

The combined total income of all local GBEs increased 6.9% in 2007. Sales of goods and services increased 6.5%, accounting for most of the increase. Investment income rose 36.2% and subsidies by 7.2%.

The income of electricity distributors grew 7.5% and gas distributors' income increased 6.9%. Income of urban transit companies increased 5.3%, with 48.2% of their total income coming from the sale of goods and services and 48.8% from subsidies.

Government Business Enterprises (GBEs) are government controlled, public financial and non-financial corporations engaged in commercial operations involving the sale of goods and services to the public in the marketplace. Local GBEs comprise municipally-owned electricity distributors, urban transit companies, gas distributors and telephone companies. The data refer to the fiscal year ending closest to December 31, 2007 for local GBEs and December 31, 2008 for federal, provincial and territorial GBEs.

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