Today's presentation may contain forward-looking statements, which are any predictions, projections, or other statements about future events based on current expectations and assumptions. Actual results could differ materially from these forward-looking statements because of a variety of risks and uncertainties, known and unknown. You can consult BRP's public disclosures at SEDAR, including its latest annual information form dated March 24, 2022. For a description of the risks, uncertainties and other factors that could influence actual results, BRP does not undertake any duty to update forward-looking statements. In addition, some of the financial measures discussed over the course of this presentation are not recognized measures under IFRS. You can refer to BRP's Q4 fiscal 2022 MD&A and Q1 FY 2023 MD&A for a complete definition and complete reconciliation of such measures to the IFRS measures.
It's time to press play, not from the couch, not on our smartphones. It's time to press the play hard button because we've been working hard, putting in the time, tech, and teamwork, designing visionary rides and making them a reality so we can explore all the playgrounds. The ones made of snow, mud, water, and the open road. We'll never stop there. All of us need to protect our playgrounds, to keep them clean and healthy for future generations of riders. It's time for a BRP power play. With our 20,000 employees and more than 3,200 dealers, we're not just setting ambitious environmental targets. We are relentlessly pushing the boundaries. With annual sales of CAD 7.6 billion from over 120 countries and 12 production facilities around the globe, the electric future of our industry is ours to own.
We are going beyond the peaks, horizons and waterways of the past and redefining what it means to play hard on the playgrounds of our future.
Good morning, ladies and gentlemen. I'd like to welcome you to BRP's annual general meeting of shareholders. Can I see the tech, please? We have a little bit of a technical problem, but we'll begin again. Good morning, ladies and gentlemen. I'd like to welcome you to BRP's annual meeting of shareholders. My name is José Boisjoli, and I'm the Chairman of the Board of BRP as well as the President and Chief Executive Officer. If I may, I'd like to share an English message, and as soon as I come back to French after.
Welcome to BRP's annual meeting of shareholders. My name is José Boisjoli, and I'm the Chairman of the Board of Directors of BRP and the President and Chief Executive Officer. Our meeting will be conducted in French, but you may submit your questions in both languages. You can also benefit from the simultaneous English translation service by clicking on the language button shown on the right side of the webcast platform.
I will be the chair of this meeting in line with bylaws. Let me tell you who's with me here today. Sébastien Martel, Chief Financial Officer of BRP, Martin Langelier, BRP's Senior Vice President, Legal Services and Corporate Affairs, and Michael Hanley, Lead Independent Director of BRP. You may have noticed from reading the circular that Mr. Hanley is not standing for election as a director of BRP this year. I have a few words for him at the end of the AGM. In the meantime, we have convened that Mr. Hanley will lead the formal portion of this meeting on this last day, his last day as a director. I would like to turn the floor over to him so that we can begin.
Thank you very much, José. Once again, this year, BRP shareholders have been invited to attend the meeting live via webcast, a formula that allows us to reach out to as many shareholders as possible while ensuring the health and safety of participants. I'd like to remind you of some of the rules of order in order to ensure the smooth running of the meeting. Our goal is to ensure that you be able to participate fully in your meeting. As described in our management proxy circular, only shareholders who are registered as proxies with our transfer agent who have obtained a control number prior to the meeting may participate and ask questions and vote at the meeting. All those who wish may attend the meeting as a guest.
Those eligible to participate may not speak out loud during the meeting, but are invited to submit questions to BRP anytime electronically on the webcast tools platform by clicking on the messaging icon and following the instructions. Registered shareholders and proxies have also had the opportunity to submit questions to BRP prior to the meeting and this by email. Please note that questions and comments that contain inappropriate language, that are redundant or repetitive will not be answered. For today's meeting, all matters will be voted on by a single electronic ballot. Registered shareholders and proxies will be able to vote until the last item of business is voted on. I'd like to welcome members of the public who are attending the meeting live via webcast.
I declare that this meeting has come to order in accordance with BRP's bylaws and the authority delegated by Mr. José Boisjoli, the chairman of the meeting. I will conduct the formal portion of this meeting, and Mr. Langelier will act as secretary. Before me, I have a copy of the notice of annual meeting, the voting proxy form, and the management proxy circular. Mr. Langelier has provided me with proof of mailing of these documents. I would like to ask Mr. Langelier to place these documents on file for the meeting. With the consent of the meeting, I appoint representatives from Computershare Investor Services Inc, BRP's transfer agent, as scriveners for this meeting. They will count proxies and votes cast online today.
The report provided by Computershare Investor Services prior to the beginning of the meeting confirms that we have a prescribed quorum for both the multiple and subordinate voting shares. I ask therefore Mr. Langelier to file this report for record of this meeting. I have here the certificate from our transfer agent stating that the notice of meeting was properly given in accordance with the Canada Business Corporations Act and the bylaws of the corporation. Accordingly, unless there are any objections, I will dispense with the reading of the notice of meeting. I direct, I state that a copy of the meeting and the proof of mailing be retained by the secretary along with the minutes of the meeting. I therefore declare this annual meeting of BRP shareholders duly convened and constituted to transact the business set forth in the agenda.
Before addressing items of business, I'd like to say a few words with regards to the conduct of the meeting and voting procedures. Topics raised today are in the management proxy circular. We will begin the meeting by looking at the questions that are officially indicated in the proxy and the votes. Followed by the sharing of the preliminary voting results. A presentation will then be done by our President and Chief Executive Officer, Mr. José Boisjoli, and our Chief Financial Officer, Mr. Sébastien Martel. There will then be a question period, and BRP's management will answer any questions submitted in advance of the meeting or electronically through the webcast platform.
Based on the preliminary count of proxies received and votes counted, scrutineers have informed me that approximately 258 million votes for multiple voting shares and 30 million votes for subordinate voting shares are represented here today. As noted earlier, proxy holders who have been designated in accordance with the voting procedures and registered shareholders who have not already sent in proxies and who are attending the live webcast will be able to vote online on all matters on the agenda using a single electronic ballot. At the appropriate time, you will see the electronic ballot appear on the left side of your screen, allowing you to vote. Preliminary results will be announced later today, and final results will be posted on our website and on SEDAR.
In order to facilitate deliberations, since the meeting is being held virtually this year, I will ask Martin Langelier, as a shareholder, to move all motions. Let's now turn to our first item of business. I submit the consolidated financial statements of BRP for the year ending January 31, 2022, as well as the auditor's report thereon. As these documents have been sent in accordance with the provisions of the act to all the shareholders who have requested them, I will dispense with reading by Mr. Langelier. I will, however, ask that he place a copy of all the documents on the record of the meeting. Let's now proceed to the election of BRP's directors. The term of office of the elected directors will begin today and will continue until the next meeting of shareholders or until their successors are elected or appointed.
BRP management proposes 11 nominees for election as directors of BRP. You have likely seen in the proxy circular short biographies and any other information on each of these nominees on pages 20- 30. I've now asked Martin to introduce the proposed nominees as directors.
Thank you, Michael. I'm pleased to nominate each of the following people for election as a director until the next annual meeting of shareholders or until his or her successor is elected or appointed. Serge Beaubien, Joshua Bekenstein, José Boisjoli, Charles Bombardier, Ernesto M. Hernández, Catherine Coulthard, Louis Laporte, Estelle Métayer, Nicholas Nomicos, Edward Philip, Barbara Samardzich.
Thank you. Martin, do we have any questions from the floor about nominations?
No, we have not received any questions or comments specifically on this.
Thank you. I declare the nominations period closed. Now at this point, we will move to the vote. I will give you a few moments to enter your vote. To remind you that you can vote or change your vote until the voting period is closed. When the last item of the agenda has been presented. We will now proceed with the appointment of BRP auditor. I ask Martin to present a motion to the auditor.
Pursuant to the recommendation of BRP's board of directors, the audit committee, and management, I move that Deloitte be appointed as BRP's auditor until the close of the next annual meeting of shareholders of BRP.
Thank you, Martin. Are there any questions from participants with regards to the appointment of the auditor?
No, we have not received any questions or comments, specifically on this motion.
Okay, thank you. Let's now proceed to the vote. We will give you a few seconds to enter your vote. We do remind you that you can vote or change your vote until the ballots are closed. At that point when the last item of the agenda has been presented. The agenda provides that shareholders hold their proxies can ask or can vote for or against the adoption of the non-binding resolution of BRP's approach to executive compensation. You can, if you haven't already done it, you can read the text describing this resolution on pages 23- 34 of the trust's circular.
As has been explained, BRP's approach is to maximize its overall performance by relying on the individual performance of its senior executives. The goal is to recruit, retain, and motivate executives to improve corporate performance and to increase the value for shareholders and other stakeholders, thereby supporting BRP's commitment to pay for performance.
The board of directors for BRP recommends that as shareholders or proxies, you vote in favor of the adoption of this resolution. I'd like to remind you that because this is an advisory resolution, the results of the vote will not be binding on the board of directors of BRP. Instead, the members of Human Resources and Compensation Committee will take into consideration all this information as they review the principles, policies, and programs or arrangements concerning executive compensation in the future. I'd now like to ask Martin to make a motion to approve this resolution.
I move on an advisory basis, without diminishing the role and responsibilities of the board of directors, that the shareholders accept the approach to executive compensation disclosed in the circular for the annual meeting.
Thank you, Martin. Are there any questions from the floor on the advisory vote on executive compensation?
No, we have not received any question specifically focused on this motion.
Great. Thank you very much. We will now move to vote. If you have not yet voted on one or any of the items on your agenda, please do so now before I declare the vote. As we have looked at all of the issues around business to conduct, I declare the vote on all items of business closed. The scrutineers have completed a preliminary vote for each item on the agenda. I will therefore invite Martin to share with us the preliminary results of the vote.
Thank you, Michael. I'm pleased to report that according to the preliminary report of the scrutineers, the 11 nominees for election to the board of directors were duly elected with between 94.01% and 99.9% of the votes cast in their favor. I would like to thank the board of directors for its strong governance and oversight. Thank you for your contribution and wise counsel in ensuring BRP's continued leadership in the powersports industry. Deloitte's appointment was supported by over 99.86% of the votes cast. In light of these results, I congratulate Deloitte on the reappointment and the trust that you have placed in them.
The advisory resolution on BRP's approach to executive compensation was passed with 98.2% in favor. Actually, the official detailed results of the vote will be posted on BRP's website and on the SEDAR following this meeting.
Thank you, Martin. I would now like to invite BRP's President and Chief Executive Officer, Mr. José Boisjoli, and BRP's Chief Financial Officer, Mr. Sébastien Martel, to make their presentation.
Dear shareholders, partners of BRP, ladies and gentlemen, I am pleased to provide you with an overview of our performance in fiscal year 2022. We achieved record financial results with revenues and profitability that have reached heights that have been unequaled over our history. Revenues increased by 28%, while normalized EBITDA increased by 46% to reach CAD 1.5 billion. Normalized net income reached CAD 846 million, nearly CAD 10 per share, which is a strong increase of 77% compared to the previous year. We continue to grow our market share to close fiscal 2022 with nearly 30% of the powersports market, up about 3% from a year ago and 10% over the past six years. This success demonstrates our ability to execute.
In addition, our production agility has allowed us to better serve our dealers and customers during a year of supply chain challenges. Since the onset of the pandemic, consumers are spending more time outdoors, and interest in motor sports is high. Indeed, customer deposits are at record levels. This continued interest is linked to the fact that we offer a wide range of innovative products that are well suited to the changing needs of consumers. As a matter of fact, first-time buyers now account for nearly 30% of sales volumes, up from 20% historically. Several new products were introduced in fiscal 2022, primarily in the seasonal product niche. We launched the Sea-Doo Switch. This new pontoon boat redefines the entry level of the category and offers great flexibility for family. The Sea-Doo Switch is a game changer in the industry thanks to its innovation.
Consumers can change the interior configuration to suit their needs for the day. It's also the very first pontoon boat with a braking system. In addition, this product benefits from our exclusive LinQ system, which offers an impressive array of accessories. Interest for the Switch is strong. Reactions have been positive across the board with a few awards already to its credit. We've also added two new models to the Fish Pro watercraft line to further expand our presence in the fast-growing recreational fishing sector. In snowmobiling, we introduced Lynx in North America. The trend is number one in Europe. It offers a brand new style of riding for enthusiasts on this side of the Atlantic. Given unit bookings in the early months of the season, Lynx achieved a good first year, and we are well positioned to deliver solid performance in this segment over the course of fiscal 2023.
As for Sea-Doo brands, it has been enriched with Smart-Shox, industry's first semi-active suspension. We brought back for a year only the Mach Z, a high-performance snowmobile for thrill-seekers. The Can-Am line continues to push limits thanks to innovation and the development of new products. We've added new Rotax engine for the side-by-side models. The HD9, which provides 30% more power to the Defender, and HD7, which will become the new reference for lower powered engines, will also be available for the Defender and will also power the Commander and the Maverick Trail. The Maverick X3 has become the first side-by-side vehicle with a 200-horsepower engine. For ATVs, Can-Am has expanded the reach of its Visco-Lok with four-wheel drive locking system to several Outlander and Renegade models.
On the three-wheel end, Can-Am Ryker Rally has been redesigned for off-road ruggedness and capacity, while at the high end of things, the new Spyder F3 Limited special series offers maximum comfort for long rides. In addition, our driver training programs continue to exceed expectations, which bodes very well for the future as we aim to make these consumers lifelong customers. The Women of On-Road program is a great initiative by Can-Am, designed to help women overcome some barriers by providing information and education. The program has grown to 14,500 members and so far has won 20 awards around the world. On the marine side of things, this is a transition year for us. We acquired three companies since 2018, and we have ambitious plans to transform the recreational boat industry and to provide our fans with a superior boating experience.
To this end, we are launching a new boat with the Ghost-powered engine, and this will be in three brands. This is an important step for us in marine. In our long-term growth plan, the marine group's primary goal is to reach CAD 1 billion in revenue by 2025. The recreational boating industry is as big as the powersports industry, and our goal is to be a major player in this sector, just like we have been in powersports. In terms of parts, accessories and apparel, wholesale sales broke the CAD 1 billion mark for the first time. This is a big category, and it's very significant to further build customer loyalty. In a global environment still marked by supply chain challenges, our modular design approach is a competitive advantage for us.
This approach, combined with our diversified product line, allows us to prioritize some products based on seasonality and to optimize production and deliveries based on the availability of common components. This is a big advantage. In the fourth quarter of 2022, we focused on the snowmobile market, while in the first quarter of 2023, the focus was on off-highway vehicles. This flexibility has allowed us to lead the industry in retail sales. In addition, we continued to expand the capacity of our manufacturing system group. We completed the Juárez three construction projects in Mexico, increasing our production capacity of side-by-side vehicles by 50%, compared to 2022. The expansion of our Querétaro facility was also completed, and we were able to increase by approximately 30% the water sports product.
In addition, last November, we announced the start of the Juárez three phase expansion project, which allowed us to double its capacity. The ramp is expected to begin in the first quarter of 2024. This additional capacity puts us in an excellent position to benefit from the strong demand in the side-by-side market. Last March, we announced the launch of electric motorcycles under the iconic Can-Am brand. The motorcycle industry is also going electric, and we've seen an opportunity to reclaim our motorcycle heritage through electric models. We are developing these products for a wide variety of riders and expect them to be available in the summer of 2024. Our customers and dealer networks are already looking forward to get their hands on the first models. We have been innovating now for 80 years, and we will continue to innovate.
As I said previously, expect more new products in the next three years than in the last three years. Our history is exciting and our future is as well. Following the results of the first quarter, as unveiled this morning, we are well positioned to deliver another strong year of results in 2023. While variances have caused further delays in an already stressed supply chain, we are confident that we will achieve our objectives. We will continue to make every effort to meet consumer demand and mitigate delays caused by component shortages and logistical challenges. Before concluding, I would also like to highlight the recent launch of our social responsibility program. It demonstrates our intention to be an industry leader and a good corporate citizen.
We have ambitious environmental targets and many concrete initiatives in the coming years, including making our facilities carbon neutral, zero carbon and achieving zero waste in landfills by 2030. To see that 50% of our units sold will be electric between now and 2032. Reduce CO2 emissions from our supply chain by 55% by 2035. Reiterates our commitment to invest 1% of our pre-tax profit in community support. In fact, we also just confirmed that bullying is now our global cause. This strategy is designed to maximize our community investment and impact and have an impact wherever we operate. Our Ride Out Intimidation program includes partnerships with important global organizations and awareness initiatives to address this social issue.
In closing, I'd like to once again thank our 20,000 employees for their dedication, their passion, and most importantly, their resilience over the past year. I'd also like to acknowledge the professional work of my management team. Earlier this week, we announced appointments and an organizational evolution of our team. The team is aligned with our growth ambition and our desire to move forward as a leader in ensuring a sustainable future and performance. Thank you to members of the board of directors as well for their wise counsel and support. I'd like to take this opportunity to recognize the exemplary contribution of Michael Hanley to the board. I sincerely thank him for having used his experience to guide BRP for more than 10 years. I'm also very pleased to confirm that Barbara Samardzich will now serve as BRP's Lead Independent Director.
Barbara has served on our board since 2017, and she's a member of the Investment and Risk Committee and the Human Resources Committee. Barbara has accumulated extensive experience as a director of various companies, and her broad expertise makes her an ideal candidate for this role. Finally, thank you to our shareholders for their confidence. With that, I'd like to turn the floor over to Sébastien for a review of our financial performance.
Thank you, José, and hello. I will be doing a review of our fiscal year 2022, and I'll discuss the results of the first quarter very briefly, as published earlier this morning. We concluded financial year 2022 with record revenues and net income results. In addition, the company's financial position remains sound, and we continue to deploy our capital in an optimal manner.
Revenues reached CAD 7.6 billion, up 28% over the previous year. This strong growth reflects increased retail sales volume and favorable pricing, partially offset by unfavorable currency fluctuations. I'd like to draw your attention to the fact that all of our product lines and major geographic markets reported increases in excess of 20%, which illustrates the breadth of our global reach in the powersports and marine industry. Normalized EBITDA was nearly CAD 1.5 billion, or 19.1% of revenues, compared to CAD 1 billion or 16.8% of revenues one year prior. Normalized net income was CAD 836 million, CAD 9.92 per diluted share, compared to CAD 427 million, or CAD 5.39 per diluted share for the prior year.
At the conclusion of fiscal 2022, our financial position remains strong, with a net debt of CAD 1.8 billion and a net debt to normalized EBITDA ratio of 1.2x . This morning, we reported the results of the first quarter of fiscal 2023, ending April 30, 2022. Revenues were flat at CAD 1.8 billion, as more favorable selling prices were offset by a less favorable sales mix in all season products and slightly lower seasonal product volumes due to supply chain disruptions. Normalized EBITDA was at CAD 272 million, down compared to CAD 379 million in the first quarter of last year.
As a result, normalized net earnings were at CAD 137 million, CAD 1.64 per diluted share, compared to CAD 222 million or CAD 2.35 per diluted share a year earlier. Retail sales of our motorized products were down 9% in the first quarter of the year. Nevertheless, we performed very well compared to the industry as a whole, which was down over 20% for the same period. During the first quarter, we announced another major tender offer for an amount of CAD 250 million. The bid closed early in the second quarter and we purchased more than 210.4 million shares, 30% of our total outstanding shares. Based on these results, we remain on track with our fiscal 2023 guidance.
We expect sales growth between 24%-29% and normalized diluted EBITDA growth of 11%-20%. These results should range between CAD 11 and CAD 11.35, an increase of CAD 0.55 over the previous range. In developing the forecast, our assumptions are based on a supply chain that remains challenging and will remain challenging for the rest of the year. This said, we are confident that BRP's manufacturing agility will also allow us to manage the impact of these disruptions effectively. In closing, I'd like to thank all of our shareholders for their support and confidence around BRP. I'd like to turn the floor over to Michael Hanley.
Thank you, José and Sébastien. Thank you for doing this review of the last year for BRP. We're now at the question period. Before proceeding with this last section of the meeting, Mr. Board Chair, if I may, I'd like to make a personal comment. I wanted to say it was a huge honor and privilege to represent the interests of shareholders as a member of the board of directors. This outstanding organization, as I've done over the past 10 years, I believe strongly that BRP's future is extremely bright given the quality of the markets in which we operate, its excellent competitive position, its strong and unique culture, and its superior management team.
The latter led by a CEO that shareholders are fortunate to be able to count on. There you have it. I've just been done. We now go back to questions and answers. If you've not already done so, please submit your questions online by clicking on the messaging icon and following the instructions that appear. We will also respond to questions submitted electronically prior to the meeting at the address provided in the system. I'd also like to remind you that your questions must be of interest for all shareholders and not personal questions.
If your question relates to your personal situation, a BRP representative will contact you after the meeting if you have provided your contact information with the question. You can ask your questions obviously in both English and French, if you wish. At this moment, we don't have any questions. We will wait a couple of seconds to see if anyone has any questions.
No questions received so far.
Thank you Martin. We have now no more time for questions and comments. The question period is over. This is now the end of our meeting and the end of the agenda. I therefore declare the meeting closed, and one last time welcome to all participants. In closing, I'd like to offer my thanks to all employees for their dedication during this exceptional year that we have just completed. We owe to them our success. I'd also like to thank the management team and the board members for their contribution and support. Going forward, I'm very confident that we will continue to make our mark in the industry. On this, thank you very much for your attendance, and please take care of yourself.