Good morning, ladies and gentlemen. I would like to welcome you to BRP's Annual Meeting of Shareholders. My name is Jose Bojolli, and I am the Chairman of the Board of BRP as well as the President and CEO. If you don't mind, Let me speak to our English speaking audience for just a moment and I'll get back to you in French.
Good morning. Welcome to BRP's RP's Annual Meeting of Shareholders. My name is Jose Boisjoli, and I'm the Chairman of the Board of Director of BRP and the President and Chief Executive Officer. Our meeting will be conducted in French, but you may submit your question in both language. 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.
In accordance with BRP's general bylaws, I will act as Chairman of the meeting. I would like to introduce those who will be assisting me here today. Sebastien Martel, CFO of BRP Martin Lanjollier, BRP's Senior Vice President, Legal Services and Public Affairs, Michael Henley, BRP's Lead Independent Director. Mr. Henley plays a key role for the Board of Directors as Lead Independent Director.
We have agreed that Mr. Henley will lead the formal portion of this meeting. I therefore turn the floor over to him so that we may begin. Michael? Thank you, Jose.
This year, BRP shareholders were invited to attend our meeting live via webcast, sorry, a formula that allows us to reach out to as many shareholders as possible, while ensuring the health and safety of participants. Given that this is the first time that BRP has held a virtual live shareholder meeting, we feel it is necessary to remind you of a few rules to ensure the orderly conduct and smooth running of our meeting. Our goal is to ensure that you'd be able to participate fully In your meeting, first of all, I invite you to click on the button at the top right of your screen to be able to view the presentation in full screen mode. In the event that you have any Internet connection issues, please attempt to reload your page. If you have other technical issues, You can consult the platform's FAQ section, frequently asked questions on the left side of your screen.
If a technical issue prevents you from viewing and or hearing the content of this meeting, a phone number will be made available to you on the left side of your screen to allow you to listen to the meeting in audio version only. As described in our management proxy circular, Only registered shareholders or their proxies registered with our transfer agent and who have obtained a control number prior to this meeting may participate, ask questions and vote during this meeting. Any other people who wish to attend the meeting may do so, but only as guests. Those entitled to participate may not however speak orally during the meeting, but will have the opportunity to submit their questions to BRP At any time during the meeting, you can do this electronically, directly on the webcast platform by clicking on the message icon and by following the instructions that appear. Registered shareholders and proxy holders have also had the opportunity to send Questions to BRP prior to the meeting by e mail.
Questions will generally be received shortly after they are submitted, but will only be dealt with during the question period at the end of our meeting. Provided however that procedural matters All matters relating to the proposals presented at the meeting be dealt with during the meeting. Please note that questions or comments that contain inappropriate language or otherwise questions that disrupt the orderly conduct and proper functioning of the meeting and questions that will already have been answered or those that are redundant or repetitive will not be read or heard. For today's meeting, all meetings I'm sorry, 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.
We would like to welcome members of the public who are attending this meeting live via webcast as guests. I would now like to call the meeting to order. In accordance to BRP's bylaws and the authority delegated by Mr. Jose Bojoli, 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 meeting, the voting proxy form and the management proxy circular. Mr. Angelier has submitted proof to me that all these documents were mailed. I would like to ask Mr. Angelier to place these documents on file for the meeting.
I would like to state that this Annual General Meeting of Shareholders has been called to transact the business specified in the notice of meeting. Representative of Computershare Inc, Investor Services, BRP's transfer agent will act as scrutineers for this meeting. They will therefore count proxy votes cast proxies and votes cast online today. The report provided by Computershare Investor Services Inc. Prior to the beginning of the meeting confirms that we have quorum for both the multiple and subordinate voting shares.
I would like to ask Mr. Langelier to place this report to table this report before the meeting. I therefore declare this Annual Meeting of BRP shareholders duly convened and validly constituted to transact the business on the agenda. Before addressing items of business, I would like to say a few words with regards to the meeting and the voting procedures. Topics today will be found in the management proxy circular.
Let us begin the meeting by looking at the issues that are in the notice of meeting, followed by the sharing of the preliminary voting results. A presentation will then be made by our President and Chief Executive Officer, Mr. Jose Boisjoli and our Chief Financial Officer, Mr. Sebastien Martel. There will also be a question period during which BRP's management will answer 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 Approximately 263,000,000 votes for multiple voting shares and 31,000,000 votes for subordinate voting shares are represented here today. As earlier mentioned, proxy holders designated in accordance with the voting procedures and registered shareholders who have not already sent a proxy 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 in the left hand portion of your screen, thus allowing you to vote. The ballot will remain open Until the last item on the agenda has been voted on and the vote is declared closed. To vote, Click on one of the options on your screen.
Your vote will be automatically transmitted to Computershare, our scrutineers, Once the vote is closed, you can change your vote until the vote is closed. If you do not click on for, against or abstain as applicable while the vote is in progress, your vote will not be recorded and you will be considered to have abstained from the vote. Preliminary results will be announced later on today and final results will be posted on our website and on SEDAR. In order to be approved, each Of the matters to be voted on will require a simple majority of the votes cast at this meeting. In order to facilitate deliberations, Given that this meeting is being held virtually this year, I will ask Martin as a shareholder to move all the motions.
I will call upon him at the appropriate time. Let's now move on to our first item of business. I submit all consolidated financial statements belonging to BRP for the year ended January 31, 2021, together with the auditors report. As these documents have been sent in accordance with The provisions of the law to all shareholders who requested them, Mr. Lanjolli will not have to read All of this, I request, however, that he place a copy of all of these documents on the record of the meeting.
We will now proceed to the election of BRP's directors. The term of office of the elected directors will begin today and will continue until our next Annual Meeting of Shareholders or until their successors are elected or appointed. BRP Management proposes 12 nominees, candidates for election as directors of BRP. You will have seen on Pages 18 to 29 of the proxy circular, a short biography and other information about each of these candidates. You may have noticed from the proxy circular that Mr.
Joseph Robbins is stepping down from the Board of Directors at the end of his term after having served as a Director of BRP for 8 years. We would like to thank him for his contribution. Martin, I will now ask you to introduce the candidates as Directors. Thank you, Michael. I am happy to nominate each of the following as possible shareholders I am sorry, directors until his or her successor is elected or appointed.
Pierre Bojolyon, Jean Charles Bernstein, Jose Bojoly, Charles Bombardier, Michael Henley, Ernesto M. Hernandez, Catherine Conzy, Louis Laporte, Estelle Metoyer, Nicolas Nomikos, Edward Phillip, Barbara Summertiz. Thank you, Martin. Martin, do we have any questions from participants with regards to these nominations? No, we have not received any questions or comments on this motion.
Thank you. I therefore declare the nominations closed and we will now proceed with the vote. We will give you a few moments to enter your vote. We remind you that you can vote or change your vote until the ballot closes when the last item on the agenda has been presented. Let's now Move on to the appointment of the BRP auditor.
I'd like to ask Mr. Langelier to present a motion to appoint the auditor. Thank you very much. Pursuant to the recommendation of BRP's Board of Directors and Management, I move that we reappoint Deloitte as BRP's auditor until the close of the next Annual Meeting of BRP shareholders. Thank you.
Martin, do we have any questions from the floor with regards to the appointment of the auditor? No, we have not received any questions or comments pertaining to this motion specifically. Thank you. Let's now move on to the vote. We will give you a few seconds to enter your vote.
We remind you that you can vote or change your vote until the end of the voting period when the last item on the agenda will have been presented. The agenda provides that shareholders or their proxies be asked to vote for or against The adoption of the non binding resolution on BRP's approach regarding executive compensation. You can read the text of this resolution on Pages 31 32 of the 2021 Circular. As explained in the circular, BRP's approach aims to maximize its overall performance by relying on the individual performance of its senior executives. Its objective is to recruit, retain and motivate executives to improve corporate performance and enhance value for shareholders and other stakeholders, thereby supporting BRP's commitment When it comes to pay for performance, the Board of Directors of BRP recommends that you as shareholders or proxies vote in favor of the adoption of this resolution.
I would like to remind you that since this is an advisory resolution, the results of the vote will not be binding on the BRP's Board of Directors. However, the members of the Human Resources and Compensation Committee will take it into account in their future review of the principal Policies, programs or arrangements relating to executive compensation. I would now like to ask Mr. Lanjolli to make a motion to approve this resolution. Thank you.
I move In an advisory capacity, without diminishing the role of the responsibilities of the Board of Directors, that 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 of executive compensation? No, we have not received any questions or comments specifically on this motion. Thank you.
Perfect. We will now proceed to the vote. If you have not yet voted on 1 or more of the items on the agenda, Please do so now before we call the end of the vote. Given that we have looked at all of the items, I declare the voting on all items of business closed. Scrutineers have completed the preliminary vote count for each of the items on the agenda.
I will therefore invite Mr. Angelier to share with us the preliminary results of the vote. I'm pleased to declare that according to the preliminary report of scrutineers, all 12 candidates to the election of the Board of Directors were duly elected by between 92.40% 99.97% of the votes cast in their favor. I'd like to thank the Board of Directors for its rigorous governance and oversight. Thank you for your contribution, your wise and your wise counsel, thus ensuring BRP's BRP to continue its leadership in the motorsports industry.
Deloitte's appointment was supported by over 99.76% of votes cast. In light of these results, I congratulate Deloitte on their reappointment and the confidence that you have placed in them. The advisory resolution on BRP's approach 2 executive compensation was passed with 98.34% of the votes in favor. A press release regarding the official detailed results of the vote will be posted on BRP's website and on SEDAR following this meeting. Thank you very much, Martin.
I would now like to invite BRP's President and Chef and CEO, Mr. Jose Bojoli and BRP's CFO, Mr. Sebastien Martel to make their presentations. Thank you, Michael. Our financial year 2021 was very unusual.
We began the year with great momentum in retail sales and showed global growth of 15%. All indications told us that we were going to have another exceptional year. But like everywhere around the world, we were quickly confronted by the sudden effects of the pandemic. Some dealerships had to close their doors in China in January, in Europe in February and in North America in March. All dealerships had to do this.
The government imposed closures resulted in rapid changes that significantly disrupted our operations, thus forcing us to adapt our plan very quickly. We have learned a lot since 2008, 2009 and these learnings served us. We were able to react quickly and plan for the worst case scenario. We acted quickly to address the situation and limit its impact. Our priorities were to protect our employees, preserve our financial flexibility and support our dealer network.
We implemented strict sanitary protocols on all of our sites to ensure the health and safety of all of our employees. We also adjusted production in line with government health measures. We also implemented cost controls, reviewed all capital investments to prioritize our projects and make a plan to protect cash flow. I also would like to point out that given our balance sheet and flexible financial flexibility, we decided to not use government wage subsidies, representing a significant amount of $32,000,000 because our situation did not meet the spirit of the program. Furthermore, we supported our dealer network by easing their financial burden through various initiatives, primarily the extension of prepaid interest support, proactive order adjustment and extended warranties for our products.
These initiatives were well received and demonstrated Our commitment to providing dealers with the best value proposition in our industry. One of the most challenging decisions was to discontinue production of the Evinrude engine line motor line. In recent years, despite its innovative technology, this line was losing market share in an already difficult market. The pandemic simply accelerated the inevitable. The shutdown allowed us to focus on our boat brands by accelerating our investments in new technologies and products.
While we did everything possible To mitigate the effects of the pandemic on our operations, the shutdown of all of our manufacturing facilities, which lasted approximately 2 months, limited our ability to deliver products and affected our financial results in the first half of the year. When governments began to lift sanitary measures, we faced other challenges. When our sites reopened, we did successfully bring our production operations back up to full speed. However, we had to manage our supply chain rigorously in order to avoid further disruptions. While our teams have been extremely agile and innovative and have proven that they are so, we now face new supply chain challenges.
Most manufacturing companies in the world are facing this very same reality. Sebastien will provide more details in just a few moments. Since the onset of the pandemic, people began to rethink how they were going to spend their free time. Many of them turned to motorsports as a way of spending quality time with friends and family, while maintaining social distancing rules. This then led to a sharp increase in demand for our products, including a large number of new entrants.
As a matter of fact, this number increased by more than 30% this year compared to the 20% that we usually see. This trend led to exceptional retail sales in our core markets and across all product lines. We achieved 25% growth over last year in North America. Given the exceptionally high demand for our products, We ended the year with inventories at record lows. This is a unique situation and our inventory levels will not return to normal before financial year 2023.
This is why we are investing to create additional capacity. Our goal is to meet strong demand, improve product availability and continue to grow our market share. We began the construction of our 2nd side by side vehicle plant in Juarez, Mexico, which will increase our production capacity by 50%. The project is progressing as planned and production is scheduled to begin at the end of the 3rd quarter. We are also investing in our Carrikero plant to be able to add an assembly line for personal watercraft and motorized hulls under the in the context of Project M.
We expect to start production in the Q4 of this year, which will give us an additional 30% of watercraft production capacity. In addition, we are changing the focus of the Studeban, Wisconsin plant to final assembly of the new entry level pontoon line called Project M, which will be operational late Q4 this year. We also consolidated Alumacraft's operations into one single location. All Alumacraft operations have been moved to St. Peter in Minnesota.
We invested a record $242,000,000 in R and D and introduced several new models across our product lines. In the side by side vehicles utility segment, we strengthened our Defender model, adding a fully enclosed climate controlled cab to the Defender Pro Limited and Lone Star. Still in SSV, Can Am is pushing the envelope with the introduction of SmartShox technology available on the class leading Maverick X3, high performance in this category. SmartShox Technology offers an industry first fully self adjusting suspension that provides superior performance control and comfort. This year, we also introduced an all new version of Sidu RXP X, designed to deliver the ultimate high performance experience on the water.
This model provides best in class acceleration with a new hull design that clings to the water surface for incredible handling. For the Marine Group, we remain committed to our acquire, build and transform strategy for Boating, which began in 2018 with the acquisition of Alumacraft and Manitou in the U. S, followed by 2019 by the acquisition of Telwater in Australia. We would like to improve our boating experience with unique new marine products. Our R and D is working hard on that.
We are also working on a new generation of motor technologies with Project Ghost as well as our next generation of pontoons and boats. Our goal is to transform the industry worth 20,000,000,000. In addition, we launched Can Am's Women's Mentoring Program, the Women's Road. It is designed to encourage more women to join our riding community by reducing barriers to enjoying riding through inclusion and education. The program already has more than 8,700 active members and they are highly engaged and we also got very positive coverage in magazines such as Forbes and Rolling Stone.
I would also like to highlight that our video marketing campaign was nominated for the Cannes Lions Competition, which is the largest international advertising festival in the world. Winners will be announced in the 3rd week of June. Thanks to these different initiatives. We are paving the way for new entrants in our sport and we are continuing our growth. In summary, all of the actions that we've put into place over the course of the year and the hard work of our teams all paid off.
We ended fiscal year 2021 with outstanding financial results. Our revenues for the full year This decreased by 2% to reach $6,000,000,000 primarily due to the closure of our plants during the 2 month period and the shutdown of our outboard motor production. Despite this pressure, we were able to increase Our normalized EBITDA by 24% to end the year at $999,000,000 just under the $1,000,000,000 mark and our normalized earnings per share jumped an impressive 41% to reach $5.39 a share. In light of these strong financial results, the objectives of our 5 year plan, which we call Mission 25, It's our strategic plan and these will be reviewed. The exceptional demand for our products since the beginning of the pandemic will allow us to reach our financial objectives sooner than expected.
We will update them as the global situation stabilizes. This said, our strategic priorities remain Intact. However, we will adapt some of our key initiatives to the new market reality. For example, we will focus our efforts on retaining new entrants so that they become lifetime customers. We will continue to improve our social responsibility and increase our focus on diversity, Equity and Inclusion.
Of course, we will continue to promote the well-being of our employees. In addition, at the beginning of fiscal 'twenty two, we introduced Linx, the first new snowmobile brand in the North American market in decades. Linx offers a new and exclusive alternative to snowmobile dealers with 3 premium models. These models provide a different riding experience and should attract a new type of rider at BRP. We are very satisfied with consumers' responses so far.
The introduction of Linx is a new growth opportunity for us. It represents an exciting new chapter in the history of snowmobiling with a 5th brand now available in North America. We also announced a major investment in electric vehicles. While our current product portfolio is very impressive, Our goal is to expand our offering with electric options for each product line, therefore, to attract new clients and grow the industry. We will invest $300,000,000 in electrifying our existing product lines by the end of the calendar year 2026.
Our first product will be introduced to the market in the next 2 years, followed by rapid deployment across all our product lines. Our strategy is to develop our own modular Rotak's electric propulsion technology, which will be used in all product lines and which will provide us with a more cost the solution as we already do for our combustion engines. Product development will be divided between 2 sites, one in Gunskirchen for the inverter and the high performance electric engine and the other in Valcour for the charger and the battery pack, including the complete integration of all electrical systems in the vehicles. We are very proud and enthusiastic about the idea of putting product onto the market that will change the market, thus bringing us new clients. On another note, I would also like to mention proudly that BRP answered the government's call to open the 1st and only corporate vaccination center in the Eastern Townships at the Valcour arena.
We committed to administering up to 25,000 doses. Vaccines are available for our employees, their families and for residents of the region. In a similar move, we opened a second vaccination center at Rotax in Austria. In conclusion, we are very proud of our journey and we want to highlight some historical dates for our products. In 2020, Rotax celebrated its 1 100th anniversary, while Alumacraft and Telwater both celebrated their 75th anniversary.
Throughout our 79 year history, we have continued to reinvent ourselves, allowing ourselves to remain industry leaders. Now in conclusion, despite the turbulence caused By the pandemic, we had an exceptional fiscal year 2021. The start of 2022 was off to a good start, propelled by strong demand for our products. Our challenges for the year will be to manage production growth and our supply chain. In closing, I wish to express my gratitude to all of our employees, suppliers and dealers for their agility, Their dedication and their resilience over the past year, they are the ones who enabled us to achieve these remarkable results.
I would also like to thank our shareholders for their commitment to BRP and the members of the Board of Directors for their support and backing. I'd also like to add that Joe Robbins, who has served on the Board. I would like to add that Joe Robbins, who has served on the Board for the past 8 years, has decided not to be reelected as a Director and has taken on new responsibilities at Bain Capital. On behalf of shareholders, the Board, management and employees, I sincerely thank Joe for his contributions over the years. Now with that, I turn the floor over to our Chief Financial Officer, Sebastien Martel.
Thank you, Jose, and good day. Today, I'm going to review our fiscal year 2021 results and then discuss the fiscal year 2022 Q1 results that were released earlier this morning. From the onset of the pandemic, in order to address the uncertainty, we put in place swift and proactive measures to protect our financial flexibility and our long term growth. Fiscal year 2021 began with very strong retail sales, but the trajectory abruptly changed in March for the reasons that we all know today. In such an uncertain environment, we quickly deployed our action plan.
First, we developed a cost control plan to reduce our operating expenses by up to $450,000,000 Secondly, we refocused our capital plan and reduced it by $200,000,000 from our original plan from the year. This included realigning the Marine Group's strategy and winding down production of Evinrude outboard motors. In addition, the as a precautionary measure, the Board of Directors decided to temporarily suspend the declaration of the company's We were able to improve our liquidity by more than $900,000,000 by securing a US600 million dollars U. S. Term loan as well as a €75,000,000 loan under a COVID-nineteen program from the Austrian government.
Subsequent to response to our product, we were able to exceed expectations during the pandemic. During a more few more difficult months in the spring, we had a soaring demand and results showed. The agility of our team coupled with strong demand for our products has enabled us to deliver solid results for fiscal 2021. Our full year revenues decreased 2% to $6,000,000,000 primarily due to the temporary suspension of our manufacturing activities At the onset of the pandemic and the winding down of Evinrude outboard motor production, we Our increased our normalized EBITDA by 24% ending the year at just under $1,000,000,000 and we impressively increased our normalized Earnings per share by 41 percent to reach $5.39 Importantly, we reinstate and even We reinstated and even increased our quarterly dividend by 18% to $0.13 per share versus $0.11 last year, reflected in our confidence in our business. These strong results combined with significant efforts By our teams resulted in record cash flows from operations of $954,000,000 During the year, we used our cash to invest $280,000,000 in capital assets and we returned $182,000,000 to shareholders in the form of dividends and share buyback.
We ended the year in a strong financial position with net debt of $1,100,000,000 and a net debt to normalized EBITDA ratio of 1.1 times. Our momentum continued into fiscal year 2022. We saw a very strong year with record first quarter results that exceeded our expectations. This growth was driven by the fact that we are comparing to a quarter in which our manufacturing operations were partially shut down and by the continued demand for our products. Revenues increased by 47 percent to reach $1,800,000,000 primarily due to high volume in all product Categories, particularly in our parts and accessories lines and we had very high retail and in all of our product portfolios.
And this despite the limited ex product at with our branches. We were able to increase for higher volume and favorable sales and favorable sales now. Normalized EBITDA was multiplied by 3 to reach $379,000,000 compared to the same period last year and normalized EPS increased nearly tenfold to reach $2.53 per share. These outstanding results resulted in net cash flows from operations of $165,000,000 We used our cash to fund capital expenditures for a total of $97,000,000 We also took advantage of our strong liquidity position to pay down US300 million dollars of our term debt and significantly reduce the interest on this term debt. The outlook for fiscal 2022 is very positive.
Consumer demand remains very strong. We recorded a record number of snowmobile units in our spring presale and we had stronger than expected sales in parts, accessories and clothing. In addition, the construction of our Juarez III plant in Mexico is on track and will provide additional production capacity for our side by side vehicles in the near future. Given these good results and our forecasts, we revised Our forecast for fiscal 2022 upward. In summary, compared to 2021, We expect that total revenues for fiscal 2022 will increase from 27% to 33% and that our normalized diluted EBITDA will increase from 44% to 58% to reach $7.75 between dollars 7.75 and dollars 8.50 per share.
Given that we managed supply chain disruptions very well for fiscal 2021, Like lots of industries, we are currently facing additional challenges, primarily around component shortages and other logistics constraints. Our goal is to deliver on all of our orders even if the delivery schedule will be a little bit off and our work in progress inventories will be higher than usual than for the year, but we do expect it to deliver between now and the 4th quarter. Everything is in place to deliver as quickly as possible. Our plants are running at full capacity and we've increased our production capacity in general. Additional shifts have been added and we are expanding our facilities.
In conclusion, despite some supply chain challenges, we are well positioned for another outstanding year with outstanding results. In closing, I'd like to thank all of our shareholders for their support and commitment to BRP. I'd now like to turn the floor over to Michael Hanley, BRP's Lead Independent Director. Thank you, Jose and thank you, Sebastien for reviewing this past exceptional year for BRP. It is now time for questions.
If you have not already done so, please submit your questions online by clicking on the messaging icon and following instructions that appear. I would like to remind you that your questions must be of interest for all shareholders and not of a personal nature. If your question relates to your personal situation, BRP representative will contact you after the meeting if you have provided your contact information with your question. You may ask your questions in either English or French if you wish. For questions that were submitted prior to the meeting via e mail or during the meeting via the webcast platform, we will state the question and read it aloud along with the name of the person who asked the question and if applicable, the name of the entity that this person represents.
We remind you that questions that have already been answered or that are redundant or repetitive will not be published and will not be answered. Thank you, Michael. We have a question from Samuel Charest, shareholder. Jose will answer the questions the following. BRP expects to introduce between now and 2026 electric models in each product lines, thanks to modular Propulse Technology.
When do you expect all of these models for consumer consumption be replaced by electrical vehicles. Hello, Samuel. First of all, in the history of BRP, there was tremendous technological advancements and I am very proud because We have always been able to follow this technology and be a leader. We've gone from Technology, 2 stroke to 4 stroke to 4 stroke turbo and Now we are advancing towards the electric era. We have committed to introducing electric models in all product lines.
Now with what we see today, There are some market segments, so snowmobiles, guides, towers, safaris. These sectors are perfect for electric. There are some places, some lakes where you can't have motors, so electric is perfect there as well. So we intend to introduce segments that offer tremendous possibilities in terms of growth and electric vehicles. Now there are some sectors like mountain snowmobiles, where each additional weight counts.
There will be slower transition to electric in those categories. We want to offer to our customers electric versions for everything in the segments where we feel it is logical. And over time, technology will be evolving and products will evolve towards electric. Now will this take 2, 3 or 4 Decades, we don't know. What we do know is that with knowledge and the plans that we have in place, we are convinced that we will be one of the manufacturers who will be able to transition from combustion engines to electric engines.
Thank you, Jose. We got a second question now from Richard Ewan, shareholder. The question will be answered by Sebastien. This is the question, What role do you attribute to acquisitions in your global growth strategy? Sebastien?
Yes, thank you, Martin. If we look at the past 10 years of BRP, we have known phenomenal growth and most of this growth has come from the introduction of new products. We've been able to gain market share with new products and create new industries kind of like spider with Vehicle 3. This said, the acquisition strategy remains pertinent if there are big markets And if it helps us accelerate our growth and we will do acquisitions and we did it in marine in the marine sector with 3 acquisitions recently. So we've been able to accelerate our penetration.
And as Jose mentioned earlier, the marine sector is a $20,000,000,000 and that's why we believe that acquisitions are going to accelerate our growth in market share. Thank you very much, Sebastien. Now I confirm that we have no more questions. So I will turn the floor back over to Michael. Thank you, Martin.
The time allotted for questions is now over. All subjects on the agenda have been exhausted and covered, meaning that this is now the end of our meeting. I declare the meeting closed and hand the floor back over to Jose for closing remarks. Thank you, Michael. In closing, I'd like to offer my thanks to all of our employees for their dedication during the exceptional year that we have just completed.
We owe our success to our employees. I'd also like to thank the management team and the Board members for the contribution and support. Going forward, I'm very confident that we will continue to make a mark on the industry. Thank you very much for your attendance and please stay safe.