CRCD – now more than ever, at the heart of the QuÉbec economy
•Increased share price by $0.26 to $11.92•Net earnings of $32.4 million •Net assets of $1,460 million •Nearly $55 million in investments made during the six-month period
MONTRÉAL, Aug. 21, 2014 /CNW Telbec/ - Capital rÉgional et coopÉratif Desjardins (CRCD) released its financial results for the first half of fiscal 2014 – a non-annualized return of 2.2% and net earnings of $32.4 million. Effective noon today, the share price rises by $0.26 to $11.92. Net assets are now $1,460 million and total commitments at cost amount to $863 million.
Chairman of the Board, AndrÉ Lachapelle is satisfied with the results and he reiterated the importance of CRCD's role in regional economies. "The money entrusted to us by our shareholders are prudently managed to develop SMEs that generate benefits in all QuÉbec regions." He pointed out that the patient investor strategy has been very profitable for CRCD shareholders for more than five years, as shown by the new record high of a share price of $11.92.
Driven by the solid profitability of a number of companies it holds, the Investments impacting the QuÉbec economy portfolio generated a non-annualized return of 4% for the first six months of 2014. The Other investments portfolio, made up mainly of bonds and whose performance is tied to changes in interest rates, yielded a non-annualized return of 3.3% for the six-month period. During the same period, commitments totalling $55 million were made in QuÉbec SMEs via CRCD's entrepreneurial ecosystem.
According to Marie-Claude Boisvert, chief operating officer of Desjardins Business Capital rÉgional et coopÉratif, CRCD brings a new energy to the businesses in which it invests. "CRCD nurtures the entrepreneurial spirit of our people and that's what QuÉbec needs. CRCD promotes the long-term survival of SMEs and may acquire majority stakes in businesses under the threat of having to leave QuÉbec. Furthermore, our vast network provides us with proximity to entrepreneurs in all regions. This allows us to help businesses located in RCMs or territories encountering economic difficulties, as the QuÉbec government has recently requested us to do," added Ms. Boisvert. She continued by pointing out that CRCD has an impressive number of QuÉbec businesses in which it holds shares and which have subsequently experienced accelerated growth, creating quality jobs in different sectors of the economy.
Shares will be available as of October 6, 2014
Capital rÉgional et coopÉratif Desjardins wishes to remind its shareholders of the new terms governing the sale of its shares effective fall 2014, consistently with the requirements set out in the provincial budget tabled on June 4, 2014. To learn about these terms, go to press release issued on July 10, 2014.
About Capital rÉgional et coopÉratif Desjardins
With some 95,000 shareholders and $1,460 million in net assets, Capital rÉgional et coopÉratif Desjardins (CRCD) is a public company managed by Desjardins Business Capital rÉgional et coopÉratif. CRCD contributes to QuÉbec economic development through several levers developed with its manager, with CRCD as the driving force. These levers form CRCD's entrepreneurial ecosystem designed to value and nurture the best of QuÉbec entrepreneurship. Directly or indirectly through its ecosystem, CRCD supports the growth of over 370 businesses, cooperatives and funds in various industries spanning all QuÉbec regions, helping to create and retain 48,000 jobs. (www.capitalregional.com)
SOURCE Capital rÉgional et coopÉratif Desjardins