A solid and sustainable fund built on solidarity: positive results despite challenging economic conditions
MONTREAL, Sept. 29, 2012 /CNW Telbec/ - The share value at a historic summit of $26.59 following a $0.67 increase for the 2011-2012 financial year: the highlight of the Fonds de solidarité FTQ 2012 Annual and Sustainable Development Report which was made public today during the Shareholders' Annual General Meeting.
"The financial year ended May 31, 2012 was marred by the European economic crisis, the sluggish U.S. economic recovery and an uncertain climate. I would like to congratulate the Fonds' teams who, with discipline and thoroughness, navigated these turbulent waters, as this financial year ended on a positive note, with a return of 2.6%", said Michel Arsenault, chairman of the Fonds de solidarité FTQ board and FTQ president.
"The good results the Fonds achieved in these challenging conditions are the result of the rigorous application of its integrated financial assets management policy and of the strong performance of its partner companies", declared Yvon Bolduc, Fonds de solidarité FTQ president and CEO.
"The Fonds de solidarité FTQ effectively fulfilled its mission of economic development. Through our investments in all economic sectors and, more importantly, in all the regions of Québec, we have contributed to creating, maintaining or protecting 168,577 quality jobs. We have also helped our more than 594,000 owner-shareholder better be prepared for their retirement, a key part of our mission", added Mr. Arsenault.
"While investing $908 million in nearly 140 companies impacting the Québec economy, we also had our third best subscription year ever, with cash inflows totalling $767 million", continued Mr. Bolduc.
"Thank you to our valuable local representatives for their support who represent us throughout Québec and to all our employees in our entire network,!", concluded Mr. Arsenault and Mr. Bolduc.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $8.5 billion as of May 31, 2012, the Fonds is a development capital investment fund that channels the savings of 594,287 Quebec owner-shareholders into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,239 companies. It has helped, on its own or with other financial partners, to create, maintain and protect 168,577 jobs. For more information, visit www.fondsftq.com.
|Financial year ended May 31, 2012|
+ $ 0.67
|Net assets||$8,5 B|
|Net earnings (12 months)||215 M$|
|Annual return to the shareholder||2,6 %|
Ratio of total operting expenses
(average of Canadian neutral balanced funds : 2,5 %)
|Share issues||767 M$|
|Number of shareholder||
+ 11 052
|Investments made||908 M$|
|Number of partner companies||2 239|
|Jobs created, maintained and saved||168 577|
|Local representatives||2 029|
SOURCE: FONDS DE SOLIDARITE FTQFor further information:
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Fonds de solidarité FTQ
Phone: (514) 850-4835
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