MONTREAL, Aug. 17 /CNW Telbec/ - The Board of Directors of Capital
régional et coopératif Desjardins (the Company) today approved its financial
statements for the six-month period ended June 30, 2007, and set its share
value at $9.92, a downward move of $0.29 from the value set last February. The
change takes effect at noon today.
The downshift in per share value is due primarily to three contextual
situations. First, certain companies in the portfolio have been affected by
market difficulties and, secondly, by the impact of a high Canadian dollar.
Third, rising interest rates resulted in a negative effect on the liquid
investment portfolio. That situation is temporary, however, with the portfolio
positioned primarily in the bond market, and the Company intends to hold the
securities to their maturity.
The income statement posts a net loss of $19.7 million, compared with a
net loss of $9.7 million for the first half of 2006. Net assets totalled
$681.3 million compared with $654.6 million as at December 31, 2006.
"Our actions of the last two half-years to rebalance the portfolio are
beginning to return tangible results. Our industrials are maturing, but the
technologies and life sciences portfolio is still young and it's not yet
performing as we expected," explained Louis L. Roquet, President and COO of
Desjardins Venture Capital, which acts as the Company's manager.
In spite of the sometimes difficult conditions, Capital régional et
coopératif Desjardins maintained its investment activities for the six months,
disbursing more than $63 million to 75 companies and cooperatives in various
regions of Québec. As at June 30, 2007, the Company had commitments totalling
$448 million in 186 companies and cooperatives, securing over 29,000 jobs. The
Company also contributes to the development of 33 businesses through its
majority interest in Desjardins - Innovatech SEC.
Capital régional et coopératif Desjardins' goal is profitability and the
Company's manager is focusing its efforts to achieve it. "Besides securing the
best balance between growth stages and our targeted sectors, the portfolio is
gaining in maturity and our manager's team is actively working towards our
partner companies' success. Backed by Desjardins' huge presence in every
region of Québec, Capital régional is contributing visibly to regional
economic development," stated André Lachapelle, the Company's Chairman of the
Remember that Capital régional et coopératif Desjardins shares are on
sale now through the Desjardins caisse network. With a 35% provincial tax
credit, they're a profitable investment, especially for taxpayers that have
reached their maximum for RRSP contributions.
About Capital régional et coopératif Desjardins
Capital régional et coopératif Desjardins is a publicly-traded company
founded in 2001 on the initiative of the Desjardins Group. Managed by
Desjardins Venture Capital, the Company's primary mission is to raise venture
capital with a view to fostering the economic development of Québec's
cooperatives and resource regions. With an authorized capitalization of $1.325
billion, the Company assists companies and cooperatives throughout Québec.
For further information:
For further information: Sylvie Audet, Vice-President, Strategic
Planning and Communications, Desjardins Venture Capital, (514) 281-7799,