CRCD drives growth in regional SMEs
Highlights as at June 30, 2015
- Increase in the share price of $0.15 to $12.20
- Net income of $21 million
- Net assets of $1,593 million
- $131 million in shares issued out of an authorized amount of $150 million
MONTRÉAL, Aug. 19, 2015 /CNW Telbec/ - Capital régional et coopératif Desjardins (CRCD) released its financial results for the first six months of fiscal 2015 – a non-annualized return of 1.4% and net income of $20.8 million. Effective noon today, the share price rises by $0.15 to $12.20. Net assets are now $1,593 million and total commitments at cost in companies, cooperatives and specialized funds amount to $863 million.
This performance was driven essentially by positive contributions from the Investments impacting the Québec economy portfolio with a number of its companies reporting solid earnings, and from the Other investments portfolio which was bolstered by current revenue and changes in interest rates.
According to Chairman of the Board Jacques Plante, the results are perfectly aligned with CRCD's primary mission. "Our role is to supply SMEs with capital and make them stronger. Better capitalized, they are better equipped to deal with the competition and enjoy greater leeway if a growth opportunity arises." Mr. Plante also pointed out CRCD's distinctive nature, "Our mission is to support Québec SMEs with a specific focus on developing the resource regions and cooperatives. The provincial government has entrusted us with this mission and our regional roots allow us to quickly identify company projects that can generate benefits for local economies."
Actions to promote regional economic development
On May 25, 2015, CRCD began to accept subscriptions for its 2015 share issue with an authorized amount of $150 million, and capital subscriptions during the first half of 2015 reached $131.2 million. Marie-Claude Boisvert, Chief Operating Officer of Desjardins Business Capital régional et coopératif, expressed her satisfaction with progress on the share issue. "Following the changes we instituted, the process for making appointments has been greatly facilitated for all Québec taxpayers. In addition, by setting the maximum subscription amount at $3,000 per person, CRCD has made it possible for a greater number of investors to subscribe to the 2015 issue. During the first six months of 2015, 45,557 investors bought shares, including a record number of 8,600 new shareholders." Ms. Boisvert concluded, "The funds collected will be channelled to Québec SMEs and cooperatives to support entrepreneurs in growing their businesses."
Last, the sale of the currently available balance of $12 million in shares is underway across the Desjardins caisse network in Québec. Anyone interested in investing and supporting economic development in Québec while benefiting from the 45% provincial tax credit should make an appointment with a Desjardins advisor.
About Capital régional et coopératif Desjardins
Capital régional et coopératif Desjardins (CRCD) has a real affinity for SMEs. Since its inception in 2001, CRCD, a public corporation, has actively participated in Québec's economic development. Together with its manager, Desjardins Business Capital régional et coopératif, CRCD has deployed innovative and unparalleled solutions in the entrepreneurial market in the form of various partnerships that now form its ecosystem. With over 100,000 shareholders and net assets of $1,593 million, CRCD is a lever of choice for cooperatives and regional SMEs seeking to achieve their full potential. As at June 30, 2015, CRCD and its ecosystem supported the growth of 388 companies, cooperatives and funds in various industries spanning all Québec regions, while helping to create and retain 62,000 jobs. (www.capitalregional.com)
SOURCE Capital régional et coopératif Desjardins
For further information: For journalists only, Richard Lacasse, Capital régional et coopératif Desjardins, 418 835-8444 or 1 866 835-8444, ext. 3163, [email protected]; For investors, Shareholder services, 1 888 522-3222