MONTREAL, June 12 /CNW Telbec/ - Société générale de financement du
Québec (SGF) publishes today its 2008 annual report. Despite difficult
conditions in several economic sectors, SGF nonetheless invested a total of
$176 million in economic development projects.
As announced upon the publication of its financial statements on April 9,
SGF has recorded a net loss of $261 million. SGF's investment results totaled
$36 million in 2008, up from $29 million in 2007.
However, over 80% of SGF's portfolio consists of companies in the
manufacturing sector that were weakened by the crisis. "The scope of the
economic crisis, which was severely felt by the manufacturing sector, had a
direct impact on our performance, stated Pierre Shedleur, President and
General Manager of SGF. The profits we had made during the first nine months
of the year were offset by losses in the last quarter." In this respect, SGF
recorded a loss of $238 million in operating losses, closure costs and
investment writedowns in Pétromont, PTT Poly Canada and Temlam.
Impacts of SGF's 2008 projects on Québec's economy
SGF continued to invest in growth and support projects with its partners,
in accordance with its strategic orientations. Specifically, SGF invested $60
million in TPG Capital's acquisition of Axcan Pharma Inc., and purchased 30%
of Médiamed Technologies. SGF also reinvested $4 million in the Ungava
2008 marks the end of SGF's strategic plan launched in 2005. The economic
impact of its first report is significant. Throughout the period, SGF injected
over $720 million to support a total of $1.7 billion in investments dedicated
to growth projects by Québec-based companies. Upon completion, these projects
will have led to the creation or preservation of over 12,700 jobs
(person-years) and contributed to the strengthening of some of Québec's major
The Government of Québec modified SGF's mandate and tasked it with
helping companies with good growth perspectives to withstand the current
crisis affecting all economies and the manufacturing sector in particular.
As part of this new mandate, SGF is authorized to go beyond its
traditional role as an equity investor by offering complementary solutions,
such as loans, debentures or preferred share investments.
SGF is now in an excellent position to assist companies in preparing for
an eventual economic recovery.
SGF's annual report is available on its website, at www.sgfqc.com.
Société générale de financement du Québec (www.sgfqc.com), an industrial
and financial holding company, has a mission to carry out economic development
projects, with emphasis on the industrial sector, in co-operation with
partners and on standard profitability conditions, in accordance with the
economic development policy of the Québec government.
For further information:
For further information: Sophie Alarie Senior Advisor, Communications
and Media Relations, (514) 876-9368, email@example.com