SGF submits its 2005 annual report
Montréal, June 8, 2006 - Société générale de financement du Québec (SGF) today presented its 2005 annual report to Raymond Bachand, Québec Minister of Economic Development, Innovation and Export Trade.
In 2003, SGF had embarked on a major restructuring process with a view to completely overhauling the content and management of its investment portfolio. During fiscal 2005, the Company completed this restructuring, adopted a development plan adapted to the new international economic context, and set itself back on the road to profitability.
"I am very proud indeed of the road travelled by SGF. We achieved our objectives in 2005,” said Pierre Shedleur, Chairman of the Board, President and General Manager, SGF, adding: “We equipped ourselves with the tools needed to accomplish our mission, with the result that today we are better positioned to make an effective contribution to the development of Québec companies, by means of sustainable, profitable business partnerships.”
Highlights of 2005
Back on the road to profitability
One of SGF’s major achievements in 2005 was posting net income of $70 million, the first profit in five years. SGF also attained financial autonomy, having sufficient capital available to achieve its investment objectives.
An action plan adapted to the new international economic context
This is the linchpin of the work accomplished in fiscal 2005. “We are firmly convinced that we have given ourselves the right tool to carry out our mission against a backdrop of strong international competition, be it developing partnerships with foreign investors, assisting with consolidation and expansion of Québec businesses, or helping Québec entrepreneurs to grow and conquer international markets,” Mr. Shedleur continued.
A revamped organizational structure
Investment decisions are now under the responsibility of six vice-presidents, corresponding to the six targeted activity sectors in which SGF’s expertise and Québec’s competitive advantages constitute added value.
Outlook for 2006: Investing in sustainable economic development for Québec
The repositioned and restructured SGF is better equipped to target its actions to promote sustainable economic development for Québec.
SGF’s goal is to partner with winning companies in carrying out projects with moblilizing effects on the Québec economy. “We will fulfil our mission by supporting an increased rate of investment by of companies, improvements to their capacity to innovate, the influence of their activities on international markets as well as increases in their size to help them compete with world players,” Mr. Shedleur concluded.
An electronic version of the 2005 annual report is available online at the SGF website at sgfqc.com.
Société générale de financement du Québec is an industrial and financial holding company. Its mission is to carry out economic development projects, particularly in the industrial sector, in cooperation with partners, and in compliance with accepted profitability requirements and the economic development policy of the Government of Québec.
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Source : Marie-Claude Lemieux
Senior Communications and Media Relations Advisor