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SGF PUBLISHES ITS 2007 ANNUAL REPORT
SGF invests $233 million in Québec's economy and records a profit for a third consecutive year
Montréal, June 11, 2008 – Société générale de financement du Québec (SGF) today publishes its 2007 Annual Report. In spite of difficult conditions in many sectors of the economy, SGF maintained stringent management and investment criteria, to ensure SGF remained profitable while pursuing its investment mission.
Economic impact on Québec of SGF’s 2007 projects
SGF remains involved in the movie business. In 2007, we formed a partnership with Lionsgate, one of the world’s largest independent film producers, with a catalogue of more than 11,000 tittles, many of them award winners. Over four years, we will invest up to US$140 million in feature films and television series made in Québec and representing an overall investment of US$400 million. The benefits for Québec are for real: 6,700 jobs and wages exceeding C$270 million.
As a result of SGF’s involvement in the film industry, four feature films and one television series have been shot in Montréal in the past year, and the distributor Alliance Films has moved its head office to the city.
Among SGF’s other large-scale investment projects, it is worth mentioning its involvement in Groupe Le Massif Inc. The company, which was created by Daniel Gauthier, is developing a $250-million project that will extend from Petite-Rivière-Saint-François to Baie-Saint-Paul on three main sites. It is the most ambitious recreational tourism project under way in Québec. SGF is investing $25 million in it and has committed to invest an additional $10 million, for a 25% interest in Groupe Le Massif Inc.
This project balances economic development, environmental protection and social progress in a unique concept that will attract people from Québec, the rest of Canada and other countries. SGF’s investment has completed the financing for a landmark sustainable development project with numerous benefits.
Far from giving up on its more traditional investment sectors, SGF also invests in projects in the manufacturing sector. In 2007, we invested $37.5 million in Induspac, a member of the new generation of high-value-added forestry companies. A Québec leader in packaging, Induspac has reinvented itself over the years to offer solutions adapted to the specific needs of its customers in the aerospace, automotive, medical technology and telecom sectors. It has also ensured its vertical development by moving into the manufacture of components, such as protective foam.
The company, founded by Paul Gaulin in 1977, is expanding rapidly and SGF’s investment will enable it to implement its international expansion plan.
SGF, a partner of the forest industry for more than 40 years, is involved this time in its renewal.
Moreover, SGF acquired 490,000 common shares of Logibec Groupe Informatique Ltd. (Toronto Stock Exchange: LGI) at a cost of $9.6 million as part of a private placement of 1,204,700 new shares issued by the company at a price of $19.50. Logibec, whose head office is in Montréal, is one of the 10 largest Canadian companies specializing in the development, marketing, implementation and support of information systems for the health and social services sector. With the transaction, SGF took part in Logibec’s strategy of growth through acquisitions.
As stated in the Annual Report, during the year 2007, SGF invested $233 million in projects totalling $870 million. These new investments will ultimately create more than 9,580 person-years of direct and indirect employment.
Société générale de financement du Québec (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.
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Source:
Marie-Claude Lemieux
Senior Adviser, Communications and Media Relations
Société générale de financement du Québec
Tel.:
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