dct de travail Anglais Financial Statements au 31_05_06-E.…

Transcription

FONDS DE SOLIDARITÉ DES TRAVAILLEURS
DU QUÉBEC (F.T.Q.)
CONSOLIDATED FINANCIAL STATEMENTS
As at May 31, 2006
Auditors’ Report
To the Shareholders of the
Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the consolidated balance sheets of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as
at May 31, 2006 and 2005, and the consolidated statements of earnings, changes in net assets and cash flows for
the years then ended. These financial statements are the re sponsibility of the Fund’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards
require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial
position of the Fund as at May 31, 2006 and 2005, and the results of its operations and its cash flows for the
years then ended in accordance with Canadian generally accepted accounting principles.
Samson Bélair/Deloitte & Touche s.e.n.c.r.l.
Chartered Accountants
Raymond Chabot Grant Thornton LLP
Montréal, June 20, 2006
1
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
Consolidated Statements of Earnings
For the years ended May 31
(In thousands, except for the earnings per share)
2006
2005
$
$
208,639
43,072
1,743
224,341
-
189,122
38,788
151,396
(15,372)
22,331
477,795
386,265
27,590
41,830
26,377
38,744
28,693
4,782
7,057
109,952
26,153
8,111
5,822
105,207
Earnings before income taxes and minority interest
Income taxes (Note 12)
367,843
2,436
281,058
11,685
Earnings before minority interest
Minority interest
365,407
(1,048)
269,373
(1,678)
Net earnings
366,455
271,051
Weighted average number of Class A shares
271,462
253,571
1.35
1.07
Revenues
Realized revenues
Interest (Note 11)
Dividends
Gain on disposal of investments and other investments
Change in unrealized appreciation or depreciation
Changes in accounting policies (Note 3)
Operating expenses (Note 11)
Corporate expenses
Investment and other investment expenses
Shareholder development and administration
and economic training expenses
Capital tax
Amortization of information systems development and other capital assets
Earnings per Class A share
The accompanying notes form an integral part of these consolidated financial statements.
3
Consolidated Statements of Changes in Net Assets
(In thousands)
Share
Contributed
Capital
Surplus
(Note 9)
(Note 9)
Retained Earnings (Deficit)
Realized
$
$
$
5,681,841
368,883
60,475
Unrealized
$
Net Assets
Total
$
$
2006
Balance at beginning of year
Share issues
Share subscriptions
Realized net earnings
Change in unrealized appreciation
or depreciation
Share redemptions
(155,996)
(95,521)
613,805
5,955,203
613,805
346
142,114
346
142,114
224,341
224,341
224,341
142,114
(18,498)
(328,727)
-
123,616
(80,000)
224,341
Transfers (Note 9)
303,922
80,000
347,957
(80,000)
651,879
-
Net change
383,922
-
43,616
224,341
267,957
651,879
6,065,763
368,883
104,091
68,345
172,436
6,607,082
5,027,371
368,883
-
(162,955)
(162,955)
5,233,299
Balance at end of year
(310,229)
(18,498)
2005
Share issues
706,454
706,454
Realized net earnings
264,092
Change in unrealized appreciation
or depreciation
264,092
6,959
6,959
(246,984)
459,470
195,000
-
255,475
(195,000)
6,959
Transfers (Note 9)
262,434
(195,000)
721,904
-
Net change
654,470
-
60,475
6,959
67,434
721,904
5,681,841
368,883
60,475
(155,996)
4
(8,617)
6,959
Share redemptions
(8,617)
264,092
(95,521)
(255,601)
5,955,203
Consolidated Statements of Cash Flows
(In thousands)
2006
$
2005
$
Operating activities
Cash inflow - investment income and other revenue
Cash outflow - suppliers and compensation
Income taxes received (paid)
Financing activities
Loans
Loan repayment
Share issues and subscriptions
Shares redeemed
Minority interest
Cash provided by operating and financing activities
229,463
(99,537)
20,057
149,983
223,263
(92,397)
(15,402)
115,464
78,349
(80,528)
614,151
(324,437)
(13,645)
144,195
(78,663)
706,454
(256,433)
1,388
273,890
516,941
423,873
632,405
Investing activities
Acquisition of investments
Proceeds on disposal of investments
Acquisition of other investments
Proceeds on disposal of other investments
Information systems development
Other capital assets
Cash used in investing activities
(931,553)
651,175
(7,813,807)
7,666,866
(2,218)
(2,099)
(813,952)
625,401
(7,379,143)
6,948,038
(2,020)
(2,408)
(431,636)
(624,084)
Cash of consolidated investment companies at beginning of year
9,509
Increase (decrease) in cash
(7,763)
17,830
Cash at beginning of year
21,423
3,593
Cash at end of year
13,660
21,423
5
Notes to Consolidated Financial Statements
As at May 31, 2006 and 2005
1.
I ncorporation Act
Statutes and objectives of the Fund
The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fund”), incorporated by an Act of the
Québec National Assembly, is a publicly funded company with the following objectives:
a)
to invest in Québec business enterprises and provide them with services in order to create,
maintain or protect jobs;
b)
to invest in business enterprises whose activities outside Québec contribute to creating or
maintaining jobs or economic activity in Québec;
c)
to promote the training of workers in economic matters to enable them to increase their
influence on Québec’s economic development;
d)
to stimulate the Québec economy by making strategic investments that will be of benefit to
Québec workers and business enterprises;
e)
to promote the development of Québec business enterprises by inviting workers to participate
in that development by purchasing Fund’s shares.
To this end, the Fund endeavours to concentrate most of its investments in unsecured investments,
mainly in small and medium-sized enterprises, granting priority to proposals from enterprises where
workers are members of unions affiliated with the Québec Federation of Labour (Q.F.L.) and using a
sector-based strategy. As a general rule, the Fund will take a minority interest in the projects in which it
invests.
60% rule
The Fund may invest in any business enterprise with or without security. However, in any given fiscal
year, the proportion of unsecured investments made in qualified business enterprises must represent an
average of at least 60% of the Fund’s average net assets of the previous year.
In 2006, this figure is 53.2% (55.6% in 2005).
Because the Fund did not satisfy the 60% rule as at May 31, 2006 and 2005, it must limit its share issue
next fiscal year to 75% of the total value of shares issued in the preceding period, except for shares
acquired through payroll deduction and employer contributions stipulated in agreements concluded at
the end of the preceding period. For the year ending May 31, 2007, the 60% rule limits the Fund’s share
issue to approximately $555 million.
6
As at May 31, 2006 and 2005
2.
Significant accounting policies
Basis of consolidation
The consolidated financial statements include the accounts of the Fund and investment companies that
are subsidiaries or variable interest entities of which the Fund is the primary beneficiary.
Use of estimates
The presentation of consolidated financial statements in accordance with Canadian generally accepted
accounting principles requires management to make estimates and assumptions, in particular when
determining allowances and in the valuation of investments and other investments that affect the
reported amounts in the consolidated financial statements. Actual results could differ from those
estimates.
Recognition of financial instruments
Financial instruments are recognized on the transaction date.
Valuation of financial instruments
All investments and other investments are valued at the fair value, established as follows:
a) Unlisted financial instruments
Unlisted financial instruments consist of shares, partnership units, loans and advances,
guarantees and suretyships, and money market securities. These instruments are valued
according to appropriate methods of valuation, including comparison to arm’s-length
transactions or takeover bids and the capitalization or discounting of cash flows. Units of
funds of hedged funds are valued at the value set by their respective managers at the date
closest to the Fund’s year-end.
b) Listed financial instruments
Listed financial instruments consist of shares, partnership units and bonds. These instruments
are valued at their closing price. In exceptional instances, when the closing price does not
adequately reflect the fair value, these securities are then valued according to appropriate
methods of valuation, including methods established for unlisted securities.
c)
Derivative financial instruments
As part of its investment and other investment activities, the Fund uses a number of derivative
financial instruments mainly to hedge its exposure to market fluctuations and fluctuations in
interest and foreign exchange rates. Derivative financial instruments authorized under the
overall financial assets management policy are:
- put or call options;
- swap agreements;
- futures contracts.
7
As at May 31, 2006 and 2005
2.
(continued)
Valuation of financial instruments (continued)
c)
Derivative financial instruments (continued)
These derivative financial instruments are valued in accordance with appropriate methods of
valuation, including the use of option valuation models.
For all other financial assets and liabilities for which the fair value has not been disclosed, the carrying
value approximates the fair value.
Securities loans
To generate additional income, the Fund carries out security loan transactions on its portfolio of shortterm securities, stocks and bonds. This income is recorded under Fees and other income in Note 11.
Capital assets
Capital assets are accounted for at cost and are amortized over their estimated useful life using the
following methods and annual rates:
Buildings
Office furniture and equipment
Computer hardware and software
Methods
Rates
straight-line
diminishing balance
straight-line
straight-line
2.5%
20.0%
25.0%
33.3%
A recoverability test is applied to capital assets when it is determined that their book value may not be
recoverable due to certain events or changes in circumstances. An impairment loss is recorded when
their carrying amount exceeds the undiscounted cash flows that would result from their ultimate use
and disposal. The recognized impairment loss is measured as the excess of the carrying amount of the
asset over its fair value.
Revenue recognition
a) Dividends
Dividends are recorded from the date they were declared, except for cumulative dividends,
which are recorded on an accrual basis.
b) Gains and losses on disposal of investments and other investments
Gains and losses on disposal of investments and other investments are recorded at the time of
sale and represent the difference between the sale proceeds and the average cost, without
taking into consideration the unrealized appreciation or depreciation recorded in previous
years, which is reversed and taken into account under Change in unrealized appreciation or
depreciation.
8
As at May 31, 2006 and 2005
2.
(continued)
Revenue recognition (continued)
c)
Realized and unrealized gains and losses on derivative financial instruments are recorded in the
Statement of Earnings.
Employee future benefits
The cost of pensions and other retirement benefits earned by employees is actuarially determined using
the projected benefit method prorated on service and management’s best estimate of expected plan
performance, salary escalation, retirement ages of employees, and expected healthcare costs.
For the purposes of calculating the expected return on plan assets, those assets are valued at fair value.
Net actuarial gains or losses which are greater than 10% of the accrued benefit obligation or the fair
value of the plan assets, whichever is higher, are amortized over the average remaining service life of
active employees. The average remaining service life of covered active employees is between 10 and 16.4
years for 2006 and 2005.
The transitional obligation of the individual insurance plan is amortized using the straight-line method
over the average remaining service period of active employees.
Foreign currency translation
Assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the yearend exchange rate. Revenues and expenses denominated in foreign currencies are translated at the
exchange rate prevailing at the transaction date. Foreign exchange gains and losses are recognized in
the State ment of Earnings.
Income taxes
The Fund uses the asset and liability method of accounting for income taxes. Under this method, future
income taxes are recognized based on the expected future tax consequences of differences between the
carrying amounts of assets or liabilities and their tax bases, using the enacted and substantively enacted
income tax rates for the years in which the differences are expected to reverse.
9
As at May 31, 2006 and 2005
3.
Changes in accounting policies
Changes in the following accounting policies related to generally accepted accounting principles and to
investment companies were applied on a prospective basis effective June 1, 2004.
Generally accepted accounting principles
On June 1, 2004, the Fund applied the requirements of Section 1100 of the CICA Handbook, “Generally
Accepted Accounting Principles,” on a prospective basis. This section establishes standards for financial
reporting in accordance with generally accepted accounting principles (GAAP). It also specifies the
sources that should be consulted when selecting accounting policies or when determining which
information to disclose in instances where a matter has not explicitly been addressed in GAAP’s primary
sources. The application of this standard eliminates certain practices that could have been applied in a
specific industry.
The Fund therefore revised its methods of determining the fair value of its investments and other
investments. Thus, as at June 1, 2004, a decrease in revenues of $5 million was recorded in the
Statement of Earnings under Changes in accounting policies. This decrease stems from the
discontinuation of the general allowance used to specifically provide for unidentified losses, therefore
increasing revenues by $91 million, and from changes made to certain parameters for determining the
fair value of investments, resulting in a decrease in revenues of $99 million. Also, the Fund uses the
closing price to determine the fair value of its listed securities instead of the weighted price, which was
established using the average fifty-day closing prices ending on the balance sheet date, thereby
increasing revenues by $3 million.
Investment companies
The Fund opted for early application of the Guideline on Investment Companies. This Guideline
establishes criteria for determining whether an enterprise is an investment company. It specifies that
investments held by an investment company must be accounted for at the fair value. However,
investment companies that are variable interest entities for which the Fund is the primary beneficiary
(Guideline on Variable Interest Entities) or that are subsidiaries, must be consolidated.
The bonds held by the Fund are accounted for at their fair value. Bonds were previously valued at their
unamortized cost. As at June 1, 2004, this change resulted in an increase in revenues of $27.3 million,
presented in earnings under Changes in accounting policies.
As at June 1, 2004, the consolidation of investment companies resulted in a decrease of $215 million in
investments and $232 million in loans, and created minority interest of $26 million. As well, for the
year ended May 31, 2005, the consolidation increased revenues and operating expenses by $15.4 million.
However, the consolidation did not have an effect on net earnings and net assets or on earnings and the
net value per Class A share.
10
As at May 31, 2006 and 2005
4.
Investments
2006
Cost
Fair value
$
$
(In thousands)
Unsecured
Listed shares and units
Unlisted shares and units
Loans and advances
Secured
Loans and advances
2005
Cost
Fair value
$
$
571,078
1,148,475
727,252
787,566
945,885
670,540
574,201
1,020,112
720,450
634,580
808,198
633,458
39,508
17,542
38,172
34,011
2,486,313
2,486,313
2,421,533
9,383
2,430,916
2,352,935
2,352,935
2,110,247
2,439
2,112,686
The investment agreements may include clauses providing for conversion and redemption options.
Investments include securities in U.S. currency with a fair value of $173.2 million ($149.4 million in 2005).
Interest rate risk
Variable Rates
Maturity
$
(In thousands)
Loans and Advances at Fair Value
Fixed Rates
Less than 1
5 years and
year 1 to 5 years
more
$
$
$
Total
$
2006
Unsecured
Average effective rate
24,820
9.9%
235,030
2.1%
200,534
9.0%
210,156
8.2%
670,540
Secured
2,845
7.9%
6,485
13.7%
6,013
10.9%
2,199
10.1%
17,542
Unsecured
10,165
8.2%
197,294
3.7%
169,051
8.5%
256,948
7.8%
633,458
Secured
2,983
5.7%
25,969
11.7%
3,584
11.8%
1,475
8.7%
34,011
2005
11
As at May 31, 2006 and 2005
4.
Investments (continued)
Less than 1
month
$
Maturity
(In thousands)
2006
1
Fair value
Equity contracts
Written call options
Purchased put options
Written put options
Bond contracts
Written put options
-
Notional amount
Equity contracts
Written put options
Bond contracts
Written put options
1 to 6
months
$
6 months
and more
$
Total
$
(472)
462
1,068
(2,020)
3,497
(1,305)
(2,492)
3,959
(237)
(894)
3,815
(381)
3,598
23,953
19,911
20,646
172
(894)
3,815
(381)
3,770
21,131
17,912
13,750
45,084
37,823
34,396
100,000
100,000
100,000
2005
1
Fair value
Equity contracts
Written put options
Notional amount
Equity contracts
Written put options
100,000
100,000
100,000
(3,937)
(3,937)
(6,580)
1,798
(212)
(4,994)
(14,480)
641
(488)
(14,327)
(24,997)
2,439
(700)
(23,258)
11,993
9,844
28,601
60,112
53,805
44,664
35,459
32,793
36,817
107,564
96,442
110,082
1. The net fair value of derivative financial instruments is $3.8 million (-$23.3 million in 2005). The fair value of instruments with
positive values is $9.4 million ($2.4 million in 2005) and is presented under Investments, whereas those with negative values is
$5.6 million ($25.7 million in 2005) and is presented under Accounts payable.
12
As at May 31, 2006 and 2005
4.
Breakdown of investments by Industry segment and Maximum risk
Industry segment
Manufacturing Services and
Technology
and primary
tourism
$
$
Investments at cost
Unrealized appreciation (depreciation)
723,547
(90,676)
582,082
(188,054)
Fair value
632,871
204,509
(In thousands)
$
Local and
real estate
funds
$
Total
$
2006
1
Funds committed but not disbursed
Guarantees and suretyships
901,130
170,220
279,554
53,113
2,486,313
(55,397)
394,028
1,071,350
332,667
2,430,916
104,853
172,099
50,692
532,153
8,678
7,726
27,271
43,675
837,380
507,559
1,251,175
410,630
3,006,744
690,395
(246,143)
692,543
(282,147)
740,346
241,569
229,651
46,472
2,352,935
(240,249)
444,252
410,396
981,915
276,123
2,112,686
106,594
104,550
111,070
52,239
374,453
500
7,452
21,766
27,271
56,989
551,346
522,398
1,114,751
355,633
2,544,128
2
Maximum risk
2005
Investments at cost
Unrealized appreciation (depreciation)
Fair value
1
Funds committed but not disbursed
Guarantees and suretyships
Maximum risk
2
1. Funds committed but not disbursed represent investments that have already been agreed to and for which amounts have been
committed by the Fund but have not been disbursed as at year-end.
2. Under Section 17 of its Incorporation Act, when the Fund makes an investment in the form of a guarantee or a suretyship, it
must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the term thereof. This
reserve has been established from Other investments.
13
As at May 31, 2006 and 2005
4.
The Fund granted guarantees and suretyships that do not generally include a specific maturity and that
are irrevocable commitments by the Fund to make the payments of partner companies that cannot meet
their obligations to third parties for an undiscounted total maximum amount and for the following
purposes:
(In thousands)
Loans on real estate projects
Operating activities and operating line of credit - without recourse
Maximum amount
2006
$
2005
$
27,271
16,404
43,675
27,271
29,718
56,989
Unrealized depreciation of guarantees and suretyships for an amount of $3.6 million as at May 31, 2006
and 2005 is presented in Accounts payable.
As well, in the normal course of business, the Fund concluded several indemnification agreements.
Indemnification is usually related to transfers of investments for the representations and warrantees
made as well as to the liability of Fund’s managers, directors or representatives toward partner
companies; this liability is covered by liability insurance. Due to the nature of these agreements, it is
impossible to estimate the maximum amount that the Fund may have to pay to counterparties. In
management’s opinion, it is highly unlikely that these commitments will result in material expenses.
5.
Other investments
2006
Cost
Fair value
$
$
(In thousands)
Shares and units
Units of funds of hedge funds
Bonds
Money market securities
841,786
98,117
2,695,239
364,188
3,999,330
(3,174)
3,996,156
992,843
98,861
2,691,967
364,228
4,147,899
31,836
4,179,735
2005
Cost
$
706,744
97,985
2,639,343
305,511
3,749,583
3,749,583
Fair value
$
812,126
98,783
2,734,299
306,068
3,951,276
14,584
3,965,860
Other investments include securities in foreign currencies mainly U.S. with a fair value of $211.3 million
($79 million in 2005).
14
As at May 31, 2006 and 2005
5.
Other investments (continued)
Breakdown by maturity
Bonds
Maturity
(In thousands)
Less than
1 year
1 to
5 years
5 to
10 years
10 to
20 years
20 to
30 years
30 years
and more
Total
$
$
$
$
$
$
$
248,749
249,612
248,264
1,135,932
1,149,552
1,115,216
686,513
698,512
646,249
260,022
256,343
202,727
327,693
308,358
287,225
33,058
32,862
29,768
2,691,967
2,695,239
2,529,449
2.8%
3.5%
4.2%
5.0%
4.9%
5.9%
5.4%
8.0%
5.9%
6.4%
5.3%
6.0%
4.6%
5.5%
241,816
253,670
241,145
1,136,421
1,124,660
1,088,123
602,172
573,416
534,132
282,698
264,727
222,144
429,902
383,814
356,204
41,290
39,056
36,158
2,734,299
2,639,343
2,477,906
2.5%
6.3%
3.8%
5.1%
5.2%
6.4%
5.5%
7.4%
6.0%
6.5%
5.4%
5.9%
4.5%
5.9%
2006
Fair value
Cost
Par value
Average nominal rate
2005
Fair value
Cost
Par value
Average nominal rate
Money market securities
Maturity
(In thousands)
Less than 1
month
$
1 to 6 months
$
6 months
and more
$
Total
$
339,461
4.1%
23,799
4.3%
968
4.1%
364,228
4.1%
123,853
2.5%
182,215
2.5%
2006
Fair value
2005
Fair value
15
306,068
2.5%
As at May 31, 2006 and 2005
5.
Other investments (continued)
Breakdown by maturity (continued)
Less than 1
month
$
Maturity
(In thousands)
2006
1 to 6 months
$
6 months
and more
$
Total
$
1
Fair value
Bond options
Written put options
Bond futures and swaps
Stock index futures
Stock index options
Written put options
Foreign exchange contracts
(94)
2,351
(3,085)
1,417
2,662
3,251
Notional amount
Bond options
Written put options
Stock index futures
Stock index options
Written put options
503,041
75,000
75,000
75,000
426,806
(413)
2,708
(935)
1,063
1,409
(18)
3,814
100,000
100,000
200,000
100,000
25,000
149,204
(1,751)
6,347
(2,139)
9,325
11,782
1,030,000
200,000
600,000
1,150,000
(2,164)
9,055
(3,074)
10,294
1,409
2,351
(3,085)
1,417
2,644
18,847
1,130,000
300,000
800,000
1,753,041
25,000
75,000
75,000
75,000
576,010
2005
1
Fair value
Bond options
Written put options
(8,541)
2,735
(773)
(1,780)
(8,359)
Notional amount
Bond options
Written put options
300,000
300,000
300,000
294,584
(32,506)
9,393
(509)
1
(1,484)
(25,105)
(41,047)
12,128
(1,282)
(1,779)
(1,484)
(33,464)
1,400,000
1,400,000
600,000
5,000
77,000
1,700,000
1,700,000
900,000
299,584
77,000
1. The net fair value of derivative financial instruments is $18.8 million (-$33.5 million in 2005). The fair value of instruments with positive
values is $31.8 million ($14.6 million in 2005) and is presented under Other investments, whereas those with negative values is $13 million
($48.1 million in 2005) and is presented under Accounts payable.
16
As at May 31, 2006 and 2005
5.
Other investments
(continued)
The notional value represents the determined theoretical value of the underlying principal of a
derivative, set only to serve as a reference for the application of an exchange rate, interest rate, stock
market price or market index value. The notional amount does not reflect the credit or market risk
inherent to the contracts. The credit risk relates to the possibility that the other party involved in the
transaction may not honour its commitments. The Fund reduces this risk by only dealing with
institutions that have a solid credit rating, such as defined in the financial asset management policy
approved by the Fund’s Board of Directors. The market risk relates to potential losses resulting from
interest rate, foreign exchange and stock market fluctuations. The Fund manages that risk by limiting its
use of derivative financial instruments mainly to preserve assets value, to facilitate changes in asset
allocation, to manage the index- linked portion of its portfolio, to facilitate portfolio management and
to enhance its yield within the limits of allowable risk.
Breakdown of fair value by sector1
(In thousands)
Shares and
units
$
Bonds
$
Money market
securities
$
3,909
360,219
216
776,967
314,521
1,621,553
539,611
68,566
192,948
269,289
100
1,625,462
899,830
68,782
969,915
583,910
1,091,704
2,691,967
364,228
4,147,899
14,283
20,155
2,597
686,075
222,237
1,626,879
517,438
81,777
224,661
283,544
131,803
139,827
1,641,162
537,593
84,374
1,042,539
645,608
910,909
2,734,299
306,068
3,951,276
Total
$
2006
Governments and
government agencies
Financial institutions
Technology
Manufacturing and primary
Services and tourism
2005
Governments and
government agencies
Financial institutions
Technology
Manufacturing and primary
Services and tourism
1. This breakdown does not take into account changes in asset breakdown resulting from derivative financial
instruments.
17
As at May 31, 2006 and 2005
6.
Securities loans
In the normal course of business, the Fund loans securities in order to generate additional revenues.
These loans are secured by guarantees or assets representing the minimum percentage prescribed by
applicable law or a percentage that may vary according to best practices. As at May 31, 2006 and 2005,
based on the securities loaned, this percentage was between 102% and 105%, and the fair value of all
loaned securities totalled $536 million ($438 million in 2005).
7.
Capital assets
(In thousands)
Cost
$
Accumulated
amortization
$
Net book
value
$
66,767
16,168
7,420
16,181
6,609
11,636
4,753
14,478
60,158
4,532
2,667
1,703
106,536
37,476
69,060
66,767
15,748
17,174
16,922
4,801
10,220
14,937
14,853
61,966
5,528
2,237
2,069
116,611
44,811
71,800
2006
Buildings
2005
Buildings
The net book value of the portion of buildings held for rental amounts to $27.1 million ($27.9 million in
2005).
8.
Loans
Interest on loans is determined based on the rate of return of Other investments. These loans are
renewable monthly and repayable on demand. The fair value of these loans, issued mainly to related
real estate companies, corresponds to their book value. The interest rate is 4.5% (5.25% in 2005).
In addition, the Fund has credit facilities amounting to $40.5 million ($30.7 million in 2005) bearing
interest at prime and renewable annually. As at May 31, 2006 and 2005 these facilities had not been
used.
18
As at May 31, 2006 and 2005
9.
Net assets
Share capital
Authorized
Class A shares
Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable
and non-transferable unless approved by a resolution of the Board of Directors.
Class A shares, Series 1 and 2, can be exchanged for shares of another series and rank pari passu.
However, Class A shares, Series 1, may only be issued to an individual requesting their transfer to a
trustee under a registered retirement savings plan.
Class G shares
Unlimited number of Class G shares, without par value, non-voting, without dividends, non-transferable
and non-redeemable. In the event of a deficit, the Class G shareholders have priority in assuming the
deficit up to the amount of the consideration paid for such shares; and, in the event of a dissolution,
liquidation or any distribution in whole or in part of the assets of the Fund, these shares grant their
holders the right to be reimbursed after all the Class A shareholders have been reimbursed.
Class B shares
Unlimited number of Class B shares, without par value, non-voting, non-participating, entitled to a
preferential dividend at the rate determined by the Board of Directors. In the event of liquidation, the
Class B shares rank prior to Class A and G shares.
Subscribed capital
Subscribed capital represents money cashed but for which no Class A share can be issued in
consideration pursuant to the Fund’s purchase-by-agreement policy. These Class A shares will be issued
at the moment provided in the policy at the share price in effect at that date.
Terms of redemption
Class A shares are generally redeemable only in cases where a shareholder who has purchased the shares
from the Fund reaches the age of 55 and avails himself of his right to an early retirement or has reached
65 years of age. The redemption price is determined semi-annually based on the value of the Fund.
Shareholders may also withdraw their initial investment in the Fund within 60 days of the contribution
date or the date of the first payroll deduction. This withdrawal, however, will cancel the right to the tax
credit.
The Fund can redeem Class A shares only in cases provided under the purchase-by-agreement policy
voted by the Board of Directors and approved by the Minister of Finance.
19
As at May 31, 2006 and 2005
9.
Net assets (continued)
Issued and paid-up capital and transfer
At the annual shareholders’ meeting held on November 8, 2003, the shareholders voted to ratify
Regulation No. 68 allowing directors, by simple resolution, to increase or decrease the amount of issued
and paid -up capital on outstanding Series 1 Class A shares and to use any contributed surplus to
eliminate or reduce the deficit.
On May 21, 2004, the Board of Directors approved a resolution to reduce the issued and paid-up capital
on Series 1 Class A shares by an amount of $500 million through a transfer to contributed surplus. A
transfer of $164.8 million was then made from contributed surplus to eliminate the deficit.
During the year, the Board of Directors approved resolutions to increase the issued and paid-up capital
on Series 1 Class A shares by $80 million ($195 million in 2005) through a transfer from retained
earnings.
As at May 31, 2006, the Fund had transferred an aggregate of $1,024 million from retained earnings to
issued and paid-up capital.
20
As at May 31, 2006 and 2005
9.
Net assets (continued)
Share Capital
Issued
Subscribed
Class A
Series 1
(In thousands)
Number
Class G
Series 2
$
Number
Total
Class A
Number
$
and $
$
$
20,125
-
5,681,841
2006
Share issues *
261,271
5,589,051
3,574
72,665
26,559
602,744
491
11,061
613,805 *
Share subscriptions
Share redemptions
346
(302,992)
(353)
(7,237)
12,483
299,752
138
3,824
-
346
303,922
Transfers
Net change
346
(14,076)
(310,229)
80,000
80,000
12,483
379,752
138
3,824
-
346
383,922
273,754
5,968,803
3,712
76,489
20,125
346
6,065,763
240,637
4,940,648
3,309
66,598
20,125
2005
Share issues *
32,167
694,408
560
12,046
Share redemptions
(11,533)
(241,005)
(295)
(5,979)
20,634
453,403
265
6,067
20,125
Transfers
Net change
5,027,371
706,454 *
(246,984)
195,000
459,470
195,000
20,634
648,403
265
6,067
261,271
5,589,051
3,574
72,665
654,470
5,681,841
* Issues include $605,974,000 ($700,000,000 in 2005) in shares qualifying for tax credits, thus respecting the imposed limit (see Note 1), and
$7,831,000 ($6,454,000 in 2005) in shares issued mainly to replace shares redeemed under the Home Buyers' Plan (HBP).
Contributed surplus
The contributed surplus results from the reduction of the issued and paid-up capital and from the
excess of the average value of share capital over the redemption price.
10.
Contingencies
In the normal course of business, the Fund is party to claims and litigations. The Fund provisions for
such eventualities when necessary. Management believes that the potential liability, net of the
provisions accounted for, if any, will not have any material adverse effect on the Fund’s financial
position.
21
As at May 31, 2006 and 2005
11.
Operating expenses
(In thousands)
Salaries and benefits
Occupancy expenses and rent
Advertising and information
Professional fees
Management fees
Travel and entertainment
Stationery and office supplies
Fees and other income
Rental income
Capital tax
Amortization of information systems development
Amortization of other capital assets
2006
$
2005
$
65,179
9,888
8,879
7,771
8,550
3,189
2,775
(4,861)
(3,257)
4,782
2,584
4,473
58,606
10,502
8,964
8,619
7,084
2,938
2,848
(5,109)
(3,178)
8,111
1,454
4,368
109,952
105,207
Interest on loans amounting to $3.3 million ($1.8 million in 2005) is recorded against interest revenue
and capitalized to loans.
12.
Income taxes
(In thousands)
Current
Future
Income taxes are as follows:
22
2006
$
2005
9,373
(6,937)
16,556
(4,871)
2,436
11,685
$
As at May 31, 2006 and 2005
12.
Income taxes
(continued)
The above income taxes are different from the amounts that would be obtained by applying the
combined basic tax rate (federal and provincial) to earnings before income taxes and minority interest.
The difference is explained as follows:
(In thousands)
Income taxes based on combined income tax rate of 45.1% (44.7% in 2005)
Non-taxable dividends
Capital gain or loss and change in unrealized appreciation or depreciation
Additional provincial income taxes
Rate difference and non-deductible (non taxable) portion
Refundable federal tax
Provincial tax deduction
Refundable dividend tax on hand
Large corporations tax
Other items
2006
$
2005
$
165,897
(13,315)
125,633
(15,994)
16,918
(89,309)
(43,648)
(21,342)
(17,177)
3,000
1,412
12,957
(57,653)
(26,972)
(14,323)
(20,403)
5,200
3,240
2,436
11,685
2006
$
180
9,165
2005
$
388
2,020
9,345
2,408
Sources of future income tax assets are as follows:
(In thousands)
Capital assets
Investments and other
At the federal level, the Fund is taxed according to the rules for mutual fund corporations. Income tax paid
on capital gains are recoverable following share redemptions or an increase in paid -up capital when a portion
of retained earnings is transferred to issued and paid -up capital. The balance of this tax paid on capital
gains amounting to $7.4 million ($- in 2005) is included in Accounts receivable and other assets.
As a private company, the Fund is eligible for the refundable dividend tax on hand (RDTOH). The RDTOH
is recoverable by the Fund as a result of the increase in paid-up capital through transfers of a portion of
retained earnings. Of the tax amount of $30.3 million ($62.8 million in 2005), $26.7 million
($62.8 million in 2005) was applied to reduce the income taxes following transfers approved by the
Board of Directors during the year to recover this tax. The balance is included in Accounts receivable
and other assets.
23
As at May 31, 2006 and 2005
13.
Employee future benefits
On January 1, 2001, the Fund implemented funded and unfunded defined benefit pension plans, which
guarantee most of its employees pension benefits. These defined benefit pension plans are based on
years of service and average annual salary. The average annual salary represents the average annual
salary over 36 months of consecutive service, which results in the highest average.
Also, since July 1, 2003, the Fund has had an optional personal insurance plan for retire d employees.
The accrued benefit obligation of these plans as determined by independent actuaries and the fair value
of the plan assets are as at March 31, 2006. The most recent actuarial valuation of the pension plans for
funding purposes was on January 1, 2004 and the next valuation will take place on January 1, 2007.
Information about the plans is as follows:
2006
Pension
$
(In thousands)
2005
Plans
Insurance
$
Pension
$
Insurance
$
Accrued benefit obligation
Current service cost
Interest cost
Benefits paid
Past service cost
Actuarial loss
34,049
10,513
2,190
(1,407)
23
808
1,361
119
85
(4)
180
573
68
46,176
1,741
34,049
1,361
25,236
7,726
1,483
(969)
1,112
112
73
(4)
Plan assets
Employer contributions
Employee contributions
Benefits paid
Actual return on plan assets
26,522
3,097
5,855
(1,407)
3,853
37,920
4
(4)
-
19,493
2,597
3,915
(969)
1,486
26,522
4
(4)
-
Reconciliation of accrued benefit obligation
and plan assets
Funded status - deficit
Unamortized transitional obligation
Unamortized net actuarial loss
Unamortized past service cost
(8,256)
Accrued benefit liabilities
(4,704)
3,485
67
These accrued benefit liabilities are included in Accounts payable.
24
(1,741)
784
213
(7,527)
(744)
(2,884)
4,593
50
(1,361)
855
33
(473)
As at May 31, 2006 and 2005
13.
Employee future benefits (continued)
Additional information about the plan assets
Funded plan assets are held in trust and are allocated as follows :
Equity mutual funds
Bond mutual funds
Cash and other
2006
%
2005
%
59.5
39.9
0.6
100.0
59.5
39.7
0.8
100.0
Pension plan expense for the year are as follows:
2006
2005
Plans
(In thousands)
Current service cost net of employee contributions
Interest cost
Actual return on plan assets
Past service cost
Actuarial loss
Cost before adjustments to recognize the
long-term nature of employee future benefits
Difference between actual
and expected return on plan assets
Difference between actuarial loss recognized
and actual actuarial loss on accrued benefit obligation
Difference between amortization of past
service cost and actual plan amendments
Amortization of transitional obligation
Pension plan expense recognized
Pension
Insurance
Pension
$
$
$
$
4,658
2,190
(3,853)
23
808
119
85
3,811
1,483
(1,486)
112
73
180
573
68
3,826
384
4,381
253
246
1,867
(759)
Insurance
(180)
(17)
(438)
(68)
6
1,091
71
(109)
(186)
71
3
4,917
275
4,195
256
Cash payments for employee future benefits for 2006, which comprise contributions by the Fund to the
funded pension plans and amounts paid directly to members under the unfunded pensio ns totalled
$3.1 million ($2.6 million in 2005).
25
As at May 31, 2006 and 2005
13.
Employee future benefits (continued)
Significant actuarial assumptions
The significant actuarial assumptions used to determine the accrued benefit obligation and the benefit
plan expense are as follows:
2005
2006
Pension
%
Accrued benefit obligation
Rate at the end of year
Discount rate
Rate of compensation increase
Accrued benefit costs
Rate at the end of the previous year
Discount rate
Expected rate of return on plan assets
Rate of compensation increase
Plans
Insurance
%
Pension
%
Insurance
%
5.2
3.5
5.2
5.7 and 5.2
3.5
5.7
5.7 and 5.2
6.5
3.5
5.7
5.7 and 5.5
6.5
3.5
6.0
The assumed health -care cost trend rates for medications and other services were 8% and 3%
respectively for 2006 (9% and 4% in 2005). The medication rate is assumed to decline to 5% in 2009
and remain steady thereafter, while the cost of other health-care services should remain at 3%.
A one percentage point change in assumed health-care cost trend rates would have the following
effects:
Effect on plan costs
Effect on accrued benefit obligation
26
Change
+1%
$
-1%
$
58
467
(44)
(354)
As at May 31, 2006 and 2005
14.
Related party transactions
In the normal course of business, the Fund conducts transactions with related companies that are either
controlled or subject to significant influence by the Fund. Given the amount and nature of the Fund’s
investments, a substantial number of them are made in related companies. These transactions consist
predominantly of interest and dividend revenues on investments and certain operating expenses, mainly,
premiums paid under insurance plans.
The Fund, most of whose directors are elected by the QFL, paid the latter $1.3 million each year for the
years ended May 31, 2006 and 2005 under a protocol and agreements that call for compensation to be
paid for services rendered in respect of economic training, social audits, shareholder development, and
support and guidance of certain entities. These transactions are measured at the exchange amount,
which is the amount of consideration established and agreed to by the related parties.
The Fund incorporated the Fondation de la formation économique du Fonds de solidarité des travailleurs
du Québec (F.T.Q.) (the “Fondation”) under Part III of the Québec Companies Act and elects the members
of the Fondation’s board of directors. The Fund granted the Fondation a loan of $5 million at a variable,
contingent interest rate, with a fair value of $3.4 million ($3.2 million in 2005).
The Fund issued non-interest bearing loans of $20 million with a fair value of $17 million ($16.1 million
in 2005) to the two Fonds étudiant solidarité travail du Québec (FESTQ), related entities because the
Fund elects some of the officers jointly with the Government of Québec.
These loans are presented in the Balance Sheet under Accounts receivable and other assets.
15.
Comparative figures
Certain comparative figures have been reclassified to conform with the current year’s presentation.
16.
Additional information as at May 31, 2006
The consolidated schedule of investments at cost and the list of investments at cost made by the
specialty funds are available at the Fund’s head office, on its Web site and on SEDAR.
27
Consolidated schedule of investments at cost
As at May 31, 2006
!!
"#
$$$%
%
Auditors’ report on the consolidated schedule of
investments at cost
To the Directors of the
We have audited the consolidated schedule of investments at cost of the Fonds de solidarité des
travailleurs du Québec (F.T.Q.) as at May 31, 2006. This financial information is the responsibility of the
management of the Fonds de solidarité des travailleurs du Québec (F.T.Q.). Our responsibility is to
express an opinion on this financial information based on our audit.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Those
standards require that we plan and perform an audit to obtain reasonable assurance whether the financial
information is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial information. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial information.
In our opinion, this consolidated schedule presents fairly, in all material respects, the investments at cost
of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2006 in accordance with
Canadian generally accepted accounting principles.
June 20, 2006
As at May 31, 2006
(In thousands $)
Secured
Investments
Unsecured Investments
Year of
Initial
Investment
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Premier Tech ltée
Fonds de développement emploi-Montréal inc.
Fonds de revenu TransForce
Les Nordiques de Québec 1988, société en commandite
Société en commandite Capidem Québec enr.
Entreprises publiques québécoises à faible capitalisation
Investissements Mauricie-Bois-Francs-Drummond, société en
commandite
R.P.M. Tech inc.
Bestar inc.
Hyprescon inc.
Transat A.T. inc.
B.M.B. (Îles-de-la-Madeleine) inc.
Société en commandite Baseball Montréal
Société en commandite immobilière Solim
Denharco inc.
Polycor inc.
European Medical Ventures Fund S.C.A.
Groupe Datamark Systems inc.
Groupe Robert inc.
Le Devoir inc.
Société d'investissements Capimont enr., société en
commandite
Société en commandite immobilière Solim II
SOLIDE de la MRC d'Abitibi-Ouest
SSQ, Société d'assurance-vie inc.
Corporation Financière Brome inc.
Groupe Pierre Belvédère inc.
Investissements 3L (Laval-Laurentides-Lanaudière), société en
commandite
Labopharm inc.
SOLIDE de la MRC de Beauharnois-Salaberry
SOLIDE de la MRC de Lac-Saint-Jean-Est
SOLIDE de la MRC de Lotbinière
SOLIDE de la MRC de Roussillon
Château M.T. inc.
CryoCath Technologies inc.
HydroSerre Mirabel inc.
Icagen, inc.
Jonview Canada inc.
Les Mines Opinaca ltée
MethylGene inc.
Mines Virginia inc.
RESO Investissements inc.
Société en commandite de placements en logiciel Télésystème
SOLIDE de la MRC d'Abitibi
SOLIDE de la MRC de la Matapédia
SOLIDE de la MRC de la Mitis
SOLIDE de la MRC de la Nouvelle-Beauce
SOLIDE de la MRC de l'Amiante
SOLIDE de la MRC de Mékinac
SOLIDE de la MRC de Memphrémagog
SOLIDE de la MRC de Rouyn-Noranda
SOLIDE de la MRC de Témiscamingue
SOLIDE de la MRC des Basques
3552853 Canada inc. (Les Enductions Répulpables Rétec)
AMH Canada ltée
eNGENUITY Technologies inc.
Industry
Segment
Listed Shares
and Units
P
F
S
S
F
TI/M/P/S
8,329
F
M
M
M
S
S
S
R
M
P
TI
M
S
S
Loans and
Advances
Loans and
Advances
8,329
1,338
18,839
1
128
265,963
1,338
18,839
1
128
265,963
1
241
1,499
925
3,002
6,020
1,274
7,000
28,975
15,296
5,646
77
280
467
13,071
7,470
10,975
1,315
F
R
S
S
S
S
F
TI
S
S
S
S
S
TI
P
TI
S
P
TI
P
F
TI
S
S
S
S
S
S
S
S
S
S
M
M
TI
Unlisted Shares
and Units
10,000
60
25,000
29,413
2,834
391
10
6,100
4,901
1,700
61
16,056
10
92
180
125
3,000
4,638
3
2,018
447
3,156
163
16,650
186
1,251
5,291
169
40
112
25
375
370
250
40
10
10
823
418
1,166
Total
242
1,800
1
241
2,424
3,002
6,020
1,554
7,000
28,975
17,563
18,717
77
7,470
20,975
1,315
60
25,000
10
35,513
7,735
2,091
61
16,056
10
92
180
125
3,000
4,638
2,021
447
3,156
163
16,650
186
1,251
5,291
169
40
112
25
375
370
250
40
10
10
823
660
1,166
1 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
1996
1997
Gestion des infrastructures pour l'entretien G.I.E. Technologies
inc.
Gestion Renaud-Bray inc.
Glendyne inc.
Groupe Bocenor inc.
Groupe Solmax inc.
Les Vêtements de Sport Gildan inc.
Mines Richmont inc.
Roctest ltée
SOLIDE de la MRC d'Acton
SOLIDE de la MRC de Beauce-Sartigan
SOLIDE de la MRC de Bécancour
SOLIDE de la MRC de Bellechasse
SOLIDE de la MRC de Charlevoix
SOLIDE de la MRC de Charlevoix-Est
SOLIDE de la MRC de Coaticook
SOLIDE de la MRC de Desjardins
SOLIDE de la MRC de Francheville
SOLIDE de la MRC de la Côte-de-Beaupré
SOLIDE de la MRC de L'Islet
SOLIDE de la MRC de Maria-Chapdelaine
SOLIDE de la MRC de Maskinongé
SOLIDE de la MRC de Matane
SOLIDE de la MRC de Montmagny
SOLIDE de la MRC de Nicolet-Yamaska
SOLIDE de la MRC de Pontiac
SOLIDE de la MRC de Rimouski-Neigette
SOLIDE de la MRC de Sept-Rivières
SOLIDE de la MRC de Vallée-de-l'Or
SOLIDE de la MRC de Vaudreuil-Soulanges
SOLIDE de la MRC des Etchemins
SOLIDE de la MRC des Îles-de-la-Madeleine
SOLIDE de la MRC des Laurentides
SOLIDE de la MRC des Pays-d'en-haut
SOLIDE de la MRC du Haut-Saint-François
SOLIDE de la MRC du Haut-St-Maurice
SOLIDE de la MRC du Rocher-Percé
SOLIDE de la MRC du Val-Saint-François
SOLIDE de la MRC Le Centre-de-la-Mauricie
SOLIDE de Lévis
SOLIDE de Matagami
Stageline Scène Mobile inc.
Systèmes médicaux LMS inc.
9003-4349 Québec inc.(Mode Ézé Plus)
Biorthex inc.
Compositech inc.
Corporation GMAT Capital
Cowan Dynamics inc.
ESI Ecosystem International ltée
Fonds de capital de risque GeneChem Technologies, société en
commandite
Fonds d'investissement de Montréal (F.I.M.), société en
commandite
Gespro Technologies inc.
Graphisme Alpha Vision M.L. inc.
GSM Capital Limited Partnership
Hôtel du Havre inc.
ITF Technologies Optiques inc.
Les Mines McWatters inc.
Industry
Segment
TI
S
P
M
M
M
P
M
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
TI
M
TI
M
S
M
S
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
299
1
71
2,923
3,666
24,337
3,800
5,687
2,558
4,124
10
225
95
30
55
203
4
10
250
113
10
336
60
420
60
50
10
85
185
100
213
100
99
10
110
100
10
10
10
90
100
5
1,343
2,367
50
12,392
225
500
200
TI
6,823
R
TI
TI
TI
S
TI
P
2,170
1,676
120
200
Total
Loans and
Advances
299
2,924
3,737
24,337
3,800
5,687
2,558
4,124
10
225
95
30
55
203
4
10
250
113
10
336
60
420
60
50
10
85
185
100
213
100
99
10
110
100
10
10
10
90
100
5
1,343
2,367
50
12,392
225
500
120
400
6,823
52
2,222
1,676
80
1,571
18
3,791
4,787
80
1,571
18
3,791
3,444
1,343
2 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
1997
1998
Menuiserox inc.
Mines Aurizon ltée
Oxford Bioscience Partners II L.P.
Polyvalor, société en commandite
Précicast ltée
Préimpression Ad-Hoc - Le Groupe inc.
ProVance Technologies inc.
Réseau Telmatik inc.
Ressources minières Radisson inc.
Ross-Finlay 2000 inc.
Société de développement du magnésium, société en
commandite
SOLIDE Ahuntsic-Cartierville
SOLIDE Centre-Sud/Plateau Mont-Royal
SOLIDE Chibougamau
SOLIDE Côte-des-Neiges/Notre-Dame-de-Grâce
SOLIDE de la MRC d'Argenteuil
SOLIDE de la MRC D'Avignon
SOLIDE de la MRC de Bonaventure
SOLIDE de la MRC de Drummond
SOLIDE de la MRC de la Haute-Côte-Nord
SOLIDE de la MRC de la Jacques-Cartier
SOLIDE de la MRC de la Rivière-du-Nord
SOLIDE de la MRC de la Vallée-du-Richelieu
SOLIDE de la MRC de l'Île d'Orléans
SOLIDE de la MRC des Jardins-de-Napierville
SOLIDE de la MRC du Bas-Richelieu
SOLIDE de la MRC du Domaine-du-Roy
SOLIDE de la MRC du Fjord-du-Saguenay
SOLIDE de la MRC Les Maskoutains
SOLIDE de la Ville de Longueuil
SOLIDE de Laval
SOLIDE de Lebel-sur-Quévillon
SOLIDE de Mercier/Hochelaga-Maisonneuve
SOLIDE de Rosemont/Petite-Patrie
SOLIDE de Villeray/St-Michel/Parc-Extension
SOLIDE du Sud-Ouest de Montréal
SOLIDE Rivière-des-Prairies/Pointe-aux-Trembles
9058-2222 Québec inc. (Club Cap Natashquan)
9069-4654 Québec inc. (Supervac 2000)
ADF Industries Lourdes inc.
Air Saguenay (1980) inc.
Asia Equity Infrastructure Fund, L.P.
Beckwith Bemis inc.
BioArtificial Gel Technologies inc.
Biotechnologies ConjuChem inc.
Champions Consultants inc.
Complexe Hôtelier St-Jovite / Mont-Tremblant inc.
Concentrés Scientifiques Bélisle inc.
Concept Éco-Plein-Air Le Baluchon inc.
Consorcio TransMantaro S.A.
Corporation d'exploitation minière Globestar
Corporation Eatsleepmusic.com
Distributions Jacques-Cartier inc.
Exploration Azimut inc.
HQI Latin America ltd
Kemestrie inc.
Le Groupe Tecnum inc.
Le Holding Angelcare inc.
Industry
Segment
M
P
TI
TI
M
M
TI
S
P
P
M
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
M
M
S
S
M
TI
TI
S
S
M
S
S
P
TI
S
P
S
M
TI
S
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
Loans and
Advances
460
683
1,416
4,632
559
19
6,825
88
5,344
126
41
1,923
13,201
78
10
10
5
10
20
130
10
460
10
10
150
226
10
10
110
387
100
10
250
80
5
10
177
10
90
110
33
30
2,063
1,299
3,249
204
717
2,571
2,579
75
750
655
672
19,305
2,241
5,430
283
78
20,368
600
1,750
125
684
Total
15
486
756
253
460
683
1,416
4,632
647
19
12,169
126
41
1,923
13,201
10
10
5
10
20
130
10
460
10
10
150
226
10
10
110
387
100
10
250
80
5
10
177
10
90
110
111
30
2,063
1,503
3,249
717
2,571
2,579
90
750
655
672
21,546
486
5,430
361
756
20,368
600
2,003
809
3 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
1998
1999
Le Paradis des Orchidées inc.
Les Enceintes Acoustiques Unisson inc.
Librairie Ulysse inc.
Madelimer inc.
Manoir Richelieu, société en commandite
Minéraux Maudore ltée
Mines Dynacor inc.
Mode Avalanche inc.
MRT Robotique inc.
Multi-Ind Capital inc.
Niocan inc.
Pec Nord inc.
Pêcheries Vilo inc.
Société en commandite Soccrent 1
SOLIDE de la Basse Côte-Nord Kégaska-Blanc-Sablon
SOLIDE de la MRC de Minganie
SOLIDE de la MRC de Rivière-du-Loup
Tranzyme Pharma inc.
TSO3 inc.
Ultravia Aéro International inc.
9038-3944 Québec inc. (Portes et fenêtres Boréal)
A. & R. Belley inc.
Advitech inc.
Aeterna Zentaris inc.
Aurélium BioPharma inc.
Auto-Chem inc.
Aventures Norpaq inc.
Biovet inc.
Édifice Club Soda inc.
Fonderie Ouellet inc.
Foraction Chili inc.
FSTQ Australia PTY Limited
Gestion Lange inc.
Globale Géomatique inc.
Groupe Canexfor inc. et 2734-1197 Québec inc.
Harmonium International inc.
Kanada Polska Kabaty S.P. Z.O.O.
La Financière des Entreprises Culturelles (FIDEC), société en
commandite
Le Groupe Cambium inc.
Les Canneberges St-Augustin inc.
Les Placements G.M.R. Maltais inc.
Les systèmes de gestion Raymark Xpert inc.
Maison des Futailles, société en commandite
Manitoba Science & Technology Fund, Limited Partnership
Nolicam Location de camions inc.
Osisko Exploration ltée
Rémac innovateurs industriels inc.
Réseaux Simpler inc.
Ressources Metco inc.
SNF inc.
Société en commandite Foraction Chili
SOLIDE de la MRC des Collines-de-l'Outaouais
Soya Excel inc.
Systèmes Stekar inc.
Industry
Segment
P
M
S
M
S
P
P
M
S
S
P
M
P
F
F
F
S
S
S
TI
TI
M
M
S
TI
TI
TI
M
S
TI
S
M
S
S
M
TI
M
TI
R
S
M
P
S
TI
S
TI
S
P
M
TI
P
S
S
S
M
M
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
70
50
427
679
40,388
22
100
1,620
Loans and
Advances
1,064
412
54
319
6
2
77
371
300
15
1,539
1,511
1,666
10
10
10
6,287
6,300
775
13
392
1,904
57,000
318
3
1,462
376
2,403
230
150
200
65
200
1,304
7,526
390
14
319
13,923
81
338
69
758
2,897
4,000
242
345
9,525
23,723
1,000
488
256
85
375
84
310
32,369
320
16,000
8,357
195
100
1,250
338
500
4,000
95
200
9,000
10
68
Total
92
50
527
3,363
40,388
412
54
319
83
2
371
300
15
1,539
1,511
1,666
10
10
10
6,287
6,300
1,093
16
1,854
2,280
57,000
2,603
230
150
65
214
319
1,304
21,449
81
338
69
1,148
2,897
4,000
1,506
327
683
10,025
27,723
1,000
863
84
405
32,369
520
25,000
8,357
10
263
100
4 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
1999
2000
Targanta Thérapeutiques inc.
Tubes Images inc.
Ventilex inc.
2861-0467 Québec inc. (Notre Hôtel)
9052-0651 Québec inc. (Logistik 22)
Acier Picard inc.
Alfred Lamontagne inc.
Alliances ArtQuest International inc.
ARGO II : The Wireless-Internet Fund - Limited Partnership
Arpida ltd
Atelier d'usinage Quenneville inc.
Audisoft Technologie inc.
AVANCE Pharma inc.
Bioxel Pharma inc.
Cronus BioPharma inc.
De Marque inc.
Écono-Porte inc.
Ecopia Biosciences inc.
Elix inc.
Équipements récréatifs Jambette inc. et Gestion ParceQue inc.
Fonds de revenu Hélicoptères canadiens
GeminX Biotechnologies inc.
Génopole Premier Jour S.A.
Gentec Électro-Optique inc.
Gestion H. Dickner ltée
Gestion S.S.G. inc.
Groupe Riotel Hospitalité inc.
Groupe VR2 inc.
GTI V, société en commandite
ImPath Networks inc.
In Extremis Images inc.
Indra Ogronowa S.P. Z.O.O.
Industries Keystone (1970) ltée
Léger Marketing inc.
Les Ateliers B.G. inc.
Les Biotechnologies Atrium inc.
Les Consultants de l'Arctique inc.
Les entreprises Maska-Laforo inc.
Les Moules de Culture des îles inc.
Les Productions par ici inc.
Les Productions Phaneuf inc.
MSDS Solutions Fiches Signalétiques Intégrales inc.
Multicorpora R&D inc.
Multi-Portions inc.
Papiers Gaspésia, société en commandite
Philippe Day inc.
Placements Accu-Sol inc.
Planchers des Appalaches ltée
PureCell Technologies inc.
Réseau Gomedica inc.
Ressources Majescor inc.
Ressources Strateco inc.
Sarbakan inc.
Scierie Norbois inc.
Simard-Beaudry Construction inc.
Société en commandite GeneChem Thérapeutique
SOLIDE de la MRC de Caniapiscau
SOLIDE Ville-Marie
Systèmes Pran inc.
Industry
Segment
TI
TI
M
S
S
S
P
TI
TI
TI
M
TI
TI
TI
TI
S
M
TI
TI
M
S
TI
TI
TI
S
S
S
M
TI
TI
S
R
M
S
M
TI
S
M
P
S
S
TI
TI
M
M
S
S
M
TI
TI
P
P
TI
M
S
TI
S
S
M
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
Loans and
Advances
5,000
200
153
400
36
286
200
3,100
76
428
534
35
1,010
1,517
12,983
2,753
440
725
5,400
4,914
250
1,528
168
3,775
1,000
450
26,423
3,094
136
2,400
200
125
405
757
170
695
6
5,950
550
426
16
2,125
1,000
50
6,500
5,000
61
100
300
2,060
926
250
75,000
1
875
1
13,407
220
3,000
93
450
3,375
216
14,254
360
125
1,169
552
118
480
602
2,501
8,730
200
59
18,500
10
10
76
Total
5,000
753
36
362
628
534
35
5,627
12,983
2,753
440
725
5,400
4,914
250
1,528
168
3,775
1,000
450
26,423
3,094
136
3,157
370
125
1,100
6
5,950
550
426
16
2,125
1,000
50
19,907
220
8,000
61
193
750
2,060
926
250
78,375
216
14,255
1,235
125
1,170
552
118
480
661
21,001
8,730
10
10
276
5 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2000
2001
TGN Biotech inc.
Theratechnologies inc.
Turbo Images inc.
Visuel Corporation Canada inc.
Yamana Gold inc.
2639-1862 Québec inc. (Les Planchers de Bois Francs Wickham)
2880512 Canada inc. (Gestion Bio-Plex)
3812057 Canada inc. (Fruits & passion)
9019-8144 Québec inc. (Cinémaria)
9052-2756 Québec inc. (ProVance Technologies)
Aegera Thérapeutique inc.
Aéro Technique Canadien R.M. inc.
Atkins et frères inc.
Cactus Commerce inc.
Caméra E-Motion inc.
Cam-Trac Sag-Lac inc.
Capimont Technologies, société en commandite
Cardianove inc.
Cleyn & Tinker inc.
Corporation DataCom Wireless
GSM Capital Annex Fund, L.P.
Hôtel Carrefour St-Jérôme inc.
Impression Paragraph inc.
Interplast inc.
Investissement premières nations du Québec, société en
commandite
IPS Pharma inc.
Kruger Wayagamack inc.
Les Reboiseurs de la Péninsule inc.
Les Ressources Campbell inc.
Magistral Biotech inc.
Mirazed inc.
Nanox inc.
Novabrik International inc.
Novacap II, société en commandite
Novik inc.
Palmapor inc.
Partenaires MidCap
Pâtisserie Chevalier inc.
Pétoncles 2000 inc.
Pro Aviation inc.
Ressources MSV inc.
Ressources Sirios inc.
Ryshco Média inc.
SBV Venture Partners L.P.
Serres Jardins-Nature inc.
SIDEX, société en commandite
Société de gestion Trois-Trois-Trois inc.
Sofame Technologies inc.
SolaCom Technologies inc.
SOLIDE de la MRC de Joliette
SOLIDE de l'Ouest de la ville de Québec
T²C²/Bio2000, société en commandite
Tekna Systèmes Plasma inc.
Tomoye Corporation
Triotech Amusement inc.
Venture Coaches Fund LP
Industry
Segment
TI
TI
M
TI
P
M
TI
TI
S
TI
TI
S
M
TI
TI
S
TI
TI
M
TI
TI
S
M
M
F
TI
M
M
P
M
M
TI
S
S
M
P
S
M
M
S
P
P
S
TI
M
P
TI
M
TI
S
S
TI
M
TI
M
TI
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
Total
Loans and
Advances
2,000
2,000
1,391
190
409
351
495
1
17
75
250
4,000
500
176
1,000
150
338
5,298
2,532
6,678
5,399
948
350
488
2,397
1,391
159
190
250
351
400
95
1
17
75
250
3,000
150
176
1,000
300
5,298
2,157
6,678
5,150
948
1,000
350
125
38
25
375
249
350
488
1,650
1
747
860
1,958
60
11,000
50
1,722
98
483
2,100
900
14,204
150
6,975
1,000
33
307
410
242
154
883
64
667
127
500
6,292
278
15,000
350
730
1,250
3,000
10
5
7,159
550
100
3,651
680
250
124
860
1,959
11,000
110
1,722
98
483
2,100
1,310
14,204
242
304
6,975
1,883
97
307
667
127
500
6,292
278
15,000
350
730
4,250
10
5
7,159
680
800
224
3,651
6 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2002
2003
Atlantica Residential S.A.
Auvents Multiples (2002) inc.
Axcan Pharma inc.
BGT Biographic Technologies inc.
BioAxone Thérapeutique inc.
Diadem Digital inc.
Divertissements Séville inc.
DK-SPEC inc.
Dynapix Intelligence Imaging inc.
Enerkem Technologies inc.
FinTaxi, société en commandite
Focus Manufacture inc.
Fonds immobilier du Fonds de solidarité FTQ inc.
FRV Média inc.
Groupe Cathédra inc.
Groupe Star Suites inc.
Hydro Mobile inc.
Isumi Précision ltée
J. Y. Moreau Électrique inc.
Junex inc.
Les Croisières 2001 inc.
Les Industries Harnois inc.
Les machines Roger ltée
Les Pétroles C. Poirier inc.
MC2 Entertainment
Nstein Technologies inc.
Produits Intégrés Avior inc.
Réseaux Versatel inc.
S.G.D.L. Systèmes inc.
SAM Electron Technologies inc.
SiteBrand.com
SOLIDE de Gatineau
Technologies D-Box inc.
Technologies LTRIM inc.
Thermetco inc.
TLD (Canada) inc.
Topigen Pharmaceutiques inc.
TORR Canada inc.
Tricot Richelieu inc.
Usital Canada inc.
VIMAC Early Stage Fund L.P.
Wilson & Lafleur, limitée
2954-7490 Québec inc. (Excel Technologies)
3484734 Canada inc. (Les Pâtisseries de l'Outaouais)
9011-6641 Québec inc.
9020-2292 Québec inc. (Decacer)
9031-9898 Québec inc. (Micro Experts Canada)
9096-2952 Québec inc. (Magnov inc.)
ActivBiotics, Inc.
Allégorie Marketing
Ambrilia Biopharma inc.
Archemix Corp.
Bellerose Capital inc.
Biogentis inc.
Construction L.F.G. inc.
Corus Pharma, Inc.
Enobia Pharma inc.
Forage Eenou inc.
Forage Orbit inc.
Industry
Segment
R
M
TI
TI
TI
TI
S
M
TI
S
S
M
R
S
M
S
M
M
M
P
S
M
M
S
TI
TI
M
TI
TI
TI
TI
S
TI
TI
M
M
TI
TI
M
M
TI
S
M
M
S
M
TI
M
TI
TI
TI
TI
M
TI
S
TI
TI
P
P
Listed Shares
and Units
Unlisted Shares
and Units
2,616
100
9,743
Loans and
Advances
Loans and
Advances
725
22,110
69
3,000
700
3,300
1,250
6,800
367
1
2,400
3,750
219
200
4,195
250
1,500
27,200
208,177
600
100
92
488
2,500
58
200
487
100
12
200
33
330
760
23
6,005
8,000
1,300
1,250
6,000
1,500
750
500
938
7,889
1,500
134
10
66
3,302
1,800
1,667
1,500
900
7,400
4,284
500
2,000
300
10,331
625
71
1
1,858
1,833
300
403
77
94
285
2,210
137
32
82
300
376
1,201
75
5,220
78
179
1,705
5,600
110
138
Total
310
2,616
825
31,853
69
6,750
219
900
7,495
250
2,750
34,000
367
208,178
3,000
100
580
2,500
58
200
487
133
342
960
23
6,005
9,300
2,188
13,889
3,000
884
500
10
66
4,969
3,300
900
7,400
4,784
3,833
600
10,331
1,028
148
94
285
2,210
137
33
1,858
82
676
1,201
75
5,608
179
1,705
5,600
110
138
7 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2003
2004
Gestion Lancap (Canada) inc.
Golden Valley Mines ltée
Groupe C.D.P. inc. et Transport C.D.P. inc.
Groupe E.D.S. inc.
Guava Technologies, Inc.
Hexago inc.
IatroQuest Corporation
Joseph Ribkoff inc.
Le Fonds Entrepia Nord, s.e.c.
Le Groupe Logitrans inc.
Les Aliments 2000 inc.
Les Bouteilles Recyclées du Québec (B.R.Q.) inc.
Les Productions Horticoles Demers inc.
Les Productions Modulation inc.
Les Ressources minières Normabec ltée
Les Séchoirs Ste-Monique inc.
Les Vêtements Perlimpinpin inc.
Mafor inc.
Matamec Explorations inc.
Planchers Ancestral inc.
Renovis, Inc.
Ressources Métanor inc.
Ressources Plexmar inc.
SCP 89 inc.
Service de Pneus Lavoie Outaouais inc.
Solutions Originales inc.
Sonaca Amérique du Nord inc.
Stella-Jones inc.
Technologies Harfang inc.
Technologies Microbridge Canada inc.
TelcoBridges inc.
Tranzyme, inc.
U-Systems, Inc.
Vimac Milestone Medica Fund North L.P.
Vivavision inc.
3091779 Compagnie Nouvelle-Écosse (Laura Secord)
4262280 Canada inc.
4268822 Canada inc. (Astroflex)
9099-7768 Québec inc. (E.B.M. Laser)
9143-4423 Québec inc. (Gestion MSBI inc.)
Above Sécurité inc.
Aéroport International de Mont-Tremblant inc.
Alexis Minerals Corporation
Beaufield Consolidated Resources inc.
Biocean Novatech inc.
Blais & Langlois inc.
Bois B.S.L. Matane inc.
Champlain Capital Partners LP
CO2 Solution inc.
Construction C.D.P. inc.
Corporation Wavesat
Créa Biopharma inc.
Création VISU inc.
De Ball inc.
Distribution CMP MaGaDa International inc. et Production
Magada International inc.
Ébénisterie de la Chaudière inc.
Équipement et Outillage Côte-Nord inc.
Exploration Dios inc.
Industry
Segment
M
P
S
M
TI
TI
TI
M
TI
S
S
S
M
S
P
M
M
TI
P
M
TI
P
P
M
S
TI
M
M
TI
TI
TI
TI
TI
TI
TI
S
S
M
M
TI
TI
S
P
P
TI
S
M
S
TI
S
TI
TI
M
M
TI
M
S
P
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
3,000
530
Loans and
Advances
535
1,955
202
1,053
3,050
4,000
15,625
7,909
458
492
1,000
150
413
370
16
100
500
126
400
262
133
6
937
133
150
573
150
297
612
2,325
6,000
5,895
2,000
2,604
1,500
2
295
1,703
300
2,000
4,647
67
200
154
2,250
4,500
5,000
1,000
1,650
450
5,000
94
286
380
137
300
400
419
1,820
7,903
68
219
2,520
600
338
690
3,750
25
150
300
200
Total
3,530
535
1,955
202
1,053
3,050
4,000
15,625
7,909
458
492
1,000
563
370
16
937
233
500
276
973
262
133
156
297
612
2,325
10,500
10,895
3,000
2,604
3,150
2
295
1,703
750
7,000
4,647
67
294
154
2,250
286
680
137
400
419
1,820
7,903
68
219
2,520
338
1,290
3,750
545
340
545
150
325
540
8 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2004
2005
Fonds Brightspark II, s.e.c.
Fonds d'investissement en développement durable (FIDD), s.e.c.
Geo-3D inc.
Groupe de scieries G.D.S. inc.
Groupe LAR inc.
Groupe Plafolift inc.
GrowthWorks Atlantic ltd
Industries Perron inc.
Inotech Fabrication Normandin inc.
ISACSOFT inc.
KCLM Recherche en Nutrition inc.
La Petite Bretonne inc.
Le Groupe Blue Mountain Wallcoverings inc.
Le Groupe Cegerco inc.
Le Maître Saladier inc.
Les Biotechnologies Océanova inc.
Les Emballages Trium inc.
Les Gestions Gastier inc.
Les Industries Flexipak inc.
Les Industries Touch inc.
Les Jardins du Saguenay inc.
Lucien Senneville (2002) inc.
Maintenance Sept-îles inc.
Manac inc.
MasséNor inc.
Métal Bernard inc.
Niram-Fab inc.
Octasic inc.
Omni-Med.com inc.
ORTHOsoft inc.
Pétrolex St-Félicien inc.
Placements les Mélèzes inc.
Planteck inc.
Pourvoirie Mirage inc.
Quartz Industrie inc.
Rechapage Longue-Rive inc.
Sciences de la vie Bioniche inc.
Scierie Thomas-Louis Tremblay inc.
Service Alimentaire Desco inc.
Service sérigraphique professionnel S.S.P. inc.
Simpler Networks Corp.
Socater S.A.
TDM International inc.
TransMolecular, Inc.
Trencap, s.e.c.
Tuyauterie LG.4 inc.
Unitrail inc.
Vimac ESF Annex Fund L.P.
ViroChem Pharma inc.
Vision Villégiature inc.
Zeligsoft inc.
119803 Canada inc. (BMI Canada)
2947-5399 Québec inc. (Boutique Mobilité B-C)
2973-8648 Québec inc. (Le Groupe R.G.F.M.)
3149773 Canada inc. (Les Cafés Vittoria)
3523462 Canada inc. (Délices de la forêt)
9068-3848 Québec inc. (Les Productions Danse Sing)
9075-5349 Québec inc. (Fenêtres Météo)
9097-1599 Québec inc. (Groupe Calum)
Industry
Segment
TI
S
S
M
M
M
S
M
M
S
TI
M
M
S
M
TI
M
S
M
S
S
S
S
M
M
M
M
TI
TI
TI
S
M
TI
S
P
M
M
M
M
M
TI
M
M
TI
S
M
S
TI
TI
S
S
S
S
S
M
S
S
M
M
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
Loans and
Advances
1,543
1,285
79
10,001
6,558
4,000
3,000
76
1,500
146
500
4,257
10,000
166
10,000
50
1,242
1,000
350
225
13,000
2,625
183
833
640
2,250
256
910
192
225
127
12,500
894
1,368
210
4,800
1,000
2,000
500
390
255
240
250
415
173
126
12,000
750
175
293
4
112
250
872
132,250
1,350
888
250
78
275
1,194
4,000
300
1,250
208
193
650
1,700
500
183
187
231
Total
1,543
1,285
79
16,559
4,000
3,000
76
2,000
146
4,257
350
225
23,000
2,625
183
999
640
2,250
256
910
192
225
127
22,500
944
1,368
210
6,042
2,000
2,000
255
240
750
805
173
126
12,000
2,100
175
293
4
1,000
500
872
132,250
78
275
1,194
4,000
300
1,250
208
193
650
1,700
500
183
187
231
9 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2005
A.M. Pappas Life Science Ventures lll, L.P.
Accovia inc.
Adaly Opportunity Fund
Addenda Capital inc.
Advantech technique de pointe pour faisceaux hertziens inc.
Air Data inc.
Alex Pneu et Mécanique (Canada) inc.
Alexza Molecular Delivery Corp.
Allianz Madvac inc.
Alveolus Inc.
Amethyst Arbitrage Fund
Ani-Mat inc.
Asmacure ltée
Attraction Média inc.
Aupel inc. et Reliure Unirel inc.
Bioetik inc.
Bluestreak Network, inc.
Boulangerie Les Moulins La Fayette inc.
Bousquet Frères Limitée, B.M.B. Technologie du bâtiment inc.
et Technologies échangeurs gaz-air (TEGA) inc.
Bush Marine inc.
Camoplast inc.
Canadian Royalties inc.
Centre d'équipement orthopédique St-Eustache inc.
Château Bonne Entente inc.
Colorex inc. et 171279 Canada inc.
Conception Technic inc.
Corporation Nuvolt inc.
Entretien M. Perron inc.
Epic Limited Partnership
Everton Resources inc.
Excavation Michel Paradis inc.
Exploration Fieldex inc.
Ferox inc.
FIER Partenaires, société en commandite
Fondrinor inc.
Fonds d'investissement MSBI, société en commandite
Fruit d'Or inc.
Garage Redmond inc.
Genizon Biosciences inc.
Gestion Pro-Conversion inc.
Gomark Corp.
Gro-Mec inc.
Groupe C.N.P. inc.
Groupe Canatal inc.
Groupe de mode Inizio inc.
Groupe Lachar inc.
Groupe Qualinet inc.
GVGS inc.
Industrie Bois Lamontagne inc.
Industries Lignico inc.
IR Photonique inc.
Jemekk Long Short Fund Limited Partnership
Jeux Alary inc.
KAI Pharmaceuticals Inc.
Lajoie Réfrigération inc.
Le Fonds Goodwood
Les Brosses Lacasse inc.
Les Entreprises d'hôtellerie Duquette inc.
Industry
Segment
TI
TI
S
S
TI
TI
M
TI
M
TI
S
M
TI
TI
M
M
TI
M
M
M
M
P
S
S
M
M
M
S
S
P
S
P
M
F
M
TI
M
S
TI
M
M
S
M
M
M
TI
S
S
M
S
TI
S
S
TI
S
S
M
S
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
2,670
1,487
1,800
2,000
12,112
1,000
1,000
12,844
750
758
783
1,200
2,005
2,125
7,800
467
500
750
269
150
1
250
310
1,000
500
32,950
500
3,200
380
331
170
300
500
738
1,500
77
271
100
250
727
173
460
482
245
4,750
561
1,501
200
202
595
1,500
2,125
300
500
481
328
479
100
2,500
1,000
393
1,050
125
1,603
397
103
Total
Loans and
Advances
2,670
3,487
1,800
12,112
12,844
1,750
1,758
783
9,000
2,005
2,125
467
500
750
269
150
1
560
1,000
500
32,950
500
380
3,531
170
300
500
738
1,500
77
271
100
250
727
173
460
482
245
4,750
561
202
595
1,500
3,626
300
500
481
528
479
100
2,500
1,000
393
1,050
125
1,603
397
103
10 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2005
2006
Les entreprises Léo Leblanc & fils inc.
Les Pétroles Paul Larouche inc.
Les Réseaux Accedian inc.
Load Systems International inc.
LxSix Photoniques inc.
M.G.B. Électrique inc. et Gestion M.G.B. inc.
Mako Surgical Corp.
Marret High Yield Hedge Limited Partnership
Martin inc.
Mecachrome international inc.
Média Groupe inc.
Metro inc.
Microbridge Technologies Corp.
Motorisés Star Suites inc.
Motrec inc.
Papiers Domco inc. et 9115-1589 Québec inc.
Parkwood Limited Partnership Fund
Pharmesset Inc.
Plastiques Secco inc.
Prochaps équipement équestre inc.
Prophagia inc.
ProQuest Investments - Fund III
Recy-Clone inc.
Replidyne Inc.
RHO Fund Investors 2005, L.P.
Rosseau Société en commandite
S.R.A.D. Communications inc. (and others)
Saegis Pharmaceuticals Inc.
Savard Ortho confort inc. et Gestion Anira inc.
Serti informatique inc.
Servotech B.V.
Ski-Mode Bernard Trottier inc.
Société en commandite Gladiator
SOLIDE de la MRC de d'Autray
SOLIDE du Centre de la ville de Québec
Spécialités chimiques Syntetica inc.
Sprott Opportunities Hedge Fund
Stedfast inc.
Stornoway Recovery Fund
Structures AmeriCan Industries inc.
Système de Rechapage Ardon Canada inc.
Targanta Thérapeutiques Corporation
Technologie Bluestreak (Canada) inc.
Technologies Positron inc
Toon Boom Animation inc.
Topocom Technologie inc. et Asselin et Asselin, S.N.C.
Transformateur Bemag inc.
VersaDrill Canada inc.
Vertex Fund
Waterfall Vanilla LP
Woodruff Capital Management inc.
2023671 Ontario inc. (Acier Pointe-Claire)
6550568 Canada inc. (ConjuchemBio)
9118-5066 Québec inc. (Atelier Val d'Or)
Biosyntech, inc.
Bois B.S.L. Énergie inc.
Capital Financière Agricole inc.
Centre de transformation de véhicules Lanaudière inc.
Corporation EEDO Knowledgeware
Industry
Segment
S
S
TI
M
TI
M
TI
S
S
M
S
S
TI
S
M
M
S
TI
M
M
TI
TI
M
TI
S
S
S
TI
M
S
R
S
S
S
S
M
S
M
S
M
M
TI
TI
M
TI
S
M
M
S
S
P
M
TI
M
TI
M
S
M
M
Listed Shares
and Units
Unlisted Shares
and Units
Loans and
Advances
Loans and
Advances
311
264
2,347
400
4,877
303
1,317
1,800
280
15,000
1,000
1,000
99,930
2
424
245
87
1,100
2,063
137
250
300
4,459
150
1,850
386
997
280
1,211
1,000
1,250
400
288
508
3,750
10
10
350
1,250
975
750
190
2
2,706
8,000
100
250
326
859
179
217
200
1,506
1,000
150
4,500
1
540
4,000
650
1,400
215
500
Total
859
311
264
2,347
400
4,877
303
1,317
1,800
280
15,000
2,000
99,930
2
424
245
87
1,100
2,063
137
250
300
4,459
150
1,850
386
997
280
1,211
400
288
508
4,750
1,250
10
10
350
1,250
975
750
250
516
2
4,424
8,000
100
179
217
200
1,506
1,000
150
4,500
1
540
4,000
650
1,400
215
500
11 of 12
As at May 31, 2006
(In thousands $)
Secured
Investments
Year of
Initial
Investment
2006
Corporation minière Rocmec inc.
CVC / RDS inc. et 9136-7748 Québec inc.
Dismed inc.
Éditions FICC s.e.n.c. (Viamédias)
Emerald Canadian Equity Market Neutral Fund
Entreprises SMD ltée
Équipements Comact inc.
Équipements d'incendie Levasseur inc.
Estrimont Suites & Spa Orford inc. et 2850-1799 Québec inc.
Europe Cosmétiques inc. et Europelab inc. et 4190777 Canada
inc.
Excavation René St-Pierre inc.
Fonds ID s.e.c.
Fonds Propulsion lll s.e.c.
Garage Technologie Capital-Risque Canada, s.e.c.
Gestion C.I.A. inc. et Centre d'Informatique Abitibi inc.
Innodia inc.
Les Aciers Blais Québec inc.
Les armoires de cuisines Denis Couture (2002) inc.
Les Produits pharmaceutiques Ulysses inc.
LODH Opus Canadian Long/Short Equity Pooled Fund
Médical Resonant inc.
Oxygène Dolbeau inc.
OZ (USA), inc.
Oz Communications inc.
Promobois G.D.S. inc.
Réfrigération Noël inc. et 2422-8827 Québec inc.
Remises Réal Lamontagne inc.
Remorque Leblanc inc.
Rho Canada Capital de Risque, s.e.c.
Signalisation de l'Estrie inc.
Silverstar Holdings ltd
Société en commandite Agechem
Spinal Kinetics Inc.
Superior Diamonds inc.
13 general partners of limited partnerships
Total
Industry
Segment
Listed Shares
and Units
P
M
S
TI
S
S
M
M
S
S
S
TI
TI
S
S
TI
M
M
TI
S
TI
M
TI
TI
M
S
M
S
TI
S
TI
TI
TI
P
S
Unlisted Shares
and Units
Loans and
Advances
Total
Loans and
Advances
200
350
3,352
100
2,500
3,500
500
200
350
3,352
175
2,500
3,500
3,500
300
300
75
3,000
300
300
496
496
500
1,000
200
400
300
1,500
6,000
350
500
1,000
1,172
500
1
785
1,000
483
483
250
1,930
750
66
1,000
1,825
150
2
500
1,000
200
400
3,000
300
1,500
3,000
350
500
1,000
1,172
500
1
785
1,000
483
483
250
1,930
750
66
1,000
1,825
150
2
571,078
1,148,475
727,252
39,508
2,486,313
This consolidated schedule of investments at a total cost of $2,486,313,000 itemizes by company the amounts invested by the Fonds de solidarité des travailleurs du Québec
(F.T.Q.). This amount appears in Note 4 to the consolidated financial statements as at May 31, 2006.
Industry segment legend :
F: Local funds
R: Real estate
M: Manufacturing (lumber and paper, food and beverage, steel, textile and other)
P: Primary
S: Services/tourism
TI: Technology investments (technology and data processing, telecommunications, life sciences and bio-food industry)
12 of 12
List of investments at cost made by the specialty funds (unaudited)
As at May 31, 2006
As at May 31, 2006
(In thousands)
Information from annual
financial report dated
12-31-05
Société de développement du magnésium,
Equity interest
of the Fonds
%
12-31-05
Argo II : The Wireless-Internet Fund Limited Partnership
12snap A.G.
Amperion, inc.
ArgNor Wireless Ventures B.V.
Birdstep Technology ASA
Bytemobile, inc.
Calypso Wireless, inc.
Casero, inc.
Chinatron Group Holdings ltd
Digital Bridges ltd
Empower Interactive Group ltd
inCode Telecom Group, inc.
Innotech Industries ltd
IPeria, inc.
Narad Networks, inc.
NT Cubed ltd
Nuera Communications, inc.
OnMobile Systems, inc.
Q-go.com B.V.
RV Technology ltd
SurfKitchen, inc.
Sylantro Systems Corporation
uReach Technologies, inc.
Volubill S.A.
World Wide Packets, inc.
Société en commandite GeneChem Thérapeutique
Aégera Thérapeutique inc.
Ambit Biosciences Corp.
Argos Therapeutics, inc.
Avalon Pharmaceuticals, inc.
BioVex ltd
Celmed BioSciences inc.
Cyclacel ltd
Koronis Pharmaceuticals, inc.
Lymphosign inc.
Osprey Pharmaceuticals ltd
Paratek Pharmaceuticals, inc.
Scion Pharmaceuticals, inc.
Targeted Molecules Corporation
Xanthus Life Sciences inc.
Loans and
advances
$
Total
$
82
82
-
82
82
33.3
société en commandite
9154-7265 Québec inc. (before Intermag-Modelex inc.)
12-31-05
Shares
and units
$
3.7
9,724
289
16,566
232
9,382
40
4,176
13,252
20,552
8,497
268
577
11,824
10,456
38,866
3,772
12,768
4,877
462
5,961
5,220
12,722
7,977
10,013
208,473
4,166
4,166
9,724
289
16,566
232
9,382
40
4,176
17,418
20,552
8,497
268
577
11,824
10,456
38,866
3,772
12,768
4,877
462
5,961
5,220
12,722
7,977
10,013
212,639
11.0
3,011
3,626
3,133
6,652
6,869
4,893
5,521
4,492
5,500
3,055
4,784
3,538
3,213
3,276
61,563
1,600
260
1,149
793
3,802
4,611
3,626
3,393
6,652
6,869
4,893
5,521
4,492
5,500
3,055
4,784
4,687
4,006
3,276
65,365
1 of 5
As at May 31, 2006
(In thousands)
12-31-05
03-31-06
12-31-05
12-31-05
Novacap II, société en commandite
Corporation de développement MCL inc.
Corporation de Développement Tradition inc.
Corporation Développement Knowlton inc.
Dense Optique inc.
Développement Demers Ambulances inc.
Groupe Coractive inc.
Groupe Royal Mat inc.
Holding LiquidXstream inc.
Intelligent Photonics Control Corp.
Les Systèmes LiquidXstream inc.
Octasic inc.
Pneumat inc.
Royal Mat inc.
Ryma Solutions Technologiques inc.
Scies B.G.R. inc.
Seaway Networks Delaware inc.
Tenrox inc.
ViXS Systems inc.
SIDEX, société en commandite
Canadian mining companies securities
VIMAC Early Stage Fund L.P.
Atlantis Components, inc.
Datacom Wireless Corporation
GEOCOMtms, inc.
iMPath Networks inc.
Kubi Software, inc.
Megawheels Technologies, inc.
MessageOne inc.
Natural Convergence, inc.
Net Integration Technologies inc.
Seniorlink inc.
Signiant, inc.
Spectalis Corp.
TKS, inc.
webHancer Corporation
Le Fonds Entrepia Nord, s.e.c.
Aura Communications Technology, inc.
Business Search Technologies Corp.
Corporation Réseaux VoiceAge
HelloSoft, inc.
Les Technologies Terrascale inc.
Net Intégration Technologies (Québec) inc.
NetContinuum, inc.
SolVision inc.
StrataLight Communications, inc.
World Wide Packets, inc.
Equity interest
of the Fonds
%
Shares
and units
$
Loans and
advances
$
970
11,250
3,680
36,426
2,250
7,033
5
Total
$
9.6
2,987
2,594
921
4,578
6,819
42,563
70,179
37,396
13,500
10,713
5
4,644
2,000
14,730
100
264
861
8,730
1,500
400
2,987
2,594
921
4,578
6,819
112,742
17,853
17,853
100
100
17,953
17,953
4,644
2,000
680
100
1,340
14,050
264
861
7,390
1,500
400
30.0
9,4
7,173
1,601
2,325
951
3,655
4,105
1,679
3,448
574
4,424
4,646
3,082
8,815
1,556
48,034
50
101
2,107
491
622
3,371
7,173
1,601
2,325
1,001
3,655
4,105
1,679
3,549
574
6,531
4,646
3,082
9,306
2,178
51,405
36.2
1,385
312
1,382
1,039
1,629
1,423
2,036
1,385
2,106
12,697
92
156
693
941
1,477
312
1,382
1,039
1,785
693
1,423
2,036
1,385
2,106
13,638
2 of 5
As at May 31, 2006
(In thousands)
05-31-05
Fonds d'investissement MSBI, société en commandite
Callio Technologies inc.
CarboPur Technologies inc.
DFT MicroSystems inc.
Médical Resonant inc.
MOXXI Medical inc.
Réflex Photonique inc.
Silk Displays inc.
SiXtron Matériaux avancés inc.
Equity interest
of the Fonds
%
Shares
and units
$
12-31-05
ProQuest Investments - Fund III
Cadence Pharmaceuticals, inc.
Cytogen Corporation
Gloucester Pharmaceuticals inc.
Mersana Therapeutics, inc.
Novadel Pharma, inc.
Palkion, inc.
Sopherion Therapeutics, inc.
FIER Partenaires, société en commandite
Fonds Propulsion III s.e.c.
Total
$
32.0
527
587
181
145
1,440
527
1,098
779
851
665
587
181
145
4,833
7,076
5,723
6,051
3,789
4,485
148
5,829
33,101
-
7,076
5,723
6,051
3,789
4,485
148
5,829
33,101
200
200
-
200
200
1,098
779
851
665
3,393
12-31-05
Loans and
advances
$
5.0
27.8
A.M. Pappas Life Science Ventures lll, L.P.
First fiscal year
16.0
Garage Technologie Capital Risque Canada, s.e.c.
First fiscal year
40.0
La Fiducie d'économie sociale
First fiscal year
RHO Fund Investors 2005, L.P.
First fiscal year
Société en commandite Agechem
First fiscal year
3.3
26.7
3 of 5
As at May 31, 2006
(In thousands)
03-31-06
03-31-06
Equity interest
of the Fonds
%
Société en commandite immobilière Solim
99.9
C.C.L. II Société en commandite
C.C.L. Société en commandite
Centre de ressources du Parc Technologique du Québec Métropolitain inc.
Société en commandite Alphonse T. Lépine
Société en commandite Claude Baillif
Société en commandite de La Dauversière
Société en commandite Édifice 255 St-Jacques
Société en commandite Édifice 261 St-Jacques
Société en commandite Émilie-Gamelin
Société en commandite Godefroy de Lintôt
Société en commandite Inspecteur-William
Société en commandite Les Tours des terrasses du Golf
Société en commandite Les Tours des Terrasses du Golf Phase ll
Société en commandite Milton
Société en commandite Place Dunant
Terrains de stationnement de Montréal
Total funds disbursed by the Partnership for these investments is $ 29,228,162.
Société en commandite immobilière Solim II
99.9
Hôtel Particulier : Le Ste-Hélène, société en commandite
Immeuble 9001 L'Acadie, Société en commandite
Société en commandite 75 boulevard Québec
Société en commandite Cavelier de LaSalle
Société en commandite CDTI de Hull
Société en commandite Daniel Palmer
Société en commandite du 1400
Société en commandite Mansfield
Société en commandite RMI
Trois A, Société en commandite
Share in real estate
property and property
under development
$
1,573
1,306
2,975
1,729
3,511
6,551
968
2,108
641
513
2,960
226
157
1,985
2,704
5,871
35,778
2,371
11,327
1,006
6,198
1,458
686
1,802
2,047
216
2,718
29,829
Total funds disbursed by the Partnership for these investments is $15,262,420.
4 of 5
As at May 31, 2006
(In thousands)
03-31-06
Equity interest
of the Fonds
%
Fonds immobilier du Fonds de solidarité FTQ inc.
Bio Sherbrooke Phase 1 s.e.c.
Brossard-sur-le-Fleuve s.e.c.
Centre de développement des Biotechnologies de Laval s.e.c.
Condominiums Le George V s.e.c.
Côte de Terrebonne s.e.c.
Développements Wilfrid-Carrier s.e.c.
Montée des Pionniers Phase I s.e.c.
Montée des Pionniers Phase II s.e.c.
Société en commandite 1111 Saint-Laurent
Société en commandite Angus s.e.c. Phase I
Société en commandite Angus s.e.c. Phase II
Société en commandite Bourassa-Pelletier
Société en commandite Château Hymus
Société en commandite Clairevue
Société en commandite CVL
Société en commandite Daniel Palmer
Société en commandite Édifice Le Soleil
Société en commandite Héritage Pointe-Claire
Société en commandite Laurin / St-Louis
Société en commandite Laurin / St-Louis Phase I
Société en commandite Sanctuaire de la Rive
Société en commandite Viau Ontario
Share in real estate
property and property
under development
$
100.0
12,967
3,841
16,857
2,619
2,465
6,976
1,108
4,021
2,711
179
34,519
19,185
7,634
1,541
2,868
9,015
23,728
16,754
5,869
12,501
2,464
3,079
192,901
This unaudited list provides details of the investments made by the specialty funds in which the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) has invested more than $10,000,000 and which are not consolidated in the consolidated schedule of investments at cost .
5 of 5

dct de travail Anglais Financial Statements au 31_05_06-E.…

Transcription

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