Complete financial report

Transcription

FINANCIAL STATEMENTS
As at May 31, 2013 and 2012
INDEPENDENT AUDITORS’ REPORT
To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise
the balance sheets as at May 31, 2013 and 2012, and the statements of operations, changes in net assets and cash flows for the years
then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian
generally accepted accounting principles, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
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 comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the
entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des
travailleurs du Québec (F.T.Q.) as at May 31, 2013 and 2012 and the results of its operations and its cash flows for the years then
ended in accordance with Canadian generally accepted accounting principles.
2
-----------------------1
CPA auditor, CA, public accountancy permit No. A105976
----------------------2
Montréal, June 27, 2013
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
1
BALANCE SHEETS
AS AT MAY 31
2013
2012
Development capital investments (Note 4)
5,298,843
4,918,765
Other investments (Note 5)
4,370,186
4,123,020
689,183
656,836
(In thousands $, except net assets per share)
Assets
Accounts receivable and other assets (Note 8)
Cash
9,172
13,789
62,609
61,076
4,971
93
10,434,964
9,773,579
Notes (Note 10)
396,601
428,544
Accounts payable and other liabilities (Note 12)
735,199
816,434
1,864
3,913
1,133,664
1,248,891
9,301,300
8,524,688
332,441
320,629
27.98
26.59
Capital assets (Note 9)
Income taxes
Liabilities
Future income taxes (Note 17)
Net assets (Note 13)
Number of Class A shares outstanding (Note 13)
Net assets per Class A share
Contingencies (Note 14)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
Yvon Bolduc, Director
Michel Arsenault, Director
2
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MAY 31
2013
2012
157,549
174,804
98,348
72,614
255,897
247,418
Corporate expenses
42,614
38,663
Development capital investment and other investment expenses
32,229
32,588
Shareholder Services and Economic Training development and administration expenses
49,386
45,923
5,630
4,974
129,859
122,148
126,038
125,270
16,500
27,489
109,538
97,781
97,213
49,249
252,597
69,614
(In thousands $, except earnings per share)
Revenues
Interest (Note 15)
Dividends
Expenses (Note 16)
Amortization of property and equipment and information systems development
Net investment income before income taxes
Income taxes (Note 17)
Net investment income
Gains (losses) on development capital investments and other investments
Realized
Change in unrealized appreciation or depreciation
Transaction costs
(1,460)
(2,000)
348,350
116,863
Net earnings
457,888
214,644
Weighted average number of Class A shares
325,734
317,092
1,41
0.68
Earnings per Class A share
3
STATEMENTS OF CHANGES IN NET ASSETS
Contributed
Surplus
Share Capital – Class A (Note 13)
(In thousands $)
Series 1
Series 2
(Note 13)
Retained
Earnings
Net Assets
972,070
465,020
8,524,688
457,888
457,888
Subscribed
2013
Balance at beginning of year
7,010,355
76,483
760
Net earnings
Share issues
843,892
11,197
Net change in share subscriptions
Share redemptions
Change in outstanding redemptions
Transfers (Note 13)
Balance at end of year
855,089
18
(444,751)
(7,674)
18
(63,156)
4,751
1,025
95,000
(26,631)
(542,212)
53
5,829
(95,000)
-
7,509,247
80,006
778
909,939
801,330
9,301,300
6,676,628
78,428
727
1,052,330
369,698
8,177,811
214,644
214,644
2012
Net earnings
Share issues
757,066
9,981
Share redemptions
Transfers (Note 13)
767,047
33
(507,864)
(11,926)
(12,475)
33
(77,253)
(22,877)
(619,920)
(3,007)
555
(14,927)
97,000
7,010,355
76,483
760
972,070
(97,000)
-
465,020
8,524,688
4
STATEMENTS OF CASH FLOWS
(In thousands $)
2013
2012
109,538
97,781
Operating activities
Net investment income
Non-cash items and change in non-cash items
Interest capitalized on development capital investments
(2,325)
(3,071)
Interest capitalized on notes
16,859
16,766
5,630
4,974
Amortization of property and equipment and information systems development
Future income taxes
(2,049)
615
Accounts receivable and other assets
37,616
(403,672)
Accounts payable and other liabilities
(44,839)
459,490
Income taxes
(4,878)
(1,263)
Other
(2,156)
975
(1,498)
(1,972)
111,898
170,623
Transaction costs
Financing activities
Issuance of notes
Repayment of notes
Shares issued and subscribed
Shares redeemed
139,038
263,906
(187,840)
(201,631)
855,107
767,080
(534,912)
(620,177)
271,393
209,178
Investing activities
Acquisition of development capital investments
(792,902)
Proceeds of disposal of development capital investments
Acquisition of other investments
577,208
(1,018,526)
670,847
(6,222,907)
(8,067,744)
6,055,038
8,046,753
(2,063)
(3,335)
Proceeds of disposal of other investments
Acquisition of property and equipment
Proceeds of disposal of property and equipment
Information systems development
-
2,250
(2,282)
(2,629)
(387,908)
(372,384)
Increase (decrease) in cash
(4,617)
7,417
Cash at beginning of year
13,789
6,372
9,172
13,789
Cash at end of year
Cash flows from operating activities include income taxes paid of $25.5 million (2012: $26.1 million).
5
NOTES TO FINANCIAL STATEMENTS
As at May 31, 2013 and 2012
1. INCORPORATION ACT
STATUTES AND OBJECTIVES OF THE FONDS
The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fonds”), incorporated by an Act of the Québec National Assembly, is a
joint-stock 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 promote the training of workers in economic matters to enable them to increase their influence on Québec’s economic
development;
c) to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business
enterprises;
d) to promote the development of qualified business enterprises by inviting workers to participate in that development by purchasing
the Fonds’ shares.
To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly in
small and medium-sized enterprises (“SMEs”), located in Québec. As a general rule, the Fonds will take a minority interest in the
projects in which it invests.
60% RULE
The Fonds may make development capital investments in any business enterprise with or without security. However, in any given
financial year, the proportion of unsecured development capital investments made in qualified business enterprises must represent an
average of at least 60% of the Fonds’ average net assets of the previous financial year.
If the Fonds fails to reach this percentage, the share issues giving rise to tax credits for the following financial year are limited to a
prescribed percentage of the total value of shares issued in the preceding financial year, except for shares acquired through payroll
deductions and employer contributions stipulated in agreements concluded at the end of the preceding financial year.
The percentage of average qualified development capital investments to the average net assets of the preceding year was 66.0% as at
May 31, 2013 (2012: 67.0%).
Since the minimum percentage prescribed by the 60% rule has been reached as at May 31, 2013, the amount of share issues will not be
limited for the 2013-2014 financial year.
2. SIGNIFICANT ACCOUNTING POLICIES
The Fonds is an investment company as defined in the Accounting Guideline on investment companies contained in the Canadian
Institute of Chartered Accountants (“CICA”) Handbook and, as such, applies the generally accepted accounting principles (“GAAP”) stated
therein.
A Statement of Comprehensive Income is not provided as there are no items to include therein.
USE OF ESTIMATES
The preparation of financial statements in accordance with Canadian GAAP requires management to make estimates and assumptions,
in particular when determining allowances and the fair value of development capital investments and other investments, that affect the
reported amounts in the financial statements. Actual results could differ from those estimates.
RECOGNITION OF FINANCIAL INSTRUMENTS
Financial instruments are recognized at fair value on the transaction date. The cost presented corresponds to the amount paid and is
determined based on average cost, excluding transaction costs.
Financial assets classified as loans and receivables comprise Accounts receivable and other assets, excluding securities purchased
under reverse repurchase agreements and financial instruments related to securities sold under repurchase agreements. Financial
liabilities classified as other liabilities comprise Notes and Accounts payable and other liabilities, excluding securities sold under
repurchase agreements and derivative financial instruments. These instruments are recognized at amortized cost, which approximates
their fair value.
6
As at May 31, 2013 and 2012
(continued)
MEASUREMENT OF FINANCIAL INSTRUMENTS
All development capital investments and other investments are measured at fair value, established as follows:
a) Unlisted financial instruments
Unlisted financial instruments consist of shares, units and loans and advances.
These instruments are measured at fair value using appropriate valuation techniques and models that may not be principally based
on observable market information. Observable market information is used in valuation models if it is available.
The fair value is established based on reasonable assumptions that would be considered by parties to an arm’s length transaction.
Certain assumptions may have a material impact on fair value, including those used to determine characteristic cash flows and the
level of risk and future growth rate associated with such cash flows considering economic conditions, the outlook for the relevant
industry segment and conditions specific to the business entreprise.
Hedge fund units are measured at the fair value set by their respective manager at the date closest to the Fonds’ balance sheet
date.
b) Listed financial instruments
Listed financial instruments consist of shares, bonds and money market instruments. These instruments are measured at bid price
at the close of trading at balance sheet date. In exceptional instances, when the market for a financial instrument is not active, such
instrument is then measured using appropriate valuation techniques, including the techniques used for unlisted financial
instruments.
c) Derivative financial instruments
Listed derivative financial instruments are measured at bid price at the close of trading at balance sheet date. Unlisted derivative
financial instruments are measured using appropriate valuation techniques, including discounting future cash flows at the current
rate of return.
SECURITIES LENDING, SECURITIES PURCHASED UNDER REVERSE REPURCHASE AGREEMENTS AND SECURITIES SOLD UNDER REPURCHASE
AGREEMENTS
To generate additional revenues, the Fonds participates in the securities lending program put in place by its trustee for securities of
which it is the custodian. Under this program, the Fonds can enter into securities lending transactions, as well as short-term purchases
and sales of securities with a simultaneous commitment to resell and repurchase them at a specified price and date. Reverse repurchase
agreements and repurchase agreements are recognized as secured lending and borrowing transactions. Reverse repurchase agreements
are recorded on the balance sheet at their fair value, while repurchase agreements are recorded on the balance sheet at the repurchase
price determined by the commitment which approximates their fair value. The revenues resulting from the Fonds’ participation in this
program are recorded under Interest in the Statement of Operations.
CAPITAL ASSETS
Capital assets are stated at cost and are amortized over their estimated useful life using the following methods and annual rates:
Methods
Rates (%)
straight-line
2.5
diminishing balance
20.0
straight-line
25.0
straight-line
33.3
Property and equipment
Buildings
Office furniture and equipment
Computer hardware
Capital assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be
recoverable. An impairment loss is recorded when their carrying amount exceeds the undiscounted cash flows that would result from
their use and eventual disposition. The recognized impairment loss is measured as the amount by which the carrying amount of the
asset exceeds its fair value.
7
As at May 31, 2013 and 2012
(continued)
REVENUE RECOGNITION
a) Interest
Interest is recorded on an accrual basis.
b) Dividends
Dividends are recorded as income when they are declared, except for cumulative dividends which are recorded on an accrual basis.
c) Gains and losses on development capital investments and other investments
Realized gains and losses on disposals of development capital investments and other investments, including derivative financial
instruments, are recorded at the time of sale and presented under Gains (losses) on development capital investments and other
investments in the Statement of Operations. The amount is the difference between the proceeds of disposal and the average cost.
INCOME TAXES
The Fonds 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 balance sheet items and their tax
bases, multiplied by the enacted or substantively enacted income tax rates for the years in which the differences are expected to
reverse. Future income tax assets are recognized to the extent that it is more likely than not that they will be realized.
FOREIGN CURRENCY TRANSLATION
Monetary assets and liabilities and assets and liabilities measured at fair value are translated into Canadian dollars at the exchange rate
prevailing at the balance sheet date. 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 Statement of Operations.
EMPLOYEE FUTURE BENEFITS
The cost of pensions and other retirement benefits earned by managers and employees is actuarially determined using the projected
benefit method prorated on service and management’s best estimate of expected return on plan assets, salary escalation and
retirement ages of employees.
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 period of active employees. The average remaining service period of
covered active employees is between 9.5 and 11.7 years (2012: between 8.5 and 12.1 years).
3.
FUTURE CHANGES IN ACCOUNTING POLICIES
INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)
In 2008, the Accounting Standards Board of Canada (“AcSB”) confirmed that Canadian GAAP will be replaced by IFRS for the years
beginning on or after January 1, 2011, for publicly accountable enterprises. In December 2011, the AcSB confirmed that investment
companies, as defined in the Accounting Guideline on investment companies of the CICA Handbook, will have to apply IFRS for the first
time to interim and annual financial statements for the years beginning on or after January 1, 2014. The Fonds complies with its
conversion plan and will present its first interim financial statements prepared in accordance with IFRS as at November 30, 2014. The
Fonds’ IFRS transition date is June 1, 2013. The Fonds is currently evaluating the impact of this transition.
8
As at May 31, 2013 and 2012
4. DEVELOPMENT CAPITAL INVESTMENTS
The audited Statement of Development Capital Investments, at Cost, is available at the Fonds’ head office, on its Website at
www.fondsftq.com or at www.sedar.com.
2013
2012
Unrealized
Unrealized
appreciation
(In thousands $)
Cost
(depreciation)
appreciation
Fair value
Cost
(depreciation)
Fair value
Unsecured
Listed shares
761,142
108,071
869,213
666,736
45,502
712,238
Unlisted shares and units
2,454,011
353,550
2,807,561
2,381,376
231,649
2,613,025
Loans, bonds and advances
1,612,955
(1,362)
1,611,593
1,592,344
(24,144)
1,568,200
11,590
(1,114)
10,476
29,173
(3,871)
25,302
4,839,698
459,145
5,298,843
4,669,629
249,136
4,918,765
Secured
Loans and advances
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of
$286.8 million (2012: $283.7 million).
Investment agreements may include clauses providing for conversion and redemption options.
BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE
Variable rates
(In thousands $)
Fixed rates
Total
Less than
1 to
5 years and
1 year
5 years
more
342,346
628,564
539,998
7.8
6.9
6,009
4,467
6.9
16.5
335,348
765,852
2013
Unsecured
Average effective rate (%)
100,685
9.0
2.11
Secured
1,611,593
10,476
2012
Unsecured
Secured
104,134
9.1
362,866
2.81
8.5
7.3
413
7,429
150
17,310
5.0
14.4
8.1
11.6
1,568,200
25,302
1. This average rate includes non-interest bearing advances repayable on demand of $268.9 million (2012: $294.2 million) to a wholly-owned
company. Excluding these advances, the average effective rate would be 8.4% (2012: 12.0%).
9
As at May 31, 2013 and 2012
4. DEVELOPMENT CAPITAL INVESTMENTS
(continued)
BREAKDOWN BY INDUSTRY SEGMENT
Regional or local
(In thousands $)
Manufacturing
Services and
and real estate
Technology
and primary
tourism
funds
Total
4,839,698
2013
Cost
Unrealized appreciation (depreciation)
Fair value
831,953
1,203,943
1,971,693
832,109
(134,322)
26,567
340,696
226,204
459,145
697,631
1,230,510
2,312,389
1,058,313
5,298,843
Allocation of investments made by
the regional or local funds
Funds committed but not disbursed1
25,559
80,184
90,422
(196,165)
-
406,413
191,491
181,116
58,666
837,686
Guarantees and suretyships2
7,814
7,814
1,129,603
1,502,185
2,591,741
920,814
6,144,343
2012
Cost
Unrealized appreciation (depreciation)
Fair value
874,966
1,150,805
1,825,158
818,700
4,669,629
(176,520)
(17,855)
241,706
201,805
249,136
698,446
1,132,950
2,066,864
1,020,505
4,918,765
21,723
78,430
85,302
(185,455)
-
415,625
118,234
215,802
72,141
821,802
6,898
9,331
1,336,512
2,377,299
Allocation of investments made by
the regional or local funds
Funds committed but not
disbursed1
Guarantees and suretyships2
1,135,794
16,229
907,191
5,756,796
1.
Funds committed but not disbursed represent development capital investments that have already been agreed to and for which amounts have
been committed by the Fonds but have not been disbursed at balance sheet date. Disbursements are subject to compliance with the
agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $171.8 million (2012: $248.1 million) represents
credit facilities and project financing for operating companies, having a weighted average maturity of 18 months (2012: 15 months); and an
amount of $665.9 million (2012: $573.7 million) represents commitments that will be disbursed to specialized funds in tranches, having a
weighted average maturity of 8.1 years (2012: 9.3 years). Commitments amounting to $103.6 million (2012: $89.9 million) are denominated
in foreign currencies, mainly the U.S. dollar.
2.
Under Section 17 of its Incorporation Act, when the Fonds makes a development capital 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 is
established from Other investments.
GUARANTEES AND SURETYSHIPS
The Fonds granted guarantees and suretyships that do not generally include a specific maturity and that are irrevocable commitments
by the Fonds 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 $)
Operating activities and operating lines of credit - without recourse
Operating activities and operating lines of credit - with recourse
2013
2012
7,814
7,831
-
8,398
7,814
16,229
As at May 31, 2013, there is no allowance related to guarantees and suretyships (2012: $4.5 million presented under Accounts payable
and other liabilities).
As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of
development capital investments, for the representations and warrantees made as well as to the liability of the Fonds’ directors, officers
or representatives toward partner companies. The latter liability is covered, subject to certain conditions, by liability insurance. Due to
the nature of these agreements, it is impossible to reasonably estimate the maximum amount that the Fonds may have to pay to
counterparties. In management’s opinion, it is highly unlikely that these commitments will result in material additional expenses, taking
into consideration the provisions recorded.
10
As at May 31, 2013 and 2012
5. OTHER INVESTMENTS
The unaudited Statement of Other Investments is available at the Fonds’ head office, on its Website at www.fondsftq.com or at
www.sedar.com.
2013
2012
Unrealized
Unrealized
(In thousands $)
Listed shares and unlisted units
Hedge fund units
Bonds
Money market instruments
Derivative financial instruments
appreciation
Cost
appreciation
Fair value
Cost
(depreciation)
Fair value
1,665,829
65,932
1,731,761
1,607,277
(92,976)
1,514,301
242,630
4,663
247,293
238,510
2,540
241,050
2,325,705
60,097
2,385,802
2,032,824
120,890
2,153,714
848
1
849
207,346
129
207,475
4,235,012
130,693
4,365,705
4,085,957
30,583
4,116,540
1,492
2,989
4,481
43
6,437
6,480
4,236,504
133,682
4,370,186
4,086,000
37,020
4,123,020
Other investments include securities denominated in foreign currencies with a fair value of $1,520.9 million (2012: $1,338.5 million),
mainly including $909.8 million (2012: $825.9 million) in U.S. dollars, $199.5 million (2012: $153.2 million) in Euros and
$180.0 million (2012: $170.0 million) in pounds sterling.
BREAKDOWN BY MATURITY
Bonds
Less than
1 to
5 to
10 to
20 to
30 years
1 year
5 years
10 years
20 years
30 years
and more
Total
Fair value
84,080
738,618
781,930
309,429
359,974
111,771
2,385,802
Cost
84,714
733,505
764,198
296,973
336,942
109,373
2,325,705
Par value
82,972
712,346
724,150
236,004
293,689
103,369
2,152,530
2.1
2.2
3.2
3.9
4.1
3.8
3.1
Average nominal rate (%)
4.0
3.2
4.0
6.0
5.1
4.3
4.1
Fair value
206,858
699,972
575,566
221,241
395,104
54,973
2,153,714
Cost
209,031
696,094
538,235
196,441
338,660
54,363
2,032,824
Par value
205,856
674,956
516,919
167,872
306,258
53,559
1,925,420
2.0
2.7
3.8
4.4
4.5
3.0
3.4
Average nominal rate (%)
3.1
3.9
4.4
5.8
5.2
3.1
4.3
(In thousands $)
2013
2012
(In thousands $)
Less than
1 to 6
1 month
months
Total
2013
Fair value
90
759
849
1.0
1.0
1.0
56,991
150,484
207,475
1.0
1.1
1.1
2012
Fair value
11
As at May 31, 2013 and 2012
(continued)
BREAKDOWN BY MATURITY (continued)
(In thousand $)
Less than
1 to 6
6 months
1 month
months
and more
Total
2013
Fair value1
Unlisted shares option contracts
Purchased put options
750
Written put options
(2,327)
750
(2,327)
Listed stock index option contracts
Written call options
2
254
256
(60)
(179)
(239)
(93)
(93)
Written put options
Foreign currency forward contracts
Purchases
Sales
Interest rate futures
150
(14,573)
-
Interest rate forward contracts
Stock index futures
(1)
149
(67)
-
(14,640)
-
896
(14,481)
896
-
810
-
(1,577)
(15,248)
Notional amount
Unlisted shares option contracts
18,900
18,900
Written put options
31,500
31,500
1,550
11,724
13,274
1,633
12,636
14,269
9,367
9,367
Written put options
Purchases
630,656
77,298
707,954
Sales
931,659
639,582
1,571,241
25,612
67,646
Stock index futures
1,357,638
159,738
124,603
1,450,896
159,738
7,925
132,528
12
As at May 31, 2013 and 2012
(continued)
BREAKDOWN BY MATURITY (continued)
Derivative financial instruments (continued)
(In thousands $)
Less than
1 to 6
6 months
1 month
months
and more
Total
2012
Fair value1
80
80
(45)
(45)
Purchases
Sales
Stock index futures
237
(22,000)
(246)
8
245
(36)
(22,036)
-
-
(4,884)
(5,130)
-
-
Over-the-counter interest rate swaps
(22,009)
(4,877)
(3,774)
(3,774)
(3,774)
(30,660)
Notional amount
2,693
2,693
9,012
9,012
Purchases
568,341
10,525
578,866
Sales
881,848
547,637
1,429,485
11,182
114,215
125,397
147,743
359,854
507,597
Stock index futures
Over-the-counter interest rate swaps
3,494
3,494
25,000
25,000
1. The fair value of instruments with positive values is $4.5 million (2012: $6.4 million) and is presented under Other investments. The fair value
of those with negative values is $19.7 million (2012: $37.1 million) and is presented under Accounts payable and other liabilities.
13
As at May 31, 2013 and 2012
(continued)
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT1
Listed shares,
unlisted units and
(In thousands $)
hedge fund units
Money market
Bonds
instruments
Total
1,596,837
849
1,597,686
2013
Government and government agencies
Financial institutions
102,970
471,920
Technology
271,661
96,838
368,499
1,025,348
84,778
1,110,126
Manufacturing and primary
Services and tourism
Fair value
Funds committed but not disbursed²
579,075
135,429
1,979,054
2,385,802
574,890
714,504
849
4,365,705
16,903
1,995,957
16,903
2,385,802
849
4,382,608
2012
Government and government agencies
1,302,050
112,471
1,414,521
79,313
529,820
35,243
644,376
Technology
223,457
98,970
19,957
342,384
Manufacturing and primary
901,526
105,998
39,804
1,047,328
207,475
4,116,540
Financial institutions
Services and tourism
Fair value
Funds committed but not disbursed²
551,055
116,876
1,755,351
2,153,714
667,931
26,324
1,781,675
26,324
2,153,714
207,475
4,142,864
1. This breakdown does not take into account changes in asset allocation resulting from derivative financial instruments.
2. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to and for
which amounts have been committed by the Fonds but have not been disbursed at balance sheet date. Disbursements are subject to
compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of 7.4 years
(2012: 9.1 years), are denominated in U.S. dollars.
6. FAIR VALUE HIERARCHY
Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in making
the measurements. This hierarchy has the following levels:
Level 1: Fair value based on quoted market prices (unadjusted) observed on active markets for identical financial instruments.
Level 2: Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all significant
inputs are based on observable market information.
Level 3: Fair value based on valuation techniques for which all significant inputs are not based on observable market information.
14
As at May 31, 2013 and 2012
(continued)
Level
(In thousands $)
1
2
868,830
383
3
Total
2013
Development capital investments
Unsecured
Listed shares
-
869,213
2,807,561
2,807,561
441,224
1,170,369
1,611,593
10,476
10,476
441,607
3,988,406
5,298,843
57,440
1,731,761
Secured
Loans and advances
868,830
Other investments
1,674,321
Hedge fund units
Bonds
2,375,066
247,293
247,293
10,736
2,385,802
849
849
256
4,225
4,481
1,674,577
2,380,140
315,469
4,370,186
2,543,407
2,821,747
4,303,875
9,669,029
Financial instruments related to securities sold
under repurchase agreements
148,819
148,819
274,123
274,123
(19,397)
(19,729)
Securities purchased under reverse repurchase
agreements
Cash
9,172
(332)
Securities sold under repurchase agreements
9,172
(422,942)
2,552,247
2,802,350
703,132
9,106
(422,942)
4,303,875
9,658,472
2012
Unsecured
Listed shares
-
712,238
2,613,025
2,613,025
463,393
1,104,807
1,568,200
25,302
25,302
472,499
3,743,134
4,918,765
77,582
1,514,301
Secured
Loans and advances
703,132
Other investments
1,436,719
Hedge fund units
Bonds
2,144,909
241,050
241,050
8,805
2,153,714
207,475
207,475
80
6,400
1,436,799
2,358,784
327,437
4,123,020
6,480
2,139,931
2,831,283
4,070,571
9,041,785
Financial instruments related to securities sold
under repurchase agreements
131,507
131,507
325,443
325,443
(37,095)
(37,140)
Securities purchased under reverse repurchase
agreements
Cash
13,789
(45)
(456,950)
2,153,675
13,789
2,794,188
(456,950)
4,070,571
9,018,434
15
As at May 31, 2013 and 2012
(CONTINUED)
The following table shows the reconciliation from beginning balances to ending balances for Level 3 fair values.
DEVELOPMENT CAPITAL INVESTMENTS
Unlisted
shares and
(In thousands $)
Listed shares
units
Unsecured
Secured
Total
-
2,613,025
1,104,807
25,302
3,743,134
2013
Fair value as at May 31, 2012
Realized losses
(24,723)
(7,210)
(2,360)
121,902
6,146
2,755
130,803
Purchases
281,927
182,886
6,500
471,313
(184,570)
(131,260)
(21,721)
(337,551)
Sales and settlements
Transfer to Level 3
15,0001
-
2,807,561
-
84,197
1,170,369
(34,293)
15,000
10,476
3,988,406
604
82,902
31,161
3,126,754
of development capital investments held as at
May 31, 2013
(1,899)
2012
Realized gains (losses)
Purchases
-
2,097,834
997,759
(7,513)
40,148
(11,165)
8,052
185,621
25,866
30,503
250,042
-
596,940
240,387
25,729
863,056
(148,040)
(60,977)
(539)
(307,518)
-
2,613,025
1,104,807
-
112,411
(872)
(1,114)
25,302
20,356
(517,074)
3,743,134
of development capital investments held as at
May 31, 2012
(459)
111,080
1. An unsecured debenture has been transferred from Level 2 to Level 3 since its measurement method is no longer based on observable market
data.
16
As at May 31, 2013 and 2012
(CONTINUED)
OTHER INVESTMENTS
Listed shares and
Hedge fund
unlisted units
units
Bonds
Total
77,582
241,050
8,805
327,437
(689)
3,444
-
2,755
(3,355)
2,124
1,938
955
68,290
(In thousands $)
2013
Purchases
707
69,245
(17,053)
(67,615)
(7)
(84,675)
57,440
247,293
10,736
315,469
(3,355)
5,685
1,935
4,265
76,742
216,439
11,742
304,923
(4,103)
(2,376)
(6,479)
16,154
2,138
25,349
Change in unrealized appreciation or depreciation of
other investments held as at May 31, 2013
2012
Realized losses
Purchases
7,057
2,392
114,819
(8,609)
(102,259)
(2,699)
(113,567)
117,211
77,582
241,050
8,805
327,437
7,057
10,148
(462)
16,743
Change in unrealized appreciation or depreciation of
other investments held as at May 31, 2012
All Level 3 financial instruments, except for certain units, are measured at fair value using valuation techniques and models whose
outputs depend on significant assumptions that are based on data that are not observable on the market. Even though management
believes that its fair value measurements are appropriate, using reasonably possible alternative assumptions could result in different
fair values. Whenever possible, a sensitivity analysis of changes in significant assumptions is performed. Management assessed the
situation and determined that using reasonably possible alternative assumptions would not result in significantly different fair values.
Since the Fonds does not have access to information on the underlying investments, the fair value of hedge fund units and of certain
units classified as Level 3 is based on the value provided by the general partner or the external manager. Therefore no other reasonably
possible assumption could be used.
7. SECURITIES LENDING
As part of the securities lending program, the trustee receives, in exchange for the securities loaned, guarantees or assets equivalent to
the minimum percentage prescribed by any applicable law or agreement or to a percentage that may vary according to best practices.
Depending on the securities loaned, this percentage is 102% as at May 31, 2013 (2012: ranges from 102% to 106%), and the fair value
of the securities loaned is $84 million (2012: $133 million).
8. ACCOUNTS RECEIVABLE AND OTHER ASSETS
(In thousands $)
2013
2012
159,421
89,399
Accounts receivable relating to development capital investments and other
investments sold
Accrued dividends and interest
71,597
73,315
Financial instruments related to securities sold under repurchase agreements
148,819
131,507
Securities purchased under reverse repurchase agreements
274,123
325,443
35,223
37,172
689,183
656,836
Other
17
As at May 31, 2013 and 2012
9. CAPITAL ASSETS
Accumulated
Net carrying
Cost
amortization
amount
Buildings1
70,109
19,008
51,101
18,659
16,060
2,599
Computer hardware
14,303
9,988
4,315
20,283
15,689
4,594
123,354
60,745
62,609
Buildings1
67,715
17,179
50,536
17,945
15,449
2,496
Computer hardware
12,966
8,353
4,613
17,928
14,497
3,431
116,554
55,478
61,076
(In thousands $)
2013
2012
1. The net carrying amount of the portion of building that is leased out is $21.2 million (2012: $20.6 million).
10.
NOTES
Notes are repayable on demand and bear interest at a rate based on the rate of return of Other investments. Consequently, the fair
value of these notes arising from excess liquidities of regional and local funds and of certain specialized funds corresponds to their
carrying amount. As at May 31, 2013 and 2012, the interest rate is 4%.
11. CREDIT FACILITIES
As at May 31, 2013 and 2012, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable
annually. As at May 31, 2013 and 2012, these facilities are unused.
12. ACCOUNTS PAYABLE AND OTHER LIABILITIES
(In thousands $)
2013
2012
Accounts payable relating to development capital investments
185,862
204,982
and other investments purchased
19,729
37,140
Share redemptions
29,833
28,072
422,942
456,950
76,833
89,290
735,199
816,434
Accrued expenses and other
13. 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 inalienable 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 be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan.
18
As at May 31, 2013 and 2012
13. NET ASSETS
(CONTINUED)
SHARE CAPITAL (CONTINUED)
Authorized (CONTINUED)
CLASS B SHARES
Unlimited number of Class B shares, without par value, non-voting, 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 shares.
Subscribed
Subscribed capital is money cashed but for which no Class A share can be issued in consideration thereof pursuant to the Fonds’
purchase-by-agreement policy. These Class A shares will be issued at the time set out in such policy at the share price in effect at that
date.
Redemption terms
The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by mutual agreement in
exceptional situations provided under a policy for such purpose adopted by the Fonds’ Board of Directors and approved by the Minister
of Finance of Québec. The redemption price is determined semi-annually based on the value of the Fonds.
Contributed surplus
Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of the average
value of share capital over the redemption price. This excess is reduced when shares are redeemed at a price exceeding the average
value of issued share capital, prorata to the redeemed shares.
Transfers
During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares, Series 1 of
$95 million through transfers from retained earnings (2012: $97 million).
As at May 31, 2013, the Fonds had transferred a cumulative amount of $1,812 million from retained earnings to share capital.
NET ASSETS
– CLASS A
Series 1
(In thousands)
Series 2
Subscribed
Total
Number
$
Number
$
$
$
317,218
8,433,242
3,411
90,686
760
8,524,688
2013
Net assets at beginning of year
Net earnings
Share issues
453,015
31,335
843,892
4,873
418
Share redemptions
Net assets at end of year
457,888
11,197
855,089
18
(19,837)
(533,097)
(339)
(9,115)
18
(542,212)
235
5,829
328,951
9,202,881
3,490
97,641
778
9,301,300
5,829
311,941
8,084,720
3,563
92,364
727
8,177,811
2012
Net assets at beginning of year
Net earnings
Share issues
212,353
29,225
757,066
2,291
386
Share redemptions
Net assets at end of year
214,644
9,981
767,047
33
(23,393)
(605,970)
(555)
(14,927)
317,218
8,433,242
(538)
(13,950)
33
(619,920)
(14,927)
3,411
90,686
760
8,524,688
19
As at May 31, 2013 and 2012
14. CONTINGENCIES
In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is recognized
when it is likely and can be estimated. Management believes that the aggregate amount of contingent losses, net of losses recognized,
would not have a material adverse effect of the Fonds’ financial position.
15. REVENUES
Interest totalling $16.9 million (2012: $16.8 million) on the notes is recorded against Interest in the Statement of Operations and
capitalized under Notes.
16. OPERATING EXPENSES
2013
2012
Salaries and benefits
80,869
75,451
Advertising and information
18,231
15,142
Occupancy expenses and rent
10,334
10,597
Professional fees
7,244
7,818
Management fees
6,779
7,443
Stationery and office supplies
3,813
3,459
Travel and entertainment
3,806
3,807
Shareholder reporting costs
3,041
3,247
(In thousands $)
Custodial fees and trustee’s fees
965
990
Fees and other income
(6,656)
(6,702)
Rental income
(4,197)
(4,078)
Amortization of property and equipment
4,438
4,057
Amortization of information systems development
1,192
917
129,859
122,148
20
As at May 31, 2013 and 2012
17. INCOME TAXES
For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such, the
Fonds can receive a refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued and paid-up
share capital through a transfer from retained earnings. Since these income taxes are refundable and that, in management’s opinion,
the issued and paid-up share capital will be increased sufficiently to recover them, these income taxes are not presented in the
Statement of Operations, but are included in Accounts receivable and other assets. The balance of these income taxes is $7.2 million
(2012: $10.3 million).
The Fonds, as a private company, can receive a refund of a portion of the income taxes paid on its investment income through the
refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through a
transfer from retained earnings. This tax of $30.3 million (2012: $31.9 million) was entirely applied against income taxes payable
following transfers approved by the Board of Directors during the year.
Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its Québec
taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not subject to taxes
in Québec.
Income taxes on net investment income before income taxes are detailed as follows:
2013
2012
Current
18,549
26,874
Future
(2,049)
615
16,500
27,489
(In thousands $)
The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (federal and
provincial) to net investment income before income taxes. The difference is explained as follows:
(In thousands $)
Income taxes based on combined income tax rate of 46.6%
2013
2012
58,734
58,376
Non-taxable dividends
(25,853)
(14,158)
Refundable dividend tax on hand
(30,345)
(31,912)
13,964
15,183
16,500
27,489
Other items
Items giving rise to future income taxes are as follows:
(In thousands $)
2013
2012
Capital assets
2,273
1,749
(409)
2,164
1,864
3,913
Development capital investments and other
21
As at May 31, 2013 and 2012
18.
On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to
most of its employees. Pension benefits under these plans are based on years of service and average annual salary, which represents
the average annual salary over the period of 36 months of consecutive service which results in the highest average.
Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees.
The accrued benefit obligation of these plans as determined by independent actuaries and the fair value of plan assets are as at
March 31, 2013. The most recent actuarial valuation of the pension plans for funding and solvency purposes was as at December 31,
2012 and the next valuation will take place as at December 31, 2013.
Information about the plans is as follows:
2013
2012
Pension plans
Insurance plan
160,030
2,217
120,826
16,733
101
14,419
87
Interest cost
7,879
103
7,009
100
Benefits paid
(1,556)
Actuarial loss
4,562
163
19,241
226
187,648
2,547
160,030
2,217
112,379
-
93,246
-
13,589
37
9,493
29
(37)
(1,465)
(In thousands $)
Pension plans
Insurance plan
Accrued benefit obligation
Current service cost
(37)
(1,465)
1,833
(29)
Plan assets
Fonds contributions
Employee contributions
5,549
Benefits paid
(1,556)
Actual return on plan assets
12,789
142,750
5,629
(29)
5,476
-
112,379
-
Reconciliation of accrued benefit obligation and plan assets
Funded status - deficit
Unamortized net actuarial loss
Unamortized past service cost (gain)
Accrued benefit liabilities
(44,898)
30,686
(2,547)
(47,651)
777
33,277
(2,217)
653
-
(98)
362
(138)
(14,212)
(1,868)
(14,012)
(1,702)
These accrued benefit liabilities are presented under Accounts payable and other liabilities.
ADDITIONAL INFORMATION ABOUT PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
(in %)
2013
2012
Equity mutual funds
62.0
62.3
Bond mutual funds
37.2
37.4
0.8
0.3
100.0
100.0
Cash and other
22
As at May 31, 2013 and 2012
18.
(CONTINUED)
ADDITIONAL INFORMATION ABOUT PLAN ASSETS (CONTINUED)
Costs recognized in the year were as follows:
2013
(In thousands $)
Current service cost, net of employee contributions
Interest cost
Actual return on plan assets
Actuarial loss
2012
Pension plans
Insurance plan
Pension plans
11,184
101
8,790
87
7,879
103
7,009
100
4,562
163
19,241
226
10,836
367
29,564
413
(12,789)
Insurance plan
(5,476)
Cost before adjustments to recognize the
long-term nature of employee future benefits
Difference between actual and expected
return on plan assets
5,518
(528)
Difference between actuarial loss or gain recognized and actual
actuarial loss or gain on accrued benefit obligation
(2,927)
(124)
(18,891)
(201)
362
(40)
173
(40)
Difference between amortization of past
service cost or gain and actual plan amendments
Costs recognized in the year
13,789
203
10,318
172
Cash payments for employee future benefits, which comprise contributions made by the Fonds to these funded pension plans and
amounts paid directly to members under unfunded plans totalled $13.6 million (2012: $9.5 million).
SIGNIFICANT ACTUARIAL ASSUMPTIONS
The significant actuarial assumptions used to determine the accrued benefit obligation and the costs recognized for the plans are as
follows:
2013
2012
Pension plans
Insurance plan
Pension plans
Insurance plan
Discount rate
4.25
4.25
4.50
4.50
Rate of compensation increase
3.50
(in %)
Accrued benefit obligation
Rate at end of year
3.50
Accrued benefit costs recognized
Rate at end of previous year
Discount rate
4.50
Expected rate of return on plan assets
6.00
4.50
5.25
6.00
Rate of compensation increase
3.50
3.50
5.25
The Fonds set the maximum annual insurance premium it will assume per retiree and does not expect any increases in the future.
23
As at May 31, 2013 and 2012
19. RELATED PARTY TRANSACTIONS
In the normal course of business, the Fonds conducts transactions with related companies that are either controlled by the Fonds or
subject to significant influence by the Fonds. Many of the development capital investments are of such an amount and nature that the
investee is considered a related company. These transactions consist predominantly of interest and dividend revenues on investments
and certain expenses, in particular premiums paid under insurance plans.
The Fonds, of which a majority of directors are elected by the FTQ, agreed to pay $1.8 million to the FTQ for the year ended May 31,
2013 (2012: $1.9 million) under an agreement that calls for compensation to be paid for services rendered in respect of economic
training, social audits, shareholder development, and support and guidance of certain activities. These transactions are measured at the
exchange amount, which is the amount of consideration established and agreed to by the related parties.
The Fonds 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 appoints the members of the Fondation’s Board of Directors. The Fonds
granted a loan of $5 million to the Fondation at a variable, contingent interest rate, with a fair value of $3.8 million
(2012: $3.6 million).
The Fonds granted non-interest bearing loans of $20 million with a fair value of $13.7 million (2012: $13.9 million) to the Fonds
étudiants solidarité travail du Québec (FESTQ), which are considered related to the Fonds because the Fonds appoints some of their
directors together with the Government of Québec.
These loans are presented in the Balance Sheet under Accounts receivable and other assets.
20. RISK MANAGEMENT
Risks arising from financial instruments are an integral part the audited Financial Statements and are discussed in the “Risk
management” section of the Management Discussion and Analysis for the year Ended May 31, 2013, which is available at the Fonds’
head office, on its Website at www.fondsftq.com or at www.sedar.com.
21. COMPARATIVE FIGURES
Certain prior year figures have been reclassified to be comparable with those of the current year.
22. ADDITIONAL INFORMATION
The audited Statement of Development Capital Investments, at Cost, the unaudited Relevé des autres investissements and the
unaudited Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost, are available at the Fonds’ head
office, on its Website at www.fondsftq.com or at www.sedar.com.
24
MANAGEMENT
DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED MAY 31, 2013
MANAGEMENT DISCUSSION AND ANALYSIS FOR
THE YEAR ENDED MAY 31, 2013
This Management Discussion and Analysis (“MD&A”) is intended to help the readers to assess, through the eyes of management, the
Fonds de solidarité FTQ’s (the “Fonds”) results and financial condition and the material changes therein during the financial year ended
May 31, 2013. The annual MD&A complements and supplements the financial statements and contains financial highlights, but does not
contain the complete annual financial statements of the Fonds. To facilitate understanding of events and uncertainties presented herein,
this MD&A should be read together with the financial statements and the notes thereto.
This MD&A contains forward-looking statements about the Fonds’ activities, results, and strategies that should be interpreted with caution.
These forecasts necessarily involve assumptions, uncertainties and risks; it is therefore possible that a number of factors may cause them
not to materialize. Legislative or regulatory changes, economic and business conditions and the level of competition are some examples of
major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this MD&A. This MD&A is dated
June 27, 2013.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”)
and, as such, applies the requirements of this Regulation, notably to its financial statements and its MD&A.
You can get a copy of the annual financial statements at your request, and at no cost, by calling us at 514-383-3663 or toll free at
1-800-567-3663, by writing to us at 8717 Berri Street, Montréal, Québec H2M 2T9 or by visiting our website at www.fondsftq.com or the
SEDAR website at www.sedar.com. You can also obtain a copy of the interim documents in this same manner.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about the Fonds and are intended to help you understand the Fonds’
financial performance for the past five financial years. This information is derived from the Fonds’ audited financial statements. The
Fonds’ results are discussed under “Results of Operations” on page 3.
RATIOS AND SUPPLEMENTAL DATA
Years ended May 31
2013
2012
2011
2010
Revenues
256
247
256
222
239
Net earnings (net loss)
458
215
650
600
(919)
(in millions of dollars, unless otherwise specified)
Net assets
Class A shares outstanding (number, in thousands)
Total operating expense ratio* (%)
Portfolio turnover rate**:
Development capital investments (%)
Other investments (%)
2009
9,301
8,525
8,178
7,294
6,375
332,441
320,629
315,504
305,951
291,733
1.44
1.46
1.47
1.54
1.70
8.44
115.57
12.09
158.61
11.38
172.57
7.93
233.20
6.71
179.65
0.02
0.02
0.02
0.03
0.02
615,664
594,287
583,235
577,511
570,889
Issues of shares
855
767
698
660
655
Redemptions of shares
542
620
465
341
647
6,144
5,757
5,207
4,784
4,598
Trading expense ratio*** (%)
Number of shareholders (number)
Fair value of development capital investments****
*
**
***
****
The total operating expense ratio is obtained as follows: by dividing expenses (excluding capital tax) for the year, as shown in the Statement of Operations, by
the average net assets for that year.
The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. There is not necessarily a relationship between a high
turnover rate and the portfolio’s performance.
The trading expense ratio represents transaction costs expressed as a percentage of average net assets.
These investments include funds committed but not disbursed as well as guarantees and suretyships.
1
CHANGE IN NET ASSETS PER SHARE
Years ended May 31
(in dollars)
2013
2012
2011
2010
2009
Net assets per share, beginning of year*
26.59
25.92
23.84
21.78
25.05
1.41
Increase (decrease) from operations**:
2.10
2.01
(3.16)
0.78
0.82
0.74
0.82
Total operating expenses
(0.40)
(0.39)
(0.38)
(0.37)
(0.37)
Income tax and capital tax
(0.05)
(0.09)
(0.08)
(0.09)
(0.05)
0.30
0.16
0.26
0.22
(1.31)
Unrealized gains (losses)
0.77
0.22
1.48
1.51
(2.25)
Variance from issues and redemptions of shares
Variance from the transfer of Class G shares
Net assets per share, end of year*
*
**
0.68
0.79
Interest and dividends
(0.02)
(0.01)
(0.02)
(0.02)
(0.11)
-
-
-
0.07
-
27.98
26.59
25.92
23.84
21.78
The amount of net assets per share is based on the actual number of shares outstanding at the relevant time.
The increase (decrease) from operations is based on the weighted-average number of shares outstanding during the financial year.
ECONOMIC CONDITIONS
World and the United States
Over the last 12 months, the global economic and financial environment has remained tense. Austerity programs and economic,
financial and political uncertainty continued to dampen growth in industrialized countries, many of which are also grappling with major
structural problems. The economic situation in many emerging countries, including China and India, was worrisome for most of 2012;
these countries saw their growth, which was fast paced until then, taper off in particular due to the weakness of the global economy and,
especially, of the European economy, which reduced the level of their exports. All this tension created volatility in commodity prices,
including copper, gold and oil. There are still many economic and financial issues around the world, and there are still many obstacles
on the road to greater stability.
In the Eurozone, despite financial strains easing over the last 12 months – particularly as a result of the launch by the European Central
Bank of a program under which it may purchase unlimited amounts of bonds from countries that sought assistance from the European
bailout fund – and some economic indicators beginning to show improvement toward the end of 2012, the recession that officially began
in 2011 is far from over. Even the indicators that are slightly improving are still at levels that in many cases suggest sharp dips in GDP.
In other words, everything seems to point to a deepening recession in the Eurozone, particularly in the countries with more fragile
economies such as Greece, Italy, Spain and Portugal. Nevertheless, during the last 12 months, the European political authorities and
financial community managed to succeed in navigating the storm, mostly because of Germany. This country however showed clear
signs that its economy was contracting in the fourth quarter of 2012. This was short lived, however, as the situation seemed to rebound
as early as the following quarter, contrary to the situation in France where the economic indicators suggest stagnation at best.
In the United States, the great uncertainty surrounding the “fiscal cliff” for the better part of 2012 that could have triggered a recession
has lifted somewhat following the partial agreement concluded on January 1, 2013. Despite the fact that this agreement introduced tax
increases that will reduce their disposable income, households seem to have demonstrated some resilience, at least in the opening
months of 2013, judging by the growth in retail sales, the strengthening of manufacturing and non-manufacturing indexes, and the rising
consumer confidence index. However, this strong relative performance in consumption appears to have started to slacken off beginning
in March and continued to do so in April. The labour market experienced a similar loss of momentum: after adding an average of
237,000 jobs per month between November 2012 and February 2013, only 142,000, 149,000 and 175,000 jobs were added in March,
April and May 2013, respectively.
2
Generally speaking, the U.S. economy grew in booms and busts over the last 12 months. After seeing GDP growth slow down in the
first two quarters of 2012 mainly due to the lack of household and corporate confidence in the economy and the persistence of financial
fears related to Europe, the U.S. economy posted improved GDP growth in the third quarter of 2012. This growth shrank in the following
quarter then rebounded in the first quarter of 2013. On the other hand, the savings rate remained low (averaging 3.7% since May 31,
2012). Despite a slowing labour market beginning in March 2013, the overall unemployment rate dropped over the last 12 months: it
was 7.6% in May 2013, compared to 8.2% in May 2012. In addition, residential investment is looking up after several lean years, and
house prices tend to rise, which should help consumers better weather higher taxes. In terms of inflation, the annual variation in the
U.S. CPI has averaged 1.7% since May 2012. Lastly, the key interest rate has remained unchanged at 0.25% since December 2008.
Canada and Québec
Over the last 12 months, the Canadian economy was not shielded from the economic sluggishness and uncertainty that spread around
the world; its loss of momentum is really tangible. During this period, the real estate market slowdown persisted, as evidenced by the
slump in residential investments. Inversely, non-residential investments continued to grow, but their contribution to economic growth
was offset in part by a reduction in government spending due to the fight against the deficit. Domestic demand only rose slightly due to
the weakness in consumer spending resulting from dampening credit and improvement in household balance sheets. Foreign trade was
hobbled by a weaker global demand and deteriorating competitiveness. On the inflation front, the annual variation of the Canadian CPI
has averaged 1.0% since May 2012. The unemployment rate decreased from 7.3% in May 2012 to 7.1% in May 2013. The Canadian
dollar traded at $US 0.97 on May 31, 2013, the same value as on May 31, 2012. The discount rate has remained unchanged at 1%
since September 2010.
In Québec, economic growth continued to be relatively weak during the last 12 months, mainly due to the waning household
consumption and lower foreign trade. Signs of a slowdown also began to appear in the residential sector, which saw a dip in home sales
(existing and new) following the federal government’s tightening of mortgage rules. The unemployment rate was 7.7% in May 2013,
slightly lower than the 7.8% rate recorded in May 2012; this rate is higher than the rates for Canada (7.1%) and for Ontario (7.3%).
During the last 12 months, short-term (2 years) and long-term (10 years) Canadian government bond interest rates fluctuated, however,
as at May 31, 2013, they were slightly higher compared to May 31, 2012. Provincial and investment-grade corporation credit spreads
also fluctuated during this period; however, both were narrower as at May 31, 2013 compared to May 31, 2012.
The economic uncertainty that persisted around the wold during the last 12 months continued to impact the performance of many
financial institutions, including the Fonds.
MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE
RESULTS OF OPERATIONS
OVERALL RESULT
For the financial year ended May 31, 2013, the Fonds recorded net earnings of $458 million, compared to net earnings of $215 million
for the prior year. With this result for the year, the Fonds generated a return of 5.3%, up from the return of 2.6% experienced for the
previous year in much less favourable stock market conditions. The value of the Fonds’ shares therefore increased by $1.39 compared
to the price reported in July 2012 and by $0.78 compared to January 2013 to stand at $27.98 as at July 5, 2013. The Fonds also
reached new historic highs as at May 31, 2013 as it increased its number of shareholders to 615,664 and its net assets to $9.3 billion.
3
As a result of its mission, a significant portion of the Fonds de solidarité FTQ’s portfolio is comprised of private securities and
specialized funds. Consequently, the Fonds did not benefit from the full effect of the increase on the stock markets that occurred during
the year. In fact, the Fonds’ asset allocation tends to limit its return potential in a bull market such as we have experienced in the last
financial year, while the opposite occurs in a bear market. In that respect, the Fonds had been able to achieve, for the financial year
ended May 31, 2012, a return that exceeded the average return of Canadian balanced mutual funds 1; this was largely attributable to its
performance for the first six-month period, when stock markets declined.
FONDS RETURN
Years ended May 31
2013
2012
Assets under
management at
end of year*
$M
Weight
%
4,910
Other investments**
4,411
9,321
Total operating expenses
Income tax
Fonds return (annual)
Fonds return (1st six-month period)
Fonds return (2nd six-month period)
*
**
Return
%
Assets under
management at
end of year*
$M
Weight
%
52.7
7.4
4,497
52.6
9.2
47.3
100.0
6.6
6.9
(1.4)
(0.2)
5.3
2.3
2.9
4,053
8,550
47.4
100.0
(0.1)
4.4
(1.5)
(0.3)
2.6
0.2
2.3
Return
%
Assets under management at end of year refer to the fair value, at the end of the year, of the assets managed by the Investments and Other Investments sectors and
used to generate revenues presented in the Statement of Operations. This amount differs from the amount of assets presented in the financial statements, which
includes, unlike assets under management, notes from the liquidity surpluses of regional and local funds and certain specialized funds, among other things.
Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, they consist of the following portfolios:
bonds, cash and money market, sector-based shares, absolute return strategies, international infrastructure funds and high-income.
SECTOR RESULTS
Investments sector
The assets managed by the Investments sector are essentially mission-driven development capital investments made by the Fonds in
public and private companies in the form of shares, units or loans. To stabilize its return, the Fonds favours a fair balance between
investments in the form of loans – that are usually unsecured and provide a current return through interest payments –, investments in
shares – that potentially generate a higher return but involve an increased level of volatility –, and investments in specialized fund units
– that allow the Fonds to better diversify its portfolio while bringing private and foreign capital inflows to Québec. Development capital
investments are governed by the Fonds’ Investment Policy, which is an important component of its Integrated Financial Assets
Management Policy.
The Investments sector earned a gross return of 7.4% for the year, down from the gross return of 9.2% generated for the prior year.
Taking into account this return and given the level of mission-driven investments made by the Fonds during the year, the assets in this
sector represented $4.9 billion or 52.7% of assets under management as at May 31, 2013 (52.6% as at May 31, 2012).
The performance of the Investments sector is influenced by various factors, particularly the behaviour of the financial markets as well as the
economic and business conditions in which our partner companies operate, and by the dynamic management of our investments. The
gross return of 7.4% of the Investments sector for the year is largely explained by the following:
• the return of 6.7% generated by our private securities and specialized funds portfolio during the year (compared to 12.5% for the
previous year, when significant gains had been realized on the disposal of some of our investments, including the investment we held
in Enobia Pharma). This performance is essentially attributable to the general strength of the portfolio, which produced interest and
dividend revenues and, in addition, generated an increase in value during the year;
• the positive return of 11.0% generated by our portfolio of listed securities during the year. This return is essentially explained by the
good performance of the stock markets during the last 12 months. For the previous year, this portfolio had recorded a negative return
of 7.0%, when the stock market conditions were much less favourable.
1
Canadian neutral balanced funds, as compiled by globefund.com
4
Other Investments sector
The Other Investments sector manages the Fonds’ assets that are not invested in partner companies. Other investments consist of the
following portfolios: bonds, cash and money market, sector-based shares, absolute return strategies, international infrastructure funds
and high-income. As with development capital investments, other investments are managed in accordance with the Integrated Financial
Assets Management Policy, which targets sound diversification of the Fonds’ financial assets. Under this policy, a sufficient portion of
financial assets must be invested in a way that allows the Fonds to meet its liquidity needs, to produce current revenue sufficient to
cover its expenses and to contribute to the generation of a reasonable return to its shareholders.
For the year, the Other Investments sector earned a positive gross return of 6.6%, up from the negative gross return of 0.1% recorded
for the prior year. The assets of this sector represented $4.4 billion or 47.3% of the Fonds’ assets under management as at May 31,
2013 (47.4% as at May 31, 2012).
The evolution of interest rates and the performance of the stock markets are the determining factors in analyzing the performance of the
Other Investments sector. Accordingly, the results achieved by this sector are influenced by the behaviour of the financial markets and
the conditions affecting the Fonds’ economic environment. The positive gross return of 6.6% of the Other Investments sector for the
year is largely explained by the following:
• the increase in stock markets, which led to a positive return of 12.1% for the sector-based shares 2 and other securities 3 portfolios.
This performance followed a negative return of 9.6% for the prior year, when the stock market conditions were bearish both in Canada
and internationally;
• the return of 2.4% on our fixed-income securities portfolio for the year, compared to 7.1% for the previous year. This return is mainly
explained by interest revenues generated by the portfolio. The difference in returns compared to the prior year is essentially
attributable to the decrease, in 2011-2012, in interest rates for Government of Canada securities, which increased the value of bonds
included in the portfolio.
RETURN BY ASSET CLASS
Year ended May 31
2013
Private securities and specialized funds
Listed securities
Other investments
Fixed-income securities
Sector-based shares and other securities
2012
Assets under
management
at end of year*
$M
Weight
%
4,042
868
2,427
1,984
9,321
Return
%
Assets under
management
at end of year*
$M
Weight
%
43.4
9.3
6.7
11.0
3,796
701
44.4
8.2
12.5
(7.0)
26.0
21.3
100.0
2.4
12.1
6.9
2,304
1,749
8,550
26.9
20.5
100.0
7.1
(9.6)
4.4
Return
%
TOTAL OPERATING EXPENSES
Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription
activities, systems and controls and their improvement, prospecting and monitoring of partner companies, personnel and all other
resources the Fonds de solidarité FTQ requires to achieve its mission and meet its objectives. Although it is essential that the Fonds
has available resources to achieve its mission, it is also fundamental that it controls its expenses. Year after year, the Fonds was able
to maintain its total operating expenses at a level it considers to be low.
For the financial year ended May 31, 2013, the ratio of total operating expenses to net average assets for the year, calculated using
the method prescribed in the Regulation, was 1.4% (1.5% for the previous year). Expressed in dollars, total operating expenses
amounted to $129.9 million for the year ended May 31, 2013, compared to $122.1 million for the previous year. This increase is largely
attributable to the increase in salaries and benefits as well as in expenses related to the advertising and information campaigns.
2
3
These sectors are materials, energy, consumer staples, utilities and telecommunications.
Other securities are comprised of the following portfolios: absolute return strategies, international infrastructure funds and high-income.
5
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds totalled $112 million for the year, down from $171 million for the previous year.
Changes in these cash flows mainly resulted from our current operations.
Cash flows from financing activities of the Fonds totalled $271 million for the year, compared to $209 million for the prior year. These
cash flows for the year resulted mainly from issues of shares amounting to $855 million ($767 million for the previous year) less
redemptions of shares totalling $535 million 4 ($620 million for the previous year).
Cash flows from investment activities of the Fonds represented a net cash outflow of $388 million for the year, compared to
$372 million for the previous year. Cash needed to support net investments (acquisitions less proceeds from disposals) in partner
companies was provided by both the cash flows from operating activities and the cash flows from financing activities of the Fonds
discussed above.
The Fonds also has lines of credit available for its working capital requirements. As at May 31, 2013, these lines of credit were unused.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $4.9 billion as at May 31, 2012 to $5.3 billion as at May 31, 2013. This
$380 million increase mainly resulted from our net disbursed investments of $216 million (disbursed investments of $507 million less
disinvestments of $291 million) and the increase in value of our development capital investments during the year. On a commitment
basis, the Fonds made development capital investments of $521 million during the year, compared to $908 million for the prior year,
which included a $300 million investment in SSQ Financial Group. On the other hand, funds committed but not disbursed increased
from $822 million as at May 31, 2012 to $838 million as at May 31, 2013.
In addition, balance sheet other investments increased by $247 million during the year to settle at $4.4 billion as at May 31, 2013
($4.1 billion as at May 31, 2012). This increase is explained, among other factors, by the excess net cash inflows (issues of shares
less redemptions of shares) for the year that were not used to make development capital investments.
In accordance with its Integrated Financial Assets Management Policy, the Fonds uses derivative financial instruments in particular to
safeguard the value of its assets, to facilitate the management of its portfolios, to modify its asset allocation without increasing or
decreasing the amounts managed by internal and external specialists and to improve its returns within allocated risk limits (see the “Risk
Management” section on page 21 for more details).
MISSION OF THE FONDS DE SOLIDARITÉ FTQ, OBJECTIVES AND STRATEGIES
MISSION AND OBJECTIVES
The Fonds de solidarité FTQ is a union-based development capital investment fund that was born out of the Fédération des travailleurs
et travailleuses du Québec. Created in 1983 under the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), the
Fonds endeavours to collect the savings of Quebecers who want to participate in creating and maintaining jobs, in order to improve the
situation of workers and to stimulate the Québec economy. The Fonds’ mission also includes raising awareness and encouraging
workers to save for retirement as well as providing economic training to workers.
4
This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2012 and May 31, 2013.
6
The Fonds’ mission is supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to a 15% tax
credit at both the Québec and federal tax levels, for a total of 30% 5. The maximum tax credit is $1,500 per year, which corresponds to a
purchase of $5,000 of shares. However, it should be noted that in the federal budget tabled on March 21, 2013, the government of
Canada announced its intention to phase out until 2017 the 15% tax credit it grants to labour-sponsored fund shareholders. The credit
remains at 15% until the taxpayer’s 2014 tax year (therefore including any contributions made in the first 60 days of 2015 and applied
to the 2014 tax year), and will then be phased out until 2017. The Québec tax credit of 15% remains in place. Consequently, for the
taxpayer’s 2013 and 2014 tax years, total credits will continue to be 30%. The federal government had also announced in its budget
that it would hold consultations on this measure until May 31, 2013. However, on May 23, 2013, it announced that it would hold new
consultations until July 23, 2013; these consultations would precede the eventual release of draft legislation for comment. In this
context, it is important to point out that the federal government’s intentions, as set out in its budget, are only for the time being a
proposal that will not come into force until an act implementing the phase-out of the tax credit is adopted.
Since the phase-out of the 15% federal tax credit was announced, the Fonds has undertook a detailed analysis of the impact this could
have on its business model, strategies and various policies, particularly the Integrated Financial Assets Management Policy. This
analysis will be continued during the next financial year, based on the development of the legislative measures that the federal
government will propose on that matter.
The business model the Fonds uses to achieve its mission can be illustrated as follows:
When shareholders buy shares of the Fonds, an entire process is set into motion. A portion of the money collected from shareholders
(in consideration of which the Fonds issues them shares) is first invested by the Fonds, pursuant to its mission, in shares, units or loans
in private and public companies in Québec, or in companies that generate economic spinoffs in Québec. The investments made by the
Fonds in compliance with its mission represent the development capital investments portfolio, and the companies in which the Fonds
invests become partner companies of the Fonds. Pursuant to the Fonds’ Incorporation Act, this portion invested in partner companies
must comply with the 60% rule 6. To ensure sound diversification of its financial assets, the other portion of the money collected but not
invested in Fonds partner companies is invested in other financial instruments in a way that allows the Fonds to meet its liquidity needs,
to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the shareholders.
All of these other financial investments represent the other investments portfolio. The Fonds’ interests in partner companies are
qualified as patient capital as they are intended to be held over an investment horizon generally ranging from 5 to 7 years, depending on
the financial instrument used. The sums raised when an interest held by the Fonds is sold or bought back (disinvestment) are
reinvested in other companies or used to reimburse shareholders who request a share redemption, in accordance with our retirement or
early retirement criteria. On average, shareholders request a redemption approximately 10 years after their first share purchase. During
this 10-year average period, given the Fonds’ investment horizon, the shareholders’ money would therefore have been invested in
development capital more than 1.5 times.
5
6
Please see the prospectus for more information.
For more on this, please see the “60% rule” section of this MD&A.
7
STRATEGIES
To implement its mission and to reach its objectives, the Fonds deployed various strategies, both from a global management
perspective and by sector. Therefore, in an overall perspective, the Fonds implemented an Integrated Financial Assets Management
Policy under which it manages its financial assets in an integrated and comprehensive way to produce a reasonable return for its
shareholders while mitigating the volatility of the return from a six-month period to the next. Accordingly, the assets in the other
investments portfolio are allocated in a way that is complementary to the portfolio of mission-driven investments made in partner
companies. This strategy allows the Fonds to obtain, overall, the desired return/risk ratio.
The Integrated Financial Assets Management Policy takes into account actual and expected changes in the Fonds’ business,
particularly the expected increase in redemptions due to aging shareholders and the increase in the size of the portfolio of missiondriven development capital investments. In fact, the weight of investments disbursed by the Fonds, which was 53% as at May 31, 2013,
should gradually increase. This policy allows the Fonds to maintain the desired balance among the various components of the Fonds’
balance sheet and to review the target weight of each asset class with a view to maintaining the desired return/risk profile and continue
to meet shareholders’ expectations. In general, the Fonds may modify its targets depending on the circumstances and events that occur
in the next few years.
The high volatility of financial and stock markets during recent financial years resulted in significantly modifying the actual weight of
these various asset classes, which led the Fonds to rebalance its portfolio a few times. These rebalancings were made to comply with
the limits and guidelines of the Integrated Financial Assets Management Policy regarding the target asset allocation. They were also a
way to actively manage the portfolio within the limits set out by this policy to improve the return/risk profile, taking into consideration the
general movement and erratic behaviour of financial and stock markets.
The Shareholder Services sector
The Shareholder Services sector strategies are built on three axes: developing systematic savings, mobilizing the LR (local
representatives) network and building shareholder loyalty.
For the financial year ended May 31, 2013, the Fonds collected subscriptions allowing it to issue shares totalling $855 million, compared
to $767 million in the previous year. The number of new shareholders totalled 42,984, which helped the Fonds reach a new historic high
of 615,664 shareholders as at May 31, 2013.
Its financial performance and strength, publicity campaign, targeted marketing mailings, increased presence (particularly through its LR
network throughout Québec) during the RRSP period have all allowed the Fonds to increase the amount of lump-sum subscriptions by
20%, reaching $424 million (compared to $354 million for the previous financial year).
Despite a rising long-term trend, the volume of redemptions dipped this year, amounting to $542 million as at May 31, 2013, compared
to $620 million as at May 31, 2012. This reduction in redemptions does not hide the fact that the Fonds needs to renew its shareholder
base. This is why for several years now its communication strategies have mainly targeted young people and cultural communities. On
that front, during the financial year, the number of new enrolments by people under the age of 40 increased by 27% compared to the
previous year.
But beyond this axis of communication and the various means the Fonds uses to get the word out, it can also count, to meet its
objectives, on a network of 2,077 LRs from FTQ-affiliated unions as well as unions the Fonds has agreements with. These LRs
promote, on a voluntary basis, the Fonds in their workplace across Québec, both in factories and in professional environments. They
explain the Fonds' objectives and encourage their coworkers to subscribe to Fonds shares and thereby contribute to Québec's
economic development while saving for retirement. The network is also supported by a team of coordinators and an LR service group is
dedicated specifically to it. Our LRs receive continuing education, which is provided in collaboration with the Fondation de la formation
économique, to mobilize them around the Fonds’ mission and the development of systematic savings.
Thanks in large part to our LR network, subscriptions through payroll deduction continue to represent the largest proportion of the
Fonds’ subscriptions. Our efforts to recruit new shareholders who contribute to their RRSP through payroll deduction combined with the
increase in workplace blitzes (22% more than last year) paid off: 13,327 additional shareholders chose payroll deduction in 2012-2013.
Online transactions didn’t slacken off either: 17,073 new shareholders enrolled through the Fonds’ website, and lump-sum subscriptions
totalling close to $166 million were collected through the various virtual channels.
8
The Investments sector
The Investments sector’s strategies, which support the Fonds' achievement of its mission regarding development capital investments in
Québec's economy, are integrated in the global perspective defined by the Integrated Financial Assets Management Policy, which
includes the Investment Policy, and vary, among other things, depending on fluctuations of the 60% rule which the Fonds must follow
pursuant to its Incorporation Act (for more on this, see the "60% Rule" section).
To enable risk diversification, the Fonds allocates its investment portfolio among various economic sectors. Generally, the Fonds holds
a minority interest in the companies it invests in, however it may exceptionally, in very specific situations, hold a majority or all the
shares of a company. Over the years, this approach to investing has allowed the Fonds to develop extensive knowledge of the various
sectors in which it invests, and its partner companies highly value the expertise this has allowed it to develop.
Every year the Fonds undertakes an analysis to determine the sectors that will be prioritized given the behaviour of the financial
markets and the economic and business conditions of the various sectors, as well as based on the dynamic management of its
investments. The priorities are determined within the risk management framework implemented by the Investments sector several years
ago, which helped improving the quality of the portfolio and stabilizing the return.
Multidisciplinary teams support our investment specialists with their expertise: legal, tax, business valuation, market study, due
diligence, labour relations and public market departments. A due diligence committee reviews all files submitted to governing bodies to
identify the associated risks taking into consideration the Fonds’ mission. In addition, to deal with more difficult situations, the Senior
Vice-President, Turnaround Management and Special Projects, together with the Vice-President, Legal Affairs, very closely monitors
investments that entail greater credit risk.
To fulfill its Québec economic development and job creation mission, the Fonds invests significantly in the form of unsecured risk capital
(development capital) in partner companies. To have an accurate idea of the Fonds’ efforts in Québec’s economic development, we
must go beyond the image given by the portfolio as at a particular date and look at amounts invested in the form of unsecured risk
capital (development capital) over a certain period.
As the following graph illustrates, during the financial years 2004 to 2013, i.e. a 10-year period, the Fonds has committed $5.5 billion of
unsecured risk capital (development capital) to partner companies. Of this amount, $2.2 billion have been invested in venture capital 7
either directly in private companies ($1.2 billion) or indirectly in private funds ($1.0 billion) in Québec and Canada. The investments
made by the Fonds in private funds had a structuring effect on the Québec venture capital industry and allowed these private funds to
raise several additional billions of dollars.
7
Venture capital comprises high-risk investments made directly or indirectly by the Fonds in companies in the start-up or early development stage, particularly in
the new economy sector.
9
The Other Investments sector
In managing the balance of assets not invested in partner companies (presented under “Other Investments” in the financial statements),
the Other Investments sector is governed by the Integrated Financial Assets Management Policy which targets sound diversification of
the Fonds’ financial assets. A sufficient portion of financial assets must be invested in a way that allows the Fonds to meet its liquidity
needs, to produce current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the
shareholders, who generally invested in the Fonds for their retirement.
The assets of the Other Investments sector are managed internally by a team of specialists and externally by specialized managers.
The internal team of specialists manages the money market portfolio, part of the bond portfolio, the high-income portfolio and a portfolio
comprised of hedge fund managers. The portfolios that are managed internally represented $2.0 billion as at May 31, 2013, or 47% of
the total amount of other investments (45% as at May 31, 2012). To improve the overall performance of these portfolios, the Fonds’
specialists have some latitude in buying and selling securities; these transactions must comply with the limits and guidelines of the
Integrated Financial Assets Management Policy and are overseen by the Financial Assets Management Committee.
For portfolios managed externally, the Fonds retains the services of specialized managers which allows optimizing the management of
those portfolios. One of the benefits of this kind of management is the implementation of specialized management strategies, such as
active management of the duration of the bond portfolio, which targets generating added value for the portfolios in question through the
expertise the selected specialists have in the area. The Fonds also held for a few years an overlay management portfolio managed by
an external manager specialized in bonds. This portfolio has been gradually eliminated during the year.
Using derivative financial instruments provides active management of market risks the Fonds is exposed to. When appropriate, the
Other Investments sector develops a risk management strategy, which must be authorized by the appropriate governing bodies, to
minimize the Fonds’ exposure to volatility in foreign exchange rates or stock market prices.
Over the last few years, based on the changes in the weight of its development capital investments, the Fonds was led to aim for a
gradual reduction of its bond portfolio. The transactions required subsequent to these modifications to the target asset allocation were
executed in an orderly fashion so the Fonds would not hurt its return.
During the last financial year, other changes affecting the Other Investments sector and being phased in beginning on June 1, 2013,
were made to the Integrated Financial Assets Management Policy. On one hand, the equity benchmark index will be switched from an
in-house index composed of five sectors to the S&P/TSX and MSCI Global 10 sector indexes, and on the other hand, the absolute
return strategies category will be gradually liquidated, except for the portfolio comprised of hedge fund managers selected internally.
These changes are mainly intended to optimize the Fonds’ return/risk ratio.
The activities of the Other Investments sector fall under the responsibility of two separate Vice-Presidents: the Vice-President,
Marketable Securities Portfolio Management and the Vice-President, Financial Management and Strategy. This structure helps the
Fonds continue prioritizing the optimization of its return/risk ratio despite the increasing complexity of financial markets.
60% RULE
The 60% rule set out in the Fonds’ Incorporation Act stipulates that the Fonds’ average unsecured investments in qualified business
enterprises must represent at least 60% of its average net assets of the previous financial year. The remaining assets may be invested
in other financial vehicles for asset diversification and sound management purposes. The calculation method for this rule is based on
the value of the Fonds’ assets, which depends in part on interest rate fluctuations and on the performance of stock markets and the
economy in general.
Even though market volatility is not something new, the fluctuations that result may, given the size of the Fonds, make it more difficult to
manage the 60% rule. Accordingly, the 2012 budget of the Government of Québec proposed to amend the Fonds’ Incorporation Act to
allow flexibility in the calculation of average qualified investments. It would therefore be possible, under certain conditions, to include in
the calculation excess qualified investments with respect to the 60% rule made in the two financial years preceding the current financial
year.
As at May 31, 2013, the value of average qualified investments 8 amounted to $5.5 billion or 66.0% of the average net assets of the
previous financial year (compared to 67.0% as at May 31, 2012). Since the minimum percentage prescribed was reached as at May 31,
2013, the amount of share issues for the 2013-2014 financial year will not be limited by the 60% rule. As at May 31, 2013, the Fonds
was also in compliance with all other limits and rules set out in its Incorporation Act.
The Fonds expects to comply with all the limits and rules set out in its Incorporation Act over the next several years.
8
These investments include funds committed but not disbursed as well as guarantees and suretyships.
10
RECENT DEVELOPMENTS
ACCOUNTING POLICIES
The Fonds does not anticipate adopting new accounting policies that would significantly affect its net earnings for the financial year
ending May 31, 2014 or its net assets per share as at May 31, 2014.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
In 2008, the Accounting Standards Board of Canada (AcSB) announced that publicly accountable enterprises would have to replace
Canadian generally accepted accounting principles (GAAP) by IFRS in their financial statements for the years beginning on or after
January 1, 2011. Then, in December 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on
investment companies of the Canadian Institute of Chartered Accountants (CICA) Handbook, will have to apply IFRS for the first time to
their interim and annual financial statements for the years beginning on or after January 1, 2014, at the latest. The Fonds intends to
meet this first-time adoption date and will therefore apply IFRS for the first time to prepare its financial statements for the six-month
period ending November 30, 2014.
IFRS conversion plan
The Fonds adopted an IFRS conversion plan comprising three phases: a diagnostic phase; a standards assessment, detailed analysis,
issue resolution and model financial statements preparation phase; and a change integration phase.
The first phase was completed before the end of the financial year ended May 31, 2009. This phase included identifying the IFRS
having an impact on the Fonds as well as the main issues and priorities to assess in the context of the Fonds.
The part of the second phase dealing with standards assessment, detailed analysis and issue resolution was completed in May 2010. It
included a more detailed analysis of the IFRS and the differences with current Canadian standards and their interpretations in order to
identify the impact the conversion will have on processes, systems and the financial statements. In the coming months, the Fonds will
prepare draft financial statements in accordance with the new standards.
During the change integration phase, we will keep accounting records both under GAAP and IFRS to be able to present comparative
information upon transition. In addition, the Fonds deployed its training plans, which are intended to upgrade the knowledge of its
accounting staff and other stakeholders of the organization who are affected by the IFRS conversion.
The Fonds continuously monitors the development of IFRS to assess its impact.
Main expected changes
The following table presents only the significant differences between GAAP currently applied by the Fonds and IFRS. While noteworthy,
these differences do not necessarily have a significant impact on the Fonds’ financial statements. This table was prepared based on
current standards that would be effective as at the date of transition; however, certain standards could be amended and the Fonds
could reassess its position as needed. The impact assessment reflects the results of the analysis based on the current situation.
11
Accounting policy
Main differences between GAAP and IFRS
Impact on financial statements
Consolidation
Under GAAP, investment companies meeting
certain criteria recognize their investments at
fair value, in accordance with Accounting
Guideline AcG-18, Investment Companies. This
rule applies to all investments, including those
in entities in which the investment company
holds more than 50% of voting shares and
those in entities over which it exercises control.
The Fonds does not currently
prepare consolidated financial
statements and recognizes all its
development capital investments
and other investments at fair value.
On October 31, 2012, the International
Accounting Standards Board (IASB), the
international standard-setting organization,
issued a document entitled Investment Entities
(amendments to IFRS 10, IFRS 12 and IAS 27),
which defines investment entities and provides
for an exception to the consolidation principle
for such entities. Under this exception,
investment entities measure their investments
in controlled entities at fair value – instead of
consolidating them – and recognize changes in
fair value in profit or loss. In addition, the
document specifies certain disclosure
requirements regarding these investments in
controlled entities.
Financial instruments
Under GAAP, the Fonds recognizes all its
development capital investments and other
investments at fair value, in accordance with
accounting principles applicable to investment
companies.
IFRS now provide for an
accounting treatment for controlled
entities that is similar to the
treatment currently applied by the
Fonds. The Fonds meets the
definition of an investment entity
set out in the recent amendments
to the standards.
The Fonds is currently assessing
the disclosure requirements under
IFRS.
The Fonds will recognize all its
financial instruments at fair value,
as it currently does.
Other than for financial instruments subject to
consolidation, as described above, IFRS that
apply to financial instruments are similar to
GAAP.
Financial instruments – fair
value
Under GAAP, listed financial instruments are
measured at the closing bid price at the balance
sheet date.
The Fonds will use the most
pertinent fair value within the bid
price and ask price range.
Under IFRS, if an asset measured at fair value
has a bid price and an ask price, the price
within the bid-ask spread that is most
representative of fair value in the circumstances
must be used to measure fair value.
12
Accounting policy
Property and
equipment (Capital
assets)
IFRS require that each component of an item of
property, plant and equipment be depreciated
separately when such item of property, plant
and equipment is comprised of components to
which different depreciation rates apply. One
impact of this requirement is that more
components are recognized under IFRS than
under GAAP.
The list of the specific components of
the Fonds’ buildings is currently being
developed.
Under IFRS, an item of property, plant and
equipment may be measured using the cost
model or the revaluation model. GAAP preclude
the remeasurement of property, plant and
equipment at fair value.
The Fonds expects to use the fair
value of its buildings as their deemed
cost as at the date of transition.
After the transition, the Fonds expects
to continue using the cost model to
measure its property and equipment.
Upon transition to IFRS, IFRS 1 First-Time
Adoption of International Financial Reporting
Standards allows an entity to use the fair value
of an item of property, plant and equipment as
its deemed cost as at the date of transition.
Investment property
Under IFRS, an investment property is defined
as a property held to earn rentals or for capital
appreciation, or both. An investment property
may be measured using the cost model or the
fair value model.
However, investment entities are required to
apply the fair value model, thereby eliminating
the above-mentioned choice.
The Fonds will reclassify in its balance
sheet the portion of the buildings that it
leases out.
The Fonds will measure this portion of
the buildings that it leases out at fair
value.
GAAP do not include a specific definition of
investment property.
Employee benefits
Under IFRS, past service cost of defined benefit
pension plans for which benefits are already
vested is immediately expensed. Under GAAP,
it is usually amortized over the average
remaining service period of active employees.
Under GAAP, the actuarial gains or losses of
defined benefit pension plans that exceed the
“corridor” are amortized over the average
remaining service period of active employees.
This option to defer the recognition of gains and
losses, which was previously allowed by IFRS,
has been eliminated with the issuance of an
amendment to IAS 19 Employee Benefits.
The vested portion of past service cost
will have to be immediately recognized
in net assets.
The Fonds will recognize all net
actuarial losses of pension plans in net
assets.
13
Accounting policy
Income taxes
Under GAAP, the portion of income taxes paid
that will be refundable in the future upon the
payment of dividends or a transfer from
retained earnings to share capital must be
recognized as an asset. In addition, income tax
rates used in the calculation of future income
taxes already include the favourable effect of
refundable taxes.
As a result of these differences,
refundable tax balances will have to
be written off as at the date of
transition and the amount of future
income taxes will have to be
adjusted.
Under IFRS, refundable taxes are recognized
only when dividends or transfers from retained
earnings to share capital giving right to a refund
of these taxes are realized and approved by the
Board of Directors. As such, the calculation of
future income taxes cannot reflect the
favourable effect of refundable taxes.
Future income taxes will be
recognized for unrealized
appreciations and depreciations.
The amounts of the main differences between GAAP and IFRS described above are currently being assessed. However, they should
not have a significant impact on net assets, net earnings and net earnings per share.
The Fonds believes that the IFRS conversion will not require major changes to its information systems, its data processing procedures
and its various activities. The Fonds also believes that its current internal control over financial reporting and disclosure controls and
procedures will be sufficient and adequate for adopting IFRS and meeting their related disclosure requirements.
14
PAST PERFORMANCE
This section presents the past performance of the Fonds. The past performance of the Fonds does not necessarily indicate how it will
perform in the future.
YEAR-BY-YEAR RETURNS OF THE FONDS
The following chart shows the Fonds’ annual performance and illustrates how the Fonds’ performance has changed from year to year
for the last ten financial years.
The annual performance of the Fonds is calculated by dividing net earnings (net loss) per share for the financial year by the price per
share at the beginning of the financial year. Such performance sometimes differs from the annual compound return to the shareholder
because the annual performance of the Fonds is calculated taking into account share issues and redemptions made during the year,
which have a dilutive or accretive effect on net earnings (net loss) per share, as the case may be.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current value of $27.98 per share, a shareholder who has invested at the beginning of each of the periods indicated below earns
the following annual compound returns:
The annual compound return to the shareholder is calculated by taking into account the annualized change in the price per share over the
periods indicated. This return sometimes differs from the annual performance of the Fonds since, as explained above, it does not take into
account the dilutive or accretive effect of share issues and redemptions made during the year.
Since the inception of the Fonds, the annual compound return to the shareholder has been 3.7%.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS)
Let’s take, for example, a shareholder who has invested an equal amount each year through payroll deduction. Including the Québec and
federal labour-sponsored fund tax credits (each amounting to 15%) that this shareholder has received, at the current value of $27.98 per
share, this shareholder earned an annual compound return of 13.9% and 10.3% for a 7-year and 10-year period, respectively. In addition to
this return, the shareholder can receive additional tax benefits if he holds his Fonds shares in an RRSP.
15
SUMMARY OF INVESTMENT PORTFOLIO
As at May 31, 2013, the Fonds’ assets under management were broken down as follows:
Asset classes
% of net assets
Private securities
Specialized funds
Listed securities
31.4
12.1
9.3
52.8
Other investments
Cash and money market
Bonds
Sector-based shares
Hedge funds 9
High-dividend shares 10
International infrastructure funds
1.3
24.8
17.0
2.6
1.1
0.6
47.4
As at May 31, 2013, the issuers of the top 25 positions held by the Fonds, of which 17 are part of the development capital investments
portfolio and 8 are part of the other investments portfolio, were as follows:
Issuers
% of net assets
(17 issuers) *
Other investments
(8 issuers)**
* The 17 issuers representing, as a group, 32.1% of the Fonds’ net
assets are:
Atrium Innovations inc.
Camoplast Solideal inc.
Cogeco Câble inc.
Corporation Financière L'Excellence ltée
Entreprises publiques québécoises à faible capitalisation 11
FinTaxi, s.e.c.
Fonds immobilier de solidarité FTQ inc.11
Fonds immobilier de solidarité FTQ I, s.e.c.11
Fonds immobilier de solidarité FTQ II, s.e.c.11
Gestion TFI inc.
Metro inc.
Société de gestion d'actifs forestiers Solifor, société en commandite11
SSQ Financial Group 12
TMX Group Limited
Transcontinental Inc.
Trencap s.e.c.
VC, société en commandite
32.1
17.0
49.1
** The 8 issuers representing, as a group, 17.0% of the Fonds’ net assets
are:
Province of Ontario
Province of Québec
Financement-Québec
Government of Canada
Canada Housing Trust No. 1
Laurentian Bank of Canada
Q-BLK Strategic Partners, Inc.
FRM Diversified II Fund SPC
5.3%
3.1%
2.3%
1.8%
1.6%
1.3%
0.8%
0.8%
This summary of investment portfolio may change due to ongoing portfolio transactions of the Fonds.
9
10
11
12
Hedge funds are included in the absolute return strategies portfolio.
High-dividend shares are included in the high-income portfolio.
Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk given the large
number of investees.
Includes all of the Fonds’ investments in SSQ, Life Insurance Company Inc. and its subsidiaries, SSQ Insurance Company Inc. and SSQ General Insurance
Company Inc. Includes also the Fonds’ investment in SSQ, Mutual Holding Inc.
16
CONTRIBUTION TO QUÉBEC’S ECONOMIC DEVELOPMENT
In keeping with its mission, the Fonds made investments over the financial year that contributed to creating, maintaining or saving
quality jobs in different sectors of the Québec economy. In the current, still uncertain economic conditions, the Fonds continues to play
an active role in the development and growth of Québec companies. As such, during the financial year, the Fonds invested $521 million,
on a commitment basis, to support Québec entrepreneurs in their development projects.
In particular, the Fonds made a $75 million commitment (announced last year) in the new Fonds Valorisation Bois. This investment fund
for high value-added wood transformation will help businesses in the forestry industry move, among other things, into new niches such
as green construction, green energy and green chemicals, which are all supported by the forestry industry.
In the services industry, the Fonds contributed, with a $15 million investment in Athos services commémoratifs, to the return to Québec
ownership of two flagships of the funeral industry: Lépine Cloutier, in Québec City and Urgel Bourgie, in Montréal. As part of the
international development plan of Premier Tech, world leader in the horticulture and agriculture, industrial equipment and environmental
technology industries, the Fonds reinvested $8 million; this is the Fonds’ fourth investment in this company based in Rivière-du-Loup. In
addition, a new investment of $2 million in Sail Outdoors will allow the company to continue the regional expansion of its store network
in Ontario and Québec over the 2013 to 2015 period.
In venture capital, the Fonds collaborated directly, with an investment of $17.2 million, to repatriate to Canada control of Distech
Controls, a leader in energy management solutions; this transaction will help create jobs in Québec in the green technology industry and
strengthen Québec’s position in the economy of tomorrow. In addition, in partnership with investors from other parts of the world, the
Fonds participated in the financing of a project in Québec related to the lead product of Thrasos Innovation, a private, clinical stage,
biotherapeutics company focused on the treatment of kidney diseases; the Fonds invested $7.1 million in this company. In addition, the
Fonds was involved in the capitalization of two private venture capital funds: $25 million in Fonds CTI Sciences de la vie, s.e.c. and
$10 million in Sanderling Ventures VII (Canada), L.P. – discussed below – as well as in a $6.7 million co-investment agreement with the
Fonds de solidarité FTQ investissements croissance I, s.e.c.
Furthermore, the Fonds invested $12 million in AJW Technique to relaunch Aveos, thereby contributing to the creation of 300 jobs in the
aerospace industry by 2015.
POLICY FOR INVESTMENT OUTSIDE QUÉBEC
13
Over the years, the Fonds made investments pursuant to the Policy for Investment Outside Québec that have had significant economic
spinoffs for Québec. During the financial year, the Fonds invested $53.9 million ($47.2 million in the previous year) in five companies in
accordance with this policy.
In the category of companies undertaking large-scale projects in Québec, the Fonds made two investments totalling $19.0 million
($39.7 million in the previous year), including $15 million in Vision 7 International ULC, a company incorporated in Alberta that is the parent
company of Cossette Communications, the largest marketing communication company in Québec.
The Fonds made two investments in private funds outside of Québec totalling $29.7 million during the financial year. As mentioned
previously, a $10 million investment was made in Sanderling Ventures VII (Canada), L.P., a U.S. investment fund specialized in life
sciences, while $19.7 million was invested in FCPR Aerofund III, a French investment fund specialized in the aerospace industry. The
eligibility of the investments in these two foreign funds is conditional to these two funds reinvesting in Québec companies an amount at
least equivalent to the amount invested by the Fonds. These private funds should also provide their current and future partner companies in
Québec with the specific expertise or international network necessary for their development.
Lastly, during the financial year, the Fonds made an investment of $5.2 million in Cellfish Media, a company meeting the company
impacting the Québec economy criteria ($7.5 million in the previous year).
13
Since 1998, the Fonds has been authorized by the Minister of Finance of Québec to invest outside Québec provided certain clearly defined conditions are met,
notably with regards to economic spinoffs in Québec. The main groups of eligible investments are private funds outside Québec, companies impacting the
Québec economy and large-scale investment projects (financing for expansion, modernization, productivity improvement).
17
THE FONDS DE SOLIDARITÉ FTQ INVESTMENT NETWORK
Since its inception in 1983, the Fonds has built a solid investment network that provides entrepreneurs who follow their ambitions with patient
capital based on their needs. A veritable business hub brimming with ideas, talent and knowledge, this network offers the Fonds' partner
companies the opportunity to share their concerns with other SMEs, learn from past experiences and forge new business ties. The Fonds’
investment network revolves around five levels of investment:
•
•
•
•
•
The Fonds de solidarité FTQ generally offers $2 million and up for large companies.
The fonds régionaux de solidarité FTQ, which cover all of Québec, generally offer capital ranging from $100,000 to $2 million to
meet the needs of businesses in their region.
The local solidarity funds, created by the Fonds and the Québec Federation of Municipalities, generally offer $5,000 to $100,000 to
small businesses.
The fonds immobiliers de solidarité FTQ are specialized in real estate investment and development. Their main objective is to create
and save jobs through building or renovating major office buildings and commercial, industrial, institutional and residential
properties.
The other specialized funds form an investment network in Québec and abroad that invests in assorted industries. The Fonds’
commitment to this network continued in 2012-2013, with the ongoing goal to facilitate Québec SMEs’ access to capital in all their
stages of development.
Québec entrepreneurs have had access to the entire Fonds investment network through its website: www.fondsftq.com. In addition to
searching for our financing projects and for members of our teams of experts, this one-stop shop for investment provides details on the
Fonds, the regional funds, the local funds and the real estate funds.
The following graph shows the breakdown of the Fonds’ investments based on its various network components:
DISTRIBUTION OF INVESTMENTS BY NETWORK COMPONENTS (AT COST)
As at May 31, 2013
18
OUTLOOK AND TRENDS
ECONOMIC AND FINANCIAL OUTLOOK
World and the United States
Economic conditions in Europe continue to be difficult, and generally, leading economic indicators don’t seem to suggest short- or
medium-term improvement. As such, it seems that for the next few quarters the Eurozone will continue to be mired in the recession that
has persisted since 2011. The bond purchase program orchestrated by the European Central Bank has so far been successful in
lowering financial tensions and soothing fears of a potential collapse of the Eurozone. However, political uncertainty in certain countries,
such as Spain and Italy, where recent elections have returned unconvincing results (no majority government), clearly show that the
Eurozone continues to struggle and the situation remains fragile. While the economic outlook in France will likely still be challenging in
2013, the only source of comfort comes from the German economy (main driver in the Eurozone), where certain leading economic
indicators suggest that in the coming quarters GDP will grow compared to its fall 2012 trough.
In the United States, negotiations surrounding the “fiscal cliff” and the partial agreement that was concluded had no major impact on the
markets. The politicians postponed the most critical decisions, particularly those concerning the debt ceiling and adopting a budget.
However, sooner or later, the Americans will want to know what is happening with their public finances. The question is even more
relevant as certain economic indicators that, all in all, performed well in the opening months of 2013, showed signs of weakness starting
in March 2013. Put another way, the economic situation in the United States which, at the start of 2013, seemed to be setting up for a
promising year, may ultimately not have enough momentum to offset the cooling in public spending and higher taxes if the economic
indicators continue to trend downward in the next few months, the end result of which would be lower U.S. GDP. We should remain
prudent regarding the economic growth outlook in light of the seasonal phenomenon of optimism in the first months of the year that the
U.S. economy has experienced for several years now, and has shown to be a false start each time. Caution should also be exercised
with respect to the economic outlook following the June 19, 2013 statement by the U.S. Federal Reserve (the Fed) according to which it
intends to slow down, starting in fall 2013, the pace of its purchases of U.S. Treasury bonds and mortgage-backed securities if the
economy and the labour market continue to improve. This third round of quantitative easing might even slow down further at the
beginning of 2014 and end in the middle of the year. This announcement had a negative effect on several stock indexes and a positive
effect on the U.S. dollar and the 10-year U.S. Treasury bills. In addition, the Fed set two indicators to be reached: an unemployment
rate below 6.5% and an inflation rate near or under 2.0%. In general, the goal of the Fed’s strategies is to give the government the time
it needs to implement fiscal measures that will fix structural problems.
Canada and Québec
In Canada, analysts have been closely monitoring the slowdown in the real estate industry for a few months. Unlike in several other
industrialized countries, the Canadian real estate sector was not very affected by the last financial crisis. To avoid overheating, the Bank
of Canada took several measures to stifle demand in this sector. These measures seem to have borne fruit judging by the diminished
activity in the Canadian real estate market in most provinces. This reduction in real estate activity obviously puts downward pressure on
domestic demand and, ultimately, GDP. Since the Canadian government expects to continue cutting spending in the attempt to reach a
zero deficit, all that is left to drive growth is Canadian consumers. But, since they are already deeply in debt, they should focus more in
the next few months on rebalancing their financial situation rather than buying on credit. Given the above-mentioned points, combined
with weak global demand for its export products, Canadian GDP growth should slow down in the coming months. The discount rate
should not be revised up or down in 2013. Given current economic conditions, we forecast that over the next few months the Canadian
dollar will fluctuate between $US0.93 and $US1.04, while interest rates on Canadian 10-year and 30-year bonds should vary in a range
not exceeding plus or minus 50 basis points.
In Québec, consumer spending remained very weak and there is no indication that this will change in the coming months. Business
investment is also at anaemic levels, as are export data. The weakness of global economic conditions and the strength of the Canadian
dollar weigh heavily on exports. The residential market seems to be slowing down, which is another factor of uncertainty. Québec’s
GDP growth in the coming months should be relatively weak.
19
TRENDS IN THE VENTURE CAPITAL INDUSTRY 14
In 2012, the level of activity on the North American venture capital market varied from one region to the next. While funds invested dropped
10% in the United States, activity remained stable in Canada compared to 2011, with investments of $1.5 billion. Québec saw a decrease in
activity with $409 million of venture capital invested in 2012 compared to $486 million in 2011.
While Québec represented 32% of all venture capital investments in Canada in 2011, its share was only 28% in 2012, despite a sharp rise
in investment activity in the fourth quarter of 2012. However, taking into consideration only the last six months of 2012, the Québec’s market
share was 37% of investments across the country. A total of 147 Québec-based companies received venture capital investments in 2012
(compared to 191 companies in 2011).
Based on the results for the first quarter of 2013, the situation seems to be improving. In fact, venture capital investments in Québec totalled
$227 million, more than four times the $54 million invested during the same period in 2012, and 51% higher than the investments in the final
quarter of 2012. In addition, the number of companies that received venture capital investments rose from 39 in the first quarter of 2012 to
48 for the first three months of 2013. It remains to be seen if this situation is only temporary or rather marks a new trend.
THE SAVINGS MARKET AND RRSP
The Canada and Québec economies are currently experiencing rather weak growth, particularly due to reduced consumer spending,
and the outlook for the next few years are hardly more optimistic. According to some specialists, the reduction in consumer spending
would largely be the result of income stagnation and debt accumulation. In fact, debt rises faster than income: the level of Canadian
household debt jumped 11.4% in 2012, rising from 152% to 163.4% of personal disposable income. However, in theory, debt does not
seem to impact Canadians’ intentions to save. According to a SOM survey, more than 50% of individuals aged 35-64 say they are
saving more than they did 10 years ago.
This trend is confirmed by a BMO Financial Group survey, which showed that Canadians’ total savings should climb approximately $600
on average in 2013, to reach $9,859. But these additional amounts could well be invested somewhere other than an RRSP if the
decrease in the average amount contributed to an RRSP in Canada for the 2012 tax year compared to the prior year continues.
According to SOM’s survey, the TFSA is what could benefit from this: there are more holders of TFSAs than before, and they seem to
use them more as a retirement savings vehicle.
Savers in Québec have the lowest savings intentions for 2013 in the country, with $5,477 on average and are also in last place for
RRSP contributions for the 2012 tax year, with $3,049 on average. Given these results, it seems evident that Quebecers should take
saving more seriously in the future and find a way to save even more.
In this context, it is clear that making Quebecers aware of savings and encouraging them to save, which is an integral part of the Fonds’
mission, remains at the center of our priorities, especially with regards to young people. On this point, we believe that the communication
strategy that we designed specifically for them as well as the involvement of our network of 2,077 LRs, our return, and the tax credits our
shares give rise to are all features that contributed, once again in 2012-2013, to the Fonds’ shares keeping their advantageous position
among all the retirement savings products available on the market.
14
The information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds’ overall development capital
investments. In addition, most of the information presented in this section covers the 2012 calendar year, which is different than the Fonds’ financial year.
20
FONDS OUTLOOK 15
Based on current financial and economic outlooks, and given our mission and investment strategy, we are anticipating an average annual
return of 2.5% to 3%. This return does not take into account the tax credits granted to shareholders upon purchasing shares of the Fonds
and is subject to significant volatility on a six-month or annual basis.
While the Fonds is confident it will reach its return objective over a long period, the annual return depends on current economic conditions
and the ups and downs of the stock and financial markets. Therefore, the Fonds’ return over the 2013-2014 year will be greatly influenced
by stock market returns. The return for private securities is also linked to the general performance of the economy and may be lower than
their historic average returns, particularly because of an increase in the cost of credit, adverse impact of economic conditions, the volatility
of the Canadian dollar compared to the U.S. dollar and the effects of foreign competition. The Fonds is targeting a ratio of total operating
expenses to average net assets similar to the ratio achieved for the financial year ended May 31, 2013.
With projected share issues higher than anticipated redemptions, the Fonds’ net assets should increase over the 2013-2014 financial year.
This being said, net cash inflows (shares issues less shares redemptions) could be lower than in the previous years, particularly because of
the anticipated increase in share redemptions, as previously mentioned in this report. Consequently, considering the current 60% rule level,
the volume of investments made by the Fonds will likely not exceed the average level of investments recorded in the last financial years.
However, and as noted previously, since the announcement of the phase-out of the 15% federal tax credit, the Fonds has undertook a
detailed analysis of the impact this could have on its business model, financial outlook and various short-, medium- and long-term
strategies.
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds de solidarité FTQ. We manage our risk within a framework
taking into account the nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and
shareholder expectations. To that end, we capitalize on a structured process to determine, measure and control the significant risks
with which we must contend.
Notice to readers: The following paragraphs and the sections on market risk, credit and counterparty risk and liquidity risk form an
integral part of the financial statements on which an unmodified opinion was expressed in an independent auditors’ report dated
June 27, 2013.
The Fonds manages all its financial instruments in an integrated, comprehensive manner in accordance with the standards set out in
the Integrated Financial Assets Management Policy adopted by the Board of Directors. This policy covers both development capital
investments and other investments. It sets goals, guidelines and several limits so that the Fonds’ management can ensure that the
target return/risk profile is reached. The Fonds uses derivative financial instruments in particular to safeguard the value of its assets, to
facilitate the management of its portfolios, to modify its asset allocation without increasing or decreasing the amounts managed by
internal and external specialists and to improve its returns within allocated risk limits.
During the year ended May 31, 2013, the risk management approach continued to evolve, after the Fonds undertook, a few years ago,
a process to implement an integrated risk management framework. The objective of this process was essentially to provide the Fonds’
management with an overall vision of all risks to ensure that they are managed in accordance with their degree of importance. The
production of an integrated risk profile allowed prioritizing the key financial and non-financial risks to which the Fonds is exposed, before
and after considering the effectiveness of the controls implemented to mitigate the Fonds’ exposure to these risks. A mitigation strategy
was developed for some of these risks, and action plans were set up and deployed. In addition, the Fonds produces on a quarterly
basis a risk scorecard. This scorecard, which is integrated into its corporate scorecard, allows management to monitor the evolution of
risks with respect to its business objectives and the organization's strategies.
The integrated risk management approach was also designed to improve risk governance, monitoring and reporting. To this end, the
Board of Directors of the Fonds adopted, in May 2012, the Integrated Risk Management Policy, a new policy that sets out the Fonds’
requirements in that regard while specifying the responsibilities of the main stakeholders involved. This new policy has been effective
since June 1, 2012 and continued to be implemented throughout the financial year.
15
The outlook presented in this MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at June 27, 2013,
and presupposes certain risks, uncertainties and assumptions. Many factors, several of which are beyond our control, may cause the Fonds’ actual results,
performance, or achievements to differ materially from explicit or implicit expected future results, performance, or achievements.
21
More specifically, the Fonds undertook in 2012-2013 a process to qualify and quantify its risk appetite and tolerance. The objectives of
this process are as follows:
•
Defining the level of risk that the Fonds is willing to accept in pursuing its strategic objectives, executing its business plan and
fulfilling its mission;
•
Defining the Fonds’ risk tolerance for each risk category using a quantitative threshold or objective for financial risks and a
qualitative statement for risks that are more difficult to measure.
The qualitative and quantitative statements resulting from this process will be included in the Integrated Risk Management Policy and
will be reviewed annually. The results of such review will have to be approved by the Board of Directors of the Fonds.
In addition, as the Fonds chose to manage its risks using the principle of subsidiarity, the Fonds’ business sectors have started to
review their procedures and processes to integrate the management of the risks identified in the Integrated Risk Management Policy
into the management of their operations. The review of processes has started in the Other Investments and Investments sectors and
will continue in the other sectors of the Fonds during the next financial year.
In the normal course of business, the Fonds is exposed to various risks; the principal ones are presented hereafter.
MARKET RISK
Market risk, which is inherent to the Fonds’ participation in financial markets, represents the risk of losses in value arising from
fluctuations in interest rates, exchange rates and prices of listed financial instruments. More specifically, this risk varies with the financial
markets’ conditions and certain parameters of these markets, such as volatility, that may lower the value of the Fonds’ financial assets
and thus have a negative impact on its Balance Sheet and Statement of Operations. Difficult economic or financial conditions may thus
have a negative impact on the value of the Fonds’ shares.
The Fonds manages market risk by allocating its financial assets across several classes. In addition, it invests in various industries
(government and government agencies, financial institutions, technology, manufacturing and primary, services and tourism, regional or
local funds and real estate) and geographic areas, within the limits allowed by its Incorporation Act.
The Fonds’ financial assets are especially sensitive to listed share prices and fluctuations in bond interest rates (Canada bond rates and
credit spreads). The Fonds’ financial assets are also sensitive to exchange rate fluctuations, but since most of its transactions are in
Canadian dollars, the Fonds’ direct exposure to currency risk is relatively low. Furthermore, common hedging mechanisms such as
foreign currency forward contracts are generally used for other investments in a foreign currency.
A few years ago, in response to the significant appreciation of the Canadian dollar, the Fonds decided to gradually reduce from 100% to
50% the hedge of its sector-based shares portfolio against currency risk. The Fonds met this objective during the most recently ended
financial year. The sector-based shares hedging ratio was 50% as at May 31, 2013 compared to 52.5% as at May 31, 2012.
For the portion of the bond portfolio that is internally managed, it had been agreed in April 2012 to eliminate hedges against an increase
in interest rates as rate markets would provide a window for action. During the financial year 2012-2013, the hedge level for this portion
of the portfolio gradually moved towards this objective. As at May 31, 2013, hedges against an increase in interest rates for this portion
of the portfolio had completely been eliminated (16.5% as at May 31, 2012).
The Fonds performs sensitivity analyses and simulations to inform senior management of material levels of market risk exposure. It
uses derivative financial instruments to reduce its market risk exposure and safeguard the value of its assets. The following table
presents a sensitivity analysis for each of the three market risk categories to which the Fonds’ financial assets are exposed, namely
changes in interest rates, listed share prices and exchange rates. These analyses reflect the changes made to existing hedging levels
aimed at reducing the Fonds’ exposure to interest rate risk and currency risk.
22
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK
May 31, 2013
May 31, 2012
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates
(179)
179
(134)
134
Change in listed share prices**
10% increase in listed share prices
10% decrease in listed share prices
253
(253)
215
(215)
(94)
94
(77)
77
(in millions of dollars)
Change in exchange rates***
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
*
This analysis is performed on bonds held by the Fonds presented under Other investments in the financial statements. In this analysis, the impact on results takes
into account the use of interest rate forward and futures contracts aimed at safeguarding assets.
** This analysis is performed on listed shares held by the Fonds presented under Development capital investments and Other investments in the financial
statements. In this analysis, the impact on results takes into account the use of stock index futures.
*** This analysis is performed on securities denominated in foreign currencies held by the Fonds presented under Development capital investments and Other
investments in the financial statements. In this analysis, the impact on results takes into account the use of foreign currency forward contracts.
The value of unlisted financial instruments in the development capital investments portfolio is established using approved and accepted
valuation techniques. These techniques are based on a set of assumptions that take into account market conditions such as exchange
rates, economic growth and credit spreads as at the valuation date. Since the assumptions used are highly interrelated, a sensitivity
analysis that isolates the impact of one of these variables on the unlisted securities portfolio is not considered to fairly represent the
sensitivity of the results. In addition, the fair value of certain financial instruments, in particular other investments and listed securities in
the development capital investments portfolio, is determined based on external information and, consequently, no other reasonably
possible assumption can be applied to the valuation techniques. Despite this, management assessed the situation for loans, bonds and
advances as well as for unlisted securities valued using the capitalization of cash flows method, and determined that using possible
alternative assumptions would not result in significantly different fair values.
CREDIT AND COUNTERPARTY RISK
The Fonds’ exposure to credit risk stems mainly from its mission-driven development capital investments, which are generally
unsecured. Its other investment activities generally entail less of this risk since the counterparties concerned are typically more
financially solid (governments, banks, etc.).
Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Development capital
investments), issuer or counterparty in a transaction (financial instruments presented under Other investments) to honour its contractual
obligations or due to a degradation of its financial position. The Fonds manages this risk through several means, including a due
diligence process to ensure that the credit risk level is acceptable.
The Fonds maintains a sound diversification of its assets through the Integrated Financial Assets Management Policy. Compliance with
this policy therefore enables managing the concentration risk associated with the exposure to an issuer or group of issuers with
common characteristics (industries, credit ratings, etc.).
EXPOSURE TO CREDIT AND COUNTERPARTY RISK
(fair value as a percentage of net assets)
Weight of the five largest investments (Development capital investments)
Weight of the five largest issuers or counterparties (Other investments)
May 31, 2013
19.5*
14.1**
May 31, 2012
19.7*
13.8**
*
The portion attributable to investments that do not constitute a significant concentration risk given the large number of investees represented 9.6% as at May 31,
2013 (9.7% as at May 31, 2012).
**
The portion attributable to securities issued or guaranteed by the governments of Québec, Ontario or Canada represented 14.1% as at May 31, 2013 (12.7% as at
May 31, 2012).
23
The summary of investment portfolio presented previously also discloses relevant information on the credit and counterparty risk
concentration level.
For the development capital investments portfolio, the Fonds approves on an annual basis targets by industries, in keeping with its
internal structure. These targets are set using a risk allocation mechanism. It should be noted that the actual results may however differ
from the industry targets determined based on the investment opportunities on the market. Based on an optimal risk level defined by the
Fonds for this portfolio as a whole by taking into account its mission, the risk allocation mechanism facilitates a more effective
monitoring and control of the portfolio profile and sector allocation by risk level. The return/risk balance of this portfolio is achieved
through a sector-based risk allocation mechanism that takes into account the higher risk of our investments in certain sectors.
The Fonds regularly re-examines the status of its development capital investments to ensure that they are adequately classified in one of the
following three categories: compliant with internal criteria, under watch or in turnaround. To deal with the more difficult situations, an internal
committee closely monitors investments that entail greater credit risk.
CLASSIFICATION OF THE DEVELOPMENT CAPITAL INVESTMENTS PORTFOLIO
(fair value in millions of dollars)
May 31, 2013
May 31, 2012
4,982
293
24
5,299
4,562
334
23
4,919
Compliant with internal criteria
Under watch
In turnaround
For the other investments portfolio, issuer and counterparty ratings and compliance with exposure limits by borrower or counterparty
contribute to the sound management of the credit and counterparty risk of the portfolio and to the diversification of assets. These criteria
are set based on the risks specific to each asset class and reduce the risk that our results will be materially affected in the event of a
payment default. As at May 31, 2013, the weighted average credit rating of bonds was AA-, as it was as at May 31, 2012.
CLASSIFICATION OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO*
(fair value in millions of dollars)
AAA
AA
A
BBB
Other
*
May 31, 2013
May 31, 2012
444
705
973
264
2,386
342
801
796
211
4
2,154
Presented using the Standard and Poor’s rating scale.
LIQUIDITY RISK
The Fonds must make disbursements on a daily basis – when it redeems shares held by shareholders, disburses amounts it committed
to invest in partner companies, reimburses notes payable and pays expenses. It is worth noting that the Fonds is required to redeem
shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in exceptional situations provided
under a policy adopted for such purpose by the Board of Directors and approved by the Minister of Finance of Québec.
The Fonds must be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for
loss due to its inability to meet such commitments. In certain cases, securities acquired on the market can be subject to resale
restrictions, thus potentially reducing their liquidity.
The Fonds’ Incorporation Act provides that part of the financial assets of the Fonds may be invested in marketable securities on
organized markets, such as stock and bond markets, so it can easily obtain cash. The Fonds also has access to bank credit facilities for
additional liquidities.
As at May 31, 2013, the ratio of liquid financial assets 16 as a percentage of assets under management was 53.8% (51.5% as at May 31,
2012), demonstrating, in management’s opinion, that the Fonds has the required liquidity to fulfill all its obligations and commitments,
even under potential scenarios that would be less favourable to it.
16
Liquid financial assets are comprised of fixed-income securities (cash, bonds and money market securities), listed shares of the other investments portfolio and
certain listed shares of the development capital investments portfolio.
24
OPERATIONAL RISK
Inherent to all the Fonds’ activities, operational risk is the risk of sustaining losses as a result of the inadequacy or failure of certain processes
or systems in place or due to human factors or external events. This risk also includes legal risk.
Effective policies, standards and procedures are implemented to manage this risk. Control principles and mechanisms are monitored
and periodically revised with a view to continuous improvement. The Fonds’ operational risk management and the effectiveness of its
management framework are underpinned by the following guiding principles:
•
•
•
•
•
•
•
•
•
•
•
•
Competent, well-trained staff;
A succession management program;
A culture of integrity;
Segregation of incompatible duties;
Adoption of a concept of independence inspired by the securities regulations applicable to public companies;
Delegation of decision-making authority to Special Boards whose majority of members are external to the Fonds and the FTQ;
Monitoring of the development capital investment valuation process;
Implementation of a framework program of financial compliance;
Monitoring of technology development and information security;
A planning process for resumption of activities in the event of business interruption;
Continuous monitoring of changes in applicable legislation, regulations and standards, including the Fonds’ compliance therewith;
Risk identification and assessment when new products or activities are implemented.
Codes of ethics and conduct define, among other things, the rules of conduct to be followed by employees, officers and directors to
avoid, for instance, conflict of interest situations. All employees or officers must, in the execution of their duties, put the interests of the
Fonds ahead of their own or those of third parties. They must also avoid placing themselves in a conflict of interest situation, either real,
potential or apparent. The codes of ethics and conduct prohibit, among others, certain personal trading deemed conflictual, including
receiving certain gifts and using any advantage, information or interest related to the Fonds that would be incompatible with the
professional duties and responsibilities of an employee. In addition, the codes forbid the disclosure by directors and employees, for
purposes other than the execution of their duties, of confidential information obtained through such execution. Each year, all employees
must complete a statement of interests held and a statement on the compliance of their conduct with the code.
The codes provide for a whistleblowing procedure for cases of non-compliance with the code involving financial or accounting
information or illegal acts.
During the financial year 2011-2012, the Fonds also undertook an analysis of the risk of fraud and misconduct to which it is exposed.
Although this risk was not assessed as high following this analysis, recommendations to improve its control environment have been
implemented by the Fonds during the most recently ended financial year and additional work will be performed in 2013-2014.
OTHER RISKS
The Fonds is also exposed to other risks such as strategic and reputation risks, which could result in negative financial consequences.
Strategic risk, which includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a
result of ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business
environment. This risk is managed through monitoring and strategic and operational planning processes that seek input from all levels of
the organization; the resulting plans are submitted to the Board of Directors for approval. The Management Committee periodically monitors
the business plans and strategic objectives of the Fonds and each sector. Any strategic decision or change to the Fonds’ already adopted
orientations that could have a material impact is authorized beforehand by the appropriate governing bodies, based on the powers
delegated to them.
25
Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause losses, a decrease in liquidity or a decline in the
customer base. The Fonds controls and manages reputation risk through the following, among others: proper training, legal and financial due
diligence for all its capital development investments, sound governance practices, the application of policies and procedures, and ownership
of the codes of ethics and conduct by all officers and employees. The Fonds is a responsible corporate citizen that takes ethical, social and
environmental aspects into consideration when making investment decisions. We have also adopted a voting rights policy with regards to
public partner companies and a code of conduct for international business dealings. The Fonds also ensures that any financial information
released outside the organization is accurate and validated beforehand.
The Fonds implemented a Disclosure Policy concerning all financial and non-financial information issued and/or disclosed externally and the
information that is communicated internally to a large number of employees. The main objectives of this policy are to provide a disclosure
framework and standards, to ensure that information disclosed is rigorously prepared and validated, to make the Fonds’ employees aware of
disclosure principles, and to specify the roles and responsibilities of the main participants in the disclosure process.
The application of this policy is monitored by a Disclosure Committee composed of members of the Fonds’ management. The main
responsibilities of this Committee are to set disclosure guidelines, to implement and keep up to date the Disclosure Policy and ensure it
is complied with, and to ensure that relevant and effective disclosure controls and procedures are in place. The Disclosure Committee
reports its activities to the Management Committee.
Given the growing use of social media by the Fonds and its employees, the Fonds implemented a Social Media Policy during the financial
year 2011-2012. This policy governs the use of these tools to prevent any harm or damage to the image or the reputation of the Fonds
resulting from such use. All employees were trained following the implementation of this policy.
GOVERNANCE
RISK GOVERNANCE
The Management Committee, comprised of the President and CEO and executives, is responsible for the global management of the
Fonds de solidarité FTQ’s operations. Because risk governance is an essential part of integrated financial assets management, the
Fonds has put in place a management framework to ensure that risk management and control strategies and resulting operational
decisions take the established level of acceptable risk into account. An Integrated Risk Management Advisory Committee has also been
set up. The governance structure that supports the Fonds, in particular with respect to risk management, is as follows:
Our risk governance structure is built upon a series of policies approved by the Board of Directors. The Fonds regularly reassesses
policies, standards, guidelines, and procedures to incorporate the best possible practices. It should be noted that the functions of
Chairman of the Board and President and CEO are separate.
26
The implementation process of an integrated risk management framework, that was launched a few years ago and led to the adoption by
the Board of Directors of the Integrated Risk Management Policy in May 2012 (see the “Risk Management” section), also had some effects
on the risk governance structure. The roles and responsibilities of the Fonds’ governing bodies, internal committees and main stakeholders
involved were specified in this policy. The Board of Directors of the Fonds thus reconfirmed its responsibility for integrated risk management
while delegating to the Executive Committee the monitoring of some work and their results in that respect. In addition to the governance
structure, the Integrated Risk Management Policy sets out the organization’s requirements with respect to the integrated management of all
types of risks, ensures that risk management is closely related to the “total” risk appetite and determines an approach whereby all
significant risks and their interrelations are considered in the development of the organization and the maintenance of the return/risk
balance. The Vice-President responsible for the integrated risk management framework reports directly to the President and CEO in
carrying out his duties, and he is supported by the Integrated Risk Management Advisory Committee.
The Integrated Financial Assets Management Policy, which is under the Integrated Risk Management Policy, is a key piece of this
management framework. The policy sets out the target financial asset allocation allowing the Fonds to fulfill its mission while meeting
the desired return/risk ratio through sound diversification that helps mitigate the volatility of such return from a six-month period to the
next. This policy also provides objectives, guidelines, and limits within which our managers and specialists must perform their duties to
carry out their mandates. In fact, the Integrated Financial Assets Management Policy is composed of several policies covering general
principles, orientations, and the limits and guidelines applicable to various asset classes, including a separate policy applicable to the
Investments sector. The detailed guidelines and procedures covering the management of financial assets on an operational basis are
presented separately to facilitate their application.
KEY GOVERNING BODIES
BOARD OF DIRECTORS, DELEGATE BOARDS AND COMMITTEES
The Board of Directors carries out the following duties:
•
•
•
•
•
Ensuring the Fonds’ mission, Incorporation Act and any other law it is subject to are followed while adhering to its values of solidarity and
responsibility;
Approving the main directions, policies and business strategies of the Fonds, notably in regards to integrated financial assets management
and integrated risk management;
Ensuring there are controls over the Fonds’ management, including over risk management, and ensuring a culture of integrity;
Approving investment recommendations for which it is responsible and monitoring them;
Evaluating the Fonds’ performance on a regular basis.
Members of the Board of Directors are nominated or elected according to the rules set out in the Fonds’ Incorporation Act. In carrying
out its mandate, the Board delegates part of its responsibilities.
Delegate Boards and Committees are responsible for decisions related to development capital investments and, in accordance with
Section 8 of its Incorporation Act, to the purchase by agreement of shares of the Fonds. These Delegate Boards and Committees
include the Executive Committee, the four Special Boards created for the Traditional, New Economy, Mining Portfolio and Turnaround
and Majority Interests sectors as well as the Purchase-by-Agreement Decision-Making Committee, which is responsible for approving
the purchase by agreement requests made by our shareholders. Each development capital investment of $5 million or more must be
authorized by the Board of Directors, or the Executive Committee if the Board of Directors is unable to meet in a timely fashion; in
addition, each of these investments must be recommended by the Special Board overseeing the corresponding activities. All
investments of less than $5 million are under the authority of the corresponding Special Board, except for the Mining Portfolio, whose
limit is $1 million. The four Special Boards are composed of a majority of members who are external to the Fonds and the FTQ, while
the Purchase-by-Agreement Decision-Making Committee is comprised of Fonds employees. The Executive Committee examines, at
least once every six-month period, management’s reports on integrated risk management. Using these reports, the Committee reports
to the Board of Directors, the Audit Committee and the Financial Assets Management Committee, as required. It also recommends
policies for integrated risk management that are proposed by management, as needed.
AUDIT COMMITTEE
The Audit Committee is comprised entirely of members who are external to the Fonds in accordance with Regulation 52-110
respecting Audit Committees, and its mandate includes: recommending the audited financial statements and MD&A for approval by
the Board of Directors; approving the principles for valuing development capital investments and receiving the Valuation
Committee’s report; enquiring about the effectiveness of internal controls implemented by management and the fact that they are not
overridden; enquiring about the compliance and risk management process for preparing the Fonds’ financial statements and provide
feedback; and receiving the Ethics Committee report and overseeing the application of the code of ethics for Board members. The
Committee also ensures the Fonds complies with the laws, regulations and agreements that govern its operations and that may
have a material financial impact. The Audit Committee reports its activities to the Board of Directors and makes recommendations to
it when necessary.
27
In addition, an Ethics Committee composed of members of management support the Audit Committee in monitoring the application of
the Fonds’ codes of ethics and conduct.
FINANCIAL ASSETS MANAGEMENT COMMITTEE
This committee is responsible for monitoring the implementation, compliance with and updating of the Integrated Financial Assets
Management Policy, including the Investment Policy and the policies applicable to the various asset classes of the Other
Investments sector. Its primary mandate is to ensure that asset management is coordinated and linked. In this capacity, it
recommends the overall vision and orientation for financial assets management to the Board of Directors. This committee also
monitors performance and changes in the return/risk ratio and ensures that the Fonds’ activities are in compliance with all its
financial assets management policies and that the Fonds has adequate and sufficient guidelines and procedures. The Financial
Assets Management Committee reports to the Board of Directors twice yearly on its activities and makes recommendations to it
when necessary.
VALUATION COMMITTEE
Composed of a majority of qualified valuators independent from the Fonds, the Valuation Committee is mandated to provide a
reasonable assurance that the procedure used for valuing the development capital investments portfolio complies with the procedure
set out in the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. The Valuation Committee reports
on its review to the Audit Committee twice yearly.
VALUATION FRAMEWORK
Development capital investments and other investments are recorded on the balance sheet at their fair value 17. However, the majority of
the Fonds’ development capital investments are made in private companies or specialized funds for which a fair value must be
established because the securities issued by these companies or funds are not traded on organized, public markets. Specialized
valuators employed by the Fonds determine the fair value of these investments. These valuators report to the Executive Vice-President,
Finance and follow a structured process comprising several verification and validation steps to ensure the quality, uniformity and
integrity of the work performed and of the resulting fair value.
The management framework that governs the procedure for valuing development capital investments is set out in the Regulation
Respecting Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications
required for specialized valuators employed by the Fonds as well as the governing body responsible for approving the valuation
principles used. The Regulation also requires that all relevant information about the valuations (excluding publicly traded issuers valued
using market prices) should be provided to an independent valuation committee. In addition, the President and CEO and the Chief
Financial Officer must sign a certification stating that the valuation procedure set out in the Regulation was complied with and confirming
the aggregate fair value of the development capital investments portfolio. This certification has been submitted to the Audit Committee
on a half-year basis since May 31, 2009.
During the year, the Fonds’ valuation principles were updated to reflect the changes proposed in the International Private Equity and
Venture Capital Valuation (IPEV) Guidelines. The changes do not materially affect the Fonds’ valuation principles. The Audit Committee
approved these updated valuation principles in May 2013.
FINANCIAL GOVERNANCE
While not required to apply MI 52-109 issued by the Canadian Securities Administrators, the Fonds has decided to base its work upon the
principles stated in this rule, thereby demonstrating its willingness to respect best practices in financial governance. Our financial
compliance framework program commonly known as Confor applies to controls providing reasonable assurance that the financial
information prepared and reported is reliable and that the financial statements are prepared in accordance with Canadian generally
accepted accounting principles.
Management is responsible for designing and maintaining adequate internal control over financial reporting and disclosure controls and
procedures. It must also periodically evaluate their design and effectiveness.
17
Using fair value is a best practice recognized by venture capital firms and private equity funds. In short, fair value is defined as the price that would be received to sell
an asset in an orderly transaction between market participants at the measurement date.
28
During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial
reporting and disclosure controls and procedures using the COSO (Committee of Sponsoring Organizations of the Treadway
Commission) framework, and, for information technology controls, the COBIT (Control Objectives for Information and Related
Technology) framework, two recognized financial governance frameworks.
A certification was signed by the President and CEO and the Executive Vice-President, Finance for the financial year ended May 31,
2013, confirming their responsibility for this procedure. These certifications are available on SEDAR. A mechanism for sub-certification
by several Fonds executives and managers also supports these certifications.
Management’s conclusions on the design and effectiveness of internal control over financial reporting and disclosure controls and
procedures are presented hereafter.
MANAGEMENT’S REPORT ON INTERNAL CONTROLS
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF INTERNAL CONTROL OVER
FINANCIAL REPORTING
Internal control over financial reporting comprises all the processes and controls in place, including policies and procedures, that govern
the maintenance of accounting records and the preparation of financial statements to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements in accordance with Canadian generally accepted accounting
principles. Management, under the supervision of the President and CEO and the Executive Vice-President, Finance, evaluated the
design and effectiveness of internal control over financial reporting. Based on this evaluation, management concluded that, as at
May 31, 2013, internal control over financial reporting was adequately designed and effective. However, because of its inherent
limitations, internal control over financial reporting may not prevent or detect certain misstatements on a timely basis. During the year ended
May 31, 2013, there was no change in the Fonds’ internal control over financial reporting that has materially affected, or is reasonably likely
to affect, the Fonds’ internal control over financial reporting.
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF DISCLOSURE CONTROLS AND
PROCEDURES
Disclosure controls and procedures include the processes and mechanisms designed to provide reasonable assurance that financial
information for external purposes is recorded, processed, summarized and reported within the required time period for review and
approval by management and that it is disclosed externally within the time periods specified in the applicable regulations and legislation.
Management, under the supervision of the President and CEO and the Executive Vice-President, Finance, evaluated the design and
effectiveness of disclosure controls and procedures. Based on this evaluation, management concluded that, as at May 31, 2013,
disclosure controls and procedures were adequately designed and effective.
29
STATEMENT OF
DEVELOPMENT CAPITAL
INVESTMENTS
AT COST
As at May 31, 2013
INDEPENDENT AUDITOR’S REPORT
To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) as at May 31, 2013 ("the statement"). The statement has been prepared by management based on the dispositions of
article 18 of the Regulation respecting development capital investment fund continuous disclosure.
Management's Responsibility for the Statement
Management is responsible for the preparation of the statement in accordance with the dispositions of article 18 of the
Regulation respecting development capital investment fund continuous disclosure, and for such internal control as management
determines is necessary to enable the preparation of the statement that is free from material misstatement, whether due to
fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on the statement based on our audit. We conducted our audit in accordance with
Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statement. The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the
statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to
the entity's preparation of the statement in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the statement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec
(F.T.Q.) as at May 31, 2013 is prepared, in all material respects, in accordance with the dispositions of article 18 of the
Regulation respecting development capital investment fund continuous disclosure.
____________________
1
Montréal, June 27, 2013
1
Statement of Development Capital
Investments, at Cost
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
1988
1989
1990
1991
1994
1995
1996
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
F
S
9,955
9,955
TI/M/P/S
316,009
316,009
Entreprises publiques québécoises à faible
capitalisation
1,338
Guarantees
and
Suretyships
Loans
and Advances
Fonds de développement emploi-Montréal inc.
Bestar inc.
M
1,499
Transat A.T. inc.
S
39,377
B.M.B. (Îles-de-la-Madeleine) inc.
● Fonds locaux de solidarité FTQ, s.e.c.
1993
Listed
Shares
Total
TransForce inc.
● Fonds immobilier de solidarité FTQ I, s.e.c.
1992
Industry
Segment
Secured
Polycor inc.
● Fonds immobilier de solidarité FTQ II, s.e.c.
1,338
752
2,251
39,377
S
750
750
R
28,975
28,975
F
38,000
P
38,000
12,490
R
25,000
Groupe Robert inc.
S
21,940
12,490
25,000
18,500
40,440
Le Devoir inc.
S
1,315
SSQ, Société d'assurance-vie inc.
S
29,413
66,100
95,513
1,315
Corporation Financière Brome inc.
S
2,991
3,100
6,091
Château M.T. inc.
V01400
V04179
FIDUCIE
V02252
V02243
V02102
V02273
V02497
V01554
V02828
V01945
V02780
V02606
V03189
S
2,610
2,610
● Fonds régional de solidarité AbitibiTémiscamingue, société en commandite
F
16,105
16,105
V03133
V03592
● Fonds régional de solidarité Côte-Nord, société en
commandite
F
21,985
21,985
V03593
● Fonds régional de solidarité Estrie, société en
commandite
F
20,114
20,114
V03589
● Fonds régional de solidarité Lanaudière, société en
commandite
F
12,587
12,587
V03598
● Fonds régional de solidarité Laurentides, société
en commandite
F
21,532
21,532
V03599
● Fonds régional de solidarité Laval, société en
commandite
F
21,524
21,524
V03597
● Fonds régional de solidarité Mauricie, société en
commandite
F
12,708
12,708
V03588
● Fonds d'investissement de la culture et des
communications, société en commandite
S
26,700
26,700
V03890
V12100
V03748
● Fonds régional de solidarité Bas Saint-Laurent,
société en commandite
F
16,160
16,160
V03585
● Fonds régional de solidarité ChaudièreAppalaches, société en commandite
F
18,574
18,574
V03596
● Fonds régional de solidarité Gaspésie-Îles-de-laMadeleine, société en commandite
F
12,573
12,573
V03595
● Fonds régional de solidarité Montérégie, société
en commandite
F
24,478
24,478
V03600
● Fonds régional de solidarité Outaouais, société en
commandite
F
30,478
30,478
V03591
MethylGene inc.
TI
17,033
17,033
Mines Virginia inc.
P
1,712
1,712
2
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
1996
1997
2000
2001
2002
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Guarantees
and
Suretyships
Loans
and Advances
F
24,976
24,976
V03587
● Fonds régional de solidarité Saguenay-Lac-SaintJean, société en commandite
F
24,971
24,971
V03586
13,618
6,439
V03615
V02088
V03972
1,709
V03953
12,000
V03594
V04089
V16026
V04308
V04288
V04352
Groupe Solmax inc.
M
Mines Richmont inc.
P
Fonds de capital de risque GeneChem
Technologies, s.e.c.
TI
6,439
Fonds d'investissement de Montréal (F.I.M.),
R
1,657
F
12,000
1,618
12,000
9,219
9,219
52
GSM Capital Limited Partnership
TI
879
879
9274-0547 Québec inc. (Manoir Richelieu)
S
46,179
46,179
Cap sur mer inc.
M
Exploration Azimut inc.
P
● Fonds régional de solidarité Centre-du-Québec,
1999
Listed
Shares
Total
● Fonds régional de solidarité Québec, société en
commandite
● Fonds régional de solidarité Nord-du-Québec,
1998
Industry
Segment
Secured
1,807
102
650
F
1,909
650
9,616
9,616
Niocan inc.
P
Société en commandite Manoir Richelieu
S
TSO3 inc.
TI
6,503
Corporation minière Osisko
P
4,523
La Financière des entreprises culturelles (FIDEC),
S
2,402
2,402
V04287
V03184
V03827
V04656
V04472
ARGO II : The Wireless-Internet Fund - Limited
Partnership
TI
11,364
11,364
V04893
62,769
V04820
V05387
V04958
V04396
V04460
V04982
V05076
V04956
Atrium Innovations inc.
TI
Genopole 1er Jour S.A.
TI
284
284
1,254
1,254
9,583
14,106
6,503
37,769
25,000
136
136
Groupe HNZ inc.
S
GTI V, société en commandite
TI
24,633
8,059
24,633
8,059
Marketing Léger inc.
S
1,000
1,000
Société en commandite GeneChem Thérapeutique
TI
9,775
9,775
● Fonds Bio-Innovation, société en commandite
TI
24,351
24,351
Investissement Premières Nations du Québec,
F
2,000
2,000
Kruger Wayagamack inc.
M
Novacap II, société en commandite
S
12,137
8,224
12,137
8,224
Partenaires MidCap
S
447
447
SIDEX, société en commandite
P
15,000
15,000
S
12,800
47,200
60,000
R
1
268,941
268,942
FinTaxi, s.e.c.
● Fonds immobilier de solidarité FTQ inc.
Junex inc.
P
Lumira Capital I Québec société en commandite
TI
304
304
3,877
3
3,877
V03772
V04981
V05454
V05339
V05683
V05025
V05601
V05720
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2002
2003
2004
2005
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
Produits Intégrés Avior inc.
M
3,250
Thermetco inc.
M
900
Vimac Early Stage Fund L.P.
TI
9,659
9,659
Fonds Vimac Milestone Medica Nord s.e.c.
TI
5,550
5,550
Le Fonds Entrepia Nord, s.e.c.
TI
7,612
7,612
Mines de la Vallée de l'or ltée
P
Stella-Jones inc.
M
4262280 Canada inc. (Transat A.T.)
S
Corporation Aurifère QMX
P
Fonds d'investissement MSBI, société en
commandite
TI
3,250
337
1,237
437
437
35,938
4,647
8,956
Matamec Explorations inc.
P
TI
1,741
35,938
4,647
300
Octasic inc.
300
8,956
78
78
6,091
7,832
Trencap s.e.c.
S
198,516
198,516
Vimac ESF Annex Fund L.P.
TI
1,030
1,030
9053-2698 Québec inc.
M
1
1
A.M. Pappas Life Science Ventures III, LP
TI
10,645
10,645
71,393
Addenda Capital inc.
S
71,393
Camoplast Solideal inc.
M
39,551
Château Bonne Entente inc.
S
1,138
● FIER Partenaires, société en commandite
2006
Industry
Segment
Secured
39,551
106
1,244
F
24,500
Fonds Brightspark II, s.e.c.
TI
1,281
1,281
Fonds d'opportunités canadiennes HRS, s.e.c.
S
20,484
20,484
Groupe C.N.P. inc.
M
Média Groupe inc.
S
2,000
24,500
188
188
2,042
4,042
73,948
73,948
Metro inc.
S
ProQuest Investments III, L.P.
TI
3,229
RHO Fund Investors 2005, L.P.
TI
5,391
SAIL Plein Air inc.
S
1,000
5,529
6,529
6569293 Canada inc. (Maison des Futailles)
M
13,482
8,000
21,482
Alaris Royalty Corp.
TI
Boutique Linen Chest (Phase II) inc.
S
2,317
2,317
3,229
5,391
1
1
Capital Financière Agricole inc.
S
2,366
2,366
Capital St-Laurent, s.e.c.
TI
11,320
11,320
Corporation développement Knowlton inc.
M
9,249
Coveo Solutions inc.
TI
5,954
Distribution Acier Pointe-Claire inc.
M
Emerald Cleantech Fund II L.P.
TI
6,351
Entreprises SMD ltée
S
3,500
Éthanol Greenfield inc.
M
10,405
5,954
2,807
4
19,654
2,807
6,351
260
3,760
60,000
60,000
V05148
V05577
V05543
V05951
V05841
V06004
V02986
V06375
V06287
V05710
V06168
V05549
V06277
V06177
V04338
V11759
V13108
V04935
V06252
V06260
V06280
V06076
V06387
V06408
V11740
V06351
V11625
V11743
V11897
V12157
V12067
V06115
V11478
V12363
V12251
V11730
V11778
V11515
V12378
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2006
Excavation René St-Pierre inc.
S
Exploration Dios inc.
P
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
5,000
5,000
184
184
FCPR Aerofund
S
Fiducie du Chantier de l'économie sociale
S
Fonds CTI sciences de la vie, s.e.c.
TI
1,926
1,926
Fonds ID s.e.c.
TI
10,000
10,000
9,406
9,406
12,000
Fonds Propulsion III s.e.c.
TI
5,944
Gestion Rivière du Diable inc.
S
2,841
Groupe CVTech inc.
S
J.L. Albright IV Venture Fund L.P.
TI
Métal Perreault inc.
M
Ressources Cartier inc.
P
● Rho Canada Capital de Risque, s.e.c.
2007
Industry
Segment
Secured
19,985
12,000
5,944
914
3,755
3,232
23,217
3,549
3,549
300
286
124
918
710
918
TI
19,050
Société en commandite Agechem
TI
17,742
Sonaca S.A.
M
VantagePoint Venture Partners 2006 (Q), L.P.
TI
19,050
17,742
2,950
2,950
16,728
16,728
608
698
V11889
V11976
V11792
V06285
V11965
V11741
V06283
V11457
V12130
V12024
V12104
V12031
V11984
V06248
V12257
V11545
V12564
V11964
6705341 Canada inc. (North Country Slate)
P
90
9178-6590 Québec inc. (Excavation René-StPierre)
S
25
Envivio, inc.
TI
5,751
5,751
Exploration Midland inc.
P
636
636
Fonds d'acquisition de Montréal, société en
commandite
S
5,000
5,000
V12402
V12531
V12559
Fonds d'investissement de Montréal (F.I.M.) II,
R
988
988
V12198
Fonds d'investissement iNovia II, société en
commandite
TI
3,499
3,499
V12317
GO capital s.e.c.
TI
1,408
1,408
Groupe Bikini Village inc.
S
V12016
V12655
V12348
V06225
V12373
V12234
V12095
V11979
V12276
V11929
V11584
25
1,275
1,275
Investissement (12348) s.e.n.c. (Cellfish Media)
TI
11,785
Les Industries Spectra Premium inc.
M
10,000
MMV Financial inc.
S
1
1
M
21,421
21,421
Novacap Technologies III, s.e.c.
TI
14,851
14,851
Partenaires Médias Remstar, s.e.c.
S
2,000
2,000
ProQuest Investments IV, L.P.
TI
6,593
● Soccrent 2006, société en commandite
F
11,380
● Société de gestion d'actifs forestiers Solifor,
P
150,000
● Novacap Industries III, s.e.c.
Thallion pharmaceutiques inc.
TI
Vertex III (C.I.) Fund, L.P.
TI
8,275
15,903
6,593
7,400
18,780
150,000
8,275
9,208
5
11,785
5,903
9,208
V12642
V12046
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2008
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
147755 Canada inc. (Groupe B.M.R.)
S
10,300
10,300
Administration LVER inc.
S
9,983
9,983
Alimentation Coop Port-Cartier
2009
Industry
Segment
Secured
S
180
180
● BDR Capital s.e.c.
TI
Cogeco Câble inc.
TI
100,000
100,000
Corporation Financière L'Excellence ltée
S
100,000
100,000
Dalkotech inc.
M
660
6,060
Donner Metals Ltd.
P
260
Exploration NQ inc.
P
219
Fonds soutien Montréal parallèle, s.e.c.
TI
73,413
5,400
73,413
260
219
2,000
2,000
G.D.G. Environnement ltée
S
2,500
Gestion ACCEO inc.
TI
22,870
2,500
7,750
30,620
125,000
125,000
25,000
57,061
Gestion TFI inc.
S
GLV inc.
M
Groupe AGF inc.
M
9,600
9,600
Groupe Gecko Alliance inc.
TI
4,537
4,537
HR Stratégies inc.
S
100
Ontario Venture Capital Fund LP
TI
559
559
Placements Montrusco Bolton inc.
S
20,151
20,151
Rho Ventures VI, L.P.
TI
18,185
Sonaca Montréal inc.
M
VantagePoint Cleantech Partners II, L.P.
TI
32,061
100
18,185
5,000
5,000
16,919
16,919
5N Plus inc.
M
A.M. Pappas Life Science Ventures IV, LP
TI
14,166
9,267
14,166
9,267
ADS inc.
M
3,600
Axtel SARL
S
1
3,600
Champlain Capital Partners, L.P.
S
6,208
Corporation Nuvolt inc.
M
FCPR Aerofund II
S
12,201
12,201
Fonds Cycle Capital I, s.e.c.
S
16,965
16,965
Fonds d'acquisition québécois, société en
commandite
S
5,000
5,000
Gestion hôtelière REVPAR inc.
S
179
179
Gestion Juste pour Rire inc.
S
3,125
3,125
5,000
17,121
10,933
32,435
11,063
11,063
811
196
Holding Smardt inc.
M
12,121
Les Viandes Laroche inc.
M
2,000
Meca Dev s.a.s.
M
21,502
812
6,208
196
2,000
Média Cineflix inc.
S
Medicago inc.
TI
Premier Tech ltée
P
43,625
43,625
Shermag inc.
M
2,533
2,533
5,099
6
5,099
V13242
V13113
V12496
V13558
V12924
V13127
V13252
V13371
V13232
V13118
V11560
V13530
V14754
V13155
V12541
V12870
V11531
V13245
V13132
V12930
V11595
V13031
V12431
V12898
V13601
V13790
V13625
V14081
V13661
V13823
V13608
V14033
V12916
V15321
V01417
V14354
V13243
V04576
V01387
V12932
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2009
2011
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
Société en commandite Groupe CH
S
40,000
40,000
Teraxion inc.
S
6,167
6,167
Transcontinental inc.
M
● VC, société en commandite
2010
Industry
Segment
Secured
100,000
R
119,537
9220-2324 Québec inc. (Groupe C.N.P.)
M
2,500
Cactus Commerce inc.
TI
Dalkotech International inc.
M
Focus Graphite inc.
P
Foliot Management inc.
M
Fortress Paper Ltd
M
7,000
7,000
S
3,344
15,000
P
Nemaska Lithium inc.
P
Radialpoint Safecare inc.
TI
347
1
11
11
M
TI
2,500
1
Groupe Technosub inc.
Logibec Groupe Informatique ltée
119,537
347
IPL inc.
Les Diamants Stornoway (Canada) inc.
100,000
644
2,000
9,000
25,000
32,000
45,000
60,000
3,344
14,700
15,344
30,000
30,000
17,096
17,097
260
260
1
Ressources Géoméga inc.
P
528
528
Ressources Pershimco inc.
P
145
145
Royal Nickel Corp.
P
300
Saladexpress inc.
M
Scierie Dion & Fils inc.
M
Serdy Média inc.
S
SSQ, Société d'assurances générales inc.
S
Twist, société en commandite
S
Abitibi Royalties inc.
P
Acquisio inc.
TI
AmorChem, société en commandite
TI
Bombardier inc.
M
Cogeco inc.
TI
Corporation Aurifère Aurvista
P
Divertissement 7G inc.
TI
300
8,250
8,250
2,750
2,500
2,750
1,000
3,500
15,000
15,000
6,000
6,000
4,429
4,429
8
8
2,178
2,178
49,779
49,779
25,000
25,000
400
400
6,006
7,967
13,973
Fonds Alpha+ Montrusco Bolton
S
20,000
20,000
Fonds Capital Culture Québec, société en
commandite
S
10,000
10,000
Fonds d'amorçage Cycle-C3E, s.e.c.
TI
2,313
2,313
Fonds d'investissement pour la relève agricole
(FIRA), s.e.c.
S
1,667
1,667
Fonds d'investissement Réal, s.e.c.
TI
4,081
4,081
Fonds Relève Québec, s.e.c.
S
1,800
1,800
Fonds stratégique à rendement absolu HRS, s.e.c.
S
50,000
Groupe Crête division St-Faustin inc.
M
50,000
1,733
7
1,733
7,814
V14109
V05734
V13756
V13847
V14468
V06093
V14868
V14393
V14270
V14403
V06405
V01975
V14396
V01833
V14826
V14302
V14798
V11415
V14827
V03768
V14350
V13802
V14428
V14444
V15313
V12982
V14317
V13647
V15279
V14828
V15022
V13562
V14949
V14929
V14455
V14927
V14948
V14730
V14867
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2011
2012
Industry
Segment
Listed
Shares
Unlisted
Shares
and Units
Secured
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
Finloc inc.
S
Fonds de solidarité FTQ investissements
croissance I, s.e.c.
S
5,667
5,667
V14936
V15039
V01736
V14834
V14814
V14769
V03002
V14985
V15314
V15054
V14995
V15367
V14839
V14933
V15284
V15981
V15425
V15495
V15783
V15297
V15348
V16027
V15861
V15817
● Fonds de solidarité FTQ Investissements
technologiques I, s.e.c.
TI
2,500
2,500
V15320
1,587
V14464
V15483
V15442
V15331
V06111
V15261
V15362
V14747
V14257
V15256
V13578
V14680
V11932
V13774
Groupe Meloche inc.
M
Groupe TMX Limitée
S
3,000
3,000
97,600
97,600
Groupe Tolgeco inc.
S
2,500
2,500
JV Driver Corporation inc.
S
16,000
16,000
Les Chantiers de Chibougamau ltée
M
3,750
3,750
Les Investissements Nolinor inc.
S
1,875
1,875
Magnus Poirier inc.
S
375
Milestone Pharmaceutiques inc.
TI
375
2,868
2,868
Nunavik Nickel Mines Ltd
P
14
14
Ressources Monarques inc.
P
305
305
Ressources Sirios inc.
P
1
1
Rona inc.
S
39,985
39,985
Scandinave Spa in Whistler inc.
S
9187-8850 Québec inc. (Forage Boréal)
P
1,950
1,950
9262-2059 Québec inc. (Casavant Frères)
M
9266-4382 Quebec inc (Loisirs Fletcher)
M
Abipa Canada inc.
M
Agritibi R.H. inc.
S
600
600
Athos services commémoratifs inc.
S
15,000
15,000
2,250
2,000
2,250
2,000
2,500
9,800
2,500
9,800
Erfa Canada 2012 inc.
S
Fempro I inc.
M
3,725
3,725
Financement YPG inc.
S
10,195
10,195
5,442
5,442
Germain Larivière inc.
S
Gestion SMS inc.
M
1,587
1
Gestion Steelhead inc.
S
1
GLyPharma Thérapeutique inc.
TI
1,437
Groupe Colabor inc.
S
Groupe MBI inc.
M
Groupe PCM inc.
M
Groupe QuébéComm inc.
S
3,125
3,125
18,565
1
1
2
1,437
15,000
15,000
408
18,973
500
3,000
500
3,000
Innovation Thrasos inc.
TI
4,224
4,224
La Coop fédérée
M
50,000
50,000
2,000
Les Bois de plancher P.G. inc.
M
2,000
Les entreprises de divertissements Muse inc.
S
4,500
Les Industries Touch inc.
S
Lumira Capital II, société en commandite
TI
4,500
747
1,628
8
747
1,628
AS AT MAY 31, 2013
(In thousands $)
Unsecured
Year of
Initial Investment
2012
2013
Maetta Sciences inc.
M
Maibec inc.
M
Listed
Shares
Unlisted
Shares
and Units
Loans,
Bonds
and Advances
Total
Guarantees
and
Suretyships
Loans
and Advances
2,438
2,438
2,500
2,500
5,000
5,000
Mine Barlow inc.
P
Produits alimentaires Viau inc.
M
Société en commandite Free 2 Play
S
Sojag inc.
S
SSQ, Société d'assurance inc.
S
191,950
191,950
200
200
5,000
5,000
4,750
4,750
SSQ, Société de participation mutualiste inc.
S
78,050
78,050
Supermétal Structures inc.
M
3,618
3,618
Technologies Interactives Mediagrif inc.
TI
4,725
1,747
4,725
Yellow Média Limitée
S
Accedian Networks Corporation
TI
AJW Technique inc.
S
Asmacure inc.
TI
1
1
Cellfish Media inc.
TI
5,168
5,168
13,000
13,000
1,957
1,957
Distech Contrôles inc.
M
Entreprises Minières du Nouveau-Monde inc.
P
Fonds d'investissement de Montréal (F.I.M.) III,
R
1,747
1,252
1,252
7,000
7,000
150
150
Humania Assurance inc.
S
Les Brasseurs du Nord inc.
M
15,750
Les Réseaux Accedian inc.
TI
7,764
Propair inc.
S
850
850
Vision 7 International ULC
S
15,000
15,000
16 general partners of limited partnerships
S
761,142
Total
●
Industry
Segment
Secured
10,000
10,000
8,750
24,500
7,764
2
1
2,454,011
1,612,955
3
11,590
V12032
V02502
V15436
V14878
V14906
V15446
V15298
V15372
V05411
V03963
V16028
V13081
V15836
V06167
V16328
V06350
V15867
V13959
V15294
V15958
V11761
V16025
V15893
V17210
4,839,698
7,814
The list of investments made by these specialty funds is shown in the unaudited Index of the share of the Fonds in investments made by the
specialized funds, at cost.
This statement of development capital investments at a total cost of $4,839,698,000 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 financial statements as at May 31, 2013. In addition, this statement
presents a list of the guarantees and suretyships granted by the Fonds.
Industry segment legend
F:
R:
M:
P:
S:
TI:
Regional or local funds
Real estate
Manufacturing
Primary
Services/tourism
Technology investments
9
Relevé
des autres
investissements
(non audité) in french only
As at May 31, 2013
Relevé des autres investissements ( non audité )
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Acciona SA
557910908
Advantage Oil & Gas Ltd
00765F101
Aeon Co. Ltd
648004000
AES
Corp.
00130H105
AGL Energy Ltd
B0ZNPN904
Agnico Eagle Mines Ltd
008474108
Agrium inc.
008916108
Air Liquide SA
B1YXBJ905
Air Products & Chemicals inc.
009158106
Air Water inc.
644146003
Airgas inc.
009363102
Ajinomoto Co. inc.
601090004
Aker Solutions ASA
B1VLVW903
Akzo
Nobel NV
545831901
Alacer
Gold Corp.
010679108
Alamos
011527108Gold inc.
Albemarle Corp.
012653101
Alcoa
inc.
013817101
Allegheny
01741R102 Technologies inc.
Alliant Energy Corp.
018802108
AltaGas Ltd
021361100
Alumina Ltd
695498006
Amcor Ltd
606660009
AMEC plc
002826006
Ameren Corp.
023608102
American Electric Power Co. inc.
025537101
American Water Works Co. inc.
030420103
Anadarko Petroleum Corp.
032511107
Anglo American plc
B1XZS8907
Anheuser-Busch InBev NV
475531901
Antofagasta plc
004561908
APA
Group
624730909
Apache
037411105Corp.
ARC Resources Ltd
00208D408
ArcelorMittal
B03XPL901
Archer-Daniels-Midland Co.
039483102
Argonaut Gold inc.
04016A101
Arkema
B0Z5YZ906
Aryzta AG
B39VJC900
Asahi Breweries Ltd
605440007
Asahi Kasei Corp.
605460005
Associated British Foods plc
067312900
AT&T inc.
00206R102
Athabasca Oil Corp.
04682R107
AuRico Gold inc.
05155C105
Avon Products inc.
054303102
B2Gold Corp.
11777Q209
Baker Hughes inc.
057224107
Ball Corp.
058498106
Bankers
066286303Petroleum Ltd
Banque Laurentienne du Canada
51925D106
Banro
Corporation
066800103
1
6 634
701
427
66 900
336
300
68 200
941
829
180 359
2 533
2 274
159 334
2 262
2 264
133 000
5 673
4 409
126 560
10 138
12 118
39 551
4 210
5 259
27 200
2 197
2 654
20 000
257
292
8 900
543
946
67 000
797
959
14 295
201
218
31 604
1 779
2 086
136 900
968
301
130 900
1 757
1 964
12 100
760
837
131 100
2 008
1 149
12 000
681
341
32 200
1 242
1 639
2 040
53 016
1 605
331 957
612
337
151 668
946
1 489
25 749
405
413
69 800
2 351
2 449
139 200
5 458
6 592
51 000
1 405
2 094
41 900
2 662
3 788
176 232
6 867
4 214
87 817
5 017
8 367
48 353
752
715
227 324
1 201
1 442
33 000
3 137
2 797
123 200
2 777
3 512
128 657
3 624
1 706
72 500
2 379
2 410
89 700
764
705
7 600
691
810
8 904
373
523
43 900
854
1 098
155 000
918
1 096
40 223
767
1 142
1 510 394
49 224
54 622
124 400
1 585
907
148 381
1 212
780
44 900
1 307
1 094
683 665
2 323
1 771
36 347
1 944
1 705
18 000
525
803
639 500
2 302
1 880
2 339 697
78 966
102 970
788 800
2 521
954
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Barrick Gold Corp.
067901108
Barry Callebaut AG-REG
547692905
BASF
SE
ACI0054Q2
Baytex
Energy Corp.
07317Q105
Beam inc.
073730103
Beiersdorf AG
510740905
Belgacom SA
B00D9P907
Bezeq Israeli Telecommunication Corp. Ltd
609803903
BG Group plc
087628905
BHP Billiton Ltd
614469005
BHP Billiton plc
005665906
Birchcliff Energy Ltd
090697103
BlackPearl Resources inc.
09251U100
Boliden AB
B1XCBX901
Bonavista
09784Y108 Energy Corp.
Bonterra Energy Corp.
098546104
Boral Ltd
621867902
Border
Petroleum Corp.
09970Q109
BP
plc
079805909
Brown-Forman Corp.
115637209
BT Group plc
309135903
Bunge Ltd
G16962105
Cabot Oil & Gas Corp.
127097103
CALBEE inc.
B3TBRZ902
Calfrac Well Services Ltd
129584108
Calpine Corp.
131347304
Caltex Australia Ltd
616150009
Cameco
13321L108Corp.
Cameron International Corp.
13342B105
Campbell Soup Co.
134429109
Canadian
136385101 Natural Resources Ltd
Canadian Oil Sands Ltd
13643E105
Canexus Corp.
13751W103
Canfor Corp.
137576104
Capstone Mining Corp.
14068G104
Carlsberg
416921005 AS, classe B
Carrefour SA
564156909
Casino Guichard Perrachon SA
417841004
Castle Resources inc.
148477102
CCL Industries inc., classe B
124900309
Celanese Corp.
150870103
Cenovus Energy inc.
15135U109
CenterPoint Energy inc.
15189T107
Centerra Gold inc.
152006102
Centrica plc
B033F2900
CenturyLink inc.
156700106
CF Industries Holdings inc.
125269100
CGG
421539008
Chesapeake
165167107 Energy Corp.
Cheung Kong Infrastructure Holdings Ltd
621255900
Chevron
166764100Corp.
China Gold International Resources Corp. Ltd
16890P103
2
712 764
27 809
172
159
15 524
165
118 253
7 741
11 919
48 800
1 954
1 912
16 058
790
1 075
10 476
708
975
39 467
1 548
914
544 177
1 121
723
284 259
5 467
5 401
412 532
13 824
14 238
271 887
7 840
8 161
87 600
664
782
109 500
388
232
32 777
430
487
71 000
1 399
1 154
9 400
496
482
92 096
425
413
9 331 500
1 763
140
1 616 595
14 010
11 989
12 750
572
907
2 092 035
7 492
9 897
16 435
1 169
1 182
18 100
761
1 313
1 500
122
149
13 400
339
372
86 900
1 273
1 820
11 013
145
242
208 800
4 432
4 693
20 000
811
1 256
21 400
810
946
535 160
16 902
16 515
179 400
4 421
3 588
81 600
646
743
51 700
681
899
313 000
919
708
12 063
1 079
1 188
66 930
2 701
2 045
5 676
537
613
1 308 800
1 044
85
26 000
1 250
1 711
21 000
819
1 071
377 750
11 915
11 722
116 500
2 000
2 786
95 700
1 156
364
1 486 658
7 563
8 852
167 407
6 261
5 905
8 100
1 117
1 599
13 521
548
346
57 200
1 537
1 290
136 000
601
976
165 310
14 885
20 973
147 300
636
498
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Chubu Electric Power Co. inc.
619560006
Chugoku Electric Power Co. inc.
619590003
Church & Dwight Co. inc.
171340102
Cimarex Energy Co.
171798101
Cliffs Natural Resources inc.
18683K101
Clorox Co.
189054109
CLP Holdings Ltd
609701909
CMS Energy Corp.
125896100
Cobalt International Energy inc.
19075F106
Coca-Cola Amatil Ltd
612345900
Coca-Cola Co.
191216100
Coca-Cola Enterprises inc.
19122T109
Coca-Cola Hellenic Bottling Co. SA
442072005
Coca-Cola West Co. Ltd
616328902
Colgate-Palmolive
Co.
194162103
Colossus
Minerals
inc., bons de souscription échéant le 2016-11-08
19681L141
Colruyt
SA
ACI009ZR8
ConAgra Foods inc.
205887102
Concho Resources inc.
20605P101
ConocoPhillips
20825C104
Consolidated Edison inc.
209115104
Constellation Brands inc.
21036P108
Contact Energy Ltd
615252905
Continental Resources inc.
212015101
Core Laboratories NV
N22717107
Corporation minière Osisko
688278100
Cosmo Oil Co. Ltd
622633006
Costco
Wholesale Corp.
22160K105
Crescent
22576C101Point Energy Corp.
Crew Energy inc.
226533107
CRH
plc
418224002
Croda
International plc
023352008
Crown
Castle International Corp.
228227104
Crown
Holdings inc.
228368106
CVS
Caremark
Corp.
126650100
Daicel
Chemical
Industries Ltd
625054002
Daido Steel Co. Ltd
625062005
Danone
B1Y9TB906
DE Master Blenders 1753 NV
ACI022F69
Delek Group Ltd
621964907
Delhaize Group SA
426211009
Denbury Resources inc.
247916208
Denki Kagaku Kogyo KK
630982007
Detour
Gold Corp.
250669108
Deutsche
584235907 Telekom AG
Devon Energy Corp.
25179M103
Diageo plc
023740905
Diamond Offshore Drilling inc.
25271C102
Distribuidora Internacional
ACI00NNS8
Dominion Diamond Corporation
257287102
Dominion
25746U109Resources inc.
Dow Chemical Co.
260543103
3
185 500
4 321
2 503
82 300
1 704
1 168
14 500
551
905
6 600
352
478
18 359
1 197
342
12 900
864
1 107
501 500
4 054
4 370
77 000
1 871
2 142
18 100
496
483
60 896
623
777
442 000
13 963
18 269
30 900
780
1 186
23 084
622
621
5 400
128
99
104 412
4 647
6 237
2 400
4
1
7 649
368
403
42 900
1 048
1 491
8 400
738
726
98 278
5 217
6 219
82 600
4 226
4 872
18 300
514
1 003
95 581
457
406
3 700
237
310
3 600
477
512
263 000
2 279
1 173
48 000
166
90
46 800
3 470
5 303
198 700
7 486
7 428
48 000
486
293
95 576
2 231
2 102
16 282
583
628
77 289
3 263
5 692
17 400
509
761
137 200
5 380
8 154
40 000
260
336
39 000
196
220
62 763
4 027
4 769
58 555
689
949
448
100
120
14 084
1 043
930
30 400
557
576
52 000
199
178
71 100
1 545
758
749 484
10 953
8 858
31 800
2 319
1 868
275 295
6 051
8 416
5 400
520
384
70 267
483
568
48 100
682
747
163 300
7 454
9 538
151 900
4 730
5 399
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Dr Pepper Snapple Group inc.
26138E109
DTE Energy Co.
233331107
Duke Energy Corp.
26441C204
Dundee Precious Metals inc.
265269209
E.ON SE
494290901
Eastman Chemical Co.
277432100
Ecolab inc.
278865100
EDF SA
B0NJJ1901
Edison International
281020107
EDP - Energias de Portugal SA
410359905
EI du Pont de Nemours & Co.
263534109
Eldorado Gold Corp.
284902103
Electric Power Development Co. Ltd
B02Q32903
Elisa OYJ
570151902
Ems-Chemie Holding AG-REG
763561909
Enagas
738307909SA
Enbridge inc.
29250N105
Enbridge Income Fund Holdings inc.
29251R105
Encana
292505104Corp.
Endeavour Silver Corp.
29258Y103
Enel Green Power SPA
B4TWTW909
Enel SPA
714456902
Enerflex Ltd
29269R105
Energen Corp.
29265N108
Energizer Holdings inc.
29266R108
Enerplus Corp.
292766102
ENI SPA
714505906
Ensco plc, classe A
G3157S106
Ensign Energy Services inc.
293570107
Entergy
Corp.
29364G103
EOG
Resources
inc.
26875P101
EQT
Corp.
26884L109
Estee Lauder Companies inc.
518439104
Eurasian Natural Resources Corp. plc
B29BCK905
Evraz plc
B71N6K903
Exelon
Corp.
30161N101
Exxon Mobil Corp.
30231G102
FamilyMart Co. Ltd
633127006
First Majestic Silver Corp.
32076V103
First Quantum Minerals Ltd
335934105
FirstEnergy Corp.
337932107
Fletcher Building Ltd
634160907
FMC Corp.
302491303
FMC Technologies inc.
30249U101
Fortescue Metals Group Ltd
608625901
Fortum
OYJ
557955903
Fortuna
349915108Silver Mines inc.
France Telecom SA
517617908
Franco-Nevada Corp.
351858105
Freehold Royalties Ltd
356500108
Freeport-McMoRan
Copper & Gold inc.
35671D857
Fresnillo
plc
B2QPKJ909
4
23 503
820
49 400
2 456
1 117
3 401
200 958
11 903
13 901
58 500
505
294
511 948
18 217
8 963
20 100
780
1 487
37 300
2 044
3 250
66 274
4 073
1 561
88 200
3 694
4 188
551 382
2 161
1 830
120 400
5 521
6 879
606 325
6 540
5 015
32 200
1 112
1 058
38 851
875
764
948
222
287
53 264
1 303
1 370
389 400
13 850
17 437
17 800
421
447
375 950
9 103
7 422
83 000
674
383
475 783
1 048
1 052
1 923 736
11 277
7 514
30 800
386
407
6 400
332
358
6 300
471
623
79 479
1 824
1 283
212 618
5 453
4 981
20 180
1 148
1 255
50 100
751
850
50 400
4 182
3 586
22 800
2 195
3 024
13 450
670
1 110
26 400
882
1 849
33 321
493
125
31 929
151
68
244 267
12 314
7 900
385 846
30 490
36 079
6 800
261
286
112 200
2 124
1 257
489 796
9 053
9 081
118 013
5 967
4 757
84 216
514
581
16 800
594
1 089
1 191
20 700
677
169 569
748
560
127 562
3 619
2 478
74 600
377
244
489 470
11 298
5 141
117 100
5 090
5 060
19 200
352
457
120 508
4 565
3 855
21 829
370
394
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
FRM Diversified II Fund SPC
3396085
Frontier Communications Corp.
35906A108
Fugro NV
B096LW904
Gabriel Resources Ltd
361970106
Galp Energia SGPS, SA
B1FW75903
GAM
Global Rates Fund
GAM
GL
Gas Natural SDG, SA
565042900
GDF Suez
B0C2CQ902
General Mills inc.
370334104
Gibson Energy inc.
374825206
Givaudan SA
598061901
Goldcorp inc.
380956409
Golden Agri-Resources Ltd
616447900
Green
Mountain Coffee Roasters inc.
393122106
Hathersage
HATHER LTCP Fund
HeidelbergCement AG
512067901
Heineken Holding NV
B0CCH4904
Heineken
779255900 NV
Hellenic Telecommunications Organization SA
505160903
Helmerich & Payne inc.
423452101
Henkel AG & Co. KGaA
500246905
Herbalife Ltd
G4412G101
Hershey Co.
427866108
Hess Corp.
42809H107
Hitachi Chemical Co. Ltd
642912000
Hitachi Metals Ltd
642920003
HJ Heinz Co.
423074103
HKT Trust and HKT Ltd
B4TXDZ907
Hokkaido
643132004 Electric Power Co. inc.
Hokuriku Electric Power Co.
643312002
Holcim Ltd
711075903
HollyFrontier Corp.
436106108
Hong
Kong & China Gas Co. Ltd
643655004
Hormel
Foods Corp.
440452100
HRS
Holding
Ltd
3397334
HudBay
Minerals
inc.
443628102
Husky Energy inc.
448055103
I.L.F. Ltd, série 01 2008, classe B
ILF200801
IAMGOLD Corp.
450913108
Iberdrola SA
B288C9908
Idemitsu Kosan Co. Ltd
B1FF8P905
Iliad SA
775943905
Iluka Resources Ltd
695757005
Imerys SA
B011GL903
Imperial
453038408Oil Ltd
Incitec Pivot Ltd
667304901
Inmarsat
plc
B09LSH907
Inpex
Corp.
B10RB1904
Integrys Energy Group inc.
45822P105
Inter Pipeline Fund, classe A
45833P102
International Flavors & Fragrances inc.
459506101
International
460146103 Paper Co.
5
540 392
68 630
70 152
253 130
1 993
1 083
5 732
328
351
124 600
514
173
23 031
372
390
10 300 000
10 005
11 855
101 362
1 910
2 166
377 992
13 175
7 974
70 200
2 518
3 412
63 800
1 497
1 600
1 091
1 004
1 456
631 200
23 897
19 125
713 888
430
333
14 500
1 046
1 096
10 300 000
10 005
7 995
18 453
1 059
1 438
11 496
563
703
24 407
1 255
1 758
76 905
679
668
8 200
420
521
34 784
1 919
3 244
11 500
638
555
17 300
902
1 593
26 500
1 675
1 846
14 300
289
236
22 000
257
239
35 100
1 802
2 625
582 000
550
699
55 900
1 176
764
51 500
1 152
729
29 590
2 053
2 365
16 278
542
830
1 473 160
3 115
4 305
16 600
378
683
224 513
53 004
51 578
193 700
1 796
1 599
117 300
3 173
3 430
739
741
388
297 118
3 023
1 610
1 338 187
9 973
7 458
1 400
141
118
6 294
743
1 360
54 356
866
604
4 606
285
297
111 700
4 610
4 510
197 926
738
569
116 187
1 234
1 115
192
1 194
859
23 100
1 177
1 374
163 000
3 088
3 741
9 900
488
821
53 400
1 527
2 543
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Israel Chemicals Ltd
645553900
Israel Corporation Ltd
688967900
Ivanhoe
900435108Mines Ltd
J Sainsbury plc
B019KW907
James Hardie Industries
641297908
Japan Petroleum Exploration Co.
671169902
Jeronimo Martins SGPS, SA
B1Y1SQ901
JFE Holdings inc.
654379908
JM Smucker Co.
832696405
Johnson Matthey plc
B70FPS903
JSR Corp.
647098003
JX
Holdings inc.
B627LW906
K+S
AG
ACI00RQT4
Kaneka
648336006Corp.
Kansai Electric Power Co. inc.
648348001
Kansai Paint Co. Ltd
648374007
Kao
Corp.
648380004
Kazakhmys
B0HZPV909 plc
KDDI Corp.
624899902
Kellogg Co.
487836108
Kerry Group plc
451957906
Kesko OYJ
449000900
Keyera Corp.
493271100
Kikkoman Corp.
649080009
Kimberly-Clark Corp.
494368103
Kinder Morgan inc.
49456B101
Kinder Morgan Management LLC
49455U100
Kinross
496902404Gold Corp.
Kirin Holdings Co. Ltd
649374006
Kirkland Lake Gold inc.
49740P106
Kobe Steel Ltd
649602000
Koninklijke
595607904 (Royal) KPN NV
Koninklijke Ahold NV
525260907
Koninklijke DSM NV
B0HZL9902
Kraft
Foods inc.
50076Q106
Kroger
Co.
501044101
Krom River Fund
KROM
Kuraray Co. Ltd
649766003
Kyushy Electric Power Co. inc.
649980000
Labrador Iron Ore Royalty Corp.
505440107
Lafarge SA
450270004
Lanxess AG
B05M8B904
Lawson inc.
626691901
Legacy Oil + Gas inc.
524701505
Level 3 Communications inc.
52729N308
Linde
AG
574081907
Lindt
&
Spruengli AG-PC
596228908
Lindt
&
Spruengli AG-REG
596230904
L'Oreal
SA
405780909
Lundin
Mining
Corp.
550372106
Lundin
Petroleum
AB
718762909
LyondellBasell
Industries
NV
N53745100
6
54 189
631
323
227
625
206
212 055
2 359
1 465
138 892
854
815
52 185
374
507
2 300
151
101
22 180
255
487
64 600
1 842
1 418
11 554
714
1 206
25 109
744
1 008
21 300
439
434
194 200
1 197
994
21 106
1 266
913
38 000
301
241
218 500
4 778
2 720
25 000
221
338
59 400
1 750
1 933
24 554
458
126
142 800
4 826
6 731
28 400
1 544
1 820
15 500
554
904
6 088
252
190
64 918
2 178
3 886
18 000
214
307
42 500
3 064
4 242
56 273
1 854
2 209
9 311
490
780
688 652
8 211
4 566
97 000
1 405
1 645
37 400
450
204
295 000
703
414
799 311
3 879
1 594
114 016
1 490
1 913
19 347
861
1 312
61 316
2 701
3 488
54 200
1 389
1 886
9 746 152
9 939
9 165
41 600
518
622
124 900
2 598
1 789
38 600
1 178
1 268
24 350
1 690
1 805
10 182
695
784
6 900
360
517
50 600
532
285
41 397
917
917
23 481
3 195
4 638
96
294
358
12
342
521
26 390
3 047
4 608
670 490
3 017
2 863
19 492
477
420
40 400
1 574
2 783
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Major Drilling Group International
560909103
Marathon Oil Corp.
565849106
Marathon Petroleum Corp.
56585A102
Markham Rae I Fund, classe B
MARKHAM-B
Markham Rae I Fund, classe C
MARKHAM-C
Martin Marietta Materials inc.
573284106
Maruichi Steel Tube Ltd
656950003
McCormick & Co. inc.
579780206
MDU Resources Group inc.
552690109
Mead Johnson Nutrition Co.
582839106
MeadWestvaco Corp.
583334107
MEG
Energy Corp.
552704108
MEIJI
Holdings Co. Ltd
B60DQV902
Metcash
Ltd
B0744W900
Methanex
59151K108 Corp.
Metro AG
504141904
Millicom
International Cellular SA
B00L2M903
Mines
Aurizon
ltée
05155P106
Mitsubishi
Chemical
Holdings Corp.
B0JQTJ900
Mitsubishi
Gas
Chemical
Co. inc.
659692008
Mitsubishi Materials Corp.
659708002
Mitsui Chemicals inc.
659736003
Molson Coors Brewing Co.
60871R209
Mondelez International inc., classe A
609207105
Monster Beverage Corp.
611740101
Mosaic Co.
61945C103
Mullen Group Ltd
625284104
Murphy
626717102Oil Corp.
Nabors Industries Ltd
G6359F103
National
Grid plc
B08SNH908
National
637071101Oilwell Varco inc.
Neste Oil OYJ
B06YV4907
Nestlé
SA
712387901
Nevada
64128F109Copper Corp.
Nevsun Resources Ltd
64156L101
New
Gold inc.
644535106
Newcrest Mining Ltd
663710002
Newfield Exploration Co.
651290108
Newmont Mining Corp.
651639106
Newstrike Capital inc.
652507104
NextEra Energy inc.
65339F101
Niko Resources Ltd
653905109
Nippon Meat Packers inc.
664076007
Nippon Paper Industries Co. Ltd
B8B8PJ905
Nippon
Steel Corp.
664256005
Nippon
Telegraph & Telephone Corp.
664137007
NiSource
65473P105inc.
Nisshin Seifun Group inc.
664096005
Nissin Foods Holdings Co. Ltd
664176005
Nitto Denko Corp.
664180007
Noble Corp.
H5833N103
Noble
Energy inc.
655044105
7
47 800
556
325
59 900
1 618
2 129
28 864
1 085
2 456
4 309 016
4 249
4 617
5 845 559
5 765
6 255
5 900
549
665
5 200
139
134
12 500
573
892
52 500
1 294
1 403
21 567
1 142
1 807
23 400
585
845
54 500
2 227
1 595
323
7 100
321
99 643
384
381
77 500
2 400
3 549
13 106
841
464
17 094
1 603
1 410
99 400
491
382
181 500
1 029
908
52 000
373
390
145 000
532
487
116 000
447
275
16 900
813
863
182 781
5 778
5 560
16 854
862
951
38 024
2 232
2 390
35 000
663
753
16 200
1 056
1 060
22 500
577
372
1 040 358
10 910
12 781
36 063
2 021
2 620
10 225
305
154
352 621
18 732
24 231
231 800
852
538
120 100
546
448
397 300
3 209
2 793
99 608
2 991
1 429
11 700
563
287
64 000
3 355
2 252
115 100
350
86
114 271
6 731
8 931
25 520
932
226
17 000
227
250
13 200
428
168
971 000
2 958
2 584
115 300
5 445
5 960
90 100
1 918
2 675
18 500
212
217
5 600
200
224
20 300
880
1 272
21 400
838
845
29 400
1 117
1 752
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Norsk Hydro ASA
B11HK3901
Northeast Utilities
664397106
Novagold Resources inc.
66987E206
Novozymes AS, classe B
B798FW902
NRG Energy inc.
629377508
NTT DoCoMo inc.
612927905
Nucor Corp.
670346105
NuWave Fund
NUWAVE
Occidental Petroleum Corp.
674599105
OceanaGold Corp.
675222103
Oceaneering International inc.
675232102
Oest Elektrizitaets Wirtschafts
466160009
OGE
Energy Corp.
670837103
OJI
Paper
665770004 Co. Ltd
Olam International Ltd
B05Q3L908
OMV AG
465145001
Oneok
inc.
682680103
Orica
Ltd
645800004
Origin Energy Ltd
621486901
Orkla ASA
B1VQF4902
Osaka Gas Co. Ltd
666176003
Owens-Illinois inc.
690768403
OZ Minerals Ltd
639782903
Pacific Rubiales Energy Corp.
69480U206
Pan American Silver Corp.
697900108
Paramount Resources Ltd
699320206
Parkland Fuel Corp.
70137T105
Pason Systems inc.
702925108
PCCW Ltd
657407904
Peabody Energy Corp.
704549104
Pembina
706327103Pipeline Corp.
Pengrowth Energy Corp.
70706P104
Penn West Petroleum Ltd
707887105
Pepco Holdings inc.
713291102
Pepsico inc.
713448108
Pernod-Ricard SA
468232004
PetroBakken Energy Ltd
53227K101
Petrofac Ltd
B0H2K5904
Petrominerales Ltd
71673R107
Peyto Exploration & Development Corp.
717046106
PG&E Corp.
69331C108
Phillips 66
718546104
Pilot Gold inc.
72154R111
Pinnacle
723484101West Capital Corp.
Pioneer Natural Resources Co.
723787107
Portefeuille
de deux fonds d'infrastructures privés
CITI5
Portugal
Telecom
SGPS, SA
581718905
Potash
Corp.
of
Saskatchewan
inc.
73755L107
Power
Assets
Holdings
Ltd
643532005
PPG Industries inc.
693506107
PPL Corp.
69351T106
Praxair inc.
74005P104
8
110 406
735
518
88 777
2 720
3 818
153 000
927
398
29 836
674
1 065
92 400
2 491
2 402
4 092
6 875
6 270
41 200
1 853
1 888
10 300 000
10 005
9 625
69 000
5 468
6 561
177 300
519
337
9 100
476
682
19 247
987
417
27 600
1 569
1 936
94 000
475
344
184 516
365
264
11 493
585
549
56 524
1 662
2 630
46 052
995
1 013
89 920
1 162
1 198
77 774
657
677
540 000
2 134
2 261
18 700
506
530
41 791
451
164
128 400
2 778
2 798
91 525
1 875
1 155
52 500
1 601
2 012
27 400
386
488
25 700
355
455
1 175 000
416
577
23 300
988
474
155 605
4 000
5 045
203 710
1 931
1 072
191 600
3 299
2 019
66 900
1 312
1 434
169 840
11 486
14 178
23 136
2 194
2 872
78 060
1 099
688
22 340
374
473
34 142
732
208
71 700
1 510
2 208
123 900
5 467
5 741
50 367
1 654
3 450
95 550
113
84
32 299
1 412
1 885
10 800
752
1 540
2
56 361
57 440
171 210
1 642
752
699 780
28 617
30 482
392 500
2 566
3 556
18 200
1 480
2 889
164 000
5 061
5 022
37 700
3 476
4 455
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Precision Drilling Corp.
74022D308
Premier Gold Mines Ltd
74051D104
Pretium Resources inc.
74139C102
Procter
& Gamble Co.
742718109
Public Service Enterprise Group inc.
744573106
Q-BLK Strategic Partners, inc., série 1, classe I 2013
QBLK14
QBLK8
QBLK15
QBLK10
QBLK12
QBLK7
QBLK11
QEP Resources inc.
74733V100
Randgold Resources Ltd
B01C3S908
Range Resources Corp.
75281A109
Reckitt
Benckiser Group plc
B24CGK904
Red
Electrica
572377901 Corp. SA
Rémy Cointreau SA
474171006
Repsol
YPF SA
566935904
Rexam
plc
ACI04MZX2
Rio Alto Mining Ltd
76689T104
Rio Tinto Ltd
622010007
Rio Tinto plc
071887004
Rock Tenn Company, classe A
772739207
Rowan Cos. plc
G7665A101
Royal Dutch Shell plc
B03MM4906
Rubicon Minerals Corp.
780911103
RWE
AG
476914908
SABMiller
048354906 plc
Safeway inc.
786514208
Saipem SPA
476876008
Salzgitter AG
546535907
Santos
Ltd
677670002
Savanna
804694107Energy Services Corp.
SBA Communications Corp.
78388J106
SCANA Corp.
80589M102
Schlumberger Ltd
806857108
Scottish & Southern Energy plc
079087003
Seadrill Ltd
B09RMQ900
Sealed Air Corp.
81211K100
Secure Energy Services inc.
81373C102
SEMAFO inc.
816922108
Sempra Energy
816851109
Seven & I Holdings Co. Ltd
B0FS5D909
Severn Trent plc
B1FH8J905
ShawCor Ltd
820439107
Sherritt
International Corp.
823901103
Sherwin-Williams
Co.
824348106
Shikoku
Electric
Power
Co. inc.
680434008
Shin-Etsu
Chemical
Co.
Ltd
680458007
Shiseido
Co.
Ltd
680526001
Showa Denko KK
680546009
9
133 500
1 185
1 189
89 200
436
196
43 700
611
368
299 000
19 984
23 721
144 100
4 970
4 915
67 588
67 517
72 342
382
388
461
96
98
100
1 097
1 043
1 270
164
171
184
819
842
1 043
229
227
264
13 800
445
404
10 728
930
878
14 200
725
1 103
70 109
3 847
5 188
29 927
1 603
1 634
2 195
223
262
68 155
1 662
1 607
95 406
739
791
97 800
494
300
56 260
3 562
3 076
172 340
9 220
7 715
9 476
699
967
10 900
374
369
540 065
17 456
18 456
171 200
584
305
149 000
10 685
5 251
105 933
3 448
5 524
24 400
648
580
20 932
816
580
5 125
515
202
80 814
1 014
1 046
33 500
315
240
34 300
1 426
2 668
35 000
1 458
1 825
112 519
7 972
8 493
275 014
6 073
6 692
30 692
818
1 296
21 900
486
544
179 800
885
2 436
167 500
798
338
64 800
3 704
5 445
82 700
2 451
2 967
70 061
1 759
2 252
23 200
667
966
178 680
1 052
827
11 400
1 094
2 221
45 900
1 330
782
52 300
2 890
3 453
41 200
803
609
192 000
470
307
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Showa Shell Sekiyu KK
680554003
Sigma-Aldrich Corp.
826552101
Sika AG
480808906
Silver
Standard Resources inc.
82823L106
Silver Wheaton Corp.
828336107
Silvercorp Metals inc.
82835P103
Sims Metal Management Ltd
B0LCW7900
Singapore Telecommunications Ltd
B02PY2901
Snam Rete Gas SPA
725147904
Softbank Corp.
677062903
Solvay SA
482110004
Southern
842587107 Co.
Southwestern Energy Co.
845467109
SP AusNet
B0RF60901
Spectra
847560109Energy Corp.
Sprint Nextel Corp.
852061100
StarHub Ltd
B1CNDB906
Statoil
ASA
713360907
Stora
Enso
507267904 OYJ
Strategic Oil & Gas Ltd
86277F101
Subsea 7 SA
525824900
Suedzucker AG
578446908
Suez Environnement Co.
B3B8D0900
Sumitomo Chemical Co. Ltd
685856007
Sumitomo Metal Mining Co. Ltd
685884009
Suncor Energy inc.
867224107
Superior Energy Services inc.
868157108
Svenska
Cellulosa AB
B1VVGZ901
Swisscom
553397902 AG
Syngenta AG
435664909
Sysco Corp.
871829107
Tahoe Resources inc.
873868103
Taiheiyo Cement Corp.
666020003
Taiyo Nippon Sanso Corp.
664054004
Talisman
87425E103Energy inc.
Taseko Mines Ltd
876511106
Tate & Lyle plc
087541009
TDC A/S
569879901
Technip SA
487416901
Teck Resources Ltd
878742204
Teijin Ltd
688050004
Tele2 AB
B97C73904
Telecom Corp. of New Zealand Ltd
688143007
Telecom Italia SPA
763439908
Telefonica S.A.
573252905
Telekom Austria AG
463508903
Telenor
473249902ASA
TeliaSonera AB
597838903
Telstra Corp. Ltd
608728903
Tenaris SA
753851906
Terna
Rete Elettrica Nazionale SPA
B01BN5908
Tesco
plc
088470000
10
13 600
163
112
14 800
853
1 280
259
447
649
71 800
1 113
584
280 800
7 360
6 894
101 700
583
328
21 417
453
205
2 177 000
5 366
6 672
487 000
2 407
2 374
250 900
7 298
13 252
7 272
817
1 086
250 100
9 960
11 348
1 180
30 300
1 060
484 556
454
571
57 050
1 442
1 801
793 715
5 396
5 989
173 000
362
567
94 323
2 359
2 213
71 525
753
540
206 300
244
190
24 286
594
555
8 167
206
285
77 966
1 520
1 037
192 000
978
641
64 000
910
854
794 276
24 912
24 948
11 900
364
326
64 718
1 034
1 665
6 079
2 366
2 679
11 795
3 284
4 763
65 000
2 016
2 268
50 000
898
755
149 000
313
451
27 000
216
198
521 500
6 845
6 315
226 400
724
519
53 071
584
679
172 600
1 428
1 398
8 411
647
968
392 000
12 331
10 839
127 000
439
303
87 263
1 518
1 126
1 084
571 737
1 136
4 039 596
6 463
2 982
1 101 073
23 271
15 604
51 979
933
370
187 696
3 128
4 071
576 268
4 198
3 989
1 168 476
4 257
5 477
37 334
630
810
360 527
1 411
1 632
871 171
5 732
4 988
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Thompson Creek Metals Co. inc.
884768102
ThyssenKrupp AG
563692904
T-Mobile US inc.
872590104
Toho Gas Co. Ltd
689522001
Tohoku Electric Power Co. inc.
689526002
Tokyo Electric Power Co. inc.
689540003
Tokyo Gas Co. Ltd
689544005
TonenGeneral Sekiyu KK
636600009
Toray Industries inc.
689714004
Torex Gold Resources inc.
891054108
Tourmaline Oil Corp.
89156V106
Toyo Seikan Group Holdings Ltd
690026000
Toyo Suisan Kaisha Ltd
689996007
TransCanada
89353D107 Corp.
Transglobe Energy Corp.
893662106
Transocean
B5W3ND904Ltd
Treasury Wine Estates Ltd
B61JC6908
Trican Well Service Ltd
895945103
Trilogy
Energy Corp.
89620H105
Trinidad
896356102Drilling Ltd
TriOil Resources Ltd
896724101
Tullow Oil plc
015008907
Tyson Foods inc.
902494103
Ube Industries Ltd
691070007
Ultra Petroleum Corp.
903914109
Umicore SA
400500005
Unicharm Corp.
691148001
Unilever
B12T3J908NV
Unilever plc
B10RZP905
United States Steel Corp.
912909108
United
Utilities Group plc
B39J2M903
UPM-Kymmene
OYJ
505125906
Valero
Energy
Corp.
91913Y100
Veolia Environnement SA
403187909
Veresen inc.
92340R106
Verizon Communications inc.
92343V104
Vermilion Energy inc.
923725105
Vivendi SA
483477907
Vodafone Group plc
B16GWD903
Voestalpine AG
494340904
Vulcan Materials Co.
929160109
Walgreen Co.
931422109
Weatherford International Ltd
H27013103
Wesfarmers Ltd
694883000
West Fraser Timber Co. Ltd
952845105
Whitecap Resources inc.
96467A200
Whitehaven Coal Ltd
B1XQXC902
Whitting Petroleum Corp.
966387102
Whole
Foods Market inc.
966837106
Williams
969457100Cos. inc.
Wilmar International Ltd
B17KC6900
Windstream
97381W104 Corp.
11
94 600
643
339
47 311
1 495
980
43 383
1 038
961
114 000
643
620
133 400
2 762
1 636
427 900
9 666
2 702
699 000
3 321
3 892
23 000
242
235
193 000
1 304
1 389
367 200
728
617
69 400
2 207
2 916
20 700
342
308
9 000
230
301
353 500
15 054
16 795
29 300
354
224
29 501
1 835
1 551
65 192
340
388
59 200
842
860
84 500
2 262
2 719
74 600
528
544
731 700
1 804
1 946
75 003
1 364
1 227
29 400
499
758
136 000
384
274
11 600
670
272
13 740
546
681
12 900
471
750
177 122
5 759
7 482
141 715
4 583
6 160
16 828
848
307
196 657
2 409
2 330
63 477
1 037
706
47 300
1 803
1 983
93 439
3 090
1 203
79 100
1 001
1 074
760 300
28 126
38 096
2 671
51 200
2 251
350 868
7 925
7 130
13 103 431
35 469
39 402
14 733
496
511
15 800
857
875
97 500
3 703
4 805
59 800
1 231
821
111 084
3 366
4 315
28 200
1 895
2 167
213 000
1 614
2 320
33 600
190
73
9 000
585
428
39 800
1 278
2 134
58 500
1 418
2 123
219 000
914
583
151 700
1 727
1 257
au 31 mai 2013
Description
Quantité
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Actions et parts
Wisconsin Energy Corp.
976657106
WM Morrison Supermarkets plc
060431004
Woodside Petroleum Ltd
697972008
Woolworths Ltd
698123908
WorleyParsons Ltd
656247905
Xcel Energy inc.
98389B100
Yakult Honsha Co. Ltd
698511003
Yamana Gold inc.
98462Y100
Yamato Kogyo Co. Ltd
698544004
Yamazaki Baking Co. Ltd
698550001
Yara International ASA
775125909
Ziggo NV
B7QNZW908
Total - actions et parts
12
65 950
1 889
2 778
241 512
1 195
1 035
57 154
2 205
2 036
133 877
3 543
4 378
17 719
431
357
137 800
3 271
4 086
9 900
318
439
618 863
8 610
7 389
186
5 800
217
12 000
130
143
22 980
876
1 062
30 512
949
1 140
1 908 459
1 979 054
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
Scotia Capital Trust
80928BAB2
Serco DES inc.
817479AA6
Honda
Canada Finance inc.
43812ZAT7
Merrill
Lynch
59022BEM3 Financial Asset inc. (2004-CA12, A1)
Daimler Canada Finance inc.
23384NAC1
La Banque de Nouvelle-Écosse
064149AR8
Province de Québec
748148RK1
VW Credit Canada inc.
918423AF1
Banque Manuvie du Canada
565018CH9
Industrielle Alliance Capital Trust
455869AA5
John Deere Credit inc.
24422ZDN9A
GE Capital Canada Funding Co.
36158ZBQ8A
51925ZDR5
Merrill Lynch Canada Finance Co.
59021ZAL7
Bell
Aliant Regional Communications L.P.
07786ZAC1A
Province
683234UF3de l'Ontario
23384NAB3A
British Columbia Ferry Services inc.
110574AB6
Financement-Québec
31739ZAM7
Manulife Financial Corp.
56502ZAE7
36158ZBW5
Canada Housing Trust No 1
13509PBW2
Banque Royale du Canada
7800877E6
Bell Canada
07813ZAW4
Banque Canadienne Impériale de Commerce
13595ZGR1
13595ZKQ8
Data Centres Trust
237609AA0
Citigroup
17310ZEZ0Finance Canada inc.
American Express Canada Credit Corp.
02580ZAJ5
Emera inc.
29087ZAB3
Gouvernement du Canada
135087A53
135087YU2
Thomson Reuters Corp.
884903AX3
CI Financial Corp.
125491AB6
BMO Capital Trust
05560HAD5
Banque Nationale du Canada
633067UW1
bcIMC Realty Corp.
07329VAD2
Merrill Lynch Financial Asset inc. (2005-CA15, A2)
59022BGB5
Merrill Lynch Financial Asset inc. (2005-CA15, B)
59022BGE9
Banque de Montréal
06367VAP0
Trans-Northern Pipelines inc.
89328MAA7
Metropolitan Life Global Funding I
592179JM8
135087A95
Caterpillar Financial Services Ltd
14911ZAM3
918423AE4
Alliance Pipeline L.P.
01877PAA0
135087A38
BMW Canada inc.
05590HAD9
Daimler
Canada Finance inc.
23384NAG2
HSBC
Bank
40427HSP9 Canada
Capital Power L.P.
14043ZAB8
Financement-Québec
31739ZAK1
6,28 % 2013-06-30
5 001
5 282
5,27 % 2013-08-27
195
195
5 019
197
5,61 % 2013-09-12
2 250
2 250
2 276
4,74 % 2013-09-12
154
154
154
2,54 % 2013-09-16 Taux variable
5 000
5 039
5 013
8,30 % 2013-09-27
2 100
2 406
2 143
5,25 % 2013-10-01
9 000
9 278
9 120
2,20 % 2013-10-11
2 335
2 333
2 342
1,97 % 2013-11-18 Taux variable
5 000
5 020
5 009
5,71 % 2013-12-31
4 348
4 366
4 459
1,85 % 2014-01-24
5 000
5 006
5 015
2,95 % 2014-02-10
2 250
2 247
2 274
10 000
10 041
10 024
2,04 % 2014-02-14 Taux variable
5,00 % 2014-02-18
500
498
511
4,95 % 2014-02-26
8 000
8 399
8 199
5,00 % 2014-03-08
10 800
11 147
11 117
3,16 % 2014-04-14
10 440
10 452
10 586
5,74 % 2014-05-27
600
600
625
3,25 % 2014-06-01
11 000
11 330
11 225
4,90 % 2014-06-02
8 000
8 271
8 261
2,17 % 2014-06-11 Taux variable
16 000
16 011
16 150
3,15 % 2014-06-15
43 565
44 823
44 485
5,95 % 2014-06-18
3 000
3 088
3 130
4,85 % 2014-06-30
14 500
15 094
14 993
1,86 % 2014-07-11 Taux variable
20 000
20 102
20 113
1,54 % 2014-08-08 Taux variable
20 000
20 006
20 047
7,23 % 2014-09-10
520
561
534
6,75 % 2014-09-22
1 500
1 499
1 596
4,85 % 2014-10-03
12 000
12 511
12 513
4,10 % 2014-10-20
3 500
3 499
3 604
1,00 % 2014-11-01
9 110
9 100
9 098
2,00 % 2014-12-01
10 600
10 749
10 741
5,20 % 2014-12-01
3 000
3 060
3 156
4,19 % 2014-12-16
1 500
1 499
1 556
5,47 % 2014-12-31
10 000
10 753
10 553
2,23 % 2015-01-30
6 000
6 000
6 055
4,65 % 2015-02-10
2 000
1 990
2 096
4,82 % 2015-02-12
1 750
1 695
1 819
5,04 % 2015-03-12
1 000
1 000
1 018
15 000
15 000
15 002
1,62 % 2015-03-23 Taux variable
4,74 % 2015-03-31
833
833
869
2,62 % 2015-04-10
1 850
1 850
1 874
1,00 % 2015-05-01
6 460
6 452
6 450
2,20 % 2015-06-01
14 000
13 999
14 136
2,50 % 2015-06-01
4 020
4 019
4 080
7,23 % 2015-06-30
1 209
1 336
1 251
1,50 % 2015-08-01
16 000
16 157
16 136
2,64 % 2015-08-10
800
800
816
2,33 % 2015-09-14
5 400
5 400
5 461
2,57 % 2015-11-23
12 000
12 000
12 219
4,60 % 2015-12-01
250
250
262
4,25 % 2015-12-01
76 800
82 747
82 171
13
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
13509PCM3
633067WR0
Cadillac Fairview Finance Trust
12741RAA7
918423AC8
Ford Auto Securitization Trust
345213BR2
Nova Gas Transmission Ltd
669771AP2
Hydro One inc.
44810ZAQ3
Thomson Reuters Corp.
884903BE4
23384NAH0
064149T23
Enbridge inc.
29251ZAT4
Shoppers Drug Mart Corp.
82509ZAE6
TELUS Corp.
87971MAP8
BMW Canada inc.
05590HAF4
Rogers
Communications inc.
775109AM3
GE
Capital
36158ZAV8Canada Funding Co.
Municipal Finance Authority of British Columbia
626209JJ0
Claregold Trust
180100AA7
Powell
River Energy inc.
739135AB7
Banque
Royale du Canada
7800853L8
135087B29
Banque de Montréal
063679SP0
Banque Toronto-Dominion
891145QS6
Deutsche Bank AG
251541AA6
135087ZQ0
23384NAD9
Georges Weston Ltd
96115ZAW2
Financement-Québec
31739ZAN5
Emera inc.
29087ZAD9
CI Investments inc.
125521AA2
Wells Fargo Financial Canada Corp.
94975ZBL9
Bell
Canada
07813ZAU8
Province
de l'Ontario
683234YX0
Veresen
inc.
92343ZAC9
Reliance L.P.
759480AE6
TELUS
Corp.
87971MAG8
Altagas Income Trust
02137ZAE4
918423AD6
Rogers Communications inc.
775109AU5
633067VX8
Province de l'Ontario
68323AAX2
Bell Aliant Regional Communications L.P.
07786ZAG2
780086BU7
13595ZHZ2
Hydro One inc.
44810ZAT7
51925ZEF0
Lower Mattagami Energy
548243AD6
407 International inc.
35085ZBD7
Financement-Québec
31739ZAQ8
OMERS Realty Corp.
68214WAF5
Enbridge
29254ZAJ3Income Fund
13509PDM2
2,45 % 2015-12-15
15 425
15 891
15 864
2,05 % 2016-01-11
5 000
5 000
5 028
3,24 % 2016-01-25
6 000
6 000
6 244
3,60 % 2016-02-01
2 000
1 998
2 087
3,02 % 2016-02-15
605
605
613
12,20 % 2016-02-28
1 750
2 830
2 209
4,64 % 2016-03-03
15 000
16 281
16 183
6,00 % 2016-03-31
2 250
2 245
2 489
2,23 % 2016-04-18
9 000
9 000
9 052
1,80 % 2016-05-09
10 000
9 998
9 977
5,17 % 2016-05-19
1 185
1 293
1 292
2,01 % 2016-05-24
1 800
1 800
1 802
3,65 % 2016-05-25
6 000
5 978
6 290
2,11 % 2016-05-26
385
385
387
5,80 % 2016-05-26
2 500
2 494
2 770
5,10 % 2016-06-01
2 520
2 574
2 751
3,00 % 2016-06-01
10 000
10 329
10 377
5,07 % 2016-06-15
808
800
853
6,45 % 2016-07-25
1 500
1 500
1 575
3,03 % 2016-07-26
5 000
4 998
5 160
1,00 % 2016-08-01
12 510
12 447
12 398
2,96 % 2016-08-02
5 000
5 000
5 151
2,95 % 2016-08-02
4 450
4 450
4 600
1,98 % 2016-08-22 Variable et rachetable à compter du 2013-08-22
2 000
1 999
1 960
2,75 % 2016-09-01
8 500
8 909
8 885
3,28 % 2016-09-15
95
98
98
3,78 % 2016-10-25
2 000
2 000
2 099
3,50 % 2016-12-01
5 200
5 186
5 525
2,96 % 2016-12-13
3 000
2 999
3 068
1 075
1 075
1 127
2,77 % 2017-02-09
545
545
557
5,00 % 2017-02-15
7 000
7 416
7 687
4,30 % 2017-03-08
31 770
34 951
34 778
3,95 % 2017-03-14
2 400
2 399
2 489
4,57 % 2017-03-15
525
525
549
4,95 % 2017-03-15
5 000
5 261
5 499
5,49 % 2017-03-27
3 000
3 000
3 319
2,90 % 2017-06-01
3 750
3 750
3 842
3,00 % 2017-06-06
10 000
9 992
10 256
2,69 % 2017-08-21
3 500
3 500
3 556
1,90 % 2017-09-08
14 200
14 231
14 219
4,37 % 2017-09-13
400
431
427
2,36 % 2017-09-21
4 200
4 188
4 216
2,35 % 2017-10-18
5 000
5 018
5 014
5,18 % 2017-10-18
1 465
1 680
1 650
3,13 % 2017-10-19
4 000
4 000
4 036
2,23 % 2017-10-23
1 000
1 000
1 001
3,87 % 2017-11-24
1 000
1 000
1 065
3,50 % 2017-12-01
41 600
42 318
44 338
3,04 % 2017-12-05
375
375
377
2,92 % 2017-12-14
2 500
2 500
2 510
1,70 % 2017-12-15
20 000
20 116
19 959
14
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
Encana Corp.
29253ZAD7
Goldman Sachs Group inc.
38141GRE6
Province
683234ZQ4de l'Ontario
064149S24
51925ZDT1
Province du Nouveau-Brunswick
642866GB7
American Express Canada Credit Corp.
02580ZAM8
891145YM0
Holcim Finance Canada inc.
43474PAC5
Suncor Energy inc.
86721ZAC3
BMW Canada inc.
05590HAH0
Shoppers
82509ZAF3Drug Mart Corp.
36158ZCA2
Caterpillar
14911ZAP6Financial Services Ltd
135087YL2
OMERS Realty Corp.
68214WAG3
Financière Sun Life inc.
86682ZAA4
Manulife Financial Corp.
56502ZAC1
NBC Asset Trust
62874WAA0
Inter
Pipeline Fund
45833ZAB6
Hydro-Québec
44889ZDU7
68323ABR4
Brookfield Power Corp.
05573YAA9
Financement-Québec
31739ZAS4
Province de Québec
74814ZDU4
Province de la Colombie-Britannique
110709FX5
TD Capital Trust III
87239BAA3
Enbridge Income Fund
29254ZAF1
Bell Aliant Regional Communications L.P.
07786ZAD9
Brookfield Asset Management inc.
11257ZAB5
064149ZP5
Power Corp. of Canada
739239AB7
683234B80
36158ZBX3
Scotia
Plaza
78468GAA3
Groupe
SNC-Lavalin inc.
78460TAB1
94975ZBM7
Cameco Corp.
13321LAG3
36158ZBN5
Shaw Communications inc.
82028KAP6
Greater Toronto Airports Authority
39191ZAV1
Province de la Nouvelle-Écosse
669827FV4
Financement-Québec
31739ZAT2
Province de Québec
74814ZEE9
Alliance Pipeline L.P.
01877ZAL4
Banque
Nationale du Canada
63306ZBZ3
Banque
de Montréal
063671DQ1
AltaGas
Ltd
02138ZAD5
Province
6832348J0de l'Ontario
Province du Manitoba
563469TK1
780085M86
NBC Asset Trust
62874WAB8
5,80 % 2018-01-18
2 000
2 297
3,38 % 2018-02-01
790
789
2 253
799
4,20 % 2018-03-08
17 000
18 726
18 742
2,24 % 2018-03-22
10 000
10 000
9 930
2,56 % 2018-03-26
3 000
3 000
2 969
4,45 % 2018-03-26
2 000
1 984
2 222
2,31 % 2018-03-29
5 000
4 998
4 966
2,17 % 2018-04-02
2 500
2 500
2 485
3,65 % 2018-04-10
5 000
4 997
5 149
5,80 % 2018-05-22
2 000
2 275
2 295
2,33 % 2018-05-23
200
200
199
2,36 % 2018-05-24
3 500
3 499
3 485
2,42 % 2018-05-31
400
400
399
2,29 % 2018-06-01
2 770
2 770
2 751
4,25 % 2018-06-01
900
1 019
1 016
2,50 % 2018-06-05
6 000
6 000
6 000
3 500
3 499
3 508
5,51 % 2018-06-26
2 000
2 154
2 260
7,24 % 2018-06-30
575
694
683
3,84 % 2018-07-30
2 500
2 500
2 635
5,50 % 2018-08-15
26 965
28 344
31 354
2,10 % 2018-09-08
15 100
15 182
15 106
5,25 % 2018-11-05
1 790
1 789
1 972
2,40 % 2018-12-01
10 000
9 841
10 093
4,50 % 2018-12-01
17 290
19 556
19 364
4,65 % 2018-12-18
1 500
1 514
1 707
7,24 % 2018-12-31
2 185
2 185
2 683
4,10 % 2019-02-22
1 500
1 497
1 578
5,52 % 2019-02-26
2 000
1 998
2 262
3,95 % 2019-04-09
5 655
5 807
5 843
3 000
3 151
3 081
7,57 % 2019-04-22
3 000
2 998
3 715
4,40 % 2019-06-02
35 605
38 456
39 837
3,55 % 2019-06-11
510
525
533
3,21 % 2019-06-15
1 445
1 445
1 446
6,19 % 2019-07-03
1 570
1 570
1 781
2,94 % 2019-07-25
450
450
456
5,67 % 2019-09-02
340
341
382
5,68 % 2019-09-10
3 150
3 191
3 673
5,65 % 2019-10-01
5 900
6 661
6 762
5,96 % 2019-11-20
345
392
414
4,15 % 2019-11-25
10 000
9 952
11 071
2,45 % 2019-12-01
44 000
43 891
44 029
4,50 % 2019-12-01
18 715
20 912
21 077
4,93 % 2019-12-16
650
650
710
1 365
1 371
1 429
4 885
4 992
5 159
4,07 % 2020-06-01
3 800
3 841
4 010
4,20 % 2020-06-02
24 095
26 076
26 756
4,15 % 2020-06-03
12 000
11 920
13 336
7 500
7 773
7 863
795
795
987
7,45 % 2020-06-30
15
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
CDP Financial inc.
125094AF9
Province de la Saskatchewan
803854JS8
Canadian Natural Resources
13638ZCE3
775109AR2
63306ZCN9
780085R57
Capital Desjardins inc.
14006ZAE7
Mississagi Power Trust
605204AA4
Province de Québec
74814ZEG4
Shaw Communications inc.
82028KAR2
Cadillac Fairview Finance Trust
12741RAB5
Inter Pipeline Fund
45833ZAA8
112585AG9
775109AS0
548243AA2
Capital Desjardins inc.
14006ZAC1
Province
de l'Ontario
68323AAD6
Canada
Housing
Trust No 1
13509PCS0
TELUS
Communications
inc.
110727BJ2
Sun
Life
Financial
inc.
86682ZAD8
AltaGas Ltd
02138ZAE3
Westcoast Energy inc.
95751ZAP8
TransCanada PipeLines Ltd
89353ZBW7
Province de Québec
74814ZEH2
13509PDB6
TELUS Communications inc.
110727BL7
63306ZDM0
Citigroup inc.
172967EB3
Inter
Pipeline Fund
45833ZAC4
Manufacturers
564835AD8 Life Insurance Co.
Municipal Finance Authority of British Columbia
626209JK7
68323AAW4
064149M38
39191ZAZ2
Standard
853585AA5Life Assurance
BMO Subordinated Notes Trust
055972AA1
Fairfax Financial Holdings Ltd
303901AV4
Pembina Pipeline Corp.
70632ZAB7
Cameco Corp.
13321LAH1
AltaLink L.P.
02135ZAG1
Province de Québec
74814ZEL3
Enbridge inc.
29251ZBC0
First Capital Realty inc.
31943BBR0
94975ZBN5
Manufacturers Life Insurance Co.
564835AE6
TELUS
Corp.
87971MAQ6
Bell
Canada
07813ZBC7
Banque de Montréal
06369ZAY0
11257ZAC3
Toronto Hydro Corp.
89119ZAE3
US Treasuries
912828VB3
Cogeco Câble inc.
19238VAJ4
4,60 % 2020-07-15
12 150
12 861
13 657
3,90 % 2020-07-28
11 000
10 968
12 148
2,89 % 2020-08-14
7 925
7 925
7 868
4,70 % 2020-09-29
1 000
999
1 103
790
796
839
5 270
5 291
5 419
11 769
11 300
11 738
6,92 % 2020-11-27
1 545
1 545
1 794
4,50 % 2020-12-01
62 690
69 630
70 776
5,50 % 2020-12-07
360
396
412
4,31 % 2021-01-25
3 000
2 999
3 333
4,97 % 2021-02-02
1 250
1 250
1 397
5,30 % 2021-03-01
1 500
1 499
1 645
5,34 % 2021-03-22
4 670
4 672
5 335
4,33 % 2021-05-18
750
750
823
690
707
757
4,00 % 2021-06-02
35 650
38 202
39 077
3,80 % 2021-06-15
57 000
63 653
63 146
10,65 % 2021-06-19
1 123
1 440
1 689
4,57 % 2021-08-23
3 000
2 999
3 286
3,72 % 2021-09-28
2 625
2 624
2 697
3,88 % 2021-10-28
1 230
1 230
1 301
3,65 % 2021-11-15
420
419
444
4,25 % 2021-12-01
49 950
55 646
55 460
2,65 % 2022-03-15
4 700
4 901
4 786
9,65 % 2022-04-08
362
513
529
1 025
1 025
1 058
5,16 % 2022-05-24
555
549
567
3,78 % 2022-05-30
3 000
2 999
3 078
1 000
1 000
1 061
3,35 % 2022-06-01
9 000
8 989
9 185
3,15 % 2022-06-02
67 410
69 386
69 182
3 990
4 042
4 054
350
350
352
2 500
2 500
2 628
2 000
2 000
2 268
5,84 % 2022-10-14
3 000
3 116
3 189
3,77 % 2022-10-24
3 000
2 999
3 059
3,75 % 2022-11-14
5 000
5 000
4 907
2,98 % 2022-11-28
620
620
614
3,50 % 2022-12-01
10 865
11 498
11 373
3,19 % 2022-12-05
11 900
11 872
11 800
3,95 % 2022-12-05
160
158
161
3,46 % 2023-01-24
355
355
358
2,82 % 2023-02-26 Rachetable à compter du 2018-02-26
265
265
266
1 475
1 473
1 472
3,35 % 2023-03-22
3 750
3 744
3 719
7 325
8 554
8 523
4,54 % 2023-03-31
2 500
2 499
2 610
2,91 % 2023-04-10
6 100
6 100
5 970
1,75 % 2023-05-15
6 405
6 429
6 395
3 000
3 020
2 966
3,04 % 2022-09-21
16
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
Empire Life Insurance
291839AC2
Province
de l'Ontario
68323ABN3
Province
du Manitoba
563469UA1
Great
Lakes
390730AH2 Power Limited, series 2, subordinate
Province de Québec
74814ZEP4
13509PDV2
First Capital Realty inc.
31943BBU3
IPL Energy inc.
46065DAA4
064149P27
780086CW2
891160EW9
Nova Gas Transmission Ltd
66975ZAE4
Westcoast Energy inc.
95751DAK8
AGT Ltd
00126TAB1
Lievre
Power Financing Corp.
531739AA8
Alliance
Pipeline L.P.
01877ZAC4
Capital
Desjardins
inc.
14006ZAF4
NAV
Canada
628957AE2
683234KG2
Bell Canada
078149DW8
Loblaw Cos. Ltd
53947ZAD9
Loblaw Cos. Ltd
53947ZAF4
683234LJ5
Bell Canada
07813ZAC8
135087WL4
110709EK4
Province de Québec
748148QJ5
Ontario School Boards Financing Corp.
683244AM9
Hydro One inc.
448810AC5
39191ZAA7
Enbridge inc.
29251ZAD9
683244AP2
Gaz Métro inc.
368271AU6
Edmonton Regional Airport Authority
281204AA5
TransCanada
89353ZBK3 PipeLines Ltd
Bell Canada
07813ZAL8
683244AR8
683234NM6
39191ZAC3
Aéroport de Montréal
007863AB9
Hydro One inc.
44810ZAB6
Province de Québec
748148QT3
683234SL3
Great-West Lifeco inc.
39138CAD8
135087XG4
55 Ontario School Board Trust
31680PAA4
Nova Scotia Power inc.
66988ZAU3
Aéroport
de Montréal
007863AC7
Gaz
Métro
368271AV4inc.
642866FR3
39191ZAJ8
Canadian Tire Corp. Ltd
13668ZAL2
300
300
298
2,85 % 2023-06-02
2 590
2 583
2 566
2,55 % 2023-06-02
5 000
4 981
4 846
7,80 % 2023-06-16
1 400
1 400
1 844
3,00 % 2023-09-01
5 525
5 557
5 505
2,35 % 2023-09-15
2 545
2 534
2 494
3,90 % 2023-10-30
560
562
555
8,20 % 2024-02-15
911
1 298
1 299
6 200
6 200
6 266
2,99 % 2024-12-06
14 355
14 355
14 533
9,15 % 2025-05-26
2 658
3 291
4 117
8,90 % 2025-05-27
2 000
2 555
2 935
8,85 % 2025-07-21
2 086
2 446
3 059
8,80 % 2025-09-22
560
661
839
5,56 % 2025-10-06
1 500
1 500
1 595
6,77 % 2025-12-31
454
454
537
1 250
1 250
1 415
7,56 % 2027-03-01
2 621
3 075
3 427
7,60 % 2027-06-02
34 000
47 677
50 322
7,00 % 2027-09-24
445
418
573
6,45 % 2028-02-09
3 240
3 356
3 751
6,50 % 2029-01-22
1 172
1 119
1 363
6,50 % 2029-03-08
32 500
43 556
44 740
6,55 % 2029-05-01
2 143
1 857
2 659
5,75 % 2029-06-01
17 500
25 598
25 047
5,70 % 2029-06-18
2 920
3 883
3 774
6,00 % 2029-10-01
17 050
22 758
22 288
5,48 % 2029-11-26
1 832
1 832
2 087
7,35 % 2030-06-03
1 902
2 203
2 696
7,05 % 2030-06-12
3 437
3 552
4 735
7,22 % 2030-07-24
3 050
3 884
4 158
4,79 % 2030-08-08
2 436
2 436
2 625
7,05 % 2030-10-30
1 000
998
1 375
7,21 % 2030-11-01
740
803
961
6,50 % 2030-12-09
1 115
1 005
1 418
7,85 % 2031-04-02
1 167
1 383
1 612
5,07 % 2031-04-18
1 497
1 497
1 647
6,20 % 2031-06-02
16 000
21 791
21 708
7,10 % 2031-06-04
1 585
1 746
2 214
6,95 % 2032-04-16
1 900
1 976
2 446
6,93 % 2032-06-01
2 875
3 516
4 011
6,25 % 2032-06-01
21 190
28 815
28 749
5,85 % 2033-03-08
10 095
13 610
13 337
6,67 % 2033-03-21
1 000
1 003
1 302
5,75 % 2033-06-01
10 000
14 933
14 940
5,90 % 2033-06-02
5 815
5 811
7 181
6,95 % 2033-08-25
500
588
689
6,55 % 2033-10-11
2 600
3 081
3 506
6,30 % 2033-10-31
500
497
657
5,50 % 2034-01-27
3 900
3 929
4 908
6,47 % 2034-02-02
500
500
671
6,32 % 2034-02-24
700
747
807
17
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
Financement-Québec
31739ZAG0
Loblaw Cos. Ltd
53947ZAU1
British Columbia Ferry Services inc.
110574AC4
University
914764AA3of Ontario Institute of Technology
Hydro-Québec
44889ZCM6
683234VR6
10549PAJ0
Canadian Tire Corp. Ltd
13668ZAN8
Metro inc.
59162ZAB8
EPCOR Utilities inc.
29410ZAF2
Sun Life Financial inc.
866796AA3
35085ZAM8
Gaz Métro inc.
368271AX0
Union
Gas Ltd
90664ZAP5
Province
748148RL9de Québec
Enbridge inc.
29250ZAG3
Province
651333FQ4de Terre-Neuve-et-Labrador
Toronto Community Housing Corp.
87228VAA2
135087XW9
Ontario Infrastructure Projects Corp.
683086AA0
683234YD4
110709FL1
36158ZBK1
FortisBC Energy Vancouver Island inc.
88100BAA7
Province de Québec
74814ZDK6
TransCanada PipeLines Ltd
89353ZBU1
Power Corp. of Canada
739239AC5
Nova Scotia Power inc.
66988ZAY5
Rogers
Communications inc.
775109AP6
Shaw
Communications
inc.
82028KAQ4
Canada
Post
Corp.
13521JAB7
350863AU0
Winnipeg Airport Authority inc.
975014AA9
Teranet Holdings L.P.
880789AC6
Greater
Toronto Airports Authority
39191ZAX7
Province
du Manitoba
563469TM7
Arrow Lakes Power
042767AB9
135087YQ1
683234B98
642869AA9
Halifax International Airport Authority
405819AA1
AltaLink L.P.
02135ZAE6
Province de Québec
74814ZEF6
EPCOR Utilities inc.
29410ZAK1
35085ZBF2
1107098Y1
AltaLink L.P.
02135ZAF3
OPB
Finance Trust
67103MAA4
Enbridge
29251ZBB2inc.
Aéroport de Montréal
007863AH6
US Treasuries
912810QZ4
Province du Manitoba
563469TW5
5,25 % 2034-06-01
12 614
13 098
6,05 % 2034-06-09
365
362
15 257
409
6,25 % 2034-10-13
800
799
1 032
6,35 % 2034-10-15
9 219
9 219
10 524
6,50 % 2035-02-15
20 040
25 650
28 193
5,60 % 2035-06-02
18 000
24 010
23 343
5,95 % 2035-06-14
1 310
1 302
1 364
5,61 % 2035-09-04
1 200
1 157
1 279
5,97 % 2035-10-15
1 000
1 016
1 133
5,65 % 2035-11-16
940
967
1 127
1 135
1 153
1 201
5,75 % 2036-02-14
1 325
1 366
1 610
5,70 % 2036-07-10
550
570
689
5,46 % 2036-09-11
1 000
1 000
1 210
5,75 % 2036-12-01
3 260
4 368
4 271
5,08 % 2036-12-19
500
569
582
4,50 % 2037-04-17
2 000
1 988
2 270
4,88 % 2037-05-11
1 200
1 200
1 324
5,00 % 2037-06-01
26 830
36 485
37 854
4,70 % 2037-06-01
6 000
6 008
6 595
4,70 % 2037-06-02
17 400
20 090
20 304
4,70 % 2037-06-18
22 000
25 962
26 044
5,73 % 2037-10-22
595
586
728
6,05 % 2038-02-15
1 000
999
1 274
5,00 % 2038-12-01
9 250
9 701
11 106
8,05 % 2039-02-17
1 045
1 407
1 638
8,57 % 2039-04-22
700
699
1 072
5,95 % 2039-07-27
800
797
1 030
6,68 % 2039-11-04
1 420
1 433
1 805
6,75 % 2039-11-09
835
821
1 004
4,36 % 2040-07-16
3 000
2 999
3 551
7,13 % 2040-07-26
1 690
1 821
2 470
5,21 % 2040-09-28
1 195
1 195
1 284
5,75 % 2040-12-17
690
690
780
5,30 % 2041-02-25
2 500
2 499
3 039
4,10 % 2041-03-05
2 900
2 727
3 150
5,52 % 2041-04-05
485
485
554
4,00 % 2041-06-01
7 140
9 189
9 013
4,65 % 2041-06-02
20 200
23 025
23 743
4,80 % 2041-06-03
8 000
7 955
9 410
5,50 % 2041-07-19
800
800
992
4,46 % 2041-11-08
250
250
268
5,00 % 2041-12-01
9 000
9 988
10 970
4,55 % 2042-02-28
3 500
3 491
3 659
3 000
2 996
3 090
25 365
26 750
28 625
4,30 % 2042-06-18
3,99 % 2042-06-30
365
365
363
3,89 % 2042-07-04
2 320
2 318
2 279
299
4,24 % 2042-08-27
300
300
3,92 % 2042-09-26
1 000
1 000
985
3,13 % 2043-02-15
3 800
3 927
3 806
3,35 % 2043-03-05
7 000
6 965
6 678
18
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Obligations
TELUS Corp.
87971MAS2
Simon Fraser University
82878RAA5
Province de Québec
74814ZEK5
135087ZH0
68323ACC6
135087ZS6
Province de Québec
74814ZER0
548243AE4
Sun Life Capital Trust
86679QAB7
Master Asset Vehicle II, classe A-1
57632XAW3
Master Asset Vehicle II, classe A-2
57632XAY9
Great-West Lifeco Finance Delaware L.P. II
391382AA6
Great-West Lifeco Finance Delaware L.P. II
391385AA9
89116ZAC0
89116ZAD8
BMO Capital Trust II
055974AA7
CIBC Capital Trust
12544UAA9
80928FAA5
TD Capital Trust IV
87239GAC8
Manulife Financial Capital Trust II
56501XAA1
Sun Life Capital Trust II
86680BAA9
4,40 % 2043-04-01
340
339
333
5,61 % 2043-06-10
1 000
1 000
1 246
4,25 % 2043-12-01
5 000
5 563
5 469
1,50 % 2044-12-01
2 923
3 863
3 583
3,45 % 2045-06-02
23 000
22 572
22 216
3,50 % 2045-12-01
15 000
18 202
17 729
3,50 % 2045-12-01
12 685
12 583
12 161
4,18 % 2046-02-23
380
380
383
1 390
1 520
1 714
0,00 % 2056-07-15
2 969
2 984
2 680
0,00 % 2056-07-15
9 141
9 184
8 056
3 370
3 370
3 744
3 000
3 000
3 591
1 600
1 600
1 742
3 390
3 390
3 871
1 785
1 785
2 434
5 000
6 618
6 748
5 200
5 200
6 508
2 500
2 523
3 043
3 670
3 670
4 435
365
365
418
2 152 530
2 325 705
2 385 802
Total - obligations
19
au 31 mai 2013
Valeur
nominale
Description
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Instruments du marché monétaire
Province de l'Ontario, bon du trésor
ST34163
Province de Québec, bon du trésor
ST34233
ST34273
Province
ST34334 de l'Ontario, bon du trésor
ST34635
Province de Québec, bon du trésor
ST34735
Gouvernement du Canada, bon du trésor
ST34677
ST34651
ST34633
1,01 % 2013-06-12
30
29
1,01 % 2013-06-21
60
60
29
60
1,02 % 2013-07-03
205
204
205
1,02 % 2013-07-03
65
65
65
1,04 % 2013-07-03
40
40
40
1,05 % 2013-08-02
240
240
240
0,98 % 2013-08-15
70
70
70
0,99 % 2013-08-15
90
90
90
1,00 % 2013-08-15
50
50
50
850
848
849
Total - instruments du marché monétaire
20
au 31 mai 2013
Élément sous-jacent
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
1,01 CAD
3 906 025
2013-06-06
3 932
-
106
1,03 CAD
74 356 207
2013-06-06
76 858
-
2
1,03 CAD
74 356 204
2013-06-06
76 858
-
2
1,03 CAD
74 356 204
2013-06-06
76 859
-
1
1,03 CAD
74 356 204
2013-06-06
76 858
-
2
1,02 CAD
1 164 000
2013-06-14
1 184
-
20
1,03 CAD
2 843 000
2013-06-27
2 940
-
-
0,99 CAD
6 192 204
2013-07-05
6 127
-
(1)
Valeur
notionnelle
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Contrats à terme - position acheteur
Dollar américain
FUSD060613E
Dollar américain
FUSD060613F
Dollar
américain
FUSD060613G
Dollar
américain
FUSD060613H
Dollar
américain
FUSD060613I
Dollar
américain
FUSD140613A
Dollar
américain
FUSD270613B
Dollar australien
FAUD050713A
Dollar australien
FAUD060613B
Dollar
canadien
CDM3F05NW
Dollar
de Hong Kong
FHKD060613B
Dollar
de Singapour
FSGD060613B
Euro
FEUR050713A
Euro
FEUR060613B
Franc suisse
FCHF060613B
Gouvernement du Canada, 1,25 %, 2018-03-01
F135A873007
F135A873007B
F135A383007
Indice E-Mini Technologie
IXTM3F04NEW
Indice Euro StoXX 50 dividend
DEDZ4F04NEW
Indice Euro StoXX 50 dividend
DEDZ5F04NEW
Indice Mini MSCI EAFE
MFSM3F04RBC
Indice S&P/TSX 60
PTM3F05RBC
Livre sterling
FGBP050713A
Livre sterling
FGBP060613B
Livre sterling
FGBP060613C
Shekel
israélien
FILS060613B
Taux
d'intérêt
10 ans obligations du gouvernement du Canada
CNU3F01DERNW
Taux
d'intérêt
BAZ3F14MER3 mois acceptations bancaires canadiennes
Taux d'intérêt 3 mois eurodollar
EDZ412F14MER
EDZ5F14MER
EDU5F14MER
EDU6F14MER
Yen
FJPY060613C
0,99 CAD
27 097 342
2013-06-06
26 849
-
(1)
98,28 USD
257
2013-06-18
25 611
-
-
0,13 CAD
48 195 139
2013-06-06
6 417
-
-
0,82 CAD
4 683 757
2013-06-06
3 828
-
4
1,34 CAD
24 185 391
2013-07-05
32 421
-
2
1,34 CAD
84 841 237
2013-06-06
113 654
-
(5)
1,08 CAD
20 280 005
2013-06-06
21 845
-
-
99,03 CAD
10 000 000
2013-07-30
9 903
-
(16)
99,37 CAD
16 000 000
2013-07-30
15 899
-
(79)
100,82 CAD
75 000 000
2013-07-30
75 613
-
16
318,80 USD
30
2013-06-21
979
-
-
101,83 EUR
400
2014-12-19
5 797
-
-
101,75 EUR
150
2015-12-18
2 128
-
-
1 668,30 USD
25
2013-06-21
2 182
-
-
712,34 CAD
317
2013-06-20
45 990
-
-
1,57 CAD
24 716 163
2013-07-05
38 750
-
(2)
1,57 CAD
3 026 701
2013-06-06
4 741
-
2
1,57 CAD
57 943 700
2013-06-06
90 803
-
(3)
0,28 CAD
5 672 811
2013-06-06
1 588
-
-
136,37 CAD
400
2013-09-19
54 116
-
-
98,74 CAD
300
2013-12-16
73 995
-
-
99,51 USD
582
2014-12-15
149 412
-
-
99,16 USD
582
2015-12-14
148 569
-
-
99,11 USD
300
2015-09-14
76 714
-
-
98,48 USD
900
2016-09-19
228 433
-
-
0,01 CAD
4 439 164 427
2013-06-06
45 442
-
20
Total - contrats à terme - position acheteur
1 623 295
70
Contrats à terme - position vendeur
Dollar américain
FUSD050713A
Dollar
américain
FUSD050713B
Dollar
américain
FUSD050713C
Dollar
américain
FUSD050713D
Dollar
américain
FUSD050713E
Dollar
américain
FUSD060613A
Dollar américain
FUSD060613B
Dollar américain
FUSD060613C
Dollar américain
FUSD060613D
Dollar américain
FUSD110613
Dollar américain
FUSD120613
Dollar américain
FUSD130613
Dollar américain
FUSD140613
1,03 CAD
74 356 204
2013-07-05
76 907
-
(4)
1,03 CAD
74 356 204
2013-07-05
76 905
-
(5)
1,03 CAD
74 356 207
2013-07-05
76 905
-
(5)
1,03 CAD
12 838 883
2013-07-05
13 279
-
(1)
1,03 CAD
74 356 204
2013-07-05
76 899
-
(11)
1,01 CAD
75 332 711
2013-06-06
75 831
-
(2 038)
1,01 CAD
75 332 711
2013-06-06
75 833
-
(2 036)
1,01 CAD
75 332 711
2013-06-06
75 834
-
(2 036)
1,01 CAD
75 332 711
2013-06-06
75 824
-
(2 046)
1,01 CAD
49 900 000
2013-06-11
50 202
-
(1 385)
1,01 CAD
68 200 000
2013-06-12
68 572
-
(1 934)
1,00 CAD
74 000 000
2013-06-13
74 279
-
(2 225)
1,01 CAD
30 898 000
2013-06-14
31 322
-
(622)
21
au 31 mai 2013
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
1,04 CAD
1 777 000
2013-06-14
1 846
-
9
1,01 CAD
47 800 000
2013-06-17
48 291
-
(1 131)
1,01 CAD
6 876 500
2013-06-27
6 957
-
(155)
1,04 CAD
5 953 000
2013-06-27
6 199
-
43
0,99 CAD
27 097 342
2013-07-05
26 810
-
1
1,04 CAD
27 097 342
2013-06-06
28 239
-
1 392
1,03 CAD
7 698 000
2013-06-11
7 937
-
312
0,13 CAD
48 195 139
2013-07-05
6 422
-
-
0,13 CAD
48 195 139
2013-06-06
6 253
-
(165)
0,82 CAD
4 683 757
2013-07-05
3 831
-
(15)
0,82 CAD
4 683 757
2013-06-06
3 828
-
(5)
1,34 CAD
84 841 237
2013-07-05
113 738
-
1
1,33 CAD
84 841 237
2013-06-06
112 617
-
(1 032)
1,32 CAD
1 940 000
2013-06-11
2 562
-
(37)
1,08 CAD
20 280 005
2013-07-05
21 865
-
(1)
1,08 CAD
20 280 005
2013-06-06
21 982
-
137
100,15 CAD
36 000 000
2013-07-30
36 053
-
453
109,25 CAD
10 000 000
2013-07-30
10 925
-
318
113,45 CAD
10 000 000
2013-07-30
11 345
-
204
1 727,67 USD
251
2013-06-21
21 911
-
-
1 564,42 USD
636
2013-06-21
53 540
-
-
1,57 CAD
57 943 700
2013-07-05
90 836
-
(4)
1,57 CAD
60 970 401
2013-06-06
95 494
-
(49)
1,57 CAD
9 112 000
2013-06-11
14 288
-
8
0,28 CAD
5 672 811
2013-07-05
1 587
-
-
0,28 CAD
5 672 811
2013-06-06
1 592
-
5
136,68 CAD
100
2013-09-19
13 529
-
-
99,64 USD
300
2013-12-16
77 233
-
-
99,38 USD
1 164
2015-06-15
298 101
-
-
98,83 USD
900
2016-03-14
229 328
-
-
98,12 USD
300
2017-03-13
75 854
-
-
0,01 CAD
4 439 164 427
2013-07-05
45 474
-
(19)
0,01 CAD
793 237 855
2013-07-05
8 126
-
(3)
0,01 CAD
4 105 095 655
2013-06-06
42 424
-
384
0,01 CAD
334 068 772
2013-06-06
3 453
-
32
Valeur
notionnelle
(en milliers $)
Coût
(en milliers $)
Juste
valeur
(en milliers $)
Contrats à terme - position vendeur
Dollar américain
FUSD140613B
Dollar américain
FUSD170613
Dollar
américain
FUSD270613
Dollar
américain
FUSD270613A
Dollar
australien
FAUD050713B
Dollar australien
FAUD060613A
Dollar
australien
FAUD110613
Dollar
de Hong Kong
FHKD050713A
Dollar
de
Hong Kong
FHKD060613A
Dollar
de
Singapour
FSGD050713A
Dollar
de
Singapour
FSGD060613A
Euro
FEUR050713B
Euro
FEUR060613A
Euro
FEUR110613
Franc suisse
FCHF050713A
Franc suisse
FCHF060613A
F135A873007A
F135ZU13007E
F135YR93007
Indice Mini MSCI EAFE
MFSM3F05NW
Indice S&P 500 E-Mini
ESM3F04RBC
Livre sterling
FGBP050713B
Livre sterling
FGBP060613A
Livre sterling
FGBP110613
Shekel israélien
FILS050713A
Shekel
israélien
FILS060613A
Taux
d'intérêt
10 ans obligations du gouvernement du Canada
CNU3F04NEW
Taux
d'intérêt
3
EDZ3F14MER mois eurodollar
EDM5F14MER
EDH6F14MER
EDH7F14MER
Yen
FJPY050713A
Yen
FJPY050713B
Yen
FJPY060613A
Yen
FJPY060613B
Total - contrats à terme - position vendeur
2 399 062
(13 665)
Contrats d'options - position acheteur
Indice S&P 500
OES1F041500A
Indice S&P 500
OES1F041500
Indice S&P 500
OES1F041575
Indice
S&P 500
OES1F041575A
Investissements en capital de développement - Secteur :
V13647OPT1
1 500,00 USD
1 000
2013-07-19
1 550
25
1 500,00 USD
1 000
2013-06-21
1 550
26
9
2
1 575,00 USD
2 500
2013-09-20
4 070
105
98
1 575,00 USD
3 750
2013-09-20
6 104
139
147
3,00 CAD
6 300 000
2014-04-04
18 900
1 197
750
32 174
1 492
1 006
Manufacturier
Total - contrats d'options - position acheteur
Contrats d'options - position vendeur
Indice S&P 500
OES1F041600
Indice
S&P 500
OES1F041580
Indice
S&P 500
OES1F041450B
1 600,00 USD
1 000
2013-07-19
1 654
(22)
(51)
1 580,00 USD
1 000
2013-06-21
1 633
(25)
(60)
1 450,00 USD
2 500
2013-09-20
3 747
(40)
(37)
22
au 31 mai 2013
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
Valeur
notionnelle
1 450,00 USD
3 750
2013-09-20
1 700,00 USD
2 500
2013-09-20
1 700,00 USD
3 750
5,00 CAD
6 300 000
(en milliers $)
Coût
Juste
valeur
(en milliers $)
(en milliers $)
5 620
(51)
(56)
4 393
(31)
(51)
2013-09-20
6 589
(58)
(77)
2014-04-04
31 500
(977)
(2 327)
55 136
(1 204)
(2 659)
Contrats d'options - position vendeur
Indice S&P 500
OES1F041450C
Indice
S&P 500
OES1F041700
Indice
S&P 500
OES1F041700A
Investissements
V13647OPT2 en capital de développement - Secteur :
Manufacturier
Total - contrats d'options - position vendeur
Total - instruments financiers dérivés
Total des autres investissements
*
288
(15 248) *
4 235 300
4 350 457 *
De ces totaux, un montant de 19,7 M$, représentant la juste valeur négative des instruments financiers dérivés et un montant de 1,2 M$ représentant le coût de ces
instruments financiers dérivés, sont présentés sous Créditeurs et autres passifs aux états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai
2013.
Titres achetés en vertu de conventions de revente
Au 31 mai 2013, la juste valeur des titres en portefeuille achetés en vertu de conventions de revente est de 274,1 M$ . Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 24 mai 2013 et le 31 mai 2013, tandis que leurs échéances se situent dans l'intervalle compris entre le 3 juin 2013 et le 14 juin 2013. Le montant payé est de
274,3 M$ et il correspond à la juste valeur des titres reçus.
Titres vendus en vertu de conventions de rachat
Au 31 mai 2013, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 420,7 M$. Ces titres sont des obligations. Ces transactions ont été
exécutées entre le 10 mai 2013 et le 31 mai 2013, tandis que leurs échéances se situent dans l'intervalle compris entre le 3 juin 2013 et le 13 juin 2013 . Le collatéral reçu est de
429,5 M$. Le prix de rachat à payer est de 422,9 M$.
23
INDEX OF THE SHARE
OF THE FONDS IN INVESTMENTS
MADE BY THE SPECIALIZED FUNDS,
AT COST (UNAUDITED)
As at May 31, 2013
Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
12-31-11
12-31-12
Unsecured
Shares
Loans and
and Units
Advances
Total
BDR Capital s.e.c.
Accedian Networks Corporation
Bluestreak Network inc.
Énergie Afina inc.
Enerkem inc.
Gogo6 inc.
Irphotonique inc.
Logiciel Iscopia inc.
Nanogestion inc.
Omni-Med.com inc.
ProVance Technologies inc.
SolaCom Technologies inc.
Technologie Bluestreak (Canada) inc.
Technologies Microbridge Canada inc.
TelcoBridges inc.
Wavesat inc.
Securities of two other companies
31,901
8,315
3,079
43,295
FIER Partenaires, société en commandite
Capital St-Laurent, s.e.c.
Fonds Brightspark II, s.e.c.
Fonds CTI sciences de la vie, s.e.c.
Fonds d'investissement iNovia II, société en commandite
Fonds Propulsion III s.e.c.
GO capital, s.e.c.
Novacap Industries III, s.e.c.
Novacap Technologies III, s.e.c.
Rho Canada Capital de Risque, s.e.c.
Société en commandite AgeChem
Securities of three other companies
30,355
Funds commited but not disbursed
03-31-13
Fonds Bio-Innovation, société en commandite
Securities of six companies
05-31-12
Fonds de solidarité FTQ Investissements technologiques I, s.e.c.
Axesnetwork Solutions inc.
Cadens Imagerie Médicale inc.
E2metrix inc.
Embrionix Design inc.
Réflex Photonique inc.
03-31-13
Secured
Loans and
Advances
2,961
333
334
333
500
1,500
Fonds d'investissement de la culture et des communications, société en commandite
9168-1478 Québec inc. (Laboratoires GSS)
Attraction Média inc.
Carpediem film & TV inc.
Datsit Studios inc.
De Marque inc.
Gestion Juste pour Rire inc.
Groupe Phaneuf inc.
Groupe Pierre Belvédère inc.
Groupe Star Suites inc.
GVGS inc.
Hibernum Créations inc.
La Compagnie Larivée, Cabot, Champagne
LC Média inc.
Media-Max inc.
Média Cinéflix inc.
Modus FX inc.
Sarbakan inc.
Studios Budge inc.
Tribal Nova inc.
Vivavision inc.
Wilson & Lafleur, limitée
Securities of nine other companies
2,527
Suretyship
1
30,355
15,258
45,613
965
968
333
333
334
333
500
1,833
333
333
7,829
4,894
4,415
14,771
857
835
16,463
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
12-31-12
Unsecured
Shares
Loans and
and Units
Advances
Fonds immobilier de solidarité FTQ inc.
1030-1040 de Bleury s.e.c.
1421 Crescent, s.e.c.
790 Rand, s.e.c.
81-83 Richelieu s.e.c.
875 Charest s.e.c.
880 Honoré-Mercier s.e.c.
Brossard-sur-le-Fleuve s.e.c.
Carré Chambord s.e.c.
Centre de développement des Biotechnologies de Laval s.e.c.
Condominiums Le George V s.e.c.
Condos Wanklyn-Milot s.e.c.
CPA Fontainebleau, s.e.c.
Développement Joseph-Morin, s.e.c.
Développements Wilfrid-Carrier s.e.c.
Édifice Saint-Vallier, s.e.c.
Espace MV1 s.e.c.
Espace MV2 s.e.c.
Espace MV3 s.e.c.
Espaces Lebourgneuf Phase III s.e.c.
Gérer son Quartier
Graham-Mont-Royal, s.e.c.
Merlin immobilier inc.
Montée des Pionniers Phase I s.e.c.
Montée des Pionniers Phase II s.e.c.
R.P.A. Mont-Joli s.e.c.
R.P.A. Rawdon s.e.c.
Société de développement Urbania 2003 inc.
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 des Bassins I
Société en commandite D.P.L.S.
Société en commandite GII, Ilôt 10 (Comm-bur)
Société en commandite GII, Ilôt 10 (Résidentiel)
Société en commandite Griffintown II
Société en commandite Griffintown II, Phase II
Société en commandite Griffintown II, Phase II (Tour 3)
Société en commandite Griffintown II, Phase II (Condos-Tour 1)
Société en commandite Griffintown II, Phase II (Condos-Tour 2)
Société en commandite Griffintown II, Phase II (Commercial)
Société en commandite Griffintown II, Phase III (Bloc I)
Société en commandite Héritage Pointe-Claire
Société en commandite immobilière T.D.C.
Société en commandite Laurin/Saint-Louis Phase I
Société en commandite QDS
Société en commandite Rose de Lima
Société en commandite St-Bruno-sur-le-Lac Phase 4
Société en commandite Viau Ontario
Souvenir-Corbusier s.e.c.
St-Paul/Du Palais s.e.c.
Technoparc Bromont Phase I s.e.c.
Urbania Phase VII s.e.c.
Wanklyn-Milot s.e.c.
Direct holdings:
Terrain Boul. Lucille Teasdale, Terrebonne
Terrain Boul. Le Corbusier, Laval
3
1,802
880
2,010
20,029
2,217
10
5,100
10
4,399
753
250
8,150
13,013
1
1
2,700
2,800
15,681
10
2,888
14,095
3,562
11,386
550
500
900
1,208
1
10
371
150
2,500
1,400
2,518
1,107
4,968
3,687
7
963
335
1,560
581
1
4,275
8,266
27,950
10
2,000
1
1
9,220
1,363
1
3,197
1
155,116
Secured
Loans and
Advances
3,515
1,177
196
697
700
9,603
157
1,700
3,115
4,974
1,000
2,580
15,546
4,096
47,163
38,129
Total
15,681
13
1,802
3,768
2,010
20,029
2,217
10
19,195
10
4,399
753
250
8,150
13,013
1
1
2,700
2,800
3,562
11,386
3,515
550
1,677
1,096
1,208
700
697
1
9,613
371
307
4,200
1,400
5,633
6,081
4,968
3,687
7
1,963
335
1,560
3,161
1
4,275
23,812
27,950
10
2,000
1
1
13,316
1,363
1
3,197
1
240,408
2,596
11,377
254,381
2
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
12-31-12
Unsecured
Shares
Loans and
and Units
Advances
Fonds immobilier de solidarité FTQ I, s.e.c.
1061 St-Alexandre, s.e.c.
C.C.L. II, société en commandite
Centre de Ressources du Parc Technologique du Québec Métropolitain inc.
Complexe d'affaires 440, s.e.c.
Condos Miscéo, s.e.c.
Construction Louis Lefebvre inc.
PTQM/Lutech s.e.c.
Sfère-Ahuntsic s.e.c.
Société en commandite 1190 Jeanne-Mance
Société en commandite 37-39 Notre-Dame
Société en commandite 544 de l'Inspecteur
Société en commandite Alfred-Nobel
Société en commandite Alphonse T. Lépine
Société en commandite Ann-Ottawa
Société en commandite Beauharnois
Société en commandite Claude Baillif
Société en commandite de La Dauversière
Société en commandite Inspecteur-William
Société en commandite Les Berges Brossard
Société en commandite Milton
Société en commandite Place Dunant
Société en commandite Square Mont-Royal
Société en commandite Ste-Hélène
Village de la Gare s.e.c.
Direct holdings:
Terrain ave. du Lac-Clermoutier, Chertsey
12-31-12
1
559
2,709
2,470
863
2,877
1,160
1
1,725
1,500
1,045
2,308
2,960
11
1,695
150
27
500
1
22,562
76
Secured
Loans and
Advances
1,450
510
337
1,134
2,193
3,254
14
6
1,317
8
4
19
6,421
137
4,038
Total
1
76
1,450
559
3,219
2,470
1,997
337
2,877
1,160
2,193
1
3,254
14
1,725
2,817
6
1,045
2,308
2,960
19
1,695
150
4
46
637
1
33,021
1,295
34,316
Fonds immobilier de solidarité FTQ II, s.e.c.
1030-1040 de Bleury s.e.c.
1405 Henri Bourassa ouest s.e.c.
Capital BLF inc.
Espaces Lebourgneuf s.e.c.
Faubourg la Grande Place s.e.c.
Hôtel Particulier : Le Ste-Hélène s.e.c.
Immobilière Concorde-Corbusier s.e.c.
Les Haltes du Roi s.e.c.
Neuvième Avenue, s.e.c.
SEC St-Bruno-sur-le-Lac Phase 2
SEC St-Bruno-sur-le-Lac Phase 3
Société en commandite Ann-Ottawa
Société en commandite Benadev
Société en commandite Cavelier de LaSalle
Société en commandite CDTI de Hull
Société en commandite d'investissement Germain-Calgary
Société en commandite du 1400
Société en commandite du 259 boulevard St-Joseph-Hull
Société en commandite JBSL
Société en commandite Mansfield
Société en commandite RMI
Trois A, Société en commandite
Village de la Gare s.e.c.
4,100
2,301
2,335
3,471
1,189
6,670
806
10
1
10
1
4,326
100
458
133
131
2,075
239
850
1
29,207
Direct holdings:
Condominium 410 des Récollets, Montréal
Terrain ave. du Lac-Clermoutier, Chertsey
76
1,450
3,822
2,710
1,317
607
1,800
440
138
9,455
2,905
4,100
2,301
76
1,450
2,335
3,471
1,189
3,822
6,670
806
2,720
1
10
1,317
1
4,933
100
1,800
898
133
131
2,075
239
850
138
1
41,567
615
1,295
43,477
3
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
08-31-12
Unsecured
Shares
Loans and
and Units
Advances
Fonds locaux de solidarité FTQ, s.e.c.
CDEC Rosemont-Petite Patrie, corporation de développement économique
communautaire
Centre local de développement (CLD) de Beauce-Sartigan
Centre local de développement (CLD) de Marguerite-D'Youville
Centre local de développement (CLD) des Îles-de-la-Madeleine
Centre local de développement (CLD) du Haut-St-François
Centre local de développement (CLD) du Fjord
Centre local de développement (CLD) du territoire de la MRC d'Argenteuil
Centre local de développement (CLD) du territoire de la MRC du RocherPercé
Centre local de développement (CLD) Montréal-Nord
Centre local de développement Beauharnois-Salaberry
Centre local de développement de Brome-Missisquoi
Centre local de développement de la Basse-Côte-Nord
Centre local de développement de la Côte-de-Beaupré
Centre local de développement de la Haute-Côte-Nord (CLDHCN)
Centre local de développement de la M.R.C. d'Avignon inc.
Centre local de développement de la M.R.C. de Bonaventure
Centre local de développement de la Mitis
Centre local de développement de la MRC de Charlevoix
Centre local de développement de la MRC de Charlevoix-Est inc.
Centre local de développement de la MRC de Maskinongé
Centre local de développement de la MRC de Memphrémagog
Centre local de développement de la MRC de Robert Cliche
Centre local de développement de la MRC de Sept-Rivières inc.
Centre local de développement de la MRC des Laurentides
Centre local de développement de la MRC du Val-Saint-François
Centre local de développement de la MRC Les Maskoutains
Centre local de développement de la municipalité régionale de comté de
d'Autray
Centre local de développement de la Nouvelle-Beauce (C.L.D.N.B.)
Centre local de développement de la région d'Acton
Centre local de développement de la région de Rivière-du-Loup
Centre local de développement de la Vallée-du-Richelieu
Centre local de développement de l'Île d'Orléans
Centre local de développement de Lachine (CLD Lachine)
Centre local de développement de Longueuil «CLD»
Centre local de développement de Manicouagan
Centre local de développement de Rimouski-Neigette (CLD)
Centre local de développement de Roussillon
Centre local de développement des Basques
Centre local de développement des Collines-de-l'Outaouais
Centre local de développement des Etchemins
Centre local de développement des Pays-d'en-Haut
Centre local de développement du Pontiac
Centre local de développement les 3 Monts
Centre local de développement Maria-Chapdelaine
Centre local de développement Mékinac
Centre local de développement Minganie
CLD de la MRC de Lotbinière
Corporation de développement économique communautaire (C.D.E.C.)
Centre-Nord
Corporation de développement économique communautaire AhuntsicCartierville
Corporation de développement économique communautaire Côte-desNeiges/Notre-Dame-de-Grâce
Corporation de développement économique et communautaire Centresud/Plateau Mont-Royal
Corporation de développement économique de Lasalle (CLD)
Développement économique - CLD Gatineau
Fonds local de solidarité (FLS) MRC d'Antoine-Labelle
Fonds local de solidarité (FLS) MRC de la Rivière-du-Nord
Fonds local de solidarité Laval
Fonds local de solidarité MRC de Coaticook
Fonds local de solidarité MRC de Drummond
Fonds local de solidarité Québec
Le centre local de développement de la M.R.C. de Bécancour inc.
Regroupement économique et social du Sud-Ouest (RESO)
Sherbrooke Innopole (CLD)
Société de développement économique de la région de Thetford (CLD)
SOLIDE de la MRC de Bellechasse
4
38
60
63
143
32
17
114
80
102
Secured
Loans and
Advances
Total
352
125
405
96
250
10
60
352
125
405
134
250
10
60
10
10
286
10
10
164
10
25
280
49
305
60
83
230
47
79
525
50
620
10
10
286
10
10
164
10
85
280
112
305
203
83
230
47
111
525
50
620
10
35
10
70
150
10
10
50
30
10
81
80
165
10
10
10
10
116
249
10
55
10
35
10
70
150
10
10
50
30
10
81
80
165
27
10
10
10
230
249
10
135
160
160
305
305
10
10
510
10
310
185
150
10
10
248
10
430
500
10
10
70
510
10
310
185
150
10
10
248
10
430
500
10
112
70
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
08-31-12
Unsecured
Shares
Loans and
and Units
Advances
Fonds locaux de solidarité FTQ, s.e.c. (continued)
SOLIDE de la MRC de Caniapiscau
SOLIDE de la MRC de Joliette
SOLIDE de la MRC de la Jacques-Cartier
SOLIDE de la MRC de Lac-Saint-Jean-Est
SOLIDE de la MRC de Matane
SOLIDE de la MRC de Montmagny
SOLIDE de la MRC de Témiscamingue
SOLIDE de la MRC de Vaudreuil-Soulanges
SOLIDE de la MRC des Jardins-de-Napierville
SOLIDE de la MRC du Domaine-du-Roy
SOLIDE de la MRC du Fjord-du-Saguenay
SOLIDE de Lévis
SOLIDE de Mercier/Hochelaga-Maisonneuve
SOLIDE de Shawinigan
SOLIDE Rivière-des-Prairies/Pointe-aux-Trembles
SOLIDE Ville-Marie
649
03-31-13
Fonds régional de solidarité Abitibi-Témiscamingue, société en commandite
2645-3530 Québec inc. (Hardy Construction)
2965-5099 Québec inc. (Les Réclamations du Nord-Ouest)
3088-6469 Québec inc. (Centre Jardin Lac Pelletier)
9052-5320 Québec inc. (Consultants B.C.H.)
9187-1186 Québec inc. (Dan Extermination)
9187-8850 Québec inc. (Forage Boréal)
A. & L. Pinard inc.
Abitibi Royalties inc.
Adventure Gold inc.
Agritibi R.H. inc.
Atelier Tangente inc.
Centre de peinture L.B.G. inc.
Corporation Aurifère QMX
Entrepreneur Minier Promec inc.
Ferabi inc.
Géliko inc.
Groupe MBI inc.
Groupe Technosub inc.
H.P. Hydraulique inc.
Industries Wood4 inc.
Les Aciers J.P. inc.
Les équipements de forage VersaDrill inc.
Les Grains du Témis inc.
LVL Global inc.
Machineries Horticoles d'Abitibi inc.
Machines Roger lnternational inc.
Matamec Explorations inc.
Mines de la Vallée de l'or ltée
Mines Richmont inc.
Modulabec inc.
Service Sani Tri inc.
Transport Clément Bégin inc.
Transport D. Barrette & fils inc.
VCC-Massénor inc.
5
1,300
3
82
20
313
11
219
1,642
1,208
1
350
178
214
142
247
5,930
Secured
Loans and
Advances
Total
10
250
10
62
205
10
10
173
10
220
10
115
10
37
110
130
9,642
10
250
10
62
205
10
10
173
10
220
10
115
10
37
110
130
10,291
38,922
49,213
750
300
182
125
115
976
200
220
750
300
182
125
115
2,276
200
220
3
82
1,806
253
282
220
313
11
219
295
200
1,642
1,208
287
250
230
430
473
1,143
150
888
178
214
142
765
247
289
750
42
600
17,780
2,200
19,980
1,806
253
282
200
295
200
287
250
230
429
473
118
150
888
675
765
289
750
42
600
11,175
675
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
03-31-13
Unsecured
Shares
Loans and
and Units
Advances
Fonds régional de solidarité Bas-Saint-Laurent, société en commandite
2959-8505 Québec inc. (Copeaux de la vallée)
6318703 Canada inc. (Méridien Maritime Réparation) et 3326403 Canada inc.
9181-4244 Québec inc. (Carrière Neigette)
9183-9530 Québec inc. (Pièces d'autos sélect)
9198-8659 Québec inc. (Multi-Pièces D.L.)
Adélard Soucy (1975) inc.
AMH Canada ltée
Asselin & Asselin arpenteurs-géomètres inc.
Bois BSL inc.
Ébénisterie Jean-Guy Lévesque & fils inc.
Érablières des Alléghanys inc.
Fonderie BSL inc.
Fonds Soutien Bas-Saint-Laurent, société en commandite
Gagnon Image inc.
Gestion du Fonds Soutien Bas-Saint-Laurent inc.
Groupe Riotel Hospitalité inc.
Les Constructions H.L. Thériault inc.
Les Distributions Arnaud inc.
Les Électriciens Pierre Roy inc.
Les Produits PBM ltée
Pourvoirie de la Seigneurie du lac Métis inc.
Productions Québec Multimédia inc.
Projexco inc.
Richard Poirier et Frères Électrique ltée
Topocom Technologie inc.
03-31-13
125
150
125
417
1,000
1
877
2,695
Fonds régional de solidarité Centre-du-Québec, société en commandite
Écofib inc.
Huppé Meubles inc.
IPM Canada inc.
Misa Tours Canada inc.
Nitek Laser inc.
Rénovation Expo inc.
Vibrotech inc.
03-31-13
Fonds régional de solidarité Chaudière-Appalaches, société en commandite
9050-7641 Québec inc. (Ramp-Art)
9069-4654 Québec inc. (Supervac 2000)
Acier Majeau inc.
Bercomac Limitée
Canada moteurs importations inc.
Cométal inc.
Équipements récréatifs Jambette inc.
Fenêtres Altek inc.
Fini. U.V. International inc.
Forimpex inc.
Groupe PCM inc.
Groupe S.S. inc.
J.L. Leclerc & fils inc.
Les Productions Horticoles Demers inc.
L'usine Tac Tic inc.
Mapa Innovations inc. et Les Produits Multi-Formes G.M. inc.
Menuiserox inc.
Météo fenêtres et portes inc.
Multi-Brosses inc.
Portes Veilleux 2000 inc.
Quartz Industrie inc.
Usine Sartigan inc.
6
725
212
937
190
500
350
175
183
322
265
259
1,000
618
96
218
258
300
500
89
135
301
183
619
3
6,564
Secured
Loans and
Advances
Total
190
500
125
500
175
308
739
265
259
1,000
618
96
1,000
218
1
877
258
300
500
89
135
301
183
619
3
9,259
65
9,324
300
200
500
255
325
967
70
2,617
300
200
500
255
325
967
70
2,617
250
2,867
458
56
160
417
400
232
600
750
287
250
500
539
36
153
621
300
418
292
102
578
81
1,196
8,426
458
56
160
417
400
232
600
750
287
250
500
539
761
153
833
300
418
292
102
578
81
1,196
9,363
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
03-31-13
Unsecured
Shares
Loans and
and Units
Advances
Fonds régional de solidarité Côte-Nord, société en commandite
7583168 Canada inc. (Les Entreprises Electro Select)
9196-7109 Québec inc. (Parmon Construction)
9262-3701 Québec inc. (Résidence J.R. Lafontaine)
Carrosserie Pro 2010 inc.
Construction F.H.D. inc.
Construction Fortin & Lévesque inc.
Construction J.G.M. inc.
Croisière 2001 inc.
Fonds Soutien Côte-Nord, société en commandite
Gestion du Fonds Soutien Côte-Nord inc.
Hôtel Mingan inc.
Hôtel Motel Le Q'Artier des Îles inc.
Lajoie Réfrigération inc.
Les Distributions G.F.D. inc.
Les Pétroles Paul Larouche inc.
Nord Industrie inc.
Pec-Nord inc.
Phoenix services environnementaux inc.
Synergica Alliance inc.
03-31-13
Fonds régional de solidarité Estrie, société en commandite
Acier Fastech inc.
Amecci inc.
Ani-Mat inc.
Beaudin Le Prohon inc.
Boréal - Informations stratégiques inc.
Café Faro inc.
Domaines Pinnacle inc.
Innotex inc.
Kemestrie inc.
Laser AMP inc.
Les Cartons Northrich inc.
Les Entreprises Dauphinais inc.
Les fabricants de boyaux industriels Premier ltée
Les Industries Touch inc.
Les Quais Bertrand inc.
Les Viandes Laroche inc.
M.P. Éco inc.
Motrec international inc.
Oasis Tropik Nordik inc.
Oxybec Médical inc.
Scholer Industriel inc.
Soudure Brault inc.
Sport Powertek inc.
300
1,401
630
630
03-31-13
100
1,000
1
Fonds régional de solidarité Gaspésie - Îles-de-la-Madeleine, société en commandite
B.M.B. (Îles-de-la-Madeleine) inc.
524
Cap sur mer inc.
632
Fabrication Delta inc.
Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite
500
Gaspésie Diésel inc.
Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc.
1
Junex inc.
46
Les entreprises Léo Leblanc & fils inc.
Les Industries Leblanc inc.
Les Pêcheries Marinard ltée
Les Reboiseurs de la Péninsule inc.
Michaud technologies inc.
125
Pêcheries Vilo inc.
Serres Jardins-Nature inc.
97
1,925
7
220
860
728
310
427
29
1,050
800
1,090
600
128
478
270
165
137
325
7,617
267
347
317
1,385
968
1,127
51
657
250
25
235
500
135
1,558
660
407
442
1,000
262
102
168
160
267
11,290
30
335
457
282
3
378
73
292
338
279
2,467
Secured
Loans and
Advances
Total
220
860
728
310
427
29
1,050
800
100
1,000
1
1,090
600
128
478
270
165
300
137
325
9,018
375
9,393
267
347
317
1,385
968
1,127
51
657
250
630
25
235
500
135
1,558
660
407
442
1,000
262
102
168
160
267
11,920
500
12,420
524
662
335
500
457
1
46
282
3
378
73
417
338
376
4,392
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
Unsecured
Shares
Loans and
and Units
Advances
03-31-13
Fonds régional de solidarité Lanaudière, société en commandite
7912811 Canada inc. (Les Signatures Passions)
ABC Environnement inc.
Agro-100 ltée
Gestion EDB Mondor inc.
Groupe Manucam inc.
Les Aliments Sibon (1985) ltée
Multi-modèles Martin Gaudet inc.
Pneus Lanoraie inc.
Produits Vince inc.
Sécurité GMR inc.
Triotech Amusement inc.
Verre Select inc.
03-31-13
Fonds régional de solidarité Laurentides, société en commandite
4486021 Canada inc. (Aliments Urbains)
7661665 Canada inc. (Profab mécanique 2010) et 9151-0768 Québec inc.
9018-4995 Québec inc. (Lacelle & Frères)
Autobus Lion inc.
BMI Canada inc.
Complexe Hôtelier St-Jovite / Mont-Tremblant inc.
Distributions Denis Fontaine inc.
Garage François Thouin inc., Remorques CFT inc. et 8236011 Canada inc.
Gestion Estérel inc.
Gestion hôtelière REVPAR inc.
Groupe Aviation et Puissance inc.
Groupe Sima Palsol inc.
Groupe Star Suites inc.
La Petite Bretonne inc.
Le Groupe Synergie Xpress inc.
Les Entreprises Guy Desjardins inc.
Lev-Fab inc.
Montour ltée
Palmex International inc.
Service Alimentaire Desco inc.
Vision Villégiature inc.
03-31-13
03-31-13
Fonds régional de solidarité Laval, société en commandite
9210-9107 Québec inc. (Jungle Aventure)
Alimentation L'Épicier inc.
Ciel Aventure Québec inc.
Corporation Smartsilk inc.
Emballages Cré-O-Pack International inc.
Groupe Carreaux Céragrès inc.
Groupe Lincora inc.
Hydrolico International inc.
K.F. Construction inc.
Les Bouteilles Recyclées du Québec (B.R.Q.) inc.
Les Fruits de Mer IFC inc.
Les industries Cendrex inc.
Les Investissements Sylnic inc.
Les Laboratoires de recherche de Lan Wirewerks inc.
Les Productions Diamant ltée
Paris, Ladouceur & associés inc.
Perlite Canada inc.
Portes et fenêtres Cordy inc.
S.R.A.D. Communications inc.
Stylo Bankers (1991) inc.
Tornatech inc.
750
300
1,050
126
126
Fonds régional de solidarité Mauricie, société en commandite
9145-5980 Québec inc. (Transport Jacques Labbé)
Climatisation Trois-Rivières inc.
Concept Éco-Plein-Air Le Baluchon inc.
Portes & fenêtres Nouvel Horizon inc.
Tuyauterie Borgia ltée
8
751
751
Secured
Loans and
Advances
Total
385
193
750
300
300
549
100
210
600
90
1,420
208
5,105
385
193
750
300
300
549
100
210
600
90
1,420
208
5,105
186
500
132
350
1,900
186
500
132
350
1,900
750
280
650
861
188
1,517
15
244
1,266
267
1,000
217
425
200
477
300
11,725
280
650
861
188
1,517
15
244
1,266
267
1,000
217
425
200
477
10,675
250
933
1,000
500
589
850
199
1,000
600
479
333
458
379
742
270
300
300
267
917
949
11,315
400
100
601
500
50
1,651
633
633
250
933
1,000
500
589
850
199
1,000
600
605
333
458
379
742
270
300
633
300
267
917
949
12,074
400
100
1,352
500
50
2,402
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
03-31-13
Unsecured
Shares
Loans and
and Units
Advances
Fonds régional de solidarité Montérégie, société en commandite
7774672 Canada inc., 3897338 Canada inc. et 3897320 Canada inc.
Agro-Bio contrôle inc.
Agrocentre Belcan inc.
Aliments Horizon Nature inc.
Andy transport inc.
Atelier d'usinage Quenneville inc.
Bousquet Frères Limitée
DCL Nutrition & santé animale inc.
Dermolab Pharma ltée
Équipements de transformation IMAC (E.T.I.) inc.
FDC Composites inc.
Groupe Damafro inc.
Groupe Exel International inc.
Investissements Brasco inc.
LC Média inc.
Le Groupe Conseil Integrim inc.
Les Produits de Ventilation Lambro inc.
Les sols Sportica inc.
Location Jean Légaré ltée
M.G.B. Électrique inc.
Magnus Poirier inc.
Matériaux paysagers Savaria ltée
Perfecta Plywood ltée
Plombco inc.
Quincaillerie architecturale Capsol inc.
Ray-Mont Logistiques inc.
Service sérigraphique professionnel S.S.P. inc.
Soya Excel inc.
Vulcan Compagnie de Palans ltée
03-31-13
Fonds régional de solidarité Nord-du-Québec, société en commandite
9129-3852 Québec inc. (Entretien industriel D.L.B.)
Cogitore Resources inc.
Corporation Éléments Critiques
Donner Metals Ltd
Équipement de bureau Ungava inc.
Exploration Dios inc.
Exploration Khalkos inc.
Exploration NQ inc.
Focus Graphite inc.
Fonds Soutien Baie-James, société en commandite
Gestion du Fonds Soutien Baie-James inc.
Les Consultants de l'Arctique inc.
Les Pétroles M.J. inc.
Mines Virginia inc.
Nemaska Lithium inc.
Nord Décoration inc.
Ressources Géoméga inc.
Ressources Monarques inc.
Services Pétroliers Chibougamau inc.
Société d'Exploration Minière Vior inc.
St-Félicien Diesel (1988) inc.
Stornoway Diamond Corporation
9
502
422
148
1,072
167
150
437
187
56
6
113
71
10
500
1
87
77
150
150
104
247
226
2,739
Secured
Loans and
Advances
300
250
217
258
220
190
560
300
342
666
200
667
187
744
300
250
217
258
220
190
560
300
342
666
200
667
187
744
502
494
155
200
396
1,025
1,175
500
536
550
160
1,435
422
148
1,000
13,799
200
13,999
494
155
200
396
1,025
1,175
500
536
550
160
1,435
1,000
12,727
167
400
200
328
250
322
132
103
450
475
300
2,995
Total
132
167
400
167
150
637
328
187
56
6
113
71
10
500
1
382
322
87
77
103
150
150
104
450
247
475
526
5,866
100
5,966
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
03-31-13
03-31-13
Unsecured
Shares
Loans and
and Units
Advances
Fonds régional de solidarité Outaouais, société en commandite
140689 Canada ltée (Taxi Loyal)
2786630 Canada inc. (Vitrerie Vision 2000 enr.)
3911781 Canada Ltd (Storeimage)
6227945 Canada inc. (InnovationEngineering Group)
6479138 Canada inc. (Les Services de la première générale (Gatineau))
7095287 Canada inc. (Concept Pro-Métal)
9111-8117 Québec inc. (Activec)
Alary, St-Pierre & Durocher Arpenteurs-géomètres inc.
Auberge & Spa le Nordik inc.
Cactus Commerce inc.
Gestion conseil Immogest-Sweeney inc.
Laiterie de l'Outaouais inc.
Mr. Refill International inc.
Multicorpora R&D inc.
PCI Géomatiques Entreprises inc.
ProVance Technologies inc.
Restaurations Sélect inc.
Service de Pneus Lavoie Outaouais inc.
SolaCom Technologies inc.
Terrapro Construction inc.
Tomoye Corporation
VanillaSoft corp.
WMD Moulin de Wakefield développements inc.
Zeligsoft inc.
Fonds régional de solidarité Québec, société en commandite
9099-7768 Québec inc. (E.B.M. Laser)
Agora Communication inc.
Armeco inc.
Ascenseurs Maxi inc.
Auvents W. Lecours inc.
Chemco inc.
Corporation Eatsleepmusic.com
Distribution Sports Loisirs G.P. inc.
DK-SPEC inc.
Engrenage Provincial inc.
Filtrum inc.
Fleurigros 1995 inc.
Groupe Enode inc.
Groupe Incursion inc.
Groupe Renaud et Ass. inc.
Imprimerie Nicober inc.
Laboratoire Hygiènex inc.
Les Aliments 2000 inc.
Les Chaussures Henri-Pierre inc.
Les Distributions Marc Boivin (2007) inc.
Les Entreprises P.E.C. inc.
Les Industries Rouillard inc.
Les Vêtements Perlimpinpin inc.
Load Systems International inc.
Métafab (1996) inc.
Métal Potvin inc.
Miro Cuisines Tendances inc.
Mode Avalanche inc.
Panavidéo inc.
Radio-Onde inc.
Simon Giguère Produits Pétroliers inc.
Tapitec (Québec) inc.
TBC Constructions inc.
Transport C.D.P. inc.
10
108
1,000
500
49
170
150
210
440
754
924
1
550
1
1,476
200
460
750
119
1,529
388
100
26
Secured
Loans and
Advances
125
542
438
750
195
1,327
1,437
67
229
8,338
237
236
525
450
353
252
182
1,875
1,238
207
271
689
300
437
200
1,400
257
638
238
501
123
59
282
421
450
261
972
667
300
750
1,521
16,292
667
Total
108
1,000
500
174
170
150
210
440
754
542
388
100
26
924
438
750
195
1,327
1
1,437
550
67
229
1
10,481
437
236
525
450
353
252
460
182
750
1,875
1,238
207
271
689
300
437
200
1,400
257
638
238
501
123
59
282
421
450
119
261
972
667
300
750
1,521
17,821
1,300
19,121
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
03-31-13
12-31-12
12-31-12
12-31-12
Unsecured
Shares
Loans and
and Units
Advances
Fonds régional de solidarité Saguenay - Lac-Saint-Jean, société en commandite
2861-0467 Québec inc. (Notre Hôtel)
2956-3475 Québec inc. (Interbus)
2964-6767 Québec inc. (Les Équipements pétroliers Claude Pedneault)
6482066 Canada inc. (Société P.C.P.)
9055-3876 Québec inc. (Les Chocolats Lulu)
9099-3593 Québec inc. (Inter-Projet)
9107-6513 Québec inc. (Menuiserie St-Henri)
9115-3023 Québec inc. (Pub la Voix-Maltée)
A.S. Nettoyage inc.
Cycles Devinci inc.
Dynamitage Express inc.
Équipements Mauvalin inc.
Garage Marcel Simard inc.
Gestion du Fonds AP 60 inc.
Gestion LJ inc.
Groupe Giroux Maçonnex inc.
Industrie Bois Lamontagne inc.
Industries Bofab inc.
Isumi Précision ltée
Les Fenêtres AGM inc.
Les Lignes du Fjord inc.
Les Pétroles R.L. inc.
Les Placements G.M.R. Maltais inc.
Nolicam Location de camions inc.
Novabrik International inc.
Oxygène Dolbeau inc.
Perfecta Forêt ltée
Pétrolex St-Félicien inc.
Précicast ltée
Prowatt inc.
Reboitech inc. et Plani-forêt S.G.F. inc.
Remac innovateurs industriels inc.
SCP 89 inc.
Société de gestion Trois-Trois-Trois inc.
Transports J.M. Bernier inc.
Novacap Industries III, s.e.c.
Camille Fontaine & Fils inc.
Corporation de Développement Nautilus inc.
IPL inc.
Securities of six other companies
Rho Canada Capital de Risque, s.e.c.
BC0917620 inc. (Réseau Playerize)
Chango, inc.
Eightfold Logic, inc.
Fixmo inc.
GrowLab
Les Entreprises Beyond the rack inc.
Logiciel Iscopia inc.
LucidLogix Technologies, Ltd
Mobio Technologies inc.
Public Mobile inc.
Securities of five other companies
Soccrent 2006, société en commandite
6775993 Canada inc. (Groupe Fruits Bleus)
7246404 Canada inc. (Groupe Secto inc.)
Dynaplast Extruco inc.
Groupe Secto inc.
Groupe Sotrem-Maltech inc.
Industries Spectal inc.
Intercalaire Inex inc.
Les Consultants Olympe inc.
Les Conseillers Trigone inc.
Les Industries G.R.C. inc.
Novabrik international inc.
Produits Alba inc.
Securities of three other companies
11
227
840
1
57
40
300
1,405
250
559
297
350
Secured
Loans and
Advances
129
157
464
911
425
800
146
500
137
168
1,117
6
500
87
760
425
259
458
103
242
160
116
200
246
500
87
290
194
200
88
Total
356
157
464
911
425
800
146
500
840
137
168
1,117
6
500
1
87
760
425
259
57
458
103
242
40
460
1,521
200
696
500
647
87
290
194
297
350
408
14,609
4,326
408
9,995
9,685
9,888
19,573
12,685
644
13,329
10,732
3,742
14,474
288
(unaudited)
As at May 31, 2013
(In thousand $)
Information from
Annual Financial
Report dated
04-30-12
12-31-12
Unsecured
Shares
Loans and
and Units
Advances
Société de gestion d'actifs forestiers Solifor, société en commandite
Solifor Bloc A-RPF, société en commandite
Solifor Bloc B-LP, société en commandite
Solifor Bloc Monet, société en commandite
Solifor Charlevoix-Saguenay, société en commandite
Solifor Lac Métis, société en commandite
Solifor Lotbinière, société en commandite
Solifor Mauricie, société en commandite
Solifor Nicolas Riou, société en commandite
Solifor Perthuis, société en commandite
VC, société en commandite
Securities of two companies
Direct holdings of real estate
Secured
Loans and
Advances
Total
134,891
134,891
33
33
116,162
116,195
This unaudited index details the investments made by the regional funds, by the specialized funds in which the Fonds de solidarité des travailleurs du
Québec (F.T.Q.) (the “Fonds”) has invested more than 0.2% of its net assets and by the specialized funds in which the Fonds holds an interest of 50% or
more and exercises significant influence over the management of these funds. Amounts invested by business enterprise are disclosed only in the cases
provided by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure.
12

Complete financial report

Transcription

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