Welcome!

.NET Authors: Trevor Parsons, Peter Silva, Yeshim Deniz, Pat Romanski, Adine Deford

News Feed Item

Canadian General Investments, Limited Reports Audited 2012 Financial Results

TORONTO, CANADA -- (Marketwire) -- 02/13/13 -- Canadian General Investment, Limited's (TSX:CGI)(TSX:CGI.PR.B)(TSX:CGI.PR.C)(LSE:CGI) net asset value at December 31, 2012 was $456,150,000, representing a 7.0% increase from the $426,413,000 at the end of 2011. CGI's net asset value per share (NAV) at December 31, 2012 was $21.87, up from $20.44 at year end 2011. The NAV return, with dividends reinvested, for the year ended December 31, 2012 was 10.8%, and the market value total return to shareholders was 3.4% compared with a 7.2% total return for the benchmark S&P/TSX Composite Index (S&P/TSX).

A degree of optimism spurred the S&P/TSX to a good start for the year and drove the Index to its 2012 daily peak in late February. This initial rally soon subsided and was replaced with an increasing amount of pessimism, causing markets to descend steadily in the following couple of months. This trend took its performance return numbers firmly into negative territory and established a bottom in May, followed by a choppy recovery by year end. Despite these ups and downs, the Index traded in a narrow range, which was indicative of the cautious mood permeating markets throughout the year. There were few, if any, dramatic catalysts that caused dynamic and permanent shifts in the market outlook during the year. Most of the global, macro issues of recent years are still outstanding and, as a result, investment decisions based entirely on fundamentals remained difficult. In 2012, as it turned out, investors were rewarded for their patience and commitment to stay the course. For example, the net price gain in the entire final quarter of the year of the S&P/TSX was decided on the final trading day of the year. A couple of CGI's portfolio disciplines were of benefit in this type of market - low relative turnover rates and full investment positioning.

Canadian markets were held back by returns in the resource sector in 2012. Uncertainty about global demand resulted in generally weakened pricing for most commodities and negatively influenced most related equities. The Energy and Materials sectors were the two worst performing groups in the Index with -3.6% and -6.9% price returns in the year, respectively, and combined with their mid-40s percentage weighting, had considerable influence on overall results. These groups also negatively impacted CGI's results as well in spite of actions taken to reduce the Energy weighting in the early part of the year and to make dispositions in Materials.

However, the bottom-up selection process produced some differentials with a few holdings in these areas producing large returns and helping to offset a portion of the general decline. Franco-Nevada Corporation, one of the Company's biggest holdings, was the largest dollar-value gainer for the year and its 40% return made a significant contribution to the portfolio's overall net gains. In the Energy group, Pacific Rubiales Energy Corp, the largest Energy holding, posted gains greater than 20% for the year, a clear outperformer amongst its peers. Long-term holdings TransCanada Corporation and Enbridge Inc. continue to grow in size and provided stability, income and capital appreciation once again. They also were positive differentiators for the Company in this area.

Many other individual holdings assisted in the Company's beating the benchmark. Catamaran Corporation (formerly named SXC Health Solutions Corp.) had another spectacular year. Since CGI's initial purchase in early 2009, exceptional growth in the company's operations has been reflected in its stock price appreciation, resulting in its current status as second largest position in the portfolio. A one-year return in excess of 60% would be difficult to repeat in 2013, but its outlook remains extremely positive. Transportation stocks Canadian Pacific Railway Limited and TransForce Inc. each provided gains greater than 45%, unique retailer Dollarama Inc. returned 32%, technology behemoth Apple Inc. 31%, premier quality REIT Brookfield Canada Office Properties 20% plus and recent up-and-coming financial Element Financial Corp. at 48%. Expectations are high that these companies will be able to add to their records in the future. Conversely, Poseidon Concepts Corp., BMTC Group Inc., and Labrador Iron Ore Royalty Corp., with returns of -88%, -22%, and -7%, respectively, all contributed negatively to the 2012 performance, after being noted good performers in past years. Tempur-Pedic International Inc., added to the portfolio in early 2012, also negatively impacted CGI's overall performance with its return of -70%.

In addition to the payment of four regular quarterly dividends of $0.06 per common share, CGI paid a year-end special capital gains distribution of $0.52 per common share on December 28, 2012. Based on the year-end common share price of $15.75, total dividend payments during 2012 represented a yield of 4.8%.

CGI is a closed-end equity fund, focused on medium to long-term investments in primarily Canadian corporations. Its objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments.


FINANCIAL HIGHLIGHTS                                                        
                                                                            
(in thousands of dollars, except per share amounts)                         
                                                                            
                                                   For the Year Ended       
                                                December 31,   December 31, 
                                                        2012           2011 
                                             -------------------------------
                                                                            
Net investment income (loss)                             192         (1,899)
Net gain/(loss) on investments                        44,907        (58,631)
                                             -------------------------------
Increase/(decrease) in net assets resulting                                 
 from operations                                      45,099        (60,530)
Increase/(decrease) in net assets resulting                                 
 from operations per share                              2.16          (2.90)
                                                                            
                                                          As at             
                                                December 31,   December 31, 
                                                        2012           2011 
                                             -------------------------------
                                                                            
Selected data(1)                                                            
Net asset value                                      456,150        426,413 
Net asset value per share                              21.87          20.44 
                                                                            
Selected data according to GAAP(1)                                          
Net assets                                           454,782        424,875 
Net assets per share                                   21.80          20.37 
                                                                            
(1) The Company calculates the net asset value and net asset value per      
 share on the basis of the valuation principles set out in its annual       
 information form. These valuation principles differ from the requirements  
 of Canadian generally accepted accounting principles (GAAP), with the main 
 difference relating to securities that are listed on a public stock        
 exchange. While the Company values such securities based on the latest     
 sale price, GAAP requires the use of the closing bid price. Accordingly,   
 bid prices are used in determining net assets and net assets per share for 
 purposes of the interim and annual financial statements.                   

In the United Kingdom, copies of the Company's financial reports are available from the National Storage Mechanism (http://www.hemscott.com/nsm.do). PDF versions are also available at www.mmainvestments.com and at www.sedar.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.