Click here to close now.

Welcome!

.NET Authors: Carmen Gonzalez, Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg

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
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...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, 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. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today that Litmus Automation 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. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.