Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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.

Contacts:
Canadian General Investments, Limited
Jonathan A. Morgan
President & CEO
(416) 366-2931
(416) 366-2729 (FAX)
[email protected]
www.mmainvestments.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
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...