Canadian General Investments, Limited Reports Audited 2011 Financial Results
15 Febbraio 2012 - 9:41PM
Marketwired
Canadian General Investment, Limited's (CGI)
(TSX:CGI)(TSX:CGI.PR.B)(TSX:CGI.PR.C)(LSE:CGI) net asset value at
December 31, 2011 was $426,413,000, representing a 15.0% decrease
from the $501,548,000 at the end of 2010. CGI's net asset value per
share (NAV) at December 31, 2011 was $20.44, down from $24.04 at
year end 2010. The NAV return, with dividends reinvested, for the
year ended December 31, 2011 was -11.7%, compared with a -8.7%
total return for the benchmark S&P/TSX Composite Index.
Equity markets had shown promise in the early stages of 2011 by
building on their gains of the prior year, but they reversed course
in April and remained firmly in a downtrend for the remainder of
the year. Macroeconomic issues seemed to carry the greatest
influence on the markets and the effects of these were magnified as
all of news, speculation and rumour had a heightened sway on
investors' behaviour in a very nervous market. The Eurozone debt
crisis dominated the headlines as the consequences of various
possible outcomes were debated and analyzed. As well, a slowdown in
some of the emerging economies such as China and Brazil became
evident and provided unwelcome news as these areas had been a
source of global economic growth during the most recent period when
developed economies such as the United States had softened.
A loss of confidence in equities was apparent as almost all
global market indices had double digit losses for the year, the
major exception being the U.S. where the S&P500 was flat and
the Dow Jones Industrial Average was up about six percent. This
anomaly could have been partly due to the desire of obtaining
relative safety in U.S. dollar denominated assets. Although the
S&P/TSX fared slightly better than the indices of most other
global markets, the high correlation between markets around the
world was a significant influence on the downside.
A bias to perceived lower-risk assets was illustrated not only
by the general downtrend experienced by the S&P/TSX, but also
by the dispersion of returns in the sub-sectors. Four of the ten
groups in the index, including Energy, Consumer Discretionary,
Information Technology and Materials underperformed the average,
and they would be considered to have the highest sensitivity to
deteriorating economic conditions. Outperformers tended to have
stable, often regulated businesses, with good cash flows and
supportive dividend yields. Many of these companies were in the
Telecommunication Services, Consumer Staples and Utilities
sectors.
CGI's portfolio diversity has always been maintained to provide
investors with a broad exposure to all of the sectors in the
Canadian market and so relative returns result from the overall
mix. The leverage provided by CGI's preference shares served to
magnify negative portfolio returns.
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 $0.56 per common share on December 28, 2011.
Based on the year-end common share price of $16.00, total dividend
payments during 2011 represented a yield of 5.0%.
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,
2011 2010
--------------------------
Net investment loss (1,899) (1,415)
Net gain/(loss) on investments (58,631) 121,801
--------------------------
Increase/(decrease) in net assets resulting from
operations (60,530) 120,386
Increase/(decrease) in net assets resulting from
operations per share (2.90) 5.77
As at
--------------------------
December 31, December 31,
2011 2010
--------------------------
Selected data(1)
Net asset value 426,413 501,548
Net asset value per share 20.44 24.04
Selected data according to GAAP(1)
Net assets 424,875 500,049
Net assets per share 20.37 23.97
(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
will be made available at the U.K. branch transfer agent,
Computershare Investor Services PLC, P.O. Box 82, The Pavilions,
Bridgwater Road, Bristol, BS99 6ZY. Phone 0870-702-0000.
Contacts: Canadian General Investments, Limited Jonathan A.
Morgan President & CEO (416) 366-2931 (416) 366-2729
(FAX)cgifund@mmainvestments.com www.mmainvestments.com
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