REPORT FROM THE PRESIDENT OF THE BOARD OF DIRECTORS
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1 Caisse de l'est du Plateau ANNUAL REPORT REPORT FROM THE PRESIDENT OF THE BOARD OF DIRECTORS On behalf of the Board of Directors, I am pleased to present Caisse Desjardins de l Est du Plateau s Annual Report for the 2012 fiscal year. I would like to start by thanking you for the confidence and the interest you have shown in your financial services cooperative. You are a member of your Caisse because it meets your needs. We are always working to better support you in your financial decisions. This goal is at the heart of the Caisse s new business plan and of the Desjardins Group strategic plan. FINANCIAL RESULTS THAT BENEFIT US ALL As you can see in the financial statements that follow, Caisse Desjardins de l Est du Plateau had good results in 2012, with a surplus of $4,122,000. This enabled our Caisse to continue investing in improving services while supporting the socio-economic development of our community. In 2012, the Caisse redistributed $1,100,000 in dividends and investments in the community. We are proud to be making a difference for our members and the community through the guidance we provide and through our support for various projects. THE COOPERATIVE DIFFERENCE TAKES MANY FORMS At Caisse Desjardins de l Est du Plateau, we have developed an action plan for cooperation and commitment to strengthen our special relationship with members and community. In 2012, your Caisse demonstrated its commitment to the community by giving $240,335 to various collective and community organizations and projects. Your Caisse also continued to pursue its financial education mission by renewing its support for the Desjardins Youth at Work Program and by giving bursaries to sixteen young members. Additionally, your Caisse emphasized the importance of the Desjardins I have a dream, I save my money Program, which is now present in four primary schools in the community. The Caisse has also pursued different projects in cooperation with other caisses, by supporting various organizations, as well as by pursuing the campaign on diversity in business, initiated in the Fall Desjardins Group was named Best Corporate Citizen in Canada in This honour is recognition of our financial group as a national leader in social and environmental performance, as well as in governance. Let s take a broader look back on 2012: International Year of Cooperatives. Desjardins Group marked this special year by organizing the first International Summit of Cooperatives, in partnership with the International Cooperative Alliance (ICA) and Nova Scotia s Saint Mary s University. Held in October in Quebec City and Lévis, the unique forum brought together 2,800 people from 91 countries and was a platform for thought-provoking talks about business issues specific to cooperatives. It was also an opportunity to highlight the important contribution that cooperatives make to society and the economy. DEVELOPING SERVICES FOR YOU During the year, your Caisse continued to invest in education and training to ensure that our employees maintain the high level of expertise you need and expect. At the same time, we have continued to expand our range of products and services. Early in the year, we launched the Desjardins Ready-to-Drive Loan, which provides a number of advantages when a new or used automobile or recreational vehicle is purchased. We also extended our mobile services to smartphones and tablets that use the Android operating system. We are also finding new ways for you to do business with your Caisse. You can visit one of our two service centres or eight ATMs to do your banking. You can also access the services available through AccèsD, 24 hours a day, 7 days a week, by phone, Internet, or on your mobile device. Desjardins never stops working to improve services that you need. MORE OF US COOPERATING EVERY DAY Serving 21,192 members is a privilege and a responsibility that we take seriously. The elected officers, the General Manager, Mr. Richard Beaulieu, the managers and each and every employee of the Caisse, share this responsibility. I would like to thank them for their hard work and spirit of service. The year 2012 showed once again that when we cooperate, we can achieve great things. As a positive, people-oriented force, cooperation could play an even bigger role in society and the economy. Together, we will build a better world. YOUR CAISSE AT A GLANCE MEMBERS 21,192 ELECTED OFFICERS 14 CAISSE ASSETS $633,325,000 ATMs 8 STAFF 65 Sylvain Arsenault Board of Directors
2 MESSAGE FROM THE GENERAL MANAGER Richard Beaulieu General Manager Every year, with support and guidance from the Board of Directors and the Board of Supervision, your Caisse strives to meet all of your financial needs and provide you with access to a wide range of products and services. Member satisfaction underpins everything your Caisse does. Other goals include a focus on bringing our cooperative difference to the forefront and on improving financial literacy. The International Year of Cooperatives provided an opportunity to renew our commitment and promote the cooperative model so it will continue to prosper. It is with great pride that I present the financial results for Caisse Desjardins de l Est du Plateau, as well as the share of activities in Desjardins Group subsidiaries, as at December 31, Since January 1, 2011, caisses have used new accounting standards for their financial statements, the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). A FINANCIAL SITUATION REPRESENTATIVE OF OUR COMMITMENT Backed by $1,153,388,500 in business under management, an increase of 6.2% over last year, the Caisse is extremely well positioned in its market. As part of Desjardins Group, the Caisse has access to a complete line of financial products and services to meet the ever-growing needs of its 21,192 members. BALANCE SHEET The assets of your financial cooperative reached $633,325,000, an increase of 8.8% over last year. Personal and business loans increased by 8.8% to $567,639,000. Caisse liabilities were $579,252,000, representing growth of 8.7%. Borrowings now total $162,555,000, an increase of 29.5%. As at December 31, 2012, your cooperative s equity showed solid growth at $54,073,000, an increase of 9.7%. In addition to capital stock, equity is made up of distributable surplus earnings of $2,029,000, accumulated other comprehensive income of $1,299,000 and reserves of $42,067,000. The general and appreciation reserves totalled $39,027,000. Caisse capital, meanwhile, is in compliance with the Basel II capital standards. These figures demonstrate the financial stability of the Caisse and reassure our members. INCOME STATEMENT Interest income totalled $21,497,000, an increase of 0.3% compared to last year. Interest expenses, meanwhile, rose by 6.5%, a difference of $607,000 over the previous year. Provision for credit losses was $99,000, or 0.02% of the total personal and business loan portfolio. During the past year, your Caisse generated operating surplus earnings of $4,122,000, down 5.4% compared to the previous year. Other income, generated largely from the distribution of Desjardins components products and services, was $4,704,000, up 1.7% compared to last year. Other expenses also show slight overall decrease, representing a variance of 1.7%. DIVIDENDS, PART OF OUR COLLECTIVE DIFFERENCE This year, with respect to the distribution of surplus earnings, we are proposing an individual member dividend of $725,000 and a collective member dividend of $300,000. This calculation was arrived at by seeking to strike a balance between surplus earnings, growth and capitalization needs. In view of the current economic and financial context, it is important for your Caisse, and for Desjardins Group as a whole, to strengthen its capitalization, because a well-capitalized caisse is necessary to support business growth and to ensure our future. INVESTMENT FUNDS Investment funds owned by the caisses enable the Fédération des caisses Desjardins du Québec to coordinate investments in Desjardins Group subsidiaries, as well as in regional investments. Through their activities, these subsidiaries in turn enable the caisses to provide an extensive range of financial products and services to individuals, groups and businesses.
3 MESSAGE FROM THE GENERAL MANAGER (continued) The following table shows the Caisse s investment in each of the funds, as well as the year-end return. INVESTMENT Shares held Average FUNDS as at December 31, 2012 return Provincial Funds ($) (%) Caisse Centrale Desjardins (CCD) $8,296, % Société de Services des caisses Desjardins (SER) ($6,765) % Desjardins Venture Capital (INV) $274, % Northwest & Éthiques, Desjardins Securities (RF1) $359, % Desjardins Financial Corporation (FIN4) $14,756, % GTD & DSP (VFP-1A) $1,154, % CONCLUSION Your Caisse is a group working together to provide you with the individual expertise of each and every employee. There isn t just one person helping you achieve your financial goals and realize your dreams; 65 Caisse employees and a Group numbering over 45,000 are at your service. I would like to recognize the accomplishments of the women and men at the Caisse. Without their hard work, professionalism and dedication, we would not be able to achieve our goals and participate so actively in the financial well-being of our members and our community. The results are also a consequence of paying close attention to your needs. Please let us know what you think about us and about our products and services. Your feedback is what helps us get better. Regional Investment Funds FID-MON $0 0.52% FED $3, % SUMMARIZED FINANCIAL STATEMENTS as at December 31 st (in thousands of Canadian dollars) BALANCE SHEET ASSETS Cash $6,798 $5,574 Liquidity fund investments under management and other $20,459 $19,809 Personal loans $485,650 $443,416 Business loans $81,989 $78,346 Allowance for credit losses $577 $840 Other investments in the Federation $29,232 $25,526 Other assets $9,774 $10,315 TOTAL ASSETS $633,325 $582,146 LIABILITIES Term savings $255,655 $252,875 Other $151,547 $142,477 Borrowings $162,555 $125,522 Other liabilities $9,495 $11,959 TOTAL LIABILITIES $579,252 $532,833 EQUITY Capital stock $8,678 $8,357 Distributable surplus earnings $2,029 $2,649 Accumulated other comprehensive income $1,299 $1,311 Reserves $42,067 $36,996 TOTAL EQUITY $54,073 $49,313 INCOME STATEMENT Interest income $21,497 $21,424 Interest expense $9,890 $9,283 Net interest income $11,607 $12,141 Provision for credit losses $99 $107 Other income $4,704 $4,625 Other expenses Personnel $5,188 $5,512 Assessments paid to Desjardins components $1,649 $1,496 Computer services $1,574 $1,569 Community development expenses $240 $107 General expenses $3,439 $3,618 Surplus earnings before taxes and member dividends $5,979 $8,406 DISTRIBUTABLE SURPLUS EARNING* Interest on shares $362 General reserve $1,406 Member dividends $725 Community development fund $300 Recovery of income taxes related to member dividends $(195) * For 2012, amounts recommended by the Annual General Meeting for acceptance by the members
4 REPORT FROM THE CHAIR OF THE BOARD OF SUPERVISION Over the past year, we held six meetings and participated in a special meeting with the Board of Directors of the Caisse. These meetings have kept us informed about important projects, including the Strategic Plan. Participating in these meetings helps us understand the Caisse s actions and decisions, and better fulfil our role and responsibilities, all while maintaining a healthy distance from the Board of Directors. In line with the final year of the Strategic Plan, the Board of Supervision has ensured that the decisions and activities of the Caisse were consistent with the cooperative mission, direction and values, and that the Caisse put in place the measures needed to achieve member satisfaction goals in terms of the cooperative difference. In order to fully meet our responsibilities in this regard, the members of the Board have ensured that above and beyond sales, profitability and growth objectives, the officers and employees of the Caisse have demonstrated integrity and respect for the interests of the members and the community as a whole. Accordingly, we have ensured that business practices put member needs first, that the Caisse has taken steps to ensure the financial education of members by providing information to assist them in managing their finances, and ensured that its services are accessible to all of its client groups. The Board has also noted that the Caisse has taken measures to communicate effectively with its members, in particular, by publishing newsletters and items on its website. Furthermore, the Board ensured that the Caisse established mechanisms for cooperating with other caisses in the region, in terms of advertising efforts and sponsorships and donations. As to cooperative and Desjardins values with regard to Caisse activities and development, the Board of Supervision also looked at whether ethical considerations played a role in the Caisse s decisions and actions. Namely, that the potential impact on individuals (officers, employees and members), the community and the environment was taken into account. One of the Board of Supervision s key responsibilities is to identify Jacques Rousseau Board of Supervision situations that violate Desjardins Group s principles and rules of professional conduct. In fact, various tools are made available to us, and we cover this topic at every meeting. Our report on the supervision of activities of professional conduct is as follows: 1. Conflicts of interest No conflict of interest situations were noted. 2. Loans granted to restricted parties Total loans granted during the past year to restricted parties of the Caisse and their related parties amounted to $2,054,722. All were granted in accordance with the applicable rules of ethics and professional conduct. 3. Non-loan contracts granted to restricted parties under the Code No contracts, other than loan contracts, were awarded to restricted parties and their related parties, as defined under the Desjardins Group Code of Ethics and Professional Conduct. Finally, the main priorities of our Caisse for the coming years are integrity, respect for member rights, cooperative, economic and financial education, and community involvement. The Board of Supervision is committed to working with the Caisse Board of Directors and general management to meet these challenges effectively. GOVERNANCE OF THE CAISSE AND ITS SERVICE CENTRES The primary role of caisse governance is to achieve the mission of the financial cooperative: to improve the economic and social well-being of people and communities. The application of a governance policy demonstrates the willingness of Caisse officers and managers to determine how responsibilities will be shared between the Boards and Committees and to employ a group of processes and procedures that identify, evaluate, monitor and limit the risks to which the Caisse and its centres are exposed. In this same spirit, support and management mechanisms enable Caisse officers to fulfil their responsibilities in specialized centres, put in place by the regional caisses to be more efficient and productive, while continuing to respond to the needs of their members. Guided by long-term objectives, governance helps create economic value for Caisse members. With this in mind, the Board of Directors conducted a strategic planning exercise for , adopted the business plan and established budget limits for the Caisse and its service centres for the next fiscal year. Supported by strict and effective management, this will help ensure that your Caisse continues to thrive.
5 COOPERATIVE DIFFERENCE REPORT Your Caisse expresses its cooperative difference in many ways: by providing a service offering that prioritizes members needs, through the provision of dividends, by contributing to the cooperative, economic and financial education of members, by supporting community development, through intercooperation actions, as well as through democratic functioning. YOU HAVE A VOICE As members, you can participate democratically in orientations and in the results of your Caisse. You were, therefore, invited, in 2012, to express your satisfaction with your financial cooperative through a service quality survey. You are also invited to participate in decisions regarding the distribution of surpluses of the Caisse for the next year. AN UNPARALLELED COMMITMENT TO SUSTAINABLE COMMUNITY DEVELOPMENT Your Caisse has committed to investing in its community through the Community Development Fund. In so doing, the Caisse has, among other initiatives, supported many educational and cooperative projects, targeting youth in the community. The Caisse s support of the Desjardins Youth at Work Program, in partnership with the Carrefour jeunesse-emploi Centre- Sud/Plateau Mont-Royal/Mile-End, has enabled fourteen youth aged 15 to 18 to have their first experience in the labour market with ten employers in the community. Your Caisse has also awarded bursaries, through the Robert- Carle Scholarship Program, to sixteen youth members aged 16 to 30. In total, $13,000 has been awarded to youth, who are studying full-time at the secondary, college, university and professional levels, or who have returned to school. In the context of its mission of economic and financial education, your Caisse implemented the program, I have a dream, I save my money, in a fourth primary school in the community. This program aims to introduce children to good savings habits from an early age and would not be feasible without the cooperation of the parents and the management of these schools. In cooperation with Caisse populaire Desjardins du Mont-Royal, the Caisse renewed its support for the local committee of the Plateau Mont-Royal Youth Services Cooperative (YSC). The objective of YSC is to promote the employability of youth from 12 to 17 years in the community through the creation and management of a cooperative enterprise. In collaboration with nine other caisses, the Caisse also participated in the development of phase two of the campaign on diversity in business. COMMUNITY DEVELOPMENT FUND In 2012, $240,335 was reinvested in the community through the Caisse s Community Development Fund and in the form of donations and sponsorships. Health and Community $70,829 Youth $61,832 Culture $48,938 Economic Development $44,750 Education $6,550 Environment $4,000 Sports and Leisure $3,000 Humanitarian Work $436
6 OFFICERS BOARD OF DIRECTORS BOARD OF SUPERVISION Back row: NAME Robert Tremblay Mathieu Leclerc Bertrand Fortier Sylvain Arsenault Raymond Dubreuil Robert Turcotte* Front row: OCCUPATION 2 nd Vice-president Director 1 st Vice-president Director Secretary NAME OCCUPATION Guillaume Roy Director Pierrette Labbé* Director Natacha Lepage* Director NAME Jacques Rousseau Jean Boyer Ève Lachapelle Sylvie Desjardins* Marius Girard-Marceau* * Re-eligible outgoing officers APPROVAL OF THE ANNUAL REPORT OCCUPATION Member Secretary Member Member We hereby certify that the 2 nd Annual Report of Caisse Desjardins de l'est du Plateau fulfils the requirements of the Act respecting financial services cooperatives and that the Annual Report was duly approved by the Caisse Board of Directors. Sylvain Arsenault Robert Turcotte Secretary Caisse de l'est du Plateau COOPERATING TO SUPPORT YOURS GOALS EVERY DAY Desjardins.com/caissedelestduplateau HEAD OFFICE 1685, Rachel Street East Montreal, Quebec H2J 2K6 Fax number: SAINT-STANISLAS SERVICE CENTRE 1350, Gilford Street Montreal, Quebec H2J 1R7 Fax number:
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