Farm Credit Canada unveils financial results
August 16, 2012 By Farm Credit Canada
Aug. 16, 2012, Regina, SK – The future of Canadian agriculture is bright and Farm Credit Canada (FCC) is in a strong position to help make it even brighter, according to presenters at FCC’s annual public meeting in Alma, Ontario, on August 15. To view FCC’s annual public meeting presentations, visit www.fcc.ca/annualpublicmeeting.
“Agriculture enriches our world and holds great promise,” FCC President and CEO Greg Stewart told an audience of customers, partners and stakeholders. “The industry is fuelled by hard-working and optimistic producers across Canada. The agriculture and agri-food system contributes $130 billion to our economy each year and one in eight jobs. FCC is proud to help our customers succeed,” Stewart added.
Chief Financial Officer Rick Hoffman provided highlights of FCC’s financial results for the 2011-12 fiscal year. “FCC continues to successfully fulfill its mandate by providing financing and other services to the industry,” Hoffman reported. “FCC is financially strong and stable, which ensures that we can serve agriculture over the long term.”
- Loan disbursements of $7.1 billion
- Total portfolio growth of $1.8 billion (to $23.2 billion)
- Net income of $565.1 million, which ensures FCC remains self-sustaining and able to reinvest in agriculture
- FCC paid a dividend of $17.5 million to its sole shareholder, the Government of Canada
FCC Board Chair Gill Shaw provided an overview of FCC’s governance model and cultural practices, which guide employee behaviour at work and in the community. “FCC is built on a base of solid business and strong values. We believe in working together and giving back.”
As one of Imagine Canada’s Caring Companies, FCC gives one per cent of its profits to charities and non-profit organizations.
Stewart also discussed FCC’s support for Agriculture More Than Ever, a multi-year cause to change perceptions about agriculture. “Through a recent survey of 4,500 producers and agri-business operators, we learned that 80 per cent feel their farm or business will be better off in five years, and 70 per cent would recommend a career in agriculture.”
“The Canadian general public, however, has a much different perception of agriculture,” Stewart said. “The Agriculture More Than Ever campaign will help bridge this divide and promote the value and vitality of Canadian agriculture. Agriculture is the backbone of a strong and healthy Canada. The bottom line is that agriculture matters to Canada.”
According to Statistics Canada’s 2011 Census of Agriculture, 8.2 per cent of farm operators are under age 35. FCC supports them at every stage with financing, learning opportunities and more. In 2011-12, young farmers (under age 40) borrowed $1.9 billion from FCC to finance their future.
Stewart thanked FCC’s 100,000-plus customers across the country. “We never forget that customers are the reason we exist. We show them our appreciation by tailoring our offerings to the unique needs of agriculture, and contributing to the communities where our customers live and work.”
“There are a lot of reasons to be optimistic about the future of agriculture,” Stewart concluded.
About Farm Credit Canada
As Canada’s leading agriculture lender, FCC is advancing the business of agriculture. With a healthy portfolio of more than $23 billion and 19 consecutive years of portfolio growth, FCC is strong and stable – committed to serving the industry through all cycles. FCC provides financing, insurance, software, learning programs and other business services to producers, agribusinesses and agri-food operations. FCC employees are passionate about agriculture and committed to the success of customers and the industry. For more information, visit www.fcc.ca.
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