Quarterly Report - Q1 2018 - BDC
2018Financial ReportFirst QuarterJune 30, 2017
Executive SummaryThe Canadian economy is showing more growth. Theeconomy grew at an annualized rate of 3.7% in the firstquarter of 2017 and has created 316,800 jobs over thelast 12 months. Unemployment rates in the three largestprovinces are near or at their lowest historical levels.The economy is close to running at full capacity, whichgave support to the recent increase in interest rates bythe Bank of Canada.The Canadian economy continues to benefit from a solidAmerican economy and a relatively low Canadian dollar.For example, strong car sales and a growing housingsector in the U.S. have increased Canadian exportssignificantly. Tourism is also benefitting from the currentcontext and having a positive impact on the economy inevery part of the country.Commodity prices are slowly increasing. The price of oilis hovering between US 45 and US 50 per barrel. Thisslow recovery and the recent announcements of pipelineprojects are spurring more economic activity andinvestment. Both Alberta and Saskatchewan will benefitfrom higher oil prices and should move out of recessionin calendar 2017.Business confidence continues to improve, which willsupport business investment. Ontario, B.C. and Quebecinvestments will lead the country this year. However,investment in residential construction is slowing down, ashousing starts are declining in Toronto and Vancouver,two very strong markets over the last few years. Highconsumer debt ratios remain a risk for the Canadianeconomy, especially in the context of the increase ininterest rates. The renegotiation of NAFTA also representsa risk to the generally positive outlook.Business credit conditions remained stable in the firstquarter of fiscal 2018. In May 2017, the yearly annualgrowth in business credit from chartered banks was stillhigh, at more than 8%.This favourable economic context contributed to increasedactivity for BDC during the first quarter of fiscal 2018.(1)Loans accepted by clients of Financing reached 2.2 billion during the first quarter ended June 30, 2017,compared to 1.7 billion for the same period last year,mainly due to the renewal of a few large credit facilitiesand to an initiative to provide additional financing toexisting clients. BDC continued to successfully leverageits online presence through its virtual business centre, asevidenced by a strong volume of online financing activity(1)during this quarter. Financing’s loan portfolio, beforeallowance for credit losses, stood at 23.0 billion as atJune 30, 2017, a 568 million or 2.6% increase sinceMarch 31, 2017.BDC continued to assist small and medium-sizedenterprises (SMEs) that have difficulty accessing financingdue to their location, sector or demographic. To that end,BDC announced a 280 million loan package to SMEsin the Atlantic provinces. Targetted industries includeinformation and communications technology (ICT),agri-food, ocean technology, and tourism.During the quarter ended June 30, 2017, clients of Growth& Transition Capital (G&TC) accepted 114.2 million infinancing, compared to 101.2 million in the same periodlast year.In June, as part of G&TC’s strategy to broaden itsproduct offerings, BDC announced its intention to invest 250 million in Growth Equity over the next five years, aminority equity offering for high-potential, rapidly growingbusinesses.This new offering aims to fill the gap betweensmall-scale financing options generally available to smallerfirms and the range of sources available to larger, moreestablished companies.(1)Unless otherwise indicated, Financing excludes Growth & Transition Capital.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)2
Executive SummaryVenture Capital authorized investments totalling 55.1 million in the first quarter of fiscal 2018, compared to 30.4 million for the same period last year. The increasecan be explained by the need to support existing investeesand by lower than usual activity in fiscal 2017.In May, as part of its commitment to support womenentrepreneurs, BDC and MaRS Investment AcceleratorFund (IAF) launched StandUp Ventures Fund I, with a 5 million contribution from BDC. The fund will raiseadditional capital from investors up to a maximum of 15 million.It is part of BDC's Women in Tech initiative.StandUp Ventures will invest in Canadian pre-seed andseed-stage high-growth, capital-efficient ventures inhealth, IT and cleantech. Qualifying investments will haveat least one female founder in an executive role, who holdsa significant ownership position. Twelve to 20 investmentswill be made over the next three to five years, ranging from 250,000 to 1 million each.BDC continued to manage the Venture Capital ActionPlan (VCAP), a federal government initiative to invest 400 million to increase private sector venture capitalfinancing for high-potential, innovative Canadianbusinesses. As at June 30, 2017, the total VCAPportfolio stood at 339.4 million, compared to 301.5 million as at March 31, 2017.BDC Advisory Services initiated 357 mandates in the firstquarter of fiscal 2018 for a total value of 6.7 million,compared to 5.4 million for the same period last year.The Growth Driver program was responsible for most ofthe increase.In the first quarter of fiscal 2018, BDC posted consolidatednet income of 145.6 million, compared to 92.4 million forthe same period last year. The favourable variancecompared to fiscal 2017 was mostly attributable to a highernet change in unrealized appreciation of venture capitaland VCAP investments, as well as higher net interest andfee income as a result of Financing’s portfolio growth.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)3
The Business Development Bank of Canada (BDC) is a Crown corporation wholly owned by the Government of Canada.BDC is the only bank devoted exclusivelyto Canadian entrepreneurs. It promotesentrepreneurship with a focus on smalland medium-sized businesses. With morethan 110 business centres from coast tocoast, BDC provides businesses withfinancing, investment and advisoryservices.When entrepreneurs succeed, they make an irreplaceablecontribution to Canada’s economy. Supporting them isin our national interest.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)4
Table of ContentsManagement Discussion and Analysis . 6Context of the Quarterly Financial Report . 6Risk Management . 6Analysis of Financial Results . 7Consolidated Financial Statements. 15From time to time, we make written or oral forward-looking statements. We may make forward-looking statementsin this quarterly financial report. These forward-looking statements include, but are not limited to, statements aboutobjectives and strategies for achieving objectives, as well as statements about outlooks, plans, expectations,anticipations, estimates and intentions.By their very nature, forward-looking statements involve numerous factors and assumptions, and they are subjectto inherent risks and uncertainties, both general and specific. These uncertainties give rise to the possibility thatpredictions, forecasts, projections and other elements of forward-looking statements will not be achieved. A numberof important factors could cause actual results to differ materially from the expectations expressed.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)5
Management Discussionand AnalysisContext of the Quarterly Financial ReportThe Financial Administration Act requires that all departments and parent Crown corporations prepare and make public aquarterly financial report. The Standard on Quarterly Financial Reports for Crown Corporations is issued by the TreasuryBoard of Canada Secretariat to provide parent Crown corporations with the form and content of the quarterly financialreport under the authority of section 131.1 of the Financial Administration Act. There is no requirement for an audit orreview of the financial statements included in the quarterly financial report. Therefore, the condensed quarterlyConsolidated Financial Statements included in this report have not been audited or reviewed by an external auditor.Risk ManagementIn order to fulfill its mandate while ensuring sustainability, BDC must take and manage risk. BDC’s approach to riskmanagement is based on establishing a risk governance structure, including organizational design, policies, processesand controls to effectively manage risk in line with its risk appetite. This structure enables the establishment of acomprehensive risk management framework for risk identification, assessment and measurement, risk analytics, reportingand monitoring. In addition, this framework is designed to ensure that risk is considered in all business activities and thatrisk management is an integral part of day-to-day decision-making, as well as the annual corporate planning process.The primary means through which risk management reports risk is through its quarterly Integrated Risk Management(IRM) report to senior management and the Board of Directors. This report provides a comprehensive quantitative andqualitative assessment of performance against the risk appetite, profiles of BDC’s major risk categories, identifiessignificant existing and emerging risks, and provides in-depth portfolio monitoring.No significant changes were made to BDC’s IRM practices and no new risks were identified during the quarter endedJune 30, 2017.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)6
Management Discussion and AnalysisAnalysis of Financial ResultsAnalysis of financial results is provided to enable a reader to assess BDC’s results of operations and financial conditionfor the three-month period ended June 30, 2017, compared to the corresponding period of the prior fiscal year. Thisanalysis also includes comments about significant variances from BDC’s fiscal 2018–22 Corporate Plan, when applicable.BDC reports on five business segments: Financing, Growth & Transition Capital, Venture Capital, Advisory Services andVenture Capital Action Plan (VCAP). In past years, Financing and Securitization were presented as separate segments.Starting in fiscal 2018, BDC will no longer report on Securitization separately and will present asset-backed securities(ABS) as a product of Financing.For fiscal 2018, BDC adopted a refined methodology to recharge shared corporate services to the business lines, asindicated in its fiscal 2018-22 Corporate Plan.All amounts are in Canadian dollars, unless otherwise specified, and are based on unaudited condensed quarterlyConsolidated Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS).This analysis should be read in conjunction with the unaudited condensed quarterly Consolidated Financial Statementsincluded in this report.Consolidated net incomeThree months endedJune 30( in millions)F2018F2017FinancingGrowth & Transition CapitalVenture CapitalAdvisory ServicesVenture Capital Action 8)Net income145.692.4Net income attributable to:BDC's shareholderNon-controlling interests145.7(0.1)93.9(1.5)Net income145.692.4Three months ended June 30For the quarter ended June 30, 2017, BDC recorded consolidated net income of 145.6 million compared, to 92.4 millionfor the same period last year. The increase was mostly attributable to a higher net change in unrealized appreciation ofventure capital and VCAP investments, as well as higher net interest and fee income as a result of Financing’s portfoliogrowth.Currently, BDC expects its consolidated net income for fiscal 2018 to meet the Corporate Plan target of 486 million.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)7
Management Discussion and AnalysisConsolidated comprehensive incomeThree months endedJune 30( in millions)F2018F2017Net incomeOther comprehensive income (loss)Items that may be reclassified subsequentlyto net incomeNet change in unrealized gains (losses)on available-for-sale assetsNet change in unrealized gains (losses)on cash flow )(93.9)(60.8)(62.1)Total comprehensive income51.730.3Total comprehensive income attributable to:BDC's shareholderNon-controlling interests51.8(0.1)31.8(1.5)Total comprehensive income51.730.3Total items that may be reclassifiedsubsequently to net incomeItems that will not be reclassified to net incomeRemeasurements of net definedbenefit asset or liabilityOther comprehensive income (loss)Three months ended June 30Consolidated total comprehensive income comprises net income and other comprehensive income. Other comprehensiveincome is mostly affected by remeasurements of the net defined benefit asset or liability, which are subject to strongvolatility as a result of market fluctuations.For the first quarter of fiscal 2018, BDC recorded other comprehensive loss of 93.9 million, compared to a loss of 62.1 million for the same period last year. The decrease in OCI was attributable to the remeasurement loss on netdefined benefit asset or liability of 92.5 million, compared to 60.8 million in fiscal 2017. This loss was mainly due tolower discount rates used to value the net defined benefit liability, as well as lower returns on pension plan assets,compared to those recorded in the first quarter of fiscal 2017.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)8
Management Discussion and AnalysisFinancing resultsThree months endedJune 30( in millions)F2018F2017Net interest and fee incomeProvision for credit lossesNet change in unrealized appreciation(depreciation) of investmentsNet gains (losses) on otherfinancial instrumentsIncome before operating andadministrative expensesOperating and administrative t income from Financing129.7117.6(0.2)0.7(0.2)Three months endedJune 30As % of average portfolioNet interest and fee incomeProvision for credit lossesNet change in unrealized appreciation(depreciation) of investmentsNet gains (losses) on otherfinancial instrumentsIncome before operating andadministrative expensesOperating and administrative expensesNet income from 82.22.3Three months ended June 30Financing’s net income was 129.7 million for the first quarter of fiscal 2018, compared to 117.6 million for the sameperiod last year. The increase in profitability in fiscal 2018 was mainly due to higher net interest and fee income, mainlyas a result of strong portfolio growth. Net interest and fee income as a percentage of average portfolio fell compared tofiscal 2017, reflecting interest rate market dynamics and strong fee income recorded in fiscal 2017.Operating and administrative expenses for the quarter ended June 30, 2017, were higher than those in the correspondingperiod last year in order to support portfolio growth. This increase was partially offset by slightly lower shared costs as aresult of the revised methodology to recharge shared corporate services to business lines. However, as a percentage ofthe average portfolio, operating and administrative expenses were lower than those during the same period last year.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)9
Management Discussion and AnalysisGrowth & Transition Capital resultsThree months endedJune 30( in millions)F2018F2017Net revenue on investmentsNet change in unrealized appreciation(depreciation) of investmentsIncome before operating andadministrative expensesOperating and administrative expenses25.518.3(4.0)(1.2)21.59.217.18.0Net income from Growth & Transition Capital12.39.1Net income attributable to:BDC's shareholderNon-controlling interests12.20.19.1-Net income from Growth & Transition Capital12.39.1Three months endedJune 30As % of average portfolioNet revenue on investmentsNet change in unrealized appreciation(depreciation) of investmentsIncome before operating andadministrative expensesOperating and administrative expensesF2018F201711.39.6(1.8)(0.6)9.54.19.04.2Net income from Growth & Transition Capital5.44.8Net income attributable to:BDC's shareholderNon-controlling interests5.4-4.8-Net income from Growth & Transition Capital5.44.8Three months ended June 30Growth & Transition Capital recorded higher results compared to fiscal 2017, mainly due to a growing portfolio and goodperformance of investments. Net income reached 12.3 million for the first quarter of fiscal 2018, compared to 9.1 millionfor the same period last year.Net revenue on investments, which comprised net interest income, net realized gains (losses) on investments, and feeand other income amounted to 25.5 million for the first quarter of fiscal 2018, 7.2 million higher than in thecorresponding period last year. The increase compared to fiscal 2017 was mainly due to higher net interest income asa result of portfolio growth and to higher realized gains on investments.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)10
Management Discussion and AnalysisGrowth & Transition Capital reported a net change in unrealized depreciation of investments of 4.0 million in the firstquarter of fiscal 2018, compared to a net change in unrealized depreciation of 1.2 million during the same period lastyear, as detailed below.Three months endedJune 30( in millions)Net fair value appreciation (depreciation)Reversal of net fair value depreciation (appreciation)due to realized income and write-offsNet change in unrealized appreciation(depreciation) of perating and administrative expenses amounted to 9.2 million for the three-month period ended June 30, 2017, higherthan the 8.0 million recorded last year. The increase was mainly due to higher staff levels required to fully support growthand to a revised methodology to recharge shared corporate services to business lines. However, as a percentage of theaverage portfolio, operating and administrative expenses decreased compared to fiscal 2017.Venture Capital resultsThree months endedJune 30( in millions)F2018F2017Net revenue (loss) on investmentsNet change in unrealized appreciation(depreciation) of investmentsNet unrealized foreign exchangegains (losses) on investmentsNet gains (losses) on otherfinancial instrumentsIncome before operating andadministrative expensesOperating and administrative expensesNet income (loss) from Venture CapitalNet income attributable to:BDC's shareholderNon-controlling interestsNet income (loss) from Venture DC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)11
Management Discussion and AnalysisThree months ended June 30During the first quarter of fiscal 2018, Venture Capital recorded net income of 5.3 million, compared to a net loss of 10.9 million for the same period last year. Fiscal 2018 net income was driven by a strong net change in unrealizedappreciation of investments.Net loss on investments was 16.4 million for the first quarter of fiscal 2018 as Venture Capital recorded higher write-offsand higher realized losses compared to the same period of fiscal 2017. During the first quarter of fiscal 2018, proceedsreceived from divestiture of investments were 18.0 million, compared to 34.0 million received for the same period offiscal 2017.Venture Capital recorded a net change in unrealized appreciation of investments of 42.6 million for the first quarter offiscal 2018, as detailed below. For the three-month period ended June 30, net fair value appreciation of 25.2 millionwas mainly attributable to the indirect portfolio.Three months endedJune 30( in millions)Net fair value appreciation (depreciation)Reversal of fair value depreciation (appreciation) ondivested investments and write-offsNet change in unrealized appreciation(depreciation) of investmentsF2018F201725.2(9.5)17.45.942.6(3.6)Net unrealized foreign exchange losses on investments were due to foreign exchange fluctuations on the U.S. dollarand were higher than last year due to a stronger Canadian dollar and a higher U.S dollar portfolio.On a year-to-date basis, operating and administrative expenses were 5.9 million, higher than those recorded for thesame period of fiscal 2017, mainly due to higher staff levels to better support venture capital initiatives and portfoliogrowth, and to a revised methodology to recharge shared corporate services to business lines.Advisory Services resultsThree months endedJune 30( in millions)RevenueDelivery expenses 1Gross operating marginOperating and administrative expensesNet loss from Advisory )(10.6)Delivery expenses are included in operating and administrative expenses in the Consolidated Statement of Income.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)12
Management Discussion and AnalysisThree months ended June 30The offering under Advisory Services is considered an investment in entrepreneurs. As such, a net loss of 12.7 millionwas recorded for the first quarter of fiscal 2018. This is higher than last year, as BDC continues to invest to develop itsnon-financial services, including new offerings for Canada’s high-impact firms (Growth Driver Program), the AcceleratedGrowth Service (AGS) program and an enhanced offering to help businesses expand internationally.Advisory Services increased its reach in fiscal 2017, which is reflected in higher revenue compared to last year. Revenueamounted to 4.5 million for the first quarter ended June 30, 2017, representing a 4.3% growth compared to last year.Gross operating margin, at 1.2 million, was lower than the 1.7 million recorded for the same period last year. This ismainly due to delivery expenses related to the implementation of the new Growth Driver Program.Operating and administrative expenses of 13.9 million were 1.6 million higher than those recorded in the same periodof fiscal 2017, mainly as a result of a revised methodology to recharge shared corporate services to business lines.Venture Capital Action Plan resultsThree months endedJune 30( in millions)Net revenue (loss) on investmentsNet change in unrealized appreciation(depreciation) of investmentsNet unrealized foreign exchangegains (losses) on investmentsIncome (loss) before operating andadministrative expensesOperating and administrative expensesNet income (loss) fromVenture Capital Action .111.0(12.8)Three months ended June 30During the first quarter of fiscal 2018, Venture Capital Action Plan (VCAP) recorded net income of 11.0 million, comparedto a net loss of 12.8 million for the same period last year. Strong fiscal 2018 results are explained by a net change inunrealized appreciation of underlying funds. The fiscal 2017 net change in unrealized depreciation of investments wasimpacted by a decrease in fair value of underlying funds, as well as by expenses related to the closing of two funds offunds.Operating and administrative expenses of 0.2 million were comparable to those recorded in the same period offiscal 2017.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)13
Management Discussion and AnalysisConsolidated Statement of Financial Position and Consolidated Statement of CashFlowsAs at June 30, 2017, total BDC assets amounted to 26.0 billion, an increase of 0.7 billion from March 31, 2017, largelydue to the 568 million increase in our loans portfolio, combined with a 55.9 million increase in the subordinate financinginvestment portfolio, and a 104.8 million increase in the VC and VCAP investment portfolios, partially offset by a 12.4 million decrease in asset-backed securities.At 22.3 billion, the loan portfolio represented BDC’s largest asset ( 23.0 billion in gross portfolio less a 0.7-billionallowance for credit losses). The gross loan portfolio grew by 2.6% in the three months after March 31, 2017, reflectinga strong level of activity.BDC’s investment portfolios, which include the subordinate financing, venture capital and VCAP portfolios, stood at 2.3 billion, compared to 2.2 billion as at March 31, 2017. The asset-backed securities portfolio stood at 506 million,slightly lower than it was on to March 31, 2017.Derivative assets of 27.8 million and derivative liabilities of 1.2 million reflected the fair value of derivative financialinstruments as at June 30, 2017. Net derivative fair value increased by 7.1 million, compared to the fair value as atMarch 31, 2017, primarily due to fair value change as a result of a decrease in the U.S. dollar exchange rate.As at June 30, 2017, BDC recorded a net defined benefit asset of 42.6 million related to the registered pension plan anda net defined benefit liability of 243.9 million for the other plans, for a total net defined benefit liability of 201.3 million.This represented an increase of 91.0 million compared to the total net defined benefit liability as at March 31, 2017,primarily as a result of remeasurement losses recorded in fiscal 2018. Refer to page 8 of this report for further informationon remeasurements of net defined benefit asset or liability.BDC holds cash and cash equivalents in accordance with its Treasury Risk Policy. The Bank’s liquidities, which ensurefunds are available to meet BDC’s cash outflows, totalled 675.4 million as at June 30, 2017, compared to 649.2 millionas at March 31, 2017. For the three-month period ended June 30, 2017, operating activities used 449.4 million, mainlyto support the growth of the loans portfolio. Cash flows used by investing activities amounted to 131.7 million, reflectingnet disbursements of subordinate financing, venture capital and VCAP investments. Financing activities provided 607.3 million in cash flow, mainly as a result of the issuance of short-term notes.As at June 30, 2017, BDC funded its portfolios and liquidities with borrowings of 19.6 billion and total equity of 6.0 billion. Borrowings comprised 19.4 billion in short-term notes and 0.2 billion in long-term notes.Capital AdequacyBDC’s capital management framework is based on its Internal Capital Adequacy Assessment Process (ICAAP). Toassess its capital adequacy, BDC monitors its capital status regularly by comparing its available capital to its capitaldemand. A key measure for assessing the adequacy of BDC’s capital status is its BDC’s internal capital ratio.BDC’s internal capital ratio as at June 30, 2017, was 129%, compared to 130% as at March 31, 2017, well within theoperating range but below the 134% target.BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017)14
ConsolidatedFinancial Statements(unaudited, in thousands of Canadian dollars)Management’s Responsibility for Financial Information . 16Consolidated Statement of Financial Position . 17Consolidated Statement of Income . 18Consolidated Statement of Comprehensive Income . 19Consolidated Statement of Changes in Equity . 20Consolidated Statement of Cash Flows . 21Notes to the Consolidated Financial Statements . 22Note 1BDC General Description . 22Note 2Basis of Preparation . 22Note 3Significant Accounting Policies . 24Note 4Future Accounting Changes . 31Note 5Significant Accounting Judgements, Estimates and Assumptions . 32Note 6Classification and Fair Value of Financial Instruments . 34Note 7Asset-Backed Securities . 37Note 8Loans . 37Note 9Subordinate Financing Investments . 39Note 10 Venture Capital Investments . 40Note 11 Venture Capital Action Plan Investments .
BDC Quarterly Financial Report – First Quarter 2018 (ended June 30, 2017) 6 Management Discussion and Analysis Context of the Quarterly Financial Report The Financial Administration Act requires that all departments and parent Crown corporations prepare and make public a quarterly financial report. The Standard on Quarterly Financial Reports for Crown Corporations is issued by the Treasury
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