Stock Name: POW
Amount: CAD 0.29
Announcement Date: 11/11/2011
Record Date: 07/12/2011
Dividend Detail:
TORONTO, Nov. 11, 2011 /CNW Telbec/ - Power Corporation of Canada's
operating earnings for the nine-month period ended September30,2011
were $942million or $1.98per share, compared with $756 million or
$1.58 per share in the corresponding period of 2010. This represents a
25.1% increase on a per share basis.
The increase in operating earnings reflects a higher contribution from
Power FinancialCorporation, a subsidiary of the Corporation, and
higher income from investments.
Subsidiaries contributed $871million to Power Corporation's operating
earnings for the nine-month period ended September 30, 2011, compared
with $823 million in the corresponding period of 2010. Results from
corporate activities were a net contribution of $71million in the
nine-month period ended September30,2011, compared with a net charge
of $67million in the same period in 2010. This increase is mainly due
to income from investments generated by the Corporation's interest in
the Sagard 1 fund in Europe which is managed by Sagard SAS, a
subsidiary of the Corporation, and income from other investment funds.
Other items in the nine-month period ended September30,2011
represented a charge of $150million and include a write-down of the
Corporation's investment in CITIC Pacific for an amount of $72 million
recorded in the third quarter. Also included in other items is the
Corporation's share (in the amount of $87 million) of Pargesa's
impairment charge recorded in the third quarter on its indirect
investment in Lafarge S.A. In the corresponding nine-month period of
2010, other items were a charge of $227 million and included an
impairment charge on CITIC Pacific of $133 million and the
Corporation's share (in the amount of $96 million) of a litigation
provision recorded by Great-West Lifeco Inc. (Lifeco), a subsidiary of
Power Financial.
Net earnings attributable to participating shareholders (including other
items and after dividends on non-participating shares) for the
nine-month period ended September 30, 2011 were $761million or
$1.66per share, compared with $498million or $1.09per share in the
corresponding period of 2010.
THIRD QUARTER RESULTS
Operating earnings for the three-month period ended September 30, 2011
were $348 million or $0.73 per share, compared with $275 million or
$0.58 per share in the corresponding period in 2010. This represents an
increase of 27.6% on a per share basis.
Power Corporation's share of operating earnings from its subsidiaries
was $284 million for the three-month period ended September 30, 2011,
compared with $293 million for the same period in 2010. Corporate
activities represented a net contribution of $64 million in the quarter
ended September 30, 2011, compared with a net charge of $18million in
the corresponding period in 2010, mainly due to income from investments
generated by the Corporation's interest in the Sagard 1 fund in Europe
and income from other investment funds.
Other items were a charge of $148 million in the three-month period
ended September 30, 2011, compared with a charge of $96 million in the
corresponding period of 2010.
Net earnings attributable to participating shareholders (including other
items and after dividends on non-participating shares) for the
three-month period ended September 30, 2011 were $190million or $0.41
per share, compared with $169 million or $0.37 per share in the
corresponding period in 2010.
RESULTS OF POWER FINANCIAL CORPORATION
Power Financial Corporation's operating earnings for the nine-month
period ended September30, 2011 were $1,385 million or $1.84 per share,
compared with $1,294 million or $1.73 per share in the corresponding
period in 2010. This represents an increase of 6.8% on a per share
basis.
The increase in operating earnings reflects primarily the increase in
the contribution from Power Financial's subsidiaries, Lifeco and IGM
Financial Inc.
For the nine-month period ended September 30, 2011, other items
represented a charge of $118 million and consisted mainly of Power
Financial's share (in the amount of $133 million) of Pargesa's
impairment charge recorded in the third quarter on its indirect
investment in Lafarge S.A. In the corresponding nine-month period of
2010, other items were a charge of $142 million and consisted mainly of
Power Financial's share of a litigation provision recorded by Lifeco,
established in the third quarter.
Net earnings attributable to common shareholders of Power Financial
(including other items and after dividends on perpetual preferred
shares) for the nine-month period ended September30, 2011 were $1,189
million or $1.68 per share, compared with $1,079 million or $1.53 per
share in the corresponding period of 2010.
For the three-month period ended September 30, 2011, Power Financial
reported operating earnings of $454 million or $0.60 per share,
compared with $465 million or $0.62 per share for the same period in
2010.
Other items for the third quarter of 2011 were a charge of $116 million,
compared with a charge of $144 million for the same quarter in 2010.
Net earnings attributable to common shareholders of Power Financial
(including other items and after dividends on perpetual preferred
shares) for the three-month period ended September 30, 2011 were $312
million or $0.44 per share, compared with $294 million or $0.42 per
share in the corresponding quarter of 2010.
DIVIDENDS ON PREFERRED SHARES
The Board of Directors today declared quarterly dividends on the
Corporation's preferred shares, as follows:
TYPE OF SHARES | RECORD DATE | PAYMENT DATE | AMOUNT |
1986 Series | December 23, 2011 | January 15, 2012 | To be determined in accordance with the articles of the Corporation |
Series A | December 23, 2011 | January 15, 2012 | 35 |
Series B | December 23, 2011 | January 15, 2012 | 33.4375 |
Series C | December 23, 2011 | January 15, 2012 | 36.25 |
Series D | December 23, 2011 | January 15, 2012 | 31.25 |
DIVIDENDS ON PARTICIPATING SHARES
The Board of Directors also declared a dividend of 29 cents per share on
the Participating Preferred and Subordinate Voting Shares of the
Corporation, payable December 30, 2011 to shareholders of record
December 9, 2011.
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above
dividends on the Corporation's preferred shares (including the
Participating Preferred Shares) and Subordinate Voting Shares are
eligible dividends.
Forward-Looking Statements
Certain statements in this News Release, other than statements of
historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's current expectations, or with
respect to disclosure regarding the Corporation's public subsidiaries,
reflects such subsidiaries' disclosed current expectations.
Forward-looking statements are provided for the purposes of assisting
the reader in understanding the Corporation's financial performance,
financial position and cash flows as at and for the periods ended on
certain dates and to present information about management's current
expectations and plans relating to the future and the reader is
cautioned that such statements may not be appropriate for other
purposes. These statements may include, without limitation, statements
regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook of the
Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year and
subsequent periods. Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar expressions,
or future or conditional verbs such as "may", "will", "should", "would"
and "could".
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise to
the possibility that expectations, forecasts, predictions, projections
or conclusions will not prove to be accurate, that assumptions may not
be correct and that objectives, strategic goals and priorities will not
be achieved. A variety of factors, many of which are beyond the
Corporation's and its subsidiaries' control, affect the operations,
performance and results of the Corporation and its subsidiaries and
their businesses, and could cause actual results to differ materially
from current expectations of estimated or anticipated events or
results. These factors include, but are not limited to: the impact or
unanticipated impact of general economic, political and market factors
in North America and internationally, interest and foreign exchange
rates, global equity and capital markets, management of market
liquidity and funding risks, changes in accounting policies and methods
used to report financial condition (including uncertainties associated
with critical accounting assumptions and estimates), the effect of
applying future accounting changes, business competition, operational
and reputational risks, technological change, changes in government
regulation and legislation, changes in tax laws, unexpected judicial or
regulatory proceedings, catastrophic events, the Corporation's and its
subsidiaries' ability to complete strategic transactions, integrate
acquisitions and implement other growth strategies, and the
Corporation's and its subsidiaries' success in anticipating and
managing the foregoing factors. The reader is cautioned to consider
these and other factors, uncertainties and potential events carefully
and not to put undue reliance on forward-looking statements.
Information contained in forward-looking statements is based upon
certain material assumptions that were applied in drawing a conclusion
or making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances, including that the foregoing list of
factors, collectively, are not expected to have a material impact on
the Corporation and its subsidiaries. While the Corporation considers
these assumptions to be reasonable based on information currently
available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the
Corporation undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which
such statement is made, or to reflect the occurrence of unanticipated
events, whether as a result of new information, future events or
results, or otherwise.
Additional information about the risks and uncertainties of the
Corporation's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including this MD&A and its
Annual Information Form filed with the securities regulatory
authorities in Canada, available at www.sedar.com.
Non-IFRS Financial Measures
In analyzing the financial results of the Corporation and consistent
with the presentation in previous years, net earnings are subdivided
into the following components:
operating earnings; and
other items, which include the after-tax impact of any item that
management considers to be of a non-recurring nature or that could make
the period-over-period comparison of results from operations less
meaningful, and also include the Corporation's share of any such item
presented in a comparable manner by its subsidiaries.
Management has used these financial measures for many years in its
presentation and analysis of the financial performance of Power
Corporation, and believes that they provide additional meaningful
information to readers in their analysis of the results of the
Corporation.
Operating earnings and operating earnings per share are non-IFRS
financial measures that do not have a standard meaning and may not be
comparable to similar measures used by other entities.
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| ||||||
(unaudited) [in millions of Canadian dollars] | September 30, 2011 | | December 31, 2010 | | January 1, 2010 | |
Assets | | | | | | |
Cash and cash equivalents | 3,568 | | 4,016 | | 5,383 | |
Investments | | | | | | |
| Bonds | 80,191 | | 74,250 | | 67,942 |
| Mortgages and other loans | 20,947 | | 20,209 | | 20,613 |
| Shares | 7,368 | | 7,736 | | 7,584 |
| Investment properties | 3,238 | | 2,959 | | 2,615 |
| 111,744 | | 105,154 | | 98,754 | |
Loans to policyholders | 7,144 | | 6,827 | | 6,957 | |
Funds held by ceding insurers | 10,118 | | 9,856 | | 10,984 | |
Reinsurance assets | 2,220 | | 2,533 | | 2,800 | |
Investments in associates | 2,255 | | 2,566 | | 2,948 | |
Deferred tax assets | 1,291 | | 1,272 | | 1,332 | |
Other assets | 7,493 | | 7,444 | | 7,355 | |
Assets held for sale | 898 | | - | | - | |
Intangible assets | 4,396 | | 4,317 | | 4,433 | |
Goodwill | 8,813 | | 8,755 | | 8,686 | |
Segregated funds for the risk of unit holders | 94,053 | | 94,827 | | 87,495 | |
Total assets | 253,993 | | 247,567 | | 237,127 | |
| | | | | | |
Liabilities | | | | | | |
Insurance contract liabilities | 114,070 | | 107,367 | | 104,988 | |
Investment contract liabilities | 784 | | 791 | | 841 | |
Deposits and certificates | 149 | | 835 | | 907 | |
Funds held under reinsurance contracts | 177 | | 149 | | 331 | |
Obligation to securitization entities | 3,554 | | 3,505 | | 3,310 | |
Debentures and other borrowings | 6,294 | | 6,720 | | 6,339 | |
Capital trust securities and debentures | 531 | | 535 | | 540 | |
Preferred shares of subsidiaries | - | | - | | 499 | |
Deferred tax liabilities | 1,159 | | 1,165 | | 1,043 | |
Other liabilities | 7,950 | | 7,784 | | 7,122 | |
Liabilities held for sale | 659 | | - | | - | |
Insurance and investment contracts on account of unit holders | 94,053 | | 94,827 | | 87,495 | |
Total liabilities | 229,380 | | 223,678 | | 213,415 | |
| | | | | | |
Equity | | | | | | |
Stated capital | | | | | | |
| Non-participating shares | 780 | | 783 | | 787 |
| Participating shares | 571 | | 549 | | 526 |
Retained earnings | 7,952 | | 7,573 | | 7,390 | |
Reserves | 328 | | 541 | | 894 | |
Total shareholders' equity | 9,631 | | 9,446 | | 9,597 | |
Non-controlling interests | 14,982 | | 14,443 | | 14,115 | |
Total equity | 24,613 | | 23,889 | | 23,712 | |
Total liabilities and equity | 253,993 | | 247,567 | | 237,127 | |
| ||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||
| ||||||
| Three months ended September 30 | | Nine months ended September 30 | |||
(unaudited) [in millions of Canadian dollars, except per share amounts] | 2011 | 2010 | | 2011 | 2010 | |
Revenues | | | | | | |
Premium income | | | | | | |
| Gross premiums written | 5,059 | 4,956 | | 14,980 | 15,091 |
| Ceded premiums | (667) | (643) | | (2,021) | (1,953) |
Total net premiums | 4,392 | 4,313 | | 12,959 | 13,138 | |
Net investment income | | | | | | |
| Regular net investment income | 1,365 | 1,514 | | 4,312 | 4,173 |
| Change in fair value | 2,091 | 2,641 | | 2,615 | 5,387 |
| 3,456 | 4,155 | | 6,927 | 9,560 | |
Fee and media income | 1,398 | 1,345 | | 4,345 | 4,129 | |
Total revenues | 9,246 | 9,813 | | 24,231 | 26,827 | |
| | | | | | |
Expenses | | | | | | |
Policyholder benefits | 3,704 | 3,557 | | 11,484 | 11,305 | |
Policyholder dividends and experience refunds | 385 | 382 | | 1,115 | 1,116 | |
Change in insurance and investment contract liabilities | 2,737 | 3,418 | | 4,104 | 7,226 | |
| 6,826 | 7,357 | | 16,703 | 19,647 | |
Commissions | 564 | 528 | | 1,742 | 1,622 | |
Operating expenses | 977 | 1,326 | | 2,951 | 3,305 | |
Financing charges | 108 | 116 | | 334 | 352 | |
Total expenses | 8,475 | 9,327 | | 21,730 | 24,926 | |
| 771 | 486 | | 2,501 | 1,901 | |
Share of earnings (losses) of investment in associates | (96) | 60 | | (32) | 117 | |
Earnings before income taxes | 675 | 546 | | 2,469 | 2,018 | |
Income taxes | 119 | 76 | | 484 | 421 | |
Net earnings before non-controlling interests | | | | | | |
| - continuing operations | 556 | 470 | | 1,985 | 1,597 |
Net earnings before non-controlling interests | | | | | | |
| - discontinued operations | 31 | - | | 33 | - |
Net earnings before non-controlling interests | 587 | 470 | | 2,018 | 1,597 | |
Attributable to non-controlling interests | (387) | (291) | | (1,226) | (1,068) | |
Net earnings attributable to shareholders | 200 | 179 | | 792 | 529 | |
Non-participating share dividends | (10) | (10) | | (31) | (31) | |
Net earnings attributable to participating shareholders | 190 | 169 | | 761 | 498 | |
| | | | | | |
| | | | | | |
Earnings per participating share | | | | | | |
| Net earnings attributable to participating shareholders | | | | | |
| - Basic | 0.41 | 0.37 | | 1.66 | 1.09 |
| - Diluted | 0.41 | 0.37 | | 1.64 | 1.08 |
| | | | | | |
| Net earnings from continuing operations to participating shareholders | | | | | |
| - Basic | 0.38 | 0.37 | | 1.63 | 1.09 |
| - Diluted | 0.38 | 0.37 | | 1.61 | 1.08 |
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SEGMENTED INFORMATION | ||||||||||
INFORMATION ON PROFIT MEASURE | ||||||||||
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Three months ended September 30, 2011 | Lifeco | | IGM | | Parjointco | | Other | | Total | |
Revenues | | | | | | | | | | |
Premium income | 4,392 | | - | | - | | - | | 4,392 | |
Net investment income | | | | | | | | | | |
| Regular net investment income | 1,330 | | 34 | | - | | 1 | | 1,365 |
| Change in fair value | 2,080 | | 11 | | - | | - | | 2,091 |
| 3,410 | | 45 | | - | | 1 | | 3,456 | |
Fee and media income | 704 | | 628 | | - | | 66 | | 1,398 | |
| 8,506 | | 673 | | - | | 67 | | 9,246 | |
Expenses | | | | | | | | | | |
Policyholder benefits, dividends and experience refunds, and change in insurance and investment contract liabilities | 6,826 | | - | | - | | - | | 6,826 | |
Commissions | 372 | | 219 | | - | | (27) | | 564 | |
Operating expenses | 693 | | 156 | | - | | 128 | | 977 | |
Financing charges | 72 | | 24 | | - | | 12 | | 108 | |
| 7,963 | | 399 | | - | | 113 | | 8,475 | |
| 543 | | 274 | | - | | (46) | | 771 | |
Share of operating earnings of investment in associates | - | | - | | 36 | | 1 | | 37 | |
Share of non-operating earnings of investment in associates | - | | - | | (133) | | - | | (133) | |
Earnings before income taxes | 543 | | 274 | | (97) | | (45) | | 675 | |
Income taxes | 54 | | 62 | | - | | 3 | | 119 | |
Contribution to net earnings before non-controlling interests - continuing operations | 489 | 212 | (97) | (48) | 556 | |||||
Contribution to net earnings before non-controlling interests - discontinued operations | - | 31 | - | - | | 31 | ||||
Contribution to net earnings before non-controlling interests | 489 | | 243 | | (97) | | (48) | | 587 | |
Attributable to non-controlling interests | (282) | | (152) | | 33 | | 14 | | (387) | |
Contribution to net earnings attributable toparticipating shareholders | 207 | | 91 | | (64) | | (34) | | 200 | |
| | | | | | | | | | |
| | | | | | | | | | |
Three months ended September 30, 2010 | Lifeco | | IGM | | Parjointco | | Other | | Total | |
Revenues | | | | | | | | | | |
Premium income | 4,313 | | - | | - | | - | | 4,313 | |
Net investment income | | | | | | | | | | |
| Regular net investment income | 1,493 | | 16 | | - | | 5 | | 1,514 |
| Change in fair value | 2,629 | | 12 | | - | | - | | 2,641 |
| 4,122 | | 28 | | - | | 5 | | 4,155 | |
Fee and media income | 681 | | 604 | | - | | 60 | | 1,345 | |
| 9,116 | | 632 | | - | | 65 | | 9,813 | |
Expenses | | | | | | | | | | |
Policyholder benefits, dividends and experience refunds, and change in insurance and investment contract liabilities | 7,357 | | - | | - | | - | | 7,357 | |
Commissions | 346 | | 207 | | - | | (25) | | 528 | |
Operating expenses | 1,057 | | 149 | | - | | 120 | | 1,326 | |
Financing charges | 71 | | 28 | | - | | 17 | | 116 | |
| 8,831 | | 384 | | - | | 112 | | 9,327 | |
| 285 | | 248 | | - | | (47) | | 486 | |
Share of operating earnings of investment in associates | - | | - | | 55 | | 1 | | 56 | |
Share of non-operating earnings of investment in associates | - | | - | | 4 | | - | | 4 | |
Earnings before income taxes | 285 | | 248 | | 59 | | (46) | | 546 | |
Income taxes | - | | 73 | | - | | 3 | | 76 | |
Contribution to net earnings before non-controlling interests - continuing operations | 285 | 175 | 59 | (49) | 470 | |||||
Contribution to net earnings before non-controlling interests - discontinued operations | - | - | - | - | | - | ||||
Contribution to net earnings before non-controlling interests | 285 | | 175 | | 59 | | (49) | | 470 | |
Attributable to non-controlling interests | (164) | | (110) | | (20) | | 3 | | (291) | |
Contribution to net earnings attributable toparticipating shareholders | 121 | | 65 | | 39 | | (46) | | 179 | |
| | | | | | | | | | |
| | | | | | | | | | |
Nine months ended September 30, 2011 | Lifeco | | IGM | | Parjointco | | Other | | Total | |
Revenues | | | | | | | | | | |
Premium income | 12,959 | | - | | - | | - | | 12,959 | |
Net investment income | | | | | | | | | | |
| Regular net investment income | 4,173 | | 106 | | - | | 33 | | 4,312 |
| Change in fair value | 2,600 | | 15 | | - | | - | | 2,615 |
| 6,773 | | 121 | | - | | 33 | | 6,927 | |
Fee and media income | 2,163 | | 1,963 | | - | | 219 | | 4,345 | |
| 21,895 | | 2,084 | | - | | 252 | | 24,231 | |
Expenses | | | | | | | | | | |
Policyholder benefits, dividends and experience refunds, and change in insurance and investment contract liabilities | 16,703 | | - | | - | | - | | 16,703 | |
Commissions | 1,139 | | 682 | | - | | (79) | | 1,742 | |
Operating expenses | 2,068 | | 482 | | - | | 401 | | 2,951 | |
Financing charges | 216 | | 80 | | - | | 38 | | 334 | |
| 20,126 | | 1,244 | | - | | 360 | | 21,730 | |
| 1,769 | | 840 | | - | | (108) | | 2,501 | |
Share of operating earnings of investment in associates | - | | - | | 103 | | - | | 103 | |
Share of non-operating earnings of investment in associates | - | | - | | (135) | | - | | (135) | |
Earnings before income taxes | 1,769 | | 840 | | (32) | | (108) | | 2,469 | |
Income taxes | 284 | | 197 | | - | | 3 | | 484 | |
Contribution to net earnings before non-controlling interests - continuing operations | 1,485 | 643 | (32) | (111) | 1,985 | |||||
Contribution to net earnings before non-controlling interests - discontinued operations | - | 33 | - | - | 33 | |||||
Contribution to net earnings before non-controlling interests | 1,485 | | 676 | | (32) | | (111) | | 2,018 | |
Attributable to non-controlling interests | (852) | | (422) | | 11 | | 37 | | (1,226) | |
Contribution to net earnings attributable toparticipating shareholders | 633 | | 254 | | (21) | | (74) | | 792 | |
| | | | | | | | | | |
| | | | | | | | | | |
Nine months ended September 30, 2010 | Lifeco | | IGM | | Parjointco | | Other | | Total | |
Revenues | | | | | | | | | | |
Premium income | 13,138 | | - | | - | | - | | 13,138 | |
Net investment income | | | | | | | | | | |
| Regular net investment income | 4,245 | | 75 | | - | | (147) | | 4,173 |
| Change in fair value | 5,365 | | 22 | | - | | - | | 5,387 |
| 9,610 | | 97 | | - | | (147) | | 9,560 | |
Fee and media income | 2,108 | | 1,820 | | - | | 201 | | 4,129 | |
| 24,856 | | 1,917 | | - | | 54 | | 26,827 | |
Expenses | | | | | | | | | | |
Policyholder benefits, dividends and experience refunds, and change in insurance and investment contract liabilities | 19,647 | | - | | - | | - | | 19,647 | |
Commissions | 1,064 | | 633 | | - | | (75) | | 1,622 | |
Operating expenses | 2,480 | | 452 | | - | | 373 | | 3,305 | |
Financing charges | 215 | | 83 | | - | | 54 | | 352 | |
| 23,406 | | 1,168 | | - | | 352 | | 24,926 | |
| 1,450 | | 749 | | - | | (298) | | 1,901 | |
Share of operating earnings of investment in associates | - | | - | | 114 | | 1 | | 115 | |
Share of non-operating earnings of investment in associates | - | | - | | 2 | | - | | 2 | |
Earnings before income taxes | 1,450 | | 749 | | 116 | | (297) | | 2,018 | |
Income taxes | 215 | | 198 | | - | | 8 | | 421 | |
Contribution to net earnings before non-controlling interests - continuing operations | 1,235 | 551 | 116 | (305) | 1,597 | |||||
Contribution to net earnings before non-controlling interests - discontinued operations | - | - | - | - | | - | ||||
Contribution to net earnings before non-controlling interests | 1,235 | | 551 | | 116 | | (305) | | 1,597 | |
Attributable to non-controlling interests | (712) | | (347) | | (40) | | 31 | | (1,068) | |
Contribution to net earnings attributable toparticipating shareholders | 523 | | 204 | | 76 | | (274) | | 529 | |
For further information:
| Attachments: | | For further information, please contact: |
| FINANCIAL INFORMATION | | Mr. Edward Johnson Senior Vice-President, General Counsel and Secretary 514-286-7400 |
| |
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