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Power Corporation Reports Record 2015 Earnings
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Canada NewsWire
MONTRÉAL, March 23, 2016
All figures are in Canadian dollars unless otherwise noted. Readers are referred to the sections entitled "Non-IFRS Financial Measures" and "Forward-Looking Statements" at the end of this release.
MONTRÉAL, March 23, 2016 /CNW Telbec/ - Power Corporation of Canada (TSX: POW) today reported earnings results for the fourth quarter and record earnings for the twelve months ended December 31, 2015.
FOURTH QUARTER RESULTS
Operating earnings attributable to participating shareholders (a non-IFRS financial measure) for the quarter ended December 31, 2015 were $317 million or $0.69 per share, compared with $340 million or $0.74 per share in 2014.
Other items in the period, not included in operating earnings, were a net charge of $8 million, mainly comprised of impairment and/or restructuring charges at Imerys, IGM Financial Inc. (IGM) and other subsidiaries, net of the Corporation's share of Groupe Bruxelles Lambert's (GBL) gain on the partial disposal of its interest in Total SA (Total).
Net earnings attributable to participating shareholders were $309 million or $0.67 per share, compared with $369 million or $0.80 per share in 2014.
2015 RESULTS
Operating earnings attributable to participating shareholders for the twelve months ended December 31, 2015 were $1,573 million or $3.40 per share, compared with $1,238 million or $2.69 per share in 2014.
Other items, not included in operating earnings, resulted in a contribution of $213 million, compared with $37 million in 2014. Additional details can be found in the table entitled "Other Items" below.
Net earnings attributable to participating shareholders were $1,786 million or $3.86 per share, compared with $1,275 million or $2.77 per share in 2014.
RESULTS OF POWER FINANCIAL CORPORATION
FOURTH QUARTER RESULTS
Power Financial reported operating earnings attributable to common shareholders for the quarter ended December 31, 2015 of $521 million or $0.73 per share, compared with $525 million or $0.74 per share in 2014.
Other items in the quarter, not included in operating earnings, were a contribution of $7 million consisting mainly of Power Financial's share of GBL's gain on the disposal of a 0.4% equity interest in Total, partially offset by impairment and restructuring charges at Imerys, and restructuring and other charges at IGM.
Net earnings attributable to common shareholders were $528 million or $0.74 per share, compared with $506 million or $0.71 per share in 2014.
2015 RESULTS
Operating earnings attributable to common shareholders for the twelve months ended December 31, 2015 were $2,241 million or $3.14 per share, compared with $2,105 million or $2.96 per share in 2014.
Other items not included in operating earnings were a contribution of $78 million, compared with $31 million in 2014.
Net earnings attributable to common shareholders were $2,319 million or $3.25 per share, compared with $2,136 million or $3.00 per share in 2014.
Earlier today, Power Financial announced an increase of the quarterly dividend on its common shares from 37.25 cents to 39.25 cents per share, payable April 29, 2016.
As at December 31, 2015, Power Corporation held a 65.6% economic interest in Power Financial. Power Financial's contribution to Power Corporation's operating earnings was $341 million for the quarter ended December 31, 2015, compared with $346 million in 2014. For the twelve months ended December 31, 2015, Power Financial contributed $1,470 million to Power Corporation's operating earnings, compared with $1,385 million in 2014.
INCOME FROM INVESTMENTS
FOURTH QUARTER RESULTS
Income from investments was $46 million for the quarter ended December 31, 2015, compared with $57 million in 2014. Income from investments in 2015 is mainly comprised of gains from investment funds of $56 million and gains of $10 million from the Corporation's investment activity in China, partially offset by a negative contribution of $28 million at Sagard Capital.
2015 RESULTS
Income from investments was $355 million for the twelve months ended December 31, 2015, compared with $115 million in 2014. Income from investments in 2015 is mainly comprised of gains of $195 million from the Corporation's investment activity in China and gains from investment funds of $119 million.
DIVIDENDS ON NON-PARTICIPATING PREFERRED SHARES
On February 17, 2016, as previously disclosed, the Board of Directors declared quarterly dividends on the Corporation's preferred shares, as follows:
| SERIES – STOCK SYMBOL | RECORD DATE | PAYMENT DATE | AMOUNT |
| 1986 Series – POW.PR.F | March 24, 2016 | April 15, 2016 | At a floating rate equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks [1] |
| Series A – POW.PR.A | March 24, 2016 | April 15, 2016 | 35¢ |
| Series B – POW.PR.B | March 24, 2016 | April 15, 2016 | 33.4375¢ |
| Series C – POW.PR.C | March 24, 2016 | April 15, 2016 | 36.25¢ |
| Series D – POW.PR.D | March 24, 2016 | April 15, 2016 | 31.25¢ |
| Series G – POW.PR.G | March 24, 2016 | April 15, 2016 | 35¢ |
| [1] In accordance with the articles of the Corporation |
DIVIDENDS ON PARTICIPATING SHARES
On February 17, 2016, as previously disclosed, the Board of Directors also declared a quarterly dividend of 31.125 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable March 31, 2016 to shareholders of record March 10, 2016.
ABOUT POWER CORPORATION
Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors in North America, Europe and Asia. To learn more, visit www.powercorporation.com.
EARNINGS SUMMARY
| | | | |||
| (unaudited) (in millions of Canadian dollars, except per share amounts) | Three months ended | Twelve months ended | |||
| | December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |
| Operating earnings | | | | | |
| | Power Financial | 341 | 346 | 1,470 | 1,385 |
| | Other subsidiaries [1] | (22) | (14) | (66) | (79) |
| | 319 | 332 | 1,404 | 1,306 | |
| Corporate operations | | | | | |
| | Income from investments [2] | 46 | 57 | 355 | 115 |
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