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11.11.2020 23:50
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Power Corporation Reports Third Quarter 2020 Financial Results
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Canada NewsWire
MONTRÉAL, Nov. 11, 2020
| Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release. |
MONTRÉAL, Nov. 11, 2020 /CNW Telbec/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) today reported earnings results for the three and nine months ended September 30, 2020.
Power Corporation
Consolidated results for the period ended September 30
Highlights
- The Corporation's net asset value per share (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) was $34.94 at September 30, 2020, compared with $32.96 at June 30, 2020, representing an increase of 6.0%.
- August 17, 2020: Great-West Lifeco Inc. (Lifeco)'s subsidiary Empower Retirement completed the acquisition of Personal Capital Corporation (Personal Capital), a hybrid wealth manager that combines a leading-edge digital experience with personalized advice delivered by human advisors.
- September 8, 2020: Empower Retirement announced that it entered into an agreement to purchase the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual), strengthening Empower Retirement's position as the second-largest player in the U.S. retirement market.
- September 17, 2020: Mackenzie Financial Corporation (Mackenzie) and Lifeco announced a strategic relationship with Northleaf Capital Partners Ltd. (Northleaf) to expand and enhance their private markets capabilities. The transaction was completed on October 29, 2020.
- October 14, 2020: Wealthsimple Financial Corp. (Wealthsimple) announced the closing of a $114 million investment on a pre-money valuation of $1.4 billion.
- October 23, 2020: Sagard Holdings Inc. (Sagard Holdings) completed the first closing of Sagard Credit Partners II, LP, its second credit fund. Sagard Credit Partners will continue fundraising activities through 2021.
- IGM Financial Inc. (IGM) assets under management and advisement were a record high of $196.4 billion, up 4.3% from June 30, 2020 and 6.1% from September 30, 2019. Investment fund net sales were $610 million, compared with net sales of $103 million in the third quarter of 2019.
- IGM reported net earnings of $191 million or $0.80 per share, compared with $202 million or $0.85 per share in the third quarter of 2019. Adjusted net earnings, excluding adjustments, were $214 million or $0.90 per share, compared with $202 million or $0.85 per share in the third quarter of 2019. This is the second highest adjusted earnings per share in IGM's history.
Third Quarter
Net earnings attributable to participating shareholders were $505 million or $0.75 per share, compared with $359 million or $0.84 per share in 2019.
Adjusted net earnings attributable to participating shareholders (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) were $438 million or $0.65 per share, compared with $308 million or $0.72 per share in 2019.
Contributions to Power Corporation's earnings per share:
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Kurse
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| | | 2020 [1] | | | 2019 |
| (in dollars per Power Corporation share) | Net Earnings | Adjusted Net | | Net Earnings | Adjusted Net |
| Lifeco | 0.82 | 0.67 | | 0.73 | 0.67 |
| IGM | 0.18 | 0.20 | | 0.19 | 0.19 |
| Pargesa/GBL | (0.02) | (0.02) | | 0.05 | 0.06 |
| Alternative investment platforms [2] | 0.03 | 0.03 | | (0.01) | (0.01) |
| China AMC [3] | 0.02 | 0.02 | | 0.02 | 0.02 |
| | 1.03 | 0.90 | | 0.98 | 0.93 |
| Corporate operations and Other [4] | (0.28) | (0.25) | | (0.14) | (0.21) |
| | 0.75 | 0.65 | | 0.84 | 0.72 |
| Average shares outstanding (in millions) | | 676.3 | | | 425.6 |
Lifeco: contribution to net earnings per share increased by 12%, contribution to adjusted net earnings per share was the same.
IGM: contribution to net earnings per share decreased by 5%, contribution to adjusted net earnings per share increased by 5%.
Pargesa/GBL (Pargesa Holding SA): results reflect the impact of COVID-19 on its portfolio as well as a charge of $0.06 per share in the quarter for losses due to an increase in the put right liability of the non-controlling interests in Webhelp, representing a charge of $0.06.
Corporate and Other: the third quarter includes a charge of $0.10 per share for the remeasurement of the put right liability of the non-controlling interests in Wealthsimple and carried interests payable, both due to the increase in the fair value of Wealthsimple.
As part of the Reorganization completed in February 2020, the Corporation anticipates significant near-term cost reductions of approximately $50 million per year within two years by eliminating duplicative public company-related expenses and rationalizing other general and administrative expenses. To date, the Corporation has implemented actions to achieve 47% of the targeted reduction.
Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of $67 million or $0.10 per share, mainly related to the Corporation's share of Lifeco's and IGM's adjustments. Adjustments in the third quarter of 2019 were a net positive impact to earnings of $51 million or $0.12 per share, mainly related to the Corporation's share of Lifeco's and Pargesa's adjustments and a favourable change to the Corporation's income tax provision.
| [1] | The Corporation completed a reorganization transaction on February 13, 2020 in which it acquired the minority interests of Power Financial (the Reorganization) and now holds 100% of the common shares in the capital of Power Financial. |
| [2] | Alternative investment platforms includes earnings (losses) from investment platforms including controlled and consolidated subsidiaries and other investments. |
| [3] | China Asset Management Co., Ltd. |
| [4] | Includes operating and other expenses, dividends on non-participating shares of the Corporation and its share of Power Financial's corporate operations and consolidation entries; refer to the Earnings Summary below. |
Nine Months
Net earnings attributable to participating shareholders were $1,371 million or $2.15 per share, compared with $929 million or $2.11 per share in 2019.
Adjusted net earnings attributable to participating shareholders were $1,316 million or $2.06 per share, compared with $918 million or $2.09 per share in 2019.
Contributions to Power Corporation's earnings per share:
| | | 2020 [1] | | | 2019 |
| (in dollars per Power Corporation share) | Net Earnings | Adjusted Net | | Net Earnings | Adjusted Net |
| Lifeco [2] | 2.02 | 1.91 | | 1.81 | 1.84 |
| IGM | 0.50 | 0.52 | | 0.50 | 0.51 |
| Pargesa/GBL | 0.10 | 0.11 | | 0.17 | 0.19 |
| Alternative investment platforms [3] | 0.12 | 0.08 | | 0.05 | 0.05 |
| China AMC | 0.04 Werbung Mehr Nachrichten zur Power Corporation Of Canada Aktie kostenlos abonnieren
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