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Power Financial Reports Fourth Quarter and 2016 Financial Results and Dividend Increase
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Canada NewsWire
MONTRÉAL, March 24, 2017
All figures are in Canadian dollars unless otherwise noted. Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release.
MONTRÉAL, March 24, 2017 /CNW Telbec/ - Power Financial Corporation (TSX: PWF) today reported earnings results for the fourth quarter and the twelve months ended December 31, 2016.
FOURTH QUARTER RESULTS
Net earnings attributable to common shareholders for the quarter ended December 31, 2016 were $616 million or $0.86 per share, compared with $528 million or $0.74 per share in 2015.
Adjusted net earnings attributable to common shareholders (a non-IFRS financial measure) were $531 million or $0.74 per share, compared with $521 million or $0.73 per share in 2015.
Other items, not included in adjusted net earnings, were a contribution of $85 million, consisting mainly of the Corporation's share of Groupe Bruxelles Lambert's (GBL) gain on the disposal of a 0.7% equity interest in Total SA (Total) and a favourable change in income tax provision estimates related to certain tax filings at IGM Financial Inc. (IGM).
2016 RESULTS
Net earnings attributable to common shareholders for the twelve months ended December 31, 2016 were $1,919 million or $2.69 per share, compared with $2,319 million or $3.25 per share in 2015.
Adjusted net earnings attributable to common shareholders were $2,105 million or $2.95 per share, compared with $2,241 million or $3.14 per share in 2015.
Other items, not included in adjusted net earnings, were a net charge of $186 million. In addition to the fourth quarter items discussed above, other items in the twelve-month period included the Corporation's share of GBL's non-cash impairment charge related to a decrease in LafargeHolcim Ltd's (LafargeHolcim) share price.
RESULTS OF GREAT-WEST LIFECO, IGM FINANCIAL AND PARGESA HOLDING
GREAT-WEST LIFECO INC.
For the quarter ended December 31, 2016, Great-West Lifeco Inc. (Lifeco) reported net earnings attributable to common shareholders of $676 million or $0.686 per share, compared with $683 million or $0.688 per share in 2015.
For the twelve-month period ended December 31, 2016, Lifeco reported net earnings attributable to common shareholders of $2,641 million or $2.668 per share, compared with $2,762 million or $2.774 per share in 2015.
On February 9, 2017, Lifeco announced a 6% increase in the quarterly dividend on its common shares, from $0.3460 to $0.3670 per share, payable March 31, 2017.
At December 31, 2016, Power Financial and IGM held 67.9% and 4.0%, respectively, of Lifeco's common shares. Lifeco's contribution to Power Financial's adjusted net earnings was $459 million for the quarter ended December 31, 2016, compared with $461 million in 2015. For the twelve months ended December 31, 2016, Lifeco's contribution to Power Financial's adjusted net earnings was $1,790 million, compared with $1,862 million in 2015.
IGM FINANCIAL INC.
For the quarter ended December 31, 2016, IGM reported net earnings available to common shareholders of $233 million or $0.97 per share, compared with $174 million or $0.71 per share in 2015. Adjusted net earnings available to common shareholders were $199 million or $0.83 per share, compared with $198 million or $0.81 per share in 2015. Other items, not included in adjusted net earnings, consisted of a favourable change of $34 million in income tax provision estimates related to certain tax filings. Other items in the corresponding quarter of 2015 were an after-tax charge of $24 million.
For the twelve-month period ended December 31, 2016, IGM reported net earnings available to common shareholders of $771 million or $3.19 per share, compared with $772 million or $3.11 per share in 2015. Adjusted net earnings available to common shareholders were $737 million or $3.05 per share, compared with $796 million or $3.21 per share in 2015.
At December 31, 2016, Power Financial and The Great-West Life Assurance Company, a subsidiary of Lifeco, held 61.5% and 3.8%, respectively, of IGM's common shares. IGM contributed $122 million to Power Financial's adjusted net earnings for the quarter ended December 31, 2016, compared with $118 million in 2015. For the twelve months ended December 31, 2016, IGM's contribution to Power Financial's adjusted net earnings was $452 million, compared with $474 million in 2015.
PARGESA HOLDING SA
For the quarter ended December 31, 2016, Pargesa Holding SA (Pargesa) reported net earnings of SF282 million, compared with SF124 million in 2015. Adjusted net earnings were SF40 million, compared with SF1 million in 2015. Other items, not included in adjusted net earnings, represented a contribution of SF242 million, and mainly consisted of Pargesa's share of GBL's gain on the partial disposal of its equity interest in Total.
For the twelve-month period ended December 31, 2016, Pargesa reported a net loss of SF32 million, compared with net earnings of SF638 million in 2015. Adjusted net earnings were SF321 million, compared with SF308 million in 2015. Other items, not included in adjusted net earnings, represented a net charge of SF353 million consisting mainly of Pargesa's share of GBL's impairment charges as a result of a decline in the share price of LafargeHolcim, partially offset by gains on the partial disposal of Total.
At its upcoming annual meeting in May, the board of directors of Pargesa will propose a 2016 dividend of SF2.44 per bearer share, an increase of 2.5% over the previous year, to be paid on May 10, 2017.
At December 31, 2016, Power Financial held a 50% interest in Parjointco N.V., which in turn held a 55.5% equity interest in Pargesa. Pargesa's contribution to Power Financial's adjusted net earnings was $15 million for the three-month period ended December 31, 2016, compared with $1 million in 2015. For the twelve-month period ended December 31, 2016, Pargesa's contribution to Power Financial's adjusted net earnings was $119 million, compared with $112 million in 2015.
DIVIDEND ON COMMON SHARES
The Board of Directors today declared an increase of the quarterly dividend from 39.25 cents to 41.25 cents on the Corporation's common shares, payable May 1, 2017 to shareholders of record April 10, 2017.
DIVIDENDS ON PREFERRED SHARES
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, as follows:
| SERIES – STOCK SYMBOL | RECORD DATE | PAYMENT DATE | AMOUNT |
| Series A – PWF.PR.A | April 24, 2017 | May 15, 2017 | At a floating rate equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks [1] |
| Series D – PWF.PR.E | April 10, 2017 | April 30, 2017 | 34.375¢ |
| Series E – PWF.PR.F | April 10, 2017 | April 30, 2017 | 32.8125¢ |
| Series F – PWF.PR.G | April 10, 2017 | April 30, 2017 | 36.875¢ |
| Series H – PWF.PR.H | April 10, 2017 | April 30, 2017 | 35.9375¢ |
| Series I – PWF.PR.I | April 10, 2017 | April 30, 2017 | 37.50¢ |
| Series K – PWF.PR.K | April 10, 2017 | April 30, 2017 | 30.9375¢ |
| Series L – PWF.PR.L | April 10, 2017 | April 30, 2017 | 31.875¢ |
| Series O – PWF.PR.O | April 10, 2017 | April 30, 2017 | 36.25¢ |
| Series P – PWF.PR.P | April 10, 2017 | April 30, 2017 | 14.4125¢ |
| Series Q – PWF.PR.Q | April 10, 2017 | April 30, 2017 | 12.6185¢ |
| Series R – PWF.PR.R | April 10, 2017 | April 30, 2017 | 34.375¢ |
| Series S – PWF.PR.S | April 10, 2017 | April 30, 2017 | 30¢ |
| Series T – PWF.PR.T | April 10, 2017 | April 30, 2017 | 26.25¢ |
|
[1] In accordance with the articles of the Corporation |
ABOUT POWER FINANCIAL
Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. It also has diversified investments in industrial companies based in Europe. Power Financial Corporation is a member of the Power Corporation Group of Companies. To learn more, visit www.powerfinancial.com.
| EARNINGS SUMMARY | | | | |||||
| | | | | |||||
| (unaudited) | Three months ended | | Twelve months ended | |||||
| (in millions of Canadian dollars, except per share amounts) | December 31, | | December 31, | |||||
| | 2016 | | 2015 | | 2016 Werbung Mehr Nachrichten zur Power Financial Aktie kostenlos abonnieren
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