Readers are referred to the sections Non-IFRS Financial Measures
and Forward-Looking Statements at the end of this release. All
figures are expressed in Canadian dollars unless otherwise
noted.
MONTREAL, May 11, 2022
/CNW/ - Power Corporation of Canada (Power Corporation or the Corporation)
(TSX: POW) today reported earnings results for the three months
ended March 31, 2022.
Power Corporation
Consolidated results for the period ended March 31,
2022
HIGHLIGHTS
Power Corporation
- The Corporation reported net earnings [1] of
$478 million or $0.71 per share [2] for the first
quarter of 2022, compared with $556
million or $0.82 per share in
2021. Adjusted net earnings [1][3] were $515 million or $0.76 per share, compared with $786 million or $1.16 per share in 2021.
- Adjusted net asset value per share [3] was
$49.92 at March 31, 2022, compared with $52.60 at December 31,
2021. The Corporation's book value per participating share
[4] was $33.32 at
March 31, 2022, compared with
$34.56 at December 31, 2021.
- In 2022, the Corporation purchased for cancellation 7,192,900
subordinate voting shares for a total of $280 million under its normal course issuer
bids.
Great-West Lifeco Inc. (Lifeco)
- First quarter adjusted net earnings [5] were
$809 million, up 9% compared with the
first quarter of 2021.
- Total assets were $600 billion
and assets under administration [3] were $2.2 trillion at March 31,
2022, compared with total assets of $630 billion and assets under administration of
$2.3 trillion at December 31, 2021.
- On April 1, 2022, Empower, a
subsidiary of Lifeco, completed the acquisition of the full-service
retirement services business of Prudential Financial, Inc.
(Prudential). Empower's reach in the U.S. is now expanded to more
than 17.1 million retirement plan participants and assets under
administration to US$1.4
trillion.
- Canada Life was rated as the fourth most valued brand in
Canada by Brand Finance, making
Canada Life the first insurance company ever to jump into its top
five most valuable brands in Canada.
IGM Financial Inc. (IGM)
- Record-high first quarter net earnings of $219.3 million, up 8% from the first quarter of
2021.
- Record-high first quarter assets under management and
advisement [4] of $268.3
billion, up 8% from the first quarter of 2021 and down 3%
from December 31, 2021.
- Record-high first quarter net inflows of $2.5 billion, compared with net inflows of
$2.3 billion in the first quarter of
2021.
Groupe Bruxelles Lambert (GBL)
- GBL reported a net asset value [4] of €21.3 billion,
representing €136.10 per share, compared with €22.5 billion or
€143.91 per share at December 31,
2021.
- In the first quarter of 2022, GBL completed €202 million of
share buybacks. GBL's board of directors approved an additional
buyback envelope of €500 million on May 5,
2022.
- GBL announced two strategic investments in the healthcare
sector with majority shareholdings in private companies Affidea
Group B.V. and Sanoptis AG, leaders in their sector, in
April 2022.
Sagard Holdings Inc. (Sagard) and Power Sustainable Capital Inc.
(Power Sustainable)
- Assets under management [4], including unfunded
commitments, of the alternative asset investment platforms were
$19 billion, up from $11 billion at March 31,
2021.
- On March 30, 2022, Power
Sustainable announced the launch of its North American agri-food
private equity platform, Power Sustainable Lios, and its inaugural
Lios Fund I. Power Sustainable Lios is a specialized agri-food
private equity investment platform supporting the sustainability
transformation occurring within the food system.
[1]
|
Attributable to
participating shareholders.
|
[2]
|
All per share amounts
are per participating shares of the Corporation.
|
[3]
|
Adjusted net earnings,
adjusted net asset value and assets under administration (reported
by Lifeco) are non-IFRS financial measures. Adjusted net earnings
per share and adjusted net asset value per share are non-IFRS
ratios. See the Non-IFRS Financial Measures section later in this
news release.
|
[4]
|
See the Other Measures
section later in this news release.
|
[5]
|
Referred to as base
earnings by Lifeco, a non-IFRS financial measure; see the Non-IFRS
Financial Measures section later in this news release.
|
FIRST QUARTER
Net earnings attributable to participating shareholders were
$478 million or $0.71 per share,
compared with $556 million or $0.82 per share in 2021.
Adjusted net earnings attributable to participating shareholders
[1] were $515 million or $0.76 per share, compared with $786 million
or $1.16 per share in 2021.
Contributions to Power Corporation's Earnings
|
|
2022
|
|
2021
|
(in millions of
dollars, except per share amounts)
|
Net
Earnings
|
Adjusted
Net Earnings
|
Net Earnings
|
Adjusted
Net Earnings
|
Lifeco
[2]
|
513
|
539
|
473
|
494
|
IGM
[2]
|
135
|
135
|
125
|
125
|
GBL
[2]
|
(29)
|
(29)
|
50
|
50
|
Effect of consolidation
[3]
|
40
|
41
|
(123)
|
(14)
|
|
659
|
686
|
525
|
655
|
Alternative asset
investment platforms [4][5]
|
(96)
|
(86)
|
155
|
255
|
ChinaAMC
[6]
|
13
|
13
|
13
|
13
|
Standalone businesses
[5]
|
4
|
4
|
1
|
1
|
|
580
|
617
|
694
|
924
|
Corporate operations
and Other [7]
|
(102)
|
(102)
|
(138)
|
(138)
|
|
478
|
515
|
556
|
786
|
Per participating
share
|
0.71
|
0.76
|
0.82
|
1.16
|
Average shares
outstanding (in millions)
|
|
675.8
|
|
677.1
|
Lifeco: contribution to net earnings increased by
8.5% and contribution to adjusted net earnings increased by
9.1%.
IGM: contribution to net and adjusted net earnings
increased by 8.0%.
GBL: negative contribution to net earnings of
$29 million. Results include the Corporation's share of a
charge of $44 million in the first quarter of 2022 for losses
due to an increase in the put right liability of the
non-controlling interests in Webhelp Group (Webhelp) and charges
related to Webhelp's employee incentive plan.
Alternative asset investment platforms: net earnings
include a negative contribution of $92 million from Power
Sustainable mainly related to realized losses and
impairments in the Power Sustainable China portfolio of
$67 million and a $10 million impairment charge in its
energy infrastructure platform.
Standalone businesses: contribution to net and
adjusted net earnings of $4 million.
Corporate operations and Other: the comparative
period includes an income tax expense of $38 million,
primarily related to the deferred tax expense resulting from the
realization of gains recorded in earnings on the sale of
investments.
Adjustments in the first quarter of 2022, excluded from adjusted
net earnings, were a net negative impact to earnings of
$37 million or $0.05 per share,
mainly related to the Corporation's share of Lifeco's adjustments
and the Corporation's share of an impairment charge of
$10 million recognized by Power Sustainable on direct
investments in energy assets. Adjustments in the first quarter of
2021 were a negative net impact to earnings of $230 million or
$0.34 per share, mainly related to
the Corporation's share of the charge arising from the
remeasurement of the put right liability of certain of the
non-controlling interests in Wealthsimple Financial Corp.
(Wealthsimple) to fair value of $208 million. These
were reflected in the Adjustments of the alternative and other
investments and in the Effect of consolidation based on Lifeco's
and IGM's respective interest.
[1]
|
A non-IFRS financial
measure; see the Non-IFRS Financial Measures section later in this
news release.
|
[2]
|
As reported by Lifeco,
IGM and GBL.
|
[3]
|
Effect of consolidation
reflects: i) the elimination of intercompany transactions; ii) the
application of the Corporation's accounting method for investments
under common control to the reported net earnings of the publicly
traded operating companies, and iii) adjustments in accordance with
International Accounting Standards (IAS) 39 for IGM and GBL. Refer
to the detailed table in the Contribution to Net Earnings and
Adjusted Net Earnings section of the Corporation's most recent
MD&A.
|
[4]
|
Alternative asset
investment platforms includes earnings (losses) from investment
platforms including controlled and consolidated subsidiaries and
other investments.
|
[5]
|
Presented in
Alternative and other investments in the Contribution to Net
Earnings and Adjusted Net Earnings section of the Corporation's
most recent MD&A.
|
[6]
|
China Asset Management
Co., Ltd. (ChinaAMC).
|
[7]
|
Includes operating and
other expenses, dividends on non-participating shares of the
Corporation and Power Financial Corporation's (Power Financial)
corporate operations; refer to the Earnings Summary
below.
|
Great-West Lifeco, IGM Financial and Groupe Bruxelles
Lambert
Results for the quarter ended March 31,
2022
The information below
is derived from Lifeco and IGM's first quarter MD&As, as
prepared and disclosed by the respective companies in accordance
with applicable securities legislation, and which are also
available either directly from SEDAR (www.sedar.com) or from their
websites, www.greatwestlifeco.com and www.igmfinancial.com. The
information below related to GBL is derived from publicly disclosed
information, as issued by GBL in its first quarter press release at
March 31, 2022. Further information on GBL's results is
available on its website at www.gbl.be.
|
Contribution to net earnings from the publicly traded operating
companies were $659 million, compared with $525 million
in 2021, representing an increase of 26%.
Contribution to adjusted net earnings from the publicly traded
operating companies were $686 million, compared with
$655 million in 2021, representing an increase of 5%.
GREAT-WEST LIFECO INC.
FIRST QUARTER
Net earnings attributable to common shareholders were
$770 million or $0.83 per share, compared with $707 million or $0.76 per share in 2021.
Adjusted net earnings [1] attributable to common
shareholders were $809 million or $0.87 per share, compared with $739 million
or $0.80 per share in 2021.
Adjustments in the first quarter of 2022, excluded from adjusted
net earnings, were a net negative earnings impact of
$39 million, compared with a net negative impact to earnings
of $32 million in 2021. Lifeco's adjustments in 2022 consisted
of a negative impact on earnings from:
- Actuarial assumption changes and other management actions of
$9 million;
- Market-related impacts on liabilities of $11 million;
- Restructuring and integration costs of $12 million; and
- Transaction costs of $7 million
related to the acquisition of the full-service retirement business
of Prudential, as well as acquisitions in the Europe segment.
[1]
Described as "base earnings" by Lifeco. For additional information,
please refer to the Non-IFRS Financial Measures section later in
this news release.
|
IGM FINANCIAL INC.
FIRST QUARTER
Net earnings available to common shareholders were $219.3 million or $0.91 per share, compared with $202.2 million or $0.85 per share in 2021.
Assets under management and advisement at March 31, 2022
were $268.3 billion, an increase
of 8% from the first quarter of 2021 and a decrease of 3% from
December 31, 2021.
GROUPE BRUXELLES
LAMBERT
FIRST QUARTER
GBL reported net losses of €126 million, compared with net
earnings of €225 million in 2021.
GBL reported a net asset value at March 31, 2022 of
€21,280 million, representing €136.10 per share, compared with
€22,501 million or €143.91 per share at December 31,
2021.
GBL adopted IFRS 9 in 2018. Power Corporation continues to apply
IAS 39; this resulted in a positive adjustment to the contribution
from GBL of $43 million in the first quarter of 2022.
Alternative and Other Investments
Results for the
quarter ended March 31, 2022
Alternative and other
investments are comprised of the results of the Corporation's
alternative asset investment platforms, Sagard and Power
Sustainable, which includes income earned from asset management
activities and investing activities. Asset management activities
includes management fees and carried interest net of investment
platform expenses. Investing activities comprises income earned on
the capital invested by the Corporation (proprietary capital) in
the investment funds managed by each platform and the share of
earnings (losses) of controlled and consolidated subsidiaries held
within the alternative asset investment platforms. Other includes
the share of earnings (losses) of standalone businesses and the
Corporation's investments in investment and hedge funds. For
additional information, refer to the table later in this news
release.
|
FIRST QUARTER
Net loss of alternative and other investments, including
standalone businesses, was $92 million, compared with net
earnings of $156 million in the corresponding period in 2021.
Adjusted net earnings of alternative and other investments was a
loss of $82 million, compared with adjusted net earnings of
$256 million in the corresponding period in 2021.
SAGARD AND POWER
SUSTAINABLE
Net earnings in the first quarter include a net negative
contribution of $27 million from the
asset management activities of Sagard and Power Sustainable, as well as a net
contribution from investing activities of Sagard of $14 million, offset by a
negative contribution from Power Sustainable's investing activities
of $79 million which includes realized losses and impairments
in the Power Sustainable China portfolio of $67 million and a
$10 million impairment charge on direct energy infrastructure
investments.
Summary of assets under
management [1] (including unfunded
commitments):
(in billions of dollars)
|
March 31,
2022
|
March 31,
2021
|
Sagard [2][3]
|
16.4
|
8.7
|
Power
Sustainable [3]
|
2.6
|
2.6
|
Total
|
19.0
|
11.3
|
Percentage of
third-party and associates
|
83%
|
63%
|
STANDALONE BUSINESSES
Net earnings of the standalone businesses in the first quarter
of 2022 were $4 million, compared with $1 million in the
comparative period in 2021.
At March 31, 2022, the fair value of standalone businesses
was $1.3 billion, compared with
$1.4 billion at March 31,
2021.
[1]
|
See the Other Measures
section later in the news release.
|
[2]
|
Includes ownership in
Wealthsimple valued at $1.7 billion at March 31, 2022 ($2.1 billion
at March 31, 2021) and excludes assets under management of Sagard's
wealth management business.
|
[3]
|
Excludes the fair value
of interests held in standalone businesses.
|
Adjusted Net Asset Value and Participating Shareholders'
Equity
At March 31, 2022
ADJUSTED NET ASSET VALUE
Adjusted net asset
value represents management's estimate of the fair value of the
participating shareholders' equity of the Corporation. Adjusted net
asset value is the fair value of the assets of the combined Power
Corporation and Power Financial holding company balance sheet less
their net debt and preferred shares. Refer to Non-IFRS Financial
Measures section later in this news release for a reconciliation
with the combined holding company balance sheet.
|
The Corporation's adjusted net asset value per share was
$49.92 at March 31, 2022,
compared with $52.60 at
December 31, 2021, representing a decrease of 5.1%.
|
(in millions of
dollars, except per share amounts)
|
March 31,
2022
|
December 31,
2021
|
Variation %
|
Publicly
Traded
Operating
Companies
|
Lifeco
|
22,850
|
23,545
|
(3)
|
IGM
|
6,534
|
6,749
|
(3)
|
GBL
|
2,910
|
3,157
|
(8)
|
|
|
32,294
|
33,451
|
(3)
|
Alternative
Asset
Investment
Platforms
|
Sagard
[1]
|
1,359
|
1,515
|
(10)
|
Power Sustainable
[1]
|
1,408
|
1,654
|
(15)
|
|
|
2,767
|
3,169
|
(13)
|
Other
|
ChinaAMC
|
1,150
|
1,150
|
−
|
Standalone businesses
[2]
|
1,182
|
1,331
|
(11)
|
Other assets and
investments
|
657
|
661
|
(1)
|
Cash and cash
equivalents
|
1,462
|
1,635
|
(11)
|
|
Gross asset
value
|
39,512
|
41,397
|
(5)
|
|
Liabilities and
preferred shares
|
(5,877)
|
(5,810)
|
(1)
|
|
Adjusted net asset
value
|
33,635
|
35,587
|
(5)
|
|
Shares outstanding
(millions)
|
673.8
|
676.6
|
|
|
Adjusted net asset
value per share
|
49.92
|
52.60
|
(5)
|
[1] Includes the
management companies of the investment platforms at their carrying
value.
|
[2] Includes The Lion
Electric Company (Lion), LMPG Inc. (LMPG) and Peak Achievement
Athletics Inc. (Peak).
|
Power Corporation's Ownership in Publicly Traded Operating
Companies
|
|
Shares
held [1]
(in millions)
|
Share
price
|
|
Ownership [1]
(%)
|
March 31,
2022
|
December 31,
2021
|
Lifeco
|
66.6
|
620.3
|
$36.84
|
$37.96
|
IGM
|
61.6
|
147.9
|
$44.17
|
$45.62
|
GBL
[2]
|
14.6
|
22.8
|
€94.12
|
€98.16
|
[1] As
at March 31, 2022.
|
[2] Held through
Parjointco SA (Parjointco), a jointly controlled corporation
(50%).
|
PARTICIPATING SHAREHOLDERS' EQUITY
Book value per
participating share represents Power Corporation's participating
shareholders' equity divided by the number of participating shares
outstanding at the end of the reporting period. Participating
shareholders' equity is the total assets of the combined Power
Corporation and Power Financial holding company balance sheet,
including investments in subsidiaries presented using the equity
method, less their net debt and preferred shares.
|
The Corporation's book value per participating share was
$33.32 at March 31, 2022, compared with $34.56 at December 31,
2021, a decrease of 3.6%.
|
(in millions of
dollars, except per share amounts)
|
March 31,
2022
|
December 31,
2021
|
Variation %
|
Publicly
Traded
Operating
Companies
|
Lifeco
|
15,401
|
15,496
|
(1)
|
IGM
|
3,494
|
3,434
|
2
|
GBL
|
3,870
|
4,278
|
(10)
|
|
|
22,765
|
23,208
|
(2)
|
Alternative
Asset
Investment
Platforms
|
Sagard
|
814
|
822
|
(1)
|
Power
Sustainable
|
1,166
|
1,389
|
(16)
|
|
|
1,980
|
2,211
|
(10)
|
Other
|
ChinaAMC
|
739
|
766
|
(4)
|
Standalone businesses
[1]
|
728
|
725
|
−
|
Other assets and
investments
|
614
|
611
|
−
|
Cash and cash
equivalents
|
1,462
|
1,635
|
(11)
|
|
Total
assets
|
28,288
|
29,156
|
(3)
|
|
Liabilities and
preferred shares
|
(5,836)
|
(5,771)
|
(1)
|
|
Participating
shareholders' equity
|
22,452
|
23,385
|
(4)
|
|
Shares outstanding
(millions)
|
673.8
|
676.6
|
|
|
Book value per
participating share
|
33.32
|
34.56
|
(4)
|
[1] Includes Lion, LMPG
and Peak.
|
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of
49.50 cents per share on the Participating Preferred Shares
and the Subordinate Voting Shares of the Corporation, payable
July 29, 2022 to shareholders of
record June 30, 2022.
Dividends on Power Corporation Non-Participating Preferred
Shares
The Board of Directors also declared quarterly dividends on the
Corporation's preferred shares, payable July
15, 2022 to shareholders of record June 23, 2022:
Series
|
Stock
Symbol
|
Amount
|
Series
|
Stock
Symbol
|
Amount
|
Series A
|
POW.PR.A
|
35¢
|
Series D
|
POW.PR.D
|
31.25¢
|
Series B
|
POW.PR.B
|
33.4375¢
|
Series G
|
POW.PR.G
|
35¢
|
Series C
|
POW.PR.C
|
36.25¢
|
|
|
|
Investor Information
Access to
Quarterly
Results Materials:
|
|
Quarterly Earnings Conference
Call:
|
The first quarter
earnings
news release and shareholder
report are available on the
Power Corporation website at www.powercorporation.com/en/
investors
|
|
Power Corporation will
host an earnings call and live audio webcast on Thursday, May 12,
2022 at 1:00 p.m. (Eastern Time). A question-and-answer period with
analysts will follow the presentation. Shareholders, investors, and
other stakeholders are welcome to participate on a listen-only
basis.
The live audio webcast
and presentation materials will be available at:
www.powercorporation.com/en/investors/events-presentations.
To listen via
telephone, please dial 1-833-979-2697 toll-free in North America or
647-689-6826 for international calls and enter passcode
4798955#.
A replay of the
conference call will be available from May 12, 2022 at 4:00 p.m.
(Eastern Time) until May 27, 2022 by calling 1-800-585-8367
toll-free in North America or 416-621-4642 for international calls,
using the access code 4798955#. A
webcast archive will also be available on Power Corporation's
website until August 4, 2022.
|
Investor Relations Contact:
|
|
Treasury
514-286-7400
investor.relations@powercorp.com
|
|
About Power Corporation
Power Corporation is an international management and holding
company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance,
retirement, wealth management and investment businesses, including
a portfolio of alternative asset investment platforms. To learn
more, visit www.PowerCorporation.com.
At March 31, 2022, Power Corporation held the following
economic interests:
100%
|
– Power
Financial
|
www.powerfinancial.com
|
66.6%
|
Great-West
Lifeco [1] (TSX: GWO)
|
www.greatwestlifeco.com
|
61.6%
|
IGM Financial
(TSX: IGM)
|
www.igmfinancial.com
|
14.6%
|
GBL [2] (Euronext:
GBLB)
|
www.gbl.be
|
54.7%
|
Wealthsimple [3]
|
www.wealthsimple.com
|
|
|
|
Investment Platforms
|
|
100%
|
Sagard [4]
|
www.sagard.com
|
100%
|
Power
Sustainable
|
www.powersustainable.com
|
|
|
|
13.9%
– ChinaAMC [1][5]
|
www.chinaamc.com
|
[1]
|
On January 5, 2022, the
Corporation and IGM entered into an agreement under which the
interest in ChinaAMC will be consolidated at IGM. In a separate
agreement, IGM will sell approximately 1.6% of IGM's 4.0% interest
in Lifeco to Power Financial. Refer to the ChinaAMC section in the
Corporation's most recent MD&A.
|
[2]
|
Held through
Parjointco, a jointly controlled corporation (50%).
|
[3]
|
Undiluted equity
interest held by Portag3 Ventures Limited Partnership (Portage I),
Power Financial and IGM, representing a fully diluted equity
interest of 42.5%.
|
[4]
|
The Corporation holds
an 86.3% interest in Sagard Holdings Management Inc.
|
[5]
|
IGM also holds a 13.9%
interest in ChinaAMC.
|
Earnings Summary
Contribution to Adjusted Net Earnings and Net
Earnings
(in millions of dollars)
|
|
Three months ended
March 31,
|
|
2022
|
2021
|
Adjusted net
earnings [1]
|
|
|
Lifeco
[2]
|
539
|
494
|
IGM
[2]
|
135
|
125
|
GBL
[2]
|
(29)
|
50
|
Effect of consolidation
[3]
|
41
|
(14)
|
|
686
|
655
|
Alternative asset
investment platforms and other [4][5]
|
(86)
|
255
|
ChinaAMC
|
13
|
13
|
Standalone businesses
[4][6]
|
4
|
1
|
Corporate operating and
other expenses
|
(56)
|
(91)
|
Dividends on
non-participating and perpetual preferred shares
|
(46)
|
(47)
|
Adjusted net
earnings [7]
|
515
|
786
|
Adjustments
[8]
|
(37)
|
(230)
|
Net
earnings [7]
|
|
|
Lifeco
[2]
|
513
|
473
|
IGM
[2]
|
135
|
125
|
GBL
[2]
|
(29)
|
50
|
Effect of consolidation
[3]
|
40
|
(123)
|
|
659
|
525
|
Alternative asset
investment platforms and other [4][5]
|
(96)
|
155
|
ChinaAMC
|
13
|
13
|
Standalone businesses
[4][6]
|
4
|
1
|
Corporate operating and
other expenses
|
(56)
|
(91)
|
Dividends on
non-participating and perpetual preferred shares
|
(46)
|
(47)
|
|
478
|
556
|
[1]
|
For a reconciliation of
Lifeco and Alternative and other investments' non-IFRS adjusted net
earnings to their net earnings, refer to the Non-IFRS Financial
Measures and Alternative and Other Investments sections
below.
|
[2]
|
As reported by Lifeco,
IGM and GBL.
|
[3]
|
Effect of consolidation
reflects: i) the elimination of intercompany transactions; ii) the
application of the Corporation's accounting method for investments
under common control to the reported net earnings of the publicly
traded operating companies, which include: a) an adjustment related
to Lifeco's investment in Power Sustainable Energy Infrastructure
Partnership (PSEIP); and b) an allocation of the results of the
fintech portfolio including Wealthsimple, KOHO Financial Inc.
(Koho), Portage I, Portag3 Ventures II Limited Partnership (Portage
II) and Portage Ventures III Limited Partnership (Portage III) to
the contributions from Lifeco and IGM based on their respective
interest; and iii) adjustments in accordance with IAS 39 for IGM
and GBL. Refer to the detailed table in the Contribution to
Net Earnings and Adjusted Net Earnings section of the Corporation's
most recent MD&A.
|
[4]
|
Presented in
Alternative and other investments in the Contribution to Net
Earnings and Adjusted Net Earnings section of the Corporation's
most recent MD&A.
|
[5]
|
Includes earnings of
the Corporation's alternative asset investment platforms including
investments held through Power Financial.
|
[6]
|
Includes the results of
Lion, LMPG, Peak and GP Strategies Corporation (GP Strategies) (up
to the date of disposal in the fourth quarter of 2021).
|
[7]
|
Attributable to
participating shareholders.
|
[8]
|
Refer to the detailed
table of Adjustments in the Non-IFRS Financial Measures section
below.
|
Contribution to Adjusted Net Earnings per Share and Net
Earnings per Share
(in dollars per share)
|
|
Three months ended
March 31,
|
|
2022
|
2021
|
Adjusted net
earnings per share – basic [1]
|
|
|
Lifeco
[2]
|
0.80
|
0.73
|
IGM
[2]
|
0.20
|
0.18
|
GBL
[2]
|
(0.04)
|
0.08
|
Effect of consolidation
[3]
|
0.05
|
(0.02)
|
|
1.01
|
0.97
|
Alternative asset
investment platforms and Other [4][5]
|
(0.13)
|
0.38
|
ChinaAMC
|
0.02
|
0.02
|
Standalone businesses
[4][6]
|
0.01
|
−
|
Corporate operating and
other expenses and dividends on non‑participating and
perpetual preferred shares
|
(0.15)
|
(0.21)
|
Adjusted net
earnings per share [7]
|
0.76
|
1.16
|
Adjustments
[8]
|
(0.05)
|
(0.34)
|
Net earnings per
share – basic [7]
|
|
|
Lifeco
[2]
|
0.76
|
0.70
|
IGM
[2]
|
0.20
|
0.18
|
GBL
[2]
|
(0.04)
|
0.08
|
Effect of consolidation
[3]
|
0.05
|
(0.18)
|
|
0.97
|
0.78
|
Alternative asset
investment platforms and other [4][5]
|
(0.14)
|
0.23
|
ChinaAMC
|
0.02
|
0.02
|
Standalone businesses
[4][6]
|
0.01
|
−
|
Corporate operating and
other expenses and dividends on non‑participating and
perpetual preferred shares
|
(0.15)
|
(0.21)
|
|
0.71
|
0.82
|
[1]
|
For a reconciliation of
Lifeco and Alternative and other investments' non-IFRS adjusted net
earnings to their net earnings, refer to the Non-IFRS Financial
Measures and Alternative and Other Investments sections
below.
|
[2]
|
As reported by Lifeco,
IGM and GBL.
|
[3]
|
Effect of consolidation
reflects: i) the elimination of intercompany transactions; ii) the
application of the Corporation's accounting method for investments
under common control to the reported net earnings of the publicly
traded operating companies, which include: a) an adjustment related
to Lifeco's investment in PSEIP; and b) an allocation of the
results of the fintech portfolio including Wealthsimple, Koho,
Portage I, Portage II and Portage III to the contributions from
Lifeco and IGM based on their respective interest; and iii)
adjustments in accordance with IAS 39 for IGM and GBL. Refer
to the detailed table in the Contribution to Net Earnings and
Adjusted Net Earnings section of the Corporation's most recent
MD&A.
|
[4]
|
Presented in
Alternative and other investments in the Contribution to Net
Earnings and Adjusted Net Earnings section of the Corporation's
most recent MD&A.
|
[5]
|
Includes earnings of
the Corporation's alternative asset investment platforms including
investments held through Power Financial.
|
[6]
|
Includes the results of
Lion, LMPG, Peak and GP Strategies (up to the date of disposal in
the fourth quarter of 2021).
|
[7]
|
Attributable to
participating shareholders.
|
[8]
|
Refer to the detailed
table of Adjustments in the Non-IFRS Financial Measures section
below.
|
Alternative and Other Investments – Earnings
(in millions of dollars)
|
|
Three months ended
March 31,
|
|
2022
|
2021
|
Adjusted net
earnings (loss)
|
|
|
Asset management
activities [1]
|
|
|
Sagard
[2]
|
(14)
|
59
|
Power
Sustainable
|
(13)
|
(5)
|
Investing activities
(proprietary capital)
|
|
|
Sagard
[3]
|
14
|
(30)
|
Power
Sustainable [4]
|
(69)
|
211
|
Standalone businesses [5]
|
4
|
1
|
Investment and hedge funds and Other [6]
|
(4)
|
20
|
Adjusted net
earnings (loss)
|
(82)
|
256
|
Adjustments
[7]
|
(10)
|
(100)
|
Net earnings
(loss)
|
(92)
|
156
|
[1]
|
Includes management
fees charged by the investment platforms on proprietary capital.
Management fees paid by the Corporation are deducted from income
from investing activities.
|
[2]
|
The first quarter of
2022 includes a reversal of net carried interest of $13 million due
to a decrease in the fair value of Wealthsimple in the
quarter.
|
[3]
|
Includes the
Corporation's share of earnings (losses) of Wealthsimple. The first
quarter of 2022 includes a reversal of carried interest payable of
$13 million due to a decrease in the fair value of
Wealthsimple in the quarter. The first quarter of 2021 includes a
charge of $52 million related to the Corporation's share of
the carried interest payable due to increases in fair value of
investments held in the Portage Funds and Wealthsimple; as well,
excludes a charge of $100 million related to the remeasurement
of the put right liability held by certain of the non-controlling
interests in Wealthsimple to fair value which has been included in
Adjustments (see Adjustments section below). The decrease in fair
value of the Corporation's investment, including its investment
held through Power Financial, in Portage I, Portage II, Portage
III, Koho and Wealthsimple was $143 million in the three-month
period ended March 31, 2022, compared with an increase of
$605 million in fair value in the corresponding period in
2021.
|
[4]
|
Includes an unrealized
gain of $16 million on derivative contracts hedging energy
infrastructure projects in the first quarter of 2022, as well, the
Corporation recognized realized losses on the disposal of
investments in Power Sustainable China of $54 million and $13
million in impairments due to a decline in Chinese equity markets
(realized gains of $229 million in the first quarter of
2021).
|
[5]
|
Includes the
Corporation's share of earnings (losses) of Lion, LMPG, Peak and GP
Strategies (up to the date of disposal in the fourth quarter of
2021).
|
[6]
|
Other consists mainly
of foreign exchange gains or losses and interest on cash and cash
equivalents.
|
[7]
|
Refer to the detailed
table of Adjustments in the Non-IFRS Financial Measures section
below.
|
NON-IFRS FINANCIAL MEASURES
Net earnings attributable to participating shareholders are
comprised of:
- Adjusted net earnings attributable to participating
shareholders; and
- Adjustments, which include the after-tax impact of any item
that in management's judgment, including those identified by
management of its publicly traded operating companies, would make
the period-over-period comparison of results from operations less
meaningful. Includes the Corporation's share of Lifeco's impact of
actuarial assumption changes and other management actions, direct
equity and interest rate market impacts on insurance and investment
contract liabilities net of hedging, as well as items that
management believes are not indicative of the underlying business
results which include those identified by a subsidiary or a jointly
controlled corporation. Items that management and management of its
subsidiaries believe are not indicative of the underlying business
results include restructuring or reorganization costs, integration
costs related to business acquisitions, material legal settlements,
material impairment charges, impact of substantially enacted income
tax rate changes and other tax impairments, certain non-recurring
material items, and net gains, losses or costs related to the
disposition or acquisition of a business.
Management uses these financial measures 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.
Adjusted net earnings, as defined by the Corporation, assist the
reader in comparing the current period's results to those of
previous periods as it reflects management's view of the operating
performance of the Corporation and its subsidiaries and excludes
items that are not considered to be part of the underlying business
results.
Adjusted net asset value is commonly used by holding companies
to assess their value. Adjusted net asset value is the fair value
of the assets of the combined Power Corporation and Power Financial
holding company balance sheet less their net debt and preferred
shares. The investments held in public entities (including Lifeco,
IGM and GBL) are measured at their market value and investments in
private entities and investment funds are measured at management's
estimate of fair value. This measure presents the fair value of the
net assets of the holding company to management and investors, and
assists the reader in determining or comparing the fair value of
investments held by the holding company or its overall fair
value.
Adjusted net earnings attributable to participating
shareholders, adjusted net asset value, adjusted net earnings per
share and adjusted net asset value per share are non-IFRS financial
measures and ratios that do not have a standard meaning and may not
be comparable to similar measures used by other entities.
Presentation of Holding Company Activities
The
Corporation's reportable segments include Lifeco, IGM and GBL,
which represent the Corporation's investments in publicly traded
operating companies. These reportable segments, in addition to the
asset management and holding company activities, reflect Power
Corporation's management structure and internal financial
reporting. The Corporation evaluates its performance based on the
operating segment's contribution to earnings.
The holding company activities comprise the corporate activities
of the Corporation and Power Financial, on a combined basis, and
present the investment activities of the Corporation as a holding
company. The investment activities of the holding company,
including the investments in Lifeco, IGM and controlled entities
within the alternative asset investment platforms, are presented
using the equity method. The holding company activities also
present the corporate assets and liabilities managed, including the
cash and non-participating shares. The discussions included in the
sections "Financial Position" and "Cash Flows" of the Corporation's
most recent MD&A present the segmented balance sheet and cash
flow statement of the holding company; these non-consolidated
statements are presented in Note 19 of the Corporation's Interim
Consolidated Financial Statements. This presentation is useful to
the reader as it presents the holding company's (parent) results
separately from the results of its consolidated operating
subsidiaries.
RECONCILIATIONS OF NON-IFRS FINANCIAL MEASURES
Power Corporation
ADJUSTED NET EARNINGS
(in millions of
dollars)
|
|
Three months
ended March 31,
|
|
2022
|
2021
|
Adjusted net earnings –
Non-IFRS financial measure [1]
|
515
|
786
|
Share of Adjustments
[2], net of tax
|
|
|
Lifeco
|
(26)
|
(32)
|
IGM
|
(1)
|
(98)
|
Alternative and other
investments
|
(10)
|
(100)
|
|
(37)
|
(230)
|
Net earnings – IFRS
financial measure [1]
|
478
|
556
|
[1] Attributable to
participating shareholders of Power Corporation.
|
[2] Refer to the
Adjustments section for more detail on Adjustments from Lifeco,
IGM, and alternative and other investments.
|
ADJUSTMENTS (excluded from Adjusted net earnings)
(in millions of
dollars)
|
|
Three months
ended March 31,
|
|
2022
|
2021
|
Lifeco
[1]
|
|
|
Actuarial assumption changes and other management actions
(pre-tax)
|
(6)
|
3
|
Income tax (expense) benefit
|
−
|
1
|
Market-related impacts on liabilities (pre-tax)
|
(9)
|
(17)
|
Income tax (expense) benefit
|
2
|
1
|
Restructuring and integration charges (pre-tax)
|
(11)
|
(11)
|
Income tax (expense) benefit
|
3
|
3
|
Transaction costs related to acquisitions
(pre-tax)
|
(6)
|
(2)
|
Income tax (expense) benefit
|
1
|
1
|
|
(26)
|
(21)
|
Effect of consolidation
(pre-tax) [2]
|
−
|
(11)
|
Income tax (expense) benefit
|
−
|
−
|
|
(26)
|
(32)
|
IGM
|
|
|
Effect of consolidation
(pre-tax) [2]
|
(1)
|
(98)
|
Income tax (expense) benefit
|
−
|
−
|
|
(1)
|
(98)
|
Alternative and other
investments
|
|
|
Remeasurements
of Wealthsimple's put right liability
|
−
|
(100)
|
Impairment
charges on direct energy infrastructure investments
(pre-tax)
|
(13)
|
−
|
Income tax (expense) benefit
|
3
|
−
|
|
(10)
|
(100)
|
|
(37)
|
(230)
|
[1]
|
As reported by
Lifeco.
|
[2]
|
Effect of consolidation
reflects (i) the elimination of intercompany transactions, (ii) the
application of the Corporation's accounting method for investments
under common control to the Adjustments reported by Lifeco and IGM,
which includes an allocation of the Adjustments related to the
fintech portfolio based on their respective interest and (iii)
IGM's share of Lifeco's Adjustments for the impact of actuarial
assumption changes and management actions and market impact on
insurance contract liabilities, in accordance with the
Corporation's definition of Adjusted net earnings.
|
ADJUSTED NET ASSET VALUE
Adjusted net asset
value represents management's estimate of the fair value of the
participating shareholders' equity of the Corporation. Adjusted net
asset value is the fair value of the assets of the combined Power
Corporation and Power Financial holding company balance sheet less
their net debt and preferred shares. The Corporation's adjusted net
asset value per share is presented on a look-through
basis.
|
The Corporation's adjusted net asset value per share was
$49.92 at March 31, 2022,
compared with $52.60 at
December 31, 2021, representing a decrease of 5.1%. The
Corporation's book value per participating share was $33.32 at March 31, 2022, compared with
$34.56 at December 31, 2021,
representing a decrease of 3.6%.
|
|
|
March 31,
2022
|
|
|
December 31,
2021
|
(in millions of
dollars, except per share amounts)
|
Holding
company
balance sheet
|
Fair value
adjustment
|
Adjusted net
asset value
|
Holding
company
balance sheet
|
Fair value
adjustment
|
Adjusted net
asset value
|
Assets
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Power
Financial
|
|
|
|
|
|
|
Lifeco
|
15,401
|
7,449
|
22,850
|
15,496
|
8,049
|
23,545
|
IGM
|
3,494
|
3,040
|
6,534
|
3,434
|
3,315
|
6,749
|
GBL
|
3,870
|
(960)
|
2,910
|
4,278
|
(1,121)
|
3,157
|
Alternative and other investments
|
|
|
|
|
|
|
Asset management companies [1]
|
|
|
|
|
|
|
Sagard
|
114
|
−
|
114
|
116
|
−
|
116
|
Power Sustainable
|
8
|
−
|
8
|
21
|
−
|
21
|
Investing activities
|
|
|
|
|
|
|
Sagard [2]
|
700
|
545
|
1,245
|
706
|
693
|
1,399
|
Power Sustainable
|
1,158
|
242
|
1,400
|
1,368
|
265
|
1,633
|
Other
|
|
|
|
|
|
|
Standalone businesses
[3]
|
728
|
454
|
1,182
|
725
|
606
|
1,331
|
Other
|
250
|
43
|
293
|
262
|
50
|
312
|
ChinaAMC
|
739
|
411
|
1,150
|
766
|
384
|
1,150
|
Cash and cash
equivalents
|
1,462
|
−
|
1,462
|
1,635
|
−
|
1,635
|
Other assets
|
364
|
−
|
364
|
349
|
−
|
349
|
Total assets
|
28,288
|
11,224
|
39,512
|
29,156
|
12,241
|
41,397
|
Liabilities and
non-participating shares
|
|
|
|
|
|
|
Debentures and other
debt instruments
|
897
|
−
|
897
|
897
|
−
|
897
|
Other liabilities
[4][5]
|
1,159
|
41
|
1,200
|
1,090
|
39
|
1,129
|
Non-participating
shares and perpetual preferred shares
|
3,780
|
−
|
3,780
|
3,784
|
−
|
3,784
|
Total liabilities and
non-participating shares
|
5,836
|
41
|
5,877
|
5,771
|
39
|
5,810
|
Net
value
|
|
|
|
|
|
|
Participating
shareholders' equity / Adjusted net asset value
|
22,452
|
11,183
|
33,635
|
23,385
|
12,202
|
35,587
|
Per
share
|
33.32
|
|
49.92
|
34.56
|
|
52.60
|
[1]
|
The management
companies of the investment funds are presented at their carrying
value in accordance with IFRS and are primarily composed of cash
and net carried interest receivable.
|
[2]
|
Includes the
Corporation's investments in Portage I, Portage II and
Wealthsimple, held by Power Financial.
|
[3]
|
An additional deferred
tax liability of $61 million has been included in the adjusted net
asset value at March 31, 2022 ($80 million at December 31, 2021)
with respect to the investments in standalone businesses at fair
value, without taking into account possible tax planning
strategies. The Corporation has tax attributes (not otherwise
recognized on the balance sheet) that could be available to
minimize the tax if the Corporation were to dispose of its
interests held in the standalone businesses.
|
[4]
|
In accordance with IAS
12, Income Taxes, no deferred tax liability is recognized
with respect to temporary differences associated with investments
in subsidiaries and jointly controlled corporations as the
Corporation is able to control the timing of the reversal of the
temporary differences and it is probable that the temporary
differences will not reverse in the foreseeable future. If the
Corporation were to dispose of an investment in a subsidiary or a
jointly controlled corporation, income taxes payable on such
disposition would be minimized through careful and prudent tax
planning and structuring, as well as with the use of available tax
attributes not otherwise recognized on the balance sheet, including
tax losses, tax basis, safe income and foreign tax surplus
associated with the subsidiary or jointly controlled
corporation.
|
[5]
|
At March 31, 2022, an
additional deferred tax liability of $41 million ($39 million at
December 31, 2021) has been included in the adjusted net asset
value related to the investment in ChinaAMC at fair
value.
|
This news release also contains other non-IFRS financial
measures which are publicly disclosed by the Corporation's
subsidiaries including adjusted net earnings, adjusted net earnings
per share and Lifeco's assets under administration. The section
below includes the description and reconciliation of the non-IFRS
financial measures included in this news release as reported by the
Corporation's subsidiaries. The information below is derived from
Lifeco's first quarter MD&A, as prepared and disclosed in
accordance with applicable securities legislation, and which is
also available either directly from SEDAR (www.sedar.com) or from
its website, www.greatwestlifeco.com.
Lifeco
ADJUSTED NET EARNINGS ATTRIBUTABLE TO
LIFECO'S COMMON SHAREHOLDERS
- Adjusted net earnings (loss) [1] reflect
Lifeco management's view of the underlying business performance of
Lifeco and provide an alternate measure to understand the
underlying business performance compared to IFRS net earnings.
Adjusted net earnings (loss) exclude the following items:
- The impact of actuarial assumption changes and other management
actions;
- The net earnings impact related to the direct equity and
interest rate market impacts on insurance and investment contract
liabilities, net of hedging, and related deferred tax liabilities,
which includes:
-
- the impact of hedge ineffectiveness related to segregated fund
guarantee liabilities that are hedged and the performance of the
related hedge assets;
- the impact on segregated fund guarantee liabilities not
hedged;
- the impact on general fund equity and investment properties
supporting insurance contract liabilities;
- other market impacts on insurance and investment contract
liabilities and deferred tax liabilities, including those arising
from the difference between actual and expected market movements;
and
- Certain items that, when removed, assist in explaining Lifeco's
underlying business performance including restructuring costs,
integration costs related to business acquisitions, material legal
settlements, material impairment charges related to goodwill and
intangible assets, impact of substantially enacted income tax rate
changes and other tax impairments and net gains, losses or costs
related to the disposition or acquisition of a business.
(in millions of
dollars)
|
|
Three months ended
March 31,
|
|
2022
|
2021
|
Adjusted net earnings –
Non-IFRS financial measure [1][2]
|
809
|
739
|
Adjustments
|
|
|
Actuarial
assumption changes and other management actions
(pre-tax)
|
(9)
|
4
|
Income tax (expense) benefit
|
−
|
1
|
Market-related impacts on liabilities (pre-tax)
|
(14)
|
(25)
|
Income tax (expense) benefit
|
3
|
1
|
Restructuring and integration charges (pre-tax)
|
(17)
|
(16)
|
Income tax (expense) benefit
|
5
|
4
|
Transaction costs related to acquisitions (pre-tax)
|
(8)
|
(2)
|
Income tax (expense) benefit
|
1
|
1
|
|
(39)
|
(32)
|
Net earnings – IFRS
financial measure [2]
|
770
|
707
|
[1] Described as "base
earnings" and identified as a non-GAAP financial measure by
Lifeco.
|
[2] Attributable to
Lifeco common shareholders.
|
LIFECO'S ASSETS UNDER MANAGEMENT AND ASSETS UNDER
ADMINISTRATION
Total assets under administration includes total assets per
Lifeco's financial statements, other assets under management and
other assets under administration. Please refer to the "Glossary"
section of Lifeco's most recent Management's Discussion and
Analysis for additional information regarding other assets under
management and other assets under administration.
(in billions of dollars)
|
March 31,
2022
|
December 31,
2021
|
Total assets per
financial statements
|
600.5
|
630.5
|
Other assets under
management
|
353.9
|
377.2
|
Assets under
management
|
954.4
|
1,007.7
|
Other assets under
administration[1]
|
1,233.3
|
1,283.9
|
Assets under
administration[1]
|
2,187.7
|
2,291.6
|
[1] Comparative figures
for 2021 have been restated to include Financial Horizons Group and
Excel Private Wealth Inc. assets under administration in the Canada
segment.
|
OTHER MEASURES
This press release and other continuous disclosure documents
also include other measures used to discuss activities of the
Corporation's consolidated publicly traded operating companies and
alternative asset investment platforms including, but not limited
to, "assets under management", "assets under administration",
"assets under management and advisement", "book value per
participating share", "carried interest", "net asset value", and
"unfunded commitments". Refer to the section "Other Measures" in
the Corporation's most recent MD&A, which can be located in the
Corporation's profile on SEDAR at www.sedar.com, for a definition
of such measure, which definition is incorporated herein by
reference.
ELIGIBLE DIVIDENDS
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, reflect 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, the Corporation's sale of its interest in ChinaAMC to
IGM and IGM's sale of a portion of its interest in Lifeco, and
related impacts and timing thereof, and the Corporation's
subsidiaries' disclosed expectations, including the expectations as
a result of acquisitions and the impacts and timing of pending
acquisitions. 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,
fluctuations in interest rates, inflation and foreign exchange
rates, monetary policies, business investment and the health of
local and global equity and capital markets, management of market
liquidity and funding risks, risks related to investments in
private companies and illiquid securities, risks associated with
financial instruments, changes in accounting policies and methods
used to report financial condition (including uncertainties
associated with significant judgments, estimates and assumptions),
the effect of applying future accounting changes, business
competition, operational and reputational risks, technological
changes, cybersecurity risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, man-made disasters, terrorist
attacks, wars and other conflicts (such as the invasion of
Ukraine), or an outbreak of a
public health pandemic or other public health crises (such as
COVID-19), the Corporation's and its subsidiaries' ability to
complete strategic transactions, integrate acquisitions and
implement other growth strategies, the Corporation's and its
subsidiaries' success in anticipating and managing the foregoing
factors and with respect to forward-looking statements of the
Corporation's subsidiaries' disclosed in this news release, the
factors identified by such subsidiaries in their respective
MD&A.
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 any required
approvals (including regulatory approvals) for strategic
transactions, acquisitions, divestitures or other growth or
optimization strategies will be received when and on such terms as
are expected, and that the list of risks and uncertainties in the
previous paragraph, collectively, are not expected to have a
material impact on the Corporation and its subsidiaries and with
respect to forward-looking statements of the Corporation's
subsidiaries disclosed in this news release, the risks identified
by such subsidiaries in their respective current annual and most
recent interim MD&A and Annual Information Form most recently
filed with the securities regulatory authorities in Canada and available at www.sedar.com. 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 its current annual
and most recent interim MD&A and Annual Information Form, filed
with the securities regulatory authorities in Canada and available at www.sedar.com.
SOURCE Power Corporation of Canada