Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release. |
Consolidated results for the period ended
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 atSeptember 30, 2020 , compared with$32.96 atJune 30, 2020 , representing an increase of 6.0%. August 17, 2020 : Great-West Lifeco Inc. (Lifeco)'s subsidiary Empower Retirement completed the acquisition ofPersonal 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 ofMassachusetts Mutual Life Insurance Company (MassMutual), strengthening Empower Retirement's position as the second-largest player in theU.S. retirement market.September 17, 2020 : Mackenzie Financial Corporation (Mackenzie) and Lifeco announced a strategic relationship withNorthleaf Capital Partners Ltd. (Northleaf) to expand and enhance their private markets capabilities. The transaction was completed onOctober 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 ofSagard 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% fromJune 30, 2020 and 6.1% fromSeptember 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
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
Contributions to
2020 [1] | 2019 | ||||
(in dollars per | 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
Corporate and Other: the third quarter includes a charge of
As part of the Reorganization completed in
Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of
[1] | The Corporation completed a reorganization transaction on |
[2] | Alternative investment platforms includes earnings (losses) from investment platforms including controlled and consolidated subsidiaries and other investments. |
[3] | |
[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
Adjusted net earnings attributable to participating shareholders were
Contributions to
2020 [1] | 2019 | ||||
(in dollars per | 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 | 0.04 | 0.05 | 0.05 | |
2.78 | 2.66 | 2.58 | 2.64 | ||
Corporate operations and Other [4] | (0.63) | (0.60) | (0.47) | (0.55) | |
2.15 | 2.06 | 2.11 | 2.09 | ||
Average shares outstanding (in millions) | 637.7 | 441.3 |
Adjustments in the nine-month period of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of
[1] | The Corporation completed the Reorganization on |
[2] | Power Financial participated in Lifeco's substantial issuer bid in the second quarter of 2019; the number of shares held by Power Financial decreased by 7.4%. |
[3] | Alternative investment platforms includes earnings (losses) from investment platforms including controlled and consolidated subsidiaries and other investments. |
[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. |
Great-West Lifeco, IGM Financial and Pargesa
Results for the third quarter ended
The information below is derived from Lifeco and IGM's interim 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 Pargesa is derived from publicly disclosed information, as issued by Pargesa in its third quarter press release. Further information on Pargesa's results is available on its website at www.pargesa.ch.
GREAT-WEST LIFECO INC.
Net earnings attributable to common shareholders were $826 million or
Adjusted net earnings [1] attributable to common shareholders were $679 million or
Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of
[1] | Described as "base earnings" by Lifeco. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news releAse. |
IGM FINANCIAL INC.
Net earnings available to common shareholders were $191 million or
Adjusted net earnings available to common shareholders were $214 million or
Adjustments in the third quarter of 2020, excluded from adjusted net earnings, were a net negative impact to earnings of
Assets under management and advisement at
PARGESA HOLDING SA
Pargesa reported a net loss of SF23 million, compared with net earnings of SF91 million in 2019.
Adjusted net earnings were a net loss of SF21 million, compared with adjusted net earnings of SF107 million in 2019. Adjustments, not included in adjusted net earnings, were a charge of SF2 million in the third quarter, compared with a charge of SF16 million in 2019, mainly consisting of other charges at Pargesa related to Parques Reunidos Servicios Centrales, S.A. (Parques), an equity investment.
Pargesa reported a net asset value at
Pargesa adopted IFRS 9 in 2018.
Alternative and Other Investments
For the period ended
Alternative and other investments are comprised of the results of the Corporation's investment platforms,
Third Quarter
Income from the Corporation's alternative and other investments was
COVID-19
The outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Governments and central banks have responded with significant monetary and fiscal interventions designed to stabilize economic conditions. Equity markets in particular have been volatile, experiencing material and rapid declines in the first quarter of 2020. However, following
The Corporation is managing the risks associated with the COVID-19 pandemic utilizing its existing risk management framework. At
The duration and impact of the COVID-19 pandemic is unknown at this time. Economic damage and market weakness are being felt across the global economy. Significant economic headwinds are expected to continue into the fourth quarter of 2020 and beyond as a result of anticipated negative credit experiences, impairment of valuations in certain sectors of the economy and asset classes, and uncertainties in the durability and effectiveness of government and central bank interventions, among others. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Corporation and its operating subsidiaries in future periods.
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of 44.75 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable
Series | Stock Symbol | Amount | Series | Stock Symbol | Amount |
1986 Series | POW.PR.F | Floating rate [1] | Series C | POW.PR.C | 36.25¢ |
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¢ |
[1] | Equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks for the period |
About
At
- 100% – Power Financial www.powerfinancial.com
- 66.9% – Great-West Lifeco (TSX: GWO) www.greatwestlifeco.com
- 62.1% – IGM Financial (TSX: IGM) www.igmfinancial.com
- 48.7% – Pargesa (SIX: PARG) www.pargesa.ch
- 83.4% – Wealthsimple [1] www.wealthsimple.com
- Investment Platforms
- 100% – Sagard Holdings [2] www.sagardholdings.com
- 100% – Power Sustainable Capital www.powersustainable.com
- Power Pacific Investment Management www.powerpacificim.com
Power Energy Corporation www.powerenergycorporation.com- 27.8% – China AMC [3] www.chinaamc.com
[1] | Undiluted equity interest held by Lifeco, IGM and Power Financial (the Group), representing a fully diluted equity interest of 70.1%. On |
[2] | Includes the Corporation's interest in European private equity funds (formerly Sagard Europe). Refer to the Corporation's most recent MD&A for interest in the funds managed by |
[3] | IGM and the Corporation each hold a 13.9% interest in |
Earnings Summary
Earnings
(unaudited) | Three months ended | Nine months ended | |||
(in millions of Canadian dollars) | |||||
2020 | 2019 | 2020 | 2019 | ||
Adjusted net earnings [1] | |||||
Power Financial | |||||
Lifeco [2] | 454 | 452 | 1,289 | 1,258 | |
IGM [2] | 133 | 126 | 347 | 348 | |
Pargesa [2] | (15) | 40 | 73 | 130 | |
Corporate operations of Power Financial | |||||
Income (loss) from investments [3] | (34) | 2 | (38) | (2) | |
Operating and other expenses | (15) | (24) | (64) | (74) | |
Dividends on perpetual preferred shares | (34) | (35) | (103) | (104) | |
Consolidation entries [4] | (54) | (8) | (33) | 36 | |
435 | 553 | 1,471 | 1,592 | ||
Attributable to non-controlling interests of Power Financial | − | 200 | 116 | 566 | |
Corporation's share of Power Financial | 435 | 353 | 1,355 | 1,026 | |
Alternative and other investments [5] | 20 | (5) | 50 | 19 | |
China AMC | 11 | 8 | 30 | 23 | |
Corporate operations | (15) | (35) | (80) | (111) | |
Dividends on non-participating shares | (13) | (13) | (39) | (39) | |
Adjusted net earnings [6] | 438 | 308 | 1,316 | 918 | |
Adjustments – see below | 67 | 51 | 55 | 11 | |
Net earnings [6] | 505 | 359 | 1,371 | 929 |
[1] | Effective the first quarter of 2020, the Corporation introduced a modified definition of its Non-IFRS earnings measures, Adjusted net earnings. The comparative figures have been restated. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
[2] | As reported by Lifeco, IGM and Pargesa. |
[3] | The third quarter of 2020 includes Power Financial's share in the amount of |
[4] | The consolidation entries include an allocation of the results of Wealthsimple, |
[5] | Includes earnings of the Corporation's investment platforms and earnings (losses) from |
[6] | Attributable to participating shareholders. |
Earnings per Share
(unaudited) | Three months ended | Nine months ended | ||||
(in dollars per share) | ||||||
2020 | 2019 | 2020 | 2019 | |||
Adjusted net earnings per share – basic [1] | ||||||
Power Financial | ||||||
Lifeco [2] | 0.67 | 0.67 | 1.91 | 1.84 | ||
IGM [2] | 0.20 | 0.19 | 0.52 | 0.51 | ||
Pargesa [2] | (0.02) | 0.06 | 0.11 | 0.19 | ||
Corporate operations of Power Financial [3] | (0.12) | (0.08) | (0.31) | (0.26) | ||
Consolidation entries [4] | (0.09) | (0.02) | (0.10) | 0.05 | ||
0.64 | 0.82 | 2.13 | 2.33 | |||
Alternative and other investments [5] | 0.03 | (0.01) | 0.08 | 0.05 | ||
China AMC | 0.02 | 0.02 | 0.04 | 0.05 | ||
Corporate operations and dividends | (0.04) | (0.11) | (0.19) | (0.34) | ||
on non-participating shares | ||||||
Adjusted net earnings per share [6] | 0.65 | 0.72 | 2.06 | 2.09 | ||
Adjustments – see below | 0.10 | 0.12 | 0.09 | 0.02 | ||
Net earnings per share [6] | 0.75 | 0.84 | 2.15 | 2.11 |
[1] | Effective the first quarter of 2020, the Corporation introduced a modified definition of its Non-IFRS earnings measures, Adjusted net earnings. The comparative figures have been restated. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
[2] | As reported by Lifeco, IGM and Pargesa. |
[3] | The third quarter of 2020 includes Power Financial's share in the amount of $33 million or |
[4] | The consolidation entries include an allocation of the results of Wealthsimple, Koho, Portag3 I and Portag3 II, to the contributions from Lifeco and IGM based on their respective interest. The third quarter of 2020 includes a charge of |
[5] | Includes earnings of the Corporation's investment platforms and earnings (losses) from |
[6] | Attributable to participating shareholders. |
Alternative and Other Investments
(unaudited) | Three months ended | Nine months ended | |||
(in millions of Canadian dollars) | |||||
2020 | 2019 | 2020 | 2019 | ||
Asset management activities [1] | 4 | (4) | − | (24) | |
Investing activities (proprietary capital) | − | − | 32 | 8 | |
Investing activities (proprietary capital) | (5) | 14 | 38 | 66 | |
Other | |||||
Standalone businesses [2] | 23 | (18) | (16) | (52) | |
Investment and hedge funds and other [3] | (2) | 3 | (4) | 21 | |
20 | (5) | 50 | 19 |
[1] | Includes management fees charged by the investment platform on proprietary capital. Management fees paid by the Corporation are deducted from income from investment activities. |
[2] | Includes the Corporation's share of earnings (losses) of |
[3] | Other consists mainly of foreign exchange gains or losses and interest on cash and cash equivalents. |
Adjustments (not included in adjusted net earnings)
(unaudited) | Three months ended | Nine months ended | |||||
(in millions of Canadian dollars) | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Share of Lifeco's adjustments: | |||||||
Actuarial assumption changes | 44 | 54 | 91 | 167 | |||
and other management actions | |||||||
Market-related impacts on liabilities | 13 | (19) | (64) | (51) | |||
Net gain on sale of | 63 | − | 63 | − | |||
Transaction costs related to the acquisitions | (21) | − | (21) | − | |||
of | |||||||
Net charge on the sale, via reinsurance, of | |||||||
insurance and annuity business | − | − | − | (134) | |||
99 | 35 | 69 | (18) | ||||
Share of IGM's adjustments [1]: | |||||||
Restructuring and other charges | (34) | − | (34) | − | |||
Share of Lifeco's adjustments | 4 | 1 | 3 | (1) | |||
(30) | 1 | (31) | (1) | ||||
Share of Pargesa's adjustments: | |||||||
Imerys – Impairments, restructuring charges and other | (1) | − | (3) | (7) | |||
Parques and other charges | (1) | (6) | (3) | (6) | |||
(2) | (6) | (6) | (13) | ||||
67 | 30 | 32 | (32) | ||||
Attributable to non-controlling interests of Power Financial | − | 10 | 4 | (12) | |||
Corporation's share of Power Financial | 67 | 20 | 28 | (20) | |||
Other investments | |||||||
Recovery on deconsolidation of | − | − | 27 | − | |||
Corporate operations | |||||||
Reduction of income tax estimates [2] | − | 31 | − | 31 | |||
67 | 51 | 55 | 11 |
[1] | Includes 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. Excludes the Corporation's share of IGM's Adjustment related to the gain on disposal of |
[2] | Related to a favourable change in income tax provision estimates recorded in the third quarter of 2019. |
Contribution to
In millions | Per share | ||||||||||
Three months ended (unaudited) (in Canadian dollars) | Contribution to adjusted net earnings as reported | Consolidation entries [1] | Contribution to adjusted net earnings | Contribution to adjusted net earnings as reported | Consolidation entries [1] | Contribution to adjusted net earnings | |||||
Lifeco | 454 | (7) | 447 | 0.67 | (0.01) | 0.66 | |||||
IGM [2] | 133 | (19) | 114 | 0.20 | (0.03) | 0.17 | |||||
Pargesa | (15) | (28) | (43) | (0.02) | (0.05) | (0.07) | |||||
Nine months ended (unaudited) (in Canadian dollars) | Contribution to adjusted net earnings as reported | Consolidation entries [1] | Contribution to adjusted net earnings | Contribution to adjusted net earnings as reported | Consolidation entries [1] | Contribution to adjusted net earnings | |||||
Lifeco | 1,216 | (9) | 1,207 | 1.91 | (0.01) | 1.90 | |||||
IGM [2] | 330 | (28) | 302 | 0.52 | (0.05) | 0.47 | |||||
Pargesa | 73 | (28) | 45 | 0.11 | (0.04) | 0.07 |
[1] | The contributions from Lifeco and IGM include an allocation of the results of Portag3 I, Portag3 II, Wealthsimple and Koho, based on their respective interest. The contributions from IGM and Pargesa reflect adjustments in accordance with IAS 39. |
[2] | In the third quarter of 2020, the adjustment of IGM mainly relates to the allocation of the remeasurement of the put right liability of the non-controlling interests in Wealthsimple to fair value and carried interests payable. This charge was offset by IGM's gain on |
Adjustments to Pargesa's Contribution
(unaudited) | 2020 | |||||||||||
(in millions of Canadian dollars) | Q3 | Q2 | Q1 | Total | ||||||||
Disposal of interest in Total SA [1] | − | − | 45 | 45 | ||||||||
Impairment charges [1] | (7) | (5) | (40) | (52) | ||||||||
Disposal of private equity funds and other | (2) | (4) | 17 | 11 | ||||||||
Reversal of unrealized (gains) losses on private equity funds and other [2] | (19) | (33) | 20 | (32) | ||||||||
Total | (28) | (42) | 42 | (28) |
[1] | On |
[2] | Pargesa classifies private equity investments at fair value through profit and loss in accordance with IFRS 9 and recognizes unrealized changes in fair value in earnings. |
Net Asset Value
Net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Net asset value is the fair value of the assets of the combined
The Corporation's net asset value per share was
September 30, 2020 | Combined | Fair value | Net asset value | ||
Assets | |||||
Investments | |||||
Power Financial | |||||
Lifeco | 14,291 | 1,848 | 16,139 | ||
IGM | 2,785 | 1,731 | 4,516 | ||
Pargesa/GBL [1] | 3,860 | (1,182) | 2,678 | ||
Other Power Financial investments | 152 | 362 | 514 | ||
Alternative and other investments | |||||
Asset management companies [2] | 177 | − | 177 | ||
Investments [3] | 709 | − | 709 | ||
Power Pacific | 977 | − | 977 | ||
418 | 317 | 735 | |||
Other | |||||
Standalone businesses | 536 | 89 | 625 | ||
Other | 150 | 15 | 165 | ||
China AMC [4] | 709 | − | 709 | ||
Cash and cash equivalents | 1,216 | − | 1,216 | ||
Other assets | 351 | − | 351 | ||
Total assets | 26,331 | 3,180 | 29,511 | ||
Liabilities and | |||||
non-participating shares | |||||
Debentures and other debt instruments | 1,044 | − | 1,044 | ||
Other liabilities [5] | 1,053 | − | 1,053 | ||
Non-participating shares and | 3,787 | − | 3,787 | ||
perpetual preferred shares | |||||
Total liabilities and non-participating shares | 5,884 | − | 5,884 | ||
Net value | |||||
Participating shareholders' | 20,447 | 3,180 | 23,627 | ||
equity / Net asset value | |||||
Per share | 30.24 | 34.94 |
[1] | As part of the Pargesa reorganization, |
[2] | The management companies of the investment funds are presented at their carrying value in accordance with IFRS. |
[3] | Includes investments in European private equity, formerly Sagard Europe. |
[4] | Valued at carrying value in accordance with IFRS. |
[5] | 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. |
Non-IFRS Financial Measures and Presentation
In the second quarter of 2020, the Corporation modified the presentation of the asset management companies held by the investment platforms. Previously, the asset management activities were consolidated and included as corporate activities within the non-consolidated balance sheet of the Corporation. Pursuant to the Corporation's recently announced strategy, the activities of each asset management company are now presented within their operations. The comparatives in the non-consolidated balance sheets and non-consolidated statement of cash flows have been restated to reflect this change.
Effective the first quarter of 2020, the Corporation introduced a modified definition of its non-IFRS earnings measure, Adjusted net earnings. This change is consistent with the introduction of base earnings (loss) by Lifeco which was introduced in the first quarter of 2020 to reflect management's view of the operating performance of Lifeco. Lifeco defines base earnings (loss) as net earnings excluding the impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance contract liabilities net of hedging, and items that management believes are not indicative of the company's underlying business results. The definition of Adjustments includes what the Corporation previously presented as other items and also includes Lifeco's impact of actuarial assumption changes and management actions, and direct equity and interest rate market impacts on insurance contract liabilities net of hedging. The definition of Adjustments used in Adjusted net earnings is being adopted to enhance comparability of results between reporting periods and in anticipation of Lifeco's implementation of accounting changes related to IFRS 17, Insurance Contracts, on
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 would make the period-over-period comparison of results from operations less meaningful. Adjustments include the Corporation's share of Lifeco's impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance 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.
Management uses these financial measures in its presentation and analysis of the financial performance of
Adjusted net earnings attributable to participating shareholders and adjusted net 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.
The Corporation also uses a non-consolidated basis of presentation to present and analyze its results whereby the Corporation's interests in Power Financial and other subsidiaries are accounted for using the equity method. Presentation on a non-consolidated basis is a non-IFRS presentation. However, it is useful to the reader as it presents the holding company's (parent) results separately from the results of its operating subsidiaries.
Net asset value is commonly used by holding companies to determine their value. Net asset value is the fair value of
This news release may also contain other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries such as sales, assets under management and assets under administration. Refer to the "Non-IFRS Financial Measures and Presentation" section of the Corporation's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
Eligible Dividends
For purposes of the Income Tax Act (
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, including the fintech strategy, the expected impact of the COVID-19 pandemic on the Corporation and its subsidiaries' operations, results and dividends, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, the intended effects of the Reorganization (as defined herein), and the proposed redemption by the Corporation and Power Financial of certain classes of their First Preferred Shares. 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
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 the availability of cash to redeem First Preferred Shares of the Corporation and Power Financial and that the list of factors in the previous paragraph, 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 its most recent Management's Discussion and Analysis and Annual Information Form, filed with the securities regulatory authorities in
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