Press Release: Power Corporation Reports Third -4-
Press Release: Power Corporation Reports Third -4-
新闻稿：Power Corporation报告第三季度至第四季度
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.
Power Corporation是一家专注于北美、欧洲和亚洲金融服务的国际管理和控股公司。其核心持股为领先的保险、退休、财富管理和投资业务，包括一系列另类资产投资平台。欲了解更多信息，请访问www.PowerCorporation。
At September 30, 2021, Power Corporation held the following economic interests:
截至2021年9月30日，电力公司持有以下经济权益：
100% -- Power Financial www.powerfinancial.com
66.7% Great-West Lifeco (TSX: GWO) www.greatwestlifeco.com
61.8% IGM Financial (TSX: IGM) www.igmfinancial.com
14.1% GBL ([1]) (Euronext: GBLB) www.gbl.be
55.0% Wealthsimple ([2]) www.wealthsimple.com
Investment Platforms
100% Sagard www.sagard.com
100% Power Sustainable www.powersustainable.com
Power Pacific www.powerpacificim.com
Power Sustainable Energy Infrastructure www.powersustainable.com
13.9% China AMC ([3]) www.chinaamc.com
[1] Held through Parjointco, a jointly controlled corporation
(50%).
[2] Undiluted equity interest held by Portage I, Power
Financial and IGM, representing a fully diluted equity
interest of 42.6%.
[3] IGM also holds a 13.9% interest in China AMC.
100%--Power Financial www.powerfinal.com66.7%Great-West Lifeco(多伦多证券交易所代码：GWO)www.Great westlifeco.com61.8%IGM Financial(多伦多证券交易所市场代码：IGM)www.igmfinial.com14.1%GBL([1])(泛欧交易所市场：GBLB)www.gbl.be55.0%的WealthSimple([2])www.richthsimple.com投资平台100%Sagard www.sagard.com100%能源可持续发展www.powersustable.comPower Pacific www.powerpacificim.com电力可持续能源基础设施www.powersustable.com华夏基金(China AMC)13.9%([3])www.Chinamc.com[1]通过共同控制的公司Parjointco持有 (50%). [2]Porage I，Power持有的未稀释股权金融和IGM，代表完全稀释的股权利息42.6%。[3]IGM还持有华夏基金13.9%的权益。
Earnings Summary
收益摘要
Contribution to Adjusted and Net
Earnings
(unaudited) Three months ended Nine months ended
(in millions of dollars) September 30, September 30,
2021 2020 2021 2020
Adjusted net earnings ([1])
Lifeco ([2]) 580 454 1,625 1,289
IGM ([2]) 167 133 440 347
GBL ([2]) (11) (15) 63 73
Effect of consolidation ([3]) (4) (31) 74 (10)
732 541 2,202 1,699
Alternative asset investment
platforms and Other ([4][5]) 45 (15) 421 50
China AMC 17 11 45 30
Standalone businesses ([4][6]) 58 23 213 (16)
Corporate operating and other
expenses (57) (30) (186) (144)
Dividends on non-participating and
perpetual preferred
shares (47) (47) (141) (142)
Non-controlling interests of Power
Financial - - - (116)
Adjusted net earnings ([7]) 748 483 2,554 1,361
Adjustments -- see below (7) 22 (263) 10
Net earnings ([7]) 741 505 2,291 1,371
Contribution to Adjusted and Net
Earnings per Share
(unaudited) Three months ended Nine months ended
(in dollars per share) September 30, September 30,
2021 2020 2021 2020
Adjusted net earnings per share --
basic ([1])
Lifeco ([2]) 0.86 0.67 2.40 1.91
IGM ([2]) 0.25 0.20 0.65 0.52
GBL ([2]) (0.02) (0.02) 0.09 0.11
Effect of consolidation ([3]) (0.01) (0.06) 0.11 (0.07)
1.08 0.79 3.25 2.47
Alternative asset investment
platforms and Other ([4][5]) 0.06 (0.01) 0.62 0.08
China AMC 0.03 0.02 0.07 0.04
Standalone businesses ([4][6]) 0.09 0.03 0.32 (0.02)
Corporate operating and other
expenses and dividendson
non--participating and perpetual
preferred shares (0.16) (0.11) (0.49) (0.44)
Adjusted net earnings per share
([7]) 1.10 0.72 3.77 2.13
Adjustments -- see below (0.01) 0.03 (0.39) 0.02
Net earnings per share ([7]) 1.09 0.75 3.38 2.15
[1] For a reconciliation of Lifeco, IGM, GBL, and Alternative
and other investments' non-IFRS adjusted net earnings
to their net earnings, refer to the section "Contribution
to net earnings and adjusted net earnings" of the
Corporation's most recent MD&A.
[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
includes: a) an adjustment related to Lifeco's investment
in the 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 Non-Consolidated
Statements of Earnings section of the Corporation's
most recent MD&A.
[4] Presented in Alternative and other investments in
the Non-Consolidated Statements of 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, LMGP, Peak, GP Strategies
and IntegraMed (up to the date of deconsolidation
on May 20, 2020).
[7] Attributable to participating shareholders.
Alternative and Other Investments
-- Adjusted Net
Earnings
(unaudited) Three months ended Nine months ended
(in millions of dollars) September 30, September 30,
2021 2020 2021 2020
Sagard
Asset management activities ([1]) (18) 4 44 -
Investing activities (proprietary
capital) ([2]) ([3]) 55 (15) 90 10
Power Sustainable
Asset management activities ([1]) (7) (6) (19) (14)
Investing activities (proprietary
capital) ([4]) 13 1 279 52
Standalone businesses ([5]) 58 23 213 (16)
Investment and hedge funds and
Other ([6]) 2 1 27 2
103 8 634 34
[1] Includes management fees charged by the investment
platform on proprietary capital. Management fees paid
by the Corporation are deducted from income from investing
activities.
[2] Includes a realized gain of $66 million recognized
by the Corporation on disposal of its interest in
Sagard Europe 3 in the third quarter of 2021, as well
as realized gains on disposals by Sagard Europe 3
of private equity investments in the second and third
quarters of 2021.
[3] Includes the Corporation's share of earnings (losses)
of Wealthsimple and Koho (up to the date of deconsolidation
on December 1, 2020). 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. The increase 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 $606 million
in the nine-month period ended September 30, 2021,
compared with an increase of $184 million in fair
value in the corresponding period in 2020.
[4] Mainly comprised of gains (losses) realized on the
disposal of investments and dividends received. In
2021, the Corporation recognized realized gains on
the disposal of investments in Power Pacific of $229
million, $56 million and $18 million, respectively,
in the first, second and third quarters.
[5] The third quarter of 2021, includes a net contribution
of $55 million from Lion which consists of the Corporation's
share of earnings of Lion, a decrease in the fair
value of outstanding call rights held by Power Sustainable
and a decrease in amounts payable for long-term incentive
plans, net of related taxes. In the second quarter
of 2021, the Corporation recorded a net gain of $153
million related to its investment in Lion which is
comprised of i) a gain of $62 million related to the
effect of the change in ownership as a result of the
completion of the merger transaction between Lion
and Northern Genesis Acquisition Corp., ii) a gain
of $147 million related to the revaluation of call
rights held by Power Sustainable, a portion of which
were exercised during the second quarter, and iii)
an expense of $56 million related to the increase
in amounts payable for long-term incentive plans and
deferred taxes. The Corporation also recorded a reversal
of a previously recognized impairment on its investment
对调整后净额的贡献收益(未经审计)截至三个月截至九个月(百万美元)9月30日，9月30日， 2021 2020 2021 2020 调整后净收益([1]) 利福可(Lifeco)([2]) 580 454 1,625 1,289 IGM([2]) 167 133 440 347 GBL([2]) (11) (15) 63 73 合并的效果([3]) (4) (31) 74 (10) 732 541 2,202 1,699 另类资产投资平台和其他([4][5]) 45 (15) 421 50 华夏17 11 45 30独立企业([4][6]) 58 23 213 (16) 公司运营和其他开支(57)(30)(186)(144)非参股股息和非参股股息永久优先股票(47)(47)(141)(142)权力的非控制性利益金融-(116)调整后净收益([7]) 748 483 2,554 1,361 调整--见下文(7)22(263)10净收益([7]) 741 505 2,291 1,371 对调整后净额的贡献每股收益(未经审计)截至三个月截至九个月(以美元计)9月30日，9月30日， 2021 2020 2021 2020 调整后每股净收益--基本([1]) 利福可(Lifeco)([2]) 0.86 0.67 2.40 1.91 IGM([2]) 0.25 0.20 0.65 0.52 GBL([2]) (0.02) (0.02) 0.09 0.11 合并的效果([3]) (0.01) (0.06) 0.11 (0.07) 1.08 0.79 3.25 2.47 另类资产投资平台和其他([4][5]) 0.06 (0.01) 0.62 0.08 华夏基金0.03 0.02 0.07 0.04独立企业([4][6]) 0.09 0.03 0.32 (0.02) 公司运营和其他费用和股息非参与性和永久性优先股(0.16)(0.11)(0.49)(0.44)调整后每股净收益 ([7]) 1.10 0.72 3.77 2.13 调整--见下文(0.01)0.03(0.39)0.02每股净收益([7]) 1.09 0.75 3.38 2.15 [1]对Lifeco、IGM、GBL和Alternative进行协调和其他投资的非国际财务报告准则调整后的净收益有关他们的净收入，请参阅“供款”一节。净收益和调整后净收益公司最新的MD&A。[2]据Lifeco、IGM和GBL报道。[3]合并的效果体现在：一)淘汰公司间交易；ii)应用程序该公司的投资会计方法在报告净收益的共同控制下公开上市的运营公司中，包括：a)与Lifeco投资相关的调整在PSEIP中；以及b)结果的分配金融科技的投资组合包括WealthSimple，Koho，波尔蒂奇I、波尔蒂奇II和波尔蒂奇III的贡献来自Lifeco和IGM，基于他们各自的兴趣；和三)根据“国际会计准则”第39条调整#年IgM和GBL。请参考未合并中的明细表公司的损益表部分最近的MD&A。[4]在另类投资和其他投资中提出非合并损益表部分该公司最新的MD&A。[5]包括该公司替代方案的收益资产投资平台，包括投资通过Power Financial持有。[6]包括Lion、LMGP、Peak、GP策略的结果和IntegraMed(截至解固之日2020年5月20日)。[7]归属于参与股东。另类投资和其他投资--调整后的网收益(未经审计)截至三个月截至九个月(百万美元)9月30日，9月30日， 2021 2020 2021 2020 萨加德资产管理活动([1]) (18) 4 44 - 投资活动(专有资本)([2]) ([3]) 55 (15) 90 10 电力可持续发展资产管理活动([1]) (7) (6) (19) (14) 投资活动(专有资本)([4]) 13 1 279 52 独立企业([5]) 58 23 213 (16) 投资和对冲基金以及其他([6]) 2 1 27 2 103 8 634 34 [1]包括投资收取的管理费自有资本平台。已支付的管理费从投资收益中扣除活动。[2]包括已确认的已实现收益6600万美元由地铁公司出售其在Sagard Europe 3也将于2021年第三季度上映作为Sagard Europe 3出售资产的已实现收益私募股权投资的第二和第三2021年的季度。[3]包括公司在收益(亏损)中的份额WealthSimple和Koho(截至解固之日2020年12月1日)。2021年第一季度包括一笔5,200万元的费用，与该公司的因增加而应支付的附带权益份额在Porage基金中持有的投资的公允价值此外，WealthSimple还不包括100美元的费用与看跌期权的重新计量相关的百万美元若干非控股权益所承担的责任在WealthSimple到公允价值，已经包括在内在调整中。公允价值的增加公司的投资，包括其投资通过Power Financial持有，在Porage I，PorageII，Porage III，Koho和WealthSimple是6.06亿美元在截至2021年9月30日的9个月内，相比之下，博览会增加了1.84亿美元2020年同期的价值。[4]主要包括当月实现的收益(亏损)处置收到的投资和股息。在……里面2021年，公司确认已实现的收益出售Power Pacific的229美元投资分别为600万美元、5600万美元和1800万美元，在第一、第二和第三季度。[5]2021年第三季度，包括净贡献从Lion公司获得5500万美元，其中包括公司的Lion的收益份额，在交易会上有所减少Power可持续性持有的未偿还看涨期权的价值以及用于长期激励的应付金额的减少计划，扣除相关税项后的净额。在第二季度截至2021年，该公司录得净收益153美元与其对Lion的投资相关的百万美元包括i)与以下项目有关的收益6,200万美元所有权变更的影响Lion与Lion之间的合并交易完成和Northern Genesis Acquisition Corp.，II)收益1.47亿美元与看涨期权的重估有关Power可持续性持有的权利，其中一部分在第二季度被行使，以及iii)与增加有关的5600万美元的费用长期奖励计划的应付金额和递延税金。该公司还记录了一次逆转。对其投资进行先前确认的减值