Press Release: Power Corporation Reports Third -4-
Press Release: Power Corporation Reports Third -4-
新聞稿：Power Corporation報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是一家專注於北美、歐洲和亞洲金融服務的國際管理和控股公司。其核心持股為領先的保險、退休、財富管理和投資業務，包括一系列另類資產投資平臺。欲瞭解更多信息，請訪問www.PowerCorporation。
At September 30, 2021, Power Corporation held the following economic interests:
截至2021年9月30日，電力公司持有以下經濟權益：
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(多倫多證券交易所代碼：GWO)www.Great westlifeco.com61.8%IGM Financial(多倫多證券交易所市場代碼：IGM)www.igmfinial.com14.1%GBL([1])(泛歐交易所市場：GBLB)www.gbl.be55.0%的WealthSimple([2])www.richthsimple.com投資平臺100%Sagard www.sagard.com100%能源可持續發展www.powersustable.comPower Pacific www.powerpacificim.com電力可持續能源基礎設施www.powersustable.com華夏基金(China AMC)13.9%([3])www.Chinamc.com[1]通過共同控制的公司Parjointco持有 (50%). [2]Porage I，Power持有的未稀釋股權金融和IGM，代表完全稀釋的股權利息42.6%。[3]IGM還持有華夏基金13.9%的權益。
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
對調整後淨額的貢獻收益(未經審計)截至三個月截至九個月(百萬美元)9月30日，9月30日， 2021 2020 2021 2020 調整後淨收益([1]) 利福可(Lifeco)([2]) 580 454 1,625 1,289 IGM([2]) 167 133 440 347 GBL([2]) (11) (15) 63 73 合併的效果([3]) (4) (31) 74 (10) 732 541 2,202 1,699 另類資產投資平臺和其他([4][5]) 45 (15) 421 50 華夏17 11 45 30獨立企業([4][6]) 58 23 213 (16) 公司運營和其他開支(57)(30)(186)(144)非參股股息和非參股股息永久優先股票(47)(47)(141)(142)權力的非控制性利益金融-(116)調整後淨收益([7]) 748 483 2,554 1,361 調整--見下文(7)22(263)10淨收益([7]) 741 505 2,291 1,371 對調整後淨額的貢獻每股收益(未經審計)截至三個月截至九個月(以美元計)9月30日，9月30日， 2021 2020 2021 2020 調整後每股淨收益--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 合併的效果([3]) (0.01) (0.06) 0.11 (0.07) 1.08 0.79 3.25 2.47 另類資產投資平臺和其他([4][5]) 0.06 (0.01) 0.62 0.08 華夏基金0.03 0.02 0.07 0.04獨立企業([4][6]) 0.09 0.03 0.32 (0.02) 公司運營和其他費用和股息非參與性和永久性優先股(0.16)(0.11)(0.49)(0.44)調整後每股淨收益 ([7]) 1.10 0.72 3.77 2.13 調整--見下文(0.01)0.03(0.39)0.02每股淨收益([7]) 1.09 0.75 3.38 2.15 [1]對Lifeco、IGM、GBL和Alternative進行協調和其他投資的非國際財務報告準則調整後的淨收益有關他們的淨收入，請參閲“供款”一節。淨收益和調整後淨收益公司最新的MD&A。[2]據Lifeco、IGM和GBL報道。[3]合併的效果體現在：一)淘汰公司間交易；ii)應用程序該公司的投資會計方法在報告淨收益的共同控制下公開上市的運營公司中，包括：a)與Lifeco投資相關的調整在PSEIP中；以及b)結果的分配金融科技的投資組合包括WealthSimple，Koho，波爾蒂奇I、波爾蒂奇II和波爾蒂奇III的貢獻來自Lifeco和IGM，基於他們各自的興趣；和三)根據“國際會計準則”第39條調整#年IgM和GBL。請參考未合併中的明細表公司的損益表部分最近的MD&A。[4]在另類投資和其他投資中提出非合併損益表部分該公司最新的MD&A。[5]包括該公司替代方案的收益資產投資平臺，包括投資通過Power Financial持有。[6]包括Lion、LMGP、Peak、GP策略的結果和IntegraMed(截至解固之日2020年5月20日)。[7]歸屬於參與股東。另類投資和其他投資--調整後的網收益(未經審計)截至三個月截至九個月(百萬美元)9月30日，9月30日， 2021 2020 2021 2020 薩加德資產管理活動([1]) (18) 4 44 - 投資活動(專有資本)([2]) ([3]) 55 (15) 90 10 電力可持續發展資產管理活動([1]) (7) (6) (19) (14) 投資活動(專有資本)([4]) 13 1 279 52 獨立企業([5]) 58 23 213 (16) 投資和對衝基金以及其他([6]) 2 1 27 2 103 8 634 34 [1]包括投資收取的管理費自有資本平臺。已支付的管理費從投資收益中扣除活動。[2]包括已確認的已實現收益6600萬美元由地鐵公司出售其在Sagard Europe 3也將於2021年第三季度上映作為Sagard Europe 3出售資產的已實現收益私募股權投資的第二和第三2021年的季度。[3]包括公司在收益(虧損)中的份額WealthSimple和Koho(截至解固之日2020年12月1日)。2021年第一季度包括一筆5,200萬元的費用，與該公司的因增加而應支付的附帶權益份額在Porage基金中持有的投資的公允價值此外，WealthSimple還不包括100美元的費用與看跌期權的重新計量相關的百萬美元若干非控股權益所承擔的責任在WealthSimple到公允價值，已經包括在內在調整中。公允價值的增加公司的投資，包括其投資通過Power Financial持有，在Porage I，PorageII，Porage III，Koho和WealthSimple是6.06億美元在截至2021年9月30日的9個月內，相比之下，博覽會增加了1.84億美元2020年同期的價值。[4]主要包括當月實現的收益(虧損)處置收到的投資和股息。在……裏面2021年，公司確認已實現的收益出售Power Pacific的229美元投資分別為600萬美元、5600萬美元和1800萬美元，在第一、第二和第三季度。[5]2021年第三季度，包括淨貢獻從Lion公司獲得5500萬美元，其中包括公司的Lion的收益份額，在交易會上有所減少Power可持續性持有的未償還看漲期權的價值以及用於長期激勵的應付金額的減少計劃，扣除相關税項後的淨額。在第二季度截至2021年，該公司錄得淨收益153美元與其對Lion的投資相關的百萬美元包括i)與以下項目有關的收益6,200萬美元所有權變更的影響Lion與Lion之間的合併交易完成和Northern Genesis Acquisition Corp.，II)收益1.47億美元與看漲期權的重估有關Power可持續性持有的權利，其中一部分在第二季度被行使，以及iii)與增加有關的5600萬美元的費用長期獎勵計劃的應付金額和遞延税金。該公司還記錄了一次逆轉。對其投資進行先前確認的減值