Third Quarter 2021 Financial Results Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release. All figures are expressed in Canadian dollars unless otherwise noted.
MONTRAL, Nov. 10, 2021 /CNW Telbec/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) today reported earnings results for the three and nine months ended September 30, 2021.
Power Corporation
Consolidated results for the period ended September 30, 2021
HIGHLIGHTS
Power Corporation
- Net earnings per share of $1.09 for the third quarter of 2021, compared with $0.75 in 2020 and adjusted net earnings per share [1] of $1.10, compared with $0.72 per share in 2020.
- Net asset value (NAV) per share [1] increased 2% to $52.81 at September 30, 2021, compared with $51.60 at June 30, 2021.
- Completed the sale of its 37.1% interest in the Sagard Europe 3 Fund (Sagard Europe 3) in a secondary transaction in the third quarter. The Corporation received proceeds of $334 million (€225 million) and realized a gain of $66 million in net earnings.
- The Corporation intends to resume normal course share buybacks under its normal course issuer bid.
Power Financial Corporation (Power Financial)
- Completed an offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series 23 for gross proceeds of $200 million on October 15, and on October 18 announced its intention to redeem all of its outstanding $200 million 6.00% Non-Cumulative First Preferred Shares, Series I.
Great-West Lifeco Inc. (Lifeco)
- Assets under administration were approximately $2.2 trillion at September 30, 2021, an increase of 11% from December 31, 2020.
- Lifeco and Sagard Holdings Inc. (Sagard) announced, on October 7, 2021, they had agreed to enter into a long-term strategic relationship, which includes the sale of Lifeco's United States-based subsidiaries EverWest Real Estate Investors, LLC and EverWest Advisors, LLC (EverWest) to Sagard, in exchange for a minority shareholding in Sagard's subsidiary, Sagard Holdings Management Inc. The strategic relationship with Sagard is intended to advance Lifeco's strategy to further broaden its access to alternative investment options.
- On August 16, 2021, Lifeco issued $1.5 billion aggregate principal amount 3.60% Limited Recourse Capital Notes Series 1 (Subordinated Indebtedness), maturing on December 31, 2081 and on October 8, 2021, issued 8,000,000 Series Y, 4.50% Non- Cumulative First Preferred Shares for gross proceeds of $200 million. On November 3, 2021, Lifeco announced that it intends to redeem all of its outstanding 5.90% Non-Cumulative First Preferred Shares, Series F on December 31, 2021.
IGM Financial Inc. (IGM)
- Record high net earnings of $270.8 million, or $1.13 per share, up 42% from the third quarter of 2020 and up 14% from the second quarter of 2021.
- Record high quarter-end assets under management and advisement of $265.2 billion, up 1% in the quarter and 35% from September 30, 2020 (including $30.3 billion in net business acquisitions in 2020).
Groupe Bruxelles Lambert (GBL)
- GBL announced measures to enhance shareholder returns including an additional share buyback of up to €500 million.