Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release.
MONTRÉAL, March 18, 2020 /CNW Telbec/ - Power Financial Corporation (Power Financial or the Corporation) today reported earnings results for the fourth quarter and twelve months ended December 31, 2019.
Power Financial
Consolidated results for the period ended December 31
Highlights
- On December 13, 2019, Power Corporation of Canada (Power Corporation) and Power Financial announced a reorganization transaction pursuant to which each common share of the Corporation (PFC Common Shares) held by holders of PFC Common Shares other than Power Corporation and certain of its affiliates, were exchanged for 1.05 Subordinate Voting Shares of Power Corporation and $0.01 in cash.
- The reorganization was completed on February 13, 2020. Power Corporation now holds 100% of the issued and outstanding PFC Common Shares. Power Financial preferred shares and debt securities remain outstanding. Power Financial's common shares "PWF" were delisted on February 18, 2020.
- The Corporation's net asset value per share was $39.86 at December 31, 2019, compared with $32.96 at December 31, 2018, representing an increase of 20.9%.
- Great-West Lifeco (Lifeco) declared a quarterly common dividend of $0.4380 per common share payable March 31, 2020, a 6% increase from the previous quarter.
- Lifeco's consolidated assets under administration at December 31, 2019 grew to over $1.6 trillion, a 16% increase from December 31, 2018.
- IGM Financial Inc. (IGM) reported record high assets under management at December 31, 2019 of $166.8 billion, an increase of 11.9% from the prior year driven by favourable investment returns. Assets under administration of $190.2 billion increased by 11.8% from the prior year.
- Parjointco N.V. and Pargesa Holding SA (Pargesa) announced on March 11, 2020 a public exchange offer for all Pargesa shares not held by Parjointco to be exchanged for Groupe Bruxelles Lambert (GBL) shares. The transaction is subject to shareholder approvals. Pargesa to be delisted upon completion of the transaction.
COVID-19
Since December 31, 2019, 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. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. 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.
Fourth Quarter
Net earnings attributable to common shareholders were $401 million or $0.60 per share, compared with $478 million or $0.67 per share in 2018.
Adjusted net earnings attributable to common shareholders (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation below) were $591 million or $0.89 per share, compared with $460 million or $0.65 per share in 2018.
Contributions to Power Financial's net earnings per share and adjusted net earnings per share were:
2019 |
2018 |
|||||
(in dollars per Power Financial share) |
Net Earnings [1] |
Adjusted Net |
Net Earnings |
Adjusted Net |
||
· Lifeco [2] |
0.51 |
0.74 |
0.67 |
0.67 |
||
· IGM |
0.17 |
0.18 |
0.15 |
0.15 |
||
· Pargesa |
0.04 |
0.08 |
(0.05) |
(0.07) |
||
· Power Financial Corporate and Other |
(0.12) |
(0.11) |
(0.10) |
(0.10) |
||
0.60 |
0.89 |
0.67 |
0.65 |
|||
[1] |
The Corporation completed a substantial issuer bid in the second quarter of 2019 and repurchased 7.0% of its common shares. |
[2] |
As a result of the Corporation's participation in Lifeco's substantial issuer bid, in the second quarter of 2019, the number of shares held by the Corporation decreased by 7.4%. |
Other items in 2019, not included in adjusted net earnings, were a net charge of $190 million or $0.29 per share consisting of the Corporation's share of other items at Lifeco of $151 million, IGM of $6 million and Pargesa of $24 million and costs incurred by the Corporation related to the reorganization of $9 million. Other items in 2018, not included in adjusted net earnings, were a positive impact of $18 million or $0.02 per share.
Twelve months
Net earnings attributable to common shareholders were $1,964 million or $2.89 per share, compared with $2,245 million or $3.15 per share in 2018.
Adjusted net earnings attributable to common shareholders were $2,306 million or $3.40 per share, compared with $2,282 million or $3.20 per share in 2018.
Contributions to Power Financial's net earnings per share and adjusted net earnings per share were:
2019 |
2018 |
|||||
(in dollars per Power Financial share) |
Net Earnings [1] |
Adjusted Net |
Net Earnings |
Adjusted Net |
||
· Lifeco [2] |
2.33 |
2.75 |
2.81 |
2.86 |
||
· IGM |
0.67 |
0.69 |
0.63 |
0.65 |
||
· Pargesa |
0.28 |
0.34 |
0.07 |
0.05 |
||
· Power Financial Corporate and Other |
(0.39) |
(0.38) |
(0.36) |
(0.36) |
||
2.89 |
3.40 |
3.15 |
3.20 |
|||
[1] [2] See notes above. |
Other items, not included in adjusted net earnings, were a net charge of $342 million or $0.51 per share, compared with a net charge of $37 million or $0.05 per share in 2018.
Great-West Lifeco, IGM Financial and Pargesa
Results for the period ended December 31
GREAT-WEST LIFECO INC.
Fourth Quarter
Net earnings attributable to common shareholders were $513 million or $0.55 per share, compared with $710 million or $0.72 per share in 2018. As a result of the sale of U.S. individual life insurance and annuity business during the second quarter of 2019, Lifeco's net earnings for the fourth quarter of 2019 do not include any earnings from this business, which contributed $36 million to net earnings in the fourth quarter of 2018.
Adjusted net earnings attributable to common shareholders were $740 million or $0.80 per share, compared with $710 million or $0.72 per share in 2018. Other items, not included in adjusted net earnings, in the fourth quarter of 2019 were a net charge of $227 million and included the impact of the revaluation of a deferred tax asset of $199 million, restructuring charges of $36 million and the net gain of $8 million on the completion of the Scottish Friendly Assurance Society Limited transaction.
Twelve Months
Net earnings attributable to common shareholders were $2,359 million or $2.49 per share, compared with $2,961 million or $3.00 per share in 2018.
Adjusted net earnings attributable to common shareholders were $2,785 million or $2.94 per share, compared with $3,017 million or $3.05 per share in 2018. In addition to the above, other items in 2019 include a net charge of $199 million relating to the sale of the U.S. individual life insurance and annuity business in the second quarter. Other items in 2018 were charges of $56 million.
IGM FINANCIAL INC.
Fourth Quarter
Net earnings available to common shareholders were $192 million or $0.80 per share, compared with $180 million or $0.75 per share in 2018.
Adjusted net earnings available to common shareholders were $201 million or $0.84 per share, compared with $180 million or $0.75 per share in 2018. Other items, not included in adjusted net earnings, in the fourth quarter of 2019 were a net charge of $9 million consisting of IGM's proportionate share of Lifeco's other items.
Assets under management at December 31, 2019 were $166.8 billion, an increase of 2.6% in the quarter and 11.9% from the prior year driven by favourable investment returns.
Twelve Months
Net earnings available to common shareholders were $747 million or $3.12 per share, compared with $767 million or $3.18 per share in 2018.
Adjusted net earnings available to common shareholders were $764 million or $3.19 per share, compared with $792 million or $3.29 per share in 2018. Other items were a net charge of $17 million, compared with a charge of $25 million in the comparative period.
PARGESA HOLDING SA
Fourth Quarter
Pargesa reported net earnings of SF75 million, compared with SF110 million in 2018.
Adjusted net earnings were SF139 million, compared with SF57 million in 2018. Other items, not included in adjusted net earnings, were a charge of SF64 million in the fourth quarter and were comprised of Pargesa's share of other items at Imerys, Parques Reunidos Servicios Centrales, S.A. (Parques), and transaction costs incurred by GBL to complete the acquisition of Webhelp Group. Other items in 2018 were a net positive earnings impact of SF53 million.
Pargesa adopted IFRS 9 in 2019. Power Financial continues to apply IAS 39; this results in an increase in its share of the contribution from Pargesa by $5 million in the fourth quarter of 2019, as further described in the table below.
Twelve Months
Net earnings were SF391 million, compared with SF361 million in 2018.
Adjusted net earnings were SF492 million, compared with SF317 million in 2018. Other items in 2019 were SF101 million and, in addition to the items detailed above, included restructuring and other charges at Imerys. Other items in 2018 were a positive earnings impact of SF44 million.
Power Financial's IAS 39 adjustment to Pargesa's contribution was $49 million in the twelve-month period, as further described in the table below.
Pargesa reported a net asset value at December 31, 2019 of SF10,946 million, representing SF129.2 per share, compared with SF8,973 million or SF105.9 per share at December 31, 2018.
Dividends on Power Financial Preferred Shares
The Board of Directors today declared quarterly dividends on the Corporation's preferred shares.
Dividends payable May 15, 2020 to shareholders of record April 24, 2020:
Series – Stock Symbol |
Amount |
Series A – PWF.PR.A |
Floating rate [1] |
[1] |
Equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks for the period January 1 to March 31, 2020. |
Dividends payable April 30, 2020 to shareholders of record April 9, 2020:
Series |
Stock Symbol |
Amount |
Series |
Stock Symbol |
Amount |
Series D |
PWF.PR.E |
34.375¢ |
Series O |
PWF.PR.O |
36.25¢ |
Series E |
PWF.PR.F |
32.8125¢ |
Series P |
PWF.PR.P |
14.4125¢ |
Series F |
PWF.PR.G |
36.875¢ |
Series Q |
PWF.PR.Q |
20.1575¢ |
Series H |
PWF.PR.H |
35.9375¢ |
Series R |
PWF.PR.R |
34.375¢ |
Series I |
PWF.PR.I |
37.50¢ |
Series S |
PWF.PR.S |
30¢ |
Series K |
PWF.PR.K |
30.9375¢ |
Series T |
PWF.PR.T |
26.3438¢ |
Series L |
PWF.PR.L |
31.875¢ |
Series V |
PWF.PR.Z |
32.1875¢ |
About Power Financial
Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe. To learn more, visit www.PowerFinancial.com.
At December 31, 2019, Power Financial held the following economic interests:
- 66.9% – Great-West Lifeco (TSX: GWO) www.greatwestlifeco.com
- 62.1% – IGM Financial (TSX: IGM) www.igmfinancial.com
- 27.8% – Pargesa Holding (SIX: PARG) www.pargesa.ch
- 84.9% – Wealthsimple Financial Corp. [1] www.wealthsimple.com
[1] Undiluted equity interest held by Lifeco, IGM and the Corporation. |
Earnings Summary |
||||
Earnings |
||||
(unaudited) |
Three months ended |
Twelve months ended |
||
(in millions of Canadian dollars) |
December 31, |
December 31, |
||
2019 |
2018 |
2019 |
2018 |
|
Adjusted net earnings |
||||
Lifeco [1] |
492 |
480 |
1,864 |
2,040 |
IGM [1] |
116 |
105 |
465 |
462 |
Pargesa [1] |
56 |
(53) |
230 |
39 |
664 |
532 |
2,559 |
2,541 |
|
Corporate operations [2] |
(38) |
(38) |
(114) |
(121) |
Dividends on perpetual preferred shares |
(35) |
(34) |
(139) |
(138) |
Adjusted net earnings [3] |
591 |
460 |
2,306 |
2,282 |
Other items – see below |
(190) |
18 |
(342) |
(37) |
Net earnings [3] |
401 |
478 |
1,964 |
2,245 |
Earnings per Share |
||||
(unaudited) |
Three months ended |
Twelve months ended |
||
(in dollars per share) |
December 31, |
December 31, |
||
2019 |
2018 |
2019 |
2018 |
|
Adjusted net earnings per share - basic |
||||
Lifeco [1] |
0.74 |
0.67 |
2.75 |
2.86 |
IGM [1] |
0.18 |
0.15 |
0.69 |
0.65 |
Pargesa [1] |
0.08 |
(0.07) |
0.34 |
0.05 |
1.00 |
0.75 |
3.78 |
3.56 |
|
Corporate operations [2] |
(0.06) |
(0.05) |
(0.17) |
(0.17) |
Dividends on perpetual preferred shares |
(0.05) |
(0.05) |
(0.21) |
(0.19) |
Adjusted net earnings per share [3] |
0.89 |
0.65 |
3.40 |
3.20 |
Other items – see below |
(0.29) |
0.02 |
(0.51) |
(0.05) |
Net earnings per share [3] |
0.60 |
0.67 |
2.89 |
3.15 |
[1] |
The contributions from Lifeco and IGM include an allocation of the results of Wealthsimple Financial Corp., KOHO Financial Inc., Portag3 Ventures Limited Partnership, and Portag3 Ventures II Limited Partnership, based on their respective interests. The contributions from IGM and Pargesa reflect adjustments in accordance with IAS 39. |
[2] |
Includes operating expenses, financing charges, depreciation, income taxes, interest on cash and cash equivalents, foreign exchange gains (losses) and income (losses) from investments. |
[3] |
Attributable to common shareholders. |
Other Items |
||||
(unaudited) |
Three months ended |
Twelve months ended |
||
(in millions of Canadian dollars, except per share amounts) |
December 31, |
December 31, |
||
2019 |
2018 |
2019 |
2018 |
|
Share of Lifeco's other items: |
||||
Net charge on the sale of U.S. individual life insurance and annuity business |
− |
− |
(134) |
− |
Net charge on the revaluation of a deferred tax asset |
(133) |
− |
(133) |
− |
Restructuring charges |
(24) |
− |
(24) |
(38) |
Net gain on the Scottish Friendly Assurance Society Limited transaction |
6 |
− |
6 |
− |
Share of IGM's other items |
− |
− |
− |
(1) |
(151) |
− |
(285) |
(39) |
|
Per share |
(0.23) |
− |
(0.42) |
(0.05) |
Share of IGM's other items: |
||||
Restructuring and other charges |
− |
− |
− |
(10) |
Premium paid on early redemption of debentures |
− |
− |
− |
(5) |
Share of Lifeco's other items |
(6) |
− |
(11) |
(1) |
(6) |
− |
(11) |
(16) |
|
Per share |
(0.01) |
− |
(0.02) |
(0.02) |
Share of Pargesa's other items: |
||||
Imerys – Disposal of roofing activity |
− |
86 |
− |
86 |
Imerys – Impairments, restructuring charges and other |
(11) |
(68) |
(18) |
(68) |
Parques and other charges |
(13) |
− |
(19) |
− |
(24) |
18 |
(37) |
18 |
|
Per share |
(0.04) |
0.02 |
(0.06) |
0.02 |
Corporate operations |
||||
Reorganization charges |
(9) |
− |
(9) |
− |
Per share |
(0.01) |
− |
(0.01) |
− |
(190) |
18 |
(342) |
(37) |
|
Per share |
(0.29) |
0.02 |
(0.51) |
(0.05) |
Contribution to Power Financial's Adjusted Net Earnings |
|||
Three months ended December 31, 2019 (unaudited) (in millions of Canadian dollars) |
Contribution to adjusted net earnings as reported |
Consolidation entries [1] |
Contribution to Power Financial's adjusted net earnings |
Lifeco |
495 |
(3) |
492 |
IGM |
125 |
(9) |
116 |
Pargesa |
51 |
5 |
56 |
Twelve months ended December 31, 2019 (unaudited) (in millions of Canadian dollars) |
Contribution to adjusted net earnings as reported |
Consolidation entries [1] |
Contribution to Power Financial's adjusted net earnings |
Lifeco |
1,869 |
(5) |
1,864 |
IGM |
473 |
(8) |
465 |
Pargesa |
181 |
49 |
230 |
[1] |
The contributions from Lifeco and IGM include an allocation of the results of Wealthsimple Financial Corp., KOHO Financial Inc., Portag3 Ventures Limited Partnership, and Portag3 Ventures II Limited Partnership, based on their respective interests. The contributions from IGM and Pargesa reflect adjustments in accordance with IAS 39. |
Adjustments to Pargesa's contribution
Power Financial has deferred the adoption of IFRS 9 and continues to apply IAS 39. The following table presents adjustments to the contribution of Pargesa to Power Financial's earnings in accordance with IAS 39:
(unaudited) |
2019 |
||||
(in millions of Canadian dollars) |
Q4 |
Q3 |
Q2 |
Q1 |
Total |
Partial disposal of interest in adidas [1] |
− |
− |
53 |
18 |
71 |
Partial disposal of interest in LafargeHolcim Ltd [1] |
24 |
− |
− |
− |
24 |
Impairment charges on Ontex N.V. [1] |
− |
− |
(13) |
− |
(13) |
Disposal of private equity funds |
− |
1 |
− |
− |
1 |
Reversal on unrealized gains (losses) on private equity funds and other [2] |
(19) |
(6) |
(3) |
(6) |
(34) |
Total |
5 |
(5) |
37 |
12 |
49 |
[1] |
On January 1, 2018, Pargesa adopted IFRS 9 which resulted in the reclassification of the majority of its investments (excluding private equity funds) from available for sale (AFS) to fair value through other comprehensive income (FVOCI). All changes in fair value of equity investments designated as FVOCI are recognized permanently in other comprehensive income. Power Financial continues to apply IAS 39 and has adjusted its share of these items. |
[2] |
Pargesa classifies private equity investments at fair value through profit or loss (FVPL) in accordance with IFRS 9 and recognizes unrealized changes in fair value in earnings. Power Financial does not recognize these unrealized fair value changes in earnings as it continues to classify these private equity funds as available for sale in accordance with IAS 39. |
Net Asset Value
Net asset value represents management's estimate of the fair value of the common shareholders' equity of the Corporation. Net asset value is the fair value of Power Financial's non-consolidated assets less its net debt and preferred shares.
(in millions of Canadian dollars, except per share mounts) |
December 31, 2019 |
December 31, 2018 |
||||
Non-consolidated balance sheet |
Fair value adjustment |
Net asset |
Non-consolidated balance sheet |
Fair value adjustment |
Net asset |
|
Assets |
||||||
Investments |
||||||
Lifeco [1] |
13,654 |
6,976 |
20,630 |
15,088 |
3,780 |
18,868 |
IGM |
2,720 |
2,795 |
5,515 |
2,688 |
1,902 |
4,590 |
Parjointco |
3,954 |
(1,413) |
2,541 |
3,291 |
(983) |
2,308 |
Other |
203 |
127 |
330 |
184 |
90 |
274 |
Cash and cash equivalents |
1,021 |
− |
1,021 |
1,025 |
− |
1,025 |
Other assets |
138 |
− |
138 |
115 |
− |
115 |
Total assets |
21,690 |
8,485 |
30,175 |
22,391 |
4,789 |
27,180 |
Liabilities and preferred shares |
||||||
Debentures |
250 |
− |
250 |
250 |
− |
250 |
Other liabilities |
625 |
− |
625 |
561 |
− |
561 |
Perpetual preferred shares |
2,830 |
− |
2,830 |
2,830 |
− |
2,830 |
Total liabilities and preferred shares |
3,705 |
− |
3,705 |
3,641 |
− |
3,641 |
Net value |
||||||
Common shareholders' equity / Net asset value |
17,985 |
8,485 |
26,470 |
18,750 |
4,789 |
23,539 |
Per share |
27.08 |
39.86 |
26.26 |
32.96 |
||
[1] |
As a result of the Corporation's participation in Lifeco's substantial issuer bid in the second quarter of 2019, the number of shares held by the Corporation decreased by 7.4% or 49,318,032 from 669,568,064 to 620,250,032 (equity interest decreased from 67.8% to 66.8%). |
Power Financial's net asset value per share was $28.01, based on: i) market values of publicly listed investments at March 17, 2020 and ii) fair values for non-publicly listed investments at December 31, 2019.
Non-IFRS Financial Measures and Presentation
Net earnings attributable to common shareholders are comprised of:
- Adjusted net earnings attributable to common shareholders; and
- Other items, 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. Other items include the Corporation's share of items presented as Other items by a subsidiary or a jointly controlled corporation.
Management uses these financial measures in its presentation and analysis of the financial performance of Power Financial 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 items that are not considered to be part of ongoing activities are excluded from this non-IFRS financial measure.
Adjusted net earnings attributable to common 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 Lifeco, IGM, Portag3 Ventures Limited Partnership, Portag3 Ventures II Limited Partnership, Wealthsimple Financial Corp. and KOHO Financial Inc. 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 Power Financial's non-consolidated assets less its net debt and preferred shares. The investments held in public entities (Lifeco, IGM and Pargesa) are measured at their market value and investments in private entities are measured at management's estimate of fair value. Pargesa's net asset value is determined on the basis of current market values for listed shareholdings, plus the fair value of private equity activities and Groupe Bruxelles Lambert treasury shares, less net debt. This measure presents the fair value of the net assets of the holding company to management and investors and assists the reader in determining the value of the holding company.
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 (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred 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, including the fintech strategy, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. 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, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors.
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 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 Canada and available at www.sedar.com.
SOURCE Power Financial Corporation
Stéphane Lemay, Vice-President, General Counsel and Secretary, 514-286-7400
Share this article