|By PR Newswire||
|March 19, 2014 02:30 PM EDT||
Readers are referred to the sections entitled "Non-IFRS Financial Measures" and "Forward-Looking Statements" at the end of this release.
MONTREAL, March 19, 2014 /CNW Telbec/ - Power Corporation of Canada (TSX: POW) today reported earnings results for the fourth quarter and the year ended December 31, 2013.
FOURTH QUARTER RESULTS
Operating earnings attributable to participating shareholders (a non-IFRS financial measure) for the quarter ended December 31, 2013 were $218 million or $0.47 per share, compared with $219 million or $0.48 per share in 2012.
Excluding the impact of acquisition and restructuring costs associated with the Irish Life Group Limited (Irish Life) acquisition by Great-West Lifeco Inc. (Lifeco), a subsidiary of Power Financial, and mark-to-market losses on macro capital hedges, operating earnings attributable to participating shareholders were $259 million or $0.56 per share, compared with $219 million or $0.48 per share in 2012.
Other items, not included in operating earnings, represented a contribution of $82 million. Other items included the Corporation's share of other items at Power Financial as well as charges related to Square Victoria Communications Group Inc., a subsidiary of the Corporation, for an amount of $43 million, which comprised a one-time cash payment related to new terms and conditions of the contract to print the La Presse newspaper. In 2012, other items represented a net charge of $140 million. Additional details on other items can be found in this news release and in the section entitled "Other Items" below.
Net earnings attributable to participating shareholders were $300 million or $0.65 per share, compared with $79 million or $0.18 per share in 2012.
For the year ended December 31, 2013, operating earnings attributable to participating shareholders were $959 million or $2.08 per share, compared with $947 million or $2.06 per share in 2012.
Excluding the impact of acquisition and restructuring costs associated with the Irish Life acquisition and mark-to-market losses on macro capital hedges, operating earnings attributable to participating shareholders were $1,035 million or $2.24 per share.
Other items, not included in operating earnings, were a contribution of $18 million. In addition to the items discussed above, other items in 2013 included a restructuring provision and impairment charges recorded by Square Victoria Communications Group Inc. Other items represented a net charge of $131 million in 2012.
Net earnings attributable to participating shareholders were $977 million or $2.12 per share, compared with $816 million or $1.78 per share in 2012.
RESULTS OF POWER FINANCIAL CORPORATION
FOURTH QUARTER RESULTS
Power Financial reported operating earnings attributable to common shareholders for the quarter ended December 31, 2013 of $403 million or $0.57 per share, compared with $405 million or $0.57 per share in 2012.
Other items, not included in operating earnings, were a contribution of $190 million, and were mainly comprised of a litigation provision recovery reported by Lifeco, and the share of Pargesa's gain recorded by Groupe Bruxelles Lambert on the partial disposal of its investment in Total SA. In 2012, other items were a net charge of $128 million.
Net earnings attributable to common shareholders were $593 million or $0.84 per share, compared with $277 million or $0.39 per share in 2012.
Operating earnings attributable to common shareholders for the year ended December 31, 2013 were $1,708 million or $2.40 per share, compared with $1,678 million or $2.37 per share in 2012.
Other items, not included in operating earnings, were a contribution of $188 million. Other items were a net charge of $60 million in 2012.
Net earnings attributable to common shareholders were $1,896 million or $2.67 per share, compared with $1,618 million or $2.29 per share in 2012.
At December 31, 2013, Power Corporation held a 65.8% economic interest in Power Financial. Power Financial's contribution to Power Corporation's operating earnings was $265 million for the quarter ended December 31, 2013, compared with $268 million in 2012. For the year ended December 31, 2013, Power Financial's contribution to Power Corporation's operating earnings was $1,124 million, compared with $1,108 million in 2012.
DIVIDENDS ON NON-PARTICIPATING PREFERRED SHARES
On February 19, 2014, as previously disclosed, the Board of Directors declared quarterly dividends on the Corporation's preferred shares, as follows:
|SERIES - STOCK SYMBOL||RECORD DATE||PAYMENT DATE||AMOUNT|
|1986 Series - POW.PR.F||March 25, 2014||April 15, 2014||At a floating rate equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks |
|Series A - POW.PR.A||March 25, 2014||April 15, 2014||35¢|
|Series B - POW.PR.B||March 25, 2014||April 15, 2014||33.4375¢|
|Series C - POW.PR.C||March 25, 2014||April 15, 2014||36.25¢|
|Series D - POW.PR.D||March 25, 2014||April 15, 2014||31.25¢|
|Series G - POW.PR.G||March 25, 2014||April 15, 2014||35¢|
| In accordance with the articles of the Corporation|
DIVIDENDS ON PARTICIPATING SHARES
On February 19, 2014, as previously disclosed, the Board of Directors also declared a quarterly dividend of 29 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable March 31, 2014 to shareholders of record March 10, 2014.
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.
|(unaudited)||Twelve months ended||Three months ended|
|Contribution to operating earnings from:|
|Results from corporate activities|
|Income from investments||88||27||32||(1)|
|Operating and other expenses||(125)||(122)||(34)||(33)|
|Dividends on non-participating shares||(52)||(50)||(13)||(13)|
|Operating earnings attributable to participating shareholders||959||947||218||219|
|Other items (see below)|
|Corporate activities of Power Corporation||(21)||(36)||-||-|
|Net earnings attributable to participating shareholders||977||816||300||79|
|Earnings per share (attributable to participating shareholders)|
|(unaudited)||Twelve months ended||Three months ended|
|Impairment charge on CITIC Pacific Limited||(21)||(36)||-||-|
Non-IFRS Financial Measures
In analyzing the financial results of the Corporation and consistent with the presentation in previous years, net earnings attributable to participating shareholders are classified as follows:
• operating earnings attributable to participating shareholders; and
• other items or non-operating earnings, which include the after-tax impact of any item that management considers to be of a non-recurring nature or that could make the period-over-period comparison of results from operations less meaningful, and also include the Corporation's share of any such item presented in a comparable manner by its subsidiaries and its jointly controlled corporations and associates.
Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Operating earnings, as defined by the Corporation, helps the reader to compare the current period's results to those of previous periods as items of a non-recurring nature have been excluded from this non-IFRS measure.
The Corporation also uses the equity method to present and explain its results, financial position and cash flows. This method is useful as it isolates the corporate activities from those of operating subsidiaries and shows their respective contributions separately.
Operating earnings attributable to participating shareholders and operating 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.
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, 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, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, business competition, operational and reputational risks, technological change, changes in government regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, 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 Corporation of Canada
"eFolder does a lot of different things but we protect data and we are focused on protecting data no matter where it resides," explained Carlo Tapia, Product Marketing Manager at eFolder, in this SYS-CON.tv interview at Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 1, 2015 04:00 PM EST
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Dec. 1, 2015 04:00 PM EST Reads: 506
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
Dec. 1, 2015 03:45 PM EST
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 03:00 PM EST Reads: 146
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Dec. 1, 2015 03:00 PM EST Reads: 385
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Dec. 1, 2015 02:45 PM EST Reads: 448
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Dec. 1, 2015 02:45 PM EST
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Dec. 1, 2015 02:15 PM EST Reads: 452
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Dec. 1, 2015 02:00 PM EST Reads: 551
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Dec. 1, 2015 01:45 PM EST Reads: 358
OpsHub, Inc. has announced enhanced support for DevOps and Migration for both Team Foundation Server and Visual Studio On-line in a heterogeneous environment. With added support for build and release entities in OpsHub Integration Manager (OIM) Microsoft customers can now leverage Visual Studio build and release services to manage DevOps processes in a heterogeneous environment. With the enhanced support customers can manage the DevOps process in Team Foundation Server while undertaking activit...
Dec. 1, 2015 01:42 PM EST
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Dec. 1, 2015 01:15 PM EST Reads: 310
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 12:15 PM EST Reads: 102
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Dec. 1, 2015 12:00 PM EST Reads: 234
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Dec. 1, 2015 12:00 PM EST Reads: 312