Larry Mizel’s Power Financial Reports 2016 Second Quarter

All figures are in Canadian dollars unless otherwise noted. Readers are referred to the sections entitled “Non-IFRS Financial Measures” and “Forward-Looking Statements” at the end of this release.

TORONTO, Aug. 5, 2016 /CNW Telbec/ – Power Financial Corporation (TSX: PWF) today reported earnings results for the second quarter and six months ended June 30, 2016.

SECOND QUARTER RESULTS
Operating earnings attributable to common shareholders (a non-IFRS financial measure) for the quarter ended June 30, 2016 were $557 million or $0.78 per share, compared with $559 million or $0.79 per share in 2015.

Non-operating items, not included in operating earnings, were a charge of $52 million comprised of the Corporation’s share of Groupe Bruxelles Lambert’s (GBL) non-cash impairment charge as a result of a further decline in LafargeHolcim Ltd’s share price. In 2015, non-operating items represented a net contribution of $57 million.

Net earnings attributable to common shareholders were $505 million or $0.71 per share, compared with $616 million or $0.87 per share in 2015.

SIX-MONTH RESULTS
Operating earnings attributable to common shareholders for the six months ended June 30, 2016 were $1,033 million or $1.45 per share, compared with $1,124 million or $1.58 per share in 2015.

Non-operating items, not included in operating earnings, resulted in a net charge of $269 million, compared with a net contribution of $65 million in 2015.

Net earnings attributable to common shareholders were $764 million or $1.07 per share, compared with $1,189 million or $1.67 per share in 2015.

RESULTS OF GREAT-WEST LIFECO, IGM FINANCIAL AND PARGESA HOLDING

GREAT-WEST LIFECO INC.
For the quarter ended June 30, 2016, Great-West Lifeco Inc. (Lifeco) reported operating and net earnings attributable to common shareholders of $671 million or $0.675 per share, compared with $659 million or $0.661 per share in 2015.

For the six-month period ended June 30, 2016, Lifeco reported operating and net earnings attributable to common shareholders of $1,291 million or $1.300 per share, compared with $1,359 million or $1.363 per share in 2015.

As at June 30, 2016, Power Financial and IGM Financial Inc. (IGM) held 67.6% and 4.0%, respectively, of Lifeco’s common shares. Lifeco’s contribution to Power Financial’s operating earnings was $453 million for the quarter ended June 30, 2016, compared with $442 million in 2015. For the six months ended June 30, 2016, Lifeco’s contribution to Power Financial’s operating earnings was $872 million, compared with $915 million in 2015.

IGM FINANCIAL INC.
For the quarter ended June 30, 2016, IGM reported operating and net earnings available to common shareholders of $173 million or $0.72 per share, compared with $199 million or $0.80 per share in 2015.

For the six-month period ended June 30, 2016, IGM reported operating and net earnings available to common shareholders of $340 million or $1.40 per share, compared with $399 million or $1.59 per share in 2015.

As at June 30, 2016, Power Financial and The Great-West Life Assurance Company, a subsidiary of Lifeco, held 61.5% and 3.8%, respectively, of IGM’s common shares. IGM’s contribution to Power Financial’s operating earnings was $108 million for the quarter ended June 30, 2016, compared with $116 million in 2015. For the six months ended June 30, 2016, IGM’s contribution to Power Financial’s operating earnings was $208 million, compared with $235 million in 2015.

PARGESA HOLDING SA
For the quarter ended June 30, 2016, Pargesa Holding SA (Pargesa) reported operating earnings of SF151 million, compared with SF153 million in 2015.

For the six months ended June 30, 2016, Pargesa reported operating earnings of SF228 million, compared with SF207 million in 2015.

Non-operating items in the second quarter of 2016 were a charge of SF141 million representing Pargesa’s share of GBL’s non-operating items, as discussed above. Non-operating items in the six-month period of 2016 were a net charge of SF589 million.

Net earnings for the second quarter of 2016 were SF10 million, compared with SF312 million in 2015. For the six-month period ended June 30, 2016, there were net losses of SF361 million, compared with net earnings of SF399 million in 2015.

Power Financial holds a 50% interest in Parjointco N.V., which in turn held a 55.5% equity interest in Pargesa at June 30, 2016. Pargesa’s contribution to Power Financial’s operating earnings was $56 million for the three-month period ended June 30, 2016, compared with $55 million in 2015. For the six-month period ended June 30, 2016, Pargesa’s contribution to Power Financial’s operating earnings was $85 million, compared with $74 million in 2015.

DIVIDEND ON COMMON SHARES
The Board of Directors today declared a quarterly dividend of 39.25 cents per share on the Corporation’s common shares payable November 1, 2016 to shareholders of record September 30, 2016.

DIVIDENDS ON PREFERRED SHARES
The Board of Directors also declared quarterly dividends on the Corporation’s preferred shares, as follows:

 

SERIES – STOCK SYMBOL

RECORD DATE

PAYMENT DATE

AMOUNT

Series A – PWF.PR.A

October 25, 2016

November 15, 2016

At a floating rate equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks [1]

Series D – PWF.PR.E

October 11, 2016

October 31, 2016

34.375¢

Series E – PWF.PR.F

October 11, 2016

October 31, 2016

32.8125¢

Series F – PWF.PR.G

October 11, 2016

October 31, 2016

36.875¢

Series H – PWF.PR.H

October 11, 2016

October 31, 2016

35.9375¢

Series I – PWF.PR.I

October 11, 2016

October 31, 2016

37.50¢

Series K – PWF.PR.K

October 11, 2016

October 31, 2016

30.9375¢

Series L – PWF.PR.L

October 11, 2016

October 31, 2016

31.875¢

Series O – PWF.PR.O

October 11, 2016

October 31, 2016

36.25¢

Series P – PWF.PR.P

October 11, 2016

October 31, 2016

14.4125¢

Series Q – PWF.PR.Q

October 11, 2016

October 31, 2016

13.1699¢

Series R – PWF.PR.R

October 11, 2016

October 31, 2016

34.375¢

Series S – PWF.PR.S

October 11, 2016

October 31, 2016

30¢

Series T – PWF.PR.T

October 11, 2016

October 31, 2016

26.25¢

[1] In accordance with the articles of the Corporation

 

ABOUT POWER FINANCIAL
Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. It also has diversified investments in industrial companies based in Europe. Power Financial Corporation is a member of the Power Corporation Group of Companies. To learn more, visit www.powerfinancial.com.

 

EARNINGS SUMMARY

(unaudited)
(in millions of Canadian dollars, except per share amounts)

Three months ended

Six months ended

June 30,

2016

June 30, 2015

June 30,

2016

June 30, 2015

Operating earnings

Lifeco

453

442

872

915

IGM

108

116

208

235

Pargesa

56

55

85

74

617

613

1,165

1,224

Corporate operations [1]

(29)

(22)

(70)

(35)

Dividends on perpetual preferred shares

(31)

(32)

(62)

(65)

Operating earnings (attributable to common shareholders)

557

559

1,033

1,124

Other items (non-operating earnings) – see below

(52)

57

(269)

65

Net earnings (attributable to common shareholders)

505

616

764

1,189

Earnings per share (attributable to common shareholders)

Operating earnings

0.78

0.79

1.45

1.58

Non-operating earnings

(0.07)

0.08

(0.38)

0.09

Net earnings

0.71

0.87

1.07

1.67

[1] Includes foreign exchange gains (losses) and losses on investments.

OTHER ITEMS (NON-OPERATING EARNINGS)

(unaudited)

(in millions of Canadian dollars)

Three months ended

Six months ended

June 30,

2016

June 30,

2015

June 30,

2016

June 30,

2015

Share of Pargesa’s other items:

Total SA – Gain on partial disposal

101

9

LafargeHolcim Ltd – Impairment charges

(52)

(360)

Lafarge SA – Mark-to-market gain representing a reversal of impairment charges

80

80

Lafarge SA – Impairment and restructuring charges

(23)

(23)

Engie – Impairment charge

(9)

Suez Environnement Company – Gain on exchange

2

4

Other (charge) income

(2)

(1)

(5)

(52)

57

(269)

65

 

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 and common shares are eligible dividends.

Non-IFRS Financial Measures and Presentation

In analyzing the financial results of the Corporation and consistent with the presentation in previous periods, net earnings attributable to common shareholders are comprised of:

  • operating earnings attributable to common shareholders; and
  • other items or non-operating earnings, 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 or non-operating earnings by a subsidiary or a jointly controlled corporation or associate.

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. Operating 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 ongoing operating activities are excluded from this non-IFRS measure.

Operating earnings attributable to common 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.

The Corporation also uses a non-consolidated basis of presentation to present and analyze its results, financial position and cash flows. In this basis of presentation, Power Financial’s interests in Lifeco and IGM 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.

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, 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 Financial Corporation

Stew Webb Radio Network
Listen Live
US Intel Breaking News
http://www.stewwebb.com
Listen live by phone
712-775-8269
federalwhistleblower@gmail.com

Posted in Breaking News
Tags:
About the Author
Stew Webb served in the United States Marine Corps and was Honorable Discharge. Stew was a Realtor-General Contractor-Home Builder until 3 car crashes in 2010-2011 (attempted murders see picture my Van on concrete barrier below Breaking News column) and is now disabled. Stew turned Federal Whistle blower - Activist of 39 years and has been a guest on over 4,000 Radio and TV Programs since September 18, 1991 and now has his own Radio Network http://www.stewwebb.com .Stew was responsible for the Congressional Investigations and Hearings that lead to the Appointment of Independent Prosecutor Arlin Adams in the 1989 HUD Hearings, the Silverado Savings and Loan Hearings Neil Bush Director, the Denver International Airport Frauds Hearings, the MDC Holdings, Inc. (MDC-NYSE) Illegal Political Campaign Money Laundering Colorado’s biggest case aka Keating 5 Hearings and the information provided that lead to the 2008 Illegal Bank Bailout. Stew was held as a Political Prisoner from 1992-1993 to silence his exposure by Leonard Millman his former in law with illegal charges of threatening harassing telephone calls charges which were dismissed with prejudice. Leonard Millman, George HW Bush, George W Bush, Jeb Bush, Neil Bush, Bill Clinton, Hillary Clinton, Larry Mizel, Phil Winn, Norman Brownstein, John McCain and Mitt Romney to name a few are all partners in what is known as the Bush - Millman - Clinton Organized Crime Syndicate. Leonard Millman (Deceased 2004) was member of the "Illuminati Council of 13". Larry Mizel is now in control of this Organized Crime Syndicate RICO. I have contributed to the following books: * “Defrauding America”, by Rodney Stitch * "Drugging America", by Rodney Stitch * “The Mafia, CIA and George Bush” by Pete Brewton * “The Oklahoma City Bombing Power of Politics”, by David Hoffman * “Bushwacked” by Uri Dowbenko * “Silverado Savings and Loan” by Steve Wilmsen * “Drugging America” by Rodney Stitch * I was instrumental in brokering a deal that has lead to Al Martin’s new book “The Conspirators”, www.almartinraw.com I have known Al since 1991, when I had to hide from the FBI who tried to jail me for exposing,“The Bush Crime Family-Denver Connection-King Pin Leonard Millman”, my former-father-in-law. @@@@@ (Your kind and generous contributions are much appreciated and needed, Please copy and paste the link below into your browser to contribute today thank you Stew Webb. https://www.paypal.com/paypalme/SWebb822 Contributions by mail: Stew Webb federalwhistleblower@gmail.com 12820 SW K-4 HWY #B Topeka, Kansas 66601-9749 Phone: 785-213-0160)

flagususmcflag




“NEW”
Stew Webb Whistle blower Chronicles Video

Stew Webb

federalwhistleblower@gmail.com
stewwebb@stewwebb.com
Phone 785-213-0160

Contributions by mail:

Stew Webb

12820 SW K4 HWY #B

Topeka, Kansas 66601-9749

785-213-0160



Attempted Murder of Stew Webb

Grandview, Missouri Police Obstruct Justice and tried to Cover up the car crash by FBI Stooges and Killers.

SEE: PROOF (Exhibits 1-22)

Larry Mizel and the Pro Jewish Mafia

Breaking News

Archives