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Annual Report 2010

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Annual Report 2010 ANNUAL REPORT 2010 This Annual Report is designed to provide interested shareholders and other interested persons with selected information concerning Power Corporation of Canada. For further information concerning the Corporation, shareholders and other interested persons should consult the Corporation’s disclosure documents such as its Annual Information Form and Management’s Discussion and Analysis of Operating Results. Copies of the Corporation’s continuous disclosure documents can be obtained at www.sedar.com, on the Corporation’s Web site at www.powercorporation.com or from the Office of the Secretary at the addresses shown at the end of this report. Readers should also review the note further in this report, in the Review of Financial Performance section, concerning the use of Forward- Looking Statements, which applies to the entirety of this Annual Report. In addition, selected information concerning the business, operations, financial condition, priorities, ongoing objectives, strategies and outlook of Power Corporation of Canada’s subsidiaries and investments at equity is derived from public information published by such subsidiaries and investments at equity and is provided here for the convenience of the shareholders of Power Corporation of Canada. For further information concerning such subsidiaries and investments at equity, shareholders and other interested persons should consult the Web sites of, and other publicly available information published by, such subsidiaries and investments at equity. The following abbreviations are used throughout this report: Power Corporation of Canada (Power Corporation or the Corporation); CITIC Pacific Limited (CITIC Pacific); Gesca ltée (Gesca); Great-West Life & Annuity Insurance Company (Great-West Life & Annuity or GWL&A); Great-West Lifeco Inc. (Great-West Lifeco or Lifeco); Groupe Bruxelles Lambert (GBL); IGM Financial Inc. (IGM Financial or IGM); Imerys S.A. (Imerys); Investment Planning Counsel Inc. (Investment Planning Counsel); Investors Group Inc. (Investors Group); Lafarge S.A. (Lafarge); London Life Insurance Company (London Life); Mackenzie Financial Corporation (Mackenzie Financial or Mackenzie); Pargesa Holding SA (Pargesa); Parjointco N.V. (Parjointco); Pernod Ricard S.A. (Pernod Ricard); Power Financial Corporation (Power Financial); Putnam Investments, LLC (Putnam Investments or Putnam); Square Victoria Digital Properties Inc. (Square Victoria Digital Properties or SVDP); Suez Environnement Company (Suez Environnement); The Canada Life Assurance Company (Canada Life); The Great-West Life Assurance Company (Great-West Life); Total S.A. (Total); Victoria Square Ventures Inc. (Victoria Square Ventures or VSV). In addition, Canadian GAAP or GAAP refers to Canadian generally accepted accounting principles. FINANCIAL HIGHLIGHTS FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS] 2010 2009 Revenues 32,896 33,152 Operating earnings 1,006 867 Operating earnings per participating share 2.11 1.81 Net earnings 907 682 Net earnings per participating share 1.89 1.40 Dividends paid per participating share 1.16 1.16 Consolidated assets 146,066 143,007 Total assets and assets under management 493,650 474,551 Shareholders’ equity 9,648 9,829 Book value per participating share 19.33 19.78 Participating shares outstanding (in millions) 458.7 457.3 The Corporation uses operating earnings as a performance measure in analysing its financial performance. For a discussion of the Corporation’s use of non‑GAAP financial measures, please refer to the Review of Financial Performance section in this Annual Report. TABLE OF CONTENTS Financial Highlights 1 Group Organization Chart 2 Corporate Profile 3 Directors’ Report to Shareholders 6 Review of Financial Performance 16 Financial Statements and Notes 35 Five-Year Financial Summary 79 Board of Directors 80 Officers 81 Corporate Information 82 POWER CORPORATION OF CANADA + 2010 ANNUAL REPORT 1 GROUP ORGANIZATION CHART POWER CORPORATION OF CANADA 100% 66.1% SQUARE VICTORIA POWER FINANCIAL CASH, INVESTMENTS COMMUNICATIONS CORPORATION & CORPORATE GROUP INC. ASSETS [1] 68.3 [2] 4.0% [2] PARGESA GREAT-WEST HOLDING SA LIFECO INC. 100% [3] 100% 100% 100% 100% PUTNAM GREAT-WEST LIFE THE GREAT-WEST LONDON LIFE THE CANADA INVESTMENTS, LLC & ANNUITY LIFE ASSURANCE INSURANCE LIFE ASSURANCE INSURANCE COMPANY COMPANY COMPANY COMPANY Percentages denote year-end equity interest unless otherwise noted. [1] Through its wholly owned subsidiary, Power Financial Europe B.V., Power Financial held a 50 per cent interest in Parjointco. Parjointco held a voting interest of 62.9 per cent and an equity interest of 54.1 per cent in Pargesa. [2] Together, 65 per cent direct and indirect voting interest. [3] Denotes voting interest. 2 POWER CORPORATION OF CANADA + 2010 ANNUAL REPORT CORPORATE PROFILE Incorporated in 1925, Power Corporation is a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. 3.5 % 57.0% IGM FINANCIAL INC. 100% 100% 94.2% INVESTORS MACKENZIE INVESTMENT GROUP INC. FINANCIAL PLANNING CORPORATION COUNSEL POWER CORPORATION OF CANADA + 2010 ANNUAL REPORT 3 CORPORATE PROFILE CONTINUED Power Corporation holds direct or indirect interests in: POWER FINANCIAL CORPORATION Power Financial holds the controlling interest in Great-West Lifeco and IGM Financial. Power Financial and the Frère group each hold a 50 per cent interest in Parjointco, which holds their interest in Pargesa. GREAT-WEST LIFECO is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. The company has operations in Canada, the United States, Europe and Asia through Great-West Life, London Life, Canada Life, Great-West Life & Annuity and Putnam Investments. Great-West Lifeco and its companies have $484 billion in assets under administration. GREAT-WEST LIFE CANADA LIFE is a leading Canadian insurer, with interests in the provides insurance and wealth management life and health insurance, investment, savings and products and services in Canada, the United retirement income and reinsurance businesses, Kingdom, Isle of Man, Ireland and Germany. primarily in Canada and Europe. In Canada, Canada Life is a leading provider of traditional Great-West Life and its subsidiaries, London Life mortality, structured and annuity reinsurance and Canada Life, offer a broad portfolio of financial solutions for life insurers in the United States and and benefit plan solutions and serve the financial in international markets, through its Canada Life security needs of more than 12 million people. Reinsurance Division. LONDON LIFE GREAT-WEST LIFE & ANNUITY offers financial security advice and planning operates in the United States, administering through its more than 3,300-member Freedom 55 retirement savings plans for employees in the Financial™ division. Freedom 55 Financial offers public/non-profit and corporate sectors, offering London Life’s own brand of investments, savings fund management, investment and advisory and retirement income, annuities, life insurance services, and providing annuities and life insurance and mortgage products; and a broad range of for individuals and businesses. financial products from other financial institutions. PUTNAM INVESTMENTS In addition to its domestic operations, London Life is a Boston-based global money management firm participates in international reinsurance markets with over 70 years of investment experience. The through London Reinsurance Group. company had approximately US$121 billion in total assets under management at December 31, 2010. In addition to 80 retail mutual funds, the firm offers a full range of investment and retirement products and services for advisors and their clients, institutional investors and plan sponsors. 4 POWER CORPORATION OF CANADA + 2010 ANNUAL REPORT IGM FINANCIAL is one of Canada’s premier personal financial services companies, and one of the country’s largest managers and distributors of mutual funds and other managed asset products, with over $129 billion in total assets under management at December 31, 2010. The company serves the financial needs of Canadians through multiple distinct businesses including Investors Group, Mackenzie Financial and Investment Planning Counsel. INVESTORS GROUP MACKENZIE FINANCIAL provides comprehensive planning, advice, and is a multidimensional financial services company services, including investment, retirement, with more than 160 mutual funds and is recognized estate and tax planning, through a network of as one of Canada’s premier investment managers, approximately 4,700 consultants to nearly one providing investment advisory and related services million Canadians. Investors Group offers in North America. investment management, securities, insurance, mortgage and other financial services to its clients through integrated financial planning. PARGESA GROUP holds significant positions in six large industrial companies based in Europe: Lafarge (cement and building materials), Imerys (industrial minerals), Total (oil and gas), GDF Suez (electricity and gas), Suez Environnement (water and waste management) and Pernod Ricard (wines and spirits). COMMUNICATIONS AND OTHER HOLDINGS SQUARE VICTORIA COMMUNICATIONS GROUP is a wholly owned subsidiary of Power Corporation. It holds interests in Gesca and Square Victoria Digital Properties. GESCA SQUARE VICTORIA
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