Financial Highlights
FOR THE YEARS ENDED DECEMBER IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS
Revenues , ,
Operating earnings attributable to participating shareholders , Operating earnings per participating share . . Net earnings attributable to participating shareholders , Net earnings per participating share . . Dividends paid per participating share . . Consolidated assets , , Consolidated assets and assets under management , , Shareholders’ equity , , Total equity , , Book value per participating share . . Participating shares outstanding in millions . .
NonIFRS nancial measures. Please reer to the reconciliation o nonIFRS nancial measures to nancial measures in accordance with IFRS in the Review o Financial Perormance.
Table of GroupOrganizationChart Contents CorporateProfile Overview Directors’ReporttoShareholders ResponsibleManagement ReviewofFinancialPerformance ConsolidatedFinancialStatementsandNotes Five-YearFinancialSummary BoardofDirectors Ocers CorporateInformation
POWER CORPORATION OF CANADA > 2014 ANNUAL REPORT Group Organization Chart
POWER CORPORATION OF CANADA
POWER FINANCIAL CORPORATION 65.7%
GREAT-WEST IGM PARGESA LIFECO INC. FINANCIAL INC. HOLDING SA 67.2% [ ][] 58.8% [ ] []
THE GREAT-WEST LIFE INVESTORS GROUPE ASSURANCE COMPANY GROUP INC. BRUXELLES LAMBERT 100% 100% 50.0% [ ]
LONDON LIFE MACKENZIE FINANCIAL INSURANCE COMPANY CORPORATION IMERYS 56.5% 100% 100%
LAFARGE SA 21.1%
THE CANADA LIFE INVESTMENT PLANNING ASSURANCE COMPANY COUNSEL INC. TOTAL SA .0% 100% 97.1%
SGS SA 15.0%
IRISH LIFE GROUP LIMITED PERNOD RICARD 7.5% 100%
GDF SUEZ 2.4%
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 100%
PUTNAM INVESTMENTS, LLC 100% [¡]
POWER CORPORATION OF CANADA > 2014 ANNUAL REPORT SQUARE VICTORIA POWER ENERGY COMMUNICATIONS INVESTMENT CORPORATION GROUP INC. FUNDS 100% 100%
GESCA LTÉE POTENTIA SOLAR INC. ¤[] 100% 62.8% SAGARD EUROPE
SAGARD CAPITAL 100%
SQUARE VICTORIA DIGITAL EAGLE CREEK PROPERTIES INC. RENEWABLE ENERGY, LLC SAGARD CHINA 100% 100% 14.4%¤[6]
Percentages denote participating equity interest as at December , .
IGM Financial held .% o the common shares o GreatWest Li eco and GreatWest Li e held .% o the common shares o IGM Financial. Representing % o the voting rights. Through its wholly owned subsidiary, Power Financial Europe B.V., Power Financial held a % interest in Parjointco. Parjointco held a voting interest o .% and an equity interest o .% in Pargesa. Representing % o the voting rights. Denotes voting interest. Through a % owned subsidiary, Power Energy held a % indirect interest in Eagle Creek Renewable Energy. Details on the Corporation’s interest in the Sagard Europe unds can be ound in the Review o Financial Per ormance urther in this report.
POWER CORPORATION OF CANADA > 2014 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.
POWER CORPORATION HOLDS DIRECT OR INDIRECT INTERESTS IN:
POWER FINANCIAL
Power Financial holds the controlling interest in Great West Lieco and IGM Financial. Power Financial and the Frère group each hold a per cent interest in Parjointco, which holds their interest in Pargesa.
GREAT-WEST LIFECO is an international nancial services holding company with interests in lie insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. The company has operations in Canada, the United States, Europe and Asia through Great West Lie, London Lie, Canada Lie, Irish Lie, Great West Financial and Putnam Investments. Great West Lieco and its companies have over trillion in consolidated assets under administration.
GREAT-WEST LIFE is a leading Canadian insurer, with interests in lie insurance, health insurance, investment, savings and retirement income, and reinsurance businesses, primarily in Canada and Europe. In Canada, Great West Lie and its subsidiaries, London Lie and Canada Lie, oer a broad portolio o nancial and benet plan solutions and serve the nancial security needs o more than million people. In Europe, Great West Lie has operations in the United Kingdom, Isle o Man, Germany and Ireland through Canada Lie and Irish Lie.
LONDON LIFE oers nancial security advice and planning through its more than , member Freedom Financial™ division. Freedom Financial oers London Lie’s own brand o investments, savings and retirement income, annuities, lie insurance and mortgage products, and a broad range o nancial products rom other nancial institutions. London Lie also participates in international reinsurance markets through London Reinsurance Group Inc.
CANADA LIFE provides insurance and wealth management products and services in Canada, the United Kingdom, Isle o Man and Germany and in Ireland through Irish Lie. Canada Lie is a leading provider o traditional mortality, structured and longevity reinsurance solutions or lie insurers in the United States and in international markets.
GREAT-WEST FINANCIAL provides lie insurance, annuities, executive benets products and investment services in the U.S. Serving the corporate, government, non prot and institutional sectors, its Empower Retirement arm is the second largest retirement services provider in the U.S. by customers. Empower also oers individual retirement accounts and advisory services.
PUTNAM INVESTMENTS is a U.S. based global asset manager with more than years o investment experience. In addition to over mutual unds, the irm oers a ull range o investment products and services or inancial advisors, institutional investors and retirement plan sponsors.
POWER CORPORATION OF CANADA > 2014 ANNUAL REPORT IGM FINANCIAL
is one o Canada’s premier personal nancial services companies, and one o the country’s largest managers and distributors o mutual unds and other managed asset products, with approximately billion in total assets under management at December , . The company serves the nancial needs o Canadians through multiple distinct businesses, including Investors Group, Mackenzie Investments and Investment Planning Counsel.
INVESTORS GROUP is a national leader in delivering personalized nancial solutions through a network o over , consultants to nearly one million Canadians. Investors Group is committed to comprehensive planning and oers an exclusive amily o mutual unds and other investment vehicles, along with a wide range o insurance, securities, mortgage and other nancial services.
MACKENZIE INVESTMENTS is recognized as one o Canada’s premier investment managers and provides investment advisory and related services through multiple distribution channels ocused on the provision o nancial advice. Mackenzie Investments oers mutual unds, pooled unds, segregated accounts and separate accounts or retail and institutional investors.
PARGESA GROUP
holds signicant positions in major global companies based in Europe: Imerys mineral based specialities or industry, Laarge cement, aggregates and concrete, Total oil, gas and alternative energies, SGS testing, inspection and certication, Pernod Ricard wines and spirits and GDF Suez electricity, natural gas, and energy and environmental services.
SQUARE VICTORIA COMMUNICATIONS GROUP
GESCA is a wholly owned subsidiary. Through its subsidiaries, Gesca owns the French language news medium La Presse, whose content is available on several platorms: the ree La Presse+ digital edition or tablets, the paper version o La Presse, the La Presse mobile application or smartphones and the website LaPresse.ca, a top Canadian site or news and inormation in French.
SQUARE VICTORIA DIGITAL PROPERTIES is a wholly owned subsidiary which, directly or through subsidiaries, holds interests in several digital businesses.
POWER ENERGY
a wholly owned subsidiary o Power Corporation, has invested in privately held Potentia Solar, a rootop solar power producer in Ontario, and Eagle Creek Renewable Energy, a U.S. based owner and operator o hydropower acilities.
INVESTMENT FUNDS
The Corporation operates equity investment unds in three geographies: Sagard Europe, Sagard Capital in the United States, and Sagard China. In addition to Sagard China, Power Corporation has minority interests in CITIC Limited and China AMC.
POWER CORPORATION OF CANADA > 2014 ANNUAL REPORT ¡