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2012 Annual Report

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2012 Annual Report 2012 Annual Report This Annual Report is intended to provide interested In addition, selected information concerning the business, shareholders and other interested persons with selected operations, financial condition, financial performance, information concerning Power Corporation of Canada. priorities, ongoing objectives, strategies and outlook For further information concerning the Corporation, of Power Corporation of Canada’s subsidiaries and shareholders and other interested persons should consult associates is derived from public information published by the Corporation’s disclosure documents, such as its Annual such subsidiaries and associates and is provided here for Information Form and Management’s Discussion and the convenience of the shareholders of Power Corporation Analysis. Copies of the Corporation’s continuous disclosure of Canada. For further information concerning such documents can be obtained at www.sedar.com, on the subsidiaries and associates, shareholders and other Corporation’s website at www.powercorporation.com, or interested persons should consult the websites of, and from the Office of the Secretary at the addresses shown at other publicly available information published by, such the end of this report. subsidiaries and associates. Readers should also review the note further in this report, in the section entitled Review of Financial Performance, concerning the use of Forward-Looking Statements, which applies to the entirety of this Annual Report. 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 Great-West Financial); Great-West Lifeco Inc. (Great-West Lifeco or Lifeco); Groupe Bruxelles Lambert (GBL); IGM Financial Inc. (IGM Financial or IGM); Investment Planning Counsel Inc. (Investment Planning Counsel); Investors Group Inc. (Investors Group); Lafarge SA (Lafarge); London Life Insurance Company (London Life); Mackenzie Financial Corporation (Mackenzie); Pargesa Holding SA (Pargesa); Parjointco N.V. (Parjointco); 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 SA (Total); Victoria Square Ventures Inc. (Victoria Square Ventures or VSV). In addition, IFRS refers to International Financial Reporting Standards. Financial Highlights FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS] 2012 2011 Revenues 32,921 32,912 Operating earnings attributable to participating shareholders 963 1,152 Operating earnings per participating share 2.09 2.50 Net earnings attributable to participating shareholders 832 1,075 Net earnings per participating share 1.81 2.34 Dividends paid per participating share 1.16 1.16 Consolidated assets 271,645 255,496 Consolidated assets and assets under management 526,937 499,599 Shareholders’ equity 10,099 9,825 Total equity 26,705 25,035 Book value per participating share 19.83 19.67 Participating shares outstanding (in millions) 460.0 459.9 The Corporation uses operating earnings as a performance measure in analyzing its financial performance. For a discussion of the Corporation’s use of non‑IFRS 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 Responsible Management 16 Review of Financial Performance 18 Consolidated Financial Statements and Notes 36 Five‑Year Financial Summary 99 Board of Directors 100 Officers 101 Corporate Information 102 POWER CORPORATION OF CANADA > 2012 ANNUAL REPORT 1 Group Organization POWER CORPORATION Chart OF CANADA POWER FINANCIAL CORPORATION 66.0% GREAT-WEST IGM PARGESA LIFECO INC. FINANCIAL INC. HOLDING SA 68.2% [1] 58.7% [1] [2] THE GREAT-WEST LIFE INVESTORS GROUPE ASSURANCE COMPANY GROUP INC. BRUXELLES LAMBERT 100% [1] 100% 50% [3] LONDON LIFE MACKENZIE FINANCIAL INSURANCE COMPANY CORPORATION IMERYS 56.9% 100% 100% LAFARGE SA 21.0% THE CANADA LIFE INVESTMENT PLANNING GDF SUEZ 5.1% ASSURANCE COMPANY COUNSEL INC. SUEZ ENVIRONNEMENT COMPANY 7.2% 100% 93.9% TOTAL SA 4.0% GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY PERNOD RICARD 7.5% 100% Percentages denote participating equity interest as at December 31, 2012. [1] IGM Financial held 4.0% of the common shares of Great‑West Lifeco and Great‑West Life PUTNAM held 3.7% of the common shares of IGM Financial. INVESTMENTS, LLC [2] Through its wholly owned subsidiary, Power Financial Europe, Power Financial held a 50% interest in Parjointco. Parjointco held a voting interest of 75.4% and an equity interest of 55.6% in Pargesa. [4] 100% [3] Representing 52% of the voting rights. [4] Denotes voting interest. 2 POWER CORPORATION OF CANADA > 2012 ANNUAL REPORT SQUARE VICTORIA POWER COMMUNICATIONS ENERGY GROUP INC. CORPORATION INVESTMENTS 100% 100% GESCA LTÉE POTENTIA SOLAR INC. 58.8% CITIC PACIFIC LIMITED 4.3% CHINA ASSET MANAGEMENT CO. LTD. 10% 100% SAGARD CHINA SQUARE VICTORIA DIGITAL PROPERTIES INC. SAGARD CAPITAL 100% SAGARD EUROPE INVESTMENT FUNDS AND HEDGE FUNDS 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 OF CANADA > 2012 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 INC. is an international financial services holding company with interests in life 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 Life, London Life, Canada Life, Great-West Life & Annuity and Putnam Investments. Great-West Lifeco and its companies have $546 billion in assets under administration. GREAT-WEST LIFE CANADA LIFE is a leading Canadian insurer, with interests in life provides insurance and wealth management insurance, health insurance, investment, savings products and services in Canada, the United and 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 longevity reinsurance and Canada Life, offer a broad portfolio of financial solutions for life insurers in the United States and benefit plan solutions and serve the financial and in international markets through its security needs of more than 12 million people. Reinsurance division. LONDON LIFE GREAT-WEST LIFE & ANNUITY offers financial security advice and planning through operates in the United States, using the marketing its more than 3,400-member Freedom 55 Financial™ name Great-West Financial®. The company division. Freedom 55 Financial offers London Life’s administers retirement savings plans for employees own brand of investments, savings and retirement in the public, non-profit and corporate sectors, income, annuities, life insurance and mortgage offers fund management, investment and advisory products, and a broad range of financial products services, and provides individual retirement from other financial institutions. London Life accounts, life insurance, annuities, business-owned participates in international reinsurance markets life insurance and executive benefits products. through London Reinsurance Group. PUTNAM INVESTMENTS is a Boston-based global asset manager and retirement plan provider with more than 75 years of investment experience. The company had US$128 billion in assets under management at December 31, 2012. In addition to over 100 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 > 2012 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 $120 billion in total assets under management at December 31, 2012. The company serves the financial needs of Canadians through multiple distinct businesses, including Investors Group, Mackenzie Investments and Investment Planning Counsel. INVESTORS GROUP MACKENZIE INVESTMENTS is a national leader in delivering personalized is recognized as one of Canada’s premier investment financial solutions through a network of over managers and provides investment advisory and 4,500 consultants to nearly one million Canadians. related services through multiple distribution Investors Group is committed to comprehensive channels focused on the provision of financial planning and offers an exclusive family of mutual advice. Mackenzie offers mutual funds,
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