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Annual Report 2011 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 associates is derived from public information published by consult the Corporation’s disclosure documents, such such subsidiaries and associates and is provided here for as its Annual Information Form and Management’s the convenience of the shareholders of Power Corporation Discussion and Analysis. Copies of the Corporation’s of Canada. For further information concerning such continuous disclosure documents can be obtained subsidiaries and associates, shareholders and other at www.sedar.com, on the Corporation’s website at interested persons should consult the websites of, and www.powercorporation.com, or from the Office of the other publicly available information published by, such Secretary at the addresses shown at 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); Arkema Inc. (Arkema); 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, IFRS refers to International Financial Reporting Standards. Financial Highlights FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS] 2011 2010 Revenues 32,912 32,820 Operating earnings attributable to participating shareholders 1,152 957 Operating earnings per participating share 2.50 2.09 Net earnings attributable to participating shareholders 1,075 727 Net earnings per participating share 2.34 1.59 Dividends paid per participating share 1.16 1.16 Consolidated assets 255,496 247,526 Consolidated assets and assets under management 499,599 503,063 Shareholders’ equity 9,825 9,430 Total equity 25,035 23,851 Book value per participating share 19.67 18.85 Participating shares outstanding (in millions) 459.9 458.6 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 34 Five‑Year Financial Summary 103 Board of Directors 104 Officers 105 Corporate Information 106 POWER CORPORATION OF CANADA 2011 ANNUAL REPORT 1 PCC AR ENG REW 2012–04–02 14:36 bleu Group Organization Chart Power Corporation of Canada 100% 66.1% SQUARE VICTORIA POWER FINANCIAL COMMUNICATIONS INVESTMENTS CORPORATION GROUP INC. 68.2% [ 2 ] [1] [2] PARGESA HOLDING SA GREAT-WEST LIFECO INC. 4.0% 100% 100% THE GREAT-WEST LIFE LONDON LIFE ASSURANCE COMPANY INSURANCE COMPANY 100% 100% GREAT-WEST LIFE THE CANADA LIFE & ANNUITY INSURANCE ASSURANCE COMPANY COMPANY 100% [3] PUTNAM INVESTMENTS, LLC Percentages denote year‑end equity interest. [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 76.0 per cent and an equity interest of 56.5 per cent in Pargesa. [2] Together, 65 per cent direct and indirect voting interest. [3] Denotes voting interest. 2 POWER CORPORATION OF CANADA 2011 ANNUAL REPORT Corporate Profile Incorporated in 1925, Power Corporation is a diversified international management and holding company with interests in 57.6% companies in the financial 3.6% services, communications IGM FINANCIAL INC. and other business sectors. 100% INVESTORS GROUP INC. 100% MACKENZIE FINANCIAL CORPORATION 93.9% INVESTMENT PLANNING COUNSEL INC. POWER CORPORATION OF CANADA 2011 ANNUAL REPORT 3 PCC AR ENG REW 2012–04–02 14:36 bleu 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 over $502 billion in assets under administration. GREAT-WEST LIFE CANADA LIFE is a leading Canadian insurer, with interests provides insurance and wealth management in life insurance, health insurance, investment, products and services in Canada, the United savings and retirement income, and reinsurance Kingdom, Isle of Man, Ireland and Germany. businesses, primarily in Canada and Europe. Canada Life is a leading provider of traditional In Canada, Great-West Life and its subsidiaries, mortality, structured and annuity reinsurance London Life and Canada Life, offer a broad solutions for life insurers in the United States portfolio of financial and benefit plan solutions and in international markets through its and serve the financial security needs of more Reinsurance division. than 12 million people. GREAT-WEST LIFE & ANNUITY LONDON LIFE operates in the United States, administering offers financial security advice and planning retirement savings plans for employees in the through its more than 3,150-member public/non-profit and corporate sectors, offering Freedom 55 Financial™ division. fund management, investment and advisory Freedom 55 Financial offers London Life’s services, and providing individual retirement own brand of investments, savings and accounts, life insurance, annuities, business-owned retirement income, annuities, life insurance life insurance and executive benefits products. and mortgage products, and a broad range PUTNAM INVESTMENTS of financial products from other financial is a Boston-based global asset manager and institutions. London Life participates retirement plan provider with 75 years of in international reinsurance markets through investment experience. The company had London Reinsurance Group. US$117 billion in assets under management at December 31, 2011. In addition to over 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 2011 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 $118 billion in total assets under management at December 31, 2011. 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, is a multidimensional financial services company and services, including investment, retirement, with more than 150 mutual funds and is recognized estate and tax planning, through a network as one of Canada’s premier investment managers, of approximately 4,600 consultants to nearly providing investment advisory and related services one 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 impact ownership 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).
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