annual shareholder meeting - accueil › media › uploads › ... · managed solutions products....
TRANSCRIPT
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2017 Annual Shareholder
Meeting
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In the course of today’s meeting, officers of the Corporation may make, in their remarks or in response to questions, and the accompanying materials may include, statements containing forward-looking information. Certain statements, 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 listener/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 listener/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 listener/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 its most recent Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedar.com.
Certain financial terms which may be included in statements today or in the accompanying materials, such as adjusted net earnings, are non-IFRS financial measures that do not have a standard meaning and may not be comparable to similar measures used by other entities. Please refer to the Corporation’s annual and most recent interim Management’s Discussion and Analysis for more information, including how such measures are defined, an explanation of their purpose and a reconciliation of the non-IFRS measures to the corresponding IFRS measures, where comparable IFRS measures exist.
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Dividend Increases in 2016
Great-West Lifeco 6.1%
Power Financial 5.4%
Pargesa 4.8%
Power Corporation 7.6%
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Net Earnings 1,786 1,082
2015 2016
ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS [$ MILLION]
Adjusted Net Earnings 1,573 1,203
Earnings
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2017 Annual Shareholder MeetingFirst
Quarter Results
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
First Quarter Earnings
Net Earnings 48 258
2016 2017
ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS [$ MILLION]
Adjusted Net Earnings 191 269
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Quarterly Dividend
$0.3585 per participating share
an increase of 7%
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2017 Annual Shareholder Meeting
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2017 Annual Shareholder MeetingGroup
Companies’ Results
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2017 Annual Shareholder Meeting
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Earnings
Net Earnings 2,319 1,919
2015 2016
ATTRIBUTABLE TO COMMON SHAREHOLDERS [$ MILLION]
Adjusted Net Earnings 2,241 2,105
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Dividends per Share
2015
$1.49
2016
$1.57
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2017 Annual Shareholder Meeting
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
ATTRIBUTABLE TO COMMON SHAREHOLDERS [$ MILLION]
Earnings
Net Earnings 2,762 2,641
2015 2016
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2017 Annual Shareholder Meeting
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2017 Annual Shareholder Meeting
Canada
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Canada
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
1 in 3 Canadians
more than
13 million people
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2017 Annual Shareholder Meeting
Canada
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2017 Annual Shareholder Meeting
United States
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
United States
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
United States
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Over 8.2 million individuals
2nd-largest record keeper of defined contribution pension plans in the U.S.
United States
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
United States
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Industry Recognition
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
United States
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2017 Annual Shareholder Meeting
Europe
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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2017 Annual Shareholder Meeting
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Earnings
2015 2016
AVAILABLE TO COMMON SHAREHOLDERS [$ MILLION]
Net Earnings 772 771
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Certified Financial Planner
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Managed Solutions Products
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Assets in High-Net-Worth Solutions
POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Gross Sales
$2.1 billion +15%
Net Sales
$261 million best since 2007
Q4 2016
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
91%
Strong Momentum
Q1 2016
$2.3
Q1 2017
$2.9
29%
Gross Sales [$ BILLION]
Q1 2016
$467
Q1 2017
$890
Net Sales [$ MILLION]
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Mutual Fund Gross Sales
2015
$6.8
YEARS ENDED DECEMBER 31 [$ BILLION]
2016
$6.9
2.6%Industry peers
5.1%
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
$1.84
Strong Momentum
$642
Q1 2016
-$198
Q1 2017
$444
Investment Fund Net Sales [$ MILLION]
Q1 2016 Q1 2017
$2.55
Mutual Fund Gross Sales [$ BILLION]
38%
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Highest share of mutual fund assets rated 4 or 5 star since 2013
POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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2017 Annual Shareholder MeetingFintech
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
$1 billion in assets under administration
30,000 clients
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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2017 Annual Shareholder MeetingFintech
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2017 Annual Shareholder Meeting
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
€6.7
€5.7
Portfolio Changes
Disposals
Acquisitions
2016
€2.5Total Engie
€1.6SGS
adidas Umicore Ontex
Burberry Sienna Capital
2013
€2.3
2014
€0.5
2015
€1.3
2012
—
€1.4 €0.8 €0.7€1.4Arkema
Suez Environnement Pernod Ricard
Total GDF Suez Iberdrola
Total Iberdrola
Total
SGS Umicore
Sienna Capital
Umicore Sienna Capital
adidas Umicore Ontex
Sienna Capital
[€ BILLION]
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
7.5%53.9% 9.4% 16.2% 7.5% 17.0% 0.7%
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
2016 Adjusted Net Earnings
SF321 million
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2017 Annual Shareholder MeetingInvestment
Activities
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Value-Creating Pillars
■ Entrepreneurial culture
■ Long-term investment vision
■ Active ownership
■ Ongoing effort to analyze our environment
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard China
Sagard Europe
Sagard Capital
Sagard Investment Funds
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard Europe
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard Europe
$281 Fair Value
December 31, 2016
$622 Distributions
$294 Gains
$609 Investments
[$ MILLION]
IRR of
16.4% since inception
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard Capital
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard Capital
$616 Investments
[$ MILLION]
$888 Fair Value
December 31, 2016
$49 Distributions
IRR of
10.4% since inception
$321 Gains
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard China
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Sagard China
$308 Investments
[$ MILLION]
$647 Fair Value
December 31, 2016
$19 Distributions
IRR of
13.5% since inception
$358 Gains
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2017 Annual Shareholder MeetingThird-Party
Private Equity Funds
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
$351 Fair Value
December 31, 2016
$955 Distributions
[$ MILLION]
$607 Investments
$178 Value in 2002
Third-Party Private Equity Funds
IRR of
15.0% since 2002
$521 Gains
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2017 Annual Shareholder MeetingCommunications
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Communications
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Daily Tablet Openings
273,000+
Communications
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2017 Annual Shareholder MeetingChina
Asset Management Company
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
13.9% Ownership
Total investment
$647 million
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
13.9% 27.8%=Combined
Ownership of
13.9%+
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
CHINA: 2nd-largest economy
2nd-largest stock market in the world
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
Over 8.2 million plan participants
2nd largest defined contribution record keeper in the U.S. by participants
China AMC: 40 Million Individual Customers
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2017 Annual Shareholder MeetingPower
Energy Corporation
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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2017 Annual Shareholder Meeting
Summary of Recent Developments
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
■ Divesting from third-party funds
■ Doubling the fund size of Sagard 3
■ Acquisition of Performance Sports Group’s assets
■ Increasing our interest in China AMC, as a group, to 27.8%
■ Acquisition of Lumenpulse
Recent Developments
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
■ Transformation of Lifeco's Canadian operations
■ Putnam expense reduction plan
■ €1.6 billion of investments at Pargesa
■ Continued investments in fintech
Recent Developments
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2017 Annual Shareholder Meeting
Summary of Recent Developments
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2017 Annual Shareholder Meeting
Corporate Social Responsibility
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
PowerCorporationCSR.com
WE SUPPORT
POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
PowerCorporationCSR.com
POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
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POWER CORPORATION OF CANADA 2017 ANNUAL SHAREHOLDER MEETING
PowerCorporationCSR.com
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2017 Annual Shareholder
Meeting