Business
Power Corporation of Canada Reports 2012 Second Quarter Financial Results and Dividends
Readers are referred to the sections entitled "Forward-Looking Statements" and "Non-IFRS Fi...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\n\n\nReaders are referred to the sections entitled \"Forward-Looking\n Statements\" and \"Non-IFRS Financial Measures\" at the end of\n this release. The Corporation's financial results are reported\n under International Financial Reporting Standards (IFRS).\n\n\nWINNIPEG, Aug. 3, 2012 /CNW Telbec/ - Power Corporation of Canada (TSX:\n POW) today reported operating earnings attributable to participating\n shareholders for the six-month period ended June 30, 2012 of $501\n million or $1.09 per share, compared with $574 million or $1.24 per\n share in the corresponding period in 2011. This represents a 12.6%\n decrease on a per share basis.\n\n\nSubsidiaries contributed $540 million to Power Corporation's operating\n earnings, compared with $587 million for the six-month period ended\n June 30, 2011, a decrease of 8.0%. Results from corporate activities\n were a charge of $14 million in the six-month period ended June 30,\n 2012, compared with a contribution of $7 million in the corresponding\n period in 2011.\n\n\nFor the six-month period ended June 30, 2012, other items represented a\n contribution of $45 million mainly composed of the Corporation's share\n of the gains realized by Groupe Bruxelles Lambert (GBL) in the first\n quarter on the partial disposal of its interest in Pernod Ricard\n ($30 million) and the disposal of its interest in Arkema ($28 million),\n as previously disclosed. These gains were partially offset in the\n second quarter by the Corporation's share ($3 million) of a non-cash\n income tax charge recorded by IGM Financial Inc. (IGM) resulting from\n increases in Ontario corporate income tax rates and the Corporation's\n share of non-operating earnings of Pargesa SA (Pargesa) ($7 million),\n mainly composed of a charge for goodwill impairment and restructuring\n charges recorded by Lafarge SA (Lafarge). Other items in the\n corresponding period in 2011 were a charge of $2 million.\n\n\nAs a result, net earnings attributable to participating shareholders for\n the six-month period ended June 30, 2012 were $546 million or $1.19 per\n share, compared with $572 million or $1.24 per share in the\n corresponding period in 2011.\n\n\nSECOND QUARTER RESULTS\n\n\nOperating earnings attributable to participating shareholders for the\n quarter ended June 30, 2012 were $292 mil...