Business
Power Corporation of Canada Reports 2012 Third 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.\n\n\nTORONTO, Nov. 14, 2012 /CNW Telbec/ - Power Corporation of Canada (TSX:\n POW) today reported operating earnings attributable to participating\n shareholders for the nine-month period ended September 30, 2012 of $741\n million or $1.61 per share, compared with $911 million or $1.98 per\n share in the corresponding period in 2011.\n\n\nSubsidiaries contributed $840 million to Power Corporation's operating\n earnings for the nine-month period ended September 30, 2012, compared\n with $871 million in the same period in 2011, a decrease of 3.6%.\n Results from corporate activities were a net charge of $62 million in\n the nine-month period ended September 30, 2012, compared with a net\n contribution of $71 million in the corresponding period in 2011. The\n variation in the results from corporate activities is due to higher\n income from investments in 2011.\n\n\nFor the nine-month period ended September 30, 2012, other items\n represented a contribution of $9 million mainly composed of the\n Corporation's share of the gains realized by Groupe Bruxelles Lambert\n in the first quarter on the partial disposal of its interest in Pernod\n Ricard ($30 million) and the disposal of its interest in Arkema ($28\n million), as previously disclosed. These gains were partially offset by\n an impairment charge of $36 million on the Corporation's investment in\n CITIC Pacific Limited (CITIC Pacific) recorded in the third quarter.\n\n\nOther items for the nine-month period ended September 30, 2011\n represented a net charge of $150 million and included a previous\n write-down of the Corporation's investment in CITIC Pacific for an\n amount of $72 million and the Corporation's share ($87 million) of\n Pargesa Holding SA's (Pargesa) impairment charge recorded in the third\n quarter on its indirect investment in Lafarge SA (Lafarge).\n\n\nTaking into account these other items, net earnings attributable to\n participating shareholders for the nine-month period ended September\n 30, 2012 were $750 million or $1.63 per share, compared with $761\n million or $1.66 per share in the corresponding period in 2011.\n\n\nTHIRD QUARTER RESULTS\n\n\n...