Français Careers OUR OTHER SITES Investors Companies News Governance About ALL SECTIONS Net Asset Value Investors Section Highlights Reorganization Stock Information Dividends Total Shareholder Returns Financial Highlights Net Asset Value Shareholder Reports Credit Ratings Analysts Coverage Events & Presentations Power Corporation Snapshot Net asset value represents management’s estimate of the fair value of the participating shareholders’ equity of the Corporation. Net asset value is the fair value of the assets of the combined Power Financial and Power Corporation non-consolidated balance sheet less their net debt and preferred shares. The Corporation’s net asset value per share is presented on a look-through basis. AS AT [IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS] (UNAUDITED) September 30, 2021 December 31, 2020 Assets Investments Power Financial Lifeco 23,904 18,825 IGM 6,694 5,105 GBL 3,145 2,870 Alternative and other investments Sagard Asset management companies(1) 94 163 Investments(2) 1,313 1,135 Power Sustainable Asset management companies(1) 14 8 Power Pacific 961 1,134 Power Sustainable Energy 751 730 Other Standalone businesses(3)(4) 1,568 1,351 Other 318 266 China AMC(5) 740 715 Cash and cash equivalents 1,575 1,226 Other assets 366 282 Total assets, at fair value 41,443 33,810 Liabilities and non-participating shares Debentures and other debt instruments 897 1,006 Other liabilities(6) 1,037 1,067 Non-participating shares and perpetual preferred shares 3,784 3,786 Total liabilities and non-participating shares 5,718 5,859 Net asset value 35,725 27,951 Per share 52.81 41.27 (1) The management companies of the investment funds are presented at their carrying value in accordance with IFRS and are primarily composed of cash and net carried interest receivable. (2) Includes the Corporation's investments in Portage I, Portage II and Wealthsimple, held by Power Financial. (3) At December 31, 2020, the investment in Lion was valued based on the subscription price of US$10.00 per share for the private placement of common shares announced as part of the merger transaction with Northern Genesis Acquisition Corp. Subsequent to the completion of the merger on May 6, 2021, Lion is publicly listed on the TSX and NYSE. (4) An additional deferred tax liability of $99 million has been included in the net asset value with respect to the investments in standalone businesses at fair value, without taking into account possible tax reduction strategies. The Corporation has tax attributes (not otherwise recognized on the balance sheet) that could be available to minimize the tax if the Corporation were to dispose of its interests held in the standalone businesses. (5) Valued at carrying value in accordance with IFRS. (6) In accordance with IAS 12, Income Taxes, no deferred tax liability is recognized with respect to temporary differences associated with investments in subsidiaries and jointly controlled corporations as the Corporation is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. If the Corporation were to dispose of an investment in a subsidiary or a jointly controlled corporation, income taxes payable on such disposition would be minimized through careful and prudent tax planning and structuring, as well as with the use of available tax attributes not otherwise recognized on the balance sheet, including tax losses, tax basis, safe income and foreign tax surplus associated with the subsidiary or jointly controlled corporation. In determining the fair value of assets, investments in subsidiaries, jointly controlled corporations and associates are adjusted to fair value as follows: Investments in publicly traded companies are valued at their market value, measured as the closing share price on the reporting date; Investments in private entities are valued at fair value based on management’s estimate using consistently applied valuation models either based on a valuation multiple or discounted cash flows. Certain valuations are prepared by external valuators or subject to review by external valuators. Market-comparable transactions are generally used to corroborate the estimated fair value. The value of investments in private entities is presented net of any management incentives; Investments in investment funds are valued at the fair value reported by the fund which is net of carried interest or other incentives. Investments measured at market value and cash represent 90.8% of the total assets at fair value at September 30, 2021 (87.3% at December 31, 2020). The presentation of the investments in subsidiaries, jointly controlled corporations and associates at fair value is not in accordance with IFRS; net asset value is a non-IFRS financial measure. Refer to the “Non-IFRS Measures and Presentation” section of the Corporation's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures. Contact Legal © Power Corporation of Canada 2021. All rights reserved.