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’s 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.
(1) Investments held by Power Financial have been presented on a look-through basis at December 31, 2019, the corresponding adjustment representing the ownership not held by Power Corporation is included in non-controlling interests.
(2) The management companies of the investment funds are presented at their carrying value in accordance with IFRS.
(3) Includes cash and performance-related compensation payable related to the investment funds.
(4) Valued at carrying value in accordance with IFRS.
In determining the fair value of assets, investments in subsidiaries, jointly controlled corporations and associates are adjusted to fair value as follows:
Investments measured at market value and cash represent 86.8% of total assets at fair value at March 31, 2020 (83.9% at December 31, 2019).
For more information on Power Financial’s net asset value, click here to visit its website.
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.