Net asset value represents management’s estimate of the fair value of the common shareholders’ equity of the Corporation. Net asset value is the fair value of Power Financial’s non-consolidated assets less its net debt and preferred shares.
(1) Includes Power Financial’s investments in Portag3, Portag3 II, Wealthsimple and Koho.
(2) Includes $83 million of dividends declared in the first quarter by IGM and received by the Corporation on April 30, 2020 (same as at December 31, 2019).
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 98.0% of the total assets at fair value at March 31, 2020 (98.4% at December 31, 2019).
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.