Guardian Capital Group Limited Announces 2013 Operating Results
27 Febrero 2014 - 3:32PM
Marketwired
Guardian Capital Group Limited Announces 2013 Operating Results
TORONTO, ONTARIO--(Marketwired - Feb 27, 2014) - Guardian
Capital Group Limited (TSX:GCG)(TSX:GCG.A)
All per share figures disclosed below are stated on a diluted
basis.
For the years ended December 31 |
|
|
|
|
|
($ in thousands, except per share amounts) |
|
2013 |
|
|
2012 |
Net revenue |
$ |
101,278 |
|
$ |
86,360 |
Operating earnings |
|
26,931 |
|
|
20,138 |
Net gains |
|
11,637 |
|
|
1,337 |
Net earnings before net gains (losses) on securities held for
sale |
|
34,801 |
|
|
18,200 |
Net gains (losses) on securities held for sale |
|
(58 |
) |
|
4,559 |
Net earnings available to shareholders |
|
34,432 |
|
|
22,556 |
EBITDA available to shareholders |
$ |
32,307 |
|
$ |
25,183 |
Adjusted cash flow from operations available to shareholders |
|
27,622 |
|
|
21,280 |
Per Share |
|
|
|
|
|
Net earnings before net gains (losses) on securities held for
sale |
$ |
1.11 |
|
$ |
0.57 |
Net earnings available to shareholders |
|
1.11 |
|
|
0.71 |
EBITDA available to shareholders |
|
1.04 |
|
|
0.78 |
Adjusted cash flow from operations available to shareholders |
|
0.89 |
|
|
0.66 |
As
at December 31 |
|
|
|
|
|
($ in millions, except per share amounts) |
|
2013 |
|
|
2012 |
Assets under management |
$ |
22,228 |
|
$ |
18,832 |
Assets under administration |
|
11,559 |
|
|
9,918 |
Value of corporate holdings of securities |
|
449 |
|
|
380 |
Shareholders' equity |
|
415 |
|
|
354 |
Per Share |
|
|
|
|
|
Value of corporate holdings of securities |
$ |
14.26 |
|
$ |
11.99 |
Shareholders' equity |
|
13.17 |
|
|
11.16 |
The Company
completed a successful year, generating asset growth through
relatively strong performance and net asset flows. The assets under
management were $22.2 billion as at December 31, 2013, an increase
of 18% from $18.8 billion as at December 31, 2012. Assets under
administration were $11.6 billion as at December 31, 2013, an
increase of 17% from $9.9 billion as at December 31, 2012.
The Company's
operating earnings for the year were $26.9 million, a 34% growth
from $20.1 million in 2012. All segments of the Company's
operations contributed to the overall growth in operating
earnings.
Net gains for the
year increased significantly, with approximately one-half of the
gains being from the sale of 160,000 of the Bank of Montreal
shares. Net gains (losses) on securities held for sale were lower
during the year as the bulk of these securities were reclassified
to securities holdings during the year, and subsequent changes in
unrealized gains or losses were recorded in other comprehensive
income.
Net earnings
available to shareholders for the year were $34.4 million, or $1.11
per share, a 53% growth compared to $22.6 million, or $0.71 per
share, for 2012. The increase in net earnings was due to a
combination of strong operating earnings growth and a significant
increase in net gains, offset by lower net gains (losses) on
securities held for sale.
EBITDA available to
shareholders for the year was $32.3 million, or $1.04 per share,
compared to $25.2 million, or $0.78 per share for 2012. Adjusted
cash flow from operations available to shareholders for the year
was $27.6 million, or $0.89 per share, compared to $21.3 million,
or $0.66 per share for 2012. These two non-IFRS financial measures
used by the Company are defined in its quarterly and annual
Management's Discussion and Analysis. The increases in each of
these measures reflect the strong growth in operating earnings for
the year.
The fair value of
the Company's holdings of securities as at December 31, 2013 was
$449.2 million, or $14.26 per share, compared to $380.0 million, or
$11.99 per share, as at December 31, 2012. The Company's
shareholders' equity as at December 31, 2013 was $415.0 million, or
$13.17 per share, compared to $353.8 million, or $11.16 per share,
at December 31, 2012.
The Board of
Directors has declared a quarterly eligible dividend of $0.055 per
share, payable on April 17, 2014, to shareholders of record on
April 10, 2014.
Guardian Capital
Group Limited is a diversified financial services company founded
in 1962. Guardian provides institutional and high net worth
investment management services to clients; financial services to
international investors; and services to financial advisors in its
national mutual fund dealer, securities dealer, and insurance
distribution network. Its Common and Class A shares are listed on
The Toronto Stock Exchange.
The following table summarizes Guardian's financial results for
the past eight quarters.
Quarters ended |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
|
Mar 31, |
|
Dec 31, |
|
|
Sep 30, |
|
Jun 30, |
|
|
Mar 31, |
|
($ in thousands) |
|
2013 |
|
2013 |
|
2013 |
|
|
2013 |
|
2012 |
|
|
2012 |
|
2012 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
$ |
27,907 |
$ |
25,173 |
$ |
25,041 |
|
$ |
23,157 |
$ |
24,146 |
|
$ |
21,370 |
$ |
20,415 |
|
$ |
20,429 |
|
Operating earnings |
|
8,564 |
|
6,898 |
|
6,390 |
|
|
5,079 |
|
5,791 |
|
|
4,647 |
|
4,860 |
|
|
4,840 |
|
Net gains |
|
7,218 |
|
3,183 |
|
666 |
|
|
570 |
|
(144 |
) |
|
2,045 |
|
(548 |
) |
|
(16 |
) |
Net earnings before net gains (losses) on securities
held for sale |
|
14,879 |
|
8,602 |
|
6,255 |
|
|
5,065 |
|
4,938 |
|
|
6,045 |
|
2,838 |
|
|
4,379 |
|
Net gains (losses) on securities held for sale |
|
238 |
|
432 |
|
(1,243 |
) |
|
515 |
|
1,084 |
|
|
2,849 |
|
(2,961 |
) |
|
3,587 |
|
Net earnings (loss) available to shareholders |
|
14,980 |
|
8,946 |
|
4,963 |
|
|
5,543 |
|
5,915 |
|
|
8,750 |
|
(114 |
) |
|
8,005 |
|
Shareholders' equity |
|
414,985 |
|
393,670 |
|
354,622 |
|
|
366,519 |
|
353,756 |
|
|
336,362 |
|
323,690 |
|
|
340,096 |
|
(in $) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per average Class A and Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before net gains (losses) on securities
held for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
0.48 |
$ |
0.28 |
$ |
0.20 |
|
$ |
0.16 |
$ |
0.16 |
|
$ |
0.19 |
$ |
0.09 |
|
$ |
0.14 |
|
|
- Diluted |
|
0.47 |
|
0.27 |
|
0.20 |
|
|
0.16 |
|
0.15 |
|
|
0.18 |
|
0.09 |
|
|
0.14 |
|
Net earnings (loss) available to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
0.49 |
$ |
0.29 |
$ |
0.16 |
|
$ |
0.18 |
$ |
0.19 |
|
$ |
0.28 |
$ |
(0.00 |
) |
$ |
0.25 |
|
|
- Diluted |
|
0.48 |
|
0.29 |
|
0.16 |
|
|
0.18 |
|
0.19 |
|
|
0.27 |
|
(0.00 |
) |
|
0.25 |
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
13.68 |
$ |
12.94 |
$ |
11.64 |
|
$ |
11.97 |
$ |
11.44 |
|
$ |
10.78 |
$ |
10.29 |
|
$ |
10.72 |
|
|
- Diluted |
|
13.17 |
|
12.51 |
|
11.27 |
|
|
11.59 |
|
11.16 |
|
|
10.54 |
|
10.06 |
|
|
10.48 |
|
Guardian Capital Group LimitedVern ChristensenSenior
Vice-President and Secretary(416) 947-4093Guardian Capital Group
LimitedGeorge MavroudisPresident and Chief Executive Officer(416)
364-8341
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