All per share figures disclosed below are stated
on a diluted basis.
|
|
|
For the twelve months ended December 31, |
|
2021 |
|
2020 |
|
($ in thousands, except per share amounts) |
|
|
|
|
|
Net revenue |
$ |
285,087 |
$ |
215,791 |
|
Operating earnings |
|
81,788 |
|
54,841 |
|
Net gains (losses) |
|
142,623 |
|
(1,313 |
) |
Net earnings |
|
190,740 |
|
46,068 |
|
|
|
|
|
|
|
EBITDA(1) |
$ |
107,639 |
$ |
77,702 |
|
Adjusted cash flow from
operations(1) |
|
84,792 |
|
63,050 |
|
|
|
|
|
|
|
Attributable to
shareholders: |
|
|
Net earnings |
$ |
184,239 |
$ |
42,358 |
|
EBITDA(1) |
|
96,700 |
|
70,325 |
|
Adjusted cash flow from
operations (1) |
|
75,332 |
|
56,773 |
|
Per share, diluted: |
|
|
Net earnings |
$ |
6.87 |
$ |
1.57 |
|
EBITDA(1) |
|
3.61 |
|
2.60 |
|
Adjusted cash flow from
operations (1) |
|
2.81 |
|
2.10 |
|
|
|
|
|
|
|
|
|
|
As at |
|
2021 |
|
2020 |
($ in millions, except per share amounts) |
|
|
|
|
|
Assets under management |
$ |
56,341 |
$ |
45,984 |
Assets under administration |
|
31,508 |
|
22,289 |
Total client assets |
|
87,849 |
|
68,273 |
Shareholders' equity |
|
839 |
|
700 |
Securities |
|
752 |
|
633 |
|
|
|
|
|
|
Per share: |
|
|
Shareholders' equity (1) |
$ |
31.53 |
$ |
25.69 |
Securities (1) |
|
28.27 |
|
23.23 |
|
|
|
|
|
|
The Company and its Board of Directors are
pleased to declare a quarterly eligible dividend of $0.24 per
share, payable on April 19, 2022, to shareholders of record on
April 12, 2022, which is a 33% increase from prior quarterly
dividend.
The Company is reporting another historic high
of $87.8 billion in total client assets as at December 31, 2021, a
29% increase from $68.3 billion as at December 31, 2020.
Assets under management (“AUM”) as at December 31,
2021 was $56.3 billion, a 23% increase from $46.0 billion as at
December 31, 2020 and assets under administration (“AUA”) was $31.5
billion, a 41% increase from $22.3 billion in the prior year. The
growth in the AUM was driven by the combination of positive global
financial market performance over the year and approximately $4
billion in net inflow of new client assets. The growth in AUA
reflects the benefit of acquisitions made during the year and
another year of successful recruitment of advisors into our Wealth
Management business.
Operating earnings and EBITDA(1) for the year
ended December 31, 2021 were also record highs of $81.8 million and
$107.6 million, respectively, a 49% and 39% higher than the $54.8
million and $77.7 million, respectively reported for 2020. This
growth was the result of improved operating results in both, the
Investment Management and the Wealth Management segments.
Net revenue for the year grew to another
all-time high of $285.1 million, 32% or $69.3 million higher than
the $215.8 million reported in the prior year. The increase is
largely due to our organic growth in revenues, and the addition of
revenues from the acquired businesses in the current and prior
year.
Expenses in the year were $203.3 million, a
$42.3 million increase from $161.0 million in the prior year. The
higher expenses reflect the growth in our businesses, the strategic
investments made in the Canadian Retail Asset Management initiative
and the expenses associated with Guardian Partner Inc., which was
acquired in March of 2021.
Net gains for the year were $142.6 million,
compared to Net losses of $1.3 million in the prior year. The Net
gains in the current year were due largely to the increases in the
fair values of our securities holdings, of which, the increase in
fair value of our holdings of BMO shares were $90.4 million.
The Company's Net earnings attributable to
shareholders for the year were $184.2 million, compared to $42.4
million in 2020. The Net gains as described above, compared to the
small Net losses in the prior year, had the most significant impact
on the change in Net earnings. The growth in Operating earnings
also contributed substantially to the increase in the Net earnings
attributable to shareholders.
EBITDA attributable to shareholders(1) for the
year was $96.7 million, compared to $70.3 million in the prior
year. Adjusted cash flow from operations attributable to
shareholders(1) for the year was $75.3 million, compared to $56.8
million in the prior year. Increases in both measures reflect the
growth in Operating earnings, as described above.
The Company’s Shareholders’ equity as at
December 31, 2021 increased to $839 million, or $31.53 per
share(1), from $700 million, or $25.69 per share(1) as at December
31, 2020. Since December 31, 2020, the Company returned to
shareholders $18.5 million in dividends and $25.1 million in share
buybacks. The fair value of the Company’s Securities as at December
31, 2021 increased to $752 million, or $28.27 per share(1), from
$633 million, or $23.23 per share(1) as at December 31, 2020.
The Company's financial results for the past eight quarters are
summarized in the following table.
|
|
|
|
|
|
|
|
|
|
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2020 |
Sep 30, 2020 |
Jun 30, 2020 |
Mar 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at ($ in millions) |
|
|
|
|
|
|
|
|
Assets under management |
$ |
56,341 |
$ |
53,113 |
|
$ |
51,960 |
$ |
47,945 |
$ |
45,984 |
$ |
32,733 |
$ |
31,200 |
$ |
27,527 |
|
Assets under administration |
|
31,508 |
|
30,015 |
|
|
29,582 |
|
28,376 |
|
22,289 |
|
20,755 |
|
20,010 |
|
18,152 |
|
Total client assets |
|
87,849 |
|
83,128 |
|
|
81,542 |
|
76,321 |
|
68,273 |
|
53,488 |
|
51,210 |
|
45,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended ($ in thousands) |
|
|
|
|
|
|
Net revenue |
$ |
78,049 |
$ |
72,384 |
|
$ |
69,960 |
$ |
64,694 |
$ |
63,724 |
$ |
52,042 |
$ |
50,124 |
$ |
49,901 |
|
Operating earnings |
|
22,314 |
|
20,771 |
|
|
21,199 |
|
17,504 |
|
18,493 |
|
12,108 |
|
13,427 |
|
10,813 |
|
Net gains (losses) |
|
52,331 |
|
(8,146 |
) |
|
56,467 |
|
41,971 |
|
80,983 |
|
35,739 |
|
43,254 |
|
(161,289 |
) |
Net earnings (losses) |
|
64,451 |
|
8,597 |
|
|
66,831 |
|
50,861 |
|
87,083 |
|
42,652 |
|
51,244 |
|
(134,911 |
) |
Net earnings (loss) attributable
to shareholders |
|
62,421 |
|
7,054 |
|
|
65,138 |
|
49,625 |
|
86,039 |
|
42,201 |
|
50,486 |
|
(136,368 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in $) |
|
|
|
|
|
|
|
|
Net earnings (loss)
attributable to shareholders: |
|
|
|
|
|
|
Per Class A and
Common share |
|
|
|
|
|
|
|
Basic |
$ |
2.52 |
$ |
0.28 |
|
$ |
2.59 |
$ |
1.95 |
$ |
3.38 |
$ |
1.66 |
$ |
1.99 |
$ |
(5.35 |
) |
Diluted |
|
2.35 |
|
0.27 |
|
|
2.42 |
|
1.83 |
|
3.17 |
|
1.56 |
|
1.87 |
|
(5.35 |
) |
Dividends paid on Class A and
Common shares |
$ |
0.18 |
$ |
0.18 |
|
$ |
0.18 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
|
|
|
|
|
Shareholders' equity ($ in
thousands) |
$ |
838,520 |
$ |
781,334 |
|
$ |
780,323 |
$ |
737,363 |
$ |
699,610 |
$ |
631,863 |
$ |
596,265 |
$ |
562,821 |
|
|
|
|
|
|
|
|
|
|
Per Class A and
Common share (in $) |
|
|
|
|
|
|
|
Basic |
$ |
33.89 |
$ |
31.56 |
|
$ |
31.15 |
$ |
29.02 |
$ |
27.43 |
$ |
24.80 |
$ |
23.50 |
$ |
22.18 |
|
Diluted |
|
31.53 |
|
29.40 |
|
|
29.09 |
|
27.14 |
|
25.69 |
|
23.25 |
|
22.07 |
|
20.94 |
|
|
|
|
|
|
|
|
|
|
Total Class A and Common shares outstanding (shares in
thousands) |
|
26,954 |
|
26,968 |
|
|
27,263 |
|
27,691 |
|
27,740 |
|
27,758 |
|
27,758 |
|
27,758 |
|
|
|
|
|
|
|
|
|
|
Guardian Capital Group Limited is a diversified
financial services company founded in 1962. The Company is
headquartered in Canada and also has offices in the United Kingdom,
the United States and the Caribbean. It provides investment and
wealth management services to clients and services to financial
advisors in its national mutual fund dealer, securities dealer, and
life insurance managing general agency. Its Common and Class A
shares are listed on The Toronto Stock Exchange.
For further information, contact: |
|
|
|
Donald Yi |
George Mavroudis |
Chief Financial Officer |
President and Chief Executive Officer |
(416) 350-3136 |
(416) 364-8341 |
(1)The Company's management uses EBITDA, EBITDA
attributable to shareholders, including the per share amount,
Adjusted cash flows from operations, Adjusted cash flow from
operations attributable to shareholders, including the per share
amount, Shareholders' equity per share and Securities per share to
evaluate and assess the performance of its business. These measures
do not have standardized measures under International Financial
Reporting Standards ("IFRS"), and are therefore unlikely to be
comparable to similar measures presented by other companies.
However, management believes that most shareholders, creditors,
other stakeholders and investment analysts prefer to include the
use of these measures in analyzing the Company's results. The
Company defines EBITDA as net earnings before interest, income
taxes, amortization, stock-based compensation, net gains or losses
and EBITDA attributable shareholders as EBITDA less the amounts
attributable to non-controlling interests. The Company defines
Adjusted cash flow from operations as net cash from operating
activities, net of changes in non-cash working capital items and
Adjusted cash flow from operations attributable to shareholders as
Adjusted cash flow from operations less the amounts attributable to
non-controlling interests. The most comparable IFRS measures are
Net earnings, which was $190.7 million in 2021 (2020 - $46.1
million) and Net cash from operating activities, which was $102.9
million in 2021 (2020 - $71.8 million). The per share amounts for
EBITDA attributable to shareholders, Adjusted cash flow from
operations attributable to shareholders, Shareholders' equity and
Securities are calculated by dividing the amounts by diluted
shares, which Is calculated in a manner similar to net earnings
attributable to shareholders per share. More detailed descriptions
of these non-IFRS measures are provided in the Company's
Management's Discussion and Analysis, including a reconciliation of
these measures to their most comparable IFRS measures.
Caution Concerning Forward-Looking
Information
Certain information included in this press
release constitutes forward-looking information within the meaning
of applicable Canadian securities laws. Forward-looking information
is often, but not always, identified by the use of forward-looking
terminology such as “outlook”, “objective”, “may”, “will”, “would”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”,
“plan”, “continue”, or similar expressions suggesting future
outcomes or events or the negative thereof. Forward-looking
information in this press release includes, but is not limited to,
statements with respect to management’s beliefs, plans, estimates,
and intentions, and similar statements concerning anticipated
future events, results, circumstances, performance or expectations.
Such forward-looking information reflects management’s beliefs and
is based on information currently available. All forward-looking
information in this press release is qualified by the following
cautionary statements.
Although Guardian believes that the expectations
reflected in such forward-looking information are reasonable, such
information involves known and unknown risks and uncertainties
which may cause Guardian’s actual performance and results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking information. Important factors that could cause
actual results to differ materially include but are not limited to:
general economic and market conditions, including interest rates,
business competition, changes in government regulations or in tax
laws, the duration and severity of the current COVID pandemic, as
well as those risk factors discussed or referred to in the
disclosure documents filed by Guardian with the securities
regulatory authorities in certain provinces of Canada and available
at www.sedar.com. The reader is cautioned to consider these
factors, uncertainties and potential events carefully and not to
put undue reliance on forward-looking information, as there can be
no assurance that actual results will be consistent with such
forward-looking information.
The forward-looking information included in this
press release is presented as of the date of this press release and
should not be relied upon as representing Guardian’s views as of
any date subsequent to the date of this press release. Guardian
undertakes no obligation, except as required by applicable law, to
publicly update or revise any forward-looking information, whether
as a result of new information, future events or otherwise.
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