SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "United Corporations Limited",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": "PricewaterhouseCoopers LLP",
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cashAndCashEquivalents": 44267000,
      "investments": 2542896000,
      "receivableInRespectOfInvestmentsSold": 6056000,
      "dividendsAndInterestReceivable": 2074000,
      "incomeTaxesReceivable": 8230000,
      "otherAssets": 2784000,
      "totalAssets": 2606307000,
      "accruedExpenses": 3095000,
      "payableInRespectToInvestmentsPurchased": 6397000,
      "incomeTaxesPayable": 11978000,
      "dividendsPayable": 3470000,
      "deferredTaxLiabilities": 111514000,
      "totalLiabilities": 124476000,
      "netAssets": 2481831000,
      "shareCapital": 499610000,
      "retainedEarnings": 1982221000,
      "totalShareholdersEquity": 2481831000,
      "cashPerShare": 0.3933,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "dividendsForeign": 10397000,
      "dividendsCanadian": 899000,
      "totalDividends": 11296000,
      "interestAndSecuritiesLendingIncome": 509000,
      "otherNetFairValueChangesInInvestments": 202307000,
      "totalIncome": 214112000,
      "investmentManagementAndAdministrativeCosts": 2559000,
      "transferRegistrarAndCustodyFees": 238000,
      "directorsAndOfficersRemuneration": 185000,
      "officeAndMiscellaneous": 77000,
      "professionalFees": 39000,
      "totalExpenses": 3098000,
      "incomeBeforeIncomeTaxes": 211014000,
      "provisionForIncomeTaxes": 28879000,
      "netIncome": 182135000,
      "earningsPerCommonShareBasicAndDiluted": 1.62
    },
    "cashFlowStatement": {
      "netIncome": 277990000,
      "adjustmentsForOtherNetFairValueChangesInInvestments": -302616000,
      "purchasesOfInvestments": -370533000,
      "proceedsFromSaleOfInvestments": 364994000,
      "dividendsAndInterestReceivable": 1274000,
      "deferredTaxes": 34126000,
      "netChangeInOtherAssetsAndLiabilities": -20348000,
      "netCashFromOperatingActivities": -15113000,
      "dividendsPaidToShareholders": -21003000,
      "repurchaseOfCommonShares": -43000,
      "netCashFromFinancingActivities": -21046000,
      "netDecreaseInCashAndCashEquivalents": -36159000,
      "cashAndCashEquivalentsAtBeginningOfPeriod": 80426000,
      "cashAndCashEquivalentsAtEndOfPeriod": 44267000,
      "interestReceived": 921000,
      "dividendsReceivedNetOfWithholdingTaxes": 23489000,
      "incomeTaxesPaidNetOfRefunds": 25845000
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Equity Investments",
        "description": "Portfolio of global equities managed by external investment managers",
        "ownershipPercentage": null,
        "value": 2542896000,
        "notes": "Managed by Comgest, Causeway, and Neuberger Berman"
      },
      {
        "type": "Investment in related party",
        "description": "Algoma Central Corporation",
        "ownershipPercentage": null,
        "value": 60549000,
        "notes": "Related party, shipping company"
      }
    ],
    "shareStructure": {
      "authorizedShares": "52,237 First Preferred Shares, 200,000 Second Preferred Shares, and unlimited Common Shares",
      "issuedShares": 112757887,
      "classesOfShares": [
        "First Preferred Shares",
        "Second Preferred Shares",
        "Common Shares"
      ],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEnded2025-09-30": {
          "directorsAndOfficersRemuneration": 185000
        },
        "sixMonthsEnded2025-09-30": {
          "directorsAndOfficersRemuneration": 371000
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "E-L Financial",
          "description": "Administrative services",
          "amount": 682000,
          "period": "threeMonthsEnded2025-09-30"
        },
        {
          "counterparty": "E-L Financial",
          "description": "Administrative services",
          "amount": 1297000,
          "period": "sixMonthsEnded2025-09-30"
        },
        {
          "counterparty": "Algoma Central Corporation",
          "description": "Dividend income",
          "amount": 1450000,
          "period": "sixMonthsEnded2025-09-30"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": null,
        "description": "Common Share dividends of $0.03 per Common Share, and $0.375 per Preferred Share for First Preferred Shares, Second Preferred Shares, 1959 Series and Second Preferred Shares, 1963 Series, were declared by the Board of Directors at its meeting on November 5, 2025, with a record and payable date of February 3, 2026 and February 13, 2026, respectively.",
        "impactValue": null
      }
    ]
  }
]