MONTREAL, May 15, 2024
/CNW/ - AtkinsRéalis [SNC-Lavalin Group Inc.] (TSX: ATRL), a
fully integrated professional services and project management
company with offices around the world, today announced its
financial results for the first quarter ended March 31, 2024.
AtkinsRéalis reports a strong start of the year, delivering
solid Q1 year-over-year increases in revenue, Segment Adjusted
EBIT, Adjusted EBITDA and EPS, as well as positive operating cash
flows. The Company's backlog continued to achieve record highs with
strong increases in Engineering Services Regions and Nuclear.
"We continued our momentum from 2023 into the first quarter. Our
financial results and increased backlog reflect our strong market
position and the continued demand for our Engineering Services and
Nuclear businesses. This great start to the year positions us well
to deliver on our full year 2024 outlook," said Ian L. Edwards, President and CEO of
AtkinsRéalis. "We have constructed a powerful, organic growth
engine, enhanced by our new organizational structure, which we
expect to fuel significant positive net cash from operations for
the Company and which should continue to drive long-term
shareholder value. This is an exciting time at AtkinsRéalis, and I
want to thank our 38,000 employees for their dedication to helping
create a better future for our planet and its people."
Q1 2024 Financial Highlights
(All results reflect
comparisons to prior-year period of Q1 2023, except as otherwise
indicated)
(Engineering Services Regions include the following reportable
segments: Canada, United Kingdom & Ireland ("UKI"), United States & Latin America ("USLA") and Asia, Middle
East & Australia
("AMEA"))
- AtkinsRéalis Services revenue(1) totaled
$2.2 billion, an increase of 18.5%,
or 19.1% on an organic revenue growth(2)(3)
basis
- Engineering Services Regions revenue(1) totaled
$1.7 billion, an increase of 16.9%,
or 17.9% on an organic revenue growth(2)(3)
basis, above the Company's full year outlook range, with
strong organic revenue growth in Canada, USLA and AMEA
- Nuclear revenue totaled $298.6
million, an increase of 22.2%, or 20.9% on an organic
revenue growth(2)(3) basis, above
the Company's full year outlook range
- AtkinsRéalis Services Segment Adjusted EBIT(1)
increased by 19.5% to $186.8
million
- Segment Adjusted EBIT for Engineering Services
Regions(1) increased by 18.8% to $146.0 million, representing a Segment Adjusted
EBITDA to segment net revenue ratio(2)(4) of 15.0%, an
increase of 50 basis points and in line with the Company's full
year outlook range
- Segment Adjusted EBIT for Nuclear increased by 19.2% to
$39.0 million, representing a margin
of 13.1%, in line with the Company's full year outlook
range
- Segment Adjusted EBIT for LSTK Projects was negative
$13.0 million
- Segment Adjusted EBIT for Capital was $1.1 million, compared to $11.6 million in Q1 2023, mainly due to a revised
estimate on a financial asset held in one of the Company's
investments
- Adjusted EBITDA from PS&PM(2) increased by
12.1% to $174.8 million from
$155.9 million
- AtkinsRéalis Services backlog reached a new record-high and
totaled $15.3 billion as at
March 31, 2024, an increase of 26.4%.
Backlog additions in Q1 2024 totaled $3.7 billion and
included $1.4 billion for one
specific Operations & Maintenance contract acquisition
- Net income attributable to AtkinsRéalis shareholders totaled
$45.5 million, or $0.26 per diluted share, compared to $28.4 million, or $0.16 per diluted share in Q1 2023
- Adjusted net income attributable to AtkinsRéalis
shareholders from PS&PM(2) totaled $73.8 million, or $0.42 per diluted share, compared to $55.4 million, or $0.32 per diluted share in Q1 2023
- Net cash generated from operating activities was
$36.6 million
- Net limited recourse and recourse debt to Adjusted EBITDA
ratio(2)(5) was 1.7 as at March
31, 2024 compared to 1.8 as at December 31, 2023
2024 Outlook
Nuclear organic revenue growth(2)(3) outlook for full
year 2024 compared to 2023 raised to between 15% and 20%, from the
previous range of between 12% and 15%, reflecting strong growth to
date and confidence in continued demand, supported by a strong
backlog.
Corporate selling, general and administrative expenses from
PS&PM outlook for full year 2024 increased to approximately
$130 million from the previous
guidance of approximately $110
million, driven by higher long-term compensation costs
primarily as a result of the significant share price rise.
All other financial outlook metrics for full year 2024, issued
on March 1, 2024, in the Q4 2023
press release, are maintained.
First Quarter Financial Results
Professional Services & Project Management are collectively
referred to as "PS&PM" to distinguish them from "Capital"
activities. PS&PM groups together the Company's segments,
namely Engineering Services Regions (Canada, United
Kingdom & Ireland
("UKI"), United States &
Latin America ("USLA"), and
Asia, Middle East, & Australia ("AMEA")), Nuclear, Linxon, and
Lump-Sum Turnkey ("LSTK") Projects, while Capital is its own
reportable segment and separate from PS&PM.
The increase in net income attributable to AtkinsRéalis
shareholders was mainly due to higher Segment Adjusted EBIT and
lower net financial expenses, partially offset by higher corporate
selling, general and administrative expenses primarily driven by
higher long-term compensation costs.
IFRS Financial Highlights
|
Q1
2024A
|
Q1
2023A
|
Revenues
|
|
|
From
PS&PM
|
2,257.7
|
2,006.7
|
From
Capital
|
6.6
|
16.3
|
|
2,264.3
|
2,023.1
|
Attributable to
AtkinsRéalis shareholders
|
|
|
Net income
(loss):
|
|
|
From
PS&PM
|
53.2
|
26.0
|
From
Capital
|
(7.7)
|
2.4
|
|
45.5
|
28.4
|
Diluted
EPS:
|
|
|
From
PS&PM ($)
|
0.30
|
0.15
|
From
Capital ($)
|
(0.04)
|
0.01
|
|
0.26
|
0.16
|
Non-IFRS Financial Highlights
|
Q1 2024A
|
Q1 2023A
|
|
Attributable to
AtkinsRéalis shareholders
|
|
|
|
Adjusted net income
from PS&PM(2)
|
73.8
|
55.4
|
|
Adjusted diluted EPS
from PS&PM(2)(6) ($)
|
0.42
|
0.32
|
|
Adjusted EBITDA from
PS&PM(2)
|
174.8
|
155.9
|
|
Segment Performance
|
Q1 2024A
|
Q1 2023A
|
Segment
revenues
|
|
|
AtkinsRéalis
Services
|
|
|
Engineering Services Regions
|
1,719.0
|
1,470.1
|
Nuclear
|
298.6
|
244.3
|
Linxon
|
158.8
|
121.5
|
Total
|
2,176.4
|
1,835.9
|
LSTK
Projects
|
81.3
|
170.8
|
Capital
|
6.6
|
16.3
|
|
2,264.3
|
2,023.1
|
|
|
|
Segment Adjusted
EBIT
|
|
|
AtkinsRéalis
Services
|
|
|
Engineering Services
Regions
|
146.0
|
122.9
|
Nuclear
|
39.0
|
32.7
|
Linxon
|
1.8
|
0.8
|
Total
|
186.8
|
156.3
|
LSTK
Projects
|
(13.0)
|
(9.2)
|
Capital
|
1.1
|
11.6
|
|
174.9
|
158.8
|
|
|
|
Backlog as at March
31
|
|
|
AtkinsRéalis
Services
|
|
|
Engineering Services
Regions
|
11,969.1
|
10,099.1
|
Nuclear
|
1,844.2
|
985.8
|
Linxon
|
1,457.2
|
994.4
|
Total
|
15,270.5
|
12,079.3
|
LSTK
Projects
|
298.8
|
517.9
|
Capital
|
24.5
|
29.3
|
|
15,593.8
|
12,626.5
|
All figures in
millions of Canadian dollars, except as otherwise
indicated
|
Certain totals and
subtotals may not reconcile due to rounding
|
A For the three-month period
ended March 31
|
Investor Day
AtkinsRéalis will host a hybrid Investor Day in Toronto, Canada on Thursday, June 13, 2024. The event will feature
presentations from Ian L. Edwards,
President and Chief Executive Officer, and Jeff Bell, Chief Financial Officer, alongside
other members of the executive team. Building on the strong value
creation from the 2022-2024 "Pivoting to Growth" strategy, the
leadership team will unveil the Company's strategy and capital
allocation framework for 2025-2027, including key initiatives for
revenue growth and margin expansion. The Company will also showcase
its globally diversified capabilities and dedication to engineering
a better future for our planet and its people.
The event will commence at 8:30 a.m.
(Eastern Time) and is expected to last about half a day. It
will comprise formal presentations along with interactive Question
& Answer panel sessions with senior leadership. The full
agenda, the list of speakers and the presentation slides will be
available on the Company's dedicated Investor Day
2024 webpage.
To participate in our Investor Day 2024 virtually, including the
Question & Answer sessions, registration is required and can be
completed in advance by clicking here.
Due to limited capacity, in-person attendance will be by
invitation only.
A recording and a transcript of the webcast will be available
and archived shortly after the conclusion of the event on
the Investor Day 2024 and Investor's
Briefcase web pages.
Quarterly Dividend
The Board of Directors today declared a cash dividend of
$0.02 per share, unchanged from the
previous quarter. The dividend is payable on June 12, 2024, to shareholders of record on
May 29, 2024. This dividend is an
"eligible dividend" for Canadian federal and provincial income tax
purposes.
First Quarter 2024 Conference Call / Webcast
AtkinsRéalis will hold a conference call and audio webcast today
at 8:00 a.m. (Eastern Time) to
discuss and present its first quarter financial results. The live
audio webcast of the conference call can be accessed through a link
posted on the Company's website at
www.atkinsrealis.com/en/investors. The call will also be
accessible by telephone, for which an accompanying slide
presentation can be accessed at
www.atkinsrealis.com/en/investors/investor-essentials/investors-briefcase/2024.
Please dial toll free at 1 844 763 8274 in North America, dial 1 647 484 8814 outside
North America, or dial +44 20 3795
9972 in the United Kingdom. A
recording and a transcript of the conference call will be available
on the Company's website within 24 hours following the call.
Annual Meeting of Shareholders
AtkinsRéalis' Annual Meeting of Shareholders (the "Meeting")
will be held on Thursday, May 16,
2024, at 11:00 a.m. (Eastern
Time). Registered shareholders as of the close of business
on March 25, 2024 and duly appointed
proxyholders of record are entitled to participate in the Meeting
virtually at https://web.lumiagm.com/453602059, regardless
of geographic location, and will have the opportunity to ask
questions and vote, all in real time, provided they are connected
to the internet and comply with all of the requirements set out in
the proxy materials. Whether or not a shareholder plans to attend
the Meeting, the Company urges all shareholders to vote and submit
their proxy in advance of the Meeting by one of the methods
described in the proxy materials provided to shareholders.
Additional information related to the Meeting can also be found
in AtkinsRéalis' 2024 Management Proxy Circular which is available
on SEDAR+ at www.sedarplus.com and on the Company's
website at www.atkinsrealis.com.
About AtkinsRéalis
Created by the integration of long-standing organizations dating
back to 1911, AtkinsRéalis is a world-leading professional services
and project management company dedicated to engineering a better
future for our planet and its people. We create sustainable
solutions that connect people, data and technology to transform the
world's infrastructure and energy systems. We deploy global
capabilities locally to our clients and deliver unique end-to-end
services across the whole life cycle of an asset including
consulting, advisory & environmental services, intelligent
networks & cybersecurity, design & engineering,
procurement, project & construction management, operations
& maintenance, decommissioning and capital. The breadth and
depth of our capabilities are delivered to clients in strategic
sectors such as Engineering Services, Nuclear and Capital. News and
information are available at www.atkinsrealis.com or
follow us on LinkedIn.
Non-IFRS Financial Measures and Ratios, Supplementary
Financial Measures, Total of Segments Measures and Non-Financial
Information
The Company reports its financial results in accordance with
International Financial Reporting Standards ("IFRS"). However, the
following non‑IFRS financial measures and ratios, supplementary
financial measures, total of segments measures and non-financial
information are used by the Company in this press release: Organic
revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net
income (loss) attributable to AtkinsRéalis shareholders, Adjusted
diluted EPS, Segment Adjusted EBITDA to segment net revenue ratio,
Segment net revenue, Net limited recourse and recourse debt to
Adjusted EBITDA ratio and Net limited recourse and recourse debt as
well as certain measures for various reportable segments that are
grouped together, such as revenue for the various Engineering
Services Regions segments and the various segments that comprise
the AtkinsRéalis Services line of business. Additional details for
these non-IFRS financial measures and ratios, supplementary
financial measures, total of segments measures and non-financial
information can be found below and in Sections 4, 6 and 9 of the
Company's Management's Discussion and Analysis ("MD&A") for the
first quarter of 2024, which sections are incorporated by reference
into this press release, filed with the securities regulatory
authorities in Canada, available
on SEDAR+ at www.sedarplus.com and on the Company's website at
www.atkinsrealis.com under the "Investors" section.
Non-IFRS financial measures and ratios, supplementary financial
measures and non-financial information do not have any standardized
meaning under IFRS and other issuers may define these measures
differently and, accordingly, they may not be comparable to similar
measures prepared by other issuers. Such non-IFRS financial
measures and ratios, supplementary financial measures and
non-financial information have limitations and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
However, management believes that, in addition to conventional
measures prepared in accordance with IFRS, these non-IFRS financial
measures and ratios and supplementary financial measures and
non-financial information provide additional insight into the
Company's operating performance and financial position and certain
investors may use this information to evaluate the Company's
performance from period to period. Furthermore, certain non-IFRS
financial measures and ratios, certain additional IFRS measures and
ratios, certain supplementary financial measures and other
non-financial information are presented separately for PS&PM,
by excluding components related to Capital, as the Company believes
that such measures are useful as these PS&PM activities are
usually analyzed separately by the Company. Reconciliations and
calculations of non-IFRS measures and ratios to the most comparable
IFRS measures and ratios are set forth below in the section
"Reconciliations and Calculations" of this press release.
(1)
|
Total of segments
measure.
|
(2)
|
Non-IFRS financial
measure or ratio or supplementary financial measure.
|
(3)
|
Organic revenue
growth (contraction) is a non-IFRS ratio comparing organic
revenue (which excludes foreign exchange and acquisition and
disposal impacts), itself a non-IFRS financial measure, between two
periods.
|
(4)
|
Segment Adjusted EBITDA
to segment net revenue ratio for the Engineering Services Regions
is a non-IFRS ratio based on Segment Adjusted EBITDA and segment
net revenue, both of which are non-IFRS financial
measures.
|
(5)
|
Net limited recourse
and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio
based on net limited recourse and recourse debt at the end of a
given period and Adjusted EBITDA of the corresponding trailing
twelve-month period, both of which are non-IFRS financial
measures.
|
(6)
|
Adjusted diluted EPS is
a non-IFRS ratio based on adjusted net income (loss) attributable
to AtkinsRéalis shareholders, itself a non-IFRS financial
measure.
|
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to
AtkinsRéalis shareholders from PS&PM to IFRS net income
attributable to AtkinsRéalis shareholders
|
Q1
2024
|
Q1
2023
|
|
Before Taxes
|
Taxes
|
After Taxes
|
Diluted EPS
(In $)
|
Before Taxes
|
Taxes
|
After Taxes
|
Diluted EPS
(In $)
|
Net income
attributable to AtkinsRéalis shareholders
(IFRS)
|
|
|
45.5
|
0.26
|
|
|
28.4
|
0.16
|
Restructuring and
transformation costs
|
4.6
|
(1.1)
|
3.4
|
|
14.5
|
(1.7)
|
12.8
|
|
Amortization of
intangible assets related to business combinations
|
20.9
|
(4.1)
|
16.9
|
|
20.6
|
(4.0)
|
16.5
|
|
Acquisition-related
costs and integration costs
|
0.3
|
-
|
0.3
|
|
-
|
-
|
-
|
|
Total
adjustments
|
25.8
|
(5.2)
|
20.6
|
0.12
|
35.1
|
(5.7)
|
29.4
|
0.17
|
Adjusted net income
attributable to AtkinsRéalis shareholders
(non-IFRS)
|
|
|
66.1
|
0.38
|
|
|
57.8
|
0.33
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to AtkinsRéalis shareholders from
Capital
|
|
|
(7.7)
|
(0.04)
|
|
|
2.4
|
0.01
|
Total
adjustments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Adjusted net income
(loss) attributable to AtkinsRéalis shareholders from
Capital
(non-IFRS)
|
|
|
(7.7)
|
(0.04)
|
|
|
2.4
|
0.01
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to AtkinsRéalis shareholders from
PS&PM
(non-IFRS)
|
|
|
73.8
|
0.42
|
|
|
55.4
|
0.32
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of Canadian dollars, except as otherwise
indicated
|
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net
income (loss)
|
Q1
2024
|
Q1
2023
|
|
From
PS&PM
|
From Capital
|
Total
|
From
PS&PM
|
From Capital
|
Total
|
Net income
(loss)
|
54.2
|
(7.7)
|
46.6
|
26.1
|
2.4
|
28.5
|
Net financial
expenses
|
36.5
|
1.5
|
38.0
|
45.7
|
1.7
|
47.4
|
Income tax
expense
|
17.3
|
0.3
|
17.6
|
11.1
|
0.5
|
11.6
|
EBIT
|
108.1
|
(5.9)
|
102.1
|
82.9
|
4.6
|
87.5
|
Depreciation and
amortization
|
61.9
|
-
|
61.9
|
58.6
|
-
|
58.6
|
EBITDA
|
169.9
|
(5.9)
|
164.0
|
141.4
|
4.6
|
146.0
|
Restructuring and
transformation costs
|
4.6
|
-
|
4.6
|
14.5
|
-
|
14.5
|
Acquisition-related
costs and integration costs
|
0.3
|
-
|
0.3
|
-
|
-
|
-
|
Adjusted
EBITDA
|
174.8
|
(5.9)
|
168.9
|
155.9
|
4.6
|
160.5
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of Canadian dollars
|
Reconciliation of Segment Adjusted EBIT to Segment Adjusted
EBITDA for Engineering Services Regions
|
Q1
2024
|
Q1
2023
|
Segment Adjusted EBIT –
Engineering Services Regions
|
146.0
|
122.9
|
Depreciation and
amortization – Engineering Services Regions
|
30.8
|
28.9
|
Segment Adjusted
EBITDA – Engineering Services Regions
|
176.8
|
151.7
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of Canadian dollars
|
Calculation of Segment net revenue and Segment Adjusted
EBITDA to segment net revenue ratio for Engineering Services
Regions
|
Q1
2024
|
Q1
2023
|
Revenue – Engineering
Services Regions
|
1,719.0
|
1,470.1
|
Less: Direct costs for
sub-contractors and other direct expenses that are recoverable
directly from clients – Engineering Services Regions
|
543.4
|
420.7
|
Segment net revenue
– Engineering Services Regions
|
1,175.6
|
1,049.4
|
Segment Adjusted EBITDA
– Engineering Services Regions
|
176.8
|
151.7
|
Segment Adjusted
EBITDA to segment net revenue ratio – Engineering Services
Regions
|
15.0 %
|
14.5 %
|
Engineering Services
Regions comprises Canada, UKI, USLA and AMEA
segments
|
All figures in
millions of Canadian dollars, except as otherwise
indicated
|
Calculation of organic revenue growth
|
Revenue
Q1
2024
|
Revenue
Q1 2023
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Disposal
impact
|
Organic
revenue
growth
|
Engineering Services
Regions
|
1,719.0
|
1,470.1
|
249.0
|
21.4
|
(35.5)
|
263.0
|
Nuclear
|
298.6
|
244.3
|
54.3
|
3.2
|
-
|
51.1
|
Linxon
|
158.8
|
121.5
|
37.3
|
1.1
|
-
|
36.2
|
Total – AtkinsRéalis
Services
|
2,176.4
|
1,835.9
|
340.5
|
25.8
|
(35.5)
|
350.3
|
|
Revenue
Q1
2024
|
Revenue
Q1 2023
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Disposal
impact
|
Organic
revenue
growth
|
Engineering Services
Regions
|
1,719.0
|
1,470.1
|
16.9 %
|
1.5 %
|
(2.4) %
|
17.9 %
|
Nuclear
|
298.6
|
244.3
|
22.2 %
|
1.3 %
|
-
|
20.9 %
|
Linxon
|
158.8
|
121.5
|
30.7 %
|
0.9 %
|
-
|
29.7 %
|
Total – AtkinsRéalis
Services
|
2,176.4
|
1,835.9
|
18.5 %
|
1.4 %
|
(1.9) %
|
19.1 %
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of Canadian dollars, except as otherwise
indicated
|
Calculation of Net limited recourse and recourse debt to
Adjusted EBITDA ratio
|
March 31,
2024
|
Limited recourse
debt
|
398.5
|
Recourse
debt
|
1,491.4
|
Less: Cash and cash
equivalents
|
557.8
|
Net limited recourse
and recourse debt
|
1,332.1
|
Adjusted EBITDA
(trailing 12 months)
|
771.0
|
Net limited recourse
and recourse debt to Adjusted EBITDA ratio
|
1.7
|
All figures in
millions of Canadian dollars, except as otherwise
indicated
|
Forward-Looking Statements
References in this press release, and hereafter, to the
"Company", "AtkinsRéalis", "we", "us" and "our" mean, as the
context may require, SNC-Lavalin Group Inc. and all or some of its
subsidiaries or joint arrangements or associates, or SNC-Lavalin
Group Inc. or one or more of its subsidiaries or joint arrangements
or associates.
Statements made in this press release that describe the
Company's or management's budgets, estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be "forward-looking statements", which can be
identified by the use of the conditional or forward-looking
terminology such as "aims", "anticipates", "assumes", "believes",
"cost savings", "estimates", "expects", "forecasts", "goal",
"intends", "likely", "may", "objective", "outlook", "plans",
"projects", "should", "synergies", "target", "vision", "will", or
the negative thereof or other variations thereon. Forward-looking
statements also include any other statements that do not refer to
historical facts. Forward-looking statements also include
statements relating to the following: i) future capital
expenditures, revenues, expenses, earnings, economic performance,
indebtedness, financial condition, losses, project- or
contract-specific cost reforecasts and claims provisions, and
future prospects; and ii) business and management strategies and
the expansion and growth of the Company's operations. All such
forward-looking statements are made pursuant to the "safe-harbour"
provisions of applicable Canadian securities laws. The Company
cautions that, by their nature, forward-looking statements involve
risks and uncertainties, and that its actual actions and/or results
could differ materially from those expressed or implied in such
forward-looking statements, or could affect the extent to which a
particular projection materializes. Forward-looking statements are
presented for the purpose of assisting investors and others in
understanding certain key elements of the Company's current
objectives, strategic priorities, expectations and plans, and in
obtaining a better understanding of the Company's business and
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Forward-looking statements made in this press release are
based on a number of assumptions believed by the Company to be
reasonable as at the date hereof. The assumptions are set out
throughout the Company's 2023 Annual MD&A (particularly in the
sections entitled "Critical Accounting Judgements and Key Sources
of Estimation Uncertainty" and "How We Analyze and Report Our
Results"). If these assumptions are inaccurate, the Company's
actual results could differ materially from those expressed or
implied in such forward-looking statements. In addition, important
risk factors could cause the Company's assumptions and estimates to
be inaccurate and actual results or events to differ materially
from those expressed in or implied by these forward-looking
statements. These risks include, but are not limited to, matters
relating to: (a) fixed-price contracts or the Company's failure to
meet contractual schedule, performance requirements or to execute
projects efficiently; (b) backlog and contracts with termination
for convenience provisions; (c) contract awards and timing;
(d) being a provider of services to government agencies; (e)
international operations; (f) nuclear liability; (g) ownership
interests in investments; (h) dependence on third parties;
(i) supply chain disruptions; (j) joint arrangements and
partnerships; (k) information systems and data and compliance with
privacy legislation; (l) artificial intelligence ("AI") and other
innovative technologies; (m) qualified personnel; (n)
strategic direction; (o) competition; (p) professional liability or
liability for faulty services; (q) monetary damages and
penalties in connection with professional and engineering reports
and opinions; (r) gaps in insurance coverage; (s) health and
safety; (t) work stoppages, union negotiations and other labour
matters; (u) epidemics, pandemics and other health crises; (v)
global climate change, extreme weather conditions and the impact of
natural or other disasters; (w) environmental, social and
governance ("ESG"); * divestitures and the sale of
significant assets; (y) intellectual property; (z) liquidity and
financial position; (aa) indebtedness; (bb) impact of operating
results and level of indebtedness on financial situation;
(cc) security under the CDPQ Loan Agreement (as defined in the
Company's 2024 first quarter MD&A); (dd) dependence on
subsidiaries to help repay indebtedness; (ee) dividends; (ff)
post-employment benefit obligations, including pension-related
obligations; (gg) working capital requirements; (hh) collection
from customers; (ii) impairment of goodwill and other
non-current intangible and tangible assets; (jj) the impact on the
Company of legal and regulatory proceedings, investigations and
dispute settlements; (kk) employee, agent or partner misconduct or
failure to comply with anti-corruption and other government laws
and regulations; (ll) reputation of the Company; (mm) inherent
limitations to the Company's control framework;
(nn) environmental laws and regulations;
(oo) global economic conditions; (pp) inflation; (qq)
fluctuations in commodity prices; and (rr) income taxes.
The Company cautions that the foregoing list of factors is
not exhaustive. For more information on risks and uncertainties,
and assumptions that could cause the Company's actual results to
differ from current expectations, please refer to the sections
"Risks and Uncertainties", "How We Analyze and Report Our Results"
and "Critical Accounting Judgements and Key Sources of Estimation
Uncertainty" in the Company's 2023 Annual MD&A and as updated
in the first quarter 2024 MD&A filed with the securities
regulatory authorities in Canada,
available on SEDAR+ at www.sedarplus.com and on
the Company's website at
www.atkinsrealis.com under the "Investors"
section.
The forward-looking statements herein reflect the Company's
expectations as at the date of this press release and are subject
to change after this date. The Company does not undertake to update
publicly or to revise any written or oral forward-looking
information or statements whether as a result of new information,
future events or otherwise, unless required by applicable
legislation or regulation. The forward-looking information
and statements contained herein are expressly qualified in their
entirety by this cautionary statement.
For More
Information:
|
|
|
Media
|
Investors
|
Harold Fortin
|
Denis Jasmin
|
Senior Director, Global
External
|
Vice President,
Investor Relations
|
Communications
|
514-393-8000 ext.
57553
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media@atkinsrealis.com
|
denis.jasmin@atkinsrealis.com
|
The Company's unaudited interim condensed consolidated financial
statements for the three-month periods ended March 31, 2024 and 2023, together with its
Management's Discussion and Analysis for the corresponding periods,
can be accessed on the Company's website at
www.atkinsrealis.com and on
www.sedarplus.com.
SOURCE AtkinsRéalis