- Q1 2022 revenue of $1.9
billion, a 3.8% increase compared to Q1 2021
- Net income from continuing operations attributable to
SNC-Lavalin shareholders of $24.8
million, or $0.14 per diluted
share, compared to a net income of $67.7
million, or $0.39 per diluted
share in Q1 2021
- SNCL Services revenue of $1.7
billion, an increase of 6.8%, or 8.4% based on organic
revenue growth(1)(6), compared to Q1 2021, representing
a higher growth rate than the Company's full year outlook
- SNCL Services Segment Adjusted EBIT of $126.7 million, representing a 7.6%
margin
-
- Increased market opportunities through our Pivoting to
Growth Strategy led to elevated bidding and business development
expenses, impacting margins
- LSTK Projects Segment Adjusted EBIT of negative $30.5 million
- SNCL Services backlog continued to be strong at $11.2 billion as at March
31, 2022; LSTK Projects backlog reduced by $210.3 million from the prior quarter
- Net cash used for operating activities of $134.0 million
- Reaffirming the Company's full year 2022 outlook, announced
on March 3, 2022
MONTREAL, May 5, 2022
/CNW/ - SNC-Lavalin Group Inc. (TSX: SNC), a fully integrated
professional services and project management company with offices
around the world, today announced its results for the first quarter
ended March 31, 2022 and reaffirmed
its full year 2022 outlook.
"Our SNCL Services business continued its momentum from prior
quarters and reported another period of revenue growth. We also
progressed on the winding down of our last LSTK projects,
decreasing the LSTK Projects backlog by 18% in the first three
months of the year," said Ian L.
Edwards, President and CEO of SNC-Lavalin Group Inc.
"Results during the first quarter highlight the continued execution
of our Pivoting to Growth Strategy, our path for long-term value
creation. Robust growth from our Engineering Services segment,
strong performance of our Nuclear and O&M segments and the
sustained strong bidding activities further underpins our
confidence in delivering on our full-year 2022 outlook."
"Our net zero carbon focus and dedication to develop clean
energy and infrastructure decarbonization solutions for our
customers and our planet will continue to drive growth. We recently
committed to the Science Based Targets Initiative, outlining our
own path to Net Zero. We are excited about the vast potential of
our best-in-class services portfolio and the opportunity to
leverage our end-to-end services expertise to lead in solving the
challenges driven by a world that is heavily reinvesting for
sustainability, resilience, and impact in the built environment,"
added Mr. Edwards.
First Quarter Results
Professional Services & Project Management are collectively
referred to as "PS&PM" to distinguish them from "Capital"
activities. PS&PM groups together five of the Company's
segments, namely Engineering Services, Nuclear, Linxon, Operation
& Maintenance ("O&M"), and Lum-Sum Turnkey ("LSTK")
Projects, while Capital is its own reportable segment and separate
from PS&PM.
IFRS Financial Highlights
|
|
|
Q1
2022A
|
Q1
2021A
|
Revenue
|
|
|
|
|
From
PS&PM
|
|
|
1,871.7
|
1,798.0
|
From
Capital
|
|
|
16.4
|
21.7
|
Total
|
|
|
1,888.1
|
1,819.7
|
Attributable to
SNC-Lavalin shareholders
|
|
|
|
|
Net income from
continuing operations:
|
|
|
|
|
From
PS&PM
|
|
|
16.6
|
61.0
|
From
Capital
|
|
|
8.2
|
6.7
|
Total
|
|
|
24.8
|
67.7
|
Diluted EPS from
continuing operations:
|
|
|
|
|
From
PS&PM ($)
|
|
|
0.09
|
0.35
|
From
Capital ($)
|
|
|
0.05
|
0.04
|
Total ($)
|
|
|
0.14
|
0.39
|
|
|
|
|
|
Net income from
discontinued operations
|
|
|
-
|
5.3
|
Net income
|
|
|
24.8
|
73.0
|
Net cash generated from
(used for) operating activities
|
|
|
(134.0)
|
5.6
|
Backlog from continuing
operations as at March 31
|
|
|
|
|
SNCL
Services
|
|
|
11,182.1
|
11,464.0
|
Capital
|
|
|
35.0
|
153.4
|
LSTK
Projects
|
|
|
956.6
|
1,596.6
|
Total
|
|
|
12,173.7
|
13,214.0
|
Non-IFRS Financial Highlights
|
|
|
Q1
2022A
|
Q1
2021A
|
Attributable to
SNC-Lavalin shareholders
|
|
|
|
|
Adjusted net income
from PS&PM(1)
|
|
|
39.4
|
83.4
|
Adjusted diluted EPS
from PS&PM(1)(2) ($)
|
|
|
0.22
|
0.48
|
Adjusted EBITDA from
PS&PM(1)
|
|
|
112.6
|
164.1
|
Adjusted EBITDA from
PS&PM to revenue from PS&PM
ratio(1)(3)
|
|
|
6.0%
|
9.1%
|
All figures in
millions of dollars, except otherwise indicated
|
Certain totals and
subtotals may not reconcile due to rounding
|
A
For the three-month period ended March 31
|
Lines of Business Performance
SNCL Services
|
|
|
Q1
2022A
|
Q1
2021A,B
|
Segment
revenue
|
|
|
|
|
Engineering Services
|
|
|
1,138.2
|
1,049.6
|
Nuclear
|
|
|
232.1
|
229.1
|
O&M
|
|
|
136.5
|
141.6
|
Linxon
|
|
|
150.5
|
131.9
|
Total
|
|
|
1,657.3
|
1,552.3
|
Segment Adjusted
EBIT
|
|
|
|
|
Engineering Services
|
|
|
85.2
|
86.2
|
Nuclear
|
|
|
34.3
|
31.8
|
O&M
|
|
|
11.7
|
12.4
|
Linxon
|
|
|
(4.5)
|
6.1
|
Total
|
|
|
126.7
|
136.5
|
Segment Adjusted EBIT
to segment revenue ratio
|
|
|
7.6%
|
8.8%
|
Backlog as at March
31
|
|
|
|
|
Engineering Services
|
|
|
3,861.1
|
3,617.3
|
Nuclear
|
|
|
802.2
|
881.7
|
O&M
|
|
|
5,598.4
|
5,926.2
|
Linxon
|
|
|
920.4
|
1,038.7
|
Total
|
|
|
11,182.1
|
11,464.0
|
All figures in
millions of dollars
|
A
For the three-month period ended March 31
|
B
Comparative figures have been restated to reflect the new
reportable segments effective as of January 1, 2022
|
The SNCL Services line of business (comprised of the Engineering
Services, Nuclear, O&M and Linxon segments) delivered strong
organic revenue growth this quarter, benefitting from its global
capabilities, unique end-to-end services, decarbonization and
sustainable solutions, long-term client relationships and a strong
public sector focus.
- Q1 2022 revenue of $1,657.3
million, was up 6.8% compared to Q1 2021. SNCL Services had
an organic revenue growth(1)(6) of 8.4% in Q1 2022
compared to Q1 2021, a higher growth rate than the Company's full
year outlook range.
-
- Primarily driven by an organic revenue growth(1)(6)
of 10.0% in Engineering Services and 21.3% in Linxon.
- Q1 2022 Segment Adjusted EBIT was $126.7
million, representing a margin of 7.6%, slightly lower than
the Company's full year outlook range. Increased market
opportunities through our Pivoting to Growth Strategy led to
elevated bidding and business development expenses, impacting
margins in Q1 2022.
-
- Engineering Services Segment Adjusted EBIT of $85.2 million represents a margin of 7.5%.
-
- Engineering Services segment adjusted EBITDA to segment net
revenue ratio(1)(7) of 13.0%.
- Nuclear Segment Adjusted EBIT of $34.3
million represents a margin of 14.8%.
- O&M Segment Adjusted EBIT of $11.7
million represents a margin of 8.6%.
- Linxon Segment Adjusted EBIT of $(4.5)
million represents a margin of (3.0)%.
- Total SNCL Services backlog amounted to $11.2 billion as at March
31, 2022, which included $1.5
billion of bookings in Q1 2022, representing a 0.94
booking-to-revenue ratio(1)(4).
-
- Engineering Services backlog increased 6.7%, compared to
March 31, 2021, totaling $3.9 billion as at March
31, 2022. Bookings in Q1 2022 totaled $1.2 billion, representing a 1.08
booking-to-revenue ratio(1)(4).
LSTK Projects
|
|
|
Q1
2022A
|
Q1
2021A,B
|
Revenue
|
|
|
214.4
|
245.8
|
Segment Adjusted
EBIT
|
|
|
(30.5)
|
(11.9)
|
Backlog
decrease
|
|
|
210.3
|
241.5
|
Backlog as at March
31
|
|
|
956.6
|
1,596.6
|
All figures in
millions of dollars
|
A
For the three-month period ended March 31
|
B
Comparative figures have been restated to reflect the new
reportable segments effective as of January 1, 2022
|
The Company continues to execute its LSTK projects exit
strategy.
- The LSTK Projects segment backlog decreased by 18.0% during the
quarter, as the Company continued to execute and progress on its
last remaining LSTK projects. Backlog totaled $956.6 million as at March
31, 2022, compared to $1.2
billion as at December 31,
2021 and to $1.6 billion as at
March 31, 2021.
- Q1 2022 Segment Adjusted EBIT was negative $30.5 million.
-
- Recognized $20.0 million in the
quarter of previously disclosed $300
million* potential future additional financial risks to
complete the projects.
- Balance of negative Segment Adjusted EBIT mainly includes
segment overhead costs needed to support the projects.
* Announced on March 3,
2022. See also the assumptions and methodology set out in Section
2.2 of the Company's 2021 Annual Management's Discussion and
Analysis ("2021 MD&A") under the heading "How We Budget and
Forecast Our Results", particularly but not limited to the Source
of Variation titled "Unforeseen impacts related to ongoing and
continued duration of COVID-19 pandemic" and the "Forward-Looking
Statements" section in this press release.
|
Capital
|
|
|
Q1
2022A
|
Q1
2021A
|
Revenue
|
|
|
16.4
|
21.7
|
Segment Adjusted
EBIT
|
|
|
12.4
|
18.7
|
Backlog as at March
31
|
|
|
35.0
|
153.4
|
All figures in
millions of dollars
|
A
For the three-month period ended March 31
|
The Q1 2022 Capital Segment Adjusted EBIT decrease was mainly
due to the disposal of InPower BC G.P. in February 2022 and a lower contribution from
certain other Capital investments. No dividend was received from
Highway 407 ETR in Q1 2022 and Q1 2021.
Operating Cash Flow and Financial Position
- Net cash used for operating activities amounted to $134.0 million in Q1 2022, compared to a net cash
generated from operating activities of $5.6
million in Q1 2021. The negative operating cash flows in Q1
2022 were mainly due to operating cash outflows related to the LSTK
projects, partially offset by operating cash inflows from SNCL
Services.
- Net cash generated from operating activities in SNCL Services
of $58.7 million in Q1 2022.
- Cash and cash equivalents of $506.0
million as at March 31,
2022.
- Recourse debt of $1.2 billion and
limited recourse debt of $0.4 billion
as at March 31, 2022.
- Net limited recourse and recourse debt to Adjusted EBITDA
ratio(1)(5) of 2.3.
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 2, 2022, to shareholders of record on
May 19, 2022. This dividend is an
"eligible dividend" for Canadian federal and provincial income tax
purposes.
First Quarter 2022 Conference Call / Webcast
SNC-Lavalin will hold a conference call today at 8:30 a.m. (Eastern Time) to review results for
its first quarter of 2022. A live audio webcast of the conference
call and an accompanying slide presentation will be available at
www.investors.snclavalin.com. The call will also be accessible by
telephone, please dial toll free at 1 800 319 4610 in
North America or dial 1 604 638
5340 outside North America. You
can also use the following numbers: 416 915 3239 in
Toronto, 514 375 0364 in
Montreal, or 080 8101 2791 in
the United Kingdom. A recording of
the conference call and its transcript will be available on the
Company's website within 24 hours following the call.
Annual Meeting of Shareholders
SNC-Lavalin will also hold its Annual Meeting of Shareholders
today at 11:00 a.m. (Eastern Time).
Shareholders of record as of the close of business on March 14, 2022 and duly appointed proxyholders
are entitled to attend the meeting virtually at
https://web.lumiagm.com/462713996. Additional information on the
event can also be found at
www.snclavalin.com/en/investors/agm-2022. Information related to
the annual meeting of shareholders can also be found in
SNC-Lavalin's Management Proxy Circular available on SEDAR at
www.sedar.com and on the Company's website at
www.snclavalin.com under "Investors"/"Investor's
Briefcase".
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a fully integrated professional
services and project management company with offices around the
world dedicated to engineering a better future for our planet and
its people. We create sustainable solutions that connect people,
technology and data to design, deliver and operate the most complex
projects. 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. – and
delivered to clients in key strategic sectors such as Engineering
Services, Nuclear, Operations & Maintenance and Capital. News
and information are available at snclavalin.com or follow us
on LinkedIn and Twitter.
(1)
Non-IFRS financial measures and ratios, supplementary financial
measures and non-financial information do not have a standardized
definition within International Financial Reporting Standards
(IFRS), and other issuers may define these measures differently
and, accordingly, these may not be comparable to similar measures
used by other issuers. Refer to the sections "Non-IFRS
Financial Measures and Ratios, Supplementary Financial Measures and
Non-Financial Information" and "Reconciliations and Calculations"
of this press release.
|
(2) Adjusted diluted EPS is
a non-IFRS ratio based on adjusted net income (loss), itself a
non-IFRS financial measure.
|
(3) Adjusted EBITDA to
revenue ratio is a non-IFRS ratio based on Adjusted EBITDA, itself
a non-IFRS financial measure.
|
(4)
Booking-to-revenue ratio is a non-IFRS ratio based on contract
bookings.
|
(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)
Organic revenue growth (contraction) is a non-IFRS ratio
comparing organic revenue (which excludes foreign exchange and
acquisition and divestiture impacts), itself a non-IFRS financial
measure, between two periods.
|
(7) Segment Adjusted EBITDA
to segment net revenue for the Engineering Services segment is a
non-IFRS ratio based on Segment Adjusted EBITDA and net revenue,
both of which are non-IFRS financial measures.
|
|
Non-IFRS Financial Measures and Ratios,
Supplementary Financial Measures and Non-Financial
Information
The Company reports its financial results in accordance with
IFRS. However, the following non‑IFRS financial measures and
ratios, supplementary financial measures and non-financial
information are used by the Company in this press release: Organic
revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net
income attributable to SNC-Lavalin shareholders, Adjusted diluted
EPS, Booking-to-revenue ratio, Adjusted EBITDA to revenue ratio,
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. Additional
details for these non-IFRS financial measures and ratios,
supplementary financial measures and non-financial information can
be found below and in Sections 6.4 and 9 of SNC-Lavalin's first
quarter 2022 MD&A (which sections are incorporated by reference
into this press release), filed with the securities regulatory
authorities in Canada, available
on SEDAR at www.sedar.com and on the Company's website at
www.snclavalin.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 therefore may not be comparable to similar measures
presented by other issuers. Management believes that, in addition
to conventional measures prepared in accordance with IFRS, these
non-IFRS financial measures and ratios, and certain 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. However, these
non-IFRS financial measures and ratios, and certain 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.
Furthermore, certain non-IFRS financial measures and ratios, and
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 to the most comparable IFRS
measures are set forth below in the section "Reconciliations and
Calculations" of this press release.
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to
SNC-Lavalin shareholders from PS&PM to IFRS net income
attributable to SNC-Lavalin shareholders from continuing
operations
|
Q1
2022
|
Q1
2021
|
|
Before
Taxes
|
Taxes
|
After Taxes
|
Diluted EPS
(In $)
|
Before
Taxes
|
Taxes
|
After Taxes
|
Diluted EPS
(In $)
|
Net income
attributable to SNC-Lavalin shareholders from continuing
operations
(IFRS)
|
|
|
24.8
|
0.14
|
|
|
67.7
|
0.39
|
Restructuring and
transformation costs
|
6.7
|
(1.6)
|
5.1
|
|
4.9
|
(1.1)
|
3.8
|
|
Amortization of
intangible assets related to business combinations
|
22.3
|
(4.7)
|
17.7
|
|
23.3
|
(4.3)
|
19.1
|
|
Gain on disposal of a
Capital investment
|
(4.3)
|
(0.1)
|
(4.4)
|
|
-
|
-
|
-
|
|
Gain on remeasurement
of assets of disposal group classified as held for sale to fair
value less cost to sell
|
-
|
-
|
-
|
|
(0.5)
|
-
|
(0.5)
|
|
Total
adjustments
|
24.7
|
(6.4)
|
18.4
|
0.10
|
27.7
|
(5.4)
|
22.4
|
0.13
|
Adjusted net income
attributable to SNC-Lavalin shareholders
(non-IFRS)
|
|
|
43.1
|
0.25
|
|
|
90.1
|
0.51
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SNC-Lavalin shareholders from
Capital
|
|
|
8.2
|
0.05
|
|
|
6.7
|
0.04
|
Gain on disposal of a
Capital investment
|
(4.3)
|
(0.1)
|
(4.4)
|
|
-
|
-
|
-
|
|
Total
adjustments
|
(4.3)
|
(0.1)
|
(4.4)
|
(0.03)
|
-
|
-
|
-
|
-
|
Adjusted net income
attributable to SNC-Lavalin shareholders from
Capital
(non-IFRS)
|
|
|
3.8
|
0.02
|
|
|
6.7
|
0.04
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to SNC-Lavalin shareholders from
PS&PM
(non-IFRS)
|
|
|
39.4
|
0.22
|
|
|
83.4
|
0.48
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of dollars, except otherwise indicated
|
Reconciliation of EBITDA and Adjusted EBITDA
to IFRS net income from continuing operations
|
Q1
2022
|
Q1
2021
|
|
From
PS&PM
|
From Capital
|
Total
|
From
PS&PM
|
From Capital
|
Total
|
Net income from
continuing operations
|
13.7
|
8.2
|
21.9
|
62.0
|
6.7
|
68.7
|
Net financial expenses
|
24.6
|
1.0
|
25.6
|
27.0
|
4.2
|
31.2
|
Income taxes
|
3.5
|
0.5
|
4.0
|
2.9
|
0.8
|
3.6
|
EBIT
|
41.8
|
9.7
|
51.5
|
91.8
|
11.7
|
103.5
|
Depreciation and
amortization
|
41.7
|
-
|
41.7
|
44.6
|
-
|
44.6
|
Amortization of
intangible assets related to business combinations
|
22.3
|
-
|
22.3
|
23.3
|
-
|
23.3
|
EBITDA
|
105.8
|
9.7
|
115.5
|
159.7
|
11.7
|
171.4
|
Restructuring and
transformation costs
|
6.7
|
-
|
6.7
|
4.9
|
-
|
4.9
|
Gain on disposal of a
Capital investment
|
-
|
(4.3)
|
(4.3)
|
-
|
-
|
-
|
Gain on remeasurement
of assets of disposal group classified as held for sale to fair
value less cost to sell
|
-
|
-
|
-
|
(0.5)
|
-
|
(0.5)
|
Adjusted
EBITDA
|
112.6
|
5.3
|
117.9
|
164.1
|
11.7
|
175.8
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of dollars
|
Calculation of Adjusted EBITDA to revenue ratio
|
Q1
2022
|
Q1
2021
|
|
From
PS&PM
|
From Capital
|
Total
|
From
PS&PM
|
From Capital
|
Total
|
Revenue
|
1,871.7
|
16.4
|
1,888.1
|
1,798.0
|
21.7
|
1,819.7
|
EBIT to revenue ratio
(in %)
|
2.2%
|
59.0%
|
2.7%
|
5.1%
|
53.7%
|
5.7%
|
Adjusted EBITDA to
revenue ratio (in %)
|
6.0%
|
32.6%
|
6.2%
|
9.1%
|
53.8%
|
9.7%
|
All figures in millions
of dollars, except otherwise indicated
|
Calculation of segment net revenue and segment adjusted
EBITDA to segment net revenue ratio – Engineering Services
|
|
Q1
2022
|
Revenue – Engineering
Services
|
|
1,138.2
|
Direct costs for
sub-contractors and other direct expenses that are recoverable
directly from clients – Engineering Services
|
|
(255.4)
|
Segment net revenue
– Engineering Services
|
|
882.9
|
Segment Adjusted EBITDA
– Engineering Services
|
|
114.9
|
Segment Adjusted
EBITDA to segment net revenue ratio – Engineering Services (in
%)
|
|
13.0%
|
All figures in millions
of dollars, except otherwise indicated
|
Calculation of organic revenue growth (contraction)
|
Q1 2022
Revenue
|
Q1
2021A Revenue
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Divestiture
impact
|
Organic revenue
growth
(contraction)
|
Engineering
Services
|
1,138.2
|
1,049.6
|
88.6
|
(14.5)
|
-
|
103.1
|
Nuclear
|
232.1
|
229.1
|
3.0
|
(1.6)
|
-
|
4.5
|
O&M
|
136.5
|
141.6
|
(5.1)
|
0.1
|
-
|
(5.2)
|
Linxon
|
150.5
|
131.9
|
18.6
|
(7.8)
|
-
|
26.5
|
Total – SNCL
Services
|
1,657.3
|
1,552.3
|
105.1
|
(23.8)
|
-
|
128.9
|
All figures in millions
of dollars
|
|
Q1 2022
Revenue
|
Q1
2021A
Revenue
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Divestiture
impact
|
Organic revenue
growth
(contraction)
|
Engineering
Services
|
1,138.2
|
1,049.6
|
8.4%
|
(1.5)%
|
-
|
10.0%
|
Nuclear
|
232.1
|
229.1
|
1.3%
|
(0.7)%
|
-
|
2.0%
|
O&M
|
136.5
|
141.6
|
(3.6)%
|
0.1%
|
-
|
(3.7)%
|
Linxon
|
150.5
|
131.9
|
14.1%
|
(7.2)%
|
-
|
21.3%
|
Total – SNCL
Services
|
1,657.3
|
1,552.3
|
6.8%
|
(1.7)%
|
-
|
8.4%
|
All figures in
millions of dollars, except otherwise indicated
|
A
Comparative figures have been restated to reflect the new
reportable segments effective as of January 1, 2022
|
Calculation of booking-to-revenue ratio
|
Q1
2022
|
|
Engineering
Services
|
Nuclear
|
O&M
|
Linxon
|
Total
SNCL
Services
|
Opening
backlog
|
3,769.0
|
834.9
|
5,705.4
|
974.2
|
11,283.5
|
Plus: Contract
bookings during the period
|
1,219.1
|
199.3
|
29.5
|
96.7
|
1,544.6
|
Less: Revenues
from contracts with
customers
recognized during the period
|
1,127.0
|
232.0
|
136.5
|
150.5
|
1,646.0
|
Ending
backlog
|
3,861.1
|
802.2
|
5,598.4
|
920.4
|
11,182.1
|
Booking-to-revenue
ratio
|
1.08
|
0.86
|
0.22
|
0.64
|
0.94
|
All figures in millions
of dollars, except otherwise indicated
|
Calculation of net limited recourse and recourse debt to
adjusted EBITDA ratio
|
|
|
|
March
31
2022
|
Limited recourse
debt
|
|
|
|
400.0
|
Recourse
debt
|
|
|
|
1,174.0
|
Less: Cash and cash
equivalents
|
|
|
|
506.0
|
Net limited recourse
and recourse debt
|
|
|
|
1,068.0
|
Adjusted EBITDA
(trailing 12 months)
|
|
|
|
467.1
|
Net limited recourse
and recourse debt to Adjusted EBITDA ratio
|
|
|
|
2.3
|
All figures in millions
of dollars, except otherwise indicated
|
Forward-Looking Statements
Reference in this press release, and hereafter, to the
"Company" or to "SNC-Lavalin" means, 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 and future prospects; ii)
business and management strategies and the expansion and growth of
the Company's operations; and iii) the expected additional impacts
of the ongoing COVID-19 pandemic on the business and its operating
and reportable segments as well as elements of uncertainty related
thereto. All such forward-looking statements are made pursuant to
the "safe-harbor" 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 2021 Annual MD&A (particularly in the
sections entitled "Critical Accounting Judgments 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) ongoing and additional impacts of the COVID-19
pandemic; (b) execution of the Company's "Pivoting to Growth
Strategy" unveiled in September 2021;
(c) fixed-price contracts or the Company's failure to meet
contractual schedule, performance requirements or to execute
projects efficiently; (d) remaining performance obligations; (e)
contract awards and timing; (f) being a provider of services to
government agencies; (g) international operations; (h) nuclear
liability; (i) ownership interests in investments; (j) dependence
on third parties; (k) supply chain disruptions; (l) joint ventures
and partnerships; (m) information systems and data and compliance
with privacy legislation; (n) competition; (o) professional
liability or liability for faulty services; (p) monetary
damages and penalties in connection with professional and
engineering reports and opinions; (q) gaps in insurance coverage;
(r) health and safety; (s) qualified personnel; (t) work stoppages,
union negotiations and other labour matters; (u) extreme weather
conditions and the impact of natural or other disasters and global
health crises; (v) divestitures and the sale of significant assets;
(w) intellectual property; * liquidity and financial position; (y)
indebtedness; (z) impact of operating results and level of
indebtedness on financial situation; (aa) security under the
CDPQ Loan Agreement (as defined in the Company's 2021 Annual
MD&A); (bb) dependence on subsidiaries to help repay
indebtedness; (cc) dividends; (dd) post-employment benefit
obligations, including pension-related obligations; (ee) working
capital requirements; (ff) collection from customers;
(gg) impairment of goodwill and other assets; (hh) the impact
on the Company of legal and regulatory proceedings, investigations
and litigation settlements; (ii) further regulatory developments as
well as employee, agent or partner misconduct or failure to comply
with anti-corruption and other government laws and regulations;
(jj) reputation of the Company; (kk) inherent limitations to the
Company's control framework; (ll) environmental laws and
regulations; (mm) global economic conditions; (nn) inflation; (oo)
fluctuations in commodity prices; and (pp) 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 Judgments and Key Sources of Estimation
Uncertainty" in the Company's 2021 Annual MD&A and as updated
in the first quarter 2022 MD&A, each filed with the securities
regulatory authorities in Canada,
available on SEDAR at www.sedar.com and
on the Company's website at
www.snclavalin.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.
The Company's unaudited condensed consolidated interim financial
statements for the three-month period ended March 31, 2022, together with its MD&A for
the corresponding period, can be accessed on the Company's website
at www.snclavalin.com and on www.sedar.com.
SOURCE SNC-Lavalin