Highlights -- For the third quarter of 2011, net income
attributable to SNC-Lavalin shareholders increased by 15.8% to
$125.6 million ($0.83 per share on a diluted basis) compared to
$108.5 million ($0.71 per share on a diluted basis), excluding a
2010 gain from the disposal of technology solution assets of $19.6
million. -- For the nine-month period ended September 30, 2011, net
income attributable to SNC-Lavalin shareholders was $300.2 million
($1.97 per share on a diluted basis), compared to $311.7 million
($2.05 per share on a diluted basis) for the same period in 2010,
excluding the 2010 gain from disposal of technology solution assets
of $19.6 million. -- Revenues for the nine-month period ended
September 30, 2011 increased by 21.7% to $5.1 billion, compared to
$4.2 billion for the nine-month period ended September 30, 2010. --
Revenue backlog totalled $9.4 billion at the end of September 2011
compared to $9.7 billion at the end of December 2010. Services
backlog increased by 55.7% to a new record level of $2.2 billion.
-- Financial position remained solid with cash and cash equivalents
of $1.0 billion at September 30, 2011. -- Return on average
shareholders' equity was 24.0% for the 12-month period ended
September 30, 2011. -- The Board of Directors declared a cash
dividend of $0.21 per share for the third quarter of 2011.
MONTREAL, Nov. 4, 2011 /CNW Telbec/ - SNC-Lavalin Group Inc.
Financial Highlights (unaudited) Nine months ended Third Quarter
September 30 (in thousands of Canadian dollars, unless otherwise
indicated) 2011 2010 2011 2010 Revenues by activity Services $
597,992 $ 493,637 $ 1,642,533 $ 1,452,449 Packages 758,799 610,501
2,082,923 1,466,227 Operations and Maintenance 308,284 308,041
1,016,739 946,840 Infrastructure Concession Investments (ICI)
115,031 100,820 345,515 315,529 $ 1,780,106 $ 1,512,999 $ 5,087,710
$ 4,181,045 Net income excluding ICI $ 100,023 $ 111,640 $ 208,518
$ 251,056 SNC-Lavalin's net income from ICI 25,597 16,422 91,721
80,285 Net income attributable to SNC-Lavalin shareholders 125,620
128,062 300,239 331,341 Net income attributable to non-controlling
interests 3,010 1,509 8,405 7,857 Net income $ 128,630 $ 129,571 $
308,644 $ 339,198 Diluted earnings per share ($) $ 0.83 $ 0.84 $
1.97 $ 2.18 Shares outstanding (in thousands) Weighted average
number of outstanding shares - Basic 150,889 150,967 150,888
150,963 Weighted average number of outstanding shares - Diluted
151,800 151,970 152,027 152,142 Return on average shareholders'
equity(ROASE)(1) 24.0% 27.4% As at As at September30 December 31
Revenue backlog by activity 2011 2010 Services $ 2,196,600 $
1,410,700 Packages 4,840,000 5,556,000 Operations and Maintenance
2,393,200 2,732,800 $ 9,429,800 $ 9,699,500
------------------------------ ((1)) Corresponds to the
trailing 12-month net income attributable to SNC-Lavalin
shareholders, divided by a trailing 13-month average equity
attributable to SNC-Lavalin shareholders, excluding "other
components of equity". N.B.: All amounts indicated are in Canadian
dollars. SNC-Lavalin Group Inc. announced its results today for the
third quarter and nine-month period ended September 30, 2011. For
the third quarter of 2011, net income attributable to SNC-Lavalin
shareholders was $125.6 million ($0.83 per share on a diluted
basis), compared to $128.1 million ($0.84 per share on a
diluted basis) for the comparable quarter in 2010, or $108.5
million ($0.71 per share on a diluted basis) excluding the 2010
gain of $19.6 million from the disposal of technology solution
assets. This 15.8% increase in 2011, excluding the 2010 gain,
mainly reflects higher contributions from the Chemicals &
Petroleum, Power, Mining & Metallurgy and Infrastructure
Concession Investments segments, partially offset by a lower
contribution from the Infrastructure & Environment segment. For
the nine-month period ended September 30, 2011, net income
attributable to SNC-Lavalin shareholders was $300.2 million
($1.97 per share on a diluted basis), compared to
$331.3 million ($2.18 per share on a diluted basis) for the
comparable period in 2010, or $311.7 million ($2.05 per share on a
diluted basis) excluding the 2010 gain of $19.6 million from the
disposal of technology solution assets. This decrease reflects a
lower net income excluding Infrastructure Concession Investments,
partially offset by a higher net income from Infrastructure
Concession Investments. Net income, excluding Infrastructure
Concession Investments, was $208.5 million compared to $251.0
million, or $231.4 million excluding the 2010 gain. This decrease
mainly reflects a lower contribution from the Infrastructure &
Environment segment, partially offset by higher contributions from
all other segments. The net income from Infrastructure Concession
Investments was $91.7 million, compared to $80.3 million for
the first nine months of 2010, mainly due to higher dividends from
Highway 407. Revenues for the nine-month period ended September 30,
2011 increased by 21.7% to $5.1 billion compared to
$4.2 billion for the same period in 2010. Revenues increased
in all the Company's segments of activity and in all revenue
categories, with Packages revenues growing by 42.1% and Services
revenues growing by 13.1%. For the third quarter of 2011, Packages
and Services revenues increased by 24.3% and 21.1% respectively
compared to the third quarter 2010. "We are pleased with our
quarterly results and our revenue backlog, where the Services
category has reached an all-time high. We continue to expect our
2011 net income to remain in line with 2010, when we exclude the
gains from the disposals of certain assets and investments
recognized in 2010," said Pierre Duhaime, President and Chief
Executive Officer, SNC-Lavalin Group Inc. "We are also pleased to
have completed two new acquisitions this fall; Interfleet
Technology, which brings us additional world class expertise in the
high growth rail sector worldwide, and Arcturus Realty Corporation,
a well-established manager of third party real estate assets. These
acquisitions will open up new opportunities and markets, and expand
others for us all over the world. We also closed the transaction
for full ownership of AltaLink, and concluded the acquisition of
certain assets of Atomic Energy of Canada Limited. All in all, it
has been a very active and successful few months in terms of
acquisitions." Revenue backlog remained strong at $9.4 billion
at the end of September 2011, compared to $9.7 billion at the
end of December 2010. The Packages and Operations & Maintenance
revenue backlog decreased while the Services revenue backlog
increased by 55.7% to a record level of $2.2 billion. The Company's
financial position remained solid with cash and cash equivalents
totalling $1.0 billion as at September 30, 2011. The Company's
return on average shareholders' equity was 24.0% for the 12-month
period ended September 30, 2011. The Board of Directors today
declared a cash dividend of $0.21 per share, payable on
December 2, 2011 to shareholders of record on November 18,
2011. This dividend is an "eligible dividend" for income tax
purposes. SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure, and in the provision of operations and
maintenance services. SNC-Lavalin has offices across Canada and in
over 40 other countries around the world, and is currently working
in some 100 countries. In business since 1911, the Company
celebrates its 100(th) anniversary in 2011. www.snclavalin.com
_____________________________________________________________________
|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 ventures, or | |SNC-Lavalin Group Inc. or one or more of its
subsidiaries or joint | |ventures. Statements made in this press
release that describe the | |Company's or management's budgets,
estimates, expectations, | |forecasts, objectives, predictions or
projections of the future may | |be "forward-looking statements",
which can be identified by the use | |of the conditional or
forward-looking terminology such as | |"anticipates", "believes",
"estimates", "expects", "may", "plans", | |"projects", "should",
"will", or the negative thereof or other | |variations thereon. 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.
For | |more information on risks and uncertainties, and assumptions
that | |would cause the Company's actual results to differ from
current | |expectations, please refer to the section "Risks and
Uncertainties" | |and the section "How We Analyze and Report our
Results", | |respectively, in the Company's 2010 Financial Report
under | |"Management's Discussion and Analysis". 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 any obligation to update publicly or to | |revise any
such forward-looking statements, unless required by | |applicable
legislation or regulation. |
|_____________________________________________________________________|
SNC-Lavalin's Consolidated Financial Statements and Management's
Discussion and Analysis and other relevant financial materials are
available in the Investor Relations section of the Company's
website at www.snclavalin.com. These and other Company reports are
also available on the website maintained by the Canadian Securities
regulators at www.sedar.com. SNC-LAVALIN
CONTACT: Investors: Media:Denis Jasmin Leslie
QuintonVice-President, Investor Relations Vice-President, Global
Corporate514-390-8000, ext. 7553
Communicationsdenis.jasmin@snclavalin.com 514-390-8000, ext.
7354leslie.quinton@snclavalin.com
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