- Reported Q2 2017 IFRS net income attributable to SNC-Lavalin
shareholders of $136.4 million, or
$0.91 per diluted share.
- Q2 2017 adjusted net income from E&C(1) of
$64.2 million, or $0.43 per diluted share.
- Q2 2017 G&A expenses of $132.3
million, 12.3% lower versus Q2 2016.
- Revised 2017 Outlook: adjusted diluted EPS from
E&C(2) in the range of $2.00
to $2.20. This outlook includes six months of Atkins
operations and is based on an increased weighted average number of
diluted outstanding shares of approximately 163 million (151
million pre equity issuance).
To watch Neil Bruce comment on
SNC-Lavalin's third quarter 2017 financial results, click
here.
MONTREAL, Aug. 3, 2017 /CNW Telbec/ - SNC-Lavalin
Group Inc. (TSX: SNC) today announces its results for the second
quarter ended June 30, 2017.
"We continued to deliver on our growth and capital allocation
strategy by recently completing three important transactions: the
transformative acquisition of Atkins, one of the world's most
respected consultancies in design, engineering and project
management; the creation of a new infrastructure investment
vehicle; and unlocking the real estate value of our head office
through a sale-leaseback agreement. Concurrently, we also delivered
another good quarter, with good performances from our Power and
Infrastructure sectors and our Capital group," said Neil Bruce, President and Chief Executive
Officer, SNC-Lavalin Group Inc. "With the strength of our balance
sheet and diversified revenue backlog, as well as our diversified
business model, we are confident that we can meet our growth
ambitions of establishing SNC-Lavalin in the top three in our
industry globally."
- Q2 2017 reported IFRS net income attributable to SNC-Lavalin
shareholders was $136.4 million, or
$0.91 per diluted share, compared
with $88.5 million, or $0.59 per diluted share, for the corresponding
period in 2016. Q2 2017 reported IFRS net income attributable to
SNC-Lavalin shareholders included a net gain after taxes of
$101.5 million, or $0.67 per diluted share, on the disposal of
SNC-Lavalin's Montreal head office
building and an adjacent lot of land.
- Adjusted net income from E&C(1) for Q2 2017 was
$64.2 million, or $0.43 per diluted share, compared to $71.4 million, or $0.48 per diluted share for Q2 2016, mainly due
to a lower Segment EBIT(5), partially offset by an
income taxes benefit and a decrease in corporate SG&A expenses.
On a segmented basis, Power and Infrastructure delivered higher
Segment EBIT(5) in Q2 2017, compared to Q2 2016, while
the Oil & Gas and Mining & Metallurgy Segment
EBIT(5) was lower.
- Selling, general and administrative (SG&A) expenses in Q2
2017 were $185.3 million compared
with $201.1 million, in Q2 2016.
General and administrative (G&A) expenses decreased by 12.3% to
$132.3 million, while selling
expenses increased to $53.0 million
compared to $50.2 million in Q2 2016.
This increase was mainly due to higher business development
activities than in Q2 2016, particularly in the Infrastructure
sector in Canada.
- Adjusted net income from Capital(3) for Q2 2017 was
$43.6 million, or $0.29 per diluted share, compared with
$35.6 million, or $0.24 per diluted share for the corresponding
period in 2016, mainly due to a higher level of activity of Capital
investments and an increase in dividends from Highway 407 ETR.
- Total E&C revenue for the second quarter ended June 30, 2017 was $1.9
billion, compared with $2.0
billion in the second quarter of 2016. The variation was due
to a decrease in the Oil & Gas, Power and Infrastructure
segments, partially offset by an increase in the Mining &
Metallurgy segment. The decrease in Oil & Gas was mainly due to
the completion or near completion of major projects in the LNG
sector, partly offset by higher revenues from projects in the
Middle East. The decrease in Power
was mainly due to a decrease in Thermal Power and Transmission
& Distribution sub-segments, partially offset by an increase in
Nuclear. The decrease in Infrastructure is principally attributable
to the disposal, in December 2016, of
SNC-Lavalin's non-core E&C business in France and Real Estate Facilities Management
business in Canada.
- The revenue backlog(7) totaled $9.6 billion at the end of June 2017. New contract awards for the second
quarter amounted to $1.4 billion,
totaling $2.6 billion for the
six-month period ended June 30, 2017.
It should be noted that the June revenue backlog amount does not
include Atkins revenue backlog, as the acquisition was completed on
July 3, 2017. Also, as the backlog
methodology is calculated differently in each company, particularly
due to Atkins book and burn business model, SNC-Lavalin's
management is currently evaluating and reviewing its backlog
reporting policy.
- Cash and cash equivalents as at June 30,
2017, was $0.7 billion,
compared to $0.8 billion at the end
of March 31, 2017.
2017 Outlook Update
The Company is revising its previously announced 2017 outlook
range for its adjusted diluted EPS from E&C(2) to
$2.00 to $2.20 from $1.70 to $2.00 (This range would have reduced to
a comparative $1.57 to $1.85 on a
like for like weighted average number of outstanding diluted shares
basis). The revision is mainly due to the completion of the
acquisition of Atkins on July 3, 2017
and related financing; the outlook now includes approximately six
months of Atkins operations. It also assumes a weighted average
number of outstanding diluted shares of approximately 163 million
(151 million pre equity issuance).
While we anticipate continuing market challenges in 2017 in
certain of the Company's sectors, we expect to benefit from our
restructuring savings and Operational Excellence program. As such,
we expect increased Segment EBIT(5) margins for all
segments in 2017, compared to 2016, except for Mining &
Metallurgy. Note that for the balance of 2017, Atkins will be
reported as a fifth E&C segment within the segment disclosure
note to the financial statements.
This outlook is based on the assumptions and methodology
described in the Company's 2016 Management's Discussion and
Analysis under the heading, "How We Budget and Forecast Our
Results", which should be read in conjunction with the Company's
prospectus dated April 24, 2017, and
the "Forward-Looking Statements" section below and is subject to
the risks and uncertainties summarized therein, which are more
fully described in the Company's public disclosure documents.
Change to the Board of Directors
Following comprehensive board succession planning by the
Governance & Ethics Committee in 2017, the Board appointed the
Honorable Kevin G. Lynch as Vice-Chairman with the expectations
that Dr. Lynch will replace the current Chairman of the Board, Mr.
Larry Stevenson, upon his planned
retirement from the Board on December 31,
2017.
Quarterly Dividend
The Board of Directors today declared a cash dividend of
$0.273 per share, payable on
August 31, 2017, to shareholders of
record on August 17, 2017. This
dividend is an "eligible dividend" for income tax purposes.
Q2 2017 Results Conference Call / Webcast
SNC-Lavalin will hold a conference call today at 3:00 p.m. EDT (Eastern Daylight Time) to review
results for its second quarter. To join the conference call, please
dial toll free at 1 800 263 0877 in North
America, 647 794 1827 in Toronto, 438 968 3557 in Montreal, 080 0358 6377 in the United Kingdom, or 180 083 2679 in
Ireland. A live audio webcast of
the conference call and an accompanying slide presentation will be
available at investors.snclavalin.com. A recording of the
conference call will be available on our website within 24 hours
following the call.
Analyst and Investor Day
The Company is pleased to announce that an investor and analyst
day will take place at La Maison Symphonique in Montreal on September
12, 2017. SNC-Lavalin's Executive Leadership Team will take
this opportunity to discuss the Company's long-term vision,
strategy, most recent Atkins acquisition, as well as the Company's
business activities and fundamentals. The event details will soon
be posted on SNC-Lavalin's website. Note that the event will be
webcasted.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a global fully integrated
professional services and project management company and a major
player in the ownership of infrastructure. From offices around the
world, SNC-Lavalin's employees are proud to build what matters. Our
teams provide comprehensive end-to-end project solutions –
including capital investment, consulting, design, engineering,
construction, sustaining capital and operations and maintenance –
to clients in oil and gas, mining and metallurgy, infrastructure
and power. www.snclavalin.com
(1) Adjusted net income from E&C is
defined as net income attributable to SNC-Lavalin shareholders from
E&C, excluding charges related to restructuring, right-sizing
and other, acquisition-related costs and integration costs, as well
as amortization of intangible assets related to Kentz acquisition,
and the gains (losses) on disposals of E&C businesses and the
head office building. E&C is defined in the Company's 2016
financial statements and Management's Discussion and Analysis. The
term "Adjusted net income from E&C" does not have any
standardized meaning under IFRS. Therefore, it may not be
comparable to similar measures presented by other issuers.
Management uses this measure as a more meaningful way to compare
the Company's financial performance from period to period.
Management believes that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this
information to evaluate the Company's performance. See
reconciliation below.
(2) Adjusted diluted EPS from E&C is
defined as the adjusted net income from E&C divided by the
diluted weighted average number of outstanding shares for the
period.
(3) Adjusted net income from Capital is
defined as net income attributable to SNC-Lavalin shareholders from
Capital, excluding the gain on disposals of Capital
Investments.
(4) Adjusted diluted EPS from Capital is
defined as the adjusted net income from Capital divided by the
diluted weighted average number of outstanding shares for the
period.
(5) Segment EBIT consist of gross margin
less i) directly related selling, general and administrative
expenses; ii) corporate selling, general and administrative
expenses that are directly related to projects or segments; and
iii) non-controlling interests before taxes. Expenses that are not
allocated to the Company's segment include: Corporate selling,
general and administrative expenses that are not directly related
to projects or segments, restructuring costs, goodwill impairment,
acquisition-related costs and integration costs and amortization of
intangible assets related to the Kentz acquisition, as well as
gains (losses) on disposals of E&C businesses, Capital
investments and head office building. The term "Segment EBIT" does
not have any standardized meaning under IFRS. Therefore, it may not
be comparable to similar measures presented by other issuers.
Management uses this measure as a more meaningful way to compare
the Company's financial performance from period to period.
Management believes that, in addition to conventional measures
prepared in accordance with IFRS, certain investors use this
information to evaluate the Company's performance.
(6) Adjusted E&C EBITDA is defined
herein as earnings from E&C before net financial expenses
(income), income taxes, depreciation and amortization, and excludes
charges related to restructuring, right-sizing and other,
acquisition-related costs and integration costs, as well as the
gains (losses) on disposals of E&C businesses, Capital
investments and head office building. The term "Adjusted E&C
EBITDA" does not have any standardized meaning under IFRS.
Therefore, it may not be comparable to similar measures presented
by other issuers. Management uses this measure as a more meaningful
way to compare the Company's financial performance from period to
period. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's performance.
(7) Revenue Backlog is defined herein as a
forward-looking indicator of anticipated revenues to be recognized
by the Company, determined based on contract awards that are
considered firm. Management could be required to make estimates
regarding the revenue to be generated for long-term firm
reimbursable contracts. In order to provide information that is
comparable to the revenue backlog of other categories of activity,
the Company limits the O&M activities revenue backlog, which
can cover a period of up to 40 years, to the earlier of: i) the
contract term awarded; and ii) the next five years. The term
"Revenue backlog" does not have any standardized meaning under
IFRS. Therefore, it may not be comparable to similar measures
presented by other issuers. Management believes that, in addition
to conventional measures prepared in accordance with IFRS, certain
investors use this information to evaluate the Company's future
performance.
SNC-Lavalin
Financial Summary
|
|
(in thousands of
Canadian dollars, unless otherwise indicated)
|
Second
Quarter
|
Six months ended
June 30
|
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Revenues
|
|
|
|
|
From
E&C
|
1,868,161
|
2,045,237
|
3,656,485
|
3,976,010
|
From
Capital
|
66,712
|
57,749
|
127,658
|
115,146
|
|
1,934,873
|
2,102,986
|
3,784,143
|
4,091,156
|
|
|
|
|
|
Net income
attributable to SNC-Lavalin's shareholders
|
|
|
|
|
From
E&C
|
87,356
|
52,894
|
132,693
|
84,093
|
From
Capital
|
49,034
|
35,616
|
93,410
|
126,524
|
|
136,390
|
88,510
|
226,103
|
210,617
|
|
|
|
|
|
Diluted EPS
($)
|
|
|
|
|
From
E&C
|
0.58
|
0.35
|
0.88
|
0.56
|
From
Capital
|
0.33
|
0.24
|
0.62
|
0.84
|
|
0.91
|
0.59
|
1.50
|
1.40
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income attributable to SNC-Lavalin's shareholders
|
|
|
|
|
From
E&C(1)
|
64,160
|
71,400
|
124,884
|
128,578
|
From
Capital(3)
|
43,632
|
35,616
|
88,007
|
75,479
|
|
107,792
|
107,016
|
212,891
|
204,057
|
|
|
|
|
|
Adjusted diluted
EPS ($)
|
|
|
|
|
From
E&C(2)
|
0.43
|
0.48
|
0.83
|
0.86
|
From
Capital(4)
|
0.29
|
0.24
|
0.59
|
0.50
|
|
0.72
|
0.72
|
1.42
|
1.36
|
|
|
|
|
|
|
|
|
|
|
Adjusted E&C
EBITDA(6)
|
86,849
|
117,916
|
186,840
|
217,766
|
Adjusted E&C
EBITDA margin
|
4.6%
|
5.8%
|
5.1%
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
Revenue
backlog(7)
|
|
|
9,576,600
|
12,544,300
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
737,361
|
1,064,589
|
Reconciliation
of IFRS Net Income as Reported to Adjusted Net
Income
|
|
|
Net income,
as reported
|
Net charges
related
to the restructuring
& right-sizing plan
and other
|
Acquisition
|
Net gain on
disposals of
E&C business,
head office
building, and
Capital
investment
|
Net income,
adjusted
|
|
|
|
Acquisition-related
costs and integration
costs
|
Amortization of
intangible assets
related to Kentz
|
|
|
|
Second Quarter
2017
|
In
M$
|
E&C
|
87.4
|
22.6*
|
44.5
|
11.5
|
(101.8)
|
64.2
|
Capital
|
49.0
|
-
|
-
|
-
|
(5.4)
|
43.6
|
|
136.4
|
22.6
|
44.5
|
11.5
|
(107.2)
|
107.8
|
|
Per Diluted share
($)
|
E&C
|
0.58
|
0.15
|
0.30
|
0.08
|
(0.68)
|
0.43
|
Capital
|
0.33
|
-
|
-
|
-
|
(0.04)
|
0.29
|
|
0.91
|
0.15
|
0.30
|
0.08
|
(0.72)
|
0.72
|
|
Six Months Ended
June 30, 2017
|
In
M$
|
E&C
|
132.7
|
25.2
|
45.6
|
23.8
|
(102.4)
|
124.9
|
Capital
|
93.4
|
-
|
-
|
-
|
(5.4)
|
88.0
|
|
226.1
|
25.2
|
45.6
|
23.8
|
(107.8)
|
212.9
|
|
Per Diluted share
($)
|
E&C
|
0.88
|
0.17
|
0.31
|
0.16
|
(0.68)
|
0.83
|
Capital
|
0.62
|
-
|
-
|
-
|
(0.04)
|
0.59
|
|
1.50
|
0.17
|
0.31
|
0.16
|
(0.72)
|
1.42
|
|
*This amount
includes $4.0 million ($5.0 million after taxes) of net charges
which did not meet the restructuring costs definition in accordance
with IFRS.
|
|
|
Net income,
as reported
|
Net charges
related
to the restructuring
& right-sizing plan
and other
|
Acquisition
|
Net gain on
Capital
investment
disposals
|
Net income,
adjusted
|
|
|
|
Acquisition-related
costs and integration
costs
|
Amortization of
intangible assets
related to Kentz
|
|
|
|
Second Quarter
2016
|
In
M$
|
E&C
|
52.9
|
4.51
|
1.4
|
12.6
|
-
|
71.4
|
Capital
|
35.6
|
-
|
-
|
-
|
-
|
35.6
|
|
88.5
|
4.5
|
1.4
|
12.6
|
-
|
107.0
|
|
Per Diluted share
($)
|
E&C
|
0.35
|
0.03
|
0.01
|
0.09
|
-
|
0.48
|
Capital
|
0.24
|
-
|
-
|
-
|
-
|
0.24
|
|
0.59
|
0.03
|
0.01
|
0.09
|
-
|
0.72
|
|
Six Months Ended
June 30, 2016
|
In
M$
|
E&C
|
84.1
|
13.8
|
2.3
|
28.4
|
-
|
128.6
|
Capital
|
126.5
|
-
|
-
|
-
|
(51.1)
|
75.4
|
|
210.6
|
13.8
|
2.3
|
28.4
|
(51.1)
|
204.0
|
|
Per Diluted share
($)
|
E&C
|
0.56
|
0.09
|
0.02
|
0.19
|
-
|
0.86
|
Capital
|
0.84
|
-
|
-
|
-
|
(0.34)
|
0.50
|
|
1.40
|
0.09
|
0.02
|
0.19
|
(0.34)
|
1.36
|
|
|
|
|
|
|
|
1This amount includes $4.3
million ($2.0 million after taxes) of net charges which did not
meet the restructuring costs definition in accordance with
IFRS.
|
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 SNC-Lavalin Group Inc. or one or more of its
subsidiaries or joint
arrangements.
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", "goal", "intends", "may",
"plans", "projects", "should", "synergies", "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; 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.
The 2017 outlook referred to in this press release is
forward-looking information and is based on the methodology
described in the Company's 2016 Management's Discussion and
Analysis ("MD&A") under the heading "How We Budget and Forecast
Our Results" and is subject to the risks and uncertainties
described in the Company's public disclosure documents. The purpose
of the 2017 outlook is to provide the reader with an indication of
management's expectations, at the date of this press release,
regarding the Company's future financial performance and readers
are cautioned that this 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 2016 MD&A, particularly in the
sections entitled "Critical Accounting Judgments and Key Sources of
Estimation Uncertainty" and "How We Analyze and Report our Results"
in the Company's 2016 MD&A, and as updated in the first and
second quarter 2017 MD&A and the Company's prospectus dated
April 24, 2017. The 2017 outlook also
assumes that the federal charges laid against the Company and its
indirect subsidiaries SNC-Lavalin International Inc. and
SNC-Lavalin Construction Inc. on February
19, 2015, will not have a significant adverse impact on the
Company's business in 2017. 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: (a) the outcome of pending and future claims and
litigation could have a material adverse impact on the Company's
business, financial condition and results of operation; (b) on
February 19, 2015, the Company was
charged with one count of corruption under the Corruption of
Foreign Public Officials Act (Canada)(the "CFPOA") and one count of fraud
under the Criminal Code (Canada),
and is also subject to other ongoing investigations which could
subject the Company to criminal and administrative enforcement
actions, civil actions and sanctions, fines and other penalties,
some of which may be significant. These charges and investigations,
and potential results thereof, could harm the Company's reputation,
result in suspension, prohibition or debarment of the Company from
participating in certain projects, reduce its revenues and net
income and adversely affect its business; (c) further
regulatory developments could have a significant adverse impact on
the Company's results, and employee, agent or partner misconduct or
failure to comply with anti-bribery and other government laws and
regulations could harm the Company's reputation, reduce its
revenues and net income, and subject the Company to criminal and
administrative enforcement actions and civil actions; (d) if the
Company is not able to successfully execute on its strategic plan,
its business and results of operations would be adversely affected;
(e) a negative impact on the Company's public image could influence
its ability to obtain future projects; (f) fixed-price contracts or
the Company's failure to meet contractual schedule or performance
requirements or to execute projects efficiently may increase the
volatility and unpredictability of its revenue and profitability;
(g) the Company's revenue and profitability are largely dependent
on the awarding of new contracts, which it does not directly
control, and the uncertainty of contract award timing could have an
adverse effect on the Company's ability to match its workforce size
with its contract needs; (h) the Company's backlog is subject to
unexpected adjustments and cancellations, including under
"termination for convenience" provisions, and does not represent a
guarantee of the Company's future revenues or profitability; (i)
SNC-Lavalin is a provider of services to government agencies and is
exposed to risks associated with government contracting; (j) the
Company's international operations are exposed to various risks and
uncertainties, including unfavourable political environments, weak
foreign economies and the exposure to foreign currency risk; (k)
there are risks associated with the Company's ownership interests
in Capital investments that could adversely affect it; (l) the
Company is dependent on third parties to complete many of its
contracts; (m) the Company's use of joint ventures and partnerships
exposes it to risks and uncertainties, many of which are outside of
the Company's control; (n) the competitive nature of the markets in
which the Company does business could adversely affect it; (o) the
Company's project execution activities may result in professional
liability or liability for faulty services; (p) the Company could
be subject to monetary damages and penalties in connection with
professional and engineering reports and opinions that it provides;
(q) the Company may not have in place sufficient insurance coverage
to satisfy its needs; (r) the Company's employees work on projects
that are inherently dangerous and a failure to maintain a safe work
site could result in significant losses and/or an inability to
obtain future projects; (s) the Company's failure to attract and
retain qualified personnel could have an adverse effect on its
activities; (t) work stoppages, union negotiations and other labour
matters could adversely affect the Company; (u) the Company relies
on information systems and data in its operations. Failure in the
availability or security of the Company's information systems or in
data security could adversely affect its business and results of
operations; (v) any acquisition or other investment may present
risks or uncertainties; (w) divestitures and the sale of
significant assets may present risks or uncertainties; * a
deterioration or weakening of the Company's financial position,
including its cash net of recourse debt, would have a material
adverse effect on its business and results of operations; (y) the
Company may have significant working capital requirements, which if
unfunded could negatively impact its business, financial condition
and cash flows; (z) an inability of SNC-Lavalin's clients to
fulfill their obligations on a timely basis could adversely affect
the Company; (aa) the Company may be required to impair certain of
its goodwill, and it may also be required to write down or write
off the value of certain of its assets and investments, either of
which could have a material adverse impact on the Company's results
of operations and financial condition; (bb) global economic
conditions could affect the Company's client base, partners,
subcontractors and suppliers and could materially affect its
backlog, revenues, net income and ability to secure and maintain
financing; (cc) fluctuations in commodity prices may affect
clients' investment decisions and therefore subject the Company to
risks of cancellation, delays in existing work, or changes in the
timing and funding of new awards, and may affect the costs of the
Company's projects; (dd) inherent limitations to the Company's
control framework could result in a material misstatement of
financial information; (ee) environmental laws and regulations
expose the Company to certain risks, could increase costs and
liabilities and impact demand for the Company's services; as well
as the risks related to the Company's acquisition of WS Atkins plc
("Atkins") identified in Section 11 of the Company's second quarter
2017 MD&A (entitled "Risks and Uncertainties"). 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 2016 MD&A and as updated in the
first and second quarter 2017 MD&A and the Company's prospectus
dated April 24, 2017.
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 such forward-looking statements, whether
as a result of new information, future events or otherwise, 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 Investors 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.
SOURCE SNC-Lavalin