- Reported Q1 2019 IFRS net loss attributable to SNC-Lavalin
shareholders of $17.3 million (or
$0.10 per diluted share).
- Q1 2019 adjusted consolidated net
income(5) of $36.9
million (or $0.21 per diluted
share).
- Q1 2019 adjusted net loss from E&C(1) of
$14.9 million (or $0.08 per diluted share).
- The Company has accelerated its simplification and
cost reduction program to increase efficiency and competitiveness,
through reducing the Company's overhead cost structure by just over
$100 million in 2019 and $250 million annually.
- Strong backlog of $15.8
billion at the end of March
2019, with bookings of $3.2
billion in Q1 2019, representing a 1.4 book-to-bill
ratio.
- 2019 Outlook maintained: adjusted diluted EPS from
E&C(2) in the range of $2.00 to $2.20 and
adjusted consolidated diluted EPS(6) in the range of
$3.00 to $3.20, with an adjusted E&C EBITDA from
E&C(8) in the range of $900
million to $950
million.
MONTREAL, May 2, 2019 /CNW Telbec/ - SNC-Lavalin Group
Inc. (TSX: SNC) today announces its results for the first quarter
ended March 31, 2019.
"We remain confident that we can deliver our 2019 outlook,
despite being disappointed with our first quarter performance. To
address the under-performance of Q4, we simplified our structure to
four reporting E&C sectors, underpinned by the new Project
Oversight function, and intensified our cost reduction
program. At the heart of this structure is the appointment of
Ian Edwards, our new Chief Operating
Officer, who has a mandate to ensure greater collaboration among
our business segments and to have laser focus on excellence in
execution, which we believe will allow us to deliver more
predictable results and cash generation, and grow our business
responsibly", said Neil Bruce,
President and Chief Executive Officer, SNC-Lavalin Group
Inc.
"We will be focusing on our core geographies and are removing
unprofitable revenues across 15 countries where we have sub-scale
operations. We also have combined our oil & gas and mining
businesses. We also stopped bidding on lump sum EPC mining
projects, as going forward we will be undertaking lump sum EPC work
in Infrastructure and oil & gas only in our core regions where
we have strong capabilities. At the end of March we had a strong
backlog with $3.2 billion of bookings
in the quarter, as our clients continue to be very supportive of
our talented employees and the work they do. Also in April we
reached an agreement to sell 10.01% of the Highway 407 ETR at a
very good valuation, which will allow us to deleverage our balance
sheet, protect our credit rating, while ensuring that our capital
allocation strategy is the most accretive to long term shareholder
value", added Mr. Bruce.
First Quarter Results
- Q1 2019 reported IFRS net loss attributable to SNC-Lavalin
shareholders was $17.3 million, or
$0.10 per diluted share, compared
with a reported IFRS net income attributable to SNC-Lavalin
shareholders of $78.1 million, or
$0.44 per diluted share, for the
corresponding period in 2018. Q1 2019 included amortization of
intangible assets related to business combinations of $42.8 million (after taxes), net charges related
to restructuring and other of $7.9
million (after taxes), and acquisition-related and
integration costs of $3.4 million
(after taxes).
- The segment disclosure note in the Company's financial
statements reflects the new simplified consolidated operating
structure recently announced by the Company and the restated
comparable numbers. The Company believes that this new
organizational structure will position it for further improving
project delivery, as well as driving sustainable growth and more
consistent cash flow generation.
- In addition to implementing this simplified operating
structure, the Company has accelerated its simplification and cost
reduction program. The objective of this program is to increase
efficiency and competitiveness, through reducing the Company's
overhead cost structure by $250
million annually. The company expects to realize just over
$100 million of such savings during
the rest of 2019.
- Adjusted net loss from E&C(1) was $14.9 million in Q1 2019, or $0.08 per diluted share, compared with an
adjusted net income from E&C(1) of $89.5 million, or $0.51 per diluted share for Q1 2018, mainly due
to a lower total Segment EBIT(7) and an increase in
financial expenses, partially offset by a positive Corporate
SG&A due in part to a lower amount of benefits, including the
reversal of some corporate incentives and revision of certain
estimates. On a segmented basis, the Engineering, Design and
Project Management (EDPM) segment had another strong quarter and
delivered a $80.2 million Segment
EBIT(7) in Q1 2019, while Nuclear and Infrastructure
recorded a lower Segment EBIT(7), compared to Q1 2018.
The Resources segment recorded a negative Segment
EBIT(7) totaling $61.4
million in Q1 2019, mainly due to a net unfavorable impact
from reforecasts on certain major Oil & Gas and Mining &
Metallurgy projects and delay in claim settlements. The Company has
taken actions to simplify its business, focus its capabilities
where it excels and grow its business responsibly.
- Adjusted net income from Capital(3) increased to
$51.8 million in Q1 2019, or
$0.29 per diluted share, compared
with $46.5 million, or $0.26 per diluted share for the corresponding
period in 2018, mainly due to an increase in dividends received
from Highway 407 ETR.
- E&C revenue for the first quarter ended March 31, 2019 totaled $2.29 billion, compared with $2.37 billion in the first quarter of 2018. The
variance was mainly due to a decrease in the Resources segment,
partially offset by an increase in the EDPM segment.
Backlog and Bookings
The Company's backlog increased by 17.2% to $15.8 billion as at March
31, 2019, compared to the end of March 2018. Total bookings for Q1 2019 amounted
to $3.2 billion, representing a 1.4
book-to-bill ratio. Q1 2019 bookings included $1.6 billion in Infrastructure (3.2 book-to-bill
ratio), $0.9 billion in EDPM (0.9
book-to-bill ratio), and $0.5 billion
in Resources (0.9 book-to-bill ratio).
Agreement to sell 10.01% interest in Highway 407
ETR
The Company invests in, develops, and divests of Capital
investments in the ordinary course of its business. On August 2, 2018, the Company publicly announced
its intention to sell a portion of its stake in Highway 407 ETR and
on April 5, 2019, SNC-Lavalin
announced that it has reached an agreement to sell 10.01% of the
shares of 407 International Inc. ("Highway 407 ETR") to Ontario
Municipal Employees Retirement System ("OMERS"). Gross proceeds
from the sale could reach $3.25
billion in aggregate, with $3.0 billion payable at the closing date and
$250 million over a period of 10
years, conditional to certain financial thresholds related to the
ongoing performance of Highway 407 ETR.
SNC-Lavalin has been informed that a Highway 407 ETR shareholder
may exercise its right of first refusal. If a right of first
refusal is properly exercised, OMERS will not be the buyer of the
10.01% shares of Highway 407 ETR, and SNC-Lavalin will owe OMERS a
break fee of 2.5% of the purchase price.
Financial Position and Cash Flows
As of March 31, 2019, the Company
had $614.9 million of cash and cash
equivalents, $3.6 billion of recourse
and limited recourse debt and $1.6
billion in unused capacity under its $2.6 billion committed revolving credit
facility.
The Company's Net Recourse Debt to EBITDA ratio, in accordance
with the terms of its Credit Agreement, was 3.9.
Operating cash flows for the first quarter of 2019 were
($248.9) million. This was mainly due
to disbursements on the Codelco project, timing of milestone
payments on large Infrastructure projects such as Eglinton LRT, New
Champlain Bridge, Ottawa LRT and REM and certain delays in claim
settlements on some Oil & Gas projects.
Quarterly Dividend
The Board of Directors today declared a cash dividend of
$0.10 per share, payable on
May 30, 2019, to shareholders of
record on May 16, 2019. This dividend
is an "eligible dividend" for income tax purposes.
2019 Financial Outlook
The Company is maintaining its previously announced 2019
outlook.
2019
Guidance
|
Adjusted EBITDA from
E&C (8)
|
$900M -
$950M
|
Adjusted diluted EPS
from E&C (2)
|
$2.00 -
$2.20
|
Adjusted consolidated
diluted EPS (6)
|
$3.00 -
$3.20
|
Effective tax rate on
adjusted E&C earnings
|
~20%
|
Weighted average
number of shares outstanding
|
~175.8M
|
The table above summarizes the Company's 2019 financial guidance
targets. The Company's 2019 guidance incorporates the non-cash
impact of IFRS 16, Leases ("IFRS 16"). Financial results for
2018 were not restated for the new accounting standard. If the
Company excluded the adoption of IFRS 16, adjusted EBITDA for 2019
would have been approximately $132
million lower, and the net financial expenses would have
been $27 million lower mainly offset
by a lower EBIT for a similar amount.
Given the challenges faced in Q1 2019, the Company expects a
very modest recovery in its adjusted diluted EPS from
E&C(2) for Q2 2019 and a more significant ramp
up in the second half of the year, as the Resources segment
improves its performance and the Company starts to see the impact
of its cost reduction program.
The Resources Segment EBIT(7), which now includes the
Company's Mining & Metallurgy and Oil & Gas sub-segments is
expected to turn positive in 2019, as the 2018 Segment
EBIT(7) was impacted by an important loss in the
Mining & Metallurgy sub-segment. The Company expects a 4% to 6%
Segment EBIT(7) margin for the Resources segment.
The Company anticipates higher Segment EBIT(7) from its
Infrastructure and Nuclear segments, compared to 2018, mainly due
to their strong backlog and prospects list, while the EDPM Segment
EBIT(7) should be in line with 2018.
The net effect of the disposal of 10.01% of the Company's
Highway 407 ETR interest has not yet been reflected in the 2019
guidance. The Company intends to adjust the guidance accordingly
once a transaction is concluded.
This outlook is based on the assumptions and methodology
described in the Company's 2018 Management's Discussion and
Analysis under the heading, "How We Budget and Forecast Our
Results" 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.
Q1 2019 Results Conference Call / Webcast
SNC-Lavalin will hold a conference call today at 1:30 p.m. (Eastern Time) to review results for
its first quarter. A live audio webcast of the conference call and
an accompanying slide presentation will be available at
investors.snclavalin.com. The call will also be accessible by
telephone, please dial toll free at 1 888 204 4368 in North America, 647 484 0478 in Toronto, 514 669 6113 in Montreal, or 080 0358 6377 in the United Kingdom. A recording of the conference
call will be available on the Company's website within 24 hours
following the call.
Annual Shareholders' Meeting / Webcast
SNC-Lavalin will also hold its Annual Shareholders' Meeting
today at 11:00 a.m. (Eastern Time) at
the Palais des congrès, located at 1001 Place Jean-Paul-Riopelle,
Montreal, Quebec, Canada. The
event will be webcast live, and will be available at
https://www.icastpro.ca/esnc190502.
Non-IFRS Financial Measures and Additional IFRS
Measures
The Company reports its financial results in accordance with
IFRS. However, the following non-IFRS measures and additional IFRS
measures are used by the Company: Adjusted net income from E&C,
Adjusted diluted EPS from E&C, Adjusted net income from
Capital, Adjusted diluted EPS from Capital, Adjusted consolidated
diluted EPS, EBITDA, Adjusted EBITDA from E&C and Segment EBIT.
Additional details for these non-IFRS measures and additional IFRS
measures can be found below and in SNC-Lavalin's MD&A, which is
available in the Investors section of the Company's website at
www.snclavalin.com. Non-IFRS financial measures 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 measures provide additional insight into
the Company's financial results and certain investors may use this
information to evaluate the Company's performance from period to
period. However, these non-IFRS financial measures have limitations
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
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 think beyond engineering. Our teams
provide comprehensive end-to-end project solutions – including
capital investment, consulting, design, engineering, construction
management, sustaining capital and operations and maintenance – to
clients across the EDPM (engineering, design and project
management), Infrastructure, Nuclear, Clean Power, and
Resources businesses. www.snclavalin.com
(1) Adjusted net income (loss) from E&C
is defined as net income (loss) 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 business combinations, impairment of goodwill, the net
expense for the 2012 class action lawsuits settlement and related
legal costs, the GMP equalization expense, the gains (losses) on
disposals of E&C businesses and the impact of U.S. corporate
tax reform. E&C is defined in the Company's 2018 financial
statements and Management's Discussion and Analysis. The term
"Adjusted net income from E&C" does not have any standardized
meaning as prescribed by 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 (loss) 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 charges related to restructuring, right sizing
and other, and the gains 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) Adjusted consolidated net income is
defined as the adjusted net income (loss) from E&C plus the
adjusted net income from Capital.
(6) Adjusted consolidated diluted EPS is
defined as the adjusted net income (loss) from E&C plus the
adjusted net income from Capital divided by the diluted weighted
average number of outstanding shares for the period.
(7) Segment EBIT consists of revenues less
i) direct cost of activities, ii) directly related selling, general
and administrative expenses, and iii) corporate selling, general
and administrative expenses that are allocated to segments.
Expenses that are not allocated to the Company's segments include:
certain corporate selling, general and administrative expenses that
are not directly related to projects or segments, impairment loss
arising from expected credit losses, gain (loss) arising on
financial assets (liabilities) at fair value through profit or
loss, restructuring costs, impairment of goodwill,
acquisition-related costs and integration costs, amortization of
intangible assets related to business combinations, the net expense
for the 2012 class action lawsuits settlement and related legal
costs, and the GMP equalization expense, as well as gains
(losses) on disposals of E&C businesses and Capital
investments. 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.
(8) Adjusted EBITDA from E&C 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, the net expense
for the 2012 class action lawsuits settlement and related legal
costs, the GMP equalization expense, as well as the gains (losses)
on disposals of E&C businesses. The term "Adjusted EBITDA 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.
SNC-Lavalin
Financial Summary
|
|
|
First
Quarter
|
(in thousands of
Canadian dollars, unless otherwise indicated)
|
|
2019
|
2018
|
|
|
|
|
Revenues
|
|
|
From
E&C
|
2,291,016
|
2,367,197
|
From
Capital
|
72,177
|
64,197
|
|
2,363,193
|
2,431,394
|
|
|
|
Net income (loss)
attributable to SNC-Lavalin's
shareholders From
E&C
|
(67,355)
|
31,541
|
From
Capital
|
50,050
|
46,531
|
|
(17,305)
|
78,072
|
|
|
|
Diluted EPS
($) From
E&C From
Capital
|
(0.38) 0.28
|
0.18 0.26
|
|
(0.10)
|
0.44
|
|
|
|
|
|
|
Adjusted net
income (loss) attributable to SNC-Lavalin's
shareholders From
E&C(1) From
Capital(3)
|
(14,913) 51,782
|
89,477
46,531
|
|
36,869
|
136,008
|
|
|
|
Adjusted diluted
EPS ($) From
E&C(2) From
Capital(4)
|
(0.08) 0.29
|
0.51 0.26
|
|
0.21
|
0.77
|
Adjusted E&C
EBITDA*(8) Adjusted E&C EBITDA margin
|
79,206 3.5%
|
177,316 7.5%
|
|
|
|
|
|
|
Backlog
|
15,840,700
|
13,511,800
|
|
|
|
Cash and cash
equivalents
|
614,850
|
646,837
|
Recourse and
limited recourse debt
|
3,595,437
|
3,018,760
|
|
|
|
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
|
* The Company's
2019 financial results incorporate the non-cash impact of IFRS 16,
Leases ("IFRS 16"). Financial results for 2018 were not restated
for the new accounting standard. If the Company excluded the
adoption of IFRS 16, adjusted E&C EBITDA for 2019 would have
been approximately $33 million lower, and the net financial
expenses would have been $6 million lower mainly offset by a lower
EBIT for a similar amount.
|
Reconciliation
of IFRS Net Income as Reported to Adjusted Net
Income
|
|
|
First Quarter
2019
|
First Quarter
2018
|
|
E&C
|
Capital
|
Total
|
E&C
|
Capital
|
Total
|
(In
M$)
|
|
|
|
|
|
|
Net Income (Loss)
(IFRS)
|
(67.4)
|
50.1
|
(17.3)
|
31.6
|
46.5
|
78.1
|
Net charges related
to restructuring & right-sizing plan and other
|
6.2
|
1.7
|
7.9
|
1.3
|
-
|
1.3
|
Acquisition-related
costs and integration costs
|
3.4
|
-
|
3.4
|
8.4
|
-
|
8.4
|
Amortization of
intangible assets related to business combinations
|
42.8
|
-
|
42.8
|
46.8
|
-
|
46.8
|
Loss from adjustment
on disposals of E&C businesses
|
0.1
|
-
|
0.1
|
-
|
-
|
-
|
Impact of U.S.
corporate tax reform
|
-
|
-
|
-
|
1.4
|
-
|
1.4
|
|
|
|
|
|
|
|
Adjusted Net Income
(Loss) (non-IFRS)
|
(14.9)
|
51.8
|
36.9
|
89.5
|
46.5
|
136.0
|
|
|
|
|
|
|
|
(in
$)
|
|
|
|
|
|
|
Diluted EPS
(IFRS)
|
(0.38)
|
0.28
|
(0.10)
|
0.18
|
0.26
|
0.44
|
Net charges related
to restructuring & right-sizing plan and other
|
0.04
|
0.01
|
0.05
|
0.01
|
-
|
0.01
|
Acquisition-related
costs and integration costs
|
0.02
|
-
|
0.02
|
0.04
|
-
|
0.04
|
Amortization of
intangible assets related to business combinations
|
0.24
|
-
|
0.24
|
0.27
|
-
|
0.27
|
Loss from adjustment
on disposals of E&C businesses
|
-
|
-
|
-
|
-
|
-
|
-
|
Impact of U.S.
corporate tax reform
|
-
|
-
|
-
|
0.01
|
-
|
0.01
|
|
|
|
|
|
|
|
Adjusted Diluted EPS
(non-IFRS)
|
(0.08)
|
0.29
|
0.21
|
0.51
|
0.26
|
0.77
|
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
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", "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; 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 2019 outlook referred to in this press release is
forward-looking information and is based on the methodology
described in the Company's 2018 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 2019 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 2018 MD&A, particularly in the
sections entitled "Critical Accounting Judgments and Key Sources of
Estimation Uncertainty" and "How We Analyze and Report our
Results". The 2019 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 2019. 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) outcome of pending
and future claims and litigation; (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 as well as employee, agent or partner
misconduct or failure to comply with anti-bribery and other
government laws and regulations; (d) reputation of the Company; (e)
fixed-price contracts or the Company's failure to meet contractual
schedule or performance requirements or to execute projects
efficiently; (f) contract awards and timing; (g) remaining
performance obligations; (h) being a provider of services to
government agencies; (i) international operations; (j) Brexit; (k)
ownership interests in Capital investments; (l) dependence on third
parties; (m) joint ventures and partnerships; (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) insurance coverage; (r)
health and safety; (s) qualified personnel; (t) work stoppages,
union negotiations and other labour matters; (u) information
systems and data; (v) acquisitions or other investment; (w)
divestitures and the sale of significant assets; * liquidity and
financial position; (y) indebtedness; (z) security under the
SNC-Lavalin Highway Holdings Loan; (aa) dependence on subsidiaries
to help repay indebtedness; (bb) dividends; (cc) post-employment
benefit obligations, including pension-related obligations; (dd)
working capital requirements; (ee) collection from customers; (ff)
impairment of goodwill and other assets; (gg) global economic
conditions; (hh) fluctuations in commodity prices; (ii) inherent
limitations to the Company's control framework; and (jj)
environmental laws and regulations.
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 2018 MD&A, and as updated in the
first quarter 2019 MD&A.
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