- Strategic direction re-affirmed with clear growth agenda to
2024, focused on core geographies of UK, Canada and the U.S.
- New operational structure ensures global capabilities are
focused to deliver growth across clearly defined customer end
markets, and drive value creation
- SNCL Services target of 4% to 6% annual organic revenue
growth and 8% to 10% Segment Adjusted EBIT to segment revenue
ratio(3) from 2022-2024(1)
- Delivery of positive net cash flow from operations will be
prioritized with a view to targeting an investment grade rating and
further accelerate the growth strategy
MONTREAL, Sept. 28, 2021 /CNW Telbec/ - SNC-Lavalin Group
Inc. (TSX: SNC), a fully integrated professional services and
project management company with offices around the world, today
released "Pivoting to Growth Strategy'', its
three-year global strategic plan outlining how and where the
Company intends to drive profitable growth through 2024. The plan
will be the focus of the Company's 2021 Investor Day, held today
virtually.
"Two years ago, I set a goal of simplifying and de-risking our
business to unlock SNC-Lavalin's potential to create sustainable
solutions that connect people, data and technology to design,
deliver and operate the most complex projects across the world,"
said Ian L. Edwards, President and
CEO of SNC-Lavalin Group Inc. "Today, our team begins the next
phase in our journey as we pivot to growth, and we look forward to
providing the core elements of our plan – where we play, how we
win, and how we will grow with a view to creating long-term
value."
"With our leading ability to deploy our teams' expertise and
capabilities locally to our clients, our unique offering of
end-to-end services across the whole life cycle of an asset, and
the opportunities created by government investments in the built
and natural environment, I am confident SNC-Lavalin should be
positioned to deliver sustained organic growth through 2024," added
Mr. Edwards.
Pivoting to Growth Strategy
The Pivoting to Growth Strategy is underpinned by the following
core elements:
- Focused on core geographic areas of operation and end customer
markets targeted in the built and natural environment
- Leverages SNC-Lavalin's unique end-to-end global capabilities
to deliver high value products and services locally
- Driven by identified key growth areas
- Supported by capital allocation priorities to strengthen
business and drive further value creation opportunities
Focused on Core Geographies and Clearly Defined End
Markets
SNC-Lavalin will focus its efforts on its three core
regions— United Kingdom,
Canada and the United States—where
it has a leading presence in each region. The Company will also
maintain more targeted operations in select markets in Europe, the Middle
East, Asia-Pacific, and
Latin America.
Within these geographies, SNC-Lavalin will focus on seven
clearly defined customer end markets:
- Transportation – Rail and Transit, Road and Bridges, Aviation
and Ports
- Buildings and Places – Social Infrastructure, Commercial and
Residential Property, Urban Development
- Defence – Aerospace, Defence, Security
- Water – Water Utilities, Industrial Water Users, Water Resource
Management
- Industrial and Mining – Pharma, Agri-food, Data Centres,
Industrial, Life Sciences, Mining and Metallurgy
- Power and Renewables – Transmission and Distribution, Energy
Storage, Hydropower, Renewable Energy
- Nuclear – Decommissioning and Waste Management, Reactor
Support, New Builds
Leveraging Global Capabilities Locally
SNC-Lavalin
intends to drive growth by deploying global capabilities locally to
its clients and delivering unique end-to-end services across the
whole life cycle of an asset, including:
- Consulting, Advisory and Environmental Services
- Intelligent Networks and Cybersecurity
- Design and Engineering
- Procurement
- Project and Construction Management
- Operations and Maintenance
- Capital
- Decommissioning
The Company will leverage its capabilities across services to
meet client needs for de-carbonization and sustainable solutions by
connecting people, data and technology. Its services can be offered
individually or as a seamless, integrated partner, on small
projects, long–term frameworks, and through collaborative roles on
major projects.
Identifying Key Growth Areas
SNC-Lavalin will deploy
its capabilities with a view to driving growth across the business,
but with a particular focus on:
- Engineering Services in the U.S., expanding our deep presence
in select states
- Nuclear Decommissioning and Waste Management, primarily in the
U.S.
- Major Projects with a focus on collaborative contract models,
leveraging our breadth of capability across the asset life
cycle
- Digital Transformation, by deploying our expertise and global
capabilities to meet client needs in the sector and pioneer data
driven approaches to transform the way that projects are
delivered.
Allocating Capital to Further Strengthen Financial Resilience
and Support Growth
Future delivery of positive free cash
flows(6) will be prioritized to further improve
SNC-Lavalin's leverage and target a return to an investment grade
credit rating. The Company's growth strategy may also be
accelerated through organic and inorganic investments.
Opportunistically and depending on the Company's cash resources,
surplus capital may be returned to shareholders through share
buybacks or dividend growth.
New Operational Structure to Drive Growth
To support the next phase of its transformation journey to
growth, the Company has undertaken an operational realignment of
the business. The new global market-facing structure will best
serve the evolving needs of its clients, as well as support
win-work efforts across its three core geographical markets.
The new operating structure will be as follows, effective
January 1, 2022:
- Philip Hoare and Steve Morriss will co-lead the newly formed
Engineering Services business, bringing together EDPM,
Mining and Metallurgy, as well as Infrastructure Services.
- Steve Morriss will also retain
responsibility for our majority-owned subsidiary, Linxon, a
global leader in delivering sustainable energy solutions and an
essential component of our Power and Renewables market
offering.
- The global Nuclear business, a cornerstone of our
organization and instrumental components of the Company's future
growth will continue to be led by Sandy
Taylor.
- Stéphanie Vaillancourt, who currently leads the Capital
business, will also oversee Operations & Maintenance
("O&M") to better leverage synergies between those business'
respective clients and projects.
- Robert Alger will continue to
oversee the Infrastructure LSTK Projects in the final
run-off of the remaining three major Lump Sum Turnkey ("LSTK")
projects – REM, Eglinton and Trillium.
The Engineering Services, Nuclear, O&M and Linxon businesses
will be separate operating and reportable segments and be grouped
as our SNCL Services line of business, while Infrastructure LSTK
Projects and Capital will continue to be separate operating and
reportable segments. The Company's financial reporting will be
changed, starting in Q1 2022, with comparable figures restated to
reflect these new operating and reportable segments and lines of
businesses.
SNC-Lavalin's ability to deliver and succeed is driven by its
people and their ideas. As such, the leadership team will be
supported by a corporate culture characterized by inclusivity and
diversity, as well as an energized work environment founded on the
core values of safety, integrity, innovation, and
collaboration.
Key Financial Targets
"We have taken deliberate actions over the last two years to
de-risk and strengthen the business and are now at a point where we
can further focus on growth. Today we are making a substantial
commitment to deliver growth and target positive cash flows, which
should position us to grow organically and inorganically," said
Jeff Bell, Executive Vice-President
and CFO of SNC-Lavalin Group Inc. "We will continue to work to
strengthen the business, and we are excited by the growth plans we
are unveiling today and what it means for shareholder valuation
creation over time."
SNC-Lavalin's three-year "Pivoting to Growth Strategy" aims for
the following targets:
|
Targets
2022-2024
|
SNCL
Services
Revenue organic
growth
|
Annually
4 – 6%
|
Segment adjusted EBIT
to segment revenue ratio(3)
|
8 – 10%
|
|
|
Consolidated
Free cash
flow(6) to consolidated adjusted net
income(5) ratio
|
By end of
2024
80 –
90%*
|
Net limited recourse
& recourse debt / consolidated adjusted
EBITDA(4)
|
1.5 –
2.0
|
|
|
*Excluding the
Federal charges settlement of $56M per year (2022-2024)
|
|
|
|
|
|
Segment
Adjusted
EBIT to
Segment
Revenue
Ratio(3)
|
Segment
Adjusted
EBITDA
to
Segment
Net
Revenue
Ratio(7)
|
SNCL
Services
|
|
|
Engineering
Services
|
8 – 10%
|
14 – 16%
|
Nuclear
|
13 – 15%
|
n/a
|
Linxon
|
4 – 6%
|
n/a
|
Operation &
Maintenance (O&M)
|
5 – 7%
|
n/a
|
These key financial targets are meant to assist analysts and
shareholders in forming their respective views on the Company's
strategy. The reader is cautioned that using this information for
other purposes may be inappropriate. These measures are subject to
change. The financial targets presented above were prepared
assuming current foreign exchange rate in markets in which the
Company operates. The Company considered numerous economic and
market assumptions regarding the competitive landscape, political
environment and economic performance of each region where it
operates. In preparing its 2022-2024 Pivoting to Growth Strategy
forecast, the Company also assumed that economic factors and market
competition in regions where it operates would remain stable.
The 2022-2024 Pivoting to Growth Strategy forecast was prepared
and based on the same methodology described in the Company's Annual
2020 Management's Discussion and Analysis under the heading, "How
We Budget and Forecast Our Results" (extrapolated out through 2024)
and the "Forward-Looking Statements" section below and is subject
to the risks and uncertainties summarized therein and in the
Company's 2020 Annual Management's Discussion and Analysis and as
updated in the Company's first and second quarter 2021 Management's
Discussion and Analysis.
Virtual Investor Day Event Details
SNC-Lavalin will host a virtual Investor Day today at
8:30 a.m. Eastern Time. A live
webcast of the presentation, including question and answer
sessions, is available on the Company's Investor Day 2021
webpage. Registration is required and can be completed by
clicking here. The event is also 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 event and its transcript will be available on the Company's
website within 48 hours following the event.
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.
Non-IFRS Financial Measures and Additional IFRS
Measures
The Company reports its financial results in accordance with
IFRS. However, the following non–IFRS measures, ratios and
additional IFRS measures are used by the Company in this press
release: Segment Adjusted EBIT, Segment Adjusted EBIT to segment
revenue ratio, Adjusted EBITDA, Free Cash Flow, Segment Adjusted
EBITDA to segment net revenue ratio, Segment adjusted EBITDA and
Segment net revenue. Additional details for these non-IFRS measures
and ratios can be found either below or in Section 9 of
SNC-Lavalin's Management's Discussion and Analysis ("MD&A") for
the second quarter of 2021, 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 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
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 have
limitations and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS.
(1) The target is for the new business
line of SNCL Services, which will be effective January 1, 2022, and will include the following
operating and reportable segments: Engineering Services, Nuclear,
O&M and Linxon.
(2) Segment Adjusted EBIT consists of
revenues allocated to the applicable segment less i) direct costs
of activities, ii) directly related selling, general and
administrative expenses, and iii) corporate selling, general and
administrative expenses that are allocated to segments. Segment
Adjusted EBIT is the measure used by management to evaluate the
performance of the Company's segments, and gives investors an
indication of the profitability of each segment, as it excludes
certain items that the Company believes are not reflective of the
segment's underlying operations. Such financial measure also
facilitates period-to-period comparisons of the underlying
segment's performance. Expenses that are not allocated to the
Company's segments are: 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 and transformation costs,
amortization of intangible assets related to business combinations,
gains (losses) on disposals of PS&PM businesses and Capital
investments (or adjustments to gains or losses on such disposals),
gain on remeasurement of assets of disposal group classified as
held for sale to fair value less cost to sell, net financial
expenses and income taxes. It should be noted that the following
adjustments were removed from the list of adjustments disclosed in
prior periods as there was no adjustment of this nature in the
current periods and the previous year: acquisition-related costs
and integration costs and the Federal charges settlement (PPSC)
expense. See a reconciliation of total Segment Adjusted EBIT to net
income (loss) in Section 4 of the Annual MD&A and Section 4 of
the Q2 2021 MD&A.
(3) Segment Adjusted EBIT to segment
revenue ratio is a measure used to analyze the profitability of the
Company's segments and facilitate period-to-period comparisons, as
well as comparison with peers. This financial measure is calculated
by dividing the amount of Segment Adjusted EBIT of a given period
by the amount of segment revenue for the same
period. See a reconciliation of Segment Adjusted EBIT
to segment revenue ratio in Section 4 of the Annual MD&A and
Section 4 of the Q2 2021 MD&A.
(4) Adjusted EBITDA is a non-IFRS
financial measure used by management to facilitate operating
performance comparison from period to period and to prepare annual
operating budgets and forecasts. Adjusted EBITDA is based on EBITDA
from continuing operations and excludes charges related to
restructuring and transformation costs, gains (losses) on disposals
of PS&PM businesses and Capital investments (or adjustments to
gains or losses on such disposals), the adjustment to provision for
the Pyrrhotite Case litigation (described in Note 33 to the 2020
Annual Financial Statements, as updated in Note 12 to the Company's
unaudited interim condensed consolidated financial statements for
the three-month and six-month periods ended June 30, 2021), the fair value revaluation of the
Highway 407 ETR contingent consideration receivable, the Guaranteed
Minimum Pension ("GMP") equalization expenses and the gain on
remeasurement of assets of disposal group classified as held for
sale to fair value less cost to sell. It should be noted that the
following adjustments were removed from the list of adjustments
disclosed in prior periods as there was no adjustment of this
nature in the current periods and the previous year:
acquisition-related costs and integration costs and the Federal
charges settlement (PPSC) expense. The Company believes that
Adjusted EBITDA is useful for providing securities analysts,
investors and others with additional information to assist them in
understanding components of its financial results, including a more
complete understanding of factors and trends affecting the
Company's operating performance. Adjusted EBITDA is believed to
supplement information provided, as it highlights trends that may
not otherwise be apparent when relying solely on IFRS financial
measures. Refer to the Q2 2021 MD&A, Section 9.4 and to the
Annual MD&A, Section 13.3, for a reconciliation of Adjusted
EBITDA to net income (loss) from continuing operations as
determined under IFRS. Such reconciliation is provided on a
consolidated basis and also separately for PS&PM activities, as
the Company believes that such measures are useful since these
PS&PM activities are analyzed separately by the
Company.
(5) Adjusted net income (loss)
attributable to SNC-Lavalin shareholders is defined as net income
(loss) attributable to SNC-Lavalin shareholders from continuing
operations, adjusted for certain specific items that are
significant but are not, based on management's judgement,
reflective of the Company's underlying operations. These
adjustments are restructuring and transformation costs,
amortization of intangible assets related to business combinations,
gains (losses) on disposals of PS&PM businesses and Capital
investments (or adjustments to gains or losses on such disposals),
the fair value revaluation of the Highway 407 ETR contingent
consideration receivable, the adjustment to provision for the
Pyrrhotite Case litigation, gain on remeasurement of assets of
disposal group classified as held for sale to fair value less cost
to sell, the GMP equalization expense, as well as income taxes and
non-controlling interests on these adjustments. It should be noted
that the following adjustments were removed from the list of
adjustments disclosed in prior periods as there was no adjustment
of this nature in the current and comparative periods:
acquisition-related costs and integration costs, financing costs
related to the agreement to sell shares of Highway 407 ETR and the
federal charges settlement (PPSC) expense. The Company believes
that Adjusted net income (loss) attributable to SNC-Lavalin
shareholders is useful for providing securities analysts, investors
and others with additional information to assist them in
understanding components of its financial results, including a more
complete understanding of factors and trends affecting the
Company's operating performance. Adjusted net income (loss)
attributable to SNC-Lavalin shareholders is believed to supplement
information provided, as it highlights trends that may not
otherwise be apparent when relying solely on IFRS financial
measures. It is also used by management to evaluate the performance
of the activities of the Company from period to period. Refer to
the Q2 2021 MD&A, Section 9.4 and to the Annual MD&A,
Section 13.3, for a reconciliation of Adjusted net income (loss)
attributable to SNC-Lavalin shareholders to net income (loss) as
determined under IFRS.
(6) SNC-Lavalin has determined to commence
presenting free cash flow in its financial disclosures. Free cash
flow is a non-IFRS measure without a standardized definition within
IFRS. Other issuers may define a similar measure differently and,
accordingly, this measure may not be comparable to similar measures
used by other issuers. SNC-Lavalin defines and calculates
free cash flow as being net cash generated from (used for)
operating activities less acquisition of property and equipment and
less payment of lease liabilities. SNC-Lavalin believes that, as a
financial measure, free cash flow provides a meaningful measure of
discretionary cash generated by and available to the Company to
service debt, meet other payment obligations and make strategic
investments, among other things. For the financial year ended
December 31, 2020, SNC-Lavalin's free
cash flow would have been reported as $(73.0) million, representing $121.5 million of net cash generated from
operating activities less $75.8
million in acquisition of property and equipment and
$118.7 million in payment of lease
liabilities. For the three and six months ended June 30, 2021, free cash flow would have been
reported as $25.6 million and
$(13.1) million, respectively,
representing $78.1 million of net
cash generated from operating activities less $19.6 million in acquisition of property and
equipment and $32.9 million in
payment of lease liabilities for the second quarter of 2021 and
$83.7 million of net cash generated
from operating activities less $38.2
million in acquisition of property and equipment and
$58.6 million in payment of lease
liabilities for the first half of 2021.
(7) Segment Adjusted EBITDA to segment
net revenue ratio is a measure used to analyze the profitability of
the Company's segments and facilitate period-to-period comparisons,
as well as comparison with peers. This financial measure is
calculated by dividing the amount of Segment adjusted EBITDA of a
given period by the amount of segment net revenue for the same
period.
(8) Segment adjusted EBITDA is a
supplemental measure derived from Segment Adjusted EBIT and used by
management to evaluate the performance of the Company's segments
but excluding certain items related to investing activities,
through the exclusion of depreciation and amortization from direct
costs of activities. Management believes that this measure is used
by certain securities analysts and investors when comparing the
Company's performance against competitors. See a reconciliation of
Segment Adjusted EBITDA to Segment Adjusted EBIT in the Company's
Q2 2021 MD&A Section 9.4 and to the Annual MD&A, Section
13.3, whereas total Segment Adjusted EBIT is reconciled to
consolidated net income (loss) in Section 4 of the Annual MD&A
and Section 4 of the Q2 2021 MD&A.
(9) SNC-Lavalin will begin presenting
in Q1 2022, Segment net revenue for its Engineering Services
segment in its financial disclosures. Segment net revenue is a
non-IFRS measure without a standardized definition within IFRS.
Other issuers may define a similar measure differently and,
accordingly, this measure may not be comparable to similar measures
used by other issuers. Segment net revenue consists of revenues
less direct costs for sub-contractors and other direct expenses
that are recoverable directly from clients. Management believes
that this measure is used by certain securities analysts and
investors when comparing the Company's performance against
competitors and peer companies.
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,
financial targets, 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", "outlooks", "estimates",
"expects", "goal", "intends", "may", "plans", "projects",
"forecasts", "should", "synergies", "target", "vision", "will",
"likely", 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-harbour" provisions of applicable Canadian securities
laws. The Company cautions that, by their nature, forward-looking
statements involve risks and uncertainties, and that its actual
actions and/or results could differ materially from those expressed
or implied in such forward-looking statements, or could affect the
extent to which a particular projection materializes.
Forward-looking statements are presented for the purpose of
assisting investors and others in understanding certain key
elements of the Company's current objectives, strategic priorities,
expectations and plans, and in obtaining a better understanding of
the Company's business and anticipated operating environment.
Readers are cautioned that such information may not be appropriate
for other purposes.
Forward-looking statements made in this press release are
based on a number of assumptions believed by the Company to be
reasonable as at the date hereof. The assumptions are set out
throughout the Company's 2020 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") and as updated in the first and second quarter 2021
MD&A. 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) additional impacts
of the COVID-19 pandemic; (b) execution of the strategic direction
announced in 2019; (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) joint ventures and partnerships;
(l) information systems and data and compliance with privacy
legislation; (m) competition; (n) professional liability or
liability for faulty services; (o) monetary damages and
penalties in connection with professional and engineering reports
and opinions; (p) insurance coverage; (q) health and safety; (r)
qualified personnel; (s) work stoppages, union negotiations and
other labour matters; (t) extreme weather conditions and the impact
of natural or other disasters and global health crises; (u)
divestitures and the sale of significant assets; (v) intellectual
property; (w) liquidity and financial position; * indebtedness; (y)
impact of operating results and level of indebtedness on financial
situation; (z) security under the CDPQ Loan Agreement; (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) the impact on the Company of legal and
regulatory proceedings, investigations and litigation settlements;
(hh) further regulatory developments as well as employee, agent or
partner misconduct or failure to comply with anti-bribery and other
government laws and regulations; (ii) reputation of the Company;
(jj) inherent limitations to the Company's control framework; (kk)
environmental laws and regulations; (ll) Brexit; (mm) global
economic conditions; (nn) fluctuations in commodity prices; and
(oo) 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 2020 Annual MD&A and as updated
in the first and second quarter 2021 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 such forward-looking statements whether
as a result of new information, future events or otherwise, unless
required by applicable legislation or regulation.
SOURCE SNC-Lavalin