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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SNC Lavalin Group Inc | TSX:SNC | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.49 | 43.31 | 43.57 | 0 | 01:00:00 |
Q4 2022 Financial Highlights
(All results reflect comparisons to prior-year period of Q4 2021, except otherwise indicated)
Full Year 2022 Financial Highlights
(All results reflect comparisons to full year 2021, except otherwise indicated)
2023 Outlook
NCIB Program
MONTREAL, March 3, 2023 /CNW/ - SNC-Lavalin Group Inc. (TSX: SNC), a fully integrated professional services and project management company with offices around the world, today announced its financial results for the fourth quarter and full year ended December 31, 2022.
"I am pleased with our SNCL Services fourth quarter results which further demonstrate our ability to deliver on our stated "Pivoting to Growth" strategy," said Ian L. Edwards, President and CEO of SNC-Lavalin Group Inc. "Our SNCL Services business produced its seventh consecutive quarter of positive year-over-year revenue growth, and our Engineering Services segment achieved a third consecutive quarter of record high backlog, with continued growth in the U.S. Looking forward, we expect 2023 will be another strong year for our resilient services businesses with revenue growth, margins and cash flows in line with our financial targets through to 2024."
"With the LSTK challenge now largely behind us, we now turn our focus on the next phase of our transformation into a pure play Professional Services and Project Management company. As such, we are conducting a strategic review to further optimize our portfolio of businesses in order to focus on the successful growth we achieved in 2022, within our Engineering Services, Nuclear and O&M businesses. Significant opportunity lies ahead for SNC-Lavalin as governments and public entities across the world make structural decisions for a greener power grid. Our end-to-end Engineering Services and Nuclear capabilities position us as market leaders to support these global initiatives," added Mr. Edwards.
Fourth Quarter Financial Results
Professional Services & Project Management are collectively referred to as "PS&PM" to distinguish them from "Capital" activities. PS&PM groups together five of the Company's segments, namely Engineering Services, Nuclear, Linxon, Operation & Maintenance ("O&M"), and Lump-Sum Turnkey ("LSTK") Projects, while Capital is its own reportable segment and separate from PS&PM.
IFRS Financial Highlights
Q4 2022 | Q4 2021 | 2022A | 2021A | |
Revenue | ||||
From PS&PM | 1,850.7 | 1,879.7 | 7,439.9 | 7,237.1 |
From Capital | 49.4 | 65.2 | 109.2 | 134.1 |
Total | 1,900.1 | 1,944.9 | 7,549.0 | 7,371.3 |
Attributable to SNC-Lavalin shareholders | ||||
Net income (loss) from continuing operations: | ||||
From PS&PM | (90.6) | (67.9) | (45.0) | 27.0 |
From Capital | 36.3 | 52.6 | 61.6 | 73.2 |
Total | (54.4) | (15.3) | 16.6 | 100.2 |
Diluted EPS from continuing operations: | ||||
From PS&PM ($) | (0.52) | (0.39) | (0.26) | 0.15 |
From Capital ($) | 0.21 | 0.30 | 0.35 | 0.42 |
Total ($) | (0.31) | (0.09) | 0.09 | 0.57 |
Net income (loss) from discontinued operations | - | (37.6) | (6.9) | 566.4 |
Net income (loss) | (54.4) | (52.9) | 9.8 | 666.6 |
Net cash generated from (used for) operating activities | 176.0 | 115.4 | (245.4) | 134.2 |
Backlog as at December 31B | ||||
SNCL Services | 11,834.4 | 11,283.5 | ||
Capital | 31.6 | 146.6 | ||
LSTK Projects | 685.5 | 1,166.9 | ||
Total | 12,551.4 | 12,597.0 |
Non-IFRS Financial Highlights
Q4 2022 | Q4 2021 | 2022A | 2021A | |
Attributable to SNC-Lavalin shareholders | ||||
Adjusted net income (loss) from PS&PM(1) | (32.5) | (25.6) | 112.8 | 152.1 |
Adjusted diluted EPS from PS&PM(1)(2) ($) | (0.19) | (0.15) | 0.64 | 0.87 |
Adjusted EBITDA from PS&PM(1) | 20.2 | 4.9 | 387.9 | 433.8 |
All figures in millions of dollars, except otherwise indicated |
Certain totals and subtotals may not reconcile due to rounding |
A For the year ended December 31 |
B Comparative figures have been restated to reflect the new reportable segments effective as of January 1, 2022 |
Lines of Business Performance
SNCL Services
Q4 2022 | Q4 2021B | 2022A | 2021A,B | |
Segment revenue | ||||
Engineering Services | 1,242.9 | 1,216.3 | 4,686.2 | 4,366.4 |
Nuclear | 223.6 | 220.4 | 896.0 | 904.7 |
O&M | 131.6 | 114.6 | 497.2 | 470.4 |
Linxon | 133.9 | 164.3 | 561.2 | 588.4 |
Total SNCL Services | 1,732.1 | 1,715.6 | 6,640.6 | 6,330.0 |
Segment Adjusted EBIT | ||||
Engineering Services | 119.2 | 189.5 | 397.7 | 464.0 |
Nuclear | 40.6 | 34.8 | 144.0 | 135.9 |
O&M | 10.2 | 11.5 | 49.1 | 54.6 |
Linxon | (14.2) | 3.2 | (9.8) | 18.2 |
Total SNCL Services | 155.9 | 239.0 | 581.0 | 672.6 |
Segment Adjusted EBIT to segment revenue ratio | 9.0 % | 13.9 % | 8.7 % | 10.6 % |
Backlog as at December 31 | ||||
Engineering Services | 4,662.1 | 3,769.0 | ||
Nuclear | 936.6 | 834.9 | ||
O&M | 5,353.9 | 5,705.4 | ||
Linxon | 881.8 | 974.2 | ||
Total SNCL Services | 11,834.4 | 11,283.5 |
All figures in millions of dollars, except otherwise indicated |
A For the year ended December 31 |
B Comparative figures have been restated to reflect the new reportable segments effective as of January 1, 2022 |
LSTK Projects
Q4 2022 | Q4 2021B | 2022A | 2021A,B | |
Revenue | 118.6 | 164.1 | 799.3 | 907.2 |
Segment Adjusted EBIT | (150.2) | (233.0) | (261.3) | (302.6) |
Backlog increase (decrease) | 21.6 | 8.5 | (481.4) | (671.2) |
Backlog as at December 31 | 685.5 | 1,166.9 |
All figures in millions of dollars |
A For the year ended December 31 |
B Comparative figures have been restated to reflect the new reportable segments effective as of January 1, 2022 |
The Company continues to execute its LSTK projects exit strategy, progressing well on the winding down of its last remaining projects. Progress on all three infrastructure projects was strong in the quarter, and the two remaining Ontario projects are now largely physically complete.
* Announced on March 3, 2022. See also the assumptions and methodology set out in Section 2.2 of the Company's 2022 Annual Management's Discussion and Analysis ("2022 Annual MD&A") under the heading "How We Budget and Forecast Our Results", particularly but not limited to the Source of Variation titled "Unforeseen impacts related to ongoing and continued duration of COVID-19 pandemic and other future national or global health crises" and the "Forward-Looking Statements" section in this press release. |
Capital
Q4 2022 | Q4 2021 | 2022A | 2021A | |
Revenue | 49.4 | 65.2 | 109.2 | 134.1 |
Segment Adjusted EBIT | 45.2 | 60.6 | 93.3 | 119.3 |
Backlog as at December 31 | 31.6 | 146.6 |
All figures in millions of dollars |
A For the year ended December 31 |
The Q4 2022 Capital Segment Adjusted EBIT decrease was mainly due to a decreased contribution from InPower BC G.P. (the John Hart Generating Station), since its disposal to SNC-Lavalin Infrastructure Partners LP in February 2022, as well as lower contribution from a concession driven by the shutdown of a power plant due to a planned major maintenance and the receipt of $37.2 million dividends from Highway 407 ETR, compared to $40.6 million in Q4 2021.
Operating Cash Flow and Financial Position
2023 Outlook
2023 Target | 2022 Actual | |
SNCL Services organic revenue growth(1) (5) | Between 5% and 7% | 6.8 % |
SNCL Services Segment Adjusted EBIT to segment revenue ratio | Between 8% and 10% | 8.7 % |
Segment adjusted EBITDA to segment net revenue ratio(1) (6) – Engineering Services | Between 14% and 16% | 14.6 % |
Corporate selling, general and administrative expenses | ||
From PS&PM From Capital | ~$100 million ~$30 million | $99 million $28 million |
Amortization of intangible assets related to business combinations | ~$90 million | $84 million |
Net cash generated from (used for) operating activities | First half of the year – negative | $(263) million |
Second half of the year – positive | $17 million | |
Acquisition of property and equipment | Between $80 and $100 million | $110 million |
Normal Course Issuer Bid ("NCIB")
In light of, among other factors, the positive results from the Company's SNCL Services for the fourth quarter and year ended December 31, 2022 and the Company's 2023 Outlook as set out above and with a view to returning capital to shareholders, the Company's Board of Directors has approved a normal course issuer bid to repurchase up to 1.5 million common shares on the Toronto Stock Exchange (the "TSX") over the course of the next 12 months, which has been accepted by the TSX.
Quarterly Dividend
The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on March 31, 2023, to shareholders of record on March 17, 2023. This dividend is an "eligible dividend" for Canadian federal and provincial income tax purposes.
Fourth Quarter 2023 Conference Call / Webcast
SNC-Lavalin will hold a conference call and audio webcast today at 8:30 a.m. (Eastern Time) to discuss and present its fourth quarter financial results. The live audio webcast of the conference call can be accessed through a link posted on the Company's website, as well as an accompanying slide presentation, at www.investors.snclavalin.com. The call will also be accessible by telephone, please dial toll free at 1 800 319 4610 in North America or dial 1 604 638 5340 outside North America. You can also use the following numbers: 416 915 3239 in Toronto, 514 375 0364 in Montreal, or 0808 101 2791 in the United Kingdom. A recording and a transcript of the conference call will be available on the Company's website within 24 hours following the call.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, technology and data to design, deliver and operate the most complex projects. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. – and delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital. News and information are available at snclavalin.com or follow us on LinkedIn and Twitter.
(1) Non-IFRS financial measures and ratios, supplementary financial measures and non-financial information do not have a standardized definition within International Financial Reporting Standards (IFRS), and other issuers may define these measures differently and, accordingly, these may not be comparable to similar measures used by other issuers. Refer to the sections "Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures and Non-Financial Information" and "Reconciliations and Calculations" of this press release. |
(2) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to SNC-Lavalin shareholders from continuing operations, itself a non-IFRS financial measure. |
(3) Booking-to-revenue ratio is a non-IFRS ratio based on contract bookings. |
(4) Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding trailing twelve-month period, both of which are non-IFRS financial measures. |
(5) Organic revenue growth (contraction) is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisition and divestiture impacts), itself a non-IFRS financial measure, between two periods. |
(6) Segment Adjusted EBITDA to segment net revenue for the Engineering Services segment is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures. |
(7) Segment Adjusted EBITDA to segment net revenue for the Linxon segment is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures. |
(8) Net cash generated from (used for) operating activities on a line of business/segment basis is a supplementary financial measure and is identical in composition to net cash generated from (used for) operating activities as reported in the financial statements, except that it is provided on a line of business/segment basis as opposed to on a consolidated basis. |
Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures and Non-Financial Information
The Company reports its financial results in accordance with IFRS. However, the following non–IFRS financial measures and ratios, supplementary financial measures and non-financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to SNC-Lavalin shareholders, Adjusted diluted EPS, Booking-to-revenue ratio, Segment Adjusted EBITDA to segment net revenue ratio, Segment net revenue, Net limited recourse and recourse debt to adjusted EBITDA ratio, Net limited recourse and recourse debt and Net cash generated from (used for) operating activities on a line of business/segment basis. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures and non-financial information can be found below and in Sections 8 and 13 of the Company's 2022 Annual MD&A, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in Canada, available on SEDAR at www.sedar.com and on the Company's website at www.snclavalin.com under the "Investors" section. Non-IFRS financial measures and ratios, supplementary financial measures and non-financial information do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios, and supplementary financial measures and non-financial information provide additional insight into the Company's operating performance and financial position and certain investors may use this information to evaluate the Company's performance from period to period. However, these non-IFRS financial measures and ratios, and supplementary financial measures and non-financial information have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Furthermore, certain non-IFRS financial measures, certain additional IFRS measures and ratios, and certain supplementary financial measures and other non-financial information are presented separately for PS&PM, by excluding components related to Capital, as the Company believes that such measures are useful as these PS&PM activities are usually analyzed separately by the Company. Reconciliations and calculations of non-IFRS measures to the most comparable IFRS measures are set forth below in the section "Reconciliations and Calculations" of this press release.
Reconciliations and Calculations
Reconciliation of Adjusted net income (loss) attributable to SNC-Lavalin shareholders from PS&PM to IFRS net income (loss) attributable to SNC-Lavalin shareholders from continuing operations
Q4 2022 | Q4 2021 | |||||||
Before Taxes | Taxes | After Taxes | Diluted EPS (In $) | Before Taxes | Taxes | After Taxes | Diluted EPS (In $) | |
Net loss attributable to SNC-Lavalin shareholders from continuing operations (IFRS) | (54.4) | (0.31) | (15.3) | (0.09) | ||||
Restructuring and transformation costs | 53.9 | (12.6) | 41.4 | 30.9 | (6.7) | 24.2 | ||
Amortization of intangible assets related to business combinations | 21.5 | (4.8) | 16.8 | 23.4 | (5.2) | 18.1 | ||
Loss (gain) on disposals of Capital investments | 0.6 | - | 0.6 | (5.0) | 1.4 | (3.7) | ||
Total adjustments | 76.0 | (17.4) | 58.7 | 0.33 | 49.2 | (10.5) | 38.7 | 0.22 |
Adjusted net income attributable to SNC-Lavalin shareholders (non-IFRS) | 4.3 | 0.02 | 23.4 | 0.13 | ||||
Net income attributable to SNC-Lavalin shareholders from Capital | 36.3 | 0.21 | 52.6 | 0.30 | ||||
Loss (gain) on disposals of Capital investments | 0.6 | - | 0.6 | (5.0) | 1.4 | (3.7) | ||
Total adjustments | 0.6 | - | 0.6 | - | (5.0) | 1.4 | (3.7) | (0.02) |
Adjusted net income attributable to SNC-Lavalin shareholders from Capital (non-IFRS) | 36.9 | 0.21 | 48.9 | 0.28 | ||||
Adjusted net loss attributable to SNC-Lavalin shareholders from PS&PM (non-IFRS) | (32.5) | (0.19) | (25.6) | (0.15) |
2022 | 2021 | |||||||
Before Taxes | Taxes | After Taxes | Diluted EPS (In $) | Before Taxes | Taxes | After Taxes | Diluted EPS (In $) | |
Net income attributable to SNC-Lavalin shareholders from continuing operations (IFRS) | 16.6 | 0.09 | 100.2 | 0.57 | ||||
Restructuring and transformation costs | 82.9 | (19.2) | 63.7 | 70.1 | (16.5) | 53.6 | ||
Amortization of intangible assets related to business combinations | 84.3 | (17.6) | 66.6 | 89.5 | (17.3) | 72.1 | ||
Gain on disposals of Capital investments | (3.7) | (0.1) | (3.8) | (5.0) | 1.4 | (3.7) | ||
Loss on disposals of a PS&PM business | - | - | - | 0.6 | - | 0.6 | ||
Reversal of impairment loss on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (1.3) | - | (1.3) | ||
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - | ||
Total adjustments | 190.8 | (36.9) | 153.9 | 0.88 | 153.9 | (32.5) | 121.5 | 0.69 |
Adjusted net income attributable to SNC-Lavalin shareholders (non-IFRS) | 170.6 | 0.97 | 221.6 | 1.26 | ||||
Net income attributable to SNC-Lavalin shareholders from Capital | 61.6 | 0.35 | 73.2 | 0.42 | ||||
Gain on disposals of Capital investments | (3.7) | (0.1) | (3.8) | (5.0) | 1.4 | (3.7) | ||
Total adjustments | (3.7) | (0.1) | (3.8) | (0.02) | (5.0) | 1.4 | (3.7) | (0.02) |
Adjusted net income attributable to SNC-Lavalin shareholders from Capital (non-IFRS) | 57.8 | 0.33 | 69.5 | 0.40 | ||||
Adjusted net income attributable to SNC-Lavalin shareholders from PS&PM (non-IFRS) | 112.8 | 0.64 | 152.1 | 0.87 |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of dollars, except otherwise indicated |
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income (loss) from continuing operations
Q4 2022 | Q4 2021 | |||||
From PS&PM | From Capital | Total | From PS&PM | From Capital | Total | |
Net income (loss) from continuing operations | (101.2) | 36.3 | (64.9) | (67.7) | 52.6 | (15.1) |
Net financial expenses | 45.9 | 1.1 | 46.9 | 22.9 | 4.1 | 27.0 |
Income tax expense (recovery) | (38.7) | 0.2 | (38.5) | (49.7) | 1.9 | (47.8) |
EBIT | (94.1) | 37.6 | (56.5) | (94.5) | 58.5 | (35.9) |
Depreciation and amortization | 60.3 | - | 60.3 | 68.5 | - | 68.5 |
EBITDA | (33.8) | 37.6 | 3.9 | (25.9) | 58.5 | 32.6 |
Restructuring and transformation costs | 53.9 | - | 53.9 | 30.9 | - | 30.9 |
Loss (gain) on disposals of Capital investments | - | 0.6 | 0.6 | - | (5.0) | (5.0) |
Adjusted EBITDA | 20.2 | 38.2 | 58.4 | 4.9 | 53.5 | 58.5 |
2022 | 2021 | |||||
From PS&PM | From Capital | Total | From PS&PM | From Capital | Total | |
Net income (loss) from continuing operations | (54.6) | 61.6 | 7.0 | 32.5 | 73.2 | 105.7 |
Net financial expenses | 111.8 | 4.0 | 115.7 | 93.9 | 16.6 | 110.5 |
Income tax expense (recovery) | (31.0) | 3.3 | (27.8) | (28.4) | 6.4 | (22.0) |
EBIT | 26.1 | 68.9 | 95.0 | 98.0 | 96.1 | 194.1 |
Depreciation and amortization | 251.4 | - | 251.4 | 266.4 | 0.1 | 266.5 |
EBITDA | 277.5 | 68.9 | 346.5 | 364.4 | 96.2 | 460.6 |
Restructuring and transformation costs | 82.9 | - | 82.9 | 70.1 | - | 70.1 |
Gain on disposals of Capital investments | - | (3.7) | (3.7) | - | (5.0) | (5.0) |
Loss on disposal of a PS&PM business | - | - | - | 0.6 | - | 0.6 |
Reversal of impairment loss on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (1.3) | - | (1.3) |
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - |
Adjusted EBITDA | 387.9 | 65.2 | 453.0 | 433.8 | 91.2 | 525.0 |
Note that certain totals and subtotals may not reconcile due to rounding |
All figures in millions of dollars |
Calculation of segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services and Linxon segments
Q4 2022 | 2022 | |
Revenue – Engineering Services | 1,242.9 | 4,686.2 |
Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services | 308.6 | 1,150.5 |
Segment net revenue – Engineering Services | 934.2 | 3,535.7 |
Segment Adjusted EBITDA – Engineering Services | 149.2 | 517.3 |
Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services | 16.0 % | 14.6 % |
Q4 2022 | 2022 | |
Revenue – Linxon | 133.9 | 561.2 |
Less: Costs of equipment provided by the minority shareholder of Linxon | 47.1 | 118.0 |
Segment net revenue – Linxon | 86.9 | 443.2 |
Segment Adjusted EBITDA – Linxon | (13.2) | (5.7) |
Segment Adjusted EBITDA to segment net revenue ratio – Linxon | (15.2) % | (1.3) % |
All figures in millions of dollars, except otherwise indicated |
Calculation of organic revenue growth (contraction)
Q4 2022 | Q4 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 1,242.9 | 1,216.3 | 26.5 | (1.8) | - | 28.3 |
Nuclear | 223.6 | 220.4 | 3.2 | - | 0.5 | 2.7 |
O&M | 131.6 | 114.6 | 17.0 | 2.5 | - | 14.5 |
Linxon | 133.9 | 164.3 | (30.4) | (2.9) | - | (27.5) |
Total – SNCL Services | 1,732.1 | 1,715.6 | 16.4 | (2.2) | 0.5 | 18.0 |
Q4 2022 | Q4 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 1,242.9 | 1,216.3 | 2.2 % | (0.2) % | - | 2.3 % |
Nuclear | 223.6 | 220.4 | 1.5 % | - | 0.2 % | 1.2 % |
O&M | 131.6 | 114.6 | 14.9 % | 2.4 % | - | 12.4 % |
Linxon | 133.9 | 164.3 | (18.5) % | (1.4) % | - | (17.0) % |
Total – SNCL Services | 1,732.1 | 1,715.6 | 1.0 % | (0.1) % | - | 1.1 % |
2022 Revenue | 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 4,686.2 | 4,366.4 | 319.7 | (80.1) | - | 399.8 |
Nuclear | 896.0 | 904.7 | (8.7) | (7.4) | 0.5 | (1.9) |
O&M | 497.2 | 470.4 | 26.9 | 4.9 | - | 22.0 |
Linxon | 561.2 | 588.4 | (27.2) | (29.2) | - | 2.0 |
Total – SNCL Services | 6,640.6 | 6,330.0 | 310.7 | (111.8) | 0.5 | 421.9 |
2022 Revenue | 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 4,686.2 | 4,366.4 | 7.3 % | (2.0) % | - | 9.3 % |
Nuclear | 896.0 | 904.7 | (1.0) % | (0.8) % | 0.1 % | (0.2) % |
O&M | 497.2 | 470.4 | 5.7 % | 1.1 % | - | 4.6 % |
Linxon | 561.2 | 588.4 | (4.6) % | (5.0) % | - | 0.4 % |
Total – SNCL Services | 6,640.6 | 6,330.0 | 4.9 % | (1.9) % | - | 6.8 % |
All figures in millions of dollars, except otherwise indicated |
A Comparative figures have been restated to reflect the new reportable segments effective as of January 1, 2022 |
Calculation of booking-to-revenue ratio
Q4 2022 | |||||
Engineering Services | Nuclear | O&M | Linxon | Total SNCL Services | |
Opening backlog | 4,622.9 | 859.0 | 5,418.0 | 763.8 | 11,663.7 |
Plus: Contract bookings during the period | 1,304.9 | 264.6 | 67.6 | 252.0 | 1,889.0 |
Less: Revenues from contracts with customers recognized during the period | 1,265.7 | 187.0 | 131.6 | 133.9 | 1,718.3 |
Ending backlog | 4,622.1 | 936.6 | 5,353.9 | 881.8 | 11,834.4 |
Booking-to-revenue ratio | 1.03 | 1.41 | 0.51 | 1.88 | 1.10 |
2022 | |||||
Engineering Services | Nuclear | O&M | Linxon | Total SNCL Services | |
Opening backlogA | 3,769.0 | 834.9 | 5,705.4 | 974.2 | 11,283.5 |
Plus: Contract bookings during the year | 5,564.8 | 960.5 | 145.8 | 468.9 | 7,139.9 |
Backlog from a business combination during the year | - | 0.3 | - | - | 0.3 |
Less: Revenues from contracts with customers recognized during the year | 4,671.7 | 859.1 | 497.2 | 561.2 | 6,589.2 |
Ending backlog | 4,622.1 | 936.6 | 5,353.9 | 881.8 | 11,834.4 |
Booking-to-revenue ratio | 1.19 | 1.12 | 0.29 | 0.84 | 1.08 |
All figures in millions of dollars, except otherwise indicated |
A Comparative figures have been restated to reflect the new reportable segments effective as of January 1, 2022 |
Calculation of net limited recourse and recourse debt to Adjusted EBITDA ratio
December 31, 2022 | ||||
Limited recourse debt | 400.0 | |||
Recourse debt | 1,470.6 | |||
Less: Cash and cash equivalents | 570.3 | |||
Net limited recourse and recourse debt | 1,300.3 | |||
Adjusted EBITDA (trailing 12 months) | 453.0 | |||
Net limited recourse and recourse debt to Adjusted EBITDA ratio | 2.9 |
All figures in millions of dollars, except otherwise indicated |
Forward-Looking Statements
Reference in this press release, and hereafter, to the "Company" or to "SNC-Lavalin" means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements or associates.
Statements made in this press release that describe the Company's or management's budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "aims", "anticipates", "assumes", "believes", "cost savings", "estimates", "expects", "forecasts", "goal", "intends", "likely", "may", "objective", "outlook", "plans", "projects", "should", "synergies", "target", "vision", "will", or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses, project- or contract-specific cost reforecasts and claims provisions, 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 2022 Annual MD&A (particularly in the sections entitled "Critical Accounting Judgements and Key Sources of Estimation Uncertainty" and "How We Analyze and Report Our Results"). If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. These risks include, but are not limited to, matters relating to: (a) epidemics, pandemics, including COVID-19, and other global health crises; (b) execution of the Company's "Pivoting to Growth Strategy" unveiled in September 2021; (c) fixed-price contracts or the Company's failure to meet contractual schedule, performance requirements or to execute projects efficiently; (d) backlog and contracts with termination for convenience provisions; (e) contract awards and timing; (f) being a provider of services to government agencies; (g) international operations; (h) nuclear liability; (i) ownership interests in investments; (j) dependence on third parties; (k) supply chain disruptions; (l) joint ventures and partnerships; (m) information systems and data and compliance with privacy legislation; (n) qualified personnel; (o) competition; (p) professional liability or liability for faulty services; (q) monetary damages and penalties in connection with professional and engineering reports and opinions; (r) gaps in insurance coverage; (s) health and safety; (t) work stoppages, union negotiations and other labour matters; (u) global climate change, extreme weather conditions and the impact of natural or other disasters; (v) divestitures and the sale of significant assets; (w) intellectual property; * liquidity and financial position; (y) indebtedness; (z) impact of operating results and level of indebtedness on financial situation; (aa) security under the CDPQ Loan Agreement (as defined in the Company's 2022 Annual MD&A); (bb) dependence on subsidiaries to help repay indebtedness; (cc) dividends; (dd) post-employment benefit obligations, including pension-related obligations; (ee) working capital requirements; (ff) collection from customers; (gg) impairment of goodwill and other assets; (hh) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (ii) further regulatory developments as well as employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (jj) reputation of the Company; (kk) inherent limitations to the Company's control framework; (ll) environmental laws and regulations; (mm) global economic conditions; (nn) inflation; (oo) fluctuations in commodity prices; and (pp) income taxes.
The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the sections "Risks and Uncertainties", "How We Analyze and Report Our Results" and "Critical Accounting Judgements and Key Sources of Estimation Uncertainty" in the Company's 2022 Annual MD&A filed with the securities regulatory authorities in Canada, available on SEDAR at www.sedar.com and on the Company's website at www.snclavalin.com under the "Investors" section.
The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any written or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
The Company's audited consolidated financial statements for the year ended December 31, 2022, together with its 2022 Annual MD&A for the corresponding year, can be accessed on the Company's website at www.snclavalin.com and on www.sedar.com.
SOURCE SNC-Lavalin
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