MONTREAL, May 9, 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
first quarter ended March 31,
2023.
The SNCL Services line of business continued to deliver on its
"Pivoting to Growth" strategy with another quarter of strong
revenue growth, particularly in the Engineering Services segment,
and a significant increase in Segment Adjusted EBIT. SNCL Services
achieved record high backlog, with another record high level in the
Engineering Services segment and a strong increase in the Nuclear
segment. The LSTK projects exit strategy continues to progress
well.
Q1 2023 Financial Highlights
(All results
reflect comparisons to prior-year period of Q1 2022, except
otherwise indicated)
- SNCL Services revenue increased 10.8% to $1.8 billion, or 10.1% on an organic revenue
growth(1)(2) basis, outperforming the Company's 5% to 7%
full year outlook range
-
- Engineering Services organic revenue growth(1)(2)
of 17.5%
- SNCL Services Segment Adjusted EBIT increased by 23.4% to
$156.3 million, representing an 8.5%
margin, in line with Company's full year outlook range
-
- Engineering Services Segment Adjusted EBIT margin and
Engineering Services Segment Adjusted EBITDA to segment net revenue
ratio(1)(3) of 8.4% and 14.0%, respectively
- Nuclear Segment Adjusted EBIT margin of 13.4%
- SNCL Services backlog reached a record-high and totaled
$12.1 billion as at March 31, 2023, an increase of 8.0%. Bookings in
Q1 2023 totaled $2.1 billion, representing a
1.13 booking-to-revenue ratio(1)(4)
-
- Engineering Services backlog reached a record-high and
totaled $4.8 billion as at
March 31, 2023, an increase of 25.3%,
which includes another new record-high for the United States. Bookings in Q1 2023 totaled
$1.5 billion, representing a 1.13
booking-to-revenue ratio(1)(4)
- Nuclear backlog increased by 22.9% to $985.8 million as at March
31, 2023
- LSTK Projects Segment Adjusted EBIT of negative $9.2
million, in line with expectations. LSTK Projects backlog reduced
by $167.6 million sequentially from
December 31, 2022 to $517.9 million as at March
31, 2023
- Adjusted net income attributable to SNC-Lavalin shareholders
from PS&PM(1) totaled $55.4
million, or $0.32 per diluted
share, compared to $39.4 million, or
$0.22 per diluted share in Q1
2022
- Net income from continuing operations attributable to
SNC-Lavalin shareholders totaled $28.4
million, or $0.16 per diluted
share, compared to $24.8 million, or
$0.14 per diluted share in Q1
2022
- Net cash used for operating activities of $57.3 million
-
- Net cash generated from operating activities in SNCL
Services(1)(5) of $94.1
million
- Net limited recourse and recourse debt to Adjusted EBITDA
ratio(1)(6) of 2.9 as at March 31, 2023
"With our strong first quarter results, we believe that we
are well on track to deliver the Company's 2023 outlook," said
Ian L. Edwards, President and CEO of
SNC-Lavalin Group Inc. "First quarter performance further
emphasizes that our "Pivoting to Growth" strategy is succeeding, as
we become a Professional Services and Project Management company.
Our continued backlog growth in SNCL Services demonstrates the
resiliency of our business amid economic pressures, and our list of
prospects is strong as government and commercial clients continue
to invest in infrastructure and as the world transitions to a low
carbon environment."
First Quarter Financial Results
Professional Services & Project Management are collectively
referred to as "PS&PM" to distinguish them from "Capital"
activities. PS&PM groups together five of the Company's
segments, namely Engineering Services, Nuclear, Linxon, Operation
& Maintenance ("O&M"), and Lump-Sum Turnkey ("LSTK")
Projects, while Capital is its own reportable segment and separate
from PS&PM.
- The increase in net income from continuing operations
attributable to SNC-Lavalin shareholders was mainly due to higher
Segment Adjusted EBIT, partially offset by higher net financial
expenses.
IFRS Financial Highlights
|
|
|
Q1
2023A
|
Q1
2022A
|
Revenues
|
|
|
|
|
From
PS&PM
|
|
|
2,006.7
|
1,871.7
|
From
Capital
|
|
|
16.3
|
16.4
|
|
|
|
2,023.1
|
1,888.1
|
Attributable to
SNC-Lavalin shareholders
|
|
|
|
|
Net income from
continuing operations:
|
|
|
|
|
From
PS&PM
|
|
|
26.0
|
16.6
|
From
Capital
|
|
|
2.4
|
8.2
|
|
|
|
28.4
|
24.8
|
Diluted EPS from
continuing operations:
|
|
|
|
|
From
PS&PM ($)
|
|
|
0.15
|
0.09
|
From
Capital ($)
|
|
|
0.01
|
0.05
|
|
|
|
0.16
|
0.14
|
Non-IFRS Financial Highlights
|
|
|
Q1
2023A
|
Q1
2022A
|
Attributable to
SNC-Lavalin shareholders
|
|
|
|
|
Adjusted net income
from PS&PM(1)
|
|
|
55.4
|
39.4
|
Adjusted diluted EPS
from PS&PM(1)(7) ($)
|
|
|
0.32
|
0.22
|
Adjusted EBITDA from
PS&PM(1)
|
|
|
155.9
|
112.6
|
Segment Performance
|
|
|
Q1
2023A
|
Q1
2022A
|
Segment
revenues
|
|
|
|
|
Engineering Services
|
|
|
1,344.2
|
1,138.2
|
Nuclear
|
|
|
244.3
|
232.1
|
O&M
|
|
|
125.9
|
136.5
|
Linxon
|
|
|
121.5
|
150.5
|
SNCL
Services
|
|
|
1,835.9
|
1,657.3
|
LSTK
Projects
|
|
|
170.8
|
214.4
|
Capital
|
|
|
16.3
|
16.4
|
|
|
|
2,023.1
|
1,888.1
|
|
|
|
|
|
Segment Adjusted
EBIT
|
|
|
|
|
Engineering Services
|
|
|
113.5
|
85.2
|
Nuclear
|
|
|
32.7
|
34.3
|
O&M
|
|
|
9.4
|
11.7
|
Linxon
|
|
|
0.8
|
(4.5)
|
SNCL
Services
|
|
|
156.3
|
126.7
|
LSTK
Projects
|
|
|
(9.2)
|
(30.5)
|
Capital
|
|
|
11.6
|
12.4
|
|
|
|
158.8
|
108.6
|
|
|
|
|
|
Backlog as at March
31
|
|
|
|
|
Engineering Services
|
|
|
4,837.0
|
3,861.1
|
Nuclear
|
|
|
985.8
|
802.2
|
O&M
|
|
|
5,262.2
|
5,598.4
|
Linxon
|
|
|
994.4
|
920.4
|
SNCL
Services
|
|
|
12,079.3
|
11,182.1
|
LSTK
Projects
|
|
|
517.9
|
956.6
|
Capital
|
|
|
29.3
|
35.0
|
|
|
|
12,626.5
|
12,173.7
|
All figures in
millions of dollars, except otherwise indicated
|
Certain totals and
subtotals may not reconcile due to rounding
|
A
For the three-month period ended March 31
|
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 June 6, 2023, to shareholders of record on
May 23, 2023. This dividend is an
"eligible dividend" for Canadian federal and provincial income tax
purposes.
First 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 first 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.
Annual Meeting of Shareholders
SNC-Lavalin's Annual Meeting of Shareholders (the "Meeting")
will be held on Thursday, May 18,
2023, at 11:00 a.m. (Eastern
Time). Registered shareholders as of the close of business
on March 20, 2023 and duly appointed
proxyholders of record are entitled to participate in the Meeting
virtually at https://web.lumiagm.com/414721330, regardless
of geographic location, and will have the opportunity to ask
questions and vote, all in real time, provided they are connected
to the internet and comply with all of the requirements set out in
the proxy materials. Whether or not a shareholder plans to attend
the Meeting, the Company urges all shareholders to vote and submit
their proxy in advance of the Meeting by one of the methods
described in the proxy materials provided to shareholders.
Additional information related to the Meeting can also be found
in SNC-Lavalin's 2023 Management Proxy Circular which is available
on SEDAR at www.sedar.com and on the Company's website
at www.snclavalin.com under "Investors"/"Investor's
Briefcase".
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 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 4, 6 and 9 of the
Company's MD&A for the first quarter of 2023, 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 other issuers may define these measures
differently and, accordingly, they may not be comparable to similar
measures prepared by other issuers. Such non-IFRS financial
measures and ratios, 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.
However, 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. Furthermore, certain non-IFRS
financial measures and ratios, certain additional IFRS measures and
ratios, 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 and ratios to the most comparable
IFRS measures and ratios are set forth below in the section
"Reconciliations and Calculations" of this press release.
(1)
Non-IFRS financial measure or ratio or supplementary financial
measure.
|
(2)
Organic revenue growth (contraction) is a non-IFRS ratio
comparing organic revenue (which excludes foreign exchange and
acquisition and disposal impacts), itself a non-IFRS financial
measure, between two periods.
|
(3) 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.
|
(4)
Booking-to-revenue ratio is a non-IFRS ratio based on contract
bookings.
|
(5) 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.
|
(6) 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.
|
(7) 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.
|
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to
SNC-Lavalin shareholders from PS&PM to IFRS net income
attributable to SNC-Lavalin shareholders from continuing
operations
|
Q1
2023
|
Q1
2022
|
|
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)
|
|
|
28.4
|
0.16
|
|
|
24.8
|
0.14
|
Restructuring and
transformation costs
|
14.5
|
(1.7)
|
12.8
|
|
6.7
|
(1.6)
|
5.1
|
|
Amortization of
intangible assets related to business combinations
|
20.6
|
(4.0)
|
16.5
|
|
22.3
|
(4.7)
|
17.7
|
|
Gain on disposal of a
Capital investment
|
-
|
-
|
-
|
|
(4.3)
|
(0.1)
|
(4.4)
|
|
Total
adjustments
|
35.1
|
(5.7)
|
29.4
|
0.17
|
24.7
|
(6.4)
|
18.4
|
0.10
|
Adjusted net income
attributable to SNC-Lavalin shareholders
(non-IFRS)
|
|
|
57.8
|
0.33
|
|
|
43.1
|
0.25
|
|
|
|
|
|
|
|
|
|
Net income
attributable to SNC-Lavalin shareholders from
Capital
|
|
|
2.4
|
0.01
|
|
|
8.2
|
0.05
|
Gain on disposal of a
Capital investment
|
-
|
-
|
-
|
|
(4.3)
|
(0.1)
|
(4.4)
|
|
Total
adjustments
|
-
|
-
|
-
|
-
|
(4.3)
|
(0.1)
|
(4.4)
|
(0.03)
|
Adjusted net income
attributable to SNC-Lavalin shareholders from
Capital
(non-IFRS)
|
|
|
2.4
|
0.01
|
|
|
3.8
|
0.02
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to SNC-Lavalin shareholders from
PS&PM
(non-IFRS)
|
|
|
55.4
|
0.32
|
|
|
39.4
|
0.22
|
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
from continuing operations
|
Q1
2023
|
Q1
2022
|
|
From
PS&PM
|
From Capital
|
Total
|
From
PS&PM
|
From Capital
|
Total
|
Net income from
continuing operations
|
26.1
|
2.4
|
28.5
|
13.7
|
8.2
|
21.9
|
Net financial
expenses
|
45.7
|
1.7
|
47.4
|
24.6
|
1.0
|
25.6
|
Income tax
expense
|
11.1
|
0.5
|
11.6
|
3.5
|
0.5
|
4.0
|
EBIT
|
82.9
|
4.6
|
87.5
|
41.8
|
9.7
|
51.5
|
Depreciation and
amortization
|
58.6
|
-
|
58.6
|
64.0
|
-
|
64.0
|
EBITDA
|
141.4
|
4.6
|
146.0
|
105.8
|
9.7
|
115.5
|
Restructuring and
transformation costs
|
14.5
|
-
|
14.5
|
6.7
|
-
|
6.7
|
Gain on disposal of a
Capital investment
|
-
|
-
|
-
|
-
|
(4.3)
|
(4.3)
|
Adjusted
EBITDA
|
155.9
|
4.6
|
160.5
|
112.6
|
5.3
|
117.9
|
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 the Engineering Services
segment
|
Q1
2023
|
Revenue – Engineering
Services
|
1,344.2
|
Less: Direct costs for
sub-contractors and other direct expenses that are recoverable
directly from clients – Engineering Services
|
331.3
|
Segment net revenue
– Engineering Services
|
1,012.9
|
Segment Adjusted EBITDA
– Engineering Services
|
141.7
|
Segment Adjusted
EBITDA to segment net revenue ratio – Engineering
Services
|
14.0 %
|
All figures in millions
of dollars, except otherwise indicated
|
Calculation of organic revenue growth (contraction)
|
Q1 2023
Revenue
|
Q1 2022
Revenue
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Disposal
impact
|
Organic
revenue
growth
(contraction)
|
Engineering
Services
|
1,344.2
|
1,138.2
|
206.0
|
5.9
|
-
|
200.0
|
Nuclear
|
244.3
|
232.1
|
12.2
|
0.8
|
0.7
|
10.8
|
O&M
|
125.9
|
136.5
|
(10.6)
|
2.3
|
-
|
(12.9)
|
Linxon
|
121.5
|
150.5
|
(29.0)
|
0.7
|
-
|
(29.7)
|
Total – SNCL
Services
|
1,835.9
|
1,657.3
|
178.6
|
9.7
|
0.7
|
168.2
|
|
Q1 2023
Revenue
|
Q1 2022
Revenue
|
Variance
|
Foreign
exchange
impact
|
Acquisition /
Disposal
impact
|
Organic
revenue
growth
(contraction)
|
Engineering
Services
|
1,344.2
|
1,138.2
|
18.1 %
|
0.6 %
|
-
|
17.5 %
|
Nuclear
|
244.3
|
232.1
|
5.3 %
|
0.4 %
|
0.3 %
|
4.6 %
|
O&M
|
125.9
|
136.5
|
(7.8) %
|
1.5 %
|
-
|
(9.3) %
|
Linxon
|
121.5
|
150.5
|
(19.2) %
|
0.4 %
|
-
|
(19.6) %
|
Total – SNCL
Services
|
1,835.9
|
1,657.3
|
10.8 %
|
0.6 %
|
-
|
10.1 %
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of dollars, except otherwise indicated
|
Calculation of booking-to-revenue ratio
|
Q1
2023
|
|
Engineering
Services
|
Nuclear
|
O&M
|
Linxon
|
Total
SNCL
Services
|
Opening
backlog
|
4,662.1
|
936.6
|
5,353.9
|
881.8
|
11,834.4
|
Plus:
Contract bookings
during the period
|
1,517.8
|
287.7
|
34.1
|
234.1
|
2,073.8
|
Less:
Revenues from contracts
with customers recognized during the period
|
1,342.9
|
238.5
|
125.9
|
121.5
|
1,828.9
|
Ending
backlog
|
4,837.0
|
985.8
|
5,262.2
|
994.4
|
12,079.3
|
Booking-to-revenue
ratio
|
1.13
|
1.21
|
0.27
|
1.93
|
1.13
|
Note that certain
totals and subtotals may not reconcile due to
rounding
|
All figures in
millions of dollars, except otherwise indicated
|
Calculation of net limited recourse and recourse debt to Adjusted
EBITDA ratio
|
|
|
|
March 31,
2023
|
Limited recourse
debt
|
|
|
|
400.0
|
Recourse
debt
|
|
|
|
1,609.6
|
Less: Cash and cash
equivalents
|
|
|
|
561.3
|
Net limited recourse
and recourse debt
|
|
|
|
1,448.3
|
Adjusted EBITDA
(trailing 12 months)
|
|
|
|
495.7
|
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 and as updated
in the first quarter 2023 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.
For More Information:
Media
Harold Fortin
Senior Director, External Global
Communications
514-393-8000 ext. 56127
media@snclavalin.com
|
Investors
Denis Jasmin
Vice President, Investor Relations
514-393-8000 ext.
57553
denis.jasmin@snclavalin.com
|
The Company's unaudited interim condensed consolidated financial
statements for the three-month periods ended March 31, 2023 and March
31, 2022, together with its MD&A for the corresponding
periods, can be accessed on the Company's website at
www.snclavalin.com and on www.sedar.com.
SOURCE SNC-Lavalin