- Q4 2016 reported IFRS net income of $1.6
million, or $0.01 per diluted
share, which included $39.8 million
of net loss on disposals and $87.8
million of restructuring costs which should remove a further
$100 million from our cost base in
2017. Full year reported IFRS diluted EPS of $1.70.
- Q4 2016 adjusted net income from
E&C(1) of $73.4
million, or $0.49 per diluted
share. Full year adjusted diluted EPS from
E&C(2) of $1.51.
- Q4 2016 SG&A expenses of $213.9
million, 1.7% lower versus Q4 2015. Full year SG&A
expenses of $724.1 million,
$131.5 million, or 15.4%, lower than
2015.
- Strong diversified revenue backlog(7)
of $10.7 billion as at December 31, 2016.
- Quarterly dividend increase of 5% to $0.273 per share.
- 2017 Outlook: adjusted diluted EPS from
E&C(2) in the range of $1.70 to $2.00.
To watch Neil Bruce comment on
SNC-Lavalin's fourth quarter 2016 financial results and the outlook
for 2017, click here.
MONTREAL, March 2, 2017 /CNW Telbec/ - SNC-Lavalin
Group Inc. (TSX: SNC) announces its results today for the fourth
quarter ended December 31, 2016.
"We were pleased with our 2016 performance, we delivered on
our commitments and met our 2016 guidance," said Neil Bruce, President and Chief Executive
Officer, SNC-Lavalin Group Inc. "Going into 2017, we are well
positioned within our industry to capitalize on organic growth in
infrastructure, nuclear, renewables and sustaining capital across
all four sectors and expect our Capital group to continue to
perform well driven by Highway 407 ETR. Our diversified business
model, solid balance sheet and strong diversified revenue backlog
give us confidence that we can meet our growth ambitions. We expect
2017 to be another good year for SNC-Lavalin as we continue to
progress in our Operational Excellence efficiency program, drive
cost base competitiveness and continue building a
performance-driven culture to deliver for our clients."
- Q4 2016 reported IFRS net income was $1.6 million, or $0.01 per diluted share, compared to a net income
of $49.2 million, or $0.33 per diluted share, for the corresponding
period in 2015. Q4 2016 results included a loss of $39.8 million from the disposal of the Company's
Real Estate Facilities Management business and its local French
operations and restructuring costs of $87.8
million, which should deliver a further costs reduction of
$100 million out of the business in
2017.
- Adjusted net income from E&C(1) for Q4 2016
increased to $73.4 million, or
$0.49 per diluted share, compared to
$66.2 million, or $0.44 per diluted share, mainly due to lower
SG&A, partially offset by lower gross margin. On a segmented
basis, Oil & Gas and Mining & Metallurgy recorded a lower
segment EBIT(5) in Q4 2016 compared to Q4 2015, while
Infrastructure and Power segment EBIT(5) were in line
with Q4 2015.
- Adjusted net income from Capital(3) for Q4 2016 was
$42.6 million, or $0.28 per diluted share, compared with
$35.3 million, or $0.23 per diluted share for the corresponding
period in 2015, mainly due to a higher level of activity of capital
investments and an increase in dividends from Highway 407 ETR.
- Total selling, general and administrative (SG&A) expenses
in Q4 2016 decreased by 1.7%, compared to Q4 2015. For the year
ended December 31, 2016, SG&A
expenses were $131.5 million lower
than the corresponding period in 2015. This decrease included a
$32.5 million one off favorable
impact from revised estimates on legacy sites environmental
liabilities and other asset retirement obligations as described in
Q3. Excluding this one off favorable impact, total SG&A
expenses decreased by $99.0 million,
in line with our target of $100
million reduction for the full year.
- Total E&C revenue for Q4 2016 was $2.1 billion, compared with $2.6 billion in Q4 2015. The variation was mainly
due to a decrease in Oil & Gas, which despite having delivered
its strongest quarter of 2016, had revenues lower than Q4 2015 and
in the Mining & Metallurgy segment, as it continues to be
affected by the persistent softer commodity prices. The
Infrastructure and Power segments also had lower revenues in Q4
2016 versus Q4 2015, mainly due to near completion or completion of
certain major projects.
- The revenue backlog(7) totaled $10.7 billion at the end of December 2016. New contract awards for the fourth
quarter amounted to $1.9 billion.
Total contract awards for 2016 were $7.8
billion, including $4.0
billion in Oil & Gas, $1.7
billion in Power, $1.7 billion
in Infrastructure and $0.4 billion in
Mining & Metallurgy.
- The balance sheet remained strong at the end of December 2016 with cash and cash equivalents of
$1.1 billion, compared to
$0.9 billion at September 30, 2016 and $1.6 billion at December
31, 2015.
2017 Outlook
The Company is targeting an adjusted diluted EPS from
E&C(2) for 2017 in the range of $1.70 to $2.00.
While we anticipate continuing market challenges in 2017 in
certain of the Company's sectors, we expect to benefit from our
recent restructuring savings and "Operational Excellence" program.
As such, we expect increased Segment EBIT(5) margins for
all segments in 2017, compared to 2016, except for Mining &
Metallurgy.
We anticipate increased Segment EBIT(5) from the
Infrastructure and Power segments, mainly driven by North American
capital spending growth and global nuclear opportunities, as well
as increased Segment EBIT(5) from Oil & Gas, mainly
due to increased activities in the Middle
East and United States. We
expect Mining & Metallurgy Segment EBIT(5) to remain
in line with 2016 due to the persistent softer commodity prices,
however we do expect an increase in Mining & Metallurgy's
revenue backlog(7).
This outlook is based on the assumptions and methodology
described in the Company's 2016 Management's Discussion and
Analysis under the heading, "How We Budget and Forecast Our
Results", which should be read in conjunction with the
"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.
Quarterly Dividend
Given the Company's long-term outlook, cash position and revenue
backlog(7) level, the Board of Directors has increased
the quarterly cash dividend by 5% to $0.273 per share, payable on March 30, 2017, to shareholders of record on
March 16, 2017. This represents the
16th consecutive year that the Company's dividend per
share has been increased. This dividend is an "eligible dividend"
for income tax purposes.
Conference Call / Webcast
SNC-Lavalin will hold a conference call today at 3:00 p.m. EST to discuss the fourth quarter
results. The telephone numbers to access the conference call are 1
800 263 0877 in North America, 647
794 1827 in Toronto, 438 968 3557
in Montreal, 080 0358 6377 in the
United Kingdom, and 180 083 2679
in Ireland. A live audio webcast
of the conference call and an accompanying slide presentation will
be available at investors.snclavalin.com. A recording of the
conference call will be available on our website within 24 hours
following the call.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering
and construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 50 countries,
SNC-Lavalin's employees are proud to build what matters. Our teams
provide engineering, procurement, construction, completions and
commissioning services together with a range of sustaining capital
services to clients in four industry sectors, oil and gas, mining
and metallurgy, infrastructure and power. SNC-Lavalin can also
combine these services with its financing and operations and
maintenance capabilities to provide complete end-to-end project
solutions. www.snclavalin.com
(1) Adjusted net income from E&C is defined as
net income attributable to SNC-Lavalin shareholders from E&C,
excluding one-time net foreign exchange gains, charges related to
restructuring, right-sizing and other, as well as amortization of
intangible assets, the financing, acquisition-related costs and
integration costs incurred in connection with the acquisition of
Kentz in 2014 and the loss on disposals of E&C businesses.
E&C is defined in the Company's 2016 financial statements and
Management's Discussion and Analysis. The term "Adjusted net income
from E&C" does not have any standardized meaning under IFRS.
Therefore, it may not be comparable to similar measures presented
by other issuers. Management uses this measure as a more meaningful
way to compare the Company's financial performance from period to
period. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's performance. See
reconciliation below.
(2) Adjusted diluted EPS from E&C is defined
as the adjusted net income from E&C divided by the weighted
average number of outstanding shares for the period.
(3) Adjusted net income from Capital is defined as
net income attributable to SNC-Lavalin shareholders from Capital,
excluding the gain on disposals of Capital Investments.
(4) Adjusted diluted EPS from Capital is defined
as the adjusted net income from Capital divided by the weighted
average number of outstanding shares for the period.
(5) Segment EBIT is defined herein as gross margin
less i) directly related selling, general and administrative
expenses; ii) corporate selling, general and administrative
expenses that are directly related to projects or segments; and
iii) non-controlling interests before taxes. Corporate selling,
general and administrative expenses that are not directly related
to projects or segments, restructuring costs, goodwill impairment,
acquisition-related costs and integration costs and amortization of
intangible assets related to the Kentz acquisition, as well as
gains (losses) on disposals of E&C businesses and Capital
investments are not allocated to the Company's segments. The term
"Segment EBIT" does not have any standardized meaning under IFRS.
Therefore, it may not be comparable to similar measures presented
by other issuers. Management uses this measure as a more meaningful
way to compare the Company's financial performance from period to
period. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's performance.
(6) Adjusted E&C EBITDA is defined herein as
earnings from E&C before net financial expenses (income),
income taxes, depreciation and amortization, and excludes one-time
net foreign exchange gains, charges related to restructuring,
right-sizing and other, as well as the acquisition-related costs
and integration costs incurred in connection with the acquisition
of Kentz in 2014 and the gains (losses) on disposals of E&C
businesses and Capital investments. The term "Adjusted E&C
EBITDA" does not have any standardized meaning under IFRS.
Therefore, it may not be comparable to similar measures presented
by other issuers. Management uses this measure as a more meaningful
way to compare the Company's financial performance from period to
period. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's performance.
(7) Revenue Backlog is defined herein as a
forward-looking indicator of anticipated revenues to be recognized
by the Company, determined based on contract awards that are
considered firm. In order to provide information that is comparable
to the revenue backlog of other categories of activity, the Company
limits the O&M activities revenue backlog, which can cover a
period of up to 40 years, to the earlier of: i) the contract term
awarded; and ii) the next five years. The term "Revenue backlog"
does not have any standardized meaning under IFRS. Therefore, it
may not be comparable to similar measures presented by other
issuers. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate the Company's future
performance.
SNC-Lavalin Financial Summary
(in thousands of
Canadian dollars, unless otherwise indicated)
|
Fourth
Quarter
|
Year
ended
December
31
|
|
2016
|
2015
|
2016
|
2015
|
|
|
|
|
|
Revenues
|
|
|
|
|
From
E&C
|
2,146,484
|
2,590,297
|
8,223,085
|
9,363,508
|
From
Capital
|
64,653
|
55,990
|
247,748
|
223,446
|
|
2,211,137
|
2,646,287
|
8,470,833
|
9,586,954
|
|
|
|
|
|
Net income
attributable to SNC-Lavalin shareholders
|
|
|
|
|
From
E&C
|
(38,435)
|
13,987
|
46,346
|
95,834
|
From
Capital
|
40,011
|
35,257
|
209,187
|
308,502
|
|
1,576
|
49,244
|
255,533
|
404,336
|
|
|
|
|
|
Diluted EPS
($)
|
|
|
|
|
From
E&C
From
Capital
|
(0.26)
0.27
|
0.09
0.24
|
0.31
1.39
|
0.64
2.04
|
|
0.01
|
0.33
|
1.70
|
2.68
|
|
|
|
|
|
Adjusted net
income attributable to SNC-Lavalin shareholders
|
|
|
|
|
From
E&C(1)
From
Capital(3)
|
73,449
42,620
|
66,186
35,276
|
226,397
160,750
|
201,856
162,802
|
|
116,069
|
101,462
|
387,147
|
364,658
|
|
|
|
|
|
Adjusted diluted
EPS ($)
|
|
|
|
|
From
E&C(2)
From
Capital(4)
|
0.49
0.28
|
0.44
0.23
|
1.51
1.07
|
1.34
1.08
|
|
0.77
|
0.67
|
2.58
|
2.42
|
|
|
|
|
|
Adjusted E&C
EBITDA(6)
Adjusted E&C
EBITDA margin
|
107,971
5.0%
|
144,831
5.6%
|
371,880
4.5%
|
433,377
4.6%
|
|
|
|
|
|
|
|
|
|
|
Revenue
backlog(7)
|
|
|
10,677,400
|
11,991,900
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,055,484
|
1,581,834
|
Reconciliation of IFRS Net Income as
Reported to Adjusted Net Income
|
|
|
|
|
|
|
|
Net
income
(loss), as reported
|
Net charges
related
to the restructuring
& right-sizing plan
and other
|
Acquisition of
Kentz
|
One-time
net
foreign
exchange gain
|
Net loss
(gain)
on capital
investment
and E&C
business
disposals
|
Net
income,
adjusted
|
|
|
|
Acquisition-related
costs and integration
costs
|
Amortization
of
intangible assets
|
|
|
|
Fourth Quarter
2016
|
In
M$
|
E&C
|
(38.4)
|
53.91
|
0.2
|
13.2
|
-
|
44.6
|
73.5
|
Capital
|
40.0
|
-
|
-
|
-
|
-
|
2.6
|
42.6
|
|
1.6
|
53.9
|
0.2
|
13.2
|
-
|
47.2
|
116.1
|
Per Diluted share
($)
|
E&C
|
(0.26)
|
0.36
|
0.00
|
0.09
|
-
|
0.30
|
0.49
|
Capital
|
0.27
|
-
|
-
|
-
|
-
|
0.01
|
0.28
|
|
0.01
|
0.36
|
0.00
|
0.09
|
-
|
0.31
|
0.77
|
Year Ended
December 31, 2016
|
In
M$
|
E&C
|
46.3
|
77.62
|
3.4
|
54.5
|
-
|
44.6
|
226.4
|
Capital
|
209.2
|
-
|
-
|
-
|
-
|
(48.5)
|
160.7
|
|
255.5
|
77.6
|
3.4
|
54.5
|
-
|
(3.9)
|
387.1
|
Per diluted share
($)
|
E&C
|
0.31
|
0.52
|
0.02
|
0.36
|
-
|
0.30
|
1.51
|
Capital
|
1.39
|
-
|
-
|
-
|
-
|
(0.32)
|
1.07
|
|
1.70
|
0.52
|
0.02
|
0.36
|
-
|
(0.02)
|
2.58
|
1This
amount includes a reversal of $8.5 million ($8.0 million after
taxes) of charges, which did not meet the restructuring costs
definition in accordance with IFRS.
|
2This
amount includes a net reversal of $4.2 million ($6.0 million after
taxes) of charges, which did not meet the restructuring costs
definition in accordance with IFRS.
|
|
|
|
|
|
|
|
|
Net
income
as reported
|
Net charges
related
to the restructuring
& right-sizing plan and
other
|
Acquisition of
Kentz
|
One-time
net
foreign
exchange gain
|
Net gain
on
Capital
investment
disposals
|
Net
income,
adjusted
|
|
|
|
Acquisition-related
costs and integration
costs
|
Amortization
of
intangible assets
|
|
|
|
Fourth Quarter
2015
|
In
M$
|
E&C
|
13.9
|
34.81
|
0.1
|
17.3
|
-
|
-
|
66.1
|
Capital
|
35.3
|
-
|
-
|
-
|
-
|
-
|
35.3
|
|
49.2
|
34.8
|
0.1
|
17.3
|
-
|
-
|
101.4
|
Per Diluted share
($)
|
E&C
|
0.09
|
0.23
|
0.00
|
0.12
|
-
|
-
|
0.44
|
Capital
|
0.24
|
-
|
-
|
-
|
-
|
-
|
0.24
|
|
0.33
|
0.23
|
0.00
|
0.12
|
-
|
-
|
0.68
|
Year Ended
December 31, 2015
|
In
M$
|
E&C
|
95.8
|
51.41
|
15.2
|
72.0
|
(32.6)
|
-
|
201.8
|
Capital
|
308.5
|
-
|
-
|
-
|
-
|
(145.7)
|
162.8
|
|
404.3
|
51.4
|
15.2
|
72.0
|
(32.6)
|
(145.7)
|
364.6
|
Per diluted share
($)
|
E&C
|
0.64
|
0.33
|
0.10
|
0.48
|
(0.21)
|
-
|
1.34
|
Capital
|
2.04
|
-
|
-
|
-
|
-
|
(0.96)
|
1.08
|
|
2.68
|
0.33
|
0.10
|
0.48
|
(0.21)
|
(0.96)
|
2.42
|
1An
expense related to the restructuring and right-sizing plan of $36.3
million ($36.3 million after taxes) originally included in the 2014
gross margin, in accordance with IFRS, was reversed in the fourth
quarter of 2015 due to a favorable outcome.
|
Forward-looking Statements:
Reference in this press release, and hereafter, to the
"Company" or to "SNC-Lavalin" means, as the context may require,
SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint
arrangements, or SNC-Lavalin Group Inc. or one or more of its
subsidiaries or joint arrangements.
Statements made in this press release that describe the
Company's or management's budgets, estimates, expectations,
forecasts, objectives, predictions, projections of the future or
strategies may be "forward-looking statements", which can be
identified by the use of the conditional or forward-looking
terminology such as "aims", "anticipates", "assumes", "believes",
"cost savings", "estimates", "expects", "goal", "intends", "may",
"plans", "projects", "should", "synergies", "will", or the negative
thereof or other variations thereon. Forward-looking statements
also include any other statements that do not refer to historical
facts. Forward-looking statements also include statements relating
to the following: i) future capital expenditures, revenues,
expenses, earnings, economic performance, indebtedness, financial
condition, losses and future prospects; and ii) business and
management strategies and the expansion and growth of the Company's
operations. All such forward-looking statements are made pursuant
to the "safe-harbour" provisions of applicable Canadian securities
laws. The Company cautions that, by their nature, forward-looking
statements involve risks and uncertainties, and that its actual
actions and/or results could differ materially from those expressed
or implied in such forward-looking statements, or could affect the
extent to which a particular projection materializes.
Forward-looking statements are presented for the purpose of
assisting investors and others in understanding certain key
elements of the Company's current objectives, strategic priorities,
expectations and plans, and in obtaining a better understanding of
the Company's business and anticipated operating environment.
Readers are cautioned that such information may not be appropriate
for other purposes.
The 2017 outlook referred to in this press release is
forward-looking information and is based on the methodology
described in the Company's 2016 Management's Discussion and
Analysis ("MD&A") under the heading "How We Budget and Forecast
Our Results" and is subject to the risks and uncertainties
described in the Company's public disclosure documents. The purpose
of the 2017 outlook is to provide the reader with an indication of
management's expectations, at the date of this press release,
regarding the Company's future financial performance and readers
are cautioned that this information may not be appropriate for
other purposes.
Forward-looking statements made in this press release are
based on a number of assumptions believed by the Company to be
reasonable as at the date hereof. The assumptions are set out
throughout the Company's 2016 MD&A, particularly in the
sections entitled "Critical Accounting Judgments and Key Sources of
Estimation Uncertainty" and "How We Analyze and Report our Results"
in the Company's 2016 MD&A. The 2017 outlook also assumes that
the federal charges laid against the Company and its indirect
subsidiaries SNC-Lavalin International Inc. and SNC-Lavalin
Construction Inc. on February 19,
2015, will not have a significant adverse impact on the
Company's business in 2017. If these assumptions are inaccurate,
the Company's actual results could differ materially from those
expressed or implied in such forward-looking statements. In
addition, important risk factors could cause the Company's
assumptions and estimates to be inaccurate and actual results or
events to differ materially from those expressed in or implied by
these forward-looking statements. These risks include, but are not
limited to: (a) the outcome of pending and future claims and
litigation could have a material adverse impact on the Company's
business, financial condition and results of operation; (b) on
February 19, 2015, the Company was
charged with one count of corruption under the Corruption of
Foreign Public Officials Act (Canada)(the "CFPOA") and one count of fraud
under the Criminal Code (Canada),
and is also subject to other ongoing investigations which could
subject the Company to criminal and administrative enforcement
actions, civil actions and sanctions, fines and other penalties,
some of which may be significant. These charges and investigations,
and potential results thereof, could harm the Company's reputation,
result in suspension, prohibition or debarment of the Company from
participating in certain projects, reduce its revenues and net
income and adversely affect its business; (c) further
regulatory developments could have a significant adverse impact on
the Company's results, and employee, agent or partner misconduct or
failure to comply with anti-bribery and other government laws and
regulations could harm the Company's reputation, reduce its
revenues and net income, and subject the Company to criminal and
administrative enforcement actions and civil actions; (d) if the
Company is not able to successfully execute on its strategic plan,
its business and results of operations would be adversely affected;
(e) a negative impact on the Company's public image could influence
its ability to obtain future projects; (f) fixed-price contracts or
the Company's failure to meet contractual schedule or performance
requirements or to execute projects efficiently may increase the
volatility and unpredictability of its revenue and profitability;
(g) the Company's revenue and profitability are largely dependent
on the awarding of new contracts, which it does not directly
control, and the uncertainty of contract award timing could have an
adverse effect on the Company's ability to match its workforce size
with its contract needs; (h) the Company's backlog is subject to
unexpected adjustments and cancellations, including under
"termination for convenience" provisions, and does not represent a
guarantee of the Company's future revenues or profitability; (i)
SNC-Lavalin is a provider of services to government agencies and is
exposed to risks associated with government contracting; (j) the
Company's international operations are exposed to various risks and
uncertainties, including unfavourable political environments, weak
foreign economies and the exposure to foreign currency risk; (k)
there are risks associated with the Company's ownership interests
in Capital investments that could adversely affect it; (l) the
Company is dependent on third parties to complete many of its
contracts; (m) the Company's use of joint ventures and partnerships
exposes it to risks and uncertainties, many of which are outside of
the Company's control; (n) the competitive nature of the markets in
which the Company does business could adversely affect it; (o) the
Company's project execution activities may result in professional
liability or liability for faulty services; (p) the Company could
be subject to monetary damages and penalties in connection with
professional and engineering reports and opinions that it provides;
(q) the Company may not have in place sufficient insurance coverage
to satisfy its needs; (r) the Company's employees work on projects
that are inherently dangerous and a failure to maintain a safe work
site could result in significant losses and/or an inability to
obtain future projects; (s) the Company's failure to attract and
retain qualified personnel could have an adverse effect on its
activities; (t) work stoppages, union negotiations and other labour
matters could adversely affect the Company; (u) the Company relies
on information systems and data in its operations. Failure in the
availability or security of the Company's information systems or in
data security could adversely affect its business and results of
operations; (v) any acquisition or other investment may present
risks or uncertainties; (w) divestitures and the sale of
significant assets may present risks or uncertainties; * a
deterioration or weakening of the Company's financial position,
including its cash net of recourse debt, would have a material
adverse effect on its business and results of operations; (y) the
Company may have significant working capital requirements, which if
unfunded could negatively impact its business, financial condition
and cash flows; (z) an inability of SNC-Lavalin's clients to
fulfill their obligations on a timely basis could adversely affect
the Company; (aa) the Company may be required to impair certain of
its goodwill, and it may also be required to write down or write
off the value of certain of its assets and investments, either of
which could have a material adverse impact on the Company's results
of operations and financial condition; (bb) global economic
conditions could affect the Company's client base, partners,
subcontractors and suppliers and could materially affect its
backlog, revenues, net income and ability to secure and maintain
financing; (cc) fluctuations in commodity prices may affect
clients' investment decisions and therefore subject the Company to
risks of cancellation, delays in existing work, or changes in the
timing and funding of new awards, and may affect the costs of the
Company's projects; (dd) inherent limitations to the Company's
control framework could result in a material misstatement of
financial information and; (ee) environmental laws and regulations
expose the Company to certain risks, could increase costs and
liabilities and impact demand for the Company's services. The
Company cautions that the foregoing list of factors is not
exhaustive. For more information on risks and uncertainties, and
assumptions that could cause the Company's actual results to differ
from current expectations, please refer to the sections "Risks and
Uncertainties", "How We Analyze and Report Our Results" and
"Critical Accounting Judgments and Key Sources of Estimation
Uncertainty" in the Company's 2016 MD&A.
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 any
obligation 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