SNC-Lavalin announces its third quarter results for 2015

2015 Third Quarter Financial Highlights

  • Reported IFRS net income of $224.2 million, or $1.49 per diluted share;
  • Adjusted net income from E&C of $70.6 million, or $0.47 per diluted share;
  • Net gain on an ICI disposal of $145.7 million, or $0.96 per diluted share;
  • Bookings of $2.7 billion, revenue backlog rises to a record high of $12.7 billion;
  • Maintains outlook for 2015 adjusted EPS from E&C;
  • Cash and cash equivalents of $1.5 billion at September 30, 2015;
  • Taking additional action to align cost structure with growth strategy and current end-market conditions.

MONTREAL, Nov. 5, 2015 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) announces its results today for the third quarter ended September 30, 2015.

"We are pleased with our consolidated third quarter performance, particularly with E&C, which has allowed us to maintain our full year guidance," said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. "The sale of Ambatovy from our ICI portfolio has given us an additional $0.96 earnings per share in addition to our previous IFRS guidance. Investment in the ICI portfolio has proven to be a successful strategy for the Company not only from an equity returns perspective but has also contributed significant revenues from contracts. While we continue to believe there is tremendous value in the Highway 407 asset, our principal focus right now is on maximizing profitability of the E&C platform. We will update the market in due course on our plans to crystallise value from this important asset. Looking ahead, we will be taking additional measures to align our cost base and operating organisation during the balance of 2015 to ensure that we deliver on our target of an annualised E&C EBITDA margin of 7% in 2017."

Reported IFRS net income for the third quarter of 2015 was $224.2 million, or $1.49 per diluted share, compared with $60.0 million, or $0.39 per diluted share, for the corresponding period in 2014, due to a higher adjusted net income from E&C(1), a net gain on disposal of an ICI and lower costs relating to the Kentz acquisition, partially offset by lower adjusted net income from ICI(2).

Adjusted net income from E&C for the third quarter of 2015 increased to $70.6 million, or $0.47 per diluted share, compared with $27.6 million, or $0.18 per diluted share, for the corresponding period in 2014. The increase is mainly due to higher contributions from the Oil & Gas segment and the Operations & Maintenance sub-segment, as well as a positive contribution from the Infrastructure & Construction sub-segment, compared with a negative contribution for the third quarter of 2014.

In the third quarter of 2015, the Company continued to make good progress on its strategy of crystallising value from its mature concessions by selling its interest in Madagascar's Ambatovy nickel project. SNC-Lavalin recognized a net gain on this disposal of $145.7 million, or $0.96 per diluted share. Adjusted net income from ICI for the third quarter of 2015, which excludes this net gain, decreased to $45.2 million, or $0.31 per diluted share, compared with $92.1 million, or $0.60 per diluted share for the corresponding period in 2014. The variance was mainly due to the disposal of AltaLink in 2014, resulting in no net income in 2015, partially offset by a higher dividend received from Highway 407.

Revenue backlog at the end of September 2015 rose to a record high $12.7 billion, compared with $12.5 billion at the end of September 2014 and $12.3 billion at the end of December 2014. New awards for the quarter were $2.7 billion, including $1.6 billion in Infrastructure and $0.6 billion in Oil & Gas.

Total revenues increased for the third quarter of 2015 by 21% to $2.4 billion, compared with the third quarter of 2014, mainly due to an increase in the Infrastructure & Construction sub-segment and the Oil & Gas segment, for which incremental revenues were generated by Kentz. In addition, revenues increased in the Power segment, as the Company is no longer required to eliminate E&C revenues generated between the Company and AltaLink, post its disposal in the fourth quarter of 2014. These increases were partially offset by a decrease in ICI revenues, principally due to the disposal of our AltaLink investment.

SNC-Lavalin's cash and cash equivalents at quarter end was $1.5 billion.

Year-to-Date Results
Reported IFRS net income for the first nine months of 2015 was $355.1 million, or $2.35 per diluted share, compared with $186.7 million, or $1.22 per diluted share, for the corresponding period in 2014, due to higher adjusted net income from E&C, a $145.7 million net gain on disposal of an ICI and a $32.6 million one-time net foreign exchange gain, partially offset by a lower adjusted net income from ICI. The increase in the adjusted net income from E&C was mainly due to a higher segment EBIT(4) from Oil & Gas, for which an incremental contribution was generated by Kentz. The decrease in the adjusted net income from ICI was mainly due to the disposal of AltaLink in 2014, which is no longer contributing in 2015, partially offset by higher dividends received from Highway 407.

Revenues for the first nine months of 2015 increased by 28% to $6.9 billion, mainly due to an increase in the Oil & Gas and Power segments, for the same reasons explained above, partially offset by a decrease in the Infrastructure & Construction and Operations & Maintenance sub-segments, as well as a decrease in ICI revenues, principally due to the disposal of our AltaLink investment.

During the nine-month period ended September 30, 2015, the Company repurchased approximately 2.8 million of its common shares for $121.8 million under its Normal Course Issuer Bid ("NCIB"), and paid $113.4 million in dividends to shareholders.

Restructuring and right-sizing plan
In the first nine months of 2015, the Company recorded $21.6 million ($16.6 million after taxes) of charges relating to its previously announced restructuring and right-sizing plan. The persisting softer economic environment requires us to extend our restructuring efforts to further improve our operational efficiency and reduce our cost base by the end of 2015. Building on the cost reduction program initiated by previous management, we have launched our "STEP Change" program.

The "STEP Change" program is designed to make us more agile, customer facing and allow us to further improve operational efficiency, including a realignment of our corporate and operating organisation. It will also make us more competitive and provide better value to our clients. Consequently, we now expect to spend a further approximate amount of $50 million (after taxes) in addition to the $40 million announced in the second quarter of 2015. Of this latter figure, approximately $10 million has already been incurred in the third quarter of 2015. These additional costs are now expected to be recognized in the fourth quarter of 2015. We aim to deliver an annualised E&C EBITDA margin of 7% in 2017 and we will continue to take any additional measures throughout 2016 to ensure we do not deviate from this important priority, while continuing to invest in our client facing teams and world class execution capability.

Outlook
The Company expects that its 2015 outlook for adjusted EPS from E&C(3) will be at the lower end of the previously announced range of $1.30 to $1.60.

The adjusted EPS from E&C guidance excludes a one-time net foreign exchange gain of $33 million (after taxes) recorded in the first quarter of 2015, charges related to the restructuring and right-sizing plan, as well as amortization of intangible assets and acquisition-related costs and integration costs incurred in connection with the acquisition of Kentz in 2014. The amortization is now expected to result in an after-tax expense of approximately $70 million, while charges related to the original restructuring and right-sizing and "STEP Change" plans and acquisition and integration costs are now expected to be approximately $110 million (after taxes).

The 2015 outlook is principally based on the expectation that the Oil & Gas and Power segments will be the main contributors to net income, while the Infrastructure & Construction sub-segment will be the lowest contributor.

The Company is increasing its 2015 outlook range for the reported IFRS EPS to $2.40 to $2.70, from its previous guidance of $1.80 to $2.10, mainly due to the third quarter net gain on disposal of an ICI, partially offset by additional charges related to the newly initiated "STEP Change" plan.

The above outlook continues to be based on the assumptions and methodology described in the Company's 2014 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
The Board of Directors today declared a cash dividend of $0.25 per share, payable on December 3, 2015, to shareholders of record on November 19, 2015. 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 third quarter results. The telephone numbers to access the conference call are 1 866 530 1553 in North America: 416 847 6330 in Toronto: 514 223 0614 in Montreal: 080 0279 0444 in the United Kingdom: and 180 099 2284 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 EPC and EPCM services to clients in a variety of industry sectors, including 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 and right-sizing, as well as amortization of intangible assets, and the financing, acquisition-related costs and integration costs incurred in connection with the acquisition of Kentz in 2014. E&C is defined in the Company's 2014 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. Adjusted net income from E&C is a non-IFRS financial measure which is an indicator of the entity's financial performance of its E&C activities. 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 Figure 1 below for reconciliation.

(2) Adjusted net income from ICI is defined as net income attributable to SNC-Lavalin shareholders from ICI, excluding net gain or loss on ICI disposals. The term "Adjusted net income from ICI" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Adjusted net income from ICI is a non-IFRS financial measure which is an indicator of the entity's financial performance of its ICI activities. 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 Figure 1 below for reconciliation.

(3) Adjusted EPS from E&C is defined as the adjusted net income from E&C per SNC-Lavalin common share.

(4) Segment EBIT is defined herein as gross margin less i) directly related selling, general and administrative expenses; and ii) non-controlling interests before taxes. Corporate selling, general and administrative expenses not directly related to projects or segments, restructuring costs, goodwill impairment, acquisition-related costs and integration costs, as well as amortization of intangible assets 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. Segment EBIT is a non-IFRS financial measure which is an indicator of the entity's capacity to generate income from operations before taking into account management's financing decisions. 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.

(5) EBITDA is defined herein as earnings before net financial expenses (income), income taxes, depreciation and amortization. The term 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.

SNC-Lavalin Financial Summary




(in thousands of Canadian dollars, unless otherwise indicated)

Third Quarter

Nine months ended September 30


2015

2014*

2015

2014*

Revenues by activity






Services

1,065,518

723,202

2,876,370

1,785,392


Packages

1,097,763

726,007

3,106,541

1,961,183


O&M

213,059

311,576

790,300

970,783


ICI

56,900

243,346

167,456

703,385


2,433,240

2,004,131

6,940,667

5,420,743

Net income attributable to SNC-Lavalin's shareholders





From E&C 

33,334

(28,889)

81,847

(44,946)

From ICI

190,869

88,930

273,245

231,645

Net income attributable to SNC-Lavalin's shareholders

224,203

60,041

355,092

186,699






Net income attributable to non-controlling interests

9,065

744

13,874

911

Net income

233,268

60,785

368,966

187,610

Diluted earnings per share ($)

From E&C 

From ICI

0.22

1.27

(0.19)

0.58

0.54

1.81

(0.30)

1.52


1.49

0.39

2.35

1.22









As at

September 30,
2015

As at

September 30,
2014

Revenue backlog by activity






Services



3,731,600

4,325,900


Packages



7,058,000

6,085,400


O&M



1,936,000

2,102,600




12,725,600

12,513,900






Cash and cash equivalents



1,455,696

1,143,649

* The Company has made a retrospective restatement to reflect an increase in the amortization of intangible assets related to the Kentz acquisition following the revision of the preliminary allocation of the purchase price. See Note 16C to the Company's third quarter 2015 unaudited interim condensed consolidated financial statements for more details.


SNC-Lavalin Adjusted Net Income




(in thousands of Canadian dollars)

Third Quarter

Nine Months Ended September 30




See Fig. 1 for reconciliation




2015

2014*

2015

2014*






Net income, as reported

224,203

60,041

355,092

186,699







Net income from E&C, as reported

33,334

(28,889)

81,847

(44,946)


Net income from E&C, adjusted

70,654

27,575

135,670

32,180







Net income from ICI, as reported

190,869

88,930

273,245

231,645


Net income from ICI, adjusted

45,150

92,056

127,526

234,771






Net income, adjusted

115,804

119,631

263,196

266,951

* The Company has made a retrospective restatement to reflect an increase in the amortization of intangible assets related to the Kentz acquisition following the revision of the preliminary allocation of the purchase price. See Note 16C to the Company's third quarter 2015 unaudited interim condensed consolidated financial statements for more details.


Figure 1: Reconciliation of IFRS Net Income as Reported to Adjusted Net Income



Net income,

as reported

Charges related to

the restructuring and

right-sizing plan
announcement of

 November 6, 2014

Acquisition of Kentz

Net gain on
ICI

 disposals

One-time

net foreign
exchange gain

Net income,

adjusted




Acquisition-related
costs and
integration costs

Amortization of
intangible assets





Third Quarter 2015

In M$

E&C

33.3

10.2

4.4

22.7

-

-

70.6

ICI

190.9

-

-

-

(145.7)

-

45.2


224.2

10.2

4.4

22.7

(145.7)

-

115.8









Per diluted share ($)

E&C

0.22

0.07

0.03

0.15

-

-

0.47

ICI

1.27

-

-

-

(0.96)

-

0.31


1.49

0.07

0.03

0.15

(0.96)

-

0.78









Nine Months Ended September 30, 2015

In M$

E&C

81.9

16.6

15.1

54.7

-

(32.6)

135.7

ICI

273.2

-

-

-

(145.7)

-

127.5


355.1

16.6

15.1

54.7

(145.7)

(32.6)

263.2









Per diluted share ($)

E&C

0.54

0.11

0.10

0.36

-

(0.21)

0.90

ICI

1.81

-

-

-

(0.96)

-

0.85


2.35

0.11

0.10

0.36

(0.96)

(0.21)

1.75









Net income,
as reported

Net loss
on ICI
disposals

Charges related to
the restructuring and
right-sizing plan
announcement of
November 6, 2014

Acquisition of Kentz

Other
restructuring
costs

(recorded before
November 6,
2014)

Net income,
adjusted

Acquisition-
related costs
and
integration
costs

Financial
expenses

Amortization
of intangible
assets









Third Quarter 2014*

In M$








E&C

(28.9)

-

-

27.5

9.1

9.0

10.9

27.6

ICI

88.9

3.2

-

-

-

-

-

92.1


60.0

3.2

-

27.5

9.1

9.0

10.9

119.7










Per diluted share ($)








E&C

(0.19)

-

-

0.18

0.06

0.06

0.07

0.18

ICI

0.58

0.02

-

-

-

-

-

0.60


0.39

0.02

-

0.18

0.06

0.06

0.07

0.78








Nine Months Ended September 30, 2014*

In M$








E&C

(44.9)

-

-

47.1

9.1

9.0

11.9

32.2

ICI

231.6

3.2

-

-

-

-

-

234.8


186.7

3.2

-

47.1

9.1

9.0

11.9

267.0










Per diluted share ($)








E&C

(0.30)

-

-

0.31

0.06

0.06

0.08

0.21

ICI

1.52

0.02

-

-

-

-

-

1.54


1.22

0.02

-

0.31

0.06

0.06

0.08

1.75

* The Company has made a retrospective restatement to reflect an increase in the amortization of intangible assets related to Kentz acquisition following the revision of the preliminary allocation of the purchase price. See Note 16C to the Company's third quarter 2015 unaudited interim condensed consolidated financial statements for more details.

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 and potential synergies resulting from the Acquisition. 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 2015 outlook referred to in this press release is forward-looking information and is based on the methodology described in the Company's 2014 Management's Discussion and Analysis 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 2015 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 2014 Management's Discussion and Analysis (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 2014 Management's Discussion and Analysis), as updated in the Company's First quarter, Second quarter and Third Quarter 2015 Management's Discussion and Analysis. The 2015 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 2015. 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 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 new 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 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 ICI 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) the Company may be unable to successfully integrate the businesses of SNC-Lavalin and Kentz and realize the anticipated benefits of the Acquisition; * 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 would 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 2014 Management's Discussion and Analysis, as updated in the Company's First quarter, Second quarter and Third Quarter 2015 Management's Discussion and Analysis.

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

For further information: Investors: Denis Jasmin, Vice-President, Investor Relations, Global Corporate Communications, 514 393 8000, ext. 57553, Denis.Jasmin@snclavalin.com; Media:Louis-Antoine Paquin, Manager, Media Relations, 514 393 8000, ext. 54772, Louis-Antoine.Paquin@snclavalin.com

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