Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today
reported results for the second quarter of 2024.
“With backlog of $6.2 billion and strong demand
for Aecon’s services including recurring revenue programs, Aecon is
well-positioned to achieve further revenue growth over the next few
years,” said Jean-Louis Servranckx, President and Chief Executive
Officer, Aecon Group Inc. “The recent Coastal GasLink Pipeline
settlement along with the additional write-downs on legacy projects
in the second quarter are anticipated to lead to improved
profitability and margin predictability as the remaining three
projects move closer to substantial completion. We are focused on
embracing new growth opportunities linked to the energy transition
and opportunities in select U.S. and international markets, while
continuing to pursue and deliver the majority of our work in
established markets and under more collaborative project delivery
models.”
HIGHLIGHTSAll quarterly
financial information contained in this news release is
unaudited.
- Revenue for the
three months ended June 30, 2024 of $854 million was $313 million,
or 27%, lower compared to the same period in 2023.
- Adjusted
EBITDA(1)(2) of $(153.5) million for the three months ended June
30, 2024 (Adjusted EBITDA margin(3) of (18.0%) compared to Adjusted
EBITDA of $16.7 million (Adjusted EBITDA margin of 1.4%) in the
same period in 2023.
- Net loss of
$(123.9) million (diluted loss per share of $1.99) for the three
months ended June 30, 2024 compared to net profit of $28.2 million
(diluted earnings per share of $0.38) in the same period in
2023.
- On June 28,
2024, Aecon announced that SA Energy Group (a general partnership
of Aecon Construction Group Inc. and Robert B. Somerville Co. Ltd.)
and Coastal GasLink Pipeline Limited Partnership, by its general
partner Coastal GasLink Pipeline Ltd., reached an amicable and
mutually agreeable global settlement to resolve their dispute fully
and finally over the construction of Sections 3 and 4 of the
Coastal GasLink Pipeline Project in British Columbia. The
settlement agreement is not an admission of liability by either
party and the parties have mutually released their respective
claims in the arbitration, thereby avoiding the expense, burden and
uncertainty associated with arbitration. The terms of the
settlement agreement are expected to result in no further cash
impacts to Aecon. From an accounting perspective, Aecon recognized
in its consolidated financial results a non-recurring charge of
$127 million in both the second quarter and first six months of
2024 ($nil in both the second quarter and first six months of 2023)
related to the construction of Sections 3 and 4 of the Coastal
GasLink Pipeline Project.
- Certain large
fixed price legacy projects being performed by joint ventures in
which Aecon is a participant (see Section 13 “Risk Factors” of the
Company’s June 30, 2024 Management’s Discussion and Analysis
(“MD&A”) which is available on the Company’s profile on SEDAR+
(www.sedarplus.ca), are being negatively impacted due to additional
costs for which the joint ventures assert that the owners are
contractually responsible, including for, among other things,
unforeseeable site conditions, third party delays, impacts of
COVID-19, supply chain disruptions, and inflation related to labour
and materials. In the three months ended June 30, 2024, Aecon
recognized an operating loss of $110 million from these three
legacy projects compared to an operating loss of $81.3 million in
the same period in 2023. Based on the information currently
available, Aecon believes the potential for future additional
financial risks to Aecon, if any, through to completion of the
remaining three legacy projects should not exceed $125 million to
the end of 2025.
- Reported backlog
at June 30, 2024 of $6,186 million compared to backlog of
$6,851 million at June 30, 2023. New contract awards of $766
million were booked in the second quarter of 2024 compared to
$2,016 million in the same period in 2023.
- Subsequent to
quarter-end, on July 2, 2024, Aecon announced that its subsidiary,
Aecon Utilities Group Inc., acquired a majority interest in Xtreme
Powerline Construction, an electrical distribution utility
contractor headquartered in Michigan for a base purchase price of
approximately US$73 million, with potential for additional
contingent proceeds.
- Aecon’s Board of
Directors has authorized a Normal Course Issuer Bid (“NCIB”) to
purchase for cancellation up to 5% of the issued and outstanding
common shares, or approximately 3.1 million common shares of Aecon,
subject to the approval of the Toronto Stock Exchange (the “TSX”).
Aecon intends to file a notice of intention with the TSX in this
regard.
CONSOLIDATED FINANCIAL HIGHLIGHTS
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Three months ended |
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Six months ended |
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$ millions (except per
share amounts) |
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June 30 |
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June 30 |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
$ |
853.8 |
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$ |
1,166.9 |
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$ |
1,700.4 |
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$ |
2,274.1 |
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Gross profit |
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(137.9 |
) |
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45.1 |
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(75.1 |
) |
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112.0 |
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Marketing, general and
administrative expense |
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(48.2 |
) |
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(43.1 |
) |
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(100.3 |
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(97.3 |
) |
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Income from projects accounted
for using the equity method |
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11.6 |
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4.8 |
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13.8 |
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8.0 |
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Other income |
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28.0 |
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70.1 |
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29.7 |
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82.7 |
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Depreciation and amortization |
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(19.8 |
) |
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(21.2 |
) |
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(38.6 |
) |
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(44.2 |
) |
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Operating profit (loss) |
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(166.3 |
) |
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55.6 |
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(170.5 |
) |
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61.2 |
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Finance income |
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2.1 |
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1.8 |
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5.3 |
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3.2 |
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Finance
cost |
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(6.6 |
) |
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(16.1 |
) |
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(12.2 |
) |
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(33.1 |
) |
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Profit (loss) before income taxes |
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(170.8 |
) |
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41.3 |
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(177.4 |
) |
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31.4 |
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Income
tax (expense) recovery |
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46.9 |
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(13.1 |
) |
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47.4 |
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(12.6 |
) |
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Profit (loss) |
$ |
(123.9 |
) |
|
$ |
28.2 |
|
$ |
(130.0 |
) |
|
$ |
18.8 |
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Gross profit
margin(4) |
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(16.2 |
)% |
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3.9 |
% |
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(4.4 |
)% |
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4.9 |
% |
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MG&A as a percent
of
revenue(4) |
|
5.6 |
% |
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|
3.7 |
% |
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5.9 |
% |
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4.3 |
% |
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Adjusted
EBITDA(2) |
$ |
(153.5 |
) |
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$ |
16.7 |
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$ |
(120.7 |
) |
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$ |
41.3 |
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Adjusted EBITDA
margin(3) |
|
(18.0 |
)% |
|
|
1.4 |
% |
|
(7.1 |
)% |
|
|
1.8 |
% |
|
|
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Operating
margin(4) |
|
(19.5 |
)% |
|
|
4.8 |
% |
|
(10.0 |
)% |
|
|
2.7 |
% |
|
|
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Earnings (loss) per
share – basic |
$ |
(1.99 |
) |
|
$ |
0.46 |
|
$ |
(2.09 |
) |
|
$ |
0.30 |
|
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Earnings (loss) per
share – diluted |
$ |
(1.99 |
) |
|
$ |
0.38 |
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$ |
(2.09 |
) |
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$ |
0.28 |
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Backlog (at end of
period) |
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$ |
6,186 |
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$ |
6,851 |
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(1) This press release presents
certain non-GAAP and supplementary financial measures, as well as
non-GAAP ratios to assist readers in understanding the Company's
performance (GAAP refers to Canadian Generally Accepted Accounting
Principles). Further details on these measures and ratios are
included in the “Non-GAAP and Supplementary Financial Measures” and
“Reconciliations and Calculations” sections of this press
release.(2) This is a non-GAAP financial measure. Refer
to the “Non-GAAP and Supplementary Financial Measures” and
“Reconciliations and Calculations” sections of this press release
for more information on each non-GAAP financial
measure.(3) This is a non-GAAP ratio. Refer to the
“Non-GAAP and Supplementary Financial Measures” section of this
press release for more information on each non-GAAP
ratio.(4) This is a supplementary financial measure.
Refer to the “Non-GAAP and Supplementary Financial Measures”
section of this press release for more information on each
supplementary financial measure.
Revenue for the three months ended June 30, 2024
of $854 million was $313 million, or 27%, lower compared to the
second quarter of 2023. In the Construction segment, revenue was
$288 million lower driven by decreases in industrial ($205
million), urban transportation solutions ($87 million), and civil
operations ($63 million), partially offset by higher revenue in
nuclear ($63 million) and utilities ($4 million). In the
Concessions segment, revenue was $25 million lower for the three
months ended June 30, 2024 primarily due to the use of the equity
method of accounting in 2024 for Aecon’s 50.1% retained interest in
the Bermuda International Airport concessionaire (“Skyport”)
following the sale of a 49.9% interest in Skyport in the third
quarter of 2023.
Operating loss of $166.3 million for the three
months ended June 30, 2024 compares to an operating profit of $55.6
million in the same period in 2023 for a decrease in operating
profit of $221.9 million. The decrease in operating profit was
largely due to lower quarter-over-quarter gross profit in the
second quarter of 2024 of $183.0 million compared to the same
period in 2023. In the Construction segment, gross profit decreased
by $167.9 million largely from an increase in negative gross profit
related to four fixed price legacy projects of $155.7 million
compared to the second quarter of 2023. In the second quarter of
2024, Aecon recorded a charge of $127.0 million related to the
Coastal GasLink Pipeline Project and an additional aggregate charge
of $110.0 million related to the three remaining legacy projects,
compared to negative gross profit on the four fixed price legacy
projects of $81.3 million in the second quarter of 2023. The charge
recorded this quarter represents Aecon’s current estimates of
future expected costs required to achieve substantial completion on
the remaining three legacy projects.
Aecon believes the estimates underpinning its
current positions on the projects to be accurate as of today,
however, additional risks exist if assumptions, estimates, and
circumstances change. Given the progress achieved to date and based
on the information currently available, Aecon believes the
potential for future additional financial risks to Aecon, if any,
through to completion of the remaining three legacy projects should
not exceed $125 million to the end of 2025.
These four fixed price legacy projects are
discussed in Section 5 “Recent Developments” and Section 10.2
“Contingencies” in the Company’s June 30, 2024 MD&A, and
Section 13 “Risk Factors” in the 2023 Annual MD&A.
Other than the impact of these fixed price
legacy projects in the second quarter, lower gross profit in the
balance of the Construction segment was primarily due to lower
gross profit in urban transportation solutions. In the Concessions
segment, gross profit decreased by $14.8 million, primarily from
the use of the equity method of accounting in 2024 for Aecon’s
50.1% retained interest in Skyport following the sale of a 49.9%
interest in this project in the third quarter of 2023.
Contributing to the decrease in operating profit
in the second quarter of 2024 was lower other income of $42.1
million compared to the same period in 2023. The decrease was due
to lower gains on the sale of property, buildings, and equipment of
$21.7 million compared to the second quarter of 2023. In addition,
gains on the sale of Aecon Transportation East (“ATE”) decreased by
$25.5 million quarter-over-quarter (an initial gain of $38.0
million in the second quarter of 2023 compared to a further gain of
$12.5 million in the second quarter of 2024 from incremental
proceeds earned in 2024). Foreign exchange gains also decreased in
the quarter by $1.0 million. These decreases were partially offset
by a $5.9 million gain from incremental proceeds earned in the
second quarter of 2024 related to the partial sale of Skyport that
occurred in 2023), and by a fair value remeasurement gain $0.2
million in the quarter.
Reported backlog at June 30, 2024 of $6,186
million compares to backlog of $6,157 million at December 31, 2023
and $6,851 million at June 30, 2023. New contract awards of $766
million were booked in the second quarter in 2024 compared to
$2,016 million in the same period in 2023.
REPORTING SEGMENTS
Aecon reports its financial performance on the
basis of two segments: Construction and Concessions, which are
described in the Company’s June 30, 2024 Management’s Discussion
and Analysis (“MD&A”).
CONSTRUCTION SEGMENT
Financial Highlights
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Three months ended |
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Six months ended |
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|
$
millions |
|
June 30 |
|
|
June 30 |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
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Revenue |
$ |
851.5 |
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|
$ |
1,139.4 |
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|
$ |
1,695.3 |
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$ |
2,229.9 |
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Gross
profit |
$ |
(136.8 |
) |
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$ |
31.1 |
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|
$ |
(73.2 |
) |
|
$ |
93.3 |
|
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|
|
Adjusted
EBITDA(1) |
$ |
(172.6 |
) |
|
$ |
(4.4 |
) |
|
$ |
(144.9 |
) |
|
$ |
17.9 |
|
|
|
|
Operating profit
(loss) |
$ |
(185.0 |
) |
|
$ |
(7.5 |
) |
|
$ |
(177.5 |
) |
|
$ |
8.7 |
|
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|
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|
|
|
|
|
|
Gross profit
margin(3) |
|
(16.1 |
)% |
|
|
2.7 |
% |
|
|
(4.3 |
)% |
|
|
4.2 |
% |
|
|
|
Adjusted EBITDA
margin(2) |
|
(20.3 |
)% |
|
|
(0.4 |
)% |
|
|
(8.5 |
)% |
|
|
0.8 |
% |
|
|
|
Operating
margin(3) |
|
(21.7 |
)% |
|
|
(0.7 |
)% |
|
|
(10.5 |
)% |
|
|
0.4 |
% |
|
|
|
Backlog (at end of
period) |
|
|
|
|
|
|
$ |
6,081 |
|
|
$ |
6,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
(1) This is a non-GAAP financial measure.
Refer to the “Non-GAAP and Supplementary Financial Measures” and
“Reconciliations and Calculations” sections of this press release
for more information on each non-GAAP financial
measure.(2) This is a non-GAAP ratio. Refer to the “Non-GAAP
and Supplementary Financial Measures” and “Reconciliations and
Calculations” sections of this press release for more information
on each non-GAAP ratio.(3) This is a supplementary financial
measure. Refer to the “Non-GAAP and Supplementary Financial
Measures” section of this press release for more information on
each supplementary financial measure.
Revenue in the Construction segment for the
three months ended June 30, 2024 of $851 million was $288 million,
or 25%, lower compared to the same period in 2023. Revenue was
lower in industrial operations ($205 million) driven primarily by
decreased activity on mainline pipeline work following the
achievement of substantial completion on a large project in the
third quarter of 2023, which offset a higher volume of field
construction work primarily at wastewater treatment facilities in
western Canada. In urban transportation solutions, revenue was
lower ($87 million) primarily from a decrease in light rail transit
(“LRT”) work in Ontario and Québec as three of these LRT projects
near completion. Lower revenue in civil operations ($63 million)
was driven by a lower volume of major projects work, largely
related to the substantial completion of a large hydroelectric
project in western Canada in 2023, and from a lower volume of
roadbuilding construction work primarily in eastern Canada as a
result of the sale of ATE in the second quarter of 2023 ($20
million). Partially offsetting these decreases was higher revenue
in nuclear operations ($63 million) from an increased volume of
refurbishment work at nuclear generating stations located in
Ontario, and in utilities operations ($4 million) from a higher
volume of electrical transmission and battery energy storage system
work, partially offset by a lower volume of telecommunications and
gas distribution work.
Operating loss in the Construction segment of
$185.0 million in the three months ended June 30, 2024 compares to
an operating loss of $7.5 million in the same period in 2023, for a
decrease in operating profit of $177.5 million. The largest driver
of the decrease in operating profit was negative gross profit from
the four fixed price legacy projects of $237.0 million in the
second quarter of 2024 compared to negative gross profit on the
four fixed price legacy projects of $81.3 million in the second
quarter of 2023, for a net negative quarter-over-quarter impact on
operating profit of $155.7 million. These four fixed price legacy
projects are discussed in Section 5 “Recent Developments” and
Section 10.2 “Contingencies” in the Company’s June 30, 2024
MD&A, and Section 13 “Risk Factors” in the 2023 Annual
MD&A. In addition to the impact of these fixed price legacy
projects in the second quarter, lower operating profit in the
balance of the Construction segment was primarily the result of
lower gross profit in urban transportation solutions from rail
electrification work, and from lower gains on the sale of property,
buildings, and equipment ($3.9 million) in the quarter.
Construction backlog at June 30, 2024 was $6,081
million, which was $671 million lower than the same time last year.
Backlog decreased period-over-period in nuclear ($295 million),
utilities ($132 million), urban transportation solutions ($123
million), civil ($82 million), and industrial operations ($39
million). New contract awards totaled $763 million in the second
quarter of 2024 compared to $1,990 million in the same period last
year.
CONCESSIONS SEGMENT
Financial Highlights
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|
Three months ended |
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|
Six months ended |
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|
|
$
millions |
|
June 30 |
|
|
June 30 |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
|
|
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|
|
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|
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|
Revenue |
$ |
2.3 |
|
|
$ |
27.3 |
|
$ |
5.2 |
|
|
$ |
44.3 |
|
|
|
Gross
profit |
$ |
(1.1 |
) |
|
$ |
13.7 |
|
$ |
(1.7 |
) |
|
$ |
18.4 |
|
|
|
Income from projects
accounted for using the equity method |
$ |
11.9 |
|
|
$ |
4.8 |
|
$ |
14.1 |
|
|
$ |
8.3 |
|
|
|
Adjusted
EBITDA(1) |
$ |
29.5 |
|
|
$ |
27.6 |
|
$ |
47.1 |
|
|
$ |
42.6 |
|
|
|
Operating
profit |
$ |
16.8 |
|
|
$ |
14.4 |
|
$ |
17.9 |
|
|
$ |
16.8 |
|
|
|
Backlog (at end of
period) |
|
|
|
|
|
|
$ |
105 |
|
|
$ |
99 |
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
(1) This is a non-GAAP financial measure. Refer to the
“Non-GAAP and Supplementary Financial Measures” and
“Reconciliations and Calculations” sections of this press release
for more information on each non-GAAP financial measure.
Aecon currently holds a 50.1% interest in
Skyport, the concessionaire responsible for the Bermuda airport’s
operations, maintenance, and commercial functions, and the entity
that will manage and coordinate the overall delivery of the Bermuda
International Airport Redevelopment Project over a 30-year
concession term that commenced in 2017. Aecon’s participation in
Skyport is accounted for using the equity method. On September 20,
2023, Aecon sold a 49.9% interest in Skyport to Connor, Clark &
Lunn Infrastructure with Aecon retaining the management contract
for the airport. Prior to this transaction, Aecon’s participation
in Skyport was 100% consolidated and, as such, was accounted for in
the consolidated financial statements by reflecting, line by line,
the assets, liabilities, revenue and expenses of Skyport. Aecon’s
concession participation in the Eglinton Crosstown LRT, Finch West
LRT, Gordie Howe International Bridge, Waterloo LRT, and the GO
Expansion On-Corridor Works projects are joint ventures that are
also accounted for using the equity method.
For the three months ended June 30, 2024,
revenue in the Concessions segment of $2.3 million was $25 million
lower compared to the same period in 2023. Lower revenue in the
period was primarily due to lower reported revenue from Skyport due
to the commencement of the equity method of accounting for the
project following the above noted sale of a 49.9% interest in
Skyport in the third quarter of 2023.
Operating profit in the Concessions segment of
$16.8 million for the three months ended June 30, 2024 improved by
$2.4 million. Operating profit related to the Bermuda International
Airport project was higher driven by one-time recoveries of $5.9
million in 2024 and an incremental gain on sale of $5.9 million
reported in 2024 related to additional proceeds earned from the
2023 partial sale of Skyport. Operating results from Skyport in
2024 were also impacted by the sale of a 49.9% interest in Skyport
in the third quarter of 2023 and from the use of the equity method
of accounting in 2024 where operating results for Aecon’s interest
in Skyport were reported net of financing costs and income taxes,
which contributed to lower period-over-period operating profit
results from the ongoing operations at Skyport. Operating profit in
the segment was also impacted by a decrease in management and
development fees from the balance of the concessions
operations.
Except for Operations and Maintenance
(“O&M”) activities under contract for the next five years and
that can be readily quantified, Aecon does not include in its
reported backlog expected revenue from concession agreements. As
such, while Aecon expects future revenue from its concession
assets, no concession backlog, other than from such O&M
activities for the next five years, is reported.
DIVIDENDAecon’s Board of
Directors approved its next quarterly dividend of 19 cents per
share. The dividend will be paid on October 2, 2024 to shareholders
of record as of September 20, 2024.
OUTLOOK Aecon’s goal is to
build a resilient company through a balanced and diversified work
portfolio across sectors, markets, geographies, project types,
sizes, and delivery models while enhancing critical execution
capabilities and project selection to play to its strengths. With
backlog of $6.2 billion at the end of the second quarter of 2024,
recurring revenue programs continuing to see robust demand, and a
strong bid pipeline, Aecon believes it is positioned to achieve
further revenue growth commencing in 2025 and over the next few
years and is focused on achieving improved profitability and margin
predictability.
In the Construction segment, demand for Aecon’s
services across Canada continues to be strong. Development phase
work is ongoing in consortiums in which Aecon is a participant to
deliver the long-term GO Expansion On-Corridor Works project, the
Scarborough Subway Extension Stations, Rail and Systems project,
and the Darlington New Nuclear Project, all in Ontario, and the
Contrecoeur Terminal Expansion project in-water works in Quebec.
These projects are being delivered using progressive design-build
or alliance models and each project is expected to move into the
construction phase in 2025. The GO Expansion On-Corridor Works
project also includes an operations and maintenance component over
a 23-year term commencing January 1, 2025. None of the anticipated
work from these four significant long-term progressive design-build
projects is yet reflected in backlog.
In the Concessions segment, there are a number
of opportunities to add to the existing portfolio of Canadian and
international concessions in the next 12 to 24 months, including
projects with private sector clients that support a collective
focus on sustainability and the transition to a net-zero economy as
well as private sector development expertise and investment to
support aging infrastructure, mobility, connectivity, and
population growth. The GO Expansion On-Corridor Works project noted
above and the Oneida Energy Storage project, a consortium in which
Aecon Concessions is an equity partner that will deliver a 250
megawatt / 1,000 megawatt-hour energy storage facility near
Nanticoke Ontario, are examples of the role Aecon’s Concessions
segment is playing in developing, operating, and maintaining assets
related to this transition. In addition, in the first quarter of
2024, an Aecon-led consortium was selected by the U.S. Virgin
Islands Port Authority to redevelop the Cyril E. King Airport in
St. Thomas and the Henry E. Rohlsen Airport in St. Croix under a
collaborative Design, Build, Finance, Operate and Maintain
Public-Private Partnership model.
Global and Canadian economic conditions
impacting inflation, interest rates, and overall supply chain
efficiency have stabilized, and these factors have largely been and
will continue to be reflected in the pricing and commercial terms
of the Company’s recent and prospective project awards and bids.
However, certain ongoing joint venture projects that were bid some
years ago have experienced impacts related, in part, to those
factors, that will require satisfactory resolution of claims with
the respective clients. Results have been negatively impacted by
these four legacy projects in recent periods, undermining positive
revenue and profitability trends in the balance of Aecon’s
business. Until these projects are complete and related claims have
been resolved, there is a risk that this could also occur in future
periods – see Section 5 “Recent Developments” and Section 10.2
“Contingencies” in the Company’s MD&A, and Section 13 “Risk
Factors” in the 2023 Annual MD&A regarding the risk on certain
large fixed price legacy projects entered into in 2018 or earlier
by joint ventures in which Aecon is a participant. However, the
recent Coastal GasLink Pipeline settlement along with the
additional write-downs on the fixed price legacy projects in the
second quarter of 2024 are anticipated to lead to improved
profitability and margin predictability especially as the remaining
three projects move closer to substantial completion.
Revenue in 2024 will be impacted by the three
strategic transactions completed in 2023, the substantial
completion of several large projects in 2023, the four legacy
projects, and the five major projects currently in the development
phase by consortiums in which Aecon is a participant being
delivered using the progressive design-build or alliance models
which are expected to move into the construction phase in 2025. The
completion and satisfactory resolution of claims on the remaining
three legacy projects with the respective clients remains a
critical focus for the Company and its partners, while the
remainder of the business continues to perform as expected,
supported by the strong level of backlog, and the strong demand
environment for Aecon’s services, including recurring revenue
programs.
CONSOLIDATED RESULTS
The consolidated results for the three and six months ended June
30, 2024 and 2023 are available at the end of this news
release.
CONSOLIDATED BALANCE SHEET
|
|
|
|
June 30 |
|
|
December 31 |
| $
thousands |
|
|
2024 |
|
|
2023 |
| |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
499,386 |
|
$ |
645,784 |
| Other current assets |
|
|
1,836,375 |
|
|
1,827,472 |
| Property, plant and
equipment |
|
|
304,883 |
|
|
251,899 |
| Other long-term assets |
|
|
499,438 |
|
|
470,473 |
| Total
Assets |
|
$ |
3,140,082 |
|
$ |
3,195,628 |
| |
|
|
|
|
|
|
| Current portion of long-term
debt - recourse |
|
$ |
39,046 |
|
$ |
42,608 |
| Preferred Shares of Aecon
Utilities |
|
|
158,150 |
|
|
157,110 |
| Other current liabilities |
|
|
1,692,789 |
|
|
1,583,549 |
| Long-term debt - recourse |
|
|
104,831 |
|
|
106,770 |
| Other long-term
liabilities |
|
|
226,167 |
|
241,265 |
| |
|
|
|
|
|
|
| Equity |
|
|
919,099 |
|
|
1,064,326 |
| Total Liabilities and
Equity |
|
$ |
3,140,082 |
|
$ |
3,195,628 |
CONFERENCE CALL
A conference call and live webcast has been
scheduled for 9 a.m. (Eastern Time) on Thursday, July 25, 2024. A
live webcast of the conference call can be accessed using this link
and will be available at www.aecon.com/InvestorCalendar.
Participants can also dial-in to the conference call and
pre-register using this link. After registering, an email will be
sent, including dial-in details and a unique access code required
to join the live call. Please ensure you have registered at least
15 minutes prior to the conference call time.
An accompanying presentation of the second
quarter 2024 financial results will also be available after market
close on July 24, 2024 at www.aecon.com/investing. For those unable
to attend, a replay will be available within one hour following the
live webcast and conference call at the same webcast link
above.
ABOUT AECON
Aecon Group Inc. (TSX: ARE) is a North American
construction and infrastructure development company with global
experience. Aecon delivers integrated solutions to private and
public-sector clients through its Construction segment in the
Civil, Urban Transportation, Nuclear, Utility and Industrial
sectors, and provides project development, financing, investment,
management, and operations and maintenance services through its
Concessions segment. Join our online community on X, LinkedIn,
Facebook, and Instagram @AeconGroupInc.
For further
information:
Adam BorgattiSVP, Corporate Development and Investor
Relations416-297-2600ir@aecon.com
Nicole CourtVice President, Corporate
Affairs416-297-2600corpaffairs@aecon.com
NON-GAAP AND SUPPLEMENTARY FINANCIAL
MEASURES
The press release presents certain non-GAAP and
supplementary financial measures, as well as non-GAAP ratios to
assist readers in understanding the Company’s performance (“GAAP”
refers to Generally Accepted Accounting Principles under IFRS).
These measures do not have any standardized meaning and therefore
are unlikely to be comparable to similar measures presented by
other issuers and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP.
Throughout this press release, the following
terms are used, which do not have a standardized meaning under
GAAP.
Non-GAAP Financial Measures
A non-GAAP financial measure: (a) depicts the
historical or expected future financial performance, financial
position or cash flow of the Company; (b) with respect to its
composition, excludes an amount that is included in, or includes an
amount that is excluded from, the composition of the most
comparable financial measure presented in the primary consolidated
financial statements; (c) is not presented in the financial
statements of the Company; and (d) is not a ratio.
Non-GAAP financial measures presented and discussed in this
press release are as follows:
- “Adjusted EBITDA”
represents operating profit (loss) adjusted to exclude depreciation
and amortization, the gain (loss) on sale of assets and
investments, and net income (loss) from projects accounted for
using the equity method, but including “Equity Project EBITDA” from
projects accounted for using the equity method (refer to the
“Reconciliations and Calculations” section of this press release
for a quantitative reconciliation to the most comparable financial
measure).
- “Equity Project
EBITDA” represents Aecon’s proportionate share of the
earnings or losses from projects accounted for using the equity
method before depreciation and amortization, finance income,
finance cost and income tax expense (recovery) (refer to the
“Reconciliations and Calculations” section of this press release
for a quantitative reconciliation to the most comparable financial
measure).
Management uses the above non-GAAP financial
measures to analyze and evaluate operating performance. Aecon also
believes the above financial measures are commonly used by the
investment community for valuation purposes, and are useful
complementary measures of profitability, and provide metrics useful
in the construction industry. The most directly comparable measures
calculated in accordance with GAAP are operating profit and profit
(loss) attributable to shareholders.
Primary Financial
Statements
Primary financial statement means any of the
following: the consolidated balance sheets, the consolidated
statements of income, the consolidated statements of comprehensive
income, the consolidated statements of changes in equity, and the
consolidated statements of cash flows.
Key financial measures presented in the primary
financial statements of the Company and discussed in this press
release are as follows:
- “Gross profit”
represents revenue less direct costs and expenses. Not included in
the calculation of gross profit are marketing, general and
administrative expense (“MG&A”), depreciation and amortization,
income (loss) from projects accounted for using the equity method,
other income (loss), finance income, finance cost, income tax
expense (recovery), and non-controlling interests.
- “Operating profit
(loss)” represents the profit (loss) from operations,
before finance income, finance cost, income tax expense (recovery),
and non-controlling interests.
The above measures are presented in the
Company’s consolidated statements of income and are not meant to be
a substitute for other subtotals or totals presented in accordance
with GAAP, but rather should be evaluated in conjunction with such
GAAP measures.
- “Backlog” (Remaining
Performance Obligations) means the total value of work
that has not yet been completed that: (a) has a high certainty of
being performed as a result of the existence of an executed
contract or work order specifying job scope, value and timing; or
(b) has been awarded to Aecon, as evidenced by an executed binding
letter of intent or agreement, describing the general job scope,
value and timing of such work, and where the finalization of a
formal contract in respect of such work is reasonably assured.
Operations and maintenance (“O&M”) activities are provided
under contracts that can cover a period of up to 30 years. In order
to provide information that is comparable to the backlog of other
categories of activity, Aecon limits backlog for O&M activities
to the earlier of the contract term and the next five years.
Remaining Performance Obligations, i.e. Backlog,
is presented in the notes to the Company’s annual consolidated
financial statements and is not meant to be a substitute for other
amounts presented in accordance with GAAP, but rather should be
evaluated in conjunction with such GAAP measures.
Non-GAAP Ratios
A non-GAAP ratio is a financial measure
presented in the form of a ratio, fraction, percentage or similar
representation, and that has a non-GAAP financial measure as one of
its components and is not disclosed in the financial statements of
the Company.
A non-GAAP ratio presented and discussed in this
press release is as follows:
- “Adjusted EBITDA
margin” represents Adjusted EBITDA as a percentage of
revenue.
Management uses the above non-GAAP ratio to
analyze and evaluate operating performance. The most directly
comparable measures calculated in accordance with GAAP are gross
profit margin and operating margin.
Supplementary Financial
Measures
A supplementary financial measure: (a) is, or is
intended to be, disclosed on a periodic basis to depict the
historical or expected future financial performance, financial
position or cash flow of the Company; (b) is not presented in the
financial statements of the Company; (c) is not a non-GAAP
financial measure; and (d) is not a non-GAAP ratio.
Key supplementary financial measures presented
in this press release are as follows:
- “Gross profit
margin” represents gross profit as a percentage of
revenue.
- “Operating margin”
represents operating profit (loss) as a percentage of revenue.
- “MG&A as a percent of
revenue” represents marketing, general and administrative
expense as a percentage of revenue.
RECONCILIATIONS AND
CALCULATIONS
Set out below is the calculation of Adjusted
EBITDA by segment for the three and six months ended June 30, 2024
and 2023:
|
$ millions |
|
|
|
Three months ended June 30, 2024 |
Six months ended June 30, 2024 |
|
|
|
|
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
|
|
|
Operating profit (loss) |
$ |
(185.0 |
) |
$ |
16.8 |
|
$ |
1.8 |
|
$ |
(166.4 |
) |
$ |
(177.5 |
) |
$ |
17.9 |
|
$ |
(10.8 |
) |
$ |
(170.4 |
) |
|
|
|
Depreciation
and amortization |
|
19.5 |
|
|
0.1 |
|
|
0.3 |
|
|
19.9 |
|
|
38.1 |
|
|
0.1 |
|
|
0.4 |
|
|
38.6 |
|
|
|
|
(Gain) on sale
of assets |
|
(9.9 |
) |
|
(5.9 |
) |
|
(12.5 |
) |
|
(28.3 |
) |
|
(11.0 |
) |
|
(5.9 |
) |
|
(12.5 |
) |
|
(29.4 |
) |
|
|
|
(Income) loss
from projects accounted for using the equity method |
|
0.3 |
|
|
(11.9 |
) |
|
- |
|
|
(11.6 |
) |
|
0.2 |
|
|
(14.1 |
) |
|
- |
|
|
(13.9 |
) |
|
|
|
Equity Project
EBITDA(1) |
|
2.5 |
|
|
30.4 |
|
|
- |
|
|
32.9 |
|
|
5.4 |
|
|
49.1 |
|
|
- |
|
|
54.5 |
|
|
|
|
Adjusted
EBITDA(1) |
$ |
(172.6 |
) |
$ |
29.5 |
|
$ |
(10.4 |
) |
$ |
(153.5 |
) |
$ |
(144.9 |
) |
$ |
47.1 |
|
$ |
(22.9 |
) |
$ |
(120.7 |
) |
|
|
$ millions |
|
|
|
Three months ended June 30, 2023 |
Six months ended June 30, 2023 |
|
|
|
|
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
|
|
|
Operating profit (loss) |
$ |
(7.5 |
) |
$ |
14.4 |
|
$ |
48.8 |
|
$ |
55.6 |
|
$ |
8.7 |
|
$ |
16.8 |
|
$ |
35.8 |
|
$ |
61.2 |
|
|
|
|
Depreciation
and amortization |
|
15.1 |
|
|
5.6 |
|
|
0.5 |
|
|
21.3 |
|
|
32.1 |
|
|
11.3 |
|
|
0.8 |
|
|
44.2 |
|
|
|
|
(Gain) on sale
of assets |
|
(13.8 |
) |
|
- |
|
|
(55.8 |
) |
|
(69.6 |
) |
|
(26.1 |
) |
|
- |
|
|
(55.8 |
) |
|
(81.9 |
) |
|
|
|
(Income) loss
from projects accounted for using the equity method |
|
0.1 |
|
|
(4.8 |
) |
|
- |
|
|
(4.8 |
) |
|
0.3 |
|
|
(8.3 |
) |
|
- |
|
|
(8.0 |
) |
|
|
|
Equity Project
EBITDA(1) |
|
1.7 |
|
|
12.5 |
|
|
- |
|
|
14.2 |
|
|
2.9 |
|
|
22.9 |
|
|
- |
|
|
25.8 |
|
|
|
|
Adjusted
EBITDA(1) |
$ |
(4.4 |
) |
$ |
27.6 |
|
$ |
(6.5 |
) |
$ |
16.7 |
|
$ |
17.9 |
|
$ |
42.6 |
|
$ |
(19.2 |
) |
$ |
41.3 |
|
|
(1) This is a non-GAAP financial measure. Refer
to the “Non-GAAP and Supplementary Financial Measures” section in
this press release for more information on each non-GAAP financial
measure.Set out below is the calculation of Equity Project EBITDA
by segment for the three and six months ended June 30, 2024 and
2023:
|
$ millions |
|
|
|
|
Three months ended June 30, 2024 |
|
Six months ended June 30, 2024 |
|
|
|
Aecon's proportionate share of projects accounted for using
the equity method (1) |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
|
|
|
Operating profit |
$ |
2.5 |
$ |
26.5 |
$ |
- |
$ |
29.0 |
$ |
5.4 |
$ |
41.5 |
$ |
- |
$ |
46.9 |
|
|
|
Depreciation and amortization |
|
- |
|
3.9 |
|
- |
|
3.9 |
|
- |
|
7.6 |
|
- |
|
7.6 |
|
|
|
Equity Project
EBITDA(2) |
$ |
2.5 |
$ |
30.4 |
$ |
- |
$ |
32.9 |
$ |
5.4 |
$ |
49.1 |
$ |
- |
$ |
54.5 |
|
|
$ millions |
|
|
|
|
Three months ended June 30, 2023 |
|
Six months ended June 30, 2023 |
|
|
|
Aecon's proportionate share of projects accounted for using
the equity method (1) |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
Construction |
Concessions |
Other costs and eliminations |
Consolidated |
|
|
|
Operating profit |
$ |
1.6 |
$ |
12.5 |
$ |
- |
$ |
14.1 |
$ |
2.7 |
$ |
22.9 |
$ |
- |
$ |
25.6 |
|
|
|
Depreciation and amortization |
|
0.1 |
|
- |
|
- |
|
0.1 |
|
0.2 |
|
- |
|
- |
|
0.2 |
|
|
|
Equity Project
EBITDA(2) |
$ |
1.7 |
$ |
12.5 |
$ |
- |
$ |
14.2 |
$ |
2.9 |
$ |
22.9 |
$ |
- |
$ |
25.8 |
|
(1) Refer to Note 10 “Projects Accounted for
Using the Equity Method” in June 30, 2024 interim condensed
consolidated financial statements(2) This is a non-GAAP financial
measure. Refer to the “Non-GAAP and Supplementary Financial
Measures” section in this press release for more information on
each non-GAAP financial measure.STATEMENT ON
FORWARD-LOOKING INFORMATION
The information in this press release includes
certain forward-looking statements which may constitute
forward-looking information under applicable securities laws. These
forward-looking statements are based on currently available
competitive, financial, and economic data and operating plans but
are subject to known and unknown risks, assumptions and
uncertainties. Forward-looking statements may include, without
limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, ongoing objectives, strategies and outlook for Aecon,
including statements regarding: expectations regarding the
financial risks and impact of the remaining three fixed price
legacy projects, the expected timelines of such projects and the
application of critical accounting estimates in respect of the
remaining three fixed price legacy projects, and the information in
respect of such joint ventures under review and assessment in
respect of the application of such critical accounting estimates;
backlog and estimated duration; the impact of certain contingencies
on Aecon (see: Section 10.2 “Contingencies” in the Company’s June
30, 2024 MD&A); the uncertainties related to the
unpredictability of global economic conditions; its belief
regarding the sufficiency of its current liquidity position
including sufficiency of its cash position, unused credit capacity,
and cash generated from its operations; its strategy of seeking to
differentiate its service offering and execution capability and the
expected results therefrom; its efforts to maintain a conservative
capital position; expectations regarding future revenue growth and
the impact therefrom; expectations regarding profitability and
margin predictability; expectations regarding the pipeline of
opportunities available to Aecon; statements regarding the various
phases of projects for Aecon; its strategic focus on projects
linked to decarbonization, energy transition and sustainability,
and the opportunities arising therefrom; communities sharing in the
benefits and opportunities associated with Aecon’s work, including
commitments to publish information with respect to reconciliation
and targets including Indigenous suppliers; expectations regarding
ongoing recovery in travel through Bermuda International Airport in
2024 and opportunities to add to the existing portfolio of Canadian
and international concessions in the next 12 to 24 months; Oaktree
Capital Management, L.P.’s (“Oaktree”) investment in Aecon
Utilities Group Inc. (“Aecon Utilities”), the expected benefits
thereof and results therefrom, including the acceleration of growth
of Aecon Utilities in Canada and the U.S.; the anticipated use of
proceeds from the investment; the expansion of Aecon Utilities’
geographic reach and range of services in the U.S; the potential
for additional contingent proceeds payable under the Aecon
Utilities acquisition of a majority interest in Xtreme Powerline
Construction (“Xtreme”); the ability of Aecon Utilities and Xtreme
to integrate successfully following the acquisition, the expansion
in the U.S. utility services market and driving continued growth in
priority markets; and the effective collaboration with Xtreme
management. Forward-looking statements may in some cases be
identified by words such as “will,” “plans,” “schedule,”
“forecast,” “outlook,” “completing,” “mitigating,” “potential,”
“possible,” “maintain,” “seek,” “cost savings,” “synergies,”
“strategy,” “goal,” “indicative,” “may,” “could,” “might,” “can,”
"believes," "expects," "anticipates," “aims,” “assumes,” “upon,”
“commences,” "estimates," "projects," "intends," “prospects,”
“targets,” “occur,” “continue,” "should" or the negative of these
terms, or similar expressions. In addition to events beyond Aecon's
control, there are factors which could cause actual or future
results, performance, or achievements to differ materially from
those expressed or inferred herein including, but not limited to:
the risk of not being able to drive a higher margin mix of business
by participating in more complex projects, achieving operational
efficiencies and synergies, and improving margins; the risk of not
being able to meet contractual schedules and other performance
requirements on large, fixed priced contracts; the risks associated
with a third party’s failure to perform; the risk of not being able
to meet its labour needs at reasonable costs; possibility of gaps
in insurance coverage; the risk of not being able to address any
supply chain issues which may arise and pass on costs of supply
increases to customers; the risks associated with international
operations and foreign jurisdiction factors; the risk of not being
able, through its joint ventures, to enter into implementation
phases of certain projects following the successful completion of
the relevant development phase; the risk of not being able to
execute its strategy of building strong partnerships and alliances;
the risk of not being able to execute its risk management strategy;
the risk of not being able to grow backlog across the organization
by winning major projects; the risk of not being able to maintain a
number of open, recurring, and repeat contracts; the risk of not
being able to accurately assess the risks and opportunities related
to its industry’s transition to a lower-carbon economy; the risk of
not being able to oversee, and where appropriate, respond to known
and unknown environmental and climate change-related risks,
including the ability to recognize and adequately respond to
climate change concerns or public, governmental, and other
stakeholders’ expectations on climate matters; the risk of not
being able to meet its commitment to meeting its greenhouse gas
emissions reduction, Board diversity or Indigenous supplier
targets; the risks of nuclear liability; the risks of cyber
interruption or failure of information systems; the risks
associated with the strategy of differentiating its service
offerings in key end markets; the risks associated with undertaking
initiatives to train employees; the risks associated with the
seasonal nature of its business; the risks associated with being
able to participate in large projects; the risks associated with
legal proceedings to which it is a party; the ability to
successfully respond to shareholder activism; the risk that Aecon
will not realize the opportunities presented by a transition to a
net-zero economy; risks associated with future pandemics, epidemics
and other health crises and Aecon’s ability to respond to and
implement measures to mitigate the impact of such pandemics or
epidemics; the risk that the strategic partnership with Oaktree
will not realize the expected results and may negatively impact the
existing business of Aecon Utilities; the risk that Aecon Utilities
will not realize the anticipated balance sheet flexibility with the
completion of the investment; the risk that Aecon Utilities will
not realize opportunities to expand its geographic reach and range
of services in the U.S; the risk of costs or difficulties related
to the integration of Aecon Utilities and Xtreme being greater than
expected; the risk of the anticipated benefits and synergies from
the acquisition not being fully realized or taking longer than
expected to realize; the risk of being unable to retain key
personnel, including Xtreme management; the risk of being unable to
maintain relationships with customers, suppliers or other business
partners of Xtreme; and statements with respect to the approval of
the NCIB by the TSX, the timing and size of the NCIB, the number of
common shares that can be purchased under the NCIB and Aecon’s
current and future plans, expectations and intentions with respect
to the NCIB, and various other risk factors described in Aecon’s
filings with the securities regulatory authorities, which are
available under Aecon’s profile on SEDAR+ (www.sedarplus.ca),
including the risk factors described in Section 13 - “Risk Factors”
in Aecon's 2023 Management’s Discussion and Analysis for the fiscal
year ended December 31, 2023 and our Management’s Discussion and
Analysis for the fiscal quarter ended June 30, 2024 and in other
filings made by Aecon with the securities regulatory authorities in
Canada.
These forward-looking statements are based on a
variety of factors and assumptions including, but not limited to
that: none of the risks identified above materialize, there are no
unforeseen changes to economic and market conditions and no
significant events occur outside the ordinary course of business
and assumptions regarding the outcome of the outstanding claims in
respect of the remaining three fixed price legacy projects being
performed by joint ventures in which Aecon is a participant. These
assumptions are based on information currently available to Aecon,
including information obtained from third-party sources. While the
Company believes that such third-party sources are reliable sources
of information, the Company has not independently verified the
information. The Company has not ascertained the validity or
accuracy of the underlying economic assumptions contained in such
information from third-party sources and hereby disclaims any
responsibility or liability whatsoever in respect of any
information obtained from third-party sources.
Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Aecon undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
| |
| CONSOLIDATED
STATEMENTS OF INCOMEFOR THE THREE AND SIX MONTHS
ENDED JUNE 30, 2024 AND 2023 |
| (in thousands of
Canadian dollars, except per share amounts) |
| |
|
For the three months ended |
For the six months ended |
| |
|
June 30 |
|
|
June 30 |
|
June 30 |
|
|
June 30 |
|
| |
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
853,779 |
|
|
$ |
1,166,918 |
|
$ |
1,700,371 |
|
|
$ |
2,274,073 |
|
| Direct costs and
expenses |
|
|
(991,686 |
) |
|
|
(1,121,775 |
) |
|
(1,775,492 |
) |
|
|
(2,162,097 |
) |
| Gross
profit |
|
|
(137,907 |
) |
|
|
45,143 |
|
|
(75,121 |
) |
|
|
111,976 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Marketing, general and administrative expense |
|
|
(48,227 |
) |
|
|
(43,105 |
) |
|
(100,302 |
) |
|
|
(97,343 |
) |
| Depreciation and amortization |
|
|
(19,784 |
) |
|
|
(21,241 |
) |
|
(38,627 |
) |
|
|
(44,165 |
) |
| Income from projects accounted for using the equity method |
|
|
11,555 |
|
|
|
4,750 |
|
|
13,848 |
|
|
|
8,037 |
|
| Other income |
|
|
28,046 |
|
|
|
70,093 |
|
|
29,704 |
|
|
|
82,729 |
|
| Operating profit
(loss) |
|
|
(166,317 |
) |
|
|
55,640 |
|
|
(170,498 |
) |
|
|
61,234 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Finance income |
|
|
2,138 |
|
|
|
1,757 |
|
|
5,297 |
|
|
|
3,175 |
|
| Finance cost |
|
|
(6,572 |
) |
|
|
(16,127 |
) |
|
(12,244 |
) |
|
|
(33,051 |
) |
| Profit (loss)
before income taxes |
|
|
(170,751 |
) |
|
|
41,270 |
|
|
(177,445 |
) |
|
|
31,358 |
|
| Income tax recovery
(expense) |
|
|
46,857 |
|
|
|
(13,062 |
) |
|
47,434 |
|
|
|
(12,588 |
) |
|
Profit (loss) for the period |
|
$ |
(123,894 |
) |
|
$ |
28,208 |
|
$ |
(130,011 |
) |
|
$ |
18,770 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per share |
|
$ |
(1.99 |
) |
|
$ |
0.46 |
|
$ |
(2.09 |
) |
|
$ |
0.30 |
|
| Diluted earnings (loss) per share |
|
$ |
(1.99 |
) |
|
$ |
0.38 |
|
$ |
(2.09 |
) |
|
$ |
0.28 |
|
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