Highlights -- Net income attributable to the Company's shareholders
for the first quarter of 2012 was $67.1 million ($0.44 per share on
a diluted basis), compared to $76.1 million ($0.50 per share on a
diluted basis) for the first quarter of 2011. -- Net income
excluding Infrastructure Concession Investments was $42.0 million
for the first quarter of 2012, compared to $51.7 million for the
corresponding period in 2011. SNC-Lavalin's net income from
Infrastructure Concession Investments was $25.1 million for the
first quarter of 2012 compared to $24.4 million for the first
quarter of 2011. -- Revenues for the first quarter of 2012
increased by 8.8% to $1.8 billion, compared to $1.6 billion for the
same period in 2011. -- Revenue backlog remained strong, totalling
$10.5 billion at the end of March 2012, compared to $10.1 billion
at the end of December 2011. -- Financial position remained strong
with cash and cash equivalents of $1.1 billion at March 31, 2012.
-- Return on average shareholders' equity was 18.5% for the
12-month period ended March 31, 2012. -- The Board of Directors
declared a cash dividend of $0.22 per share for the first quarter
of 2012. MONTREAL, May 3, 2012 /CNW Telbec/ - SNC-Lavalin
GroupInc. Financial Highlights(unaudited) First quarter (in
thousands of Canadian dollars, unless otherwise indicated) 2012
2011(1) Revenues by activity Services $ 669,054 $ 480,153 Packages
618,950 634,862 Operations and Maintenance 383,361 426,767
Infrastructure Concession Investments (ICI) 116,518 101,771 $
1,787,883 $ 1,643,553 Net income excluding ICI $ 42,012 $ 51,694
SNC-Lavalin's net income from ICI 25,117 24,379 Net income
attributable to SNC-Lavalin shareholders 67,129 76,073 Net income
attributable to non-controlling interests 217 2,746 Net income $
67,346 $ 78,819 Diluted earnings per share ($) $ 0.44 $ 0.50 Shares
outstanding (in thousands) Weighted average number of outstanding
shares - Basic 151,110 150,952 Weighted average number of
outstanding shares - Diluted 151,662 152,295 Return on average
shareholders' equity (ROASE)(2) 18.5% 26.6% As at As at March 31
December 31 Revenue backlog by activity 2012 2011 Services $
2,377,400 $ 2,226,100 Packages 5,580,600 5,482,800 Operations and
Maintenance 2,558,400 2,379,100 $ 10,516,400 $ 10,088,000 Refer to
Note 14 to the unaudited interim condensed consolidated (1)
financial statements of the first quarter of 2012 for explanations
relating to comparative figures. Corresponds to the trailing
12-month net income attributable to SNC-Lavalin shareholders,
divided by a trailing 13-month average (2) equity attributable to
SNC-Lavalin shareholders, excluding "other components of equity".
N.B.: All amounts indicated are in Canadian dollars. SNC-Lavalin
Group Inc. announced its results today for its first quarter ended
March 31, 2012. For the first quarter of 2012, net income
attributable to SNC-Lavalin shareholders was $67.1 million
($0.44 per share on a diluted basis), compared to
$76.1 million ($0.50 per share on a diluted basis) for the
comparable quarter in 2011. This variance reflects a lower net
income excluding Infrastructure Concession Investments, partially
offset by a slightly higher net income from Infrastructure
Concession Investments. The net income excluding Infrastructure
Concession Investments was $42.0 million, compared to $51.7 million
for the first quarter of 2011, reflecting lower contributions from
Operations & Maintenance, Hydrocarbons & Chemicals, Other
Industries and Infrastructure & Environment, partially offset
by better contributions from the Mining & Metallurgy and Power
segments. Revenues for the first quarter of 2012 increased by 8.8%
to $1.8 billion compared to $1.6 billion in the first quarter
of 2011, mainly due to a 39.3% increase in the Services category.
"We are encouraged by the level of customer and partner support, as
well as the dedication and determination of our 28,000 employees
over the last couple of months," said Ian Bourne, Vice-Chairman and
Interim Chief Executive Officer, SNC-Lavalin Group Inc. "We are
maintaining our 2012 outlook that net income will be in line with
the full year 2011 net income, targeting an improvement over last
year." Revenue backlog remained strong at $10.5 billion at the
end of March 2012, compared to $10.1 billion at the end of
December 2011, with increases in all the Company's categories of
activity. The Company's financial position remained strong with
cash and cash equivalents totalling $1.1 billion as at March
31, 2012. The Company's return on average shareholders' equity was
18.5% for the 12-month period ended March 31, 2012. The Board of
Directors today declared a cash dividend of $0.22 per share,
payable on May 31, 2012 to shareholders of record on May 17, 2012.
This dividend is an "eligible dividend" for income tax purposes.
Mr. Bourne also stated, "We are committed to getting to the bottom
of any violations of law, including any fraud that may have been
committed against the Company. SNC-Lavalin is providing information
to investigative authorities and is fully cooperating with them. We
are encouraging our employees to come forward with any relevant
information they may have using any of the channels available to
them. We are hopeful that through our cooperation, we can help
bring anyone responsible for illegal acts to justice." SNC-Lavalin
is one of the leading engineering and construction groups in the
world and a major player in the ownership of infrastructure, and in
the provision of operations and maintenance services. SNC-Lavalin
has offices across Canada and in over 40 other countries around the
world, and is currently working in some 100 countries.
www.snclavalin.com
_____________________________________________________________________
|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 ventures, or | |SNC-Lavalin Group Inc. or one or more of its
subsidiaries or joint | |ventures. Statements made in this press
release that describe the | |Company's or management's budgets,
estimates, expectations, | |forecasts, objectives, predictions or
projections of the future may | |be "forward-looking statements",
which can be identified by the use | |of the conditional or
forward-looking terminology such as | |"anticipates", "believes",
"estimates", "expects", "may", "plans", | |"projects", "should",
"will", or the negative thereof or other | |variations thereon. | |
| |This 2012 outlook referred to in this press release is based on
the | |methodology described in the Company's annual 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, including risks resulting | |from the Independent
Review. | | | |The Company cautions that its actual actions and/or
results could | |differ materially from those expressed or implied
in forward-looking | |statements, or could affect the extent to
which a particular | |projection materializes, as a result of risks
and uncertainties | |relating to: (a) cost overruns from
fixed-price contracts; (b) | |failure to meet scheduled dates or
performance standards on a | |particular project; (c) attracting
and retaining qualified personnel | |and any strike, partial work
stoppage or other labour actions by the | |Company's or its
subcontractors' unionized employees; (d) failure of | |the
Company's joint venture partners to perform their obligations; |
|(e) failure by the Company's subcontractors to deliver their
portion | |of a particular project according to contractual terms;
(f) the | |financial performance of the Company's infrastructure
concession | |investments during a particular concession period;
(g) the Company | |obtaining new contract awards; (h) revenue
backlog and whether such | |revenue backlog will ultimately result
in earnings and when revenues | |and earnings from such backlog
will be recognized; (i) foreign | |currency exchange and interest
rates; (j) credit risk and the delay | |in collection from the
Company's clients; (k) information management | |including its
integrity, reliability and security; (l) the inherent |
|limitations of the Company's control framework and the
effectiveness | |of the measures implemented by the Company to
strengthen its internal| |controls over financial reporting
following the identification by the| |Company of material
weaknesses relating to the design and operational| |effectiveness
of its internal controls over financial reporting as of| |December
31, 2011 and March 31, 2012 respectively; (m) uncertain | |economic
and political conditions in the countries in which the | |Company
does business; (n) any lack of strong safety practices by the|
|Company or its subcontractors exposing the Company to lost time on
| |projects, penalties, lawsuits and impact on future contract
awards; | |(o) the Company's inability to comply with environmental
laws and | |regulations; (p) the Company's reputation as a result
of, among | |others, any quality or performance issues on its
projects, a poor | |health and safety record, non-compliance with
laws or regulations by | |the Company's employees, agents,
subcontractors, suppliers and/or | |partners, or creation of
pollution and contamination; (q) the | |inability to adequately
integrate an acquired business in a timely | |manner; (r)
non-compliance with laws and regulations by an employee, | |agent,
supplier, subcontractor and/or partner of the Company or any |
|further regulatory developments; (s) failure by the Company's |
|employees, agents, suppliers, subcontractors and/or partners to |
|comply with anti-bribery laws; (t) any litigation and/or legal |
|matters to which the Company is a party; (u) any negative
publicity | |associated with the Independent Review led by the
Company's Audit | |Committee of the facts and circumstances
surrounding certain payments| |that were documented to construction
projects to which they did not | |relate, and certain other
contracts, as well as any sanctions that | |could be brought
against the Company in connection with possible | |violations of
law or contracts should additional facts adverse to the| |Company
become known in connection with such Independent Review |
|including as to matters beyond its scope; (v) the proposed class |
|action lawsuit filed on March 1, 2012 against the Company with the
| |Quebec Superior Court; and (w) the investigations of the Royal |
|Canadian Mounted Police and the World Bank relating to the
Company's | |involvement in a past submission as the Owner's
Engineer for the | |Bangladesh government. | | | |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 section "Risks and
Uncertainties" | |and the section "How We Analyze and Report our
Results", | |respectively, in the Company's 2011 Financial Report
under | |"Management's Discussion and Analysis" and the section
"Risks and | |Uncertainties" in the Company's first quarter 2012
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, 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 Investor Relations section of the Company's
website at www.snclavalin.com. These and other Company's reports
are also available on the website maintained by the Canadian
Securities regulators at www.sedar.com. SNC-LAVALIN
CONTACT: Investors: Denis JasminVice-President, Investor
Relations514-390-8000, ext. 7553denis.jasmin@snclavalin.comMedia:
Leslie QuintonVice-President, Global Corporate
Communications514-390-8000, ext. 7354leslie.quinton@snclavalin.com
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