TORONTO, March 11, 2014 /CNW/ - Aecon Group Inc. (TSX:
ARE) today reported results for the fourth quarter and full year
2013, including higher Adjusted EBITDA(1) of
$184.0 million for 2013 as compared
to $171.9 million in 2012, and
Adjusted EBITDA of $79.1 million for
the fourth quarter of 2013 compared to $77.9
million in the comparable period of 2012. Aecon's Board
of Directors approved an increase in the annual dividend to
$0.36 per share from $0.32 per share.
"Aecon's 2013 results represented another year of solid
progress. Our focus remains on margin growth, operational
execution, and financial performance," said John M. Beck, Chairman and Chief Executive
Officer. "With our balanced and diversified strategy within
three core target markets - infrastructure, energy and mining - and
the robust pipeline of bidding opportunities on the horizon, we
will maintain a disciplined bidding approach and seek out projects
with a margin profile that will contribute towards meeting our
Adjusted EBITDA margin target of nine per cent in 2015."
HIGHLIGHTS
- Revenue grew by $182 million, or
6 per cent, to $3,069 million for
2013 as compared to $2,887 million in
2012.
- Adjusted EBITDA for 2013 increased to $184.0 million on revenue of $3,069 million as compared to $171.9 million on revenue of $2,887 million for 2012.
- Adjusted EBITDA was $79.1 million
(margin of 8.7 per cent) on revenue of $906.2 million for the fourth quarter of 2013 as
compared to $77.9 million (margin of
8.4 per cent) on revenue of $932.1
million for the fourth quarter of 2012.
- Backlog was $1.8 billion at
December 31, 2013. Included in
year-end backlog is a $100 million
contract to construct Union Gas' new compressor facility at its
Parkway West site near Milton,
Ontario. Work commenced in the first quarter of 2014
and is expected to be complete in the fourth quarter of 2015.
- Subsequent to year end, the following Aecon-led projects were
announced:
-
- An award of the John Hart Generating Station civil construction
contract in British Columbia, with
approximately $225 million in revenue
expected to Aecon's account; and
- A recommendation as the preferred proponent for the Region of
Waterloo Stage 1 Light Rail Transit Project for which Aecon's
portion of the construction contract is expected to be
approximately $250 million, subject
to closing.
- Annual dividend is increased to $0.36 per share ($0.09 per quarter) from $0.32 per share ($0.08 per quarter).
- Positive outlook heading into 2014, with opportunities to grow
backlog and continue progress towards the Company's nine per cent
EBITDA margin target in 2015.
(1) See the Consolidated Financial Highlights section for the
definition of Adjusted EBITDA. While the definition of EBITDA
is unchanged from the previous year, in accordance with the
requirements of CSA Staff Notice 52-306 (Revised) - Non-GAAP
Financial Measures and Additional GAAP Measures, the Company
has renamed the defined term from "EBITDA" to "Adjusted
EBITDA".
CONSOLIDATED FINANCIAL HIGHLIGHTS(1)
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months
ended |
|
|
Year
ended |
| $ millions (except per share
amounts) |
|
December 31 |
|
|
December 31 |
| |
|
2013 |
|
|
2012(2) |
|
|
2013 |
|
|
2012(2) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
906.2 |
|
$ |
932.1 |
|
$ |
3,068.6 |
|
$ |
2,887.1 |
| Gross profit |
|
94.6 |
|
|
93.3 |
|
|
270.5 |
|
|
278.9 |
| Marketing, general and administrative
expenses |
|
(34.3) |
|
|
(38.6) |
|
|
(148.0) |
|
|
(157.7) |
| Income from projects accounted for
using the equity method |
|
11.3 |
|
|
34.3 |
|
|
37.9 |
|
|
55.7 |
| Other income (expense) |
|
(0.7) |
|
|
0.4 |
|
|
- |
|
|
1.1 |
| Depreciation and amortization |
|
(16.3) |
|
|
(17.8) |
|
|
(63.0) |
|
|
(60.6) |
| Operating
profit(3) |
|
54.6 |
|
|
71.6 |
|
|
97.3 |
|
|
117.3 |
| Financing expense, net |
|
(10.6) |
|
|
(5.1) |
|
|
(38.3) |
|
|
(27.2) |
| Fair value gain (loss) on convertible
debentures |
|
(7.3) |
|
|
3.9 |
|
|
(9.8) |
|
|
4.3 |
| Profit before income
taxes |
|
36.7 |
|
|
70.4 |
|
|
49.2 |
|
|
94.4 |
| Income tax expense |
|
(8.4) |
|
|
(14.1) |
|
|
(8.6) |
|
|
(16.8) |
| Profit |
$ |
28.3 |
|
$ |
56.3 |
|
$ |
40.6 |
|
$ |
77.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Profit |
$ |
28.3 |
|
$ |
56.3 |
|
$ |
40.6 |
|
$ |
77.6 |
| Exclude: |
|
|
|
|
|
|
|
|
|
|
|
| Fair value (gain) loss on convertible
debentures |
|
7.3 |
|
|
(3.9) |
|
|
9.8 |
|
|
(4.3) |
| Income tax on fair value (gain)
loss |
|
(1.9) |
|
|
1.0 |
|
|
(2.6) |
|
|
1.1 |
| Adjusted
profit(4) |
$ |
33.6 |
|
$ |
53.4 |
|
$ |
47.8 |
|
$ |
74.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Gross profit margin |
|
10.4% |
|
|
10.0% |
|
|
8.8% |
|
|
9.7% |
| MG&A as a percent of
revenue |
|
3.8% |
|
|
4.1% |
|
|
4.8% |
|
|
5.5% |
| Adjusted
EBITDA(5) |
|
79.1 |
|
|
77.9 |
|
|
184.0 |
|
|
171.9 |
| Adjusted EBITDA margin |
|
8.7% |
|
|
8.4% |
|
|
6.0% |
|
|
6.0% |
| Operating margin |
|
6.0% |
|
|
7.7% |
|
|
3.2% |
|
|
4.1% |
| Earnings per share -
basic |
$ |
0.54 |
|
$ |
1.06 |
|
$ |
0.77 |
|
$ |
1.46 |
| Earnings per share -
diluted |
$ |
0.48 |
|
$ |
0.71 |
|
$ |
0.72 |
|
$ |
1.18 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted earnings per share -
basic(6) |
$ |
0.64 |
|
$ |
1.01 |
|
$ |
0.91 |
|
$ |
1.41 |
| Adjusted earnings per share -
diluted(6) |
$ |
0.50 |
|
$ |
0.71 |
|
$ |
0.84 |
|
$ |
1.18 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Backlog |
|
|
|
|
|
|
$ |
1,773 |
|
$ |
2,428 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This press release presents certain non-GAAP and additional
GAAP (GAAP refers to Canadian Generally Accepted Accounting
Principles) financial measures to assist readers in understanding
the Company's performance. Non-GAAP financial measures are
measures that either exclude or include amounts that are not
excluded or included in the most directly comparable measures
calculated and presented in accordance with GAAP in the
consolidated financial statements. Further details on non-GAAP and
additional GAAP measures are included in the Company's Management's
Discussion and Analysis and available through the System for
Electronic Document Analysis and Retrieval at www.sedar.com. |
|
(2) |
Certain 2012 amounts in this press release have been restated
due to the adoption of IFRS 11, "Joint Arrangements" and IAS
19 (2011), "Employee Benefits". See Note 4 "New
Accounting Standards" in the December 31, 2013 Consolidated
Financial Statements for further details. |
|
(3) |
"Operating profit (loss)" represents the profit (loss)
from operations, before net financing expense, income taxes and
non-controlling interests. |
|
(4) |
"Adjusted profit (loss)" represents the profit (loss)
adjusted to exclude the after-tax fair value gain (loss) on the
embedded derivative portion of convertible debentures. |
|
(5) |
"Adjusted EBITDA" represents operating profit (loss)
adjusted to exclude depreciation and amortization, the gain (loss)
on sales of assets and investments, and net income (loss) from
projects accounted for using the equity method, but including "JV
EBITDA" from projects accounted for using the equity method. |
|
(6) |
"Adjusted earnings (loss) per share" represents earnings (loss)
per share calculated using adjusted profit (loss). |
| |
|
OPERATING AND FINANCIAL RESULTS
"Aecon has emerged as the premier construction and
infrastructure development company for large, complex,
multi-disciplinary projects - the result of our drive to diligently
work in leading joint ventures, on sophisticated multi-year
projects," said Teri McKibbon,
President and Chief Operating Officer. "The Eglinton Crosstown
LRT tunnel project, John Hart Generating Station civil construction
contract, and most recently the recommendation of Aecon's joint
venture for the Waterloo Region LRT project are strong indications
of what we can expect as we move forward in 2014."
Revenue of $3,069 million for the
year ended December 31, 2013
increased by $182 million compared to
$2,887 million in 2012. The 6
per cent increase in revenue resulted primarily from a $377 million increase in the Energy segment.
Adjusted EBITDA increased to $184.0
million (margin of 6.0 per cent) for the year ended 2013,
versus $171.9 million (margin of 6.0
per cent) for the year ended 2012. (The year-over-year
increase occurred notwithstanding a specific project provision that
affected the Infrastructure and Energy segments in 2013.)
Operating profit decreased to $97
million for the year ended December
31, 2013, from $117 million in
2012, in part from the specific project provision in the
Infrastructure and Energy segments noted above, as well as from
lower operating profit in the Concessions segment following the
impact in 2012 from both the release of project contingencies and a
reduction of income taxes related to the Quito airport project that did not repeat in
2013.
Backlog was $1,773 million at
December 31, 2013, compared to
$2,428 million at the end of
2012. New contract awards of $2,413 million were booked in 2013 compared
to $2,985 million in 2012.
Not included in backlog, but important to Aecon's prospects due
to the increasingly significant volume involved, is the expected
recurring revenue from Aecon's growing alliances and
supplier-of-choice arrangements where the amount and/or value of
work to be carried out is not specified. This recurring
revenue currently represents approximately 25 per cent of overall
revenue.
REPORTING SEGMENTS
Aecon reports its financial performance on the basis of four
segments: Infrastructure, Energy, Mining, and Concessions.
INFRASTRUCTURE SEGMENT
The Infrastructure segment includes all aspects of the
construction of both public and private infrastructure, primarily
in Canada, and on a selected
basis, internationally. The Infrastructure segment focuses
primarily on the transportation, heavy civil and social
infrastructure markets.
Financial Highlights
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
|
Year ended |
| $ millions |
|
December 31 |
|
|
December 31 |
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
277.9 |
|
$ |
341.6 |
|
$ |
1,000.0 |
|
$ |
1,195.0 |
| Gross profit |
$ |
13.9 |
|
$ |
11.4 |
|
$ |
35.4 |
|
$ |
62.7 |
| Adjusted EBITDA |
$ |
4.6 |
|
$ |
3.1 |
|
$ |
(1.2) |
|
$ |
21.2 |
| Operating profit (loss) |
$ |
0.2 |
|
$ |
(0.9) |
|
$ |
(18.2) |
|
$ |
5.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA margin |
|
1.7% |
|
|
0.9% |
|
|
(0.1)% |
|
|
1.8% |
| Operating margin |
|
0.1% |
|
|
(0.3)% |
|
|
(1.8)% |
|
|
0.5% |
| Backlog |
|
|
|
|
|
|
$ |
820 |
|
$ |
1,120 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31,
2013, revenue in the Infrastructure segment of $1 billion decreased by $195 million over the prior year. Most of the
decrease occurred in heavy civil operations following the
completion of several large projects in the latter part of 2012,
including the Quito airport
project and the Autoroute 30 project in Quebec. In addition, revenue also
decreased in social infrastructure operations, primarily in the
buildings business in Quebec and
Ontario as Aecon continues to
re-focus its operations in this sector, as well as in its
mechanical operations in Western
Canada. These decreases were partly offset by an
increase in revenue in the transportation operations due to a
higher volume of road building work in Ontario.
For the fourth quarter, operating profit was $0.2 million compared to an operating loss of
$0.9 million in the comparable period
of 2012. The operating loss in the Infrastructure segment for
2013 was $18.2 million compared to an
operating profit of $5.7 million in
2012. A year-over-year decrease in transportation operations
occurred primarily as a result of the segment's 50 per cent share
of the previously noted project loss in 2013. There was also a
reduction in operating profit from social infrastructure operations
related to the mechanical business in Western Canada as a result of lower volume of
work and lower margin compared with 2012. A decline in heavy civil
operations was mostly volume driven.
Infrastructure backlog at December 31,
2013 was $820 million, which
is $300 million lower than the same
time last year with most of the decrease occurring in social
infrastructure and transportation operations, due to lower contract
awards in comparison to the prior year. New contract awards totaled
$700 million in 2013 compared to
$986 million in the prior
year. The year-end backlog does not include the two projects
announced subsequent to year end and discussed above totaling
nearly $500 million.
ENERGY SEGMENT
The Energy segment encompasses a full suite of service offerings
to the energy market including industrial construction and
manufacturing activities such as in-plant construction, site
construction and module assembly. The Energy segment focuses
primarily on the following sectors: oil and gas, power generation,
pipelines, utilities, and energy support services.
Financial Highlights
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
|
Year ended |
| $ millions |
|
December 31 |
|
|
December 31 |
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
466.4 |
|
$ |
368.3 |
|
$ |
1,396.4 |
|
$ |
1,018.9 |
| Gross profit |
$ |
64.6 |
|
$ |
52.0 |
|
$ |
153.1 |
|
$ |
123.6 |
| Adjusted EBITDA |
$ |
53.3 |
|
$ |
35.7 |
|
$ |
97.4 |
|
$ |
63.2 |
| Operating profit |
$ |
49.6 |
|
$ |
32.1 |
|
$ |
84.1 |
|
$ |
50.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA margin |
|
11.4% |
|
|
9.7% |
|
|
7.0% |
|
|
6.2% |
| Operating margin |
|
10.6% |
|
|
8.7% |
|
|
6.0% |
|
|
4.9% |
| Backlog |
|
|
|
|
|
|
$ |
876 |
|
$ |
997 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
The Energy segment reported revenue of $1,396 million for the year 2013, an increase of
$377 million, or 37 per cent,
compared to revenue of $1,019 million
in the previous year. Substantially all of the increase was a
result of higher volume in utilities operations, primarily from
pipeline work in Western Canada
and from gas distribution work in Ontario.
Operating profit for the Energy segment of $84.1 million for the year increased by
$33.7 million compared to 2012 with
improvements in both utilities and industrial operations. The
increase in operating profit from utilities operations of
$12 million is primarily attributable
to higher volume and the increase in industrial operations of
$22 million is due to higher volume
and margin from fabrication projects in Atlantic Canada and IST, as well as from
higher volume in Central Canada,
primarily from power generation projects. These increases were
partly offset by lower operating profit from industrial operations
in Western Canada due to lower
volume and the segment's 50 per cent share of the previously noted
project loss in 2013.
Energy segment backlog at December 31,
2013 of $876 million was
$121 million lower than the end of
last year primarily due to lower backlog in utilities operations as
a result of significant work off on pipeline projects in
Western Canada throughout 2013.
This reduction in backlog was partially offset by new contract
awards for site construction projects in the resources sector in
Western Canada. New contract
awards of $1,275 million in 2013 were
$322 million lower than in
2012. Most of the decrease in new awards occurred in utilities
operations in Western Canada which
obtained significant multi-year pipeline project awards in the
previous year.
MINING SEGMENT
The Mining segment offers turn-key services consolidating
Aecon's mining capabilities and services across Canada, including both mine site installations
and contract mining. This segment offers construction services
that span the scope of a project's life cycle: from overburden
removal and resource extraction, to processing, and then to
environmental reclamation.
Financial Highlights
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
|
Year ended |
| $ millions |
|
December 31 |
|
|
December 31 |
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
169.4 |
|
$ |
223.9 |
|
$ |
705.8 |
|
$ |
676.7 |
| Gross profit |
$ |
20.5 |
|
$ |
34.3 |
|
$ |
86.7 |
|
$ |
97.5 |
| Adjusted EBITDA |
$ |
22.3 |
|
$ |
32.0 |
|
$ |
74.5 |
|
$ |
85.8 |
| Operating profit |
$ |
14.8 |
|
$ |
23.7 |
|
$ |
48.0 |
|
$ |
61.3 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA margin |
|
13.2% |
|
|
14.3% |
|
|
10.6% |
|
|
12.7% |
| Operating margin |
|
8.7% |
|
|
10.6% |
|
|
6.8% |
|
|
9.1% |
| Backlog |
|
|
|
|
|
|
$ |
77 |
|
$ |
311 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
For the year ended December 31,
2013, the Mining segment increased revenue by $29 million to $706 million compared to revenue
of $677 million in the previous
year. The majority of the increase was due to higher volume of
site installation work in the commodity mining sector and from
contract mining projects in the oilsands. Partially offsetting
these increases was lower volume of civil construction projects
related to mining, primarily in Western
Canada due to the completion of significant projects in
2012.
In the Mining segment, operating profit of $48 million for the year, decreased by
$13.3 million compared to last year.
The decrease was mainly due to lower operating profit from civil
construction projects due to lower volume as well as lower margin
in contract mining operations in Western
Canada. Contract mining was impacted by adverse weather
conditions, a significant change in mix versus the prior year, and
other productivity factors in 2013, resulting in challenging site
conditions, lower utilization of larger equipment and reduced
project efficiencies. Partially offsetting these decreases
were volume driven improvements from site installation work in the
commodity mining sector.
Backlog in the Mining segment at December
31, 2013 of $77 million was
$234 million lower than last year as
a result of the completion of work on a number of significant
projects throughout 2013. New contract awards of $472 million in 2013 were $106 million higher than in 2012.
CONCESSIONS SEGMENT
The Concessions segment includes the development, financing,
construction and operation of infrastructure projects by way of
build-operate-transfer, build-own-operate-transfer and other
public-private partnership contract structures.
Financial Highlights
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
|
Year
ended |
| $ millions |
|
December 31 |
|
|
December
31 |
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
1.0 |
|
$ |
1.1 |
|
$ |
3.0 |
|
$ |
2.9 |
| Gross profit |
$ |
(4.4) |
|
$ |
(4.4) |
|
$ |
(4.7) |
|
$ |
(4.9) |
| Income from projects accounted for
using the equity method |
$ |
5.0 |
|
$ |
28.9 |
|
$ |
23.6 |
|
$ |
41.8 |
| Adjusted EBITDA |
$ |
7.5 |
|
$ |
12.3 |
|
$ |
39.8 |
|
$ |
28.1 |
| Operating profit |
$ |
0.2 |
|
$ |
23.7 |
|
$ |
16.6 |
|
$ |
33.2 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the year ended December 31,
2013, operating profit of $16.6
million was $16.6 million
lower than the same period last year. Included in the 2012
results was an $11 million benefit
from the reduction of previously accrued income taxes, as well as
the release of $7.4 million in
contingencies and other items, related to the Quito airport project. After accounting
for the impact of these 2012 specific items, the remaining
year-over-year increase in Concessions operating profit resulted
from higher revenue in Quiport JV following the transition of
operations from the old Quito
airport to the new Quito airport
in February 2013 and year-over-year
passenger growth.
DIVIDEND INCREASE
"The Board decided to increase the annual dividend on the basis
of Aecon's continued financial progress and positive outlook," said
John M. Beck.
The annual dividend will be paid to all shareholders of Aecon
Common shares and will increase to $0.36 per share (from $0.32 per share) to be paid in four quarterly
payments of $0.09 per share (from
$0.08 per share). The first
increased quarterly payment will be paid on April 1, 2014 to shareholders of record on
March 21, 2014.
CONSOLIDATED RESULTS
The consolidated results for the three months and years ended
December 31, 2013 and 2012 are
available at the end of this news release.
Balance Sheet Highlights
| |
|
|
|
|
| |
|
Dec. 31 |
|
Dec. 31 |
| $ thousands (unaudited) |
|
2013 |
|
2012 |
| |
|
|
|
|
| Cash and cash equivalents and restricted cash |
$ |
244,536 |
$ |
66,977 |
| Other current assets |
|
885,052 |
|
996,836 |
| Property, plant and equipment |
|
512,257 |
|
508,553 |
| Other long-term assets |
|
351,741 |
|
291,247 |
| Total Assets |
$ |
1,993,586 |
$ |
1,863,613 |
| |
|
|
|
|
| Current liabilities |
$ |
940,356 |
$ |
834,849 |
| Long-term debt |
|
123,128 |
|
146,048 |
| Convertible debentures - long term portion |
|
248,817 |
|
253,189 |
| Other long-term liabilities |
|
94,677 |
|
86,369 |
| Equity |
|
586,608 |
|
543,158 |
| Total Liabilities and Equity |
$ |
1,993,586 |
$ |
1,863,613 |
| |
|
|
|
|
| |
|
CONFERENCE CALL
A conference call has been scheduled for Wednesday, March 12, 2014 at 10 a.m. (ET) to discuss Aecon's 2013 year-end
financial results. Participants should dial 416-981-9033 or
1-800-941-7616 at least 10 minutes prior to the conference
time. A replay will be available after 12 p.m. at 1-800-558-5253 or 416-626-4100 until
midnight on March 19, 2014. The
reservation number is 21707142.
ABOUT AECON
Aecon Group Inc. is a Canadian leader in construction and
infrastructure development providing integrated turnkey services to
private and public sector clients. Aecon is pleased to be
consistently recognized as one of the Best Employers in
Canada.
STATEMENT ON FORWARD-LOOKING INFORMATION
The information in this press release includes
certain forward-looking statements. These forward-looking
statements are based on currently available competitive, financial
and economic data and operating plans but are subject to risks and
uncertainties. 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:
interest and foreign exchange rates, global equity and capital
markets, business competition and operational and reputational
risks, including Large Project Risk and Contractual Factors.
Readers are referred to the specific risk factors relating to and
affecting Aecon's business and operations as filed by Aecon
pursuant to applicable securities laws. 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. Forward-looking statements, may in some
cases be identified by words such as "will," "plans," "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should" or the negative of these terms, or similar
expressions. 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 INCOME
| (in thousands of Canadian dollars,
except per share amounts) (unaudited) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
For the
three months ended |
For the
Year ended |
| |
|
December 31 |
December 31 |
December 31 |
December 31 |
| |
|
2013 |
2012 |
2013 |
2012 |
| |
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
906,213 |
$ |
932,139 |
$ |
3,068,608 |
$ |
2,887,106 |
| Direct costs and expenses |
|
(811,655) |
|
(838,883) |
|
(2,798,134) |
|
(2,608,184) |
| Gross profit |
|
94,558 |
|
93,256 |
|
270,474 |
|
278,922 |
| |
|
|
|
|
|
|
|
|
|
| Marketing, general and administrative
expenses |
|
(34,286) |
|
(38,591) |
|
(148,004) |
|
(157,707) |
| Depreciation and amortization |
|
(16,273) |
|
(17,763) |
|
(63,024) |
|
(60,640) |
| Income from projects accounted for
using the equity method |
|
11,270 |
|
34,302 |
|
37,852 |
|
55,680 |
| Other income (loss) |
|
(680) |
|
416 |
|
(42) |
|
1,079 |
| Operating profit |
|
54,589 |
|
71,620 |
|
97,256 |
|
117,334 |
| |
|
|
|
|
|
|
|
|
|
| Finance income |
|
226 |
|
486 |
|
1,953 |
|
2,104 |
| Finance costs |
|
(10,780) |
|
(5,615) |
|
(40,289) |
|
(29,257) |
| Fair value gain (loss) on convertible
debentures |
|
(7,340) |
|
3,944 |
|
(9,750) |
|
4,260 |
| Profit before income taxes |
|
36,695 |
|
70,435 |
|
49,170 |
|
94,441 |
| Income tax expense |
|
(8,442) |
|
(14,095) |
|
(8,572) |
|
(16,845) |
| Profit for the period |
$ |
28,253 |
$ |
56,340 |
$ |
40,598 |
$ |
77,596 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
0.54 |
$ |
1.06 |
$ |
0.77 |
$ |
1.46 |
| Diluted earnings per share |
$ |
0.48 |
$ |
0.71 |
$ |
0.72 |
$ |
1.18 |
SOURCE Aecon Group Inc.