TORONTO, May 3, 2016 /CNW/ - Aecon Group Inc. (TSX:
ARE) today reported results for the first quarter of
2016.
"Aecon's first quarter results represent continued positive
performance including increased revenue and Adjusted EBITDA in each
of the Infrastructure, Energy, and Mining segments, and a new
record backlog of $4.6 billion," said
Teri McKibbon, President and Chief
Executive Officer, Aecon Group Inc.
HIGHLIGHTS
- Revenue of $691 million for the
three months ended March 31, 2016 was
higher by $189 million, or 38 per
cent, compared to the same period in 2015 with increases reported
in all segments.
- Adjusted EBITDA of $4.2 million
(margin of 0.6 per cent) for the first quarter of 2016 compared to
a negative Adjusted EBITDA of $7.1
million and a negative margin of 1.4 per cent on a like for
like basis, excluding Aecon's previous ownership of IST and
investment in the Quito airport
concession, in the prior year.
- New contract awards of $2,038
million were booked in the first quarter of 2016 compared to
$635 million in the first quarter of
2015, including the previously announced contract awarded to an
Aecon JV for the execution phase of the Darlington Nuclear
Generating Station Refurbishment project in Ontario. Aecon's $1.375
billion share marks the single largest contract award in
Aecon's history.
- Record backlog as at March 31,
2016 of $4,608 million
compares to backlog of $2,787 million
as at March 31, 2015.
- Annual dividend increase of 15 per cent took effect with the
first quarterly payment of 11.5 cents
per share (increased from 10 cents
per share) paid on April 1, 2016 to
shareholders of record on March 22,
2016.
CONSOLIDATED
FINANCIAL HIGHLIGHTS (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
$ millions (except
per share amounts)
|
|
March
31
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
690.7
|
|
$
|
501.5
|
Gross
profit
|
|
|
45.1
|
|
|
36.9
|
Marketing, general
and administrative expenses
|
|
|
(44.5)
|
|
|
(45.1)
|
Income from projects
accounted for using the equity method
|
|
|
0.2
|
|
|
8.3
|
Foreign exchange gain
(loss)
|
|
|
1.5
|
|
|
(0.8)
|
Gain (loss) on sale
of assets and investments
|
|
|
0.4
|
|
|
(0.7)
|
Gain on
mark-to-market of LTIP program
|
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-
|
|
|
0.2
|
Depreciation and
amortization
|
|
|
(19.0)
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|
|
(17.0)
|
Operating loss
(2)
|
|
|
(16.3)
|
|
|
(18.2)
|
Financing costs,
net
|
|
|
(5.0)
|
|
|
(7.5)
|
Loss before income
taxes
|
|
|
(21.3)
|
|
|
(25.7)
|
Income tax
recovery
|
|
|
4.6
|
|
|
8.7
|
Loss
|
|
$
|
(16.8)
|
|
$
|
(17.0)
|
|
|
|
|
|
|
|
Loss
|
|
$
|
(16.8)
|
|
$
|
(17.0)
|
Exclude:
|
|
|
|
|
|
|
Fair value (gain)
loss on convertible debentures
|
|
|
-
|
|
|
-
|
Income tax on fair
value (gain) loss
|
|
|
-
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|
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-
|
Adjusted loss
(3)
|
|
$
|
(16.8)
|
|
$
|
(17.0)
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|
|
|
|
|
|
|
Gross profit
margin
|
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|
6.5%
|
|
|
7.4%
|
MG&A as a
percent of revenue
|
|
|
6.4%
|
|
|
9.0%
|
Adjusted
EBITDA (4)
|
|
|
4.2
|
|
|
6.5
|
Adjusted EBITDA
Margin
|
|
|
0.6%
|
|
|
1.3%
|
Operating
margin
|
|
|
(2.4)%
|
|
|
(3.6)%
|
Loss per share –
basic
|
|
$
|
(0.29)
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|
$
|
(0.30)
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Loss per share –
diluted
|
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$
|
(0.29)
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|
$
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(0.30)
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|
|
|
|
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|
Adjusted loss per
share – basic (5)
|
|
$
|
(0.29)
|
|
$
|
(0.30)
|
Adjusted loss per
share – diluted (5)
|
|
$
|
(0.29)
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|
$
|
(0.30)
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|
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Backlog
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$
|
4,608
|
|
$
|
2,787
|
|
|
|
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(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)
|
"Operating profit
(loss)" represents the profit (loss) from operations, before net
financing expense, income taxes and non-controlling
interests.
|
(3)
|
"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.
|
(4)
|
"Adjusted EBITDA"
represents operating profit (loss) adjusted to exclude depreciation
and amortization, the gain (loss) on sales of assets and
investments, restructuring costs, gain (loss) on mark-to-mark
adjustments related to the Company's long term incentive plan
("LTIP") program and net income (loss) from projects accounted for
using the equity method, but including "JV EBITDA" from projects
accounted for using the equity method.
|
(5)
|
"Adjusted earnings
per share" represents earnings per share calculated using adjusted
profit.
|
OPERATING AND FINANCIAL RESULTS
"In the Infrastructure segment, we expect to continue to achieve
success in the pursuit of large-scale infrastructure projects, some
of which will include our Concessions segment through the
Public-Private Partnership model, and along with recently secured
projects, these segments should experience ongoing growth over the
next few years. In the Energy segment, Aecon expects increased
backlog and ongoing demand for gas distribution facilities, as well
as utilities, power and nuclear work, to offset lower oil related
volume, while in the Mining segment the current backlog and
recurring revenue work is expected to sustain the segment in 2016,"
said Teri McKibbon. "All four
segments continue to bid on opportunities with the goal of
delivering improved Adjusted EBITDA margin."
Revenue of $691 million for the
three months ended March 31, 2016 was
higher by $189 million or 38 per cent
compared to the same period in 2015, or 40 per cent on a like for
like basis excluding the period-over-period impact of the sale of
IST in April 2015 with increases
reported in all segments.
Adjusted EBITDA of $4.2 million
(margin of 0.6 per cent) for the first quarter of 2016 compared to
$6.5 million (margin of 1.3 per cent)
for the first quarter of 2015. On a like for like basis in the
first quarter, excluding IST and Aecon's previous investment in the
Quito Airport Concession, Adjusted EBITDA of $4.2 million and margin of 0.6 per cent compared
to a negative Adjusted EBITDA of $7.1
million and a negative margin of 1.4 per cent in the prior
year, continuing Aecon's positive margin trend.
Record reported backlog as at March 31,
2016 of $4,608 million
compares to backlog of $2,787 million
as at March 31, 2015. New contract
awards of $2,038 million were
booked in the first quarter of 2016 compared to $635 million in the first quarter of 2015. Not
included in backlog, but important to Aecon's prospects due to the
significant volume involved, is the expected recurring revenue from
Aecon's alliances and supplier-of-choice arrangements where the
amount and/or value of work to be carried out is not
specified.
The sale of IST in April 2015 and
the sale of Aecon's investment in the Quito airport concession in December 2015, including the classification of
the Quito airport concession as
"held for sale" from June 8, 2015,
have impacted Aecon's results for the three months ended
March 31, 2016 when compared to the
same period in the prior year. A summary of these impacts is
included below:
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$
millions
|
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|
Three months
ended
March 31
|
|
|
|
2016
|
2015
|
Change
|
|
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|
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|
Revenue as
reported
|
|
$
|
690.7
|
501.5
|
189.2
|
|
Exclude:
|
|
|
|
|
|
|
IST & Quiport
Revenue
|
|
|
-
|
7.8
|
(7.8)
|
Revenue excluding IST
& Quiport
|
|
$
|
690.7
|
493.7
|
197.0
|
|
|
|
|
|
|
Adjusted EBITDA as
reported
|
|
$
|
4.2
|
6.5
|
(2.3)
|
|
Exclude:
|
|
|
|
|
|
|
IST & Quiport
EBITDA
|
|
|
-
|
13.6
|
(13.6)
|
Adjusted EBITDA
excluding IST & Quiport
|
|
$
|
4.2
|
(7.1)
|
11.3
|
|
|
|
|
|
|
Operating Profit as
reported
|
|
$
|
(16.3)
|
(18.2)
|
1.9
|
|
Exclude:
|
|
|
|
|
|
|
IST & Quiport
Operating Profit
|
|
|
-
|
6.1
|
(6.1)
|
Operating Profit
excluding IST & Quiport
|
|
$
|
(16.3)
|
(24.3)
|
8.0
|
|
|
|
|
|
|
Adjusted EBITDA
margin as reported
|
|
|
0.6%
|
1.3%
|
(0.7)%
|
Adjusted EBITDA
margin excluding IST & Quiport
|
|
|
0.6%
|
(1.4)%
|
2.0%
|
|
|
|
|
|
|
Operating Profit
margin as reported
|
|
|
(2.4)%
|
(3.6)%
|
1.3%
|
Operating Profit
margin excluding IST & Quiport
|
|
|
(2.4)%
|
(4.9)%
|
2.6%
|
|
|
|
|
|
|
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 water and
wastewater treatment markets.
Financial
Highlights
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|
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|
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|
Three Months
Ended
|
$
millions
|
|
|
|
|
March
31
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
154.2
|
|
$
|
116.7
|
Gross
profit
|
|
|
|
$
|
(1.2)
|
|
$
|
(1.2)
|
Adjusted
EBITDA
|
|
|
|
$
|
(14.9)
|
|
$
|
(17.3)
|
Operating
loss
|
|
|
|
$
|
(19.0)
|
|
$
|
(21.0)
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
|
|
|
(0.7)%
|
|
|
(1.0)%
|
Adjusted EBITDA
margin
|
|
|
|
|
(9.6)%
|
|
|
(14.9)%
|
Operating
margin
|
|
|
|
|
(12.3)%
|
|
|
(18.0)%
|
Backlog
|
|
|
|
$
|
2,192
|
|
$
|
1,329
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31,
2016, revenue in the Infrastructure segment of $154 million was $38
million, or 32 per cent, higher than the same period last
year. The largest increase occurred in heavy civil operations
largely due to continued ramp up on projects in Ontario.
Operating loss in the Infrastructure segment in the first
quarter of $19.0 million improved by
$2.0 million over the same period in
the prior year due to higher volume in heavy civil operations and
higher gross profit margin from mechanical work in the water
treatment sector.
Infrastructure backlog at March 31,
2016 was $2,192 million, which
is $863 million higher than the same
time last year. The largest year-over-year increases in backlog
occurred in transportation and heavy civil operations due in large
part to the Eglinton Crosstown light rail transit ("LRT") project
award in the third quarter of 2015 to a consortium in which Aecon
has a 25 per cent interest. Offsetting these increases was
lower backlog in social infrastructure due to the work off of
remaining buildings backlog during 2015.
New contract awards totaled $151
million in the first quarter of 2016 compared to
$183 million in the same period in
the prior year as increases in new contract awards in
transportation operations were offset by lower new awards in heavy
civil and social infrastructure operations.
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 fabrication and module assembly. The Energy
segment focuses primarily on the following sectors: power
generation, oil and gas, pipelines, utilities, and energy support
services.
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
$
millions
|
|
|
|
|
March
31
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
301.3
|
|
$
|
250.4
|
Gross
profit
|
|
|
|
$
|
12.7
|
|
$
|
11.6
|
Adjusted
EBITDA
|
|
|
|
$
|
0.5
|
|
$
|
(3.9)
|
Operating
loss
|
|
|
|
$
|
(4.9)
|
|
$
|
(7.7)
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
|
|
|
4.2%
|
|
|
4.6%
|
Adjusted EBITDA
margin
|
|
|
|
|
0.2%
|
|
|
(1.6)%
|
Operating
margin
|
|
|
|
|
(1.6)%
|
|
|
(3.1)%
|
Backlog
|
|
|
|
$
|
2,210
|
|
$
|
993
|
|
|
|
|
|
|
|
|
|
Revenue in the first quarter of 2016 of $301 million in the Energy segment was
$51 million, or 20 per cent, higher
than the same period in 2015 driven by higher revenue in both
utilities and industrial operations.
Operating loss of $4.9 million in
the first quarter improved by $2.8
million compared to an operating loss of $7.7 million in the same period in the previous
year. Operating profit increased in both utilities and
industrial operations in Eastern
Canada due to higher volume and gross profit margin.
Partially offsetting these increases was lower operating profit in
Western Canada due to lower volume
and gross profit margin.
Backlog at March 31, 2016 of
$2,210 million in the Energy segment
was $1,217 million higher than the
same time in 2015, with a significant increase in industrial
operations in Eastern Canada
primarily from new awards in the power generation sector due in
large part to the execution phase of the Darlington Nuclear
Refurbishment project being awarded to a joint venture in which
Aecon has a 50 per cent interest.
New contract awards of $1,822
million in the first quarter of 2016 were $1,534 million higher than in the same period in
2015. The increase in new awards in 2016 primarily reflects
the above impacts in industrial operations.
MINING SEGMENT
The Mining segment offers turnkey 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
environmental reclamation.
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
$
millions
|
|
|
|
|
March
31
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
236.2
|
|
$
|
137.6
|
Gross
profit
|
|
|
|
$
|
33.3
|
|
$
|
27.1
|
Adjusted
EBITDA
|
|
|
|
$
|
26.2
|
|
$
|
20.8
|
Operating
profit
|
|
|
|
$
|
16.6
|
|
$
|
12.3
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
|
|
|
14.1%
|
|
|
19.7%
|
Adjusted EBITDA
margin
|
|
|
|
|
11.1%
|
|
|
15.1%
|
Operating
margin
|
|
|
|
|
7.0%
|
|
|
9.0%
|
Backlog
|
|
|
|
$
|
206
|
|
$
|
465
|
|
|
|
|
|
|
|
|
|
Revenue in the Mining segment of $236
million in the first quarter of 2016 was $99 million, or 72 per cent, higher than in the
same period of 2015. The majority of the increase was due to a
higher volume of site installation work in the commodity mining
sector primarily related to potash and oil sands
projects.
Operating profit in the Mining segment of $16.6 million increased by $4.3 million compared to the same period in the
previous year. The majority of the operating profit improvement
occurred in the commodity mining sector primarily due to higher
volume. This increase was partly offset by lower operating
profit in contract mining operations due to the impact of
unseasonably mild weather in northern Alberta that impacted productivity in the
quarter.
Backlog at March 31, 2016 of
$206 million was $259 million lower than at the same time in the
previous year. Backlog decreased in the commodity mining sector
primarily as the work off of existing site installation work
outpaced new awards in the sector. Backlog also decreased in
contract mining operations largely due to work off of backlog
related to new site development projects in Alberta, and in civil and foundations
operations.
New contract awards of $66 million
in the first three months of 2016 were $101
million lower than in the same period in 2015 due to a
reduction in new awards for both site installation and contract
mining work.
CONCESSIONS SEGMENT
The Concessions segment includes the development, financing,
design, 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
|
$
millions
|
|
|
|
March
31
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
0.8
|
|
$
|
0.6
|
Gross
profit
|
|
|
$
|
0.2
|
|
$
|
(0.6)
|
Income from
projects accounted for
using the equity method
|
|
|
$
|
0.4
|
|
$
|
8.3
|
Adjusted
EBITDA
|
|
|
$
|
1.1
|
|
$
|
13.9
|
Operating
profit
|
|
|
$
|
(0.7)
|
|
$
|
6.6
|
|
|
|
|
|
|
|
|
Revenue reported in the Concessions segment for the three month
periods ended March 31, 2016 and 2015
was $0.8 million and $0.6 million, respectively.
For the three months ended March 31,
2016, operating loss of $0.7
million compares to an operating profit of $6.6 million in the same period of the previous
year. Most of the decrease in operating profit was due to the
sale of Aecon's investment in the Quito airport concession on December 10, 2015 offset to some extent by
increased profit contribution from LRT concession projects in
Ontario.
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 is
reported.
DIVIDEND
As previously announced, the annual dividend to be paid to all
shareholders of Aecon Common shares is 46
cents per share (from 40 cents
per share) to be paid in four quarterly payments of 11.5 cents per share (from 10 cents per share). The first increased
quarterly payment was paid on April 1,
2016 to shareholders of record on March 22, 2016.
OUTLOOK
"Aecon's strong backlog position and strategic diversification,
combined with significant infrastructure spending, bodes well for
Aecon's continued positive performance in 2016," said Teri McKibbon. "Aecon's strong and liquid
balance sheet affords us the opportunity to capitalize on growth
opportunities and positions us well to benefit from a rebound in
resource and commodity markets."
CONSOLIDATED RESULTS
The consolidated results for the
three months ended March 31, 2016 and
2015 are available at the end of this news release.
Balance Sheet
Highlights
|
|
|
|
|
|
|
|
|
|
March
31
|
|
December
31
|
$ thousands
(unaudited)
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Cash and cash
equivalents and restricted cash
|
|
$
|
|
214,368
|
$
|
282,732
|
Other current
assets
|
|
|
|
1,058,820
|
|
959,447
|
Property, plant and
equipment
|
|
|
|
459,011
|
|
465,862
|
Other long-term
assets
|
|
|
|
169,156
|
|
166,321
|
Total
Assets
|
|
$
|
|
1,901,355
|
$
|
1,874,362
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$
|
|
821,384
|
$
|
771,973
|
Long-term
debt
|
|
|
|
100,652
|
|
105,358
|
Convertible
debentures (long term portion)
|
|
|
|
161,929
|
|
160,991
|
Other long-term
liabilities
|
|
|
|
117,979
|
|
117,988
|
|
|
|
|
|
|
|
Equity
|
|
|
|
699,411
|
|
718,052
|
Total Liabilities
and Equity
|
|
$
|
|
1,901,355
|
$
|
1,874,362
|
CONFERENCE CALL
A conference call has been scheduled for Wednesday, May 4, 2016 at 10:30 a.m. (ET)
to discuss Aecon's first quarter 2016 financial results.
Participants should dial 416-981-9070 or 1-800-408-6335 at
least 10 minutes prior to the conference time. For those
unable to attend the call, a replay will be available after
1:00 p.m. at 1-800-558-5253 or
416-626-4100 until midnight on May 11,
2016. The reservation number is 21808993.
ABOUT AECON
Aecon Group Inc. (TSX: ARE) is a Canadian leader and
partner-of-choice in construction and infrastructure
development. Aecon provides integrated turnkey services to
private and public sector clients in the Infrastructure, Energy and
Mining sectors and provides project management, financing and
development services through its Concessions segment. Aecon is also
pleased to be consistently recognized as one of the Best
Employers in Canada. For more
information, please visit www.aecon.com and follow us on
Twitter at @AeconGroup.
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
|
|
|
|
|
|
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2016 AND 2015
|
(in thousands of
Canadian dollars, except per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31
|
|
March 31
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
690,699
|
$
|
501,520
|
Direct costs and
expenses
|
|
|
(645,583)
|
|
(464,621)
|
Gross
profit
|
|
|
45,116
|
|
36,899
|
|
|
|
|
|
|
Marketing, general
and administrative expenses
|
|
|
(44,461)
|
|
(45,069)
|
Depreciation and
amortization
|
|
|
(19,027)
|
|
(16,953)
|
Income from projects
accounted for using the equity method
|
|
|
237
|
|
8,339
|
Other income
(loss)
|
|
|
1,834
|
|
(1,377)
|
Operating
loss
|
|
|
(16,301)
|
|
(18,161)
|
|
|
|
|
|
|
Finance
income
|
|
|
57
|
|
254
|
Finance
costs
|
|
|
(5,096)
|
|
(7,738)
|
Fair value loss on
convertible debentures
|
|
|
-
|
|
(38)
|
Loss before income
taxes
|
|
|
(21,340)
|
|
(25,683)
|
Income tax
recovery
|
|
|
4,552
|
|
8,704
|
Loss for the
period
|
|
$
|
(16,788)
|
$
|
(16,979)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per
share
|
|
$
|
(0.29)
|
$
|
(0.30)
|
Diluted loss per
share
|
|
$
|
(0.29)
|
$
|
(0.30)
|
SOURCE Aecon Group Inc.