SNC-Lavalin announces its Q3 2017 results, with a net income attributable to shareholders of $104 million, up from $43 million in Q3 2016

• Reported Q3 2017 IFRS net income attributable to SNC-Lavalin shareholders of $103.6 million, or $0.59 per diluted share.
  
  
• Q3 2017 adjusted net income from E&C⁽¹⁾ of $88.6 million, or $0.51 per diluted share.
  
  
• Newly-acquired Atkins disclosed as a new segment, with revenue of $805.3 million, a segment EBIT⁽⁶⁾ margin of 9.1% and a revenue backlog of $2.0 billion.
  
  
• Total revenue backlog⁽⁸⁾ of $11.3 billion as at September 30, 2017.
  
  
• 2017 Outlook maintained: adjusted diluted EPS from E&C⁽²⁾ in the range of $2.00 to $2.20.

To watch Neil Bruce comment on SNC-Lavalin's third quarter 2017 financial results, click here.

MONTREAL, Nov. 2, 2017 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) today announces its results for the third quarter ended September 30, 2017.

"We are pleased with our third quarter results, which include a contribution from our recent transformational acquisition of Atkins. The integration of this business is progressing well and we are continuing to identify opportunities in our key markets that will further support our growth agenda, especially in the area of digital technologies," said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. "Our ambition remains to be one of the top global fully integrated professional services and project management companies. Our backlog and high quality pipeline across our key sectors and geographies gives us confidence in executing on our near term earnings guidance and our longer range 2020 vision."

• Q3 2017 reported IFRS net income attributable to SNC-Lavalin shareholders was $103.6 million, or $0.59 per diluted share, compared with $43.3 million, or $0.29 per diluted share, for the corresponding period in 2016. Q3 2017 reported IFRS net income attributable to SNC-Lavalin shareholders included a net gain after taxes of $26.5 million from the partial disposal associated with the transfer of four of our Capital investments to SNC-Lavalin Infrastructure Partners LP. The quarter also included acquisition-related and integration costs of $30.0 million (after taxes), in line with guidance, as well as amortization of intangible assets related to business combinations of $27.5 million (after taxes).
  
  
• Adjusted net income from E&C⁽¹⁾ for Q3 2017 was $88.6 million, or $0.51 per diluted share, compared with $24.4 million, or $0.16 per diluted share for Q3 2016, mainly due to a higher Segment EBIT⁽⁶⁾, partially offset by an increase in income taxes and financial expenses, largely attributable to the financing of the acquisition of Atkins. On a segmented basis, Oil & Gas returned to a more normal run-rate in the quarter and had a positive Segment EBIT⁽⁶⁾, compared with a negative Segment EBIT⁽⁶⁾ in Q3 2016. Infrastructure continued to perform well and delivered a higher Segment EBIT⁽⁶⁾ in Q3 2017, compared with Q3 2016, while the Power and Mining & Metallurgy segments had a lower Segment EBIT⁽⁶⁾. The Atkins business is currently being reported as a new segment and delivered a $73.5 million Segment EBIT⁽⁶⁾ in Q3 2017 with a 9.1% Segment EBIT⁽⁶⁾ margin.
  
  
• Selling, general and administrative (SG&A) expenses in Q3 2017 were $399.0 million compared with $141.1 million, in Q3 2016. The increase was mainly due to the incremental SG&A from the acquisition of Atkins and to a $32.5 million favorable impact from revised estimates on legacy sites environmental liabilities and other asset retirement obligations recorded in Q3 2016.
  
  
• The Company remains on track to deliver cost synergies of $120 million related to the acquisition of Atkins by the end of 2018. Of this we expect to deliver a minimum of $30 million by the end of 2017, of which the bulk will be Q4 loaded.
  
  
• Adjusted net income from Capital⁽³⁾ for Q3 2017 was $48.1 million, or $0.27 per diluted share, compared with $42.6 million, or $0.29 per diluted share for the corresponding period in 2016, mainly due to an increase in dividends received from Highway 407 ETR.
  
  
• E&C revenue for the third quarter ended September 30, 2017 increased to $2.6 billion, compared with $2.1 billion in the third quarter of 2016. The increase was due to the incremental revenues from the acquisition of Atkins and an increase in the Mining & Metallurgy segment, partially offset by decreases in Infrastructure, Oil & Gas and Power segments. The decrease in Oil & Gas was mainly due to lower revenues in the LNG sector, partly offset by higher revenues from projects in the Middle East and Americas. The decrease in Power was mainly due to lower revenues in the Thermal and Transmission & Distribution sub-segments, partially offset by an increase in Nuclear. The decrease in Infrastructure is principally attributable to the disposal, in December 2016, of SNC-Lavalin's non-core E&C business in France and Real Estate Facilities Management business in Canada.
  
  
• Revenue backlog⁽⁸⁾ from Atkins, acquired on July 3, 2017, has been included in the Company's revenue backlog, resulting in a total revenue backlog⁽⁸⁾ of $11.3 billion at the end of September 30, 2017. The Company is currently assessing the impact of IFRS 15 on its backlog reporting policy and will update the market in due course.
  
  Excluding the addition of Atkins' backlog of $2.0 billion, new contract awards for Q3 2017 amounted to $1.5 billion, totaling $4.1 billion for the nine-month period ended September 30, 2017.
  
  
• The Company is also pleased with its acquisition of Data Transfer Solutions LLC (DTS). Completed on October 30, 2017, the acquisition will add to the capabilities of SNC-Lavalin's Atkins sector and will enhance service offerings in digital asset management for clients. It is also in line with the Company's stated strategy of expansion in digital technology to enhance efficiency of our service delivery to our clients across our core sectors.
  
  
• As of September 30, 2017, the company continues to maintain adequate liquidity with $0.6 billion of cash and cash equivalents, $0.8 billion of net recourse debt and $2.04 billion in unused capacity under its $2.75 billion committed revolving credit facility, while the net recourse debt to adjusted EBITDA ratio⁽⁹⁾ was 1.1.

2017 Outlook

The Company is maintaining its 2017 outlook for the adjusted diluted EPS from E&C⁽²⁾, which is expected to be in the range of $2.00 to $2.20, as well as for the adjusted consolidated diluted EPS⁽⁵⁾, which is expected to be in the range of $3.10 to $3.30. In both cases, Q4 will see the greatest benefit from the previously announced target cost synergies relating to Atkins of a minimum of $30 million in the current year.

While we anticipate continuing market challenges in 2017 in certain of the Company's sectors, we continue to benefit from our restructuring savings and Operational Excellence program. As such, we expect increased Segment EBIT⁽⁶⁾ margins for all segments in 2017, compared with 2016, except for Mining & Metallurgy. Note that the 2017 outlook includes approximately six months of Atkins' operations and related financing. It also assumes a weighted average number of outstanding shares of approximately 163 million. 

This outlook is based on the assumptions and methodology described in the Company's 2016 Management's Discussion and Analysis under the heading, "How We Budget and Forecast Our Results", which should be read in conjunction with the Company's prospectus dated April 24, 2017, and the "Forward-Looking Statements" section below and is subject to the risks and uncertainties summarized therein, which are more fully described in the Company's public disclosure documents.

Quarterly Dividend

The Board of Directors today declared a cash dividend of $0.273 per share, payable on November 30, 2017, to shareholders of record on November 16, 2017. This dividend is an "eligible dividend" for income tax purposes.

Q3 2017 Results Conference Call / Webcast

SNC-Lavalin will hold a conference call today at 3:00 p.m. EDT (Eastern Daylight Time) to review results for its third quarter. To join the conference call, please dial toll free at 1 800 263 0877 in North America, 647 794 1827 in Toronto, 438 968 3557 in Montreal, or 080 0358 6377 in the United Kingdom. A live audio webcast of the conference call and an accompanying slide presentation will be available at investors.snclavalin.com. A recording of the conference call will be available on our website within 24 hours following the call.

Non-IFRS Financial Measures

The Company reports its financial results in accordance with IFRS. However, the following non-IFRS measures are used by the Company: Adjusted net income from E&C, Adjusted diluted EPS from E&C, Adjusted net income from Capital, Adjusted diluted EPS from Capital, Adjusted consolidated diluted EPS, EBITDA, Adjusted E&C EBITDA, Segment EBIT, Revenue backlog. Additional details for these non-IFRS measures can be found below and in SNC-Lavalin's MD&A, which is available in the Investors section of the Company's website at www.snclavalin.com. Non-IFRS financial measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures provide additional insight into the Company's financial results and certain investors may use this information to evaluate the Company's performance from period to period. However, these non-IFRS financial measures have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

About SNC-Lavalin

Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients in Oil and Gas, Mining and Metallurgy, Infrastructure and Power. On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world's most respected design, engineering and project management consultancies. www.snclavalin.com 

⁽¹⁾ Adjusted net income from E&C is defined as net income attributable to SNC-Lavalin shareholders from E&C, excluding charges related to restructuring, right-sizing and other, acquisition-related costs and integration costs, as well as amortization of intangible assets related to business combinations, and the gains (losses) on disposals of E&C businesses and the head office building. E&C is defined in the Company's 2016 financial statements and Management's Discussion and Analysis. The term "Adjusted net income from E&C" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance. See reconciliation below.

⁽²⁾ Adjusted diluted EPS from E&C is defined as the adjusted net income from E&C divided by the diluted weighted average number of outstanding shares for the period.

⁽³⁾ Adjusted net income from Capital is defined as net income attributable to SNC-Lavalin shareholders from Capital, excluding the gains on disposals of Capital Investments.

⁽⁴⁾ Adjusted diluted EPS from Capital is defined as the adjusted net income from Capital divided by the diluted weighted average number of outstanding shares for the period.

⁽⁵⁾ Adjusted consolidated diluted EPS is defined as the adjusted net income from E&C plus the adjusted net income from Capital divided by the diluted weighted average number of outstanding shares for the period.

⁽⁶⁾ Segment EBIT consists of gross margin less i) directly related selling, general and administrative expenses; ii) corporate selling, general and administrative expenses that are directly related to projects or segments; and iii) non-controlling interests before taxes. Expenses that are not allocated to the Company's segment include: Corporate selling, general and administrative expenses that are not directly related to projects or segments, restructuring costs, goodwill impairment, acquisition-related costs and integration costs and amortization of intangible assets related to business combinations, as well as gains (losses) on disposals of E&C businesses, Capital investments and head office building. The term "Segment EBIT" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

⁽⁷⁾ Adjusted E&C EBITDA is defined herein as earnings from E&C before net financial expenses (income), income taxes, depreciation and amortization, and excludes charges related to restructuring, right-sizing and other, acquisition-related costs and integration costs, as well as the gains (losses) on disposals of E&C businesses, Capital investments and head office building. The term "Adjusted E&C EBITDA" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

⁽⁸⁾ Revenue Backlog is defined herein as a forward-looking indicator of anticipated revenues to be recognized by the Company, determined based on contract awards that are considered firm. Management could be required to make estimates regarding the revenue to be generated for long-term firm reimbursable contracts. In order to provide information that is comparable to the revenue backlog of other categories of activity, the Company limits the O&M activities revenue backlog, which can cover a period of up to 40 years, to the earlier of: i) the contract term awarded; and ii) the next five years. The term "Revenue backlog" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's future performance.

⁽⁹⁾ Net recourse debt to adjusted EBITDA ratio is defined herein as the net recourse debt divided by the trailing 12-months adjusted EBITDA on a pro forma basis, including the EBITDA of Atkins before its acquisition by SNC-Lavalin, less interest on limited recourse debt. The term "Net recourse to adjusted EBITDA ratio" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

SNC-Lavalin Financial Summary
(in thousands of Canadian dollars, unless otherwise indicated)	Third Quarter		Nine months ended September 30
	2017	2016	2017	2016
Revenues
From E&C	2,572,483	2,100,591	6,228,968	6,076,601
From Capital	60,256	67,949	187,914	183,095
	2,632,739	2,168,540	6,416,882	6,259,696
Net income attributable to SNC-Lavalin's shareholders
From E&C	29,025	688	161,718	84,781
From Capital	74,551	42,652	167,961	169,176
	103,576	43,340	329,679	253,957
Diluted EPS ($)
From E&C	0.17	0.00	1.02	0.56
From Capital	0.42	0.29	1.06	1.13
	0.59	0.29	2.08	1.69
Adjusted net income attributable to SNC-Lavalin's shareholders
From E&C^(1)	88,625	24,370	213,509	152,948
From Capital^(3)	48,083	42,651	136,090	118,130
	136,708	67,021	349,599	271,078
Adjusted diluted EPS ($)
From E&C^(2)	0.51	0.16	1.34	1.02
From Capital^(4)	0.27	0.29	0.86	0.79
	0.78	0.45	2.20	1.81
Adjusted E&C EBITDA^(7)	196,319	46,143	383,158	263,909
Adjusted E&C EBITDA margin	7.6%	2.2%	6.2%	4.3%
Revenue backlog^(8)			11,336,300	11,776,600
Cash and cash equivalents			642,325	895,533
Recourse long-term debt			1,524,647	349,312

Reconciliation of IFRS Net Income as Reported to Adjusted Net Income
	Net income, as reported	Net charges related to the restructuring & right-sizing plan and other	Acquisition		Net gain on disposals of E&C business, head office building, and Capital investments	Net income, adjusted
			Acquisition-related costs and integration costs	Amortization of intangible assets related to business combinations
Third Quarter 2017
In M$
E&C	29.0	2.1*	30.0	27.5	-	88.6
Capital	74.6	-	-	-	(26.5)	48.1
	103.6	2.1	30.0	27.5	(26.5)	136.7
Per Diluted share ($)
E&C	0.17	0.01	0.17	0.16	-	0.51
Capital	0.42	-	-	-	(0.15)	0.27
	0.59	0.01	0.17	0.16	(0.15)	0.78
Nine Months Ended September 30, 2017
In M$
E&C	161.7	27.3**	75.6	51.3	(102.4)	213.5
Capital	168.0	-	-	-	(31.9)	136.1
	329.7	27.3	75.6	51.3	(134.3)	349.6
Per Diluted share ($)
E&C	1.02	0.16	0.48	0.33	(0.65)	1.34
Capital	1.06	-	-	-	(0.20)	0.86
	2.08	0.16	0.48	0.33	(0.85)	2.20

*This amount includes $2.2 million ($1.0 million after taxes) of net charges which did not meet the restructuring costs definition in accordance with IFRS.

**This amount includes $6.2 million ($6.0 million after taxes) of net charges which did not meet the restructuring costs definition in accordance with IFRS.

	Net income, as reported	Net charges related to the restructuring & right-sizing plan and other	Acquisition		Net gain on Capital investment disposals	Net income, adjusted
			Acquisition-related costs and integration costs	Amortization of intangible assets related to business combinations
Third Quarter 2016
In M$
E&C	0.7	9.9	0.9	12.9	-	24.4
Capital	42.6	-	-	-	-	42.6
	43.3	9.9	0.9	12.9	-	67.0
Per Diluted share ($)
E&C	0.00	0.07	0.01	0.08	-	0.16
Capital	0.29	-	-	-	-	0.29
	0.29	0.07	0.01	0.08	-	0.45
Nine Months Ended September 30, 2016
In M$
E&C	84.8	23.7*	3.2	41.3	-	153.0
Capital	169.2	-	-	-	(51.1)	118.1
	254.0	23.7	3.2	41.3	(51.1)	271.1
Per Diluted share ($)
E&C	0.56	0.16	0.03	0.27	-	1.02
Capital	1.13	-	-	-	(0.34)	0.79
	1.69	0.16	0.03	0.27	(0.34)	1.81

*This amount includes $4.3 million ($2.0 million after taxes) of net charges recorded in the second quarter, which did not meet the restructuring costs definition in accordance with IFRS.

Forward-looking Statements:

Reference in this press release, and hereafter, to the "Company" or to "SNC-Lavalin" means, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries or joint arrangements, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements.

Statements made in this press release that describe the Company's or management's budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "aims", "anticipates", "assumes", "believes", "cost savings", "estimates", "expects", "goal", "intends", "may", "plans", "projects", "should", "synergies", "target", "vision", "will", or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects; and ii) business and management strategies and the expansion and growth of the Company's operations. All such forward-looking statements are made pursuant to the "safe-harbour" provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

The 2017 outlook referred to in this press release is forward-looking information and is based on the methodology described in the Company's 2016 Management's Discussion and Analysis ("MD&A") under the heading "How We Budget and Forecast Our Results" and is subject to the risks and uncertainties described in the Company's public disclosure documents. The purpose of the 2017 outlook is to provide the reader with an indication of management's expectations, at the date of this press release, regarding the Company's future financial performance and readers are cautioned that this information may not be appropriate for other purposes.

Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2016 MD&A, particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results" in the Company's 2016 MD&A, and as updated in the first, second and third quarter 2017 MD&A and the Company's prospectus dated April 24, 2017. The 2017 outlook also assumes that the federal charges laid against the Company and its indirect subsidiaries SNC-Lavalin International Inc. and SNC-Lavalin Construction Inc. on February 19, 2015, will not have a significant adverse impact on the Company's business in 2017. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. These risks include, but are not limited to: (a) the outcome of pending and future claims and litigation could have a material adverse impact on the Company's business, financial condition and results of operation; (b) on February 19, 2015, the Company was charged with one count of corruption under the Corruption of Foreign Public Officials Act (Canada)(the "CFPOA") and one count of fraud under the Criminal Code (Canada), and is also subject to other ongoing investigations which could subject the Company to criminal and administrative enforcement actions, civil actions and sanctions, fines and other penalties, some of which may be significant. These charges and investigations, and potential results thereof, could harm the Company's reputation, result in suspension, prohibition or debarment of the Company from participating in certain projects, reduce its revenues and net income and adversely affect its business; (c) further regulatory developments could have a significant adverse impact on the Company's results, and employee, agent or partner misconduct or failure to comply with anti-bribery and other government laws and regulations could harm the Company's reputation, reduce its revenues and net income, and subject the Company to criminal and administrative enforcement actions and civil actions; (d) if the Company is not able to successfully execute on its strategic plan, its business and results of operations would be adversely affected; (e) a negative impact on the Company's public image could influence its ability to obtain future projects; (f) fixed-price contracts or the Company's failure to meet contractual schedule or performance requirements or to execute projects efficiently may increase the volatility and unpredictability of its revenue and profitability; (g) the Company's revenue and profitability are largely dependent on the awarding of new contracts, which it does not directly control, and the uncertainty of contract award timing could have an adverse effect on the Company's ability to match its workforce size with its contract needs; (h) the Company's backlog is subject to unexpected adjustments and cancellations, including under "termination for convenience" provisions, and does not represent a guarantee of the Company's future revenues or profitability; (i) SNC-Lavalin is a provider of services to government agencies and is exposed to risks associated with government contracting; (j) the Company's international operations are exposed to various risks and uncertainties, including unfavourable political environments, weak foreign economies and the exposure to foreign currency risk; (k) there are risks associated with the Company's ownership interests in Capital investments that could adversely affect it; (l) the Company is dependent on third parties to complete many of its contracts; (m) the Company's use of joint ventures and partnerships exposes it to risks and uncertainties, many of which are outside of the Company's control; (n) the competitive nature of the markets in which the Company does business could adversely affect it; (o) the Company's project execution activities may result in professional liability or liability for faulty services; (p) the Company could be subject to monetary damages and penalties in connection with professional and engineering reports and opinions that it provides; (q) the Company may not have in place sufficient insurance coverage to satisfy its needs; (r) the Company's employees work on projects that are inherently dangerous and a failure to maintain a safe work site could result in significant losses and/or an inability to obtain future projects; (s) the Company's failure to attract and retain qualified personnel could have an adverse effect on its activities; (t) work stoppages, union negotiations and other labour matters could adversely affect the Company; (u) the Company relies on information systems and data in its operations. Failure in the availability or security of the Company's information systems or in data security could adversely affect its business and results of operations; (v) any acquisition or other investment may present risks or uncertainties; (w) divestitures and the sale of significant assets may present risks or uncertainties; * a deterioration or weakening of the Company's financial position, including its cash net of recourse debt, would have a material adverse effect on its business and results of operations; (y) the Company may have significant working capital requirements, which if unfunded could negatively impact its business, financial condition and cash flows; (z) an inability of SNC-Lavalin's clients to fulfill their obligations on a timely basis could adversely affect the Company; (aa) the Company may be required to impair certain of its goodwill, and it may also be required to write down or write off the value of certain of its assets and investments, either of which could have a material adverse impact on the Company's results of operations and financial condition; (bb) global economic conditions could affect the Company's client base, partners, subcontractors and suppliers and could materially affect its backlog, revenues, net income and ability to secure and maintain financing; (cc) fluctuations in commodity prices may affect clients' investment decisions and therefore subject the Company to risks of cancellation, delays in existing work, or changes in the timing and funding of new awards, and may affect the costs of the Company's projects; (dd) inherent limitations to the Company's control framework could result in a material misstatement of financial information; (ee) environmental laws and regulations expose the Company to certain risks, could increase costs and liabilities and impact demand for the Company's services; as well as the risks related to the Company's acquisition of WS Atkins plc ("Atkins") identified in Section 12 of the Company's third quarter 2017 MD&A (entitled "Risks and Uncertainties"). The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the sections "Risks and Uncertainties", "How We Analyze and Report Our Results" and "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" in the Company's 2016 MD&A and as updated in the first, second and third quarter 2017 MD&A and the Company's prospectus dated April 24, 2017.

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 to update publicly or to revise any such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation.

SNC-Lavalin's Consolidated Financial Statements and Management's Discussion and Analysis and other relevant financial materials are available in the Investors section of the Company's website at www.snclavalin.com. These and other Company reports are also available on the website maintained by the Canadian Securities regulators at www.sedar.com.

SOURCE SNC-Lavalin

Media: Louis-Antoine Paquin, Manager, Media Relations, Corporate Communications, 514-393-8000, ext. 54772, [email protected]; Investors: Denis Jasmin, Vice President, Investor Relations, 514-393-8000, ext. 57553, [email protected]

Related Links

www.snclavalin.com