q2 2016 results - wspcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · august 3, 2016 q2...
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August 3, 2016
Q2 2016 results
Q2 2016 PERFORMANCE
2
All regions, with the exception of Canada, delivered organic growth
Adjusted BITDA margins of 10.3 percent as compared to 9.7 percent last year
Global Leadership Team reorganization
2016 ENR RANKING
3
Top 225 International Design firms
#1
Sector
#1 – Transportation
#2 – Power
#3 – Buildings
Geographical
#1 – United States
#1 – Europe
# 3 – Asia/Australia
REVENUES AND NET REVENUES
4
Revenues Net Revenues1,497.2 1,545.7
Q2 2015 Q2 2016
+3.2%
1,088.91,215.5
Q2 2015 Q2 2016
+11.6%
In millions $
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
5
106.0
125.0
Q2 2015 Q2 2016
+17.9%
10.3%
9.7%
In millions $
$6.3 M provision
131.3 (10.8% Adjusted EBITDA margin)
ADJUSTED NET EARNINGS AND
ADJUSTED NET EARNINGS PER SHARE
6
Adjusted
Net Earnings
Adjusted
Net Earnings
per share
45.8
56.0
Q2 2015 Q2 2016
0.51 0.56
Q2 2015 Q2 2016
In millions $, except per share data
BACKLOG
7
Q2 2016 COMPARED TO Q2 2015
(in millions of dollars, except percentages) Total
Hard Backlog Q2 2016 $5,667.4
Hard Backlog end of Q2 2015 $4,562.0
Net change ($) $1,105.4
Organic Growth 10.1%
Acquisition Growth 8.8%
Foreign Currency Impact 5.3%
Net change % Q2 2016 vs. Q2 2015 24.2%
4,562.04,891.6
5,199.7
5,529.75,667.4
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
10.6 months
of revenues
In millions $
GOOD BALANCE SHEET MANAGEMENT WITH STABLE DSO
8
8587
76 77
82
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
FINANCIAL POSITION
AND NET DEBT/TTM ADJUSTED EBITDA RATIO
9
(in millions of dollars) Q2 2016
Financial liabilities $1,060.4
Less: Cash and
cash equivalents
($218.0)
Net debt $842.4
TTM Adjusted EBITDA $466.7
Net debt / TTM Adjusted EBITDA 1.8x
Net debt /TTM Adjusted EBITDA, incorporating
full 12-month Adjusted EBITDA for all
acquisitions
1.7x
In millions $, except ratio
DIVIDEND AND PAYOUT RATIO
10
Q2 2016
Adjusted EPS* $0.56
Funds from operations per share $1.03
Dividend declared $0.375
Dividend paid net of DRIP $0.17
PAYOUT RATIOS
- Dividend declared on Adjusted EPS*
- Dividend paid net of DRIP on Adjusted EPS*
67%
30%
*Excluding acquisition and reorganization costs
Without foreign currency fluctuation
Canada20%
Americas29%
EMEIA37%
APAC14%
REGIONAL PERFORMANCE
REGIONAL BREAKDOWN (% TOTAL NET REVENUES)
REGION
Q2 2016
NET REVENUES
ORGANIC
GROWTH
Q2 2016
ADJUSTED
EBITDA MARGINS
(before global
corporate costs)
Americas 0.4% 15.7%
EMEIA 1.5% 10.1%
APAC 4.6 11.0%
Canada (9.0%) 8.5%
TOTAL (0.2%) 11.5%
11
2016 OUTLOOK REITERATED
* Non-IFRS measure.
1) The first quarter of 2016 has 2 less billable days than the first quarter of 2015.
2) Due mainly to the MMM acquisition completed in Q4 2015 and anticipated additional real estate related integration
costs pertaining to the transformational Parsons Brinckerhoff acquisition in Q4 2014.
Net revenues* Between $4,600 million and $5,100 million
Adjusted EBITDA* range Between $465 million and $515 million
Seasonality and adjusted EBITDA*
fluctuations
Q1: 16% to 18%1)
Q2: 24% to 26%
Q3: 31% to 33%
Q4: 28% to 30%
Tax rate 26% to 28%
DSO* 80 to 85 days
Amortization of intangible assets
related to acquisitions$75 to $80 million
Capital expenditures* $115 to $125 million
Net debt to adjusted EBITDA* 1.5x to 2.0x
Acquisition and integration costs* Between $15 million and $25 million2)
12
M&A UPDATE
13
Year-to-date acquisitions
5 acquisitions
500 employees
Financed using our balance sheet
Q2 2016 acquisition
Ditec, in Mexico - 100 employee firm -expertise in structural engineering
Most recent acquisition
Industrial water division of Schlumberger -250 employees
IN LINE WITH 2015-2018 STRATEGIC PLAN● Footprint in Central and South America
● Strengthening our presence in Scandinavia● Expanded our expertise related to buildings, nuclear
power and water
QUESTIONS
AND ANSWERS
14
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