Financial Highlights


Six-year Financial Performance

Revenue ($ Millions)

2010
2,750
2011
2,896
2012
2,887
2013
3,069
2014
2,614
2015
2,918
2014
2,543
2015
2,910

2015 Revenue By Segment

Revenue Graph

Notes +
As Reported
Like-for-like(2)

2. The sale of Innovative Steam Technologies Inc. (“IST’) in April 2015 and 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 year ended December 31, 2015 when compared to the prior year. Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin presented on a like-for-like basis adjusts amounts as originally reported to exclude Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin from IST and the Quito airport concession.

Adjusted EBITDA(1) ($ Millions)

2010
60.0
2011
148.0
2012
172.0
2013
184.0
2014
170.2
2015
169.8
2014
110.3
2015
146.8

Adjusted EBITDA(1) Margin (per cent)

2010
2.2
2011
5.1
2012
6.0
2013
6.0
2014
6.5
2015
5.8
2014
4.3
2015
5.0

Notes +
As Reported
Like-for-like(2)

1. Adjusted EBITDA represents operating profit adjusted to exclude depreciation and amortization, the gain (loss) on sales of assets and investments, restructuring costs, gain (loss) on mark-to-market 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. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

2. The sale of Innovative Steam Technologies Inc. (“IST’) in April 2015 and 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 year ended December 31, 2015 when compared to the prior year. Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin presented on a like-for-like basis adjusts amounts as originally reported to exclude Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin from IST and the Quito airport concession.

Year-End Backlog ($ Millions)

2010
2,447
2011
2,390
2012
2,428
2013
1,773
2014
2,654
2015
3,261

New Contract Awards ($ Millions)

2010
3,011
2011
2,839
2012
2,985
2013
2,413
2014
3,495
2015
3,526

Book Value Per Share(3) (diluted) ($ per share)

2010
8.41
2011
9.26
2012
10.27
2013
11.10
2014
11.67
2015
12.63

Annual Dividends Per Share ($ per share)

2011
0.20
2012
0.28
2013
0.32
2014
0.36
2015
0.40
2016
0.46(4)

Notes +

3. Book Value Per Share (diluted) is calculated as shareholders’ equity plus the increase in shareholders’ equity if options and convertible debentures in the money are exercised and/or converted plus officer share purchase loans plus the book value of shares held by the LTIP Trust, all divided by shares outstanding at year end (diluted). Shares outstanding at year end (diluted) represent the number of shares issued at the end of the year plus the number of shares issuable if options and convertible debentures in the money were exercised and/ or converted plus the number of shares held by the LTIP Trust.

4. As approved by Aecon’s Board of Directors on March 1, 2016.

For the year ended December 31

(in millions of Canadian dollars, except per share amounts)

2015

2014

$

$

Revenue

2,918.1

2,614.1

Adjusted EBITDA*

169.8

170.2

Operating profit*

142.6

63.7

Profit

68.7

30.0

Adjusted profit*

68.5

21.8

Backlog

3,261

2,654

Results on a like-for-like basis(2)

Revenue

2,910.1

2,542.8

Adjusted EBITDA*

146.8

110.3

Adjusted EBITDA Margin*

5.0%

4.3%

Earnings per share

Basic

1.22

0.55

Diluted

1.03

0.51

Adjusted earnings per share*

Basic

1.22

0.40

Diluted

1.03

0.40

Dividends per share

0.40

0.36

Weighted average number of shares outstanding (in millions)

Basic

56.4

54.1

Diluted

80.7

84.3





Notes +

2. The sale of Innovative Steam Technologies Inc. ("IST") in April 2015 and 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 year ended December 31, 2015 when compared to the prior year. Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin presented on a like-for-like basis adjusts amounts as originally reported to exclude Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin from IST and the Quito airport concession.

* The financial highlights and six-year financial performance section of the annual report present certain non-GAAP and additional GAAP 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. Additional GAAP financial measures are presented on the face of the Company’s consolidated statements of income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. These measures are defined in the notes to the five-year performance section.