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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
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Page 1: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

August 3, 2016

Q2 2016 results

Page 2: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 3: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 4: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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 $

Page 5: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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)

Page 6: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 7: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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 $

Page 8: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

GOOD BALANCE SHEET MANAGEMENT WITH STABLE DSO

8

8587

76 77

82

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Page 9: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 10: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 11: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 12: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 13: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

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

Page 14: Q2 2016 results - WSPcdn.wsp-pb.com/xumysf/q2-2016-results.pdf · 2016-08-03 · August 3, 2016 Q2 2016 results. Q2 2016 PERFORMANCE 2 All regions, with the exception of Canada, ...

QUESTIONS

AND ANSWERS

14


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