(All results reflect comparisons to prior-year period of Q2 2021, except otherwise indicated)
- SNCL Services revenue reached
$1.6 billion , up 4.2%, or 6.0% based on organic revenue growth(1)(5) - Engineering Services segment revenue up 6.4%, or 8.3% based on organic revenue growth(1)(5)
- SNCL Services Segment Adjusted EBIT of
$145.9 million , representing a 9.1% margin - SNCL Services backlog as at
June 30, 2022 , totaled$11.3 billion - Engineering Services segment backlog stood at a record high of
$4.2 billion , up 11.0%, with a strong increase inthe United States - LSTK Projects Segment Adjusted EBIT of negative
$36.6 million - Management remains confident that the cumulative potential financial risks to complete the LSTK projects should be contained in the previously disclosed
$300 million - LSTK Projects backlog reduced by
$128.2 million or 13.4% from Q1 2022 to$828.4 million - The two LSTK Ontario projects remain on track to be largely complete by the end of the year
- Net income from continuing operations attributable to
SNC-Lavalin shareholders totaled$1.6 million , or$0.01 per diluted share, compared to net income of$29.2 million , or$0.17 per diluted share in Q2 2021, mainly driven by the expense related to the remediation agreement with theQuebec Crown Prosecutor's Office ("DPCP") regarding theJacques Cartier Bridge charges - Net cash used for operating activities of
$128.7 million
- Reaffirming financial outlook metrics for full year 2022, including full year SNCL Services organic revenue growth, Segment Adjusted EBIT margins and Engineering Services Segment Adjusted EBITDA margin targets, other than full year 2022 net cash from operating activities
- 2022 net cash from operating activities updated to between negative
$50 million and negative$150 million (previously between$0 million and$100 million ), primarily driven by the need to fund higher costs to complete the LSTK projects in advance of the timing of potential claim recoveries
"We experienced another period of strong execution during the second quarter in our SNCL Services line of business, with revenue organically increasing approximately 6% year-over-year," said
"Our Pivoting to Growth strategy was developed to drive deliberate value creation for
Professional Services & Project Management are collectively referred to as "PS&PM" to distinguish them from "Capital" activities. PS&PM groups together five of the Company's segments, namely Engineering Services, Nuclear,
Q2 2022 | Q2 2021 | 2022A | 2021A | |
Revenue | ||||
From PS&PM | 1,857.6 | 1,778.0 | 3,729.3 | 3,576.0 |
From Capital | 13.9 | 19.8 | 30.3 | 41.5 |
Total | 1,871.5 | 1,797.8 | 3,759.6 | 3,617.5 |
Attributable to | ||||
Net income (loss) from continuing operations: | ||||
From PS&PM | (0.4) | 26.1 | 16.1 | 87.2 |
From Capital | 2.0 | 3.1 | 10.2 | 9.8 |
Total | 1.6 | 29.2 | 26.3 | 96.9 |
Diluted EPS from continuing operations: | ||||
From PS&PM ($) | (0.00) | 0.15 | 0.09 | 0.50 |
From Capital ($) | 0.01 | 0.02 | 0.06 | 0.06 |
Total ($) | 0.01 | 0.17 | 0.15 | 0.55 |
Net income from discontinued operations | - | 16.5 | - | 21.8 |
Net income | 1.6 | 45.7 | 26.3 | 118.8 |
Net cash generated from (used for) operating activities | (128.7) | 78.1 | (262.7) | 83.7 |
Backlog from continuing operations as at | ||||
SNCL Services | 11,306.2 | 11,469.2 | ||
Capital | 31.4 | 148.7 | ||
LSTK Projects | 828.4 | 1,394.2 | ||
Total | 12,166.1 | 13,012.2 |
Q2 2022 | Q2 2021 | 2022A | 2021A | |
Attributable to | ||||
Adjusted net income from PS&PM(1) | 53.8 | 53.8 | 93.2 | 137.2 |
Adjusted diluted EPS from PS&PM(1)(2) ($) | 0.31 | 0.31 | 0.53 | 0.78 |
Adjusted EBITDA from PS&PM(1) | 127.9 | 148.9 | 240.5 | 313.0 |
All figures in millions of dollars, except otherwise indicated |
Certain totals and subtotals may not reconcile due to rounding |
A For the six-month period ended |
B Comparative figures have been restated to reflect the new reportable segments effective as of |
SNCL Services
Q2 2022 | Q2 2021B | 2022A | 2021A,B | |
Segment revenue | ||||
Engineering Services | 1,128.7 | 1,061.2 | 2,266.9 | 2,110.8 |
Nuclear | 221.0 | 234.7 | 453.1 | 463.8 |
O&M | 104.8 | 104.4 | 241.3 | 246.0 |
| 153.7 | 143.4 | 304.2 | 275.3 |
Total | 1,608.2 | 1,543.7 | 3,265.5 | 3,095.8 |
Segment Adjusted EBIT | ||||
Engineering Services | 95.4 | 95.2 | 180.6 | 181.5 |
Nuclear | 32.5 | 33.2 | 66.8 | 65.1 |
O&M | 11.4 | 13.4 | 23.1 | 25.8 |
| 6.5 | 7.3 | 2.0 | 13.4 |
Total | 145.9 | 149.1 | 272.6 | 285.7 |
Segment Adjusted EBIT to segment revenue ratio | 9.1 % | 9.7 % | 8.3 % | 9.2 % |
Backlog as at | ||||
Engineering Services | 4,158.4 | 3,745.8 | ||
Nuclear | 808.3 | 830.8 | ||
O&M | 5,516.3 | 5,849.8 | ||
| 823.3 | 1,042.7 | ||
Total | 11,306.2 | 11,469.2 |
All figures in millions of dollars, except otherwise indicated |
A For the six-month period ended |
B Comparative figures have been restated to reflect the new reportable segments effective as of |
The SNCL Services line of business (comprised of the Engineering Services, Nuclear, O&M and
- Q2 2022 revenue reached
$1.6 billion , up 4.2% compared to Q2 2021. SNCL Services had an organic revenue growth(1)(5) of 6.0% in Q2 2022 compared to Q2 2021. - Primarily driven by an organic revenue growth(1)(5) of 8.3% in Engineering Services, and 13.7% in
Linxon . - Q2 2022 Segment Adjusted EBIT was
$145.9 million , representing a margin of 9.1%. - Engineering Services Segment Adjusted EBIT of
$95.4 million represents a margin of 8.5%, slightly below the corresponding quarter last year, as Q2 2021 Segment Adjusted EBIT included the positive impact of settling a number of project final accounts. - Engineering Services Segment Adjusted EBITDA to segment net revenue ratio(1)(6) of 15.0%.
- Nuclear Segment Adjusted EBIT of
$32.5 million represents a margin of 14.7%. - O&M Segment Adjusted EBIT of
$11.4 million represents a margin of 10.9%. - Linxon Segment Adjusted EBIT of
$6.5 million represents a margin of 4.2%. - Linxon Segment Adjusted EBITDA to segment net revenue ratio(1)(7) of 5.9%.
- Backlog amounted to
$11.3 billion as atJune 30, 2022 , which included$1.7 billion of bookings in Q2 2022, representing a 1.08 booking-to-revenue ratio(1)(3). - Engineering Services backlog reached a record-high and totaled
$4.2 billion as atJune 30, 2022 , an increase of 11.0%, compared toJune 30, 2021 , which includes a new record-high forthe United States . Bookings in Q2 2022 totaled$1.4 billion , representing a 1.27 booking-to-revenue ratio(1)(3).
Q2 2022 | Q2 2021B | 2022A | 2021A,B | |
Revenue | 249.4 | 234.4 | 463.8 | 480.2 |
Segment Adjusted EBIT | (36.6) | (25.3) | (67.2) | (37.2) |
Backlog decrease | 128.2 | 202.4 | 338.5 | 443.9 |
Backlog as at | 828.4 | 1,394.2 |
All figures in millions of dollars |
A For the six-month period ended |
B Comparative figures have been restated to reflect the new reportable segments effective as of |
The Company continues to execute its LSTK projects exit strategy.
- The LSTK Projects segment backlog decreased by 13.4% during the quarter, as the progress on the Company's last remaining LSTK projects was partially offset by additional work from approved project scope changes. Backlog totaled
$828.4 million as atJune 30, 2022 , representing a 29.0% decrease compared toDecember 31, 2021 and a 40.6% decrease compared toJune 30, 2021 . - Despite the supply chain challenges and various labour and construction strikes in
Ontario during the quarter, the two remaining Ontario LSTK projects have progressed well and remain on track to be largely completed by the end of the year. - Q2 2022 Segment Adjusted EBIT was negative
$36.6 million , totaling negative$67.2 million for the six-month period endedJune 30, 2022 . - Year-to-date, the Company recognized
$46 million in losses related to the completion of the LSTK projects ($20 million in Q1 2022 and$26 million in Q2 2022). Management remains confident that the cumulative potential financial risks to complete the LSTK projects should be contained in the previously disclosed$300 million *. - The balance of year-to-date negative Segment Adjusted EBIT mainly includes segment overhead costs needed to support these projects.
- The Company continues to vigorously pursue COVID-19 and other related claims associated with the increased costs experienced on the projects. While discussions with the clients remain ongoing, and may take some time to settle, once the claims are resolved the related cash received will be incrementally positive to the Company's net cash from operating activities.
* Announced on |
Q2 2022 | Q2 2021 | 2022A | 2021A | |
Revenue | 13.9 | 19.8 | 30.3 | 41.5 |
Segment Adjusted EBIT | 10.9 | 16.4 | 23.3 | 35.1 |
Backlog as at | 31.4 | 148.7 |
All figures in millions of dollars |
A For the six-month period ended |
The Q2 2022 Capital Segment Adjusted EBIT decrease was mainly due to the disposal of InPower BC G.P. (the
- Net cash used for operating activities amounted to
$128.7 million in Q2 2022, compared to a net cash generated from operating activities of$78.1 million in Q2 2021. The negative operating cash flows in Q2 2022 were mainly due to operating cash outflows related to the LSTK Projects, partially offset by operating cash inflows from SNCL Services. - Net cash generated from operating activities in SNCL Services of
$94.1 million in Q2 2022. - Cash and cash equivalents of
$567.4 million as atJune 30, 2022 . - Recourse debt of
$1.4 billion and limited recourse debt of$0.4 billion as atJune 30, 2022 . - Net limited recourse and recourse debt to Adjusted EBITDA ratio(1)(4) of 2.8 as at
June 30, 2022 . - Extended the Company's primary corporate credit facilities, which now introduces a sustainability-linked framework to align with the Company's leading ESG initiatives.
The Board of Directors today declared a cash dividend of
Founded in 1911,
(1) Non-IFRS financial measures and ratios, supplementary financial measures and non-financial information do not have a standardized definition within International Financial Reporting Standards (IFRS), and other issuers may define these measures differently and, accordingly, these may not be comparable to similar measures used by other issuers. Refer to the sections "Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures and Non-Financial Information" and "Reconciliations and Calculations" of this press release. |
(2) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to |
(3) Booking-to-revenue ratio is a non-IFRS ratio based on contract bookings. |
(4) Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding trailing twelve-month period, both of which are non-IFRS financial measures. |
(5) Organic revenue growth (contraction) is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisition and divestiture impacts), itself a non-IFRS financial measure, between two periods. |
(6) Segment Adjusted EBITDA to segment net revenue for the Engineering Services segment is a non-IFRS ratio based on Segment Adjusted EBITDA and net revenue, both of which are non-IFRS financial measures. |
(7) Segment Adjusted EBITDA to segment net revenue for the |
The Company reports its financial results in accordance with IFRS. However, the following non–IFRS financial measures and ratios, supplementary financial measures and non-financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to
Q2 2022 | Q2 2021 | |||||||
Before | Taxes | After Taxes | Diluted EPS (In $) | Before | Taxes | After Taxes | Diluted EPS (In $) | |
Net income attributable to (IFRS) | 1.6 | 0.01 | 29.2 | 0.17 | ||||
Restructuring and transformation costs | 13.4 | (2.9) | 10.4 | 15.2 | (3.8) | 11.3 | ||
Amortization of intangible assets related to business combinations | 20.6 | (4.2) | 16.4 | 20.5 | (3.3) | 17.2 | ||
Gain on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (0.9) | - | (0.9) | ||
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - | ||
Total adjustments | 61.4 | (7.1) | 54.3 | 0.31 | 34.7 | (7.1) | 27.6 | 0.16 |
Adjusted net income attributable to (non-IFRS) | 55.8 | 0.32 | 56.8 | 0.32 | ||||
Net income attributable to | 2.0 | 0.01 | 3.1 | 0.02 | ||||
Gain on disposal of a Capital investment | - | - | - | - | - | - | ||
Total adjustments | - | - | - | - | - | - | - | - |
Adjusted net income attributable to (non-IFRS) | 2.0 | 0.01 | 3.1 | 0.02 | ||||
Adjusted net income attributable to (non-IFRS) | 53.8 | 0.31 | 53.8 | 0.31 |
Six months ended | Six months ended | |||||||
Before | Taxes | After Taxes | Diluted EPS (In $) | Before | Taxes | After Taxes | Diluted EPS (In $) | |
Net income attributable to (IFRS) | 26.3 | 0.15 | 96.9 | 0.55 | ||||
Restructuring and transformation costs | 20.1 | (4.5) | 15.6 | 20.1 | (4.9) | 15.1 | ||
Amortization of intangible assets related to business combinations | 42.9 | (8.8) | 34.1 | 43.8 | (7.5) | 36.3 | ||
Gain on disposal of a Capital investment | (4.3) | (0.1) | (4.4) | - | - | - | ||
Gain on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (1.3) | - | (1.3) | ||
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - | ||
Total adjustments | 86.1 | (13.5) | 72.6 | 0.41 | 62.5 | (12.5) | 50.0 | 0.29 |
Adjusted net income attributable to (non-IFRS) | 99.0 | 0.56 | 147.0 | 0.84 | ||||
Net income attributable to | 10.2 | 0.06 | 9.8 | 0.06 | ||||
Gain on disposal of a Capital investment | (4.3) | (0.1) | (4.4) | - | - | - | ||
Total adjustments | (4.3) | (0.1) | (4.4) | (0.03) | - | - | - | - |
Adjusted net income attributable to (non-IFRS) | 5.8 | 0.03 | 9.8 | 0.06 | ||||
Adjusted net income attributable to (non-IFRS) | 93.2 | 0.53 | 137.2 | 0.78 |
Note that certain totals and subtotals may not reconcile due to rounding | |
All figures in millions of dollars, except otherwise indicated |
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income from continuing operations
Q2 2022 | Q2 2021 | |||||
From PS&PM | From Capital | Total | From PS&PM | From Capital | Total | |
Net income from continuing operations | 1.5 | 2.0 | 3.5 | 29.3 | 3.1 | 32.3 |
Net financial expenses | 19.3 | 0.8 | 20.2 | 21.7 | 4.3 | 25.9 |
Income taxes | 2.4 | 1.1 | 3.5 | 20.1 | 2.0 | 22.2 |
EBIT | 23.2 | 3.9 | 27.1 | 71.1 | 9.4 | 80.4 |
Depreciation and amortization | 43.3 | - | 43.3 | 43.1 | - | 43.1 |
Amortization of intangible assets related to business combinations | 20.6 | - | 20.6 | 20.5 | - | 20.5 |
EBITDA | 87.1 | 3.9 | 91.0 | 134.6 | 9.4 | 144.0 |
Restructuring and transformation costs | 13.4 | - | 13.4 | 15.2 | - | 15.2 |
Gain on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (0.9) | - | (0.9) |
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - |
Adjusted EBITDA | 127.9 | 3.9 | 131.8 | 148.9 | 9.4 | 158.3 |
Six months ended | Six months ended | |||||
From PS&PM | From Capital | Total | From PS&PM | From Capital | Total | |
Net income from continuing operations | 15.2 | 10.2 | 25.4 | 91.2 | 9.8 | 101.0 |
Net financial expenses | 44.0 | 1.8 | 45.8 | 48.7 | 8.5 | 57.1 |
Income taxes | 5.9 | 1.6 | 7.4 | 23.0 | 2.8 | 25.8 |
EBIT | 65.0 | 13.5 | 78.6 | 162.9 | 21.0 | 183.9 |
Depreciation and amortization | 85.1 | - | 85.1 | 87.7 | - | 87.7 |
Amortization of intangible assets related to business combinations | 42.9 | - | 42.9 | 43.8 | - | 43.8 |
EBITDA | 193.0 | 13.6 | 206.5 | 294.3 | 21.1 | 315.4 |
Restructuring and transformation costs | 20.1 | - | 20.1 | 20.1 | - | 20.1 |
Gain on disposal of a Capital investment | - | (4.3) | (4.3) | - | - | - |
Gain on remeasurement of assets of disposal group classified as held for sale to fair value less cost to sell | - | - | - | (1.3) | - | (1.3) |
DPCP Remediation Agreement expense | 27.4 | - | 27.4 | - | - | - |
Adjusted EBITDA | 240.5 | 9.2 | 249.8 | 313.0 | 21.1 | 334.1 |
Note that certain totals and subtotals may not reconcile due to rounding | ||
All figures in millions of dollars |
Calculation of segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services and
Q2 2022 | Six months | |
Revenue – Engineering Services | 1,128.7 | 2,266.9 |
Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services | 289.1 | 544.5 |
Segment net revenue – Engineering Services | 839.6 | 1,722.4 |
Segment Adjusted EBITDA – Engineering Services | 125.7 | 240.6 |
Segment Adjusted EBITDA to segment net revenue ratio – Engineering Services | 15.0 % | 14.0 % |
Q2 2022 | Six months | |
Revenue – | 153.7 | 304.2 |
Less: Costs of equipment provided by the minority shareholder of | 31.2 | 58.1 |
Segment net revenue – | 122.5 | 246.1 |
Segment Adjusted EBITDA – | 7.3 | 4.2 |
Segment Adjusted EBITDA to segment net revenue ratio – | 5.9 % | 1.7 % |
All figures in millions of dollars, except otherwise indicated |
Calculation of organic revenue growth (contraction)
Q2 2022 | Q2 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 1,128.7 | 1,061.2 | 67.5 | (18.8) | - | 86.3 |
Nuclear | 221.0 | 234.7 | (13.6) | (1.3) | - | (12.3) |
O&M | 104.8 | 104.4 | 0.4 | 1.3 | - | (0.9) |
153.7 | 143.4 | 10.3 | (8.2) | - | 18.5 | |
Total – SNCL Services | 1,608.2 | 1,543.7 | 64.6 | (27.0) | - | 91.6 |
Q2 2022 | Q2 2021A | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 1,128.7 | 1,061.2 | 6.4 % | (1.9) % | - | 8.3 % |
Nuclear | 221.0 | 234.7 | (5.8) % | (0.5) % | - | (5.3) % |
O&M | 104.8 | 104.4 | 0.4 % | 1.2 % | - | (0.8) % |
153.7 | 143.4 | 7.2 % | (6.5) % | - | 13.7 % | |
Total – SNCL Services | 1,608.2 | 1,543.7 | 4.2 % | (1.9) % | - | 6.0 % |
Six months | Six months | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 2,266.9 | 2,110.8 | 156.1 | (33.3) | - | 189.4 |
Nuclear | 453.1 | 463.8 | (10.7) | (2.9) | - | (7.8) |
O&M | 241.3 | 246.0 | (4.7) | 1.4 | - | (6.1) |
304.2 | 275.3 | 28.9 | (16.0) | - | 44.9 | |
Total – SNCL Services | 3,265.5 | 3,095.8 | 169.6 | (50.8) | - | 220.5 |
Six months | Six months | Variance | Foreign | Acquisition / | Organic | |
Engineering Services | 2,266.9 | 2,110.8 | 7.4 % | (1.7) % | - | 9.1 % |
Nuclear | 453.1 | 463.8 | (2.3) % | (0.6) % | - | (1.7) % |
O&M | 241.3 | 246.0 | (1.9) % | 0.5 % | - | (2.5) % |
304.2 | 275.3 | 10.5 % | (6.8) % | - | 17.3 % | |
Total – SNCL Services | 3,265.5 | 3,095.8 | 5.5 % | (1.8) % | - | 7.2 % |
All figures in millions of dollars, except otherwise indicated | |
A Comparative figures have been restated to reflect the new reportable segments effective as of |
Calculation of booking-to-revenue ratio
Q2 2022 | |||||
Engineering Services | Nuclear | O&M | Total SNCL Services | ||
Opening backlog | 3,861.1 | 802.2 | 5,598.4 | 920.4 | 11,182.1 |
Plus: Contract bookings during the period | 1,414.4 | 226.6 | 22.7 | 56.6 | 1,720.2 |
Less: Revenues from contracts with customers recognized during the period | 1,117.1 | 220.5 | 104.8 | 153.7 |
1,596.1 |
Ending backlog | 4,158.4 | 808.3 | 5,516.3 | 823.3 | 11,306.2 |
Booking-to-revenue ratio | 1.27 | 1.03 | 0.22 | 0.37 | 1.08 |
Six months ended | |||||
Engineering Services | Nuclear | O&M | Total SNCL Services | ||
Opening backlog | 3,769.0 | 834.9 | 5,705.4 | 974.2 | 11,283.5 |
Plus: Contract bookings during the period | 2,633.6 | 425.8 | 52.2 | 153.3 | 3,264.9 |
Less: Revenues from contracts with customers recognized during the period | 2,244.2 | 452.4 | 241.3 | 304.2 |
3,242.1 |
Ending backlog | 4,158.4 | 808.3 | 5,516.3 | 823.3 | 11,306.2 |
Booking-to-revenue ratio | 1.17 | 0.94 | 0.22 | 0.50 | 1.01 |
All figures in millions of dollars, except otherwise indicated |
Calculation of net limited recourse and recourse debt to Adjusted EBITDA ratio
2022 | |
Limited recourse debt | 400.0 |
Recourse debt | 1,414.9 |
Less: Cash and cash equivalents | 567.4 |
Net limited recourse and recourse debt | 1,247.5 |
Adjusted EBITDA (trailing 12 months) | 440.6 |
Net limited recourse and recourse debt to Adjusted EBITDA ratio | 2.8 |
All figures in millions of dollars, except otherwise indicated |
Reference in this press release, and hereafter, to the "Company" or to "SNC-Lavalin" means, as the context may require,
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", "forecasts", "goal", "intends", "likely", "may", "objective", "outlook", "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, project- or contract-specific cost reforecasts and claims provisions, and future prospects; ii) business and management strategies and the expansion and growth of the Company's operations; and iii) the expected additional impacts of the ongoing COVID-19 pandemic on the business and its operating and reportable segments as well as elements of uncertainty related thereto. 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.
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 2021 Annual MD&A (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report Our Results"). 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, matters relating to: (a) ongoing and additional impacts of the COVID-19 pandemic; (b) execution of the Company's "Pivoting to Growth Strategy" unveiled in
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 2021 Annual MD&A and as updated in the first and second quarter 2022 MD&A, each filed with the securities regulatory authorities in
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 written or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
The Company's unaudited condensed consolidated interim financial statements for the three-month and six-month periods ended
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