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Quarterly
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| March 31, 2002 SNC-Lavalin Announces Strong Results and a Dividend Increase Highlights Net income for the first quarter of 2002 was $139.1 million, compared to $6.0 million reported for the same period last year. This increase was due to: · the sale of 25.7% of SNC-Lavalin's shares in Highway 407 · a Highway 407 partner's commitment to convert its debenture into common shares · share of net loss and consolidation eliminations from Highway 407 decreased · non-amortization of goodwill in 2002 · higher net income in operations, excluding Highway 407 Revenues increased by 11% to $627 million. Backlog was $3.6 billion, compared to $3.5 billion at year-end. The Board of Directors increased the quarterly dividend from $0.08 to $0.09 per share. SNC-Lavalin Announces Strong Results and a Dividend Increase MONTREAL: Thursday, May 9, 2002 - The SNC-Lavalin Group today reported a significant increase in net income, with a first quarter result of $139.1 million in 2002 compared to $6.0 million reported for the same period last year. Revenues also increased by 11% to $627.2 million from $564.9 million last year. The net income increase was due to a number of developments in the Highway 407 concession and elsewhere. The sale of 25.7% of SNC-Lavalin's investment in Highway 407 resulted in an after tax gain of $115 million, after allocated charges of $6 million. In addition, one of the Company's partners in the concession committed to convert its subordinated debenture into common shares, which resulted in a dilution gain amounting to approximately $10 million. Also, SNC-Lavalin's proportionate share of net accounting losses in Highway 407, after consolidation eliminations, was $2 million less than it was in the first quarter of last year. Furthermore, under the new recommendations of the Canadian Institute of Chartered Accountants (CICA), the Company no longer amortizes goodwill in 2002, whereas in 2001, $3 million in goodwill amortization was reported. Finally, the Company's net income in the first quarter of 2002, excluding Highway 407, was $19 million. On a comparable basis, this was a $3 million increase from the first quarter result of $16 million in 2001. "Over and above the proceeds from the sale of 25.7% of our shares in Highway 407, the concession started paying dividends," said Jacques Lamarre, President and Chief Executive Officer of SNC-Lavalin Inc. "It paid two consecutive dividends to its equity holders in the last two quarters, and intends to continue paying quarterly dividends. We remain a key stakeholder in the Highway with 16.8% ownership, and have a great deal of confidence in its ongoing success." SNC-Lavalin's backlog increased to $3.6 billion by the end of the first quarter of 2002, compared to the 2001 year-end figure of $3.5 billion. The most significant change was in the packages' backlog, which increased by 51% to $1.3 billion, owing primarily to new awards in the infrastructure and chemicals and petroleum sectors. The Company's concessions' backlog decreased by $306 million, mainly due to the change in the percentage ownership in Highway 407 and the timing of long-term contracts in facilities and operations management. In line with the Company's strategy to increase its concession portfolio, the AltaLink transaction closed on April 29, 2002, creating Canada's first independent transmission company. More recently, the Malta Mediterranean Link consortium, in which the Company holds a 36% share, announced that it was selected to assume a 40% interest in Malta International Airport p.l.c. under a 65-year concession agreement. "Our strong balance sheet positions us well to pursue further concession and investment opportunities," said Jacques Lamarre, "Moreover, given our solid financial position and backlog, and the many opportunities both within and outside Canada, we're very optimistic about the year ahead." Based on this positive outlook, the Board of Directors declared a quarterly dividend of $0.09 per share, payable on June 6, 2002 to SNC-Lavalin shareholders of record on May 23, 2002. This marked the second consecutive quarterly dividend increase since March 1, 2002, when the dividend went from $0.07 to $0.08 per share. In other developments, Guy Saint-Pierre retires today as SNC-Lavalin Group Inc.'s Chairman of the Board to continue as Chairman of the Board of the Royal Bank of Canada. Mr. Saint-Pierre is succeeded by John E. Cleghorn, former Chairman and CEO of the Royal Bank of Canada. "I would like to extend a warm welcome to John Cleghorn as our new Chairman, and offer my sincere thanks to Guy Saint-Pierre, for his wise and valued counsel as Chairman of the Board over the last six years" said Mr. Lamarre. SNC-Lavalin (TSX:SNC) is one of the leading groups of engineering and construction companies in the world and a global leader in the ownership and management of infrastructure. The SNC-Lavalin companies employ 10,000 people in offices across Canada and in 30 other countries around the world and are currently working in some 100 countries. Reference in this press release, and hereafter, to "the Company" or to "SNC-Lavalin" includes, as the context may require, SNC-Lavalin Group Inc. and all or some of its subsidiaries, or SNC-Lavalin Group Inc. or one or more of its subsidiaries. Statements made in this press release that describe the Company's or management's objectives, projections, estimates, expectations or predictions of the future may be "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should", "estimates", "anticipates", or the negative thereof or other variations thereon. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties and that its actual actions 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  Download the highlights. (10K) Click here to download the quarterly financial
results. (29K) Click here to consult the management's discussion and
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