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FOR THE YEARS ENDED DECEMBER 31

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

 

2012

2011

 

$

$

     

Revenue

2,946

2,896.2

EBITDA*

173.3

163.1

Operating profit*

109.8

100.5

Profit attributable to shareholders

78.0

57.6

Adjusted profit attributable to shareholders*

74.8

54.5

Backlog revenue

2,428

2,390

Earnings per share

   

   Basic

1.47

1.07

   Diluted

1.18

0.84

Adjusted earnings per share*

   

   Basic

1.41

1.01

   Diluted

1.18

0.84

Dividends per share
Book value per share*

0.28

0.20

   Basic

10.25

9.20

   Diluted

10.27

9.26

Weighted average number of shares outstanding (in millions)

   

   Basic

53.0

53.9

   Diluted

79.0

86.3

2012 REVENUE BY SECTOR (%)

Infrastructure (41%)

Energy (35%)

Mining (23%)

Concessions (1%)

 
117
2008
125
2009
106
2010
163
2011
173
2012
1.23
1.20
2008
0.82
0.80
2009
0.57
0.54
2010
1.01
0.84
2011
1.41
1.18
2012
89.1
2008
76.2
2009
57.2
2010
100.5
2011
109.8
2012
59.3
2008
44.4
2009
31.0
2010
54.5
2011
74.8
2012
1877
2008
2261
2009
2750
2010
2896
2011
2947
2012
1254
2008
2183
2009
2447
2010
2390
2011
2428
2012
18.4
19.5
2008
9.9
10.6
2009
4.8
9.2
2010
8.6
12.3
2011
9.5
15.1
2012
7.64
2008
8.48
2009
8.41
2010
9.26
2011
10.27
2012
 
 
 

* The financial highlights and five-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.

Notes:

(1) The Company prepares its consolidated financial statements in accordance with Canadian generally accepted accounting principles (“GAAP”) as set out in the Handbook of the Canadian Institute of Chartered Accountants (“CICA Handbook”). In 2010, the CICA Handbook was revised to incorporate International Financial Reporting Standards (“IFRS”), and to require publicly accountable enterprises to apply such standards effective for years beginning on or after January 1, 2011. Accordingly, the Company commenced reporting on this basis in its consolidated financial statements at December 31, 2011. The term “Canadian GAAP” refers to Canadian GAAP before the adoption of IFRS. Amounts previously reported for 2010 have been restated to give effect to these changes in accordance with IFRS. Amounts reported for 2008 to 2009 reflect amounts reported previously in accordance with Canadian GAAP.

(2) EBITDA represents earnings or losses before net financing costs, income taxes, depreciation and amortization, and non-controlling interests. Net financing costs exclude interest on project specific debt which, under IFRS, is classified as a direct cost in the calculation of gross profit

(3) Adjusted earnings per share represent earnings per share calculated using adjusted profit attributable to shareholders.

(4) Operating profit represents the profit from operations, before net financing costs, income taxes and non-controlling interests

(5) Adjusted profit attributable to shareholders represents the profit attributable to shareholders adjusted to exclude the after-tax fair value gain on the embedded derivative portion of the Company’s convertible debentures.

(6) Backlog means the total value of work that has not yet been completed that: (a) has a high certainty of being performed as a result of the existence of an executed contract or work order specifying job scope, value and timing; or (b) has been awarded to Aecon, as evidenced by an executed binding letter of intent or agreement, describing the general job scope, value and timing of such work, and where the finalization of a formal contract respecting such work is reasonably assured.

(7) Return on Equity is calculated as profit attributable to the Company divided by the average of shareholders’ equity at the beginning and end of the fiscal year

(8) Return on Capital Employed is calculated as operating profit divided by the average of shareholders’ equity, convertible debentures and long-term debt, at the beginning and end of the fiscal year.

(9) 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 LTIP shares, 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 LTIP shares.

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