Capital Markets Overview
•
Financial Position, Liquidity and Capital Resources
Balance Sheet ($M)
Free Cash Flow ($M)
September 30, 2021
Q3 2021
2020
Core Cash
Bank Indebtedness
Cash in Joint Operations
7.4
TTM
Y/E
(50.0)
Adjusted EBITDAⓇ
261.1
264.5
544.4
Total Cash^
501.8
Cash Interest Expense (net)
(40.2)
(41.9)
Net Working Capital*
Long-Term Debt
166.4
Capital Expenditures (net)
(22.7)
(34.6)
Income Taxes Paid
(67.8)
(20.4)
- Finance Leases
170.1
Free Cash Flow Before W/C and net JV Impact
130.4
167.6
Equipment & Other Asset Loans
55.3
Change in Working Capital
(22.6)
80.5
00
LT Debt excluding Convertible Debentures
225.4
Net JV Impact*
(49.3)
(43.9)
Convertible Debentures (Face Value) due Dec. 2023 (5.0%)
184.0
FREE CASH FLOW ~#
58.5
204.2
Total LT Debt plus Convertible Debentures
409.4
LT Debt to Q3 2021 TTM Adjusted EBITDA &@
- Excluding Convertible Debentures
- Including Convertible Debentures
0.9 x
1.6 x
1.7 x
Net Debt to Q3 2021 TTM Adjusted EBITDA
•
$1.5 billion total committed credit facilities for working capital and letter of credit requirements
•
No debt or working capital credit facility maturities until the second half of 2023, except equipment loans and leases in the normal course
During 2021, Aecon completed a two-year extension of its revolving credit facility (to June 30, 2025) and incorporated a sustainability-linked facility which is tied to the Company's ESG objectives
^ Excludes restricted cash associated with Bermuda Airport Project
Excludes non-recourse project debt associated with Bermuda Airport Project
+ Net debt calculated as long-term debt (including convertible debentures) plus bank indebtedness less core cash
& Calculations based on face value of convertible debentures
◆ Net Working Capital is a Capital Management measure that management uses to analyze and evaluate Aecon's liquidity and
its ability to generate cash to meet its short-term financial obligations. Management also believes this measure is commonly
used by the investment community for valuation purposes. Refer to page 22 in this presentation for the composition of Net
Working Capital and a quantitative reconciliation to the most comparable financial measure.
ACCON
*Net JV Impact represents the difference between Equity Project EBITDA included in Adjusted EBITDA (Equity Project EBITDA as
defined in Aecon's Q3 2021 MD&A) and distributions from projects accounted for using the equity method.
Excludes $30 million purchase of Voltage Power in February 2020 and final $12 million proceeds from sale of Contract Mining
business in May 2020
# Free Cash Flow is a Capital Management measure that management uses to analyze and evaluate the cash generated after taking
into consideration cash outflows that support its operations and maintain its capital assets. Management also believes this
measure is commonly used by the investment community for valuation purposes. Refer to page 22 in this presentation for a
quantitative reconciliation to the most comparable financial measure.
This is a non-GAAP financial measure. Refer to Section 4 "Non-GAAP And Supplementary Financial Measures" in the Company's Q3
2021 MD&A.
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