DELIVERING
ON PROMISES
2022 ANNUAL REPORT
Non-IFRS Financial Ratio
The Company reports its financial results in accordance
with IFRS. However, Organic revenue growth is a non-IFRS
financial ratio used by the Company in this document.
Additional details for this non-IFRS financial ratio can be
found below and in Sections 4 and 13 of the Company’s
2022 annual MD&A, which sections are incorporated by
reference into this document, filed with the securities
regulatory authorities in Canada, available on SEDAR at
www.sedar.com and on the Company’s website at www.
snclavalin.com under the “Investors” section, including
the reconciliation to the most directly comparable IFRS
measures. This non-IFRS financial ratio does not have any
standardized meaning under IFRS and therefore may not
be comparable to similar measures presented by other
issuers. This non-IFRS financial ratio has limitations and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with
IFRS. However, management believes that, in addition to
conventional measures prepared in accordance with IFRS,
this non-IFRS ratio provides additional insight into the
Company’s operating performance and financial position
and certain investors may use this information to evaluate
the Company’s performance from period to period.
Notice on Forward-Looking Information
Reference in this document, to the “Company” or to
“SNC‑Lavalin” means, as the context may require,
SNC‑Lavalin Group Inc. and all or some of its subsidiaries
or joint arrangements or associates, or SNC‑Lavalin
Group Inc. or one or more of its subsidiaries or joint
arrangements or associate. Statements made in this
document that describe the Company’s or management’s
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: future revenues, economic performance,
business and management strategies and the expansion
and growth of the Company’s operations 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 and the forward-
looking financial information made in this presentation
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 2022
annual Management Discussion and Analysis (“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 and forward-looking
financial information. 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 and forward-looking financial
information. These risk factors are set out in Section 14 of
the Company’s 2022 annual MD&A. The forward-looking
statements herein reflect the Company’s expectations
as at the date of this document 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.
Forward-looking statements include statements
relating to environmental, social and governance ("ESG")
commitments or targets as well as actions that may be
undertaken by or on behalf of the Company to achieve
such commitments or targets (including with respect to
the Company’s emissions reduction forecast and targets,
and the Company’s diversity targets which include
increasing the proportion of women in managerial and
senior professional role to 25% by 2025). The Company’s
environmental commitments and targets are based on the
Company’s current strategic plan, geographic footprint,
mix of lines of business and overall size and scope of
operations as well as a number of assumptions, including,
without limitation, the following material assumptions:
the Company’s ability to develop and implement various
corporate and business initiatives, including new
procedures, policies and targets, to decarbonize current
infrastructure and foster a new culture of low carbon
behavioural change and choices across the Company’s
workforce; the Company not undertaking or pursuing
any new corporate or business initiatives, business
acquisitions, investments, joint ventures or technologies
that would materially increase the Company’s anticipated
levels of greenhouse gas ("GHG") emissions; future
earnings and the Company continuing to have a solid or
adequate financial position that can support or justify
such commitments, targets and actions; the availability
of comprehensive and high-quality GHG emissions and
other third party data, including data-driven solutions
to decarbonize the built environment; the ability of
the Company to develop and maintain indicators to
effectively monitor its advancements; projections with
respect to renewable electricity generation and the
built environment; there being no negative impact on
the calculation of the Company’s GHG emissions from
refinements in or modifications to international standards
or the methodology the Company uses for the calculation
of such GHG emissions; sufficient collaboration with,
and active and continued participation of stakeholders
(including the employees, clients, suppliers and other main
agents of the Company and the communities in which it is
present), including by reducing their own GHG emissions;
the ability of the Company to purchase sufficient credible
carbon credits and renewable energy certificates to offset
or further reduce GHG emissions, if and when required;
the development and deployment of new technologies
and sustainable products; the ability of the Company
to identify climate-related opportunities as well as
assess and manage climate-related risks; the general
economic environment and financial market conditions
in countries where the Company operates; geopolitical
and sociopolitical uncertainty; and changes made to
regulations that may affect the Company’s business and
the development of ESG requirement regulations. The
Company’s diversity commitments and targets are based
on a number of assumptions, including, without limitation,
the following material assumptions: the Company’s
ability to leverage equality, diversity & inclusion (“ED&I”)
partnerships and recruitment agencies to help identify
qualified diverse talent for vacant positions, including
in leadership positions and on the Company’s board of
directors and with the requisite skill-set or expertise for
the Company; sufficient diverse labour market availability;
the implementation of corporate and business initiatives
to increase awareness, education and engagement in
support of the Company’s ED&I targets; and the ability
of candidates, employees and directors to self-identify to
enable a diverse representation of qualified candidates.
® CANDU is a registered trademark of Atomic
Energy of Canada Limited, used under exclusive
license by Candu Energy Inc., a subsidiary of
SNC‑Lavalin. TM is a trademark of SNC‑Lavalin.
2
SNC-LAVALIN 2022 ANNUAL REPORT
SNC-LAVALIN 2022 ANNUAL REPORT
2
CONTENTS
Financial Highlights
04
Letter from the President and CEO
05
Letter from the Chair of the Board
08
Key Highlights
11
2022 Key Highlights
11
Projects
12
2022 Awards
15
ESG
16
Leadership Team
19
2022 Financial Report
20
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SNC-LAVALIN 2022 ANNUAL REPORT
FINANCIAL HIGHLIGHTS
2022 Revenues by Geographic Area
52%
Americas
10%
Middle East & Africa
34%
Europe
4%
Asia Pacific
13,000
12,000
Americas
13,000
12,000
Europe
5,000
4,000
Asia Pacific
Middle East and Africa
Employees
3,000
3,000
2022
2021
2022
2021
2022
2022
2021
2021
Revenues and Backlog
6.7
6.5
Revenues ($B)
11.9
11.4
Backlog ($B)
2022
2021
SNCL Services and Capital
0.8
0.9
Revenues ($B)
0.7
1.2
Backlog ($B)
2022
2021
LSTK Projects
7.5
7.4
Revenues ($B)
12.6
12.6
Backlog ($B)
2022
2021
Consolidated
2022 Revenues by Segment
(1) ~35% of the nuclear revenues are from
final decommissioning, waste management
and environmental clean-up
SNCL Services 88%
62% Engineering Services
12% Nuclear (1)
7%
O&M
7%
Linxon
LSTK Projects 11%
Capital 1%
4
SNC-LAVALIN 2022 ANNUAL REPORT
Transformation requires careful
planning and design, followed by
skillful execution. For SNC‑Lavalin,
2022 marked the first full year that
we began executing on our “Pivoting
to Growth” strategy, and delivering
on the financial, growth and ESG
objectives that we have set out as
we transform into a fully integrated
global professional services and
project management firm.
While 2022 was a challenging year
for the world in many respects, as a
company, we remained focused on our
strategic objectives and the competitive
advantages that differentiate SNC‑Lavalin
as an end-to-end provider in
key global markets.
And I am proud to say that we delivered
across a range of areas, from our
financial metrics and new market wins,
to expanding our global talent roster by
3,000 employees and making progress
towards our gender diversity targets.
As a result of this transformative work,
which is anchored in our corporate
purpose of engineering a better
future for our planet and its people,
SNC‑Lavalin is uniquely well-positioned
to provide engineering solutions for
the most important infrastructure
imperatives and opportunities of
our time. Whether it's decarbonizing
aging buildings, or transitioning to
clean energy including nuclear power,
SNC‑Lavalin has and continues to
demonstrate its ability to help clients
and countries to deliver on their carbon
Net Zero and sustainability priorities.
Generating consistent and profitable
growth is a core objective that is
hardwired into our strategy and our
financial targets. In 2022, we achieved
or exceeded most of our outlook targets,
with SNCL Services generating 6.8%
organic revenue growth1 during the year
while this line of business notched seven
consecutive quarters of year-on-year
revenue growth. SNCL Services Segment
Adjusted EBIT to segment revenue
ratio also came in on target at 8.7%.
In terms of backlog, SNCL Services
book of business grew by 4.9% to
$11.8 billion dollars, bolstered for
three consecutive quarters by a
record Engineering Services segment
backlog being at $4.7 billion at the
end of 2022. Engineering Services
outperformed as the Company
continued to successfully expand its
market share in core geographies.
LETTER FROM THE PRESIDENT AND CEO
(1) Organic revenue growth is a non-IFRS ratio comparing
organic revenue, itself a non-IFRS financial measure,
between two periods. Please refer to note “Non-IFRS
Financial Ratio” on page 2 of this document for details
on this non-IFRS ratio.
5
SNC-LAVALIN 2022 ANNUAL REPORT
SNC‑LAVALIN 2022 ANNUAL REPORT
The year was not without its challenges
however, as supply chain disruptions,
inflation and labour actions affected work
on our three remaining LSTK projects,
resulting in a financial loss for the LSTK
Projects segment. We nonetheless
succeeded in largely completing the
physical work on two of the projects –
a major milestone – and recorded what
we expect to be the last unfavourable
material LSTK cost reforecast.
With the LSTK challenge largely behind
us, contributing to a significant de-risking
of the business, SNC‑Lavalin expects to
generate positive operating cash flow in
the second half of 2023. This is in line
with the 2022-2024 targets we set out
in our “Pivoting to Growth” strategy,
and will provide the Company with
the financial flexibility to continue to
execute on our plan and drive growth.
Through our investments in data-driven
digital technologies, a focus on our
core markets and capabilities, and a
commitment to our corporate purpose,
we demonstrated our ability in 2022
to deliver as a leader of engineered
solutions for achieving carbon Net Zero
and building sustainable infrastructure.
Indeed, SNC‑Lavalin increased revenue
and secured exciting new project wins
across a number of geographies.
In Canada, we entered into an agreement
to develop the first Small Modular
Reactor in North America for Ontario
Power Generation. This is a potential
game-changer for the industry and
underscores the pivotal role nuclear
energy will play in achieving global
Net Zero. As demand and interest grows
for refurbishments and life extensions
of existing plants, as well as new builds
– which we are seeing in markets such
as the UK and the US - our world-class
capabilities are ideally positioned for an
anticipated revival in nuclear energy use.
In the UK, we added to a growing roster
of projects with the government focused
on achieving its Net Zero commitments.
In addition to ongoing work to decarbonize
ageing government office buildings,
the Company is now collaborating with
the Department of Business, Energy
and Industrial Strategy to develop a
roadmap for reducing emissions at
energy intensive industrial sites across
the country. It’s an ambitious endeavor
in which we are deploying our own
technology to scope out the most viable
and cost-effective decarbonizing options,
from carbon capture utilization and
storage to fuel switching and retrofits.
In the US, the Company continued
to execute on its ‘land and expand’
strategy, with new highway and airport
infrastructure projects in Florida as well
as work in Texas and North Carolina
to improve flood preparedness and
resiliency. With the Biden Administration
heavily investing in clean energy as well
as new roads, bridges and rail through
the Infrastructure Investment & Jobs
Act and the Inflation Reduction Act,
the US is expected to be an important
growth driver going forward.
All told, approximately half of
SNC‑Lavalin’s total revenues for
2022 were derived from projects
contributing to a sustainable future
and carbon free economy. It’s an
accomplishment I am personally very
proud of, and is aligned with our own
internal efforts to achieve carbon
Net Zero goal as a Company by 2030.
6
Over the past year, we took a number of
measures to enhance accountability and
introduce rigour to the process, including
linking ESG targets to employees
participating in the Annual Incentive
Plan (AIP), incorporating a sustainability-
linked loan framework into our credit
facilities, and committing to the United
Nations’ Science-Based Targets Initiative,
which set emissions reduction targets
in line with the Paris Agreement.
In short, we are delivering on our
corporate purpose and our promise as a
leading global professional services and
project management company. We are
in the right markets, at the right time,
and with the right people and expertise.
And as we look forward, our sights
are firmly fixed on creating long‑term
value for our employees, our
customers, our shareholders and the
communities in which we operate.
I want to thank our customers for their
partnerships and our shareholders for
their continued support. I appreciate
your belief in the Company and this
management team. I also want
to thank the Board for its ongoing
guidance and I look forward to
our continued collaboration.
Most importantly, I want to thank our
employees around the world. It is
through your hard work and dedication
that we have transformed SNC‑Lavalin
and achieved all that we have, and I
am very excited about our future, and
what we can accomplish together.
Ian L. Edwards
President and CEO
7
SNC-LAVALIN 2022 ANNUAL REPORT
In 2022, SNC‑Lavalin decisively
pivoted to look forward. The past
twelve months presented the
Company with heightened geopolitical
uncertainty and complexity, and
ensuing challenges including
supply chain disruptions, high
inflation and labour shortages.
Despite these global forces at play, and
with guidance from an engaged Board, the
executive leadership team was steadfast
in the rollout of the three-year growth
strategy that positions the Company
for the future and that remains firmly
committed to our purpose to engineer a
better future for our planet and its people.
Positioned for the future with the
deployment of the strategic growth plan
2022 was a decisive year for SNC‑Lavalin,
as the three-year strategic growth plan
unveiled in late 2021 unfolded and started
to yield results. The Company reached
a milestone in its transition away from
LSTK projects, with the two Ontario
projects largely physically complete.
This wind down of the last LSTK projects
should lead to positive free cash flow in
the second half of 2023, strengthening
the balance sheet and providing options
for capital allocation to stimulate
growth and reward shareholders.
With the transformation into a fully
integrated professional services and
project management company almost
complete, SNC‑Lavalin is positioned to
deliver sustainable growth going forward.
The Engineering Services business had
a solid performance again this year,
continuing to generate strong revenue
and backlog growth. In addition, the
renewed interest in nuclear energy as
the world becomes more engaged in the
path to Net Zero carbon emissions is
bolstering a sector where the Company
has a global competitive advantage.
LETTER FROM THE CHAIR OF THE BOARD
8
SNC-LAVALIN 2022 ANNUAL REPORT
Broader perspective
from new Directors
The Board welcomed two new Directors
in 2022: Baroness Ruby McGregor-Smith
CBE and Québec-based Mr. Robert Paré.
Their combined experience and skills in
corporate governance and leadership
were a beneficial addition to support
SNC‑Lavalin in the deployment of its
growth strategy, and I feel privileged to
lead a Board with such deep expertise.
Together, the Directors are committed
to continue providing guidance to fulfill
the Company’s vision and oversight
to uphold the highest standards of
governance, all this to ensure the
longevity of SNC‑Lavalin as a purpose-
driven company. On behalf of the Board of
Directors and SNC‑Lavalin management,
I would also like to extend my gratitude to
outgoing Director Ms. Isabelle Courville,
who will not stand for re-election, for
her valued contribution to the Board.
Progressing on our ESG agenda
The Board is pleased with the continued
progress accomplished on SNC‑Lavalin’s
broad ESG agenda in 2022, both
internally on our integrity journey and
our ED&I and carbon targets, as well
as externally with our clients through
our Engineering Net Zero work.
Concerning ED&I, SNC‑Lavalin pursued
the implementation of a robust global
program which cascades into supporting
local action plans to maintain and create
a more representative and inclusive
culture for all its employees. The Board
notes the progress achieved this year
across all categories towards the 2025
gender diversity targets – to have at least
33% representation by women across
the Company and at least 25% among
managers and senior professionals
– with the most significant impact at
the executive leadership level. We will
continue to closely monitor progress.
In addition to executive compensation,
which is tied to integrity, HSE,
sustainability and ED&I performance
metrics, the Board supported another
layer of incentive to advance the ESG
agenda. SNC‑Lavalin extended its
corporate credit facilities, reducing
borrowing costs contingent upon the
achievement of certain ESG targets linked
to reducing greenhouse gas emissions
and to increasing gender diversity in
managerial and senior professional roles.
The GES Committee reviewed the
results of a comprehensive materiality
assessment undertaken to realign
the Company’s ESG priorities with
its vision and purpose. Developed
to be used as a basis for internal
and external communications going
forward, the materiality assessment
simplified model looks at twelve ESG
measurement categories that represent
priority societal issues that are most
material to SNC‑Lavalin’s activities as
an organization and across its projects.
The Board received the fourth and
last report from the independent
monitor, which highlights SNC‑Lavalin’s
tremendous progress in its integrity
journey: “ SNC‑Lavalin has expended
considerable effort remediating its ABC
(anti-bribery and corruption) Compliance
Program and transforming its culture
of ethics and compliance, resulting in
what we now view as one of Canada’s
leading ABC Compliance Programs.”(1)
The report confirms that the Company’s
integrity program now contains an
adequate continuous review and
improvement system to ensure the
program’s sustained robustness
and effectiveness over time.
The Board commends SNC‑Lavalin’s
leadership for the relentless work
accomplished since 2012 and
remains committed to overseeing
the evolution of the Company’s
best-in-class integrity program.
(1) The Final Report of the independent monitor, dated
December 18, 2022, is available on the Company’s website
at www.snclavalin.com under “Investors”/“Independent
monitor”/“Third Follow-up Review Report (December 2022)”.
9
SNC-LAVALIN 2022 ANNUAL REPORT
For its part, the Audit and Risk Committee
oversaw the comprehensive rollout of
the Company’s renewed ERM framework,
strategy, policies and governance,
following last year’s adoption of a
broader mandate to drive more robust
and effective governance around risks
the Company faces. Within this ERM
framework, strategic risks were identified
and are monitored by executive sponsors
who report on progress to the appropriate
Board Committees. Equipped with Key
Risk Indicators (KRIs) that were developed
to track and report on the evolution of
those strategic risks, the Board conducted
the first annual review of the new
ERM framework. Its operationalization
will continue in 2023 to ensure it is
integrated at all levels of the Company’s
projects and corporate functions.
I want to close by thanking our talented
global workforce for their continued
dedication and commitment to
SNC‑Lavalin and for their support in
building a future-facing Company.
I would also like to extend my
appreciation to the shareholders for
their ongoing support and confidence
in SNC‑Lavalin’s future as a world-
leading professional services and
project management firm.
William L. Young, P.Eng.
Chair of the Board
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SNC-LAVALIN 2022 ANNUAL REPORT
Unveiled technologically
advanced spaces called
Lava Labs in London, Montreal,
Bangalore and Whitehaven;
designed to accelerate
global digital capabilities
and delivery and harness co-
creation and collaboration.
Entered into an agreement
with Ontario Power Generation
and alliance partners Aecon
and GE-Hitachi to build the
first grid-scale Small Modular
Reactor in North America.
Selected as a Delivery Partner
for THE LINE, NEOM’s flagship
urban development in Saudi Arabia
that will be a 170 kilometers long
and 200 meters wide cognitive
city run on 100% clean energy.
Appointed Joe St. Julian as
President of Nuclear to lead the
expansion of the nuclear business
in the U.S. and around the world.
Appointed Andrée-Claude Bérubé
as Executive Vice-President and
General Counsel, taking over
leadership of SNC‑Lavalin’s Legal
Affairs and Integrity team.
2022 KEY HIGHLIGHTS
In 2022, SNC‑Lavalin pursued its purpose to engineer
a better future with focus on projects that directly
address pressing global challenges such as climate
adaptation and the transition to clean energy,
reaching domestic and international Net Zero targets,
building sustainable infrastructure and decarbonizing
the built environment and pursuing digital innovation
to support these major transformational shifts.
11
SNC-LAVALIN 2022 ANNUAL REPORT
SNC‑LAVALIN 2022 ANNUAL REPORT
PROJECTS
Canada
Appointed by the City of Calgary as
the Delivery Partner for the Green
Line LRT, the largest infrastructure
investment in the city’s history.
Awarded contract to perform advanced
non-destructive examination and
associated maintenance on fuel
channels for the CANDU® heavy
water reactors at Bruce Power.
Won a mandate to deliver specialized
engineering and design services to
Eclipse Automation, in support of the
development of Canadian Nuclear
Laboratories’ new Advanced Nuclear
Materials Research Centre.
Announced a strategic partnership to
advance the development and deployment
of next-generation Small Modular
Reactor (SMR) nuclear technology in
Canada, including efforts to license and
construct a first of a kind waste burning
SMR in the province of New Brunswick.
Selected to design and build tooling
systems for Bruce Nuclear Generating
Station Life Extension Program.
Chosen to support turbine generator
refurbishment work on Units 1, 2,
and 4 at Ontario Power Generation’s
Darlington Nuclear Generating Station.
Conducting multiple stages of work
on the Unit 1 CANDU® reactor at
Cernavoda Nuclear Generating
Station in Romania in preparation for
its planned life extension to 2060.
Awarded an Owners Engineering
mandate from Transmission Developers
Inc. for the Champlain Hudson Power
Express project, a high voltage direct
transmission line that will be deployed
from Canada to the United States.
12
SNC-LAVALIN 2022 ANNUAL REPORT
U.S.
Provided consulting and advisory services
for the development of the U.S. Federal
Emergency Management Agency’s first-
ever building codes strategy, helping
the country improve resiliency and
minimize losses from natural disasters.
Helping the Texas Water Development
Board develop and update flood risk
maps to support the implementation
of the first state flood plan.
Providing floodplain mapping services
for the North Carolina Division of
Emergency Management to enhance
preparedness and flood resiliency.
Contracted to provide professional
engineering services for select highway
and bridge construction projects across
all regions of the Federal Highway
Administration in the United States.
Selected for a second term as the
statewide Intelligent Transportation
Systems Communications
General Consultant for the Florida
Department of Transportation.
Contracted to provide general
engineering, consulting and construction
engineering and inspection services
for the Georgia Department of
Transportation, helping provide safe,
reliable transportation infrastructure.
Providing relocation and outfitting
services for the replacement of the
General Leonard Wood Army Community
Hospital in the state of Missouri.
Awarded a design and engineering
contract to replace the Shepard Broad
Causeway bridge in south Florida.
Awarded contract to provide program
management and design criteria
professional services for Florida’s
Pensacola International Airport.
Chosen by the Colorado Department
of Transportation to provide design
engineering services to help
improve resiliency, safety, travel
times and trip reliability along
the I-70 Mountain Corridor.
SNC‑LAVALIN 2022 ANNUAL REPORT
13
SNC-LAVALIN 2022 ANNUAL REPORT
U.K. & Europe
Working with the U.K. Government’s
Department of Business, Energy and
Industrial Strategy to develop industrial
decarbonization roadmaps for sites across
the U.K., helping to accelerate progress
towards Net Zero emissions by 2050.
Appointed alongside joint venture
partner Jacobs to help develop
the U.K. Government’s third Road
Investment Strategy (RIS3).
Awarded contract by Network Rail
in the United Kingdom to deliver
the final phase of the Feltham to
Wokingham re-signalling scheme.
Formed a new consortium of leading
British aviation companies awarded
government funding to demonstrate the
commercial and operational viability
of Advanced Air Mobility (AAM).
Appointed to lead a consortium by UK
Atomic Energy Authority (UKAEA)
as Engineering Delivery Partner to
its pioneering Spherical Tokamak for
Energy Production (STEP) program as
it seeks to demonstrate the commercial
viability of fusion energy, in addition to
being appointed Power Infrastructure
Partner to the program in 2022.
Working in alliance with Network
Rail to manage and deliver signalling
renewals across the south of England.
Appointed by daa as its multidisciplinary
consultant for the delivery of both
civil and airfield engineering design
services and buildings & terminals
work at Dublin and Cork airports,
including landside and airside
infrastructure, runways and taxiways.
SNC‑LAVALIN 2022 ANNUAL REPORT
14
2022 AWARDS
Received a Quality Management award
for the Samuel-de-Champlain Bridge
Corridor Project in Montreal, Quebec,
by the International Road Federation.
The Muskrat Falls Lower Churchill
Development Team in Newfoundland
and Labrador, Canada, won the
2022 Constructed Project Award
of Excellence from the Canadian
Dam Association for their significant
contributions to the industry.
Recipients of two awards for the
Decarbonomics™ platform, organized
by the Society of Digital Engineers
of the Chartered Institute of Building
Services Engineers: 'Best Process and
its Application' and 'Digital Champion'.
Awarded the 2022 Sustainability &
Environmental Excellence Award for
the Great Crested Newts Detection
Dogs project by Rail Business.
Received ACEC Metropolitan Washington
and ACEC North Carolina Engineering
Excellence Honors Awards for the U.S.
74 Resiliency Study and an ACEC-North
Carolina Honors Award for Beyond 77.
Recognized as consultancy of the
year in Saudi Arabia by Construction
Week KSA Awards 2022.
The Global Technology Center in
India awarded a ‘Great Place to Work’
for the second time and ‘Workplace
with Inclusive Practices’, by the Great
Place to Work Institute in India.
Winner of the Silver Award for
Outstanding Architecture (Commercial
Hong Kong) for the Hari Hotel at
the Build4Asia Awards 2022.
15
SNC-LAVALIN 2022 ANNUAL REPORT
ESG HIGHLIGHTS
Conducted a materiality assessment and
realigned the Company's ESG priorities
with its purpose: “Engineering a better
future for our planet and its people”.
Expanded ESG link to employee compensation
to include Integrity, Health & Safety, Equity,
Diversity & Inclusion (ED&I) and Sustainability
measures constituting 10% of the Annual
Incentive Plan for all participants.
Incorporated sustainability-linked loan in
credit facilities, reducing borrowing costs
contingent upon the achievement of ESG
targets linked to reducing greenhouse gas
emissions by 60% by 2025 and achieving
25% of women representation in managerial
and senior professional roles by 2025.
ESG RECOGNITION
The Ethisphere Institute awarded
SNC‑Lavalin with the coveted Compliance
Leader Verification for 2023-2024.
Selected by Corporate Knights as one
out of only 34 businesses that have
stated a clear societal purpose.
Joined Women in Mining Brazil, a volunteer-
run, non‑profit organization dedicated to
promoting the employment, retention and
advancement of women in the mining sector.
Maria de Lourdes Bahia, Vice President of
Mining & Metallurgy in Latin America among
100 Global Inspirational Women in Mining.
ESG
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SNC-LAVALIN 2022 ANNUAL REPORT
ENVIRONMENTAL
In 2022, approximately half of
SNC‑Lavalin’s total revenues
were derived from projects
contributing to a sustainable
future and carbon free economy.
Advanced nuclear power as a clean
energy source in multiple jurisdictions,
with recent agreement to develop North
America's first Small Modular Reactor,
progressing work toward 30-year life-
extensions for CANDU® nuclear reactors
in Canada and Romania, and supporting
the development of a cutting-edge
nuclear research facility outside Ottawa.
Supporting the U.K. government in the
decarbonization of energy intensive
industrial sites to help accelerate
the country’s progress towards
Net Zero emissions by 2050.
Collaborating with MBC Group to
deliver climate recovery and loss
prevention solutions to bolster the
resiliency of buildings and infrastructure
against, and recovery in the aftermath
of, the effects of climate change
and extreme weather events.
SOCIAL
Announced the launch of Indigenous E3,
a special purpose limited partnership
formed between SNC‑Lavalin and
Indigenous Community and Engagement,
to identify and deliver projects that
support Indigenous advancement
and long-term prosperity.
Joined the Global Parity Alliance, a cross-
industry group committed to advancing
ED&I around the world and highlighting
Lighthouse initiatives that showcase
significant, scalable, quantifiable and
sustained ED&I impact from organizations
who are shaping prosperous, resilient
and equitable economies and societies.
17
SNC-LAVALIN 2022 ANNUAL REPORT
Supported the Canadian Red Cross’
relief efforts for Hurricanes Ian and
Fiona, as well as the organization's
Ukraine Humanitarian Crisis Appeal.
Continued annual support for The
Montreal Children's Hospital’s Caring
for Kids Radiothon fundraiser.
Sponsored, for the seventh year in
a row, Ryerson University’s Virtual
Ethical Leadership Case Competition.
GOVERNANCE
The Board of Directors welcomed
two new Directors in 2022:
Baroness Ruby McGregor-Smith
CBE and Mr. Robert Paré.
Made progress towards 2025 gender
diversity by achieving 30% female
membership on Board of Directors.
Received the fourth and last
report from the independent
monitor reporting to the Court of
Quebec, highlighting the steady
progress in our integrity journey,
confirming that SNC‑Lavalin's
integrity program now contains an
adequate continuous review and
improvement process to ensure the
program’s sustained robustness
and effectiveness over time.
18
SNC-LAVALIN 2022 ANNUAL REPORT
LEADERSHIP TEAM
Nigel W. M. White
Executive Vice-President,
Project Performance
and Risk Oversight
Erik J. Ryan
Executive Vice‑President,
Strategy, Marketing and
External Relations
James Cullens
Executive Vice‑President,
Human Resources
Robert E. Alger
President, Major Projects
Stéphanie Vaillancourt
President, Capital
and Operations &
Maintenance (O&M)
Joe St. Julian
President, Nuclear
Steve Morriss
President, Eng. Services,
US, APAC, and M&M
Philip Hoare
President, Eng. Services,
UK, Europe, MEA,
India, and Canada
Jeff Bell
Executive Vice‑President
and Chief Financial Officer
Ian L. Edwards
President and
Chief Executive Officer
Andrée-Claude Bérubé
Executive Vice-President
and General Counsel
SNC‑LAVALIN 2022 ANNUAL REPORT
19
19
2022
FINANCIAL
REPORT
2022
FINANCIAL REPORT
1
2
5
10
93
181
Table of contents
Management’s Responsibility for Financial Reporting
Independent Auditor’s Report
Consolidated Financial Statements
Notes to Consolidated Financial Statements
2022 Management’s Discussion and Analysis
General Shareholder Information
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