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Letter to Shareholders

This past year Aecon continued our drive forward to be the #1 Canadian Infrastructure Company. Aecon’s financial success in 2019 demonstrates this momentum, underscored by continued growth and margin improvement across our diversified portfolio of projects. We were pleased to see revenue of $3.5 billion and Adjusted EBITDA of $222 million reach record levels, while maintaining near-record backlog of $6.8 billion at year-end. With Aecon’s Board of Directors approving an increase in the quarterly dividend to 16 cents per share from 14.5 cents per share previously – the eighth increase in the past nine years – there are many reasons we can all be Aecon Proud.

Aecon’s achievements in 2019 were underpinned by our focus on strong execution and being the Preferred Contractor for our clients across our key markets, as well as the First-Choice Employer in our industry. 

We’re proud of our storied Canadian heritage, our strong market position, the positive impacts we make in the communities in which we live and work, our first-rate safety culture, and we’re proud to profitably and sustainably build some of this generation’s most impactful projects.

Aecon’s projects are well-balanced by sector, geography, size, and duration illustrating the soundness of our strategy that continued with key new contract awards in 2019. Subsequent to quarter-end, we announced the acquisition of Voltage Power, an electrical transmission and substation contractor headquartered in Winnipeg, Manitoba for a base purchase price of $30 million. This acquisition brings key medium to high-voltage power transmission and distribution capabilities to Aecon. Voltage Power is the third strategic, tuck-in acquisition Aecon has made over the past 18 months, extending our integrated, self-perform capabilities to our core clients and in our diverse end markets. 

Additionally, subsequent to year-end, Aecon was pleased to be awarded the Pattullo Bridge Replacement project in British Columbia, further diversifying Aecon’s balanced project portfolio, while maintaining our strong backlog position.

In 2019, we adopted the Aecon Forward 2022 Strategic Plan, highlighted by four key focus areas:

  • Taking care of Aecon’s people; 
  • Improving project efficiency and maximizing profitability;
  • Balancing agility and process; and
  • Investing in tomorrow’s growth. 

These key focus areas are centred around the goal of creating a framework that motivates a culture of innovation, operational excellence and risk management to achieve best-in-class operating margins, prudent and balanced growth, and discipline in the allocation of capital – all with the collective effort of our devoted employees focused on delivering superior shareholder value.

Thank you for your continued support, or as we like to say – thank you for joining us in being #AeconProud.

Servranckx's Signature


Beck's Signature



Financial Highlights(1)

For the year ended December 31
(in millions of Canadian Dollars, except per share amounts) 2019 2018
$ $
Revenue 3,460.4 3,266.3
Adjusted EBITDA(2) 221.9 207.0
Adjusted EBITDA Margin(2) 6.4% 6.3%
Operating profit(3) 107.3 89.4
Profit 72.9 59.0
Backlog 6,790 6,821
Earnings per share
Basic 1.20 0.99
Diluted 1.12 0.94
Dividends per share 0.58 0.50
Weighted average number of shares outstanding (in millions)
Basic 60.7 59.8
Diluted 73.9 73.9

Three-Year Financial Performance


($ Millions)


($ Millions)

(Per Cent)


($ Millions)

New Contract

($ Millions)

Diluted Earnings Per Share
($ Per Share)

Annual Dividend Per Share
($ Per Share)

  1. This table presents certain non-GAAP and additional GAAP (GAAP refers to Canadian Generally Accepted Accounting Principles) 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 in the consolidated financial statements. Further details on non-GAAP and additional GAAP measures are included in the Company's Management's Discussion and Analysis and available through the System for Electronic Document Analysis and Retrieval at
  2. "Adjusted EBITDA" represents operating profit adjusted to exclude depreciation and amortization, the gain on sales of assets and investments, and net income from projects accounted for using the equity method, but including "Equity Project EBITDA" from projects accounted for using the equity method.
  3. "Operating profit" represents the profit from operations, before net financing expense, income taxes and non-controlling interests.
  4. "Like-for-like" results exclude contract mining business sold in Q4 2018 and one-time executive transition charge of $7.0 million in Q4 2019

2019 Revenue

By Segment: Construction 94%, Concessions 6%.

By Segment

By Sector: Roads and Highways 17%, Heavy Civil 15%, Urban Transportation Systems 16%, Nuclear 18%, Industrial 18%, Utilities 16%.

By Operating Sector (Construction)