Stantec Inc
(NYSE:STN)

Stantec Inc. provides professional consulting services in the area of infrastructure and facilities in Canada, the United States, and internationally. The company provides consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, pr...

Website: http://www.stantec.com

Founded: 1954

Full Time Employees: 22,000

Sector: Industrials

Industry: Engineering & Construction

Industrials

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-08-10	2022-06-30	2022-05-11	2022-03-31	2021-08-04	2021-06-30	2021-03-31	2020-11-04	2020-09-30	2020-08-05	2020-05-06	2020-02-26	2019-11-06	2019-08-07	2019-05-09	2019-02-28	2018-11-08	2018-08-08	2018-05-10	2018-02-21	2017-11-09	2017-08-09	2017-05-10	2017-02-22	2017-02-21	2016-11-09	2016-08-03	2016-05-11	2016-02-24	2015-11-04	2015-08-05	2015-05-13	2015-02-25	2014-11-05	2014-08-06	2014-06-30	2014-05-14	2014-02-26	2013-10-30	2013-07-31	2013-05-08	2013-02-20	2012-11-01	2012-08-02	2012-05-10	2012-02-23	2011-11-03	2011-06-30	2011-03-31	2010-11-04	2010-09-30	2010-08-05	2010-06-30	2010-05-13	2010-03-31	2010-02-25	2009-11-05	2009-08-06	2009-06-30	2009-05-14	2009-03-31	2009-02-26	2008-10-30	2008-07-31	2008-06-30	2008-04-24	2008-03-31	2008-02-21	2007-12-31	2007-11-01	2007-09-30	2007-08-02	2007-06-30	2007-05-03	2007-03-31	2007-02-22	2006-09-30	2006-08-03	2006-06-30	2006-05-15	2006-03-31	2006-02-23

gross revenue	2,140,500,000	1,964,300,000	1,923,600,000	1,929,400,000	1,889,700,000	1,721,400,000	1,693,200,000	1,638,200,000	1,539,200,000	1,473,200,000	1,376,600,000	1,376,600,000	1,313,900,000	1,313,900,000	1,134,000,000	1,134,000,000	1,089,200,000	1,177,900,000	1,177,900,000	1,205,600,000		4,827,300,000	1,241,500,000	1,224,100,000	1,151,500,000		1,086,600,000	1,358,200,000	1,281,700,000	5,140,100,000	1,299,181,000	1,318,681,000	1,276,260,000	4,300,130,000	1,246,000,000	1,257,313,000	1,046,642,000	755,383,000	2,877,245,000	750,809,000	710,254,000	705,723,000	2,529,918,000	674,685,000	633,819,000	633,819,000	573,893,000	2,236,410,000	581,166,000	566,724,000	513,207,000	1,882,900,000	483,687,000	476,243,000	439,051,000	1,683,403,000	430,354,000	412,347,000	408,656,000	386,683	386,700,000	371,168,000	371,168,000	371,561,000	371,561,000	1,519,865,000	384,161,000	388,121,000	388,121,000	404,800,000	404,800,000			343,327	343,327	291,803,000	291,803,000	954,619,000	954,619,000	235,381	235,381	244,649	244,649	216,311,000	216,311,000	816,133	210,147	208,841	208,841	185,270,000	185,270,000	618,020
net revenue	1,705,400,000	1,596,700,000	1,553,000,000	1,524,800,000	1,493,300,000	1,370,100,000	1,316,800,000	1,278,700,000	1,228,500,000	1,160,000,000	1,116,700,000	1,116,700,000	1,050,100,000	1,050,100,000	908,300,000	908,300,000	878,700,000	916,500,000	916,500,000	951,100,000	955,200,000	3,711,300,000	952,600,000	953,600,000	904,100,000		847,500,000	907,800,000	876,600,000	3,417,300,000	853,074,000	891,487,000	873,798,000	3,098,359,000	805,000,000	872,212,000	777,326,000	628,648,000	2,373,683,000	620,104,000	593,918,000	592,284,000	2,075,311,000	544,156,000	530,251,000	530,251,000	481,255,000	1,832,379,000	484,757,000	469,449,000	426,852,000	1,556,394,000	398,128,000	396,610,000	370,880,000	1,378,547,000	351,198,000	342,357,000	336,792,000	314,530	314,500,000	303,826,000	303,826,000	296,780,000	296,780,000	1,242,942,000	306,769,000	318,060,000	318,060,000	343,290,000	343,290,000			289,059	289,059	254,859,000	254,859,000	830,888,000	830,888,000	206,986	206,986	215,652	215,652	192,347,000	192,347,000	707,927	181,986	182,155	182,155	163,138,000	163,138,000	524,552
direct payroll costs	777,500,000	732,000,000	709,500,000	696,700,000	681,600,000	627,600,000	595,700,000	584,700,000	568,500,000	533,000,000	514,000,000	514,000,000	483,000,000	483,000,000	425,000,000	425,000,000	412,300,000	437,400,000	437,400,000	461,400,000	448,500,000	1,702,900,000	436,500,000	436,100,000	415,600,000			442,600,000	419,100,000	1,589,400,000	395,411,000	412,186,000	401,420,000	1,422,058,000		399,139,000	360,420,000	289,509,000	1,081,088,000	282,345,000	273,138,000	265,133,000	936,918,000	246,385,000	240,229,000	240,229,000	219,622,000	829,926,000	221,766,000	214,946,000	196,525,000	700,853,000	178,983,000	181,216,000	169,159,000	615,136,000	156,313,000	153,675,000	148,894,000	137,802		134,581,000	134,581,000	131,934,000	131,934,000	543,640,000	133,474,000	141,319,000	141,319,000	149,844,000	149,844,000			127,485	127,485	114,607,000	114,607,000	360,101,000	360,101,000	90,714	90,714	94,665	94,665	83,007,000	83,007,000	304,677	78,375	78,826	78,826	72,209,000	72,209,000	234,553
project margin	927,900,000	864,700,000	843,500,000	828,100,000	811,700,000	742,500,000	721,100,000	694,000,000	660,000,000	627,000,000	602,700,000	602,700,000	567,100,000	567,100,000
administrative and marketing expenses	616,000,000	598,300,000	612,000,000	571,600,000	576,600,000	542,900,000	487,100,000	487,300,000	488,300,000	445,400,000	431,600,000	431,600,000	426,100,000	426,100,000	341,300,000	341,300,000	341,500,000	324,100,000	324,100,000	344,000,000	367,300,000	1,433,600,000	355,600,000	372,400,000	357,100,000		343,500,000	375,600,000	361,600,000	1,463,800,000	351,655,000	377,247,000	380,734,000	1,335,098,000		358,255,000	341,630,000	271,677,000	988,571,000	244,113,000	244,968,000	251,458,000	846,148,000	213,741,000	211,803,000	211,803,000	199,912,000	746,138,000	185,616,000	187,749,000	175,388,000	633,171,000	157,928,000	158,634,000	153,885,000	565,164,000	140,346,000	138,426,000	142,025,000	128,342		124,934,000	124,934,000	125,129,000	125,129,000	519,147,000	126,801,000	131,301,000	131,301,000	148,062,000	148,062,000			118,033	118,033	106,969,000	106,969,000	351,346,000	351,346,000	85,121	85,121	90,693	90,693	81,675,000	81,675,000					68,377,000	68,377,000	212,633
depreciation of property and equipment	18,900,000	17,300,000	17,600,000	17,400,000	17,200,000	15,800,000	14,800,000	14,700,000	15,500,000	14,400,000	14,400,000	14,400,000	14,200,000	14,200,000	13,400,000	13,400,000	13,200,000	14,300,000	14,300,000	14,900,000	14,500,000	58,200,000	15,100,000	14,700,000	13,700,000			12,900,000	12,700,000	54,600,000	13,765,000	13,568,000	13,906,000	51,172,000		13,794,000	12,547,000	10,057,000	45,880,000	11,621,000	11,162,000	10,842,000	38,698,000	9,821,000	9,175,000	9,175,000	8,824,000	32,389,000	8,701,000	7,717,000	7,282,000	27,875,000	7,027,000	6,728,000	6,448,000	27,933,000	7,173,000	6,881,000	6,467,000	6,345		5,766,000	5,766,000	5,480,000	5,480,000	24,547,000	6,863,000	6,831,000	6,831,000	7,127,000	7,127,000			6,836	6,836	5,367,000	5,367,000	19,038,000	19,038,000	4,797	4,797	4,240	4,240	4,088,000	4,088,000	15,604	4,250	3,633	3,633	3,471,000	3,471,000	12,389
depreciation of lease assets	35,300,000	31,100,000	32,200,000	31,700,000	32,000,000	31,500,000	30,100,000	30,200,000	30,900,000	29,700,000	29,900,000	29,900,000	30,600,000	30,600,000	26,300,000	26,300,000	26,900,000	29,600,000	29,600,000	30,600,000	29,600,000	115,800,000	29,300,000	28,500,000	27,400,000
net (reversal) impairment of lease assets	-800,000	-800,000
amortization of intangible assets	35,800,000	31,300,000	28,700,000	36,700,000	31,800,000	31,000,000	25,600,000	26,400,000	26,300,000	26,600,000	26,200,000	26,200,000	24,300,000	24,300,000	13,700,000	13,700,000	13,300,000	13,600,000	13,600,000	13,600,000	14,200,000	66,900,000	17,000,000	17,600,000	15,400,000			17,500,000	21,600,000	80,200,000	19,213,000	18,727,000	23,510,000	75,660,000		24,265,000	19,941,000	10,803,000	37,853,000	10,185,000	8,679,000	10,227,000	24,252,000	6,164,000	5,788,000	5,788,000	5,364,000	21,235,000	4,516,000	6,268,000	5,804,000	20,008,000	5,090,000	4,915,000	4,671,000	18,395,000	4,150,000	4,647,000	4,684,000	4,459		2,917,000	2,917,000	4,942,000	4,942,000	19,820,000	3,061,000	3,464,000	3,464,000	5,364,000	5,364,000			2,553	2,553	2,666,000	2,666,000	3,702,000	3,702,000	800	800	819	819	939,000	939,000	6,132	1,599	1,706	1,706	1,528,000	1,528,000	2,542
net interest expense and other net finance expense	28,500,000	21,200,000	21,400,000	26,900,000	27,400,000	24,200,000
other income	-4,600,000		1,600,000	-2,100,000	900,000														-2,100,000	-2,200,000	10,400,000			-1,500,000	-800,000			-3,800,000	2,200,000		-2,546,000	-557,000		272,000		-56,000	-253,000	125,000			-6,749,000	-468,000	-2,659,000	-1,607,000	-24,000	-24,000	-366,000	-1,035,000	86,000	-60,000	-308,000	147,000	-65,000	77,000	113,000	-36,000				-145		-252,000	-252,000	-91,000	-91,000	-840,000		-204,000	-204,000	-346,000	-346,000			-400	-400	-230,000	-230,000	-1,235,000	-1,235,000	-334	-334			-278,000	-278,000	-1,507	-147	-1,032	-1,032
income taxes	48,800,000	43,700,000	29,900,000	29,000,000	24,700,000	23,000,000	30,200,000	25,500,000	18,900,000		18,700,000		14,000,000	14,000,000	19,900,000								21,500,000		13,600,000	2,600,000
net income	150,000,000	135,400,000	100,100,000	103,200,000	84,600,000	79,400,000	103,900,000	88,000,000	64,900,000		60,700,000		44,800,000	44,800,000	63,200,000								57,800,000		44,900,000		62,900,000								11,200,000																										32,100,000
yoy	77.30%	70.53%	-3.66%	17.27%	30.35%		71.17%		44.87%		-3.96%												-8.11%
qoq	10.78%	35.26%	-3.00%	21.99%	6.55%	-23.58%	18.07%	35.59%					0.00%	-29.11%
basic and diluted earnings per share	1.32	1.19	0.88	0.9	0.74	0.7	0.94	0.79	0.59		0.55		0.4	0.4
adjusted ebitda	323.4	284.4	252.3	274.6	247.3	211.9	241.3	216	179.1		186.7		152.2	152.2													112,700,000								63,100,000
adjusted net income	174.1	154.7	132.8	147.9	127.2	103	126.7	109.4	80.9		92.6		68.4	68.4													68,400,000								37,200,000
adjusted eps	1.53	1.36	1.16
dividends declared per common share	0.225	0.225	0.225	0.21	0.21	0.21	0.195	0.195	0.195		0.18		0.18	0.18	0.165								0.145		0.145
other incomes		-12,800,000																									33,900,000
net impairment (reversal) of lease assets				13,700,000	16,500,000			400,000
adjusted diluted eps				1.3	1.12	0.9	1.14	0.99	0.73		0.83		0.61	0.61
other						-5,300,000	5,100,000	-800,000	-3,000,000		8,400,000		700,000	700,000	-4,100,000								2,600,000																																						239,000,000												126,000,000
net reversal of lease assets impairment							-800,000
net interest expense							25,100,000	22,300,000	20,700,000	18,700,000	15,400,000	15,400,000	12,400,000	12,400,000	10,600,000	10,600,000	9,300,000	11,500,000	11,500,000	12,500,000	15,000,000	69,600,000	17,200,000	17,700,000	17,200,000	9,300,000		6,700,000	5,600,000	25,800,000	6,413,000	6,204,000	7,608,000	28,648,000		7,667,000	10,843,000	3,088,000	10,929,000	2,700,000	2,863,000	2,666,000	8,515,000	2,393,000	2,172,000	2,172,000	1,525,000	8,620,000	2,117,000	2,247,000	2,319,000	8,658,000	2,247,000	2,441,000	2,213,000	9,723,000	2,537,000	2,756,000	2,217,000	2,286		2,329,000	2,329,000	1,680,000	1,680,000	11,379,000	2,742,000	3,008,000	3,008,000	3,430,000	3,430,000			2,011	2,011		1,502,000	1,594,000	1,594,000	387	387	431	431		-107,000		432
reversal of lease asset impairment									-2,500,000	-1,100,000	-2,600,000	-2,600,000
notes
less subconsultant and other direct expenses										313,200,000		259,900,000				225,700,000	210,500,000	261,400,000	261,400,000	254,500,000		1,116,000,000		270,500,000													269,316,000	126,735,000	503,562,000	130,705,000	116,336,000	113,439,000	454,607,000	130,529,000	103,568,000	103,568,000	92,638,000	404,031,000	96,409,000	97,275,000	86,355,000	326,506,000	85,559,000	79,633,000	68,171,000	304,856,000	79,156,000	69,990,000	71,864,000	72,153		67,342,000	67,342,000	74,781,000	74,781,000	276,923,000	77,392,000	70,061,000	70,061,000	61,510,000	61,510,000			54,268	54,268	36,944,000	36,944,000	123,731,000	123,731,000	28,395	28,395	28,997	28,997	23,964,000	23,964,000	108,206				22,132,000	22,132,000	93,468
other net finance expense										3,800,000		1,100,000				1,400,000	1,200,000	900,000	900,000	800,000	1,600,000	3,100,000		1,300,000				400,000	1,600,000	7,100,000	3,047,000	1,361,000	2,189,000	6,356,000		1,991,000	2,524,000	1,128,000	3,308,000	852,000	739,000	838,000		827,000	758,000	758,000	658,000		785,000	751,000	598,000	2,773,000	641,000	644,000	850,000			727,000
foreign exchange loss										-1,400,000		1,000,000				-300,000	1,300,000					4,700,000		-200,000				-900,000	2,100,000	100,000		-1,053,000	1,216,000				-39,000				94,000					-179,000	268,000			218,000		181,000	106,000			501,000		199,000
other expense										1,800,000		6,300,000				-5,200,000	-6,700,000					-8,200,000											-787,000							174,000																		-6,000									127,000
income before income taxes										89,100,000		79,400,000													58,500,000			57,200,000	50,400,000	263,500,000	67,376,000	119,632,000	44,735,000	180,816,000		67,417,000	30,417,000	42,529,000	211,607,000	68,879,000	59,540,000	52,355,000	223,200,000	67,024,000	61,110,000	61,110,000	46,253,000	198,912,000	62,521,000	49,974,000	39,346,000	164,493,000	46,697,000	42,164,000	34,110,000	49,676,000	39,605,000	35,213,000	32,642,000	43,469		31,592,000	31,592,000	27,998,000	27,998,000	91,666,000		31,506,000	31,506,000	29,515,000	29,515,000			32,107	32,107	24,231,000	24,231,000	99,114,000	99,114,000	25,788	25,788	26,061	26,061	23,270,000	23,270,000	89,424	24,499	26,117	26,117	17,041,000	17,041,000	62,500
current										34,000,000		26,900,000				22,200,000	19,100,000	25,400,000	25,400,000	21,600,000	8,600,000	56,000,000		18,800,000				22,200,000	13,900,000	192,900,000	886,000	18,857,000	9,525,000	37,705,000		15,456,000	6,868,000	14,041,000	61,527,000	22,688,000	17,103,000	14,101,000	59,728,000	22,306,000	17,495,000	17,495,000	10,326,000	60,141,000	17,597,000	16,345,000	10,886,000	44,661,000	9,324,000	10,098,000	9,218,000	32,733,000	8,946,000	8,687,000	8,346,000	12,535		6,555,000	6,555,000	8,167,000	8,167,000	41,599,000	7,876,000	8,824,000	8,824,000	11,872,000	11,872,000			14,201	14,201	3,999,000	3,999,000	34,994,000	34,994,000	11,211	11,211	8,181	8,181	7,467,000	7,467,000	31,484	9,583	8,123	8,123	7,498,000	7,498,000	21,735
deferred										-12,900,000		-8,200,000				-2,300,000	-2,000,000	100,000	100,000	-900,000	7,200,000	15,100,000		-700,000				-4,600,000	-300,000		20,358,000	-967,000	2,777,000	12,562,000		2,692,000	2,378,000	-2,133,000		-3,746,000	-730,000	297,000	-1,026,000	-3,875,000	-690,000	-690,000	2,394,000	-7,430,000	-1,038,000	-2,502,000	13,000	-1,070,000	3,284,000	1,286,000	-8,000	4,281,000	1,748,000	820,000
total income taxes										21,100,000		18,700,000				19,900,000	17,100,000	25,500,000	25,500,000	20,700,000	15,800,000	71,100,000		18,100,000				17,600,000	13,600,000	166,500,000	21,244,000	21,998,000	102,741,000	50,267,000		18,148,000	9,246,000	11,908,000	55,229,000	18,942,000	16,373,000	14,398,000	58,702,000	18,431,000	16,805,000	16,805,000	12,720,000	52,711,000	16,559,000	13,843,000	10,899,000	43,591,000	12,608,000	11,384,000	9,210,000	37,014,000	10,694,000	9,507,000	8,814,000	11,344		8,884,000	8,884,000	14,297,000	14,297,000	35,726,000	10,466,000	9,147,000	9,147,000	8,854,000	8,854,000			10,002	10,002	7,294,000	7,294,000	29,835,000	29,835,000	8,313	8,313	8,634	8,634	7,842,000	7,842,000	29,242	8,085	9,397	9,397	5,624,000	5,624,000
net income for the period										68,000,000		60,700,000				63,200,000	50,900,000	62,100,000	62,100,000	52,600,000	39,700,000	194,400,000		49,300,000				39,600,000	36,800,000		46,132,000	97,634,000	-58,006,000			49,269,000	21,171,000	30,621,000		49,937,000	43,167,000	37,957,000		48,593,000	44,305,000	44,305,000	33,533,000		45,962,000	36,131,000	28,447,000		34,089,000	30,780,000	24,900,000		28,911,000	25,706,000	23,828,000	32,125		22,708,000	22,708,000	13,701,000	13,701,000		-9,989,000	22,359,000	22,359,000	20,661,000	20,661,000			22,105	22,105	16,937,000	16,937,000			17,475	17,475	17,427	17,427	15,428,000	15,428,000		16,414	16,720	16,720	11,417,000	11,417,000
weighted-average number of shares outstanding - basic										110,737,375,000,000		110,897,590,000,000			111,246,823	111,246,823,000,000	111,280,965,000,000	111,898,810,000,000	111,898,810,000,000	111,346,512,000,000	111,364,788,000,000	111,550,424,000,000		111,676,731,000,000		113,142,068,000,000		113,877,678,000,000	114,064,729,000,000		113,841,129,000	114,045,875,000	114,130,365,000																																																			45,481,764,000						22,473,395,000
weighted-average number of shares outstanding - diluted										110,896,770,000,000		111,054,142,000,000			111,735,116	111,735,116,000,000	111,774,488,000,000	112,403,434,000,000	112,403,434,000,000	111,851,675,000,000	111,852,155,000,000	111,550,424,000,000		111,684,858,000,000		113,158,097,000,000		113,987,518,000,000	114,306,834,000,000		114,122,270,000	114,355,587,000	114,667,828,000																																																			46,125,051,000						22,958,941,000
shares outstanding, end of the period										110,746,040,000,000		110,730,097,000,000				111,005,773,000,000	111,631,605,000,000	112,100,709,000,000	112,100,709,000,000	111,691,138,000,000	111,103,584,000,000	111,212,975,000,000		111,700,217,000,000				113,852,947,000,000	113,906,006,000,000							113,945,237,000	113,907,017,000	93,890,761,000		94,352,144,000	94,186,720,000	93,932,307,000		46,894,088,000	46,752,166,000	46,752,166,000	46,672,707,000		46,363,214,000	46,216,049,000	46,136,982,000		45,879,748,000	45,751,251,000	45,717,418,000		45,380,252,000	45,691,852,000		45,666,920		45,588,020,000	45,588,020,000	45,733,820,000	45,733,820,000		45,644,521,000	45,505,457,000	45,505,457,000	45,466,457,000	45,466,457,000			45,606,823	45,606,823	45,650,457,000	45,650,457,000			45,602,754	45,602,754	45,574,038	45,574,038	45,534,408,000	45,534,408,000					22,535,173,000	22,535,173,000
earnings per share, basic and diluted										0.61		0.55
gross margin															483,300,000	483,300,000	466,400,000	479,100,000	479,100,000	489,700,000	506,700,000	2,008,400,000	516,100,000	517,500,000	488,500,000		455,200,000	465,200,000	457,500,000	1,827,900,000	457,663,000	479,301,000	472,378,000	1,676,301,000	425.5	473,073,000	416,906,000	339,139,000	1,292,595,000	337,759,000	320,780,000	327,151,000	1,138,393,000	297,771,000	290,022,000	290,022,000	261,633,000	1,002,453,000	262,991,000	254,503,000	230,327,000	855,541,000	219,145,000	215,394,000	201,721,000	763,411,000	194,885,000	188,682,000	187,898,000	176,728		169,245,000	169,245,000	164,846,000	164,846,000	699,302,000	173,295,000	176,741,000	176,741,000	193,446,000	193,446,000			161,574	161,574	140,252,000	140,252,000	470,787,000	470,787,000	116,272	116,272	120,987	120,987	109,340,000	109,340,000	403,250	103,611	103,329	103,329	90,929,000	90,929,000	289,999
yoy															0.88%	-1.31%	-7.95%	-76.15%	-7.17%	-5.37%	3.73%		13.38%	11.24%	6.78%		-0.54%	-2.94%	-3.15%	9.04%	107558771.92%	1.32%	13.31%	394.28%	-100.00%	40.06%	29.97%	3.66%	13.55%	13.43%	10.61%	12.80%	335.11%	-70.30%	10.28%	13.96%	13.59%	17.17%	20.01%	18.16%	14.18%	12.07%	12.45%	14.16%	7.36%	431869.47%		11.48%	11.02%	-99.89%		-75.80%	-2.34%	-6.73%	-6.73%	261.50%	-10.42%			119625.95%	119625.95%			-99.97%	-99.97%	120524.05%	120524.05%	389021.97%	389021.97%	-99.89%	-99.89%	-70.00%	16.77%	105717.34%	105717.34%	-99.56%	-99.89%	-64.37%
qoq															0.00%	3.62%	-2.65%	0.00%	-2.16%	-3.36%	-74.77%	289.15%	-0.27%	5.94%			-2.15%	1.68%	-74.97%	299.40%	-4.51%	1.47%	-71.82%	393960182.02%	-100.00%	13.47%	22.93%	-73.76%	282.70%	5.29%	-1.95%	-71.26%	282.30%	2.67%	0.00%	10.85%	-73.90%	281.17%	3.34%	10.50%	-73.08%	290.40%	1.74%	6.78%	-73.58%	291.72%	3.29%	0.42%	106220.45%			0.00%	2.67%	0.00%	-76.43%	303.53%	-1.95%	0.00%	-8.64%	0.00%				0.00%	-99.88%	0.00%	-70.21%	0.00%	404801.44%	0.00%	-3.90%	0.00%	-99.89%	0.00%	27014.69%	289.20%	0.27%	0.00%	-99.89%	0.00%	31254.94%
ebitda from continuing operations															146,100,000								157,900,000		132,200,000	61,200,000
(reversal) impairment of lease assets															-1,000,000	-1,000,000	-1,600,000
net income from continuing operations															63,200,000								57,800,000		44,900,000	21,200,000
net income from discontinued operations
basic earnings per share (eps) from continuing operations															0.57
diluted eps from continuing operations															0.57
adjusted ebitda from continuing operations															146.6								159.1		127.1	84,200,000
adjusted net income from continuing operations															69.6								66.3		50.3	45,500,000
adjusted diluted eps from continuing operations															0.62
add back:
depreciation and amortization															53.4											28,100,000
add back (deduct) pre-tax:
unrealized (gain) loss on equity securities															-4.3
acquisition, integration, and restructuring costs															4.8
add back (deduct) after tax:
amortization of intangible assets related to acquisitions															6.8											7,300,000
unrealized															-3.3
adjusted earnings per share from continuing operations
adjusted earnings per share - basic															0.63											0.4
adjusted earnings per share - basic and diluted															0.62
continuing operations																0.57	0.46					1.74		0.44
income before income taxes and discontinued operations																83,100,000	68,000,000	87,600,000	87,600,000	73,300,000	45,300,000	265,500,000		67,400,000
net income for the period from continuing operations																63,200,000	50,900,000	62,100,000	62,100,000	52,600,000	29,500,000			49,300,000
discontinued operations
net income from discontinued operations, net of tax																					10,200,000
total basic and diluted earnings per share																0.57						1.74		0.44
earnings per share, basic
total basic earnings per share																	0.46	0.55	0.55	0.47	0.36
earnings per share, diluted
total diluted earnings per share																	0.46	0.55	0.55	0.47	0.35
impairment of lease assets																		200,000	200,000	2,000,000	9,700,000
share of income from joint ventures and associates																			-900,000	-600,000	400,000	-800,000		-400,000				-400,000	-300,000		-845,000	-1,252,000	-733,000	-2,406,000		-688,000	-704,000	-372,000		-468,000	-516,000	-639,000	-2,419,000	-448,000	-581,000	-581,000	-805,000	-2,276,000	-866,000	-361,000	-208,000
foreign exchange gain																		300,000	300,000	800,000														685,000		428,000		104,000		-297,000			-425,000	-144,000							106,000			306,000	-279,000		482,000		-591,000
continuing operations, basic																		0.55	0.55	0.47	0.27
discontinued operations, basic																					0.09
continuing operations, diluted																		0.55	0.55	0.47	0.26
discontinued operations, diluted																					0.09
continuing operations gross revenue less subconsultant and other direct expenses																					1,220,500,000
foreign exchange (gain) loss																					-1,300,000																					-128,000			-179,000			-184,000	-485,000
net income for the year from continuing operations																						194,400,000
net loss from discontinued operations, net of tax
basic and diluted earnings per share (eps) from continuing operations																							0.52		0.4
- excluding ifrs 16																							124.1
adjusted basic and diluted eps from continuing operations																							0.59		0.45
see accompanying notes
lease exit liability																										12,800,000
past service cost for pensions																										4,700,000
unrealized loss on investments held for self-insured liabilities																										5,500,000
rebalancing of investments held for self-insured liabilities
gain on disposition of a subsidiary																																-54,576,000
add back (deduct) after-tax:
us tax reform
tax expense on reorganization of legal entities
adjusted earnings per share - diluted																										0.4
adjusted eps – basic
adjusted eps – diluted
impairment of goodwill																																																								90,000,000
net income before tax																											77,800,000
tax expense																											14,900,000
ebitda																											112,000,000								69,400,000
earnings per share - diluted																											0.55
adjusted eps - diluted																											0.6
less subconsultant/subcontractor and other direct expenses																												450,400,000	405,100,000	1,722,800,000	446,107,000	427,194,000	402,462,000	1,201,771,000
current tax on disposition of subsidiary																																124,053,000
deferred tax on disposition of subsidiary																																-119,945,000
earnings per share
basic																												0.35	0.32	0.85	0.41	0.86	-0.51	1.22		0.43	0.2	0.33	1.66	0.53	0.46	0.4	1.76	1.04	0.95	0.95	0.72	3.16	0.99	0.78	0.62	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.5	0.5	0.3	0.3	1.23	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.52	1.52	0.38	0.38	0.38	0.38	0.34	0.34	1.34	0.36	0.37	0.37	0.51	0.51	2.04
diluted																												0.35	0.32	0.85	0.4	0.85	-0.51	1.22		0.43	0.2	0.32	1.65	0.53	0.46	0.4	1.74	1.03	0.94	0.94	0.71	3.14	0.98	0.78	0.61	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.49	0.49	0.3	0.3	1.22	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.5	1.5	0.38	0.38	0.38	0.38	0.33	0.33	1.31	0.36	0.36	0.36	0.5	0.5	1.98
deferred tax on held for sale																																	90,439,000
net income for the year																														97,000,000				130,549,000					156,378,000				164,498,000					146,201,000				120,902,000				12,662,000										55,940,000												69,279,000	69,279,000							60,182						40,622
foreign exchange (income) loss																															-415,000
shares outstanding, end of period																															113,899,196,000	113,816,504,000	114,184,909,000																										45,732,852,000
diluted earnings per share																																			0.1
adjusted diluted earnings per share																																			0.32
cash dividends declared per common share																																			0.125
administrative, marketing, and other incomes																																			362.4
loss on sale of property and equipment																																			0.4
total ebitda																																			69.4
•
less subconsultant/ subcontractor and other direct expenses																																				385,101,000
weighted-average number of shares outstanding – basic																																				113,930,264,000	106,207,939,000	93,957,468,000		94,293,901,000	94,037,462,000	93,864,528,000		46,828,834,000	46,704,903,000	46,704,903,000	46,622,544,000		46,303,826,000	46,176,303,000	46,054,787,000		45,788,734,000	45,727,219,000	45,557,235,000		45,662,087,000		45,766,294,000	45,591,437		45,727,380,000		45,731,255,000				45,473,500,000		45,457,908,000						45,651,391,000
weighted-average number of shares outstanding – diluted																																				114,245,008,000	106,621,988,000	94,358,094,000		94,765,391,000	94,645,377,000	94,503,760,000		47,283,829,000	47,151,907,000	47,151,907,000	47,147,352,000		46,713,589,000	46,479,367,000	46,361,858,000		45,800,853,000	45,727,219,000	45,557,235,000		45,726,931,000		45,942,231,000			45,994,449,000		46,075,812,000				45,875,464,000		45,878,606,000						46,231,241,000
other net finance income																																											3,083,000					-1,346,000								2,848,000	696,000
share of income from associates																																																				-1,765,000	-526,000	-515,000	-290,000	-793,000	-104,000	-161,000	-187,000
gain on sale of equity investments																																																												-7,183
(in thousands of canadian dollars, except per
share amounts)
weighted average number of shares outstanding
– basic																																																										45,736,514,000
– diluted																																																										45,856,614,000
other net finance expense/																																																											676,000
other (income)/expense																																																											-35,000
future																																																											468,000	-1,191		2,329,000	2,329,000	6,130,000	6,130,000	-5,873,000	2,590,000	323,000	323,000	-3,018,000	-3,018,000			-4,199	-4,199	3,295,000	3,295,000	-5,159,000	-5,159,000	-2,898	-2,898	453	453	375,000	375,000	-2,242	-1,498	1,274	1,274	-1,874,000	-1,874,000	143
(in thousands of canadian dollars, except share and per share
amounts)
income
impairment of goodwill and intangible assets																																																																		35,000,000	35,000,000
share of income from associated companies																																																												-731		-635,000	-635,000	-578,000	-578,000	-3,690,000												-292,000	-292,000	-93	-93			-69,000	-69,000	-285				-38,000	-38,000
foreign exchange (gains) losses																																																												-114														380						-194										-48,000
weighted-average number of shares outstanding –diluted																																																												45,846,003
amortization of client relationships																																																													1,313,000,000												896,000,000
amortization of backlog																																																													1,544,000,000												1,902,000,000
software																																																													1,363,000,000
total amortization of intangible assets																																																													4,459,000,000												2,924,000,000
quarterly unaudited financial information
eps – basic																																																													700,000
eps – diluted																																																													700,000
quarterly earnings per share on a basic and diluted basis are not additive and may not equal the annual earnings per share reported. this is due to the effect of shares issued or repurchased during the year on the weighted-average number of shares. diluted earnings per share on a quarterly and annual basis are also affected by the change in the market price of our shares, since we do not include in dilution options whose exercise price is not in the money.
impairment of intangible assets																																																														1,772,000	1,772,000
foreign exchange losses																																																														822,000	822,000	286,000	286,000	2,273,000	-7,000	1,403,000	1,403,000	568,000	568,000				380						-194						99	-71	-71		-48,000
weighted average number of shares outstanding – basic																																																															45,727,380,000		45,731,255,000				45,473,500,000		45,457,908,000						45,651,391,000
weighted average number of shares outstanding – diluted																																																															45,994,449,000		46,075,812,000				45,875,464,000		45,878,606,000						46,231,241,000
share of loss from associated companies																																																																			-1,769,000		-568,000		-274,000				54		106,000
income (loss) before income taxes																																																																			477,000
weighted average number of shares outstanding –
basic																																																																			45,523,275,000								45,656,377						45,578,416	45,546,046	45,546,046
diluted																																																																			45,873,933,000							46,122,311	46,122,311					46,252,398	46,252,398	46,268,733	46,268,733
share of (income) income from associated companies																																																																				-568,000		-274,000				54		106,000
·
the quarterly earnings per share on a basic and diluted basis are not additive and may not equal the annual earnings per share reported. this is due to the effect of shares issued or repurchased during the year on the weighted average number of shares. diluted earnings per share on a quarterly and annual basis are also affected by the change in the market price of our shares, since we do not include in dilution options whose exercise price is not in the money.
weighted-average number of shares outstanding –
basic																																																																										45,656,377						45,578,416
diluted																																																																			45,873,933,000							46,122,311	46,122,311					46,252,398	46,252,398	46,268,733	46,268,733
net interest income																																																																												1,502,000								-107,000
foreign exchange gains																																																																												-359,000	-359,000	-2,480,000	-2,480,000					-178,000	-178,000	-74
(in thousands of canadian dollars, except shares outstanding and
per share amounts)
weighted average number of shares outstanding - basic																																																																																					45,481,764,000						22,473,395,000
weighted average number of shares outstanding - diluted																																																																																					46,125,051,000						22,958,941,000
(columnar figures stated in thousands of canadian dollars, except per share
administrative and marketing expenses [notes 12 and 20]																																																																																						292,064
net interest expense [note 8]																																																																																						1,892						571
income taxes [note 14]
retained earnings, beginning of the year																																																																																						158,335
shares repurchased [note 12]																																																																																						-767
retained earnings, end of the year																																																																																						217,750
earnings per share [notes 12 and 15]
basic																												0.35	0.32	0.85	0.41	0.86	-0.51	1.22		0.43	0.2	0.33	1.66	0.53	0.46	0.4	1.76	1.04	0.95	0.95	0.72	3.16	0.99	0.78	0.62	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.5	0.5	0.3	0.3	1.23	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.52	1.52	0.38	0.38	0.38	0.38	0.34	0.34	1.34	0.36	0.37	0.37	0.51	0.51	2.04
diluted																												0.35	0.32	0.85	0.4	0.85	-0.51	1.22		0.43	0.2	0.32	1.65	0.53	0.46	0.4	1.74	1.03	0.94	0.94	0.71	3.14	0.98	0.78	0.61	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.49	0.49	0.3	0.3	1.22	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.5	1.5	0.38	0.38	0.38	0.38	0.33	0.33	1.31	0.36	0.36	0.36	0.5	0.5	1.98
(columnar figures stated in thousands of canadian
dollars, except share and per share amounts)
less subconsultant and other direct
expenses																																																																																							28,161	26,686	26,686
share of loss from associated
companies																																																																																							-48	-126	-126
retained earnings, beginning of the period																																																																																							186,472	169,752	169,752	158,335,000	158,335,000
shares repurchased																																																																																							-767
retained earnings, end of the period																																																																																							202,119	186,472	186,472	169,752,000	169,752,000
weighted average number of shares
outstanding - basic																																																																																							45,115,818
outstanding - diluted																																																																																							46,011,515
(columnar figures in thousands of canadian dollars,
except share and per share amounts)
[note 9]																																																																																								72,447	72,447
net interest expense [note 4]																																																																																								655	655	598,000	598,000
share of income from associated
shares repurchased [note 6]
outstanding - basic [note 6]																																																																																								45,081,646	45,081,646
outstanding - diluted [note 6]																																																																																								46,005,960	46,005,960
[note 6]																																																																																								45,120,666	45,120,666
earnings per share [note 6]
basic																												0.35	0.32	0.85	0.41	0.86	-0.51	1.22		0.43	0.2	0.33	1.66	0.53	0.46	0.4	1.76	1.04	0.95	0.95	0.72	3.16	0.99	0.78	0.62	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.5	0.5	0.3	0.3	1.23	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.52	1.52	0.38	0.38	0.38	0.38	0.34	0.34	1.34	0.36	0.37	0.37	0.51	0.51	2.04
diluted																												0.35	0.32	0.85	0.4	0.85	-0.51	1.22		0.43	0.2	0.32	1.65	0.53	0.46	0.4	1.74	1.03	0.94	0.94	0.71	3.14	0.98	0.78	0.61	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.49	0.49	0.3	0.3	1.22	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.5	1.5	0.38	0.38	0.38	0.38	0.33	0.33	1.31	0.36	0.36	0.36	0.5	0.5	1.98
(columnar figures in thousands of canadian dollars, except per share
retained earnings, beginning of year																																																																																												117,874
retained earnings, end of year																																																																																												158,335
earnings per share [note 15]
basic																												0.35	0.32	0.85	0.41	0.86	-0.51	1.22		0.43	0.2	0.33	1.66	0.53	0.46	0.4	1.76	1.04	0.95	0.95	0.72	3.16	0.99	0.78	0.62	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.5	0.5	0.3	0.3	1.23	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.52	1.52	0.38	0.38	0.38	0.38	0.34	0.34	1.34	0.36	0.37	0.37	0.51	0.51	2.04
diluted																												0.35	0.32	0.85	0.4	0.85	-0.51	1.22		0.43	0.2	0.32	1.65	0.53	0.46	0.4	1.74	1.03	0.94	0.94	0.71	3.14	0.98	0.78	0.61	2.64	0.74	0.67	0.55	0.28	0.63	0.56	0.52	0.7		0.49	0.49	0.3	0.3	1.22	-0.22	0.49	0.49	0.45	0.45			0.48	0.48	0.37	0.37	1.5	1.5	0.38	0.38	0.38	0.38	0.33	0.33	1.31	0.36	0.36	0.36	0.5	0.5	1.98

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-11-04	2020-09-30	2020-08-05	2020-06-30	2020-05-06	2020-03-31	2020-02-26	2019-12-31	2019-11-06	2019-09-30	2019-08-07	2019-06-30	2019-05-09	2019-03-31	2019-02-28	2019-02-26	2018-12-31	2018-11-08	2018-09-30	2018-08-08	2018-06-30	2018-05-10	2018-03-31	2018-02-21	2017-12-31	2017-11-09	2017-09-30	2017-08-09	2017-06-30	2017-05-10	2017-03-31	2017-02-22	2017-02-21	2016-12-31	2016-11-09	2016-09-30	2016-08-03	2016-06-30	2016-05-11	2016-03-31	2016-02-24	2015-12-31	2015-11-04	2015-09-30	2015-08-05	2015-06-30	2015-05-13	2015-03-31	2015-02-25	2014-12-31	2014-11-05	2014-09-30	2014-08-06	2014-06-30	2014-05-14	2014-03-31	2014-02-26	2013-12-31	2013-10-30	2013-09-30	2013-07-31	2013-06-30	2013-05-08	2013-03-31	2013-02-20	2012-12-31	2012-11-01	2012-09-30	2012-08-02	2012-06-30	2012-05-10	2012-03-31	2012-02-23	2012-01-01	2011-12-31	2011-11-03	2011-09-30	2011-06-30	2011-03-31	2010-11-04	2010-06-30	2010-05-13	2010-03-31	2010-02-25	2009-12-31	2009-11-05	2009-06-30	2009-05-14	2009-03-31	2009-02-26	2008-12-31	2008-10-30	2008-07-31	2008-06-30	2008-04-24	2008-03-31	2008-02-21	2007-12-31	2007-11-01	2007-09-30	2007-08-02	2007-06-30	2007-05-03	2007-03-31	2007-02-22	2006-09-30	2006-08-03	2006-06-30	2006-05-15	2006-03-31

notes
assets
current																																			21,700,000
cash and cash equivalents	361,500,000	344,500,000	254,000,000	262,500,000	218,200,000	199,500,000	172,000,000	227,800,000	131,900,000															158,500,000	158,500,000							185,200,000			216,500,000				239,500,000	239,500,000	198,430,000	198,430,000	203,529,000	203,529,000	194,037,000	194,037,000	210,903,000	239,500,000	210,903,000							67,342,000	67,342,000	54,358,000	54,358,000					153,704,000	153,704,000	86,617,000	86,617,000	117,736,000	117,736,000	120,574,000	120,574,000	143,030,000	143,030,000	59,950,000	59,950,000	22,765,000	22,765,000	36,100,000	25,659,000	41,753,000	41,753,000								36,100,000						37,117,000	30,800,000	16,907,000	16,907,000	14,690,000	14,690,000	14,630,000	13,738,000	20,653,000	20,653,000	103,979,000	103,979,000	14,630,000	26,089,000	26,089,000	3,671,000	3,671,000	14,175,000	14,175,000	12,021,000	12,021,000	22,098,000	22,098,000	42,778,000	42,778,000	28,363,000	2,707,000	10,688,000	10,688,000	5,741,000	5,741,000
trade and other receivables	1,245,500,000	1,124,100,000	1,194,300,000	1,142,800,000	1,137,400,000	1,090,900,000	1,075,300,000	993,300,000	966,000,000	973,800,000	900,200,000	836,700,000		737,000,000	684,200,000	731,400,000	731,400,000	777,100,000		811,200,000	811,200,000	817,700,000		849,500,000	849,500,000	850,900,000	850,900,000					878,100,000			846,100,000				816,100,000	816,100,000	802,454,000	802,454,000	794,257,000	794,257,000	792,650,000	792,650,000	806,417,000	816,100,000	806,417,000	804,423,000	804,423,000	766,534,000	766,534,000	501,233,000	501,233,000	570,577,000	570,577,000	566,400,000	566,400,000	553,069,000	553,069,000	532,867,000	532,867,000	431,751,000	431,751,000	429,640,000	429,640,000	413,124,000	413,124,000	377,406,000	377,406,000	384,907,000	384,907,000	399,668,000	399,668,000	376,748,000	376,748,000	310,700,000	362,167,000	355,955,000	355,955,000	361,891,000	361,891,000,000	333,592,000	333,592,000,000	317,286,000	317,286,000,000	310,669,000	310,700,000	310,669,000	321,188,000	321,188,000	310,907,000	292,525,000
unbilled receivables	945,000,000	828,600,000	789,200,000	871,800,000	778,500,000	733,700,000	768,000,000	743,700,000	638,500,000	600,700,000	525,100,000	479,600,000		364,400,000	357,000,000	435,300,000	435,300,000	428,200,000		462,900,000	462,900,000	374,200,000		448,200,000	448,200,000	426,800,000	426,800,000			384,600,000		384,600,000	467,300,000		445,100,000		398,600,000
contract assets	131,200,000	127,800,000	127,300,000	130,400,000	120,400,000	102,100,000	95,600,000	95,300,000	88,800,000	86,900,000	80,900,000	71,300,000		67,000,000	66,500,000	76,800,000	76,800,000	74,100,000		78,500,000	78,500,000	67,500,000		70,300,000	70,300,000	66,400,000	66,400,000			59,700,000		59,700,000	79,600,000		89,300,000		77,000,000
income taxes recoverable	140,400,000	105,700,000	51,100,000	136,300,000	107,700,000	55,100,000	79,900,000	96,700,000	49,200,000	88,300,000	88,500,000	70,800,000		63,000,000	46,700,000	55,700,000	55,700,000	44,300,000		41,300,000	41,300,000	36,200,000		58,800,000	58,800,000	64,200,000	64,200,000					47,900,000			47,400,000				61,600,000	61,600,000	49,271,000	49,271,000	51,152,000	51,152,000	41,102,000	41,102,000	46,705,000	61,600,000	46,705,000	46,552,000	46,552,000	54,129,000	54,129,000	23,563,000	23,563,000	19,727,000	19,727,000	14,273,000	14,273,000	23,228,000	23,228,000	16,241,000	16,241,000	11,171,000	11,171,000	4,662,000	4,662,000	11,115,000	11,115,000	10,501,000	10,501,000	8,792,000	8,792,000	7,231,000	7,231,000	6,152,000	6,152,000		12,341,000	3,811,000	3,811,000	8,456,000	8,456,000,000	12,269,000	12,269,000,000	13,571,000	13,571,000,000	16,800,000		16,800,000	11,838,000	11,838,000	15,074,000	13,788,000	17,223,000	23,385,000	18,433,000	18,433,000	12,144,000	12,144,000	14,416,000	16,114,000	9,334,000	9,334,000	7,647,000	7,647,000	14,416,000	9,625,000	9,625,000	8,795,000	8,795,000	5,019,000	5,019,000			1,660,000	1,660,000	3,217,000	3,217,000					369,000	369,000
prepaid expenses	71,000,000	77,300,000	82,900,000	60,000,000	72,100,000	75,000,000	50,500,000	61,900,000	63,600,000	48,000,000	54,900,000	60,900,000		44,500,000	49,800,000	37,700,000	37,700,000	47,500,000		46,100,000	46,100,000	42,900,000		42,600,000	42,600,000	51,100,000	51,100,000					56,800,000			51,100,000				54,300,000	54,300,000	53,392,000	53,392,000	57,803,000	57,803,000	57,392,000	57,392,000	62,253,000	54,300,000	62,253,000	58,625,000	58,625,000	62,170,000	62,170,000	29,275,000	29,275,000	29,022,000	29,022,000	28,973,000	28,973,000	25,983,000	25,983,000	27,277,000	27,277,000	23,425,000	23,425,000	21,581,000	21,581,000	17,954,000	17,954,000	22,864,000	22,864,000	18,959,000	18,959,000	19,020,000	19,020,000	16,554,000	16,554,000		16,045,000	14,336,000	14,336,000	14,345,000	14,345,000,000	11,287,000	11,287,000,000	12,231,000	12,231,000,000	13,908,000		13,908,000	15,566,000	15,566,000	10,668,000	12,083,000	14,893,000	10,736,000	9,623,000	9,623,000	11,352,000	11,352,000	13,771,000	10,918,000	11,463,000	11,463,000	8,094,000	8,094,000	13,771,000	5,501,000	5,501,000	7,974,000	7,974,000	6,617,000	6,617,000	5,312,000	5,312,000	5,825,000	5,825,000	5,041,000	5,041,000	6,591,000	7,432,000	5,389,000	5,389,000	4,634,000	4,634,000
other assets	22,400,000	20,500,000	30,100,000	18,000,000	16,800,000	20,300,000	9,900,000	12,400,000	9,900,000	22,600,000	21,300,000	13,200,000	217,100,000	39,300,000	44,100,000	37,800,000	37,800,000	22,100,000	209,400,000	23,200,000	23,200,000	18,100,000	198,300,000	21,000,000	21,000,000	31,300,000	31,300,000		183,000,000	23,200,000		23,200,000	6,400,000	12,600,000	7,200,000	13,200,000	7,900,000		4,700,000	4,700,000	5,610,000	5,610,000	5,223,000	5,223,000	5,063,000	5,063,000	4,679,000	4,700,000	4,679,000	1,733,000	1,733,000	2,629,000	2,629,000							545,000	545,000	2,175,000	2,175,000	530,000	530,000	1,532,000	1,532,000	2,731,000	2,731,000	2,863,000	2,863,000	5,231,000	5,231,000	5,256,000	5,256,000	4,147,000	4,147,000		6,268,000	4,106,000	4,106,000	4,402,000	4,402,000,000	4,455,000	4,455,000,000	2,928,000	2,928,000,000	3,172,000		3,172,000	4,039,000	4,039,000	4,922,000	5,662,000	5,313,000	3,412,000	2,680,000	2,680,000	6,550,000	6,550,000	4,003,000	4,022,000	3,935,000	3,935,000	6,503,000	6,503,000	4,003,000	12,670,000	12,670,000	15,042,000	15,042,000	13,002,000	13,002,000	10,897,000	10,897,000	10,560,000	10,560,000	11,452,000	11,452,000		9,645,000
total current assets	2,917,000,000	2,628,500,000	2,528,900,000	2,621,800,000	2,451,100,000	2,276,600,000	2,251,200,000	2,231,100,000	1,947,900,000	1,959,000,000	1,840,100,000	1,724,700,000	1,582,700,000	1,524,400,000	1,497,800,000	1,603,100,000	1,603,100,000	1,659,600,000	1,659,600,000	1,622,500,000	1,622,500,000	1,580,100,000	1,580,100,000	1,648,900,000	1,648,900,000	1,597,400,000	1,597,400,000		1,582,500,000			1,635,500,000		1,709,400,000	1,721,600,000	1,721,600,000		1,623,400,000	1,608,200,000	1,608,200,000	1,615,227,000	1,615,227,000	1,608,263,000	1,608,263,000	1,851,662,000	1,851,662,000	1,582,520,000	1,608,200,000	1,582,520,000	1,587,491,000	1,587,491,000	1,542,334,000	1,542,334,000	900,463,000	900,463,000	951,392,000	951,392,000	945,018,000	945,018,000	894,270,000	894,270,000	887,034,000	887,034,000	844,417,000	844,417,000	812,967,000	812,967,000	807,972,000	807,972,000	756,944,000	756,944,000	726,231,000	726,231,000	712,698,000	712,698,000	643,555,000	643,555,000		613,783,000	589,185,000	589,185,000	587,843,000	587,843,000,000	561,203,000	561,203,000,000	523,814,000	523,814,000,000	529,153,000		529,153,000	535,598,000	535,598,000	493,186,000	463,796,000	495,057,000	445,517,000	412,381,000	412,381,000	409,253,000	409,253,000	439,051,000	455,153,000	454,862,000	454,862,000	480,725,000	480,725,000	439,051,000	415,302,000	415,302,000	399,007,000	399,007,000	323,248,000	323,248,000	295,533,000	295,533,000	295,705,000	295,705,000	284,550,000	284,550,000	262,836,000	248,171,000	253,770,000	253,770,000	260,119,000	260,119,000
non-current																																			253,100,000
property and equipment	307,400,000	290,100,000	297,600,000	296,600,000	297,700,000	288,400,000	266,900,000	252,600,000	250,900,000	239,400,000	227,500,000	227,500,000	230,300,000	225,300,000	233,100,000	269,000,000	269,000,000	281,900,000	281,900,000	292,900,000	292,900,000	286,500,000	286,500,000	295,800,000	295,800,000	299,600,000	299,600,000		299,500,000			289,400,000		264,100,000		253,100,000		230,200,000	212,600,000	212,600,000	208,042,000	208,042,000	210,170,000	210,170,000	213,286,000	213,286,000	213,931,000	212,600,000	213,931,000	214,181,000	214,181,000	208,454,000	208,454,000	161,688,000	161,688,000	158,085,000	158,085,000	157,829,000	157,829,000	157,028,000	157,028,000	162,153,000	162,153,000	152,707,000	152,707,000	153,018,000	153,018,000	150,029,000	150,029,000	142,288,000	142,288,000	133,534,000	133,534,000	133,997,000	133,997,000	130,966,000	130,966,000		119,679,000	115,086,000	115,086,000	107,351,000	107,351,000,000	106,859,000	106,859,000,000	105,687,000	105,687,000,000	107,853,000		107,853,000	110,410,000	110,410,000	107,788,000	109,042,000	111,208,000	106,363,000	104,322,000	104,322,000	108,256,000	108,256,000	114,097,000	121,485,000	128,990,000	128,990,000	114,410,000	114,410,000	114,097,000	101,988,000	101,988,000	97,515,000	97,515,000	88,156,000	88,156,000	75,720,000	75,720,000	70,882,000	70,882,000	66,228,000	66,228,000		63,471,000	64,131,000	64,131,000	60,318,000	60,318,000
lease assets	566,700,000	447,200,000	464,400,000	482,400,000	500,800,000	486,500,000	453,100,000	454,400,000	449,400,000	457,900,000	439,100,000	449,100,000	426,000,000	439,900,000	447,900,000	500,200,000	500,200,000	532,200,000	532,200,000	553,000,000	553,000,000	558,500,000	558,500,000	539,400,000	539,400,000	529,600,000	529,600,000		551,700,000
goodwill	3,277,500,000	2,701,500,000	2,728,900,000	2,636,700,000	2,942,500,000	2,796,200,000	2,409,000,000	2,378,300,000	2,340,000,000	2,347,600,000	2,232,700,000	2,172,100,000	1,707,300,000	1,680,600,000	1,684,600,000	1,685,900,000	1,685,900,000	1,709,000,000	1,709,000,000	1,725,200,000	1,725,200,000	1,651,800,000	1,651,800,000	1,663,000,000	1,663,000,000	1,659,200,000	1,659,200,000		1,688,800,000			1,621,200,000		1,614,300,000	1,640,600,000	1,640,600,000		1,599,100,000	1,556,600,000	1,556,600,000	1,547,766,000	1,547,766,000	1,581,812,000	1,581,812,000	1,618,245,000	1,618,245,000	1,828,061,000	1,556,600,000	1,828,061,000	1,801,421,000	1,801,421,000	1,744,403,000	1,744,403,000	986,798,000	986,798,000	966,480,000	966,480,000	896,753,000	896,753,000	856,066,000	856,066,000	855,825,000	855,825,000	760,631,000	760,631,000	727,042,000	727,042,000	688,051,000	688,051,000	658,757,000	658,757,000	594,826,000	594,826,000	580,742,000	580,742,000	587,928,000	587,928,000		572,726,000	566,784,000	566,784,000	550,526,000	550,526,000,000	520,841,000	520,841,000,000	501,945,000	501,945,000,000	509,028,000		509,028,000	592,338,000	592,338,000	559,947,000	544,181,000	520,530,000	475,756,000	457,657,000	457,657,000	468,814,000	468,814,000	464,663,000	520,721,000	543,686,000	543,686,000	446,818,000	446,818,000	464,663,000	415,710,000	415,710,000	417,119,000	417,119,000	332,922,000	332,922,000	252,334,000	252,334,000	257,578,000	257,578,000	250,797,000	250,797,000		243,328,000	241,800,000	241,800,000	245,107,000	245,107,000
intangible assets	573,500,000	402,600,000	419,600,000	437,600,000	455,100,000	429,900,000	291,200,000	300,600,000	294,900,000	335,000,000	345,600,000	348,200,000	199,500,000	207,000,000	213,300,000	183,100,000	183,100,000	197,800,000	197,800,000	210,700,000	210,700,000	219,600,000	219,600,000	235,900,000	235,900,000	253,900,000	253,900,000		276,000,000			247,700,000		268,900,000	269,200,000	269,200,000		276,100,000	262,400,000	262,400,000	277,423,000	277,423,000	300,110,000	300,110,000	327,354,000	327,354,000	449,530,000	262,400,000	449,530,000	414,576,000	414,576,000	422,299,000	422,299,000	158,028,000	158,028,000	138,079,000	138,079,000	119,241,000	119,241,000	122,429,000	122,429,000	130,535,000	130,535,000	97,243,000	97,243,000	94,075,000	94,075,000	92,515,000	92,515,000	89,506,000	89,506,000	78,857,000	78,857,000	77,424,000	77,424,000	83,268,000	83,268,000		83,576,000	85,748,000	85,748,000	79,370,000	79,370,000,000	74,054,000	74,054,000,000	77,429,000	77,429,000,000	72,047,000		72,047,000	69,516,000	69,516,000	69,851,000	71,320,000	72,701,000	64,950,000	67,892,000	67,892,000	64,155,000	64,155,000	56,592,000	60,435,000	59,965,000	59,965,000	45,989,000	45,989,000	56,592,000	41,237,000	41,237,000	43,037,000	43,037,000	32,288,000	32,288,000	21,503,000	21,503,000	22,910,000	22,910,000	20,208,000	20,208,000		23,420,000	25,246,000	25,246,000	26,231,000	26,231,000
net employee defined benefit asset	80,900,000	80,100,000	78,200,000	79,600,000	75,500,000	73,900,000	67,100,000	67,400,000	63,400,000	15,000,000	15,200,000	16,200,000	48,100,000	47,600,000	48,300,000	37,300,000	37,300,000	34,800,000	34,800,000	33,800,000	33,800,000	26,000,000	26,000,000	14,200,000	14,200,000	13,300,000	13,300,000		11,900,000			10,000,000		18,000,000	16,900,000	16,900,000			12,700,000	12,700,000								12,700,000
deferred tax assets	89,400,000	122,800,000	121,000,000	87,400,000	101,600,000	96,300,000	80,800,000	43,800,000	45,200,000	53,000,000	51,800,000	46,800,000	46,800,000	45,300,000	43,800,000	31,400,000	31,400,000	31,900,000	31,900,000	32,500,000	32,500,000	31,900,000	31,900,000	25,300,000	25,300,000	23,400,000	23,400,000			21,200,000		21,200,000	22,200,000		27,500,000		29,200,000	29,200,000	23,200,000	23,200,000	27,272,000	27,272,000	28,332,000	28,332,000	31,352,000	31,352,000	26,195,000	23,200,000	26,195,000	23,365,000	23,365,000	22,049,000	22,049,000	10,876,000	10,876,000	11,254,000	11,254,000	77,991,000	77,991,000	74,063,000	74,063,000	65,695,000	65,695,000	58,801,000	58,801,000	57,030,000	57,030,000	48,459,000	48,459,000	43,866,000	43,866,000	45,383,000	45,383,000	46,652,000	46,652,000	46,759,000	46,759,000		41,461,000	40,975,000	40,975,000	39,128,000	39,128,000,000	43,597,000	43,597,000,000	43,367,000	43,367,000,000	43,647,000		43,647,000	50,080,000	50,080,000	40,793,000	39,176,000
total assets	8,120,300,000	6,971,800,000	6,938,800,000	6,939,500,000	7,110,300,000	6,695,800,000	6,087,700,000	5,985,800,000	5,637,000,000	5,604,500,000	5,318,600,000	5,182,000,000	4,457,800,000	4,371,700,000	4,360,800,000	4,504,400,000	4,504,400,000	4,665,500,000	4,665,500,000	4,679,300,000	4,679,300,000	4,561,500,000	4,561,500,000	4,625,100,000	4,625,100,000	4,562,300,000	4,562,300,000		4,626,400,000			4,009,900,000		4,114,000,000	4,141,000,000	4,141,000,000		3,986,200,000	3,880,900,000	3,880,900,000	3,883,992,000	3,883,992,000	3,920,028,000	3,920,028,000	4,236,479,000	4,236,479,000	4,284,668,000	3,880,900,000	4,284,668,000	4,208,031,000	4,208,031,000	4,095,820,000	4,095,820,000	2,334,280,000	2,334,280,000	2,341,879,000	2,341,879,000	2,311,415,000	2,311,415,000	2,218,074,000	2,218,074,000	2,211,950,000	2,211,950,000	2,010,470,000	2,010,470,000	1,945,981,000	1,945,981,000	1,882,698,000	1,882,698,000	1,783,296,000	1,783,296,000	1,668,178,000	1,668,178,000	1,626,096,000	1,626,096,000	1,561,331,000	1,561,331,000		1,500,822,000	1,468,642,000	1,468,642,000	1,433,247,000	1,433,247,000,000	1,373,101,000	1,373,101,000,000	1,317,313,000	1,317,313,000,000	1,327,356,000		1,327,356,000	1,424,056,000	1,424,056,000	1,338,270,000	1,292,308,000	1,269,302,000	1,154,138,000	1,108,521,000	1,108,521,000			1,142,753,000	1,221,903,000	1,247,937,000	1,247,937,000	1,144,886,000	1,144,886,000	1,142,753,000	1,016,803,000	1,016,803,000	996,326,000	996,326,000	813,561,000	813,561,000	677,834,000	677,834,000	679,130,000	679,130,000	653,058,000	653,058,000	630,477,000	603,324,000	608,157,000	608,157,000	612,977,000	612,977,000
liabilities and equity
bank indebtedness	27,100,000	27,200,000	17,600,000	25,300,000	33,600,000	29,000,000	27,800,000	35,400,000	56,100,000	32,100,000	43,200,000	20,600,000		8,700,000		31,900,000	31,900,000			26,500,000	26,500,000	19,500,000																												20,434,000	20,434,000			7,048,000	7,048,000					3,677,000	3,677,000	16,310,000	16,310,000																					7,129,000	7,129,000,000	6,081,000	6,081,000,000				6,616,000	6,616,000	5,421,000	594,000	4,199,000	4,308,000														2,415,000	2,415,000			1,088,000	1,088,000			4,613,000	4,613,000		2,904,000
trade and other payables	1,161,900,000	889,700,000	898,300,000	987,400,000	904,700,000	801,300,000	855,800,000	793,400,000	718,300,000	727,500,000	607,400,000	592,400,000		564,100,000	510,200,000	567,500,000	567,500,000	589,800,000		504,200,000	504,200,000	576,400,000		547,800,000	547,800,000	525,400,000	525,400,000					567,200,000			720,300,000				704,600,000	704,600,000	666,177,000	666,177,000	664,262,000	664,262,000	594,208,000	594,208,000	718,197,000	704,600,000	718,197,000	656,227,000	656,227,000	621,324,000	621,324,000	257,527,000	257,527,000	352,199,000	352,199,000	301,139,000	301,139,000	289,493,000	289,493,000	250,310,000	250,310,000	300,293,000	300,293,000	310,483,000	310,483,000	243,615,000	243,615,000	243,154,000	243,154,000	259,113,000	259,113,000	266,254,000	266,254,000	207,277,000	207,277,000	191,900,000	197,856,000	216,104,000	216,104,000	225,077,000	225,077,000,000	188,173,000	188,175,000,000	179,686,000	179,686,000,000	191,859,000	191,900,000	191,859,000	201,372,000	201,372,000	162,499,000	157,023,000
lease liabilities	120,900,000	117,800,000	115,100,000	110,000,000	105,100,000	113,300,000	102,000,000	105,100,000	96,800,000	101,300,000	112,900,000	111,200,000	482,800,000	102,100,000	105,300,000	105,300,000	105,300,000	107,000,000	567,900,000	98,500,000	98,500,000	99,900,000	589,000,000	96,300,000	96,300,000	62,000,000	62,000,000		602,800,000
deferred revenue	541,400,000	470,600,000	487,500,000	433,800,000	419,800,000	428,700,000	368,100,000	336,900,000	307,700,000	280,400,000	264,900,000	257,700,000		189,500,000	191,700,000	186,800,000	186,800,000	180,000,000		189,800,000	189,800,000	199,200,000		170,000,000	170,000,000	172,600,000	172,600,000			174,400,000		174,400,000	205,700,000		181,000,000		179,500,000		187,400,000	187,400,000	187,402,000	187,402,000	209,751,000	209,751,000	216,172,000	216,172,000		187,400,000
income taxes payable	49,700,000	25,800,000	18,100,000	26,700,000	20,800,000	20,700,000	29,000,000	25,000,000	25,200,000	26,000,000	18,800,000	17,200,000	8,900,000	28,300,000	26,100,000	30,500,000	30,500,000	29,300,000	12,200,000	28,800,000	28,800,000	28,400,000	11,600,000	32,300,000	32,300,000	2,800,000	2,800,000		17,300,000			2,900,000		8,800,000	2,100,000	19,200,000		18,800,000	11,000,000	11,000,000	5,634,000	5,634,000	5,307,000	5,307,000	1,781,000	1,781,000	1,795,000	11,000,000	1,795,000	2,394,000	2,394,000	3,115,000	3,115,000																	2,317,000	2,317,000	9,127,000	9,127,000	4,366,000	4,366,000					159,000	159,000													570,000											9,920,000	9,920,000						9,955,000	9,955,000	4,719,000	4,719,000					3,432,000	4,669,000	4,373,000	4,373,000
long-term debt	274,300,000	177,400,000	176,000,000	180,400,000	189,000,000	181,100,000	148,000,000	150,200,000	25,600,000	43,600,000	40,900,000	29,500,000	497,100,000	211,000,000	63,100,000	40,900,000	40,900,000	38,400,000	786,400,000	39,200,000	39,200,000	46,900,000	814,000,000	48,200,000	48,200,000	60,300,000	60,300,000		1,042,000,000			48,500,000		894,800,000	51,200,000	860,300,000		714,500,000	198,200,000	198,200,000	197,007,000	197,007,000	200,572,000	200,572,000	267,864,000	267,864,000	91,876,000	198,200,000	91,876,000	105,688,000	105,688,000	83,490,000	83,490,000	142,145,000	142,145,000	133,055,000	133,055,000	260,391,000	260,391,000	259,266,000	259,266,000	376,025,000	376,025,000	256,093,000	256,093,000	239,281,000	239,281,000	322,907,000	322,907,000	269,490,000	269,490,000	200,943,000	200,943,000	209,460,000	209,460,000	250,073,000	250,073,000		254,700,000	256,408,000	256,408,000	245,158,000	245,158,000,000	256,109,000	256,108,000,000	248,653,000	248,653,000,000	236,601,000		236,601,000	247,548,000	247,548,000	275,636,000	258,931,000	245,005,000	216,894,000	216,923,000	216,923,000	198,769,000	198,769,000	230,273,000	294,145,000	306,294,000	306,294,000	215,113,000	215,113,000	230,273,000	217,778,000	217,778,000	236,614,000	236,614,000	74,539,000	74,539,000	29,714,000	29,714,000	44,946,000	44,946,000	45,079,000	45,079,000		34,674,000
provisions	65,500,000	75,800,000	63,100,000	44,100,000	53,200,000	57,600,000	48,000,000	47,500,000	44,100,000	45,400,000	81,100,000	71,000,000	112,700,000	23,900,000	25,000,000	22,600,000	22,600,000	19,300,000	111,600,000	20,000,000	20,000,000	23,900,000	89,100,000	28,300,000	28,300,000	33,500,000	33,500,000		84,400,000			42,400,000		85,400,000	25,900,000	85,800,000			28,100,000	28,100,000	28,732,000	28,732,000	30,134,000	30,134,000	34,115,000	34,115,000	36,011,000	28,100,000	36,011,000	43,154,000	43,154,000	35,000,000	35,000,000	21,971,000	21,971,000	22,878,000	22,878,000	15,688,000	15,688,000	14,501,000	14,501,000	15,930,000	15,930,000	10,796,000	10,796,000	11,989,000	11,989,000	11,535,000	11,535,000	12,618,000	12,618,000	12,047,000	12,047,000	15,637,000	15,637,000	13,174,000	13,174,000		14,118,000	14,863,000	14,863,000	14,804,000	14,804,000,000	15,626,000	15,626,000,000	16,102,000	16,102,000,000	16,373,000		16,373,000	17,237,000	17,237,000	16,253,000	20,258,000
other liabilities	56,000,000	39,900,000	55,200,000	43,700,000	35,300,000	64,700,000	43,600,000	28,100,000	40,900,000	36,100,000	27,500,000	36,900,000	44,100,000	24,000,000	18,800,000	12,000,000	12,000,000	12,500,000	24,800,000	17,000,000	17,000,000	12,100,000	16,000,000	10,200,000	10,200,000	9,300,000	9,300,000		49,000,000			23,200,000	15,900,000		15,400,000		14,600,000		22,200,000	22,200,000	23,418,000	23,418,000	21,698,000	21,698,000	21,908,000	21,908,000	20,795,000	22,200,000	20,795,000	21,654,000	21,654,000	18,221,000	18,221,000	15,630,000	15,630,000	12,162,000	12,162,000	11,915,000	11,915,000	11,953,000	11,953,000	12,014,000	12,014,000	11,953,000	11,953,000	11,275,000	11,275,000	10,431,000	10,431,000	10,292,000	10,292,000	9,837,000	9,837,000	9,329,000	9,329,000	8,332,000	8,332,000		8,964,000	8,650,000	8,650,000	6,847,000	6,847,000,000	6,143,000	6,143,000,000	6,365,000	6,365,000,000	5,208,000		5,208,000	5,129,000	5,129,000	3,258,000	3,433,000	12,335,000	12,301,000	12,298,000	12,298,000	13,558,000	13,558,000	67,479,000	67,145,000	68,851,000	68,851,000	64,297,000	64,297,000	67,479,000	47,584,000	47,584,000	44,120,000	44,120,000	42,909,000	42,909,000	38,041,000	38,041,000	38,587,000	38,587,000	35,236,000	35,236,000		29,050,000
total current liabilities	2,296,800,000	1,824,200,000	1,830,900,000	1,851,400,000	1,761,500,000	1,696,400,000	1,622,300,000	1,521,600,000	1,314,700,000	1,292,400,000	1,196,700,000	1,136,500,000	1,171,100,000	1,151,600,000	940,200,000	997,500,000	997,500,000	976,300,000	976,300,000	924,000,000	924,000,000	1,006,300,000	1,006,300,000	933,100,000	933,100,000	865,900,000	865,900,000		831,200,000			858,600,000		1,022,700,000	1,019,100,000	1,019,100,000		1,038,200,000	1,153,300,000	1,153,300,000	1,110,947,000	1,110,947,000	1,134,835,000	1,134,835,000	1,179,944,000	1,179,944,000	1,072,818,000	1,153,300,000	1,072,818,000	1,049,533,000	1,049,533,000	965,131,000	965,131,000	565,175,000	565,175,000	632,054,000	632,054,000	556,314,000	556,314,000	540,476,000	540,476,000	459,999,000	459,999,000	475,069,000	475,069,000	481,602,000	481,602,000	416,793,000	416,793,000	400,321,000	400,321,000	406,984,000	406,984,000	408,600,000	408,600,000	344,085,000	344,085,000		339,619,000	345,158,000	345,158,000	354,578,000	354,578,000,000	303,424,000	303,426,000,000	293,065,000	293,065,000,000	327,516,000		327,516,000	333,051,000	333,051,000	285,731,000	287,259,000	323,525,000	256,134,000	254,049,000	254,049,000	283,811,000	283,811,000	280,231,000	261,864,000	277,929,000	277,929,000	300,009,000	300,009,000	280,231,000	240,968,000	240,968,000	218,509,000	218,509,000	232,697,000	232,697,000	175,318,000	175,318,000	159,937,000	159,937,000	130,799,000	130,799,000	155,702,000	138,989,000	137,517,000	137,517,000	115,292,000	115,292,000
net employee defined benefit liability	19,800,000	20,700,000	21,700,000	28,100,000	28,200,000	28,500,000	27,800,000	28,500,000	31,500,000	44,100,000	48,700,000	54,100,000	76,900,000	80,700,000	85,500,000	76,300,000	76,300,000	76,400,000	76,400,000	79,000,000	79,000,000	85,200,000	85,200,000	54,900,000	54,900,000	57,100,000	57,100,000		59,800,000			68,600,000		42,500,000	28,100,000	28,100,000		30,400,000	31,200,000	31,200,000	34,890,000	34,890,000	46,331,000	46,331,000	48,235,000	48,235,000	50,490,000	31,200,000	50,490,000	36,569,000	36,569,000	25,441,000	25,441,000
deferred tax liabilities	58,600,000	62,800,000	62,600,000	95,200,000	80,300,000	65,200,000	35,500,000	11,200,000	22,000,000	54,300,000	59,100,000	62,300,000		63,000,000	62,300,000	79,300,000	79,300,000	80,200,000		82,700,000	82,700,000	73,200,000		81,000,000	81,000,000	73,600,000	73,600,000					54,300,000	54,100,000		49,000,000		54,200,000	54,200,000	54,600,000	54,600,000	65,987,000	65,987,000	50,489,000	50,489,000	148,313,000	148,313,000	79,592,000	54,600,000	79,592,000	54,371,000	54,371,000	61,702,000	61,702,000	18,792,000	18,792,000	21,256,000	21,256,000	93,356,000	93,356,000	92,610,000	92,610,000	86,670,000	86,670,000	74,602,000	74,602,000	67,395,000	67,395,000	64,902,000	64,902,000	59,855,000	59,855,000	58,082,000	58,082,000	62,277,000	62,277,000	62,024,000	62,024,000		58,840,000	57,842,000	57,842,000	56,534,000	56,534,000,000	55,163,000	55,163,000,000	53,709,000	53,709,000,000	54,564,000		54,564,000	56,054,000	56,054,000	49,491,000	46,851,000
total liabilities	4,890,500,000	3,928,700,000	3,899,500,000	4,206,200,000	4,147,500,000	3,838,400,000	3,624,500,000	3,644,800,000	3,303,800,000	3,407,900,000	3,310,600,000	3,194,100,000		2,457,900,000	2,405,500,000	2,451,600,000	2,451,600,000	2,635,800,000		2,676,300,000	2,676,300,000	2,684,400,000		2,735,700,000	2,735,700,000	2,709,400,000	2,709,400,000					2,101,200,000			2,162,100,000				1,981,600,000	1,981,600,000	1,998,908,000	1,998,908,000	2,005,015,000	2,005,015,000	2,340,037,000	2,340,037,000	2,308,168,000	1,981,600,000	2,308,168,000	2,277,505,000	2,277,505,000	2,234,809,000	2,234,809,000	1,065,228,000	1,065,228,000	1,018,619,000	1,018,619,000	1,042,545,000	1,042,545,000	1,020,603,000	1,020,603,000	1,046,996,000	1,046,996,000	924,225,000	924,225,000	912,544,000	912,544,000	918,905,000	918,905,000	843,997,000	843,997,000	775,544,000	775,544,000	784,189,000	784,189,000	754,341,000	754,341,000		738,187,000	741,487,000	741,487,000	738,521,000	738,521,000,000	697,696,000	697,696,000,000	674,228,000	674,228,000,000	700,205,000		700,205,000	719,700,000	719,700,000	686,448,000	665,177,000	661,646,000	567,848,000	560,420,000	560,420,000			608,423,000	654,063,000	682,815,000	682,815,000	605,911,000	605,911,000	608,423,000	530,402,000	530,402,000	526,882,000	526,882,000	370,863,000	370,863,000	258,636,000	258,636,000	259,197,000	259,197,000	227,484,000	227,484,000	219,582,000	220,020,000	241,209,000	241,209,000	251,238,000	251,238,000
total shareholders’ equity	3,229,800,000	3,043,100,000	3,039,300,000	2,733,300,000	2,962,800,000	2,857,400,000	2,463,200,000	2,341,000,000	2,332,900,000	2,196,200,000	2,007,600,000	1,987,500,000		1,913,400,000	1,954,500,000	2,051,600,000	2,051,600,000	2,028,500,000		2,001,700,000	2,001,700,000	1,875,500,000		1,887,800,000	1,887,800,000	1,851,200,000	1,851,200,000					1,906,900,000			1,976,600,000				1,896,300,000	1,896,300,000	1,881,769,000	1,881,769,000	1,911,832,000	1,911,832,000	1,893,160,000	1,893,160,000	1,975,728,000	1,896,300,000	1,975,728,000	1,929,359,000	1,929,359,000	1,860,308,000	1,860,308,000	1,269,052,000	1,269,052,000	1,323,260,000	1,323,260,000	1,268,870,000	1,268,870,000	1,197,471,000	1,197,471,000	1,164,954,000	1,164,954,000	1,086,245,000	1,086,245,000	1,033,437,000	1,033,437,000	963,793,000	963,793,000
total liabilities and equity	8,120,300,000	6,971,800,000	6,938,800,000	6,939,500,000	7,110,300,000	6,695,800,000	6,087,700,000	5,985,800,000	5,637,000,000	5,604,500,000	5,318,600,000	5,182,000,000	4,457,800,000	4,371,700,000	4,360,800,000	4,504,400,000	4,504,400,000	4,665,500,000	4,665,500,000	4,679,300,000	4,679,300,000	4,561,500,000	4,561,500,000	4,625,100,000	4,625,100,000	4,562,300,000	4,562,300,000		4,626,400,000			4,009,900,000		4,114,000,000	4,141,000,000	4,141,000,000		3,986,200,000	3,880,900,000	3,880,900,000	3,883,992,000	3,883,992,000	3,920,028,000	3,920,028,000	4,236,479,000	4,236,479,000	4,284,668,000	3,880,900,000	4,284,668,000	4,208,031,000	4,208,031,000	4,095,820,000	4,095,820,000																	1,783,296,000	1,783,296,000	1,668,178,000	1,668,178,000	1,626,096,000	1,626,096,000	1,561,331,000	1,561,331,000		1,500,822,000	1,468,642,000	1,468,642,000	1,433,247,000	1,433,247,000,000	1,373,101,000	1,373,101,000,000	1,317,313,000	1,317,313,000,000	1,327,356,000		1,327,356,000	1,424,056,000	1,424,056,000	1,338,270,000	1,292,308,000
shareholders’ equity																																			881,800,000
share capital							993,500,000	993,500,000	992,000,000	981,400,000	980,800,000	980,000,000		960,000,000	956,100,000	938,100,000	938,100,000	922,500,000		900,000,000	900,000,000	879,800,000		867,000,000	867,000,000	869,900,000	869,900,000					867,800,000							878,200,000	878,200,000	875,580,000	875,580,000	873,741,000	873,741,000	874,849,000	874,849,000	871,822,000	878,200,000	871,822,000	868,326,000	868,326,000	867,450,000	867,450,000	288,060,000	288,060,000	289,118,000	289,118,000	287,396,000	287,396,000	284,086,000	284,086,000	278,808,000	278,808,000	276,698,000	276,698,000	275,757,000	275,757,000	269,904,000	269,904,000	266,608,000	266,608,000	262,573,000	262,573,000	254,042,000	254,042,000	249,029,000	249,029,000		246,228,000	240,369,000	240,369,000	236,516,000	236,516,000,000	232,040,000	232,040,000,000	230,958,000	230,958,000,000	226,744,000		226,744,000	224,402,000	224,402,000	225,527,000	225,499,000	223,635,000	222,450,000	222,403,000	222,403,000	221,983,000	221,983,000	221,070,000	219,495,000	219,051,000	219,051,000	218,757,000	218,757,000	221,070,000	219,310,000	219,310,000	219,240,000	219,240,000	218,790,000	218,790,000	215,238,000	215,238,000	214,809,000	214,809,000	214,267,000	214,267,000		212,351,000
contributed surplus							5,500,000	5,500,000	6,100,000	6,800,000	6,700,000	8,100,000		10,600,000	11,500,000	13,900,000	13,900,000	16,600,000		20,000,000	20,000,000	23,900,000		26,300,000	26,300,000	25,900,000	25,900,000					24,800,000			22,800,000				21,500,000	21,500,000	20,681,000	20,681,000	19,736,000	19,736,000	19,278,000	19,278,000	18,736,000	21,500,000	18,736,000	18,236,000	18,236,000	17,188,000	17,188,000	16,593,000	16,593,000	15,788,000	15,788,000	14,893,000	14,893,000	14,364,000	14,364,000	14,388,000	14,388,000	13,490,000	13,490,000	12,507,000	12,507,000	12,776,000	12,776,000	12,377,000	12,377,000	12,369,000	12,369,000	13,519,000	13,519,000	13,806,000	13,806,000		13,525,000	14,291,000	14,291,000	14,541,000	14,541,000,000	14,962,000	14,962,000,000	14,502,000	14,502,000,000	14,906,000		14,906,000	14,851,000	14,851,000	14,355,000	13,694,000	13,623,000	13,485,000	13,148,000	13,148,000	12,606,000	12,606,000	12,504,000	12,247,000	11,374,000	11,374,000	10,458,000	10,458,000	12,504,000	7,667,000	7,667,000	6,795,000	6,795,000	6,266,000	6,266,000	5,612,000	5,612,000	5,295,000	5,295,000	5,139,000	5,139,000		5,086,000
retained earnings							1,338,000,000	1,255,700,000	1,198,100,000	1,101,400,000	1,053,400,000	1,043,600,000		993,500,000	991,100,000	995,900,000	995,900,000	951,100,000		915,800,000	915,800,000	917,700,000		903,000,000	903,000,000	870,200,000	870,200,000			851,200,000		851,200,000	922,600,000		958,700,000		937,600,000		947,100,000	947,100,000	950,149,000	950,149,000	918,255,000	918,255,000	845,604,000	845,604,000	917,883,000	947,100,000	917,883,000	901,229,000	901,229,000	864,779,000	864,779,000	856,422,000	856,422,000	852,725,000	852,725,000	837,324,000	837,324,000	797,294,000	797,294,000	764,012,000	764,012,000	735,917,000	735,917,000	706,530,000	706,530,000	666,613,000	666,613,000	630,955,000	630,955,000	606,056,000	606,056,000	578,079,000	578,079,000	539,766,000	539,766,000	397,800,000	512,063,000	491,251,000	491,251,000	467,015,000	467,015,000,000	439,808,000	439,808,000,000	415,891,000	415,891,000,000	397,847,000	397,800,000	397,847,000	463,630,000	463,630,000	440,543,000	416,188,000	429,240,000	397,115,000	378,270,000	378,270,000	364,569,000	364,569,000	341,660,000	351,649,000	329,290,000	329,290,000	308,629,000	308,629,000	341,660,000	321,377,000	321,377,000	300,795,000	300,795,000	286,780,000	286,780,000	268,080,000	268,080,000	250,605,000	250,605,000	233,178,000	233,178,000	217,750,000	202,119,000	186,472,000	186,472,000
accumulated other comprehensive income							126,200,000	86,300,000	136,700,000	106,600,000		-44,200,000		-50,700,000	-4,200,000	103,700,000	103,700,000	138,300,000		165,900,000	165,900,000	54,100,000		91,500,000	91,500,000	85,200,000	85,200,000			163,100,000		163,100,000	73,700,000		113,300,000		101,000,000		49,500,000	49,500,000	35,359,000	35,359,000	100,100,000	100,100,000	155,112,000	155,112,000	167,287,000	49,500,000	167,287,000	141,568,000	141,568,000	110,891,000	110,891,000	107,977,000	107,977,000	165,629,000	165,629,000	129,257,000	129,257,000	101,727,000	101,727,000	107,746,000	107,746,000	60,140,000	60,140,000	38,643,000	38,643,000	14,500,000	14,500,000	29,359,000	29,359,000	11,636,000	11,636,000			4,389,000	4,389,000											-12,449,000		-12,449,000	1,370,000	1,370,000		-28,353,000					-51,764,000	-51,764,000	-41,090,000	-15,758,000	5,119,000	5,119,000	1,131,000	1,131,000	-41,090,000			-57,386,000	-57,386,000	-69,028,000	-69,028,000	-69,614,000	-69,614,000			-26,829,000	-26,829,000
non-controlling interests									300,000	400,000	400,000	400,000	500,000	400,000	800,000	1,200,000	1,200,000	1,200,000	1,200,000	1,300,000	1,300,000	1,600,000	1,600,000	1,600,000	1,600,000	1,700,000	1,700,000		1,700,000			1,800,000		2,200,000	2,300,000	2,300,000		2,400,000	3,000,000	3,000,000	3,315,000	3,315,000	3,181,000	3,181,000	3,282,000	3,282,000	772,000	3,000,000	772,000	1,167,000	1,167,000	703,000	703,000																										103,000	103,000	103,000	103,000	103,000,000	103,000	103,000,000	103,000	103,000,000	103,000		103,000	103,000	103,000	103,000	103,000
cash and deposits										138,700,000	169,200,000	192,200,000		209,200,000	249,500,000	228,400,000	228,400,000	266,300,000		159,300,000	159,300,000	223,500,000				106,700,000	106,700,000																							143,521,000	143,521,000	156,173,000	156,173,000	45,423,000	45,423,000					20,973,000	20,973,000	27,418,000	27,418,000
accumulated other comprehensive loss											-33,300,000																																																															-3,733,000	-3,733,000				-9,284,000	-18,859,000	-18,859,000	-23,449,000	-23,449,000,000	-11,508,000	-11,508,000,000	-18,369,000	-18,369,000,000						-28,706,000		-58,945,000	-46,863,000	-65,823,000	-65,823,000										-61,953,000	-61,953,000
current portion of long-term debt													199,400,000						38,400,000				46,900,000						64,600,000					48,700,000		51,200,000		193,500,000																				133,569,000	133,569,000	133,967,000	133,967,000	67,714,000	67,714,000	53,172,000	53,172,000	57,450,000	57,450,000	52,587,000	52,587,000	47,281,000	47,281,000	37,130,000	37,130,000	33,845,000	33,845,000	44,620,000	44,620,000		45,253,000	42,888,000	42,888,000	49,588,000	49,588,000,000	34,912,000	34,912,000,000	31,671,000	31,671,000,000	59,593,000		59,593,000	50,973,000	50,973,000	45,859,000	44,611,000	50,149,000	46,229,000	42,799,000	42,799,000	35,428,000	35,428,000	39,356,000	44,827,000	41,929,000	41,929,000	34,096,000	34,096,000	39,356,000	37,150,000	37,150,000	35,410,000	35,410,000	21,549,000	21,549,000	6,254,000	6,254,000	4,950,000	4,950,000	4,589,000	4,589,000		2,242,000
current portion of provisions													26,600,000						19,300,000				23,900,000						36,000,000					36,800,000
current portion of lease liabilities													100,700,000						107,000,000				99,900,000						38,500,000
all other current liabilities													844,400,000						811,600,000				835,600,000						692,100,000					937,200,000		967,900,000		844,700,000
deferred tax liability													51,900,000						80,200,000				73,200,000						77,100,000
equity													2,011,800,000						2,028,500,000				1,875,500,000						1,861,100,000					1,902,300,000		1,976,600,000		1,941,300,000
management’s discussion and analysisseptember 30, 2021
investments in joint ventures and associates																9,700,000	9,700,000	8,900,000	8,900,000	8,300,000	8,300,000	8,800,000	8,800,000	8,600,000	8,600,000	8,700,000	8,700,000					9,400,000			12,300,000				9,700,000	9,700,000	10,279,000	10,279,000	9,722,000	9,722,000	8,941,000	8,941,000	9,220,000	9,700,000	9,220,000	8,396,000	8,396,000	9,627,000	9,627,000	4,343,000	4,343,000	4,467,000	4,467,000	4,667,000	4,667,000	5,141,000	5,141,000	4,916,000	4,916,000	4,975,000	4,975,000	5,072,000	5,072,000	4,616,000	4,616,000	5,710,000	5,710,000	4,996,000	4,996,000	4,133,000	4,133,000	3,384,000	3,384,000	2,400,000	5,223,000										2,400,000
management’s discussion and analysis june 30, 2020
management’s discussion and analysis december 31, 2019
impact on income statement items
administrative and marketing expenses																												392,600,000			1,433,600,000																																															153,900,000											153,900,000
net interest expense																												9,100,000			69,600,000
depreciation of lease assets																															115,800,000
net income																												44,900,000			194,400,000		58,400,000				36,800,000
impact on non - ifrs financial measures
ebitda																												96,700,000
adjusted ebitda																												91,600,000
net debt/adjusted ebitda - continuing operations																												2,670,000
all other assets																													33,000,000					226,700,000		226,400,000		39,400,000
management’s discussion and analysis march 31, 2019
current assets
non-current assets
current liabilities
●																															1,400,713,000,000
gross revenue																															4,827,300,000																																															439,100,000											439,100,000
net revenue																															3,711,300,000																																															370,900,000											370,900,000
direct payroll costs																															1,702,900,000																																															169,100,000											169,100,000
gross margin																															2,008,400,000																																															201,800,000											201,800,000
other
ebitda from continuing operations																															576,000,000
depreciation of property and equipment																															58,200,000
amortization of intangible assets																															66,900,000
income taxes																															71,100,000
net income from continuing operations																															194,400,000
net income from discontinued operations
basic and diluted earnings per share (eps) from continuing operations																															1,740,000
adjusted ebitda from continuing operations																															574,400,000
- excluding ifrs 16																															431,400,000
adjusted net income from continuing operations																															225,000,000
adjusted basic and diluted eps from continuing operations																															2,020,000
dividends declared per common share																															580,000
cash in escrow																																			5,700,000				7,900,000	7,900,000	8,721,000	8,721,000	3,436,000	3,436,000	4,189,000	4,189,000	8,844,000	7,900,000	8,844,000	9,313,000	9,313,000	13,086,000	13,086,000	12,221,000	12,221,000	8,646,000	8,646,000	6,000,000	6,000,000	6,000,000	6,000,000	6,000,000	6,000,000
other financial assets																																	194,400,000		13,200,000		188,800,000	188,800,000	9,300,000	9,300,000	13,367,000	13,367,000	17,513,000	17,513,000	17,103,000	17,103,000	20,890,000	9,300,000	20,890,000	18,505,000	18,505,000	24,150,000	24,150,000	32,861,000	32,861,000	27,108,000	27,108,000	33,146,000	33,146,000	30,316,000	30,316,000	30,928,000	30,928,000	31,526,000	31,526,000	27,053,000	27,053,000	28,252,000	28,252,000	25,776,000	25,776,000	21,418,000	21,418,000	17,971,000	17,971,000	17,877,000	17,877,000	14,600,000	17,666,000	18,701,000	18,701,000	16,089,000	16,089,000,000	16,568,000	16,568,000,000	12,558,000	12,558,000,000	14,612,000	14,600,000	14,612,000	12,950,000	12,950,000	10,836,000	13,404,000
non-current liabilities
net income and other comprehensive income
other comprehensive income																																	25,100,000				52,400,000
total comprehensive income																																	83,500,000				89,200,000
earnings per share																																	510,000				320,000
all other liabilities																																		155,300,000		149,600,000		186,400,000
management’s discussion and analysis september 30, 2018
other financial liabilities																																			1,500,000				1,800,000	1,800,000	2,577,000	2,577,000	3,111,000	3,111,000	2,671,000	2,671,000	2,378,000	1,800,000	2,378,000	2,823,000	2,823,000	1,711,000	1,711,000	15,745,000	15,745,000	2,601,000	2,601,000	3,369,000	3,369,000	2,031,000	2,031,000	4,520,000	4,520,000	2,773,000	2,773,000	3,762,000	3,762,000	2,207,000	2,207,000	3,498,000	3,498,000	1,927,000	1,927,000	4,007,000	4,007,000	3,305,000	3,305,000		3,325,000	1,672,000	1,672,000	3,140,000	3,140,000,000	1,670,000	1,670,000,000	2,938,000	2,938,000,000	5,042,000		5,042,000	6,340,000	6,340,000	9,987,000	9,043,000
management’s discussion and analysis june 30, 2018
management’s discussion and analysis march 31, 2018
unbilled revenue																																							414,800,000	414,800,000	483,982,000	483,982,000	475,350,000	475,350,000	442,904,000	442,904,000	421,829,000	414,800,000	421,829,000	504,819,000	504,819,000	463,463,000	463,463,000	255,887,000	255,887,000	228,970,000	228,970,000	241,868,000	241,868,000	234,156,000	234,156,000	244,128,000	244,128,000	192,310,000	192,310,000	241,882,000	241,882,000	217,060,000	217,060,000	196,960,000	196,960,000	143,894,000	143,894,000	203,602,000	203,602,000	199,312,000	199,312,000	133,900,000	173,637,000	150,523,000	150,523,000	164,540,000	164,540,000,000	170,779,000	170,779,000,000	150,886,000	150,886,000,000	133,881,000	133,900,000	133,881,000	152,943,000	152,943,000	135,113,000	113,222,000
assets held for sale																																													297,222,000	297,222,000
liabilities associated with assets held for sale																																													41,225,000	41,225,000
accumulated other comprehensive loss classified as held for sale																																													-1,683,000	-1,683,000
billings in excess of costs																																															201,766,000		201,766,000	197,159,000	197,159,000	202,270,000	202,270,000	105,109,000	105,109,000	109,159,000	109,159,000	90,634,000	90,634,000	84,854,000	84,854,000	93,201,000	93,201,000	96,082,000	96,082,000	86,643,000	86,643,000	96,418,000	96,418,000	81,161,000	81,161,000	77,803,000	77,803,000	75,162,000	75,162,000	67,377,000	67,377,000		70,103,000	60,822,000	60,822,000	55,122,000	55,122,000,000	49,771,000	49,771,000,000	50,222,000	50,222,000,000	49,441,000		49,441,000	45,384,000	45,384,000	42,454,000	51,727,000
liabilities and shareholders’ equity
total liabilities and shareholders’ equity																																																						2,334,280,000	2,334,280,000	2,341,879,000	2,341,879,000	2,311,415,000	2,311,415,000	2,218,074,000	2,218,074,000	2,211,950,000	2,211,950,000	2,010,470,000	2,010,470,000	1,945,981,000	1,945,981,000	1,882,698,000	1,882,698,000
total equity																																																																						939,299,000	939,299,000	892,634,000	892,634,000	841,907,000	841,907,000	806,990,000	806,990,000		762,635,000	727,155,000	727,155,000	694,726,000	694,726,000,000	675,405,000	675,405,000,000	643,085,000	643,085,000,000	627,151,000		627,151,000	704,356,000	704,356,000	651,822,000	627,131,000
total equity attributable to equity holders of the company																																																																								892,634,000	892,634,000	841,907,000	841,907,000	806,990,000	806,990,000		762,532,000	727,052,000	727,052,000	694,623,000	694,623,000,000	675,302,000	675,302,000,000	642,982,000	642,982,000,000	627,048,000		627,048,000	704,253,000	704,253,000	651,719,000	627,028,000
overall impact on total assets																																																																														-3,100,000											-3,100,000
overall impact on total liabilities																																																																														-3,000,000											-3,000,000
overall impact on total equity																																																																														-100,000											-100,000
consolidated statements of comprehensive income:
subconsultant and other direct expenses																																																																														68,200,000											68,200,000
share of income from joint ventures and associates																																																																														-300,000											-300,000
overall impact on net income for the period																																																																														100,000											100,000
investments in associates																																																																																3,508,000	3,508,000	3,065,000	3,065,000,000	2,739,000	2,739,000,000	2,542,000	2,542,000,000	2,365,000		2,365,000	2,041,000	2,041,000	1,938,000	2,825,000
cash and short-term deposits																																																																																		18,120,000	18,120,000,000	12,253,000	12,253,000,000	14,354,000	14,354,000,000	36,111,000		36,111,000	17,074,000	17,074,000	5,666,000	13,112,000
see accompanying notes
investment property
shareholders' equity
accounts receivable																																																																																															286,986,000	256,005,000	253,028,000	253,028,000						270,542,000
costs and estimated earnings in excess of billings																																																																																															120,544,000	108,480,000	96,775,000	96,775,000	95,794,000	95,794,000	105,125,000	111,540,000	118,983,000	118,983,000	75,602,000	75,602,000	105,125,000	91,844,000	91,844,000	94,092,000	94,092,000	65,064,000	65,064,000	56,318,000	56,318,000	63,150,000	63,150,000	47,972,000	47,972,000	39,924,000	47,926,000	54,944,000	54,944,000	47,363,000	47,363,000
future income tax assets																																																																																															12,981,000	12,699,000	14,935,000	14,935,000	15,518,000	15,518,000	13,611,000	19,168,000	19,952,000	19,952,000	15,265,000	15,265,000	13,611,000	15,992,000	15,992,000	13,987,000	13,987,000	13,308,000	13,308,000	12,016,000	12,016,000	9,949,000	9,949,000	9,295,000	9,295,000		8,590,000	8,916,000	8,916,000	13,746,000	13,746,000
liabilities and shareholders' equity
accounts payable and accrued liabilities																																																																																															191,049,000	143,844,000	143,397,000	143,397,000	167,175,000	167,175,000	182,383,000	158,383,000	171,801,000	171,801,000	198,228,000	198,228,000	182,383,000	152,975,000	152,975,000	127,742,000	127,742,000	155,020,000	155,020,000	115,739,000	115,739,000	107,706,000	107,706,000	76,863,000	76,863,000		88,108,000	89,022,000	89,022,000	70,593,000	70,593,000
billings in excess of costs and estimated earnings																																																																																															45,881,000	37,521,000	41,772,000	41,772,000	52,007,000	52,007,000	39,851,000	40,736,000	45,661,000	45,661,000	43,845,000	43,845,000	39,851,000	35,302,000	35,302,000	38,483,000	38,483,000	34,423,000	34,423,000	35,338,000	35,338,000	33,908,000	33,908,000	31,898,000	31,898,000	28,721,000	27,682,000	26,300,000	26,300,000	26,084,000	26,084,000
future income tax liabilities																																																																																															19,912,000	11,931,000	13,783,000	13,783,000	15,643,000	15,643,000	18,641,000	17,918,000	18,538,000	18,538,000	13,920,000	13,920,000	18,641,000	15,541,000	15,541,000	14,459,000	14,459,000	11,750,000	11,750,000	12,180,000	12,180,000	13,373,000	13,373,000	12,836,000	12,836,000		13,384,000	14,708,000	14,708,000	14,883,000	14,883,000
non-controlling interest in subsidiaries																																																																																															103,000	103,000	103,000	103,000	186,000	186,000	186,000	207,000	288,000	288,000			186,000
commitments, contingencies, and guarantees
total shareholders' equity																																																																																															607,553,000	586,187,000	547,998,000	547,998,000	547,394,000	547,394,000	534,144,000	567,633,000	564,834,000	564,834,000	538,975,000	538,975,000	534,144,000	486,401,000	486,401,000	469,444,000	469,444,000	442,698,000	442,698,000	419,198,000	419,198,000	419,933,000	419,933,000	425,574,000	425,574,000	410,895,000	383,304,000	366,948,000	366,948,000
total liabilities and shareholders' equity																																																																																															1,269,302,000	1,154,138,000	1,108,521,000	1,108,521,000			1,142,753,000	1,221,903,000	1,247,937,000	1,247,937,000	1,144,886,000	1,144,886,000	1,142,753,000	1,016,803,000	1,016,803,000	996,326,000	996,326,000	813,561,000	813,561,000	677,834,000	677,834,000	679,130,000	679,130,000	653,058,000	653,058,000	630,477,000	603,324,000	608,157,000	608,157,000
cash held in escrow																																																																																																									7,392,000	7,392,000		6,630,000	6,630,000	6,701,000	6,701,000
9,395																																																																																																			253,205,000	253,205,000
12,412																																																																																																					273,495,000						273,495,000
10,143																																																																																																						279,653,000
12,195																																																																																																							270,542,000
11,597																																																																																																									256,243,000	256,243,000
deferred stock compensation																																																																																																																-110,000	-110,000	-118,000	-118,000			-181,000	-181,000	-250,000	-344,000	-456,000	-456,000
september 30, 2009
stantec inc.
f-1
10,224 in 2008																																																																																																												246,951,000	246,951,000
13,111 in 2008																																																																																																														248,745,000	248,745,000
restricted cash																																																																																																																						749,000	749,000		2,818,000	4,083,000	4,083,000	19,139,000	19,139,000
10,508 in 2007																																																																																																																206,063,000	206,063,000
13,558 in 2007																																																																																																																		198,969,000	198,969,000
11,376 in 2007																																																																																																																				182,463,000	182,463,000
8,659 in 2007																																																																																																																						164,046,000	164,046,000
assets [note 8]
restricted cash [note 2]																																																																																																																								1,545,000
7,379 in 2006																																																																																																																								168,474,000
future income tax assets [note 14]																																																																																																																								9,711,000
other assets [note 6]																																																																																																																								8,228,000
property and equipment [note 3]																																																																																																																								65,009,000
goodwill [note 4]																																																																																																																								251,491,000
intangible assets [note 5]																																																																																																																								22,819,000
accounts payable and accrued liabilities [note 7]																																																																																																																								107,132,000
current portion of long-term debt [note 8]																																																																																																																								4,181,000
future income tax liabilities [note 14]																																																																																																																								12,236,000
long-term debt [note 8]																																																																																																																								12,046,000
other liabilities [note 9]																																																																																																																								33,561,000
commitments, contingencies, and guarantees:[notes 2, 8, 10, and 11]
share capital [note 12]																																																																																																																								212,781,000
contributed surplus [note 12]																																																																																																																								5,458,000
cumulative translation account [note 13]																																																																																																																								-24,844,000
on behalf of the board:
11,456 in 2006																																																																																																																									169,053,000
cumulative translation account																																																																																																																									-35,908,000	-36,474,000	-36,474,000
assets [note 4]
13,267 in 2006																																																																																																																										161,088,000	161,088,000
other assets [note 3]																																																																																																																										8,662,000	8,662,000	5,670,000	5,670,000
current portion of long-term debt [note 4]																																																																																																																										3,114,000	3,114,000	3,732,000	3,732,000
long-term debt [note 4]																																																																																																																										59,547,000	59,547,000	93,558,000	93,558,000
other liabilities [note 5]																																																																																																																										26,086,000	26,086,000	26,414,000	26,414,000
share capital [note 6]																																																																																																																										212,475,000	212,475,000
contributed surplus [note 6]																																																																																																																										4,931,000	4,931,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-05-06	2019-12-31	2019-09-30	2019-06-30	2019-05-09	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-05-10	2018-02-21	2017-09-30	2017-06-30	2017-05-10	2017-03-31	2016-09-30	2016-06-30	2016-05-11	2016-03-31	2016-02-24	2015-09-30	2015-06-30	2015-05-13	2015-03-31	2014-09-30	2014-06-30	2014-05-14	2013-09-30	2013-06-30	2013-05-08	2013-03-31	2013-02-20	2012-09-30	2012-06-30	2012-05-10	2011-09-30	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2007-02-22	2006-09-30	2006-06-30	2006-05-15	2006-03-31

notes
operating activities
net income	14,600,000	35,300,000	100,100,000	18,600,000	5,200,000	79,400,000	15,900,000	23,100,000	64,900,000	7,300,000	15,900,000	44,800,000																				-58,000,000				30,600,000					38,000,000							28,400,000
add (deduct) items not affecting cash:
depreciation of property and equipment	1,600,000	-300,000	17,600,000	200,000	1,400,000	15,800,000	100,000	-800,000	15,500,000	0	200,000	14,200,000		200,000	13,200,000																																																							3,471,000,000
depreciation of lease assets	4,200,000	-1,100,000	32,200,000	-300,000	500,000	31,500,000	-100,000	-700,000	30,900,000	-200,000	-700,000	30,600,000		-600,000	26,900,000
amortization of intangible assets	4,500,000	2,600,000	28,700,000	4,900,000	800,000	31,000,000	-800,000	100,000	26,300,000	400,000	1,900,000	24,300,000		400,000	13,300,000																																																							1,528,000,000
net (reversal) impairment of lease assets	0
deferred income taxes	48,500,000			30,800,000			-4,000,000	-2,600,000	-6,300,000	-4,700,000	-2,500,000	-5,700,000		-300,000	-2,000,000
share-based compensation	-3,300,000	-400,000	12,000,000	-4,700,000	-6,900,000	16,200,000	600,000	-3,600,000	15,600,000	6,200,000	1,200,000	3,200,000		-7,400,000	12,400,000
provisions	10,900,000	-10,800,000	21,300,000	-15,300,000	11,000,000	14,900,000	-3,000,000	2,900,000	10,400,000	-11,300,000	-8,300,000	21,700,000
other non-cash items	-7,300,000	0	1,300,000	-9,100,000	26,800,000	-7,400,000	8,200,000	-1,200,000	-2,600,000	-700,000	4,000,000	200,000		30,900,000	-13,000,000
trade and other receivables	-103,700,000	-63,000,000	138,400,000	-19,900,000	-46,900,000	45,400,000	-49,800,000	-78,700,000	58,400,000	-25,000,000	-48,300,000	3,600,000		-123,900,000	62,700,000
unbilled receivables	-35,900,000	7,000,000	-61,900,000	-61,800,000	50,600,000	-81,600,000	53,900,000	2,600,000	-89,200,000	-9,400,000	6,900,000	-59,400,000		-4,200,000	-11,000,000
contract assets	-2,900,000	10,800,000	-11,300,000	8,300,000	-5,000,000	-13,300,000	6,200,000	-1,600,000	-4,900,000	3,600,000	-8,500,000	-1,100,000		-800,000	200,000
prepaid expenses	11,000,000	23,600,000	-18,300,000	1,700,000	26,900,000	-16,000,000	7,100,000	19,000,000	-15,600,000	900,000	21,900,000	-15,300,000		15,300,000	-10,200,000
income taxes net recoverable	48,300,000	-54,600,000	-900,000	30,000,000	-69,800,000	15,800,000
trade and other payables and other accruals	199,300,000	75,200,000	-142,900,000	74,200,000	61,800,000	-76,800,000	49,400,000	62,800,000	-58,200,000	101,000,000	11,200,000	-54,200,000
deferred revenue	-7,900,000	14,100,000	-15,600,000	41,000,000	-27,800,000	2,000,000	16,700,000	35,100,000	-17,000,000	4,800,000	10,900,000	-4,500,000		10,200,000	-8,100,000
net cash flows from operating activities	181,900,000	33,300,000	100,700,000	98,600,000	23,400,000	56,900,000			36,700,000			6,000,000		22,500,000	55,700,000	-87,000,000		-43,000,000	314,900,000			-90,100,000
investing activities
business acquisitions, net of cash acquired	-380,300,000				307,600,000	-431,300,000													-62,300,000			-83,100,000					-21,100,000				-31,197,000				-107,398,000		-184,219,000			-115,844,000			-432,000	-38,086,000		-11,622,561,000	-1,439,000		-67,917,000	-34,087,709,000	-14,265,372,000	-25,628,000	4,706,000	-35,718,000	166,000	-1,050,000	-3,018,000			-18,914,000			-100,507,000
purchase of investments held for self-insured liabilities	2,400,000	24,000,000	-41,400,000	6,300,000	-2,900,000	-9,800,000	16,900,000	-20,400,000	-15,300,000	-75,100,000	-8,900,000	-17,100,000				300,000																					-1,914,000
proceeds from sale of investments held for self-insured liabilities	1,500,000	-20,800,000	34,500,000	-3,500,000	-41,000,000	51,300,000	-11,500,000	17,800,000	7,000,000	26,900,000	-7,100,000	55,400,000			1,100,000
purchase of property and equipment and intangible assets	4,700,000	-2,900,000	-16,100,000	5,200,000	-19,800,000	-20,500,000	-21,300,000
other	200,000	-1,200,000	1,400,000	0	-200,000	2,200,000	-1,800,000	-5,400,000	6,100,000	2,700,000	-4,400,000	3,000,000		2,000,000	-100,000	-2,700,000		100,000	4,900,000			1,100,000
net cash flows from investing activities	-371,500,000	-37,700,000	-21,600,000	131,700,000	243,700,000	-408,100,000	57,900,000			-4,700,000				-6,700,000	-23,600,000	-1,600,000		-20,600,000				-104,200,000
financing activities
net proceeds from issue of senior unsecured notes
net (repayments) proceeds from revolving credit facility	501,300,000
repayment of notes payable and other financing obligations		27,300,000	-51,200,000	61,200,000	-29,100,000	-37,900,000
net proceeds from bank indebtedness
net lease payments	-3,900,000	-3,200,000	-33,700,000	1,100,000	-11,800,000	-21,200,000	-1,200,000	-1,800,000	-29,800,000	-1,000,000	1,800,000	-36,800,000
payment of dividends to shareholders	0	-1,800,000	-23,900,000	0	-1,600,000	-22,300,000	100,000	-1,700,000	-20,000,000	100,000	-1,700,000	-18,300,000		-1,200,000	-17,200,000	-100,000		-16,100,000	-47,800,000			-15,400,000					-14,300,000				-12,834,000				-9,916,000		-28,449,000			-8,680,000			-950,000	-7,684,000		-7,604,103,000	-6,897,000		-13,738,000	-6,856,144,000
net cash flows from (used in) financing activities	89,300,000					194,200,000
foreign exchange gain on cash held in foreign currency	26,800,000	-18,900,000	200,000	-2,800,000	300,000	3,600,000				23,200,000				-4,000,000	-5,500,000	300,000		16,600,000	-11,300,000			-5,300,000					4,900,000								-2,145,000		3,697,000			2,114,000			-2,636,000	1,244,000					-86,000	-195,145,000			608,000		1,486,000	-541,000			532,000			191,000								-93,000,000
net increase in cash and cash equivalents	-73,500,000	65,000,000	25,500,000	25,600,000			-151,700,000	112,300,000	-16,400,000			5,500,000				-203,300,000			-33,000,000									33,699,000									-123,424,000												-7,354,000				22,486,000	-7,576,000	11,676,000	2,217,000	7,807,000				32,922,000	-10,504,000				14,415,000
cash and cash equivalents, beginning of the period	90,500,000	25,500,000	228,500,000	18,700,000	-153,400,000	352,900,000	95,900,000	-16,400,000	148,300,000	-23,000,000	5,500,000	186,700,000		-35,300,000	284,800,000	133,500,000		204,000,000				185,200,000					239,500,000				210,903,000				67,342,000					153,704,000			-22,456,000	143,030,000		25,618,292,000	40,708,000			5,115,727,000	8,236,889,000	36,111,000	-12,273,000	13,893,000	2,217,000	14,690,000	-6,915,000	-83,326,000	103,979,000	22,418,000	-10,504,000	14,175,000		-20,680,000	14,415,000	28,363,000				28,143,000,000	28,143,000
cash and cash equivalents, end of the period	17,000,000	90,500,000	254,000,000	44,300,000	18,700,000	199,500,000	-55,800,000	95,900,000	131,900,000	-30,500,000	-23,000,000	192,200,000		-49,000,000	249,500,000	-69,800,000		132,800,000				53,800,000					205,900,000				194,037,000				38,375,000					11,108,000			-2,838,000	120,574,000		22,739,341,000	25,659,000			18,114,876,000	5,115,727,000	8,273,000	10,213,000	6,317,000	13,893,000	16,907,000	892,000	-6,915,000	20,653,000	-12,205,000	22,418,000	3,671,000		-10,077,000	-20,680,000	42,778,000		-7,981,000	-5,730,312,000	5,741,000,000	5,741,000
net proceeds from revolving credit facility			55,000,000			270,500,000			56,500,000		17,300,000	68,000,000
net cash flows (used in) from financing activities			-53,800,000															-24,200,000
net proceeds from issue of senior unsecured notes and bilateral term credit facility
net (repayment of) proceeds from revolving credit facility							-72,600,000
net repayment of bank indebtedness
net proceeds from (repayment of) revolving credit facility
net proceeds from (repayment of) bank indebtedness					-800,000	5,100,000
net cash flows from financing activities									-28,200,000	-123,500,000	38,600,000	-24,300,000		-25,500,000	-61,900,000	-115,000,000						68,200,000
cash flows from (used in) operating activities																																															577,000
cash flows from (used in) investing activities
cash flows from (used in) financing activities																																												38,901,000
proceeds from exercise of share options								-4,700,000	7,000,000	-5,000,000	-4,400,000	9,900,000		-10,100,000	20,400,000
net decrease in cash and cash equivalents						-153,400,000									-35,300,000			-71,200,000				-131,400,000					-33,600,000				-16,866,000				-28,967,000					-142,596,000			19,618,000	-22,456,000		-2,878,951,000	-15,049,000				-3,121,162,000	-27,838,000							-83,326,000											-22,402,000,000
net reversal of lease assets impairment
net income (gain) on equity securities
repayment of notes payable and software financing obligations							4,000,000	24,300,000	-32,300,000	4,800,000	31,700,000	-39,100,000
net (repayment of) proceeds from bank indebtedness							12,500,000	-10,800,000	-9,600,000
repurchase of shares for cancellation											-8,100,000	-28,600,000						-33,300,000	-29,000,000			-11,900,000					-8,900,000								-18,210,000																		-5,919,000							838,000	1,613,000	-3,476,000
net impairment (reversal) of lease assets
net (gain) loss on equity securities
income taxes recoverable								-65,700,000	15,000,000	26,300,000	-21,000,000	5,300,000		-23,400,000	2,500,000
net cash flows from (used in) operating activities
foreign exchange (gain) loss on cash held in foreign currency
reversal of lease asset impairment									-2,500,000	1,500,000
net gain on equity securities									-4,000,000			-1,700,000
purchase of intangible assets									-1,600,000	-100,000	800,000	-2,100,000		600,000	-1,300,000	600,000		-500,000	-2,200,000			-1,400,000					-3,000,000				-1,077,000				-666,000		-3,432,000			-1,698,000				-2,934,000		-2,319,856,000	-144,000		-8,611,000	-453,836,000	-155,024,000	-8,976,000	412,000	-170,000	2,424,000	-2,524,000
purchase of property and equipment									-20,200,000	-6,700,000	-1,200,000	-10,800,000		-3,300,000	-6,500,000	200,000		-8,500,000	-45,700,000			-20,800,000					-21,000,000				-14,664,000				-15,133,000		-28,684,000			-13,214,000			-2,319,000	-12,542,000		-16,591,047,000	-10,953,000		-14,863,000	-7,814,278,000	-6,716,938,000	-5,062,000	2,618,000	-3,882,000	-489,000	-5,476,000	2,451,000	3,448,000	-8,246,000	1,408,000	-1,438,000	-9,013,000	-20,058,000			-6,076,000	-15,177,000	1,430,000	5,640,827,000	-5,646,000,000
net cash flows (used in) from investing activities									-24,000,000
foreign exchange loss on cash held in foreign currency									-900,000			-4,600,000																			-1,907,000																-117,000					-189,000														-326,000
cash flows from operating activities																									-23,800,000		-122,900,000	221,422,000			-27,358,000				-9,654,000		121,427,000			-88,258,000									98,984,000			-2,030,000	59,434,000			-9,373,000			-30,641,000	-440,000	108,820,000	-53,774,000	69,200,000	-15,049,000	49,085,000	-15,737,000
net loss on equity securities										-3,200,000
cash flows from investing activities																											-45,100,000				-45,879,000				-126,272,000		-223,778,000			-146,041,000			4,183,000	-58,976,000			-10,432,000		-97,680,000			-39,419,000		-36,120,000	6,510,000	-11,204,000		66,906,000	-72,242,000		78,018,000	-88,890,000	-123,019,000			-8,406,000	-12,022,000	-1,783,000	6,481,255,000	-6,483,000,000
cash flows from financing activities																							68,200,000				129,500,000				58,278,000				109,104,000					89,589,000									-8,572,000			13,800,000			-30,127,000	23,335,000		-23,499,000	19,025,000		-153,670,000	131,969,000	50,505,000			38,884,000	-53,002,000	11,096,000	-8,171,502,000	8,136,000,000	8,136,000
net cash flows (used in) from operating activities
net cash flows from (used in) investing activities												28,400,000
proceeds from bank indebtedness												20,600,000
cash flows used in investing activities																							-104,200,000
cash flows used in financing activities
cash flows from operating activities from continuing operations														22,500,000	55,700,000	-87,700,000		-45,400,000	310,900,000			-88,500,000
net income from continuing operations														12,300,000	50,900,000
(reversal) impairment of lease assets														600,000	-1,600,000
unrealized loss on equity securities														800,000	-5,100,000
trade and other payables														112,400,000	-82,100,000
cash flows (used in) from operating activities from discontinued operations																700,000
provision for self-insured liabilities and claims															6,700,000
cash flows from operating activities from discontinued operations																						-1,600,000
business acquisition, net of cash acquired															-16,800,000
proceeds from revolving credit facility																		60,000,000				125,300,000					162,200,000	208,925,000			79,693,000
repayment of notes payable and other long-term debt															-22,300,000	100,000		-16,500,000
net payment of lease obligations															-34,100,000	-300,000		-33,000,000	-85,900,000			-25,600,000
proceeds from lease inducements															1,900,000			200,000	16,100,000			4,800,000					4,900,000	3,919,000			1,453,000				1,764,000					486,000
payment of software financing obligations															-10,600,000	1,500,000		-8,200,000	-8,200,000			-8,200,000
supplemental disclosure
income taxes paid															15,100,000	-22,600,000		-8,500,000	-38,400,000			-9,200,000					-13,900,000				-5,098,000				-19,828,000		-55,118,000			-19,125,000			-2,023,000	-19,346,000		-19,440,393,000	-19,607,000		-28,721,000	-9,027,136,000	-11,857,604,000	-6,396,000	5,011,000	3,000	2,639,000	-15,001,000	3,383,000	10,451,000	-25,932,000	2,432,000	8,402,000	-20,320,000	-27,358,000			-13,683,000	-26,786,000	-5,210,000	11,811,408,000	-11,817,000,000
net interest paid															6,900,000
cash receipts from clients																26,000,000		1,177,700,000	3,704,100,000			1,110,700,000					1,265,900,000	3,946,480,000			1,287,992,000				778,437,000		2,192,198,000			626,177,000			47,760,000	566,178,000		533,892,761,000	459,239,000		1,414,270,000	470,867,184,000	462,394,547,000	421,453,000	49,557,000	-334,000	14,541,000	349,216,000	3,819,000	-40,652,000	420,873,000	7,712,000	47,386,000	255,569,000	703,246,000	-1,281,000	27,421,000	210,699,000	604,374,000	-2,117,000	-183,948,411,000	184,163,000,000	184,163,000
cash paid to suppliers																-71,900,000		-490,900,000	-1,346,400,000			-515,000,000					-709,900,000				-655,226,000				-285,372,000		-782,324,000			-239,671,000			21,137,000	-210,239,000		-153,521,912,000	-138,088,000		-455,896,000	-141,110,407,000	-178,439,434,000	-153,566,000	-22,981,000	-2,949,000	18,920,000	-135,546,000	701,000	46,101,000	-177,355,000	12,668,000	22,457,000	-90,714,000	-178,012,000			-65,627,000	-154,089,000	-13,942,000	68,032,975,000	-68,086,000,000
cash paid to employees																-19,200,000		-708,300,000	-1,961,100,000			-659,600,000					-659,200,000				-647,065,000				-481,877,000		-1,227,598,000			-455,497,000			-40,578,000	-340,607,000		-327,545,411,000	-300,589,000		-822,293,000	-240,715,923,000	-246,817,597,000	-259,403,000	27,026,000	22,384,000	-5,770,000	-205,059,000	47,605,000	16,177,000	-244,767,000	-27,382,000	32,209,000	-198,695,000	-434,169,000			-148,414,000	-351,882,000	-1,117,000	127,852,233,000	-127,967,000,000
interest received																-600,000		500,000	2,600,000			900,000					800,000				665,000				491,000		1,849,000			679,000			-272,000	761,000		342,648,000	352,000		1,522,000	387,676,000	323,611,000	389,000	288,000	34,000	-518,000	1,123,000	-31,000	-162,000	648,000	249,000	-257,000	559,000	4,816,000	-138,000	465,000	1,353,000	5,070,000	-762,000	-1,569,016,000	1,571,000,000	1,571,000
interest paid																900,000		-15,000,000	-54,100,000			-17,900,000					-6,200,000				-7,141,000				-1,709,000		-9,954,000			-1,040,000			-3,031,000	-592,000		-3,636,441,000	-559,000		-12,282,000	-1,242,843,000	-4,152,980,000	-4,020,000	-1,059,000	-987,000	2,205,000	-5,378,000	565,000	1,824,000	-4,538,000	-118,000	-1,016,000	-1,104,000	-2,084,000			-773,000	-5,677,000	150,000	2,063,862,000	-2,066,000,000
finance costs paid																-300,000		-900,000	-3,700,000			-1,300,000					-1,300,000				-2,087,000				-1,021,000		-1,928,000			-677,000			-22,000	-609,000		-699,432,000	-568,000		-1,914,000	-566,423,000	-576,223,000	-777,000	33,000
(repayment of) proceeds from revolving credit facility																-108,000,000			-54,300,000
proceeds from share options exercised																-5,800,000
management’s discussion and analysis june 30, 2020
cash flows from (used in) operating activities from discontinued operations																		2,400,000
(purchase) proceeds of investments held for self-insured liabilities																		-11,700,000													-1,606,000
proceeds from issue of share capital																		22,700,000	18,500,000			3,000,000					3,700,000	6,475,000			2,428,000				548,000		6,954,000			1,625,000			-561,000	3,038,000		2,068,659,000	4,341,000		6,899,000	3,305,204,000	792,752,000	3,248,000	145,000	161,000	422,000	307,000	815,000	106,000	216,000	-222,000	-427,000	730,000	1,627,000	-90,000	-715,000	1,098,000
see accompanying notes
cash flows used in operating activities from continuing operations
net cash flows used in operating activities
net cash flows used in investing activities
continuing operations
gross revenue																																1,276,300,000				755,400,000					705,700,000							513,200,000																						185,270,000,000
less subconsultant and other direct expenses																																																																						22,132,000,000
net revenue																																873,800,000				628,600,000					592,300,000							426,900,000																						163,138,000,000
direct payroll costs																																																																						72,209,000,000
gross margin																																																																						90,929,000,000
administrative and marketing expenses																																																																						68,377,000,000
net interest expense
other net finance expense
share of income from joint ventures and associates
foreign exchange loss
other income
income before income taxes and discontinued operations
income taxes
current																																																																						7,498,000,000
deferred
total income taxes																																																																						5,624,000,000
net income for the year from continuing operations
discontinued operations
net income from discontinued operations, net of tax
net income for the period																																																																						11,417,000,000
weighted-average number of shares outstanding - basic
weighted-average number of shares outstanding - diluted
shares outstanding, end of the period																																																																						22,535,173,000,000
earnings per share, basic and diluted
total basic and diluted earnings per share
add back:
depreciation and amortization
ebitda from continuing operations
add back (deduct) pre-tax:
lease exit liability
past service cost for pensions
unrealized gain on investments held for self-insured liabilities
severances related to organizational reshaping
adjusted ebitda from continuing operations
add back (deduct) after tax:
amortization of intangible assets related to acquisitions
transition tax (recovery) expense
adjusted net income from continuing operations
adjusted earnings per share from continuing operations
adjusted earnings per share - basic
adjusted earnings per share - diluted
current assets
other assets
non-current assets
lease assets
intangible assets
total increase in assets
current liabilities
lease liabilities
other liabilities
non-current liabilities
deferred tax liabilities
shareholders’ equity
retained earnings
total increase in liabilities and equity
ifrs 16 impact on statement of income - continuing operations
impact on income statement items
impact on non-ifrs financial measures
ebitda																																89,800,000				66,500,000					76,100,000							54,800,000
adjusted ebitda																																89,900,000				70,200,000
net debt/adjusted ebitda - continuing operations
non-ifrs measures are discussed in the definitions section of stantec’s 2019 annual report.
ifrs 16 impact on statement of cash flows - continuing operations
cash flows (used in) from investing activities																									-26,600,000
payments of lease obligations
income taxes recovered																			7,900,000			2,900,000					900,000	4,309,000			602,000				1,225,000		4,302,000			896,000			-704,000	829,000		9,834,603,000	397,000		4,298,000	2,937,629,000	3,370,710,000	290,000	1,559,000	3,022,000	807,000	370,000	3,530,000	256,000	405,000	3,999,000	-211,000	781,000	2,511,000	520,000	202,000	458,000	1,907,000	892,000	-88,923,000	90,000,000	90,000
proceeds on leasehold improvements
proceeds on disposition of a subsidiary
cash sold on disposition of subsidiary
cash flows used in investing activities from continuing operations
cash flows used in investing activities from discontinued operations
repayment of term loan
cash flows used in financing activities from continuing operations
cash flows used in financing activities from discontinued operations
net cash flows used in financing activities
cash and cash equivalents, beginning of the year
cash and cash equivalents, end of the year
cash flows from investing activities from continuing operations																						-104,200,000
cash flows from investing activities from discontinued operations
repayment of other long-term debt																						-3,800,000
cash flows (used in) from financing activities from continuing operations
cash flows from financing activities from discontinued operations
cash flows (used in) from financing activities																																														-13,053,923,000	-5,077,000
management’s discussion and analysis september 30, 2019
management’s discussion and analysis june 30, 2019
cash in escrow																											-7,100,000
cash flows from investing activities from discontinued operations, net of taxes paid
cash flows from financing activities from continuing operations																						68,200,000
cash flows used in operating activities																							-88,500,000
management’s discussion and analysis march 31, 2019
income taxes paid on disposition of subsidiary
proceeds (purchase) from other investing activities
cash flows (used in) from investing activities from continuing operations
cash flows (used in) investing activities from discontinued operations, net of taxes paid
net proceeds (repayment) from revolving credit facility
payment of finance lease obligations																											-13,200,000				-11,009,000				-11,197,000		-12,988,000			-9,170,000			2,201,000	-2,949,000		-904,645,000	-3,355,000		-5,551,000	-882,218,000	-778,786,000	-3,214,000	-559,000
cash flows from (used in) financing activities from continuing operations
cash flows (used in) financing activities from discontinued operations
management’s discussion and analysis december 31, 2019
revenue
expenses
impairment of goodwill
income from operating activities before income taxes
income taxes on operating activities
income from operating activities, net of income taxes
gain on disposal of discontinued operations before income taxes
income taxes on disposal of discontinued operations
loss on disposal of discontinued operations, net of income taxes
net income from discontinued operations
management’s discussion and analysis december 31, 2018
investments in joint ventures and associates
dividend distributions from investments in joint ventures and associates																											200,000	1,867,000			982,000				455,000
proceeds of investments held for self-insured liabilities
increase in other financial assets																											-100,000
proceeds on disposition of a subsidiary, net of cash sold																												336,927,000
proceeds on disposition of property and equipment																											100,000	894,000			322,000				127,000		324,000			154,000			-24,000	44,000		77,679,000	321,000		205,000	9,929,000	70,901,000	99,000	-486,000	26,000	71,000	62,000	-856,000	938,000	52,000	19,000	-119,000	204,000	56,000	67,000	-6,000	17,000				11,000,000	11,000
repayment of revolving credit facility
management’s discussion and analysis september 30, 2018
purchase (proceeds) of investments held for self-insured liabilities
decrease in other financial assets																															174,000
management’s discussion and analysis june 30, 2018
proceeds (purchase) of investments held for self-insured liabilities																											2,000,000								218,000
cash on held for sale																															-266,000
management’s discussion and analysis march 31, 2018
repayment of senior secured notes
proceeds from term loan
transaction costs on long-term debt
transaction costs for issue of shares
decrease (increase) in other financial assets																																			1,114,000
adjusted net income																																45,800,000
eps – basic
eps – diluted
adjusted eps – basic																																400,000
adjusted eps – diluted																																400,000
cash dividends declared per common share																																125,000				112,500					105,000							165,000
cash flows
from operating activities
(used in) from investing activities
from (used in) financing activities
management’s discussion and analysis (unaudited) september 30, 2017
from (used) in investing activities
(used in) from financing activities																																																-5,100,000
management’s discussion and analysis (unaudited) june 30, 2017
earnings per share – basic																																-510,000				330,000					400,000							620,000
earnings per share – diluted																																-510,000				320,000					400,000							610,000
used in operating activities																																-27,400,000				-12,800,000					-88,300,000
used in investing activities																																-45,900,000				-123,100,000					-146,000,000							-10,400,000
from financing activities																																58,300,000				109,100,000					89,600,000
•
cash held in escrow																																			-6,753,000					-6,000,000																						-6,701,000
n/m = not meaningful
note 1: ebitda is a non-ifrs measure and is further discussed in the definition of non-ifrs measures in the critical accounting estimates, developments, and measures section (the “definitions section”) of our 2015 annual report. the definitions section is incorporated here by reference.
note 2: adjusted ebitda is a non-ifrs measure and is further discussed in the definition of non-ifrs measures section of this report.
note 3: adjusted basic and diluted earnings per share (eps) are non-ifrs measures and are further discussed in the definition of non-ifrs measures section of this report.
adjusted earnings per share – basic																																				400,000
adjusted earnings per share – diluted																																				400,000
from (used in) operating activities																																																600,000
note 3: adjusted basic and diluted earnings per share are non-ifrs measures and are further discussed in the definition of non-ifrs measures section of this report.
repayment of bank debt																																			-20,006,000		-124,059,000			-4,497,000			6,839,000	-12,197,000		-9,929,184,000	-25,816,000		-71,321,000	-24,135,918,000	-18,047,835,000	-34,165,000	75,256,000
proceeds from bank debt																																			167,885,000					110,311,000			-11,725,000	58,693,000		3,315,350,000	26,650,000		77,859,000	5,872,131,000	19,821,069,000	47,931,000	2,099,000
note 1: ebitda is a non-ifrs measure and is further discussed in the definition of non-ifrs measures in the critical accounting estimates, developments, and measures section (the “definitions section”) of our 2015 annual report. the definitions section is incorporated by reference.
decrease in investments and other assets																																					270,000									1,678,640,000	360,000
repayment of acquired bank indebtedness																																																					367,000						-4,596,000		1,706,000	-1,747,000	-1,297,000
dividends from investments in joint ventures and associates																																								1,010,000			1,561,000	97,000		2,318,730,000	270,000
·
n/m = not meaningful note 1: gross revenue and net revenue are additional ifrs measures as discussed in the definition of additional ifrs measures and non-ifrs measures in the critical accounting estimates, developments, and measures section (the “definitions section”) of our 2014 annual report. the definitions section is incorporated here by reference. note 2: ebitda is a non-ifrs measure and is calculated as income before income taxes, plus net interest expense, amortization of intangible assets, and depreciation of property and equipment, as further discussed in the definitions section of our 2014 annual report. note 3: all comparative earnings per share and dividends per share amounts have been adjusted from previously reported amounts for the two-for-one share split that occurred on november 14, 2014.
increase in investments held for self-insured liabilities																																								-6,133,000			893,000	-5,422,000					-9,408,000	-3,183,342,000	-2,655,656,000	-2,344,000				-2,216,000			-48,000			-1,968,000				-2,576,000				-882,000,000
increase in investments and other assets																																								-4,802,000				-133,000
management’s discussion and analysis
march 31, 2015
total assets
total long-term debt
used in financing activities
outstanding common shares as at
december 31
february 24, 2016
outstanding share options as at
cash flows (used in) from operating activities																																												-3,625,000
february 25, 2015
management’s discussion and analysis december 31, 2014
decrease (increase) in investments held for self-insured liabilities																																															1,153,000
february 26, 2014
measure
gross margin as % of net revenue
administrative and marketing expenses as % of net revenue
net income as % of net revenue
effective income tax rate
return on equity
net debt to ebitda
dividends from equity investments																																																	430,000	199,716,000	283,854,000	146,000		-1,820,000	983,000	902,000		542,000	25,000			150,000	250,000			250,000	150,000			150,000,000	150,000
proceeds from senior secured notes
transaction costs on senior secured notes																																																					835,000
decrease (increase) in investments and other assets
decrease (increase) of investments and other assets																																																			995,654,000	2,346,000
february 20, 2013
decrease of other investments																																																					8,242,000
proceeds on sale of equity investments
decrease in investments held for self-insured liabilities
increase of other investments
repayment of long-term debt																																																						-73,840,000	26,625,000	-37,759,000	-35,523,000	10,415,000	-29,797,000	-2,378,000	-18,229,000	-17,010,000	-38,187,000			-8,522,000	-59,278,000	7,581,000	2,221,085,000	-2,255,000,000
proceeds from long-term borrowings																																																						86,845,000	-59,000,000	64,000,000		-39,011,000	53,891,000	-17,174,000	-133,489,000	151,163,000	89,744,000			41,695,000				9,142,000,000	9,142,000
net debt to equity ratio
impairment of goodwill and intangible assets
net interest income
share of income from associated companies																																																																						-38,000,000
foreign exchange (gains) losses
income before income taxes																																																																						17,041,000,000
* % increase calculated based on the dollar change from the comparable period
increase due to:
acquisition growth
internal growth
impact of foreign exchange rates on revenue
earned by foreign subsidiaries
total net increase in gross revenue
total net increase in net revenue
practice area gross revenue
buildings
environment
industrial
transportation
urban land
total consulting services
change in practice area gross revenue
total
practice area gross margin
intangibles
amortization of client relationships
amortization of backlog
total amortization of intangible assets
net change in bank indebtedness financing																																																						-4,417,000							-4,830,000	2,415,000				4,613,000
repayment of capital lease obligation																																																						128,000				395,000	-689,000	3,000	-14,000	-106,000
cash flows from
repayment of capital lease obligations																																																								-3,213,000
proceeds on disposition of investments																																																													5,000	2,000	49,000	-14,000	11,000	5,000	7,000	-1,000	-1,997,000	2,000,000	2,000
decrease (increase) in investments held for self-insured
liabilities																																																																-1,288,000				51,000
foreign exchange gain on cash held in foreign
currency																																																												251,000
business acquisitions, including cash acquired																																																											-64,000,000			-71,414,000				-95,000
restricted cash from acquisitions																																																																	435,000	319,000		-13,221,000
collection of notes receivable from disposition of technology
and design build segments
share issue costs
cash flows from operating activities [note 16]
business acquisitions, net of cash acquired [note 2]
restricted cash from acquisitions [note 2]																																																																						2,200,000,000	2,200,000
collection of notes receivable from disposition of
technology and design build segments
repayment of acquired bank indebtedness [note 2]
repurchase of shares for cancellation [note 12]
share issue costs [note 12]
proceeds from issue of share capital [note 12]
cash flows from operating
activities
cash flows from investing
increase in investments held for self-insured
proceeds on disposition of property and
equipment																																																																				47,000
cash flows from financing
foreign exchange loss on cash held in foreign
net increase in cash and cash
equivalents																																																																				-12,928,000
cash and cash equivalents, beginning of the
period																																																																				4,947,000
cash flows from operating activities [note 10]
repurchase of shares for cancellation [note 6]
proceeds from issue of share capital [note 6]																																																																					-1,248,800,000	1,249,000,000	1,249,000
foreign exchange loss on cash held in
foreign currency
income
net interest expense [note 4]																																																																						598,000,000
foreign exchange losses																																																																						-48,000,000
future																																																																						-1,874,000,000
retained earnings, beginning of the period																																																																						158,335,000,000
shares repurchased [note 6]
retained earnings, end of the period																																																																						169,752,000,000
weighted average number of shares outstanding - basic																																																																						22,473,395,000,000
weighted average number of shares outstanding - diluted																																																																						22,958,941,000,000
earnings per share
basic																																																																						510,000
diluted																																																																						500,000
cash flows from operating activities [note 9]																																																																						-23,962,000,000
business acquisitions, including cash acquired [note 2]																																																																						-2,168,000,000
business acquisitions, including cash acquired and bank
indebtedness assumed [note 2]
cash of joint venture held for sale
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year

Stantec Inc(NYSE:STN)

Stantec Inc
(NYSE:STN)