Stantec Inc · TSX:STN
Stantec — Investor Day (June 2019)
153 slides from Stantec's investor day presentation, June 2019
Slide 1: Stantec Investor Day
1 I N V E S T OR D AY 2 0 1 9 Stantec Investor Day
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains non-IFRS measures and forward- looking statements, including a discussion of our business I N V E S T OR D AY 2 0 1 9 targets, expectations, and outlook. We caution readers not to place undue reliance on our forward-looking statements since a number of
Slide 3: Agenda
Agenda Introductions Alison Tucker, VP Marketing Safety Moment, Scott Argent, VP Edmonton Capital Strategic Plan Gord Johnston, President and CEO Finance Review Theresa Jang, EVP and CFO I N V E S T OR D AY 2 0 1 9 Environmental Services Bob Seager, EVP Energy & Resources Kirk Morrison, EVP Q&A Brea
Slide 4: Safety Moment
Safety Moment Safety culture where we work together to be safe - at work, at home, and in our communities. S AF E T Y M OM E N T We do this by: • Connecting to and reinforcing our company values • Increasing employee trust, confidence, and morale around safety engagement and support (peers and leade
Slide 5: Safety Moment
It’s about building It’s about having the relationships so that we courage to communicate take care of each safety when you see other—co-workers, something unsafe and clients, family, friends, being receptive when and neighbors. others address your unsafe behaviors. S AF E T Y M OM E N T It’s about
Slide 6: Stantec Strategic Overview
I N V E S T OR D AY 2 0 1 9 Stantec Strategic Overview 6
Slide 7: Strategic Leadership Team
Strategic Leadership Team I N V E S T OR D AY 2 0 1 9 C - SU I T E Gord Theresa Scott Tino Steve Johnston Jang Murray DiManno Fleck President & CEO CFO COO CBO CPO BU SI N ESS OPER AT I N G U N I T S R EG I ON AL OPER AT I N G U N I T S Kirk Len Marshall Bob Stu Russ Mike Cath Morrison Castro Davert
Slide 8: Stantec at a glance
Stantec at a glance STN 400 CDN $3.6B(2) I N V E S T OR D AY 2 0 1 9 TSX & NYSE Locations worldwide Market Cap 22,000 CDN $3.4B 65 YEARS Employees globally Net Revenue (1) Of uninterrupted profitability (1) Q1 19 TTM 8 (2) As of June 7, 2019
Slide 9: Our Values
Our Values I N V E S T OR D AY 2 0 1 9 We put We are better We do what We are driven people first together is right to achieve Safety and Ethics 9
Slide 10: Our sustainability philosophy
Our sustainability philosophy • Positive economic results are enabled by effective environmental, social, and governance I N V E S T OR D AY 2 0 1 9 (ESG) practices. • ESG concepts are integrated into our strategy, risk management, operating activities, and client services. • Board-level HSSES Commi
Slide 11: Reducing our footprint
I N V E S T OR D AY 2 0 1 9 11 Reducing our footprint
Slide 12: Actively supporting UN Sustainable Development Goals
Actively supporting UN Sustainable Development Goals I N V E S T OR D AY 2 0 1 9 12
Slide 13: $3.6M donated locally in 2018
I N V E S T OR D AY 2 0 1 9 $3.6M Donated locally in 2018 13 #StantecTogether
Slide 14: Strategic Overview - Key takeaways
Strategic Overview - Key takeaways I N V E S T OR D AY 2 0 1 9 Diversified Strategic Organic Inspired Culture Business and and Acquisition and Exceptional Geographic Mix Growth Delivery Financial Discipline Future Ready Design Innovation/Digital 14 Diversified Business and Geographic Mix
Slide 15: Intentional growth strategy
Intentional growth strategy 1990 - 2016 1954 - 1990 Continued US and I N V E S T OR D AY 2 0 1 9 Western Canada: Canada Diversification Business Line and and Enterprise Geographic Diversification Platform Development Today 2016 - 2019 NA and Global Expansion Global Platform - Targeted Business Line
Slide 16: Stantec western Canada exposure – last 10 years
Stantec western Canada exposure – last 10 years 40% I N V E S T OR D AY 2 0 1 9 36% 37% 36% 37% 35% 27% 18% 16% 16% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Reduced exposure to western Canada by 20% 16 Diversified Business and Geographic Mix
Slide 17: Geographic mix by Net Revenue
Geographic mix by Net Revenue Global 15% Canada I N V E S T OR D AY 2 0 1 9 32% US 2009 Canada 2018 41% $1.2B 59% $3.4B Diversified geographic US presence 53% 17 Diversified Business and Geographic Mix
Slide 18: Business mix by Net Revenue
Business mix by Net Revenue Environmental Services 15% Buildings 22% I N V E S T OR D AY 2 0 1 9 Environmental Services Buildings 28% 25% Energy & 2009 Resources 15% 2018 $1.2B $3.4B Energy & Resources Infrastructure 10% 25% Water 12% Infrastructure Diversified business 28% portfolio Water 18 21% Di
Slide 19: Stantec overview – the last ten years
Stantec overview – the last ten years $3,355 $393 $1,243 $182 Adjusted Net Revenue 2.7x EBITDA (1) 2.2x I N V E S T OR D AY 2 0 1 9 (C$ millions) (C$ millions) $4,385 22,000 $1,455 9,300 Enterprise Number of Value 3.0x Employees 2.4x (C$ millions) $1.82 $0.99 Adjusted Diluted EPS (1)(2) 1.8x 19 (1)
Slide 20: Organic Growth – Key Trends
Organic Growth – 4 Key Trends Climate Infrastructure Digital Urbanization Change Renewal I N V E S T OR D AY 2 0 1 9 v v Strategic Growth Initiatives Energy Urban Places Coastal / Remix and Smart Cities Ecosystem Restoration Investing in high-growth markets by prioritizing opportunities based on key
Slide 21: Our Strategy for Driving Organic Growth
Our Strategy for Driving Organic Growth • Foster and maintain local relationships I N V E S T OR D AY 2 0 1 9 • Leverage opportunities for multidisciplinary service delivery • Senior leadership focus on our key accounts • Strategic pursuits/corporate campaign program • Investment in our sales teams
Slide 22: Backlog is at Record Heights
Backlog is at Record Heights Over the past year 218 Strategic Pursuits won(1) 7 Corporate I N V E S T OR D AY 2 0 1 9 • Mid-Breton Campaigns won (1) • AMP 7 • 8 in play to win • Quiport • 6 in positioning • Calgary Cancer Center • Long Island Rail Road • Montreal REM • Warragamba Dam 53% Win/Loss We
Slide 23: Acquisition growth – we are an acquirer of choice
Acquisition growth – we are an acquirer of choice I N V E S T OR D AY 2 0 1 9 What drives firms to join Stantec? Shared purpose – a common community-oriented, strategic approach and philosophy Inspired culture – working with like- minded people with an entrepreneurial spirit Known track record – con
Slide 24: A fragmented market – the opportunity is vast
A fragmented market – the opportunity is vast Canada – tactical infill I N V E S T OR D AY 2 0 1 9 US – targeted geographic and business line focus UK – leverage dominant Water practice to build multi-disciplinary practice Australia, New Zealand diversify service offerings; build scale and critical
Slide 25: A winning strategy for driving acquisition growth
A winning strategy for driving acquisition growth Potential or Alignment with active sellers acquisition philosophy - expands geographic I N V E S T OR D AY 2 0 1 9 positioning Local CEO and - strengthens service CFO approval offices Corporate capabilities M&A team - catalyst for organic growth Boar
Slide 26: Measuring the success of our acquisitions
Measuring the success of our acquisitions I N V E S T OR D AY 2 0 1 9 Project wins that neither firm Demonstrated access to new would have won alone end markets and regions Full integration of Consolidated per share growth acquiree into Stantec 26 Strategic Organic and Acquisition Growth
Slide 27: Inspired Culture
Inspired Culture Stantec is a place where the best and brightest come to build on each others’ talents, I N V E S T OR D AY 2 0 1 9 do exciting work, and make a big impact. 27 Inspired Culture and Exceptional Delivery
Slide 28: Employee Resource Groups / Continued Talent Development
Employee Resource Groups • Women@Stantec • Pride@Stantec • Latinos@Stantec • Developing Professionals Group • Military and Veterans Advocates • Indigenous Connections I N V E S T OR D AY 2 0 1 9 • Persons with Disabilities Continued Talent Development Career Empowerment Program Career development tr
Slide 29: Outperforming our peers
Outperforming our peers 2018 Stantec Comparator Data (1,2) Overall Turnover 15.9% 18.8% I N V E S T OR D AY 2 0 1 9 Voluntary Turnover 11.8% 13.2% Diversity - Female 34% 29% Diversity - Minority 19% 13% Inclusion 85%(3) - (1) US Data Only (2) EFCG (3) No comparator available. Deemed “high” by the Ca
Slide 30: Exceptional Project Execution
3 Exceptional Project Execution I N V E S T OR D AY 2 0 1 9 We’ll execute projects exceptionally for our clients. • Project Managers are the frontline of Stantec’s business interests • The guiding vision for Project Management at Stantec is the Project Management Ecosystem 30 Inspired Culture and Ex
Slide 31: Project Management ecosystem
Project Management ecosystem Project Size/ PM Career Stream/ PM Practices Complexity Competency Level I N V E S T OR D AY 2 0 1 9 Tier 1 Qualified PM Framework (<$100k) Project Manager Tier 2 Qualified Project Manager (<$1m) Tier 3 Senior (<$5m) Project Manager Tier 4 Senior Project Director/ (>=$5m
Slide 32: Investing in future-ready design
Investing in future-ready design “Stantec’s Creativity and Innovation Program will nurture the efforts of our people to explore new or enhanced services or solutions that benefit us, our clients, and our communities, that enhance our reputation and competitive position, and that ultimately improve o
Slide 33: Digital Advancement
Digital Advancement I N V E S T OR D AY 2 0 1 9 1 2 3 Technology Adding Technology Driving Technology Achieving Value to Clients & Delivery Effectiveness Digital Efficiency, Communities & Shareholder Value Resiliency & Security 33 Future Ready Design Innovation/Digital
Slide 34: Strategic Overview - Key takeaways
Strategic Overview - Key takeaways I N V E S T OR D AY 2 0 1 9 Diversified Strategic Organic Inspired Culture Business and and Acquisition and Exceptional Geographic Mix Growth Delivery Financial Discipline Future Ready Design Innovation/Digital 34 Diversified Business and Geographic Mix
Slide 35: Finance Review
I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W Finance Review Theresa Jang, Executive Vice President and CFO 35
Slide 36: Early Observations
Early Observations I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W • Strong commitment to core values • Resilience and growth after downturn • Intentional diversification to de-risk the business • Sound capital allocation • Disciplined use of leverage • Opportunities for optimization We are c
Slide 37: Annual Net Revenue
Annual Net Revenue I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 4,000 3,500 3,000 2,500 Net Revenue - $Million 2,000 1,500 1,000 500 - 2014 2015 2016 2017 2018 Q1 19 TTM Energy & Resources Environmental Services Buildings Infrastructure Water 37 Growing net revenue and diversification demo
Slide 38: Adjusted EBITDA and Margins
Adjusted EBITDA(1)(2) and Margins(2) I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 600 16% 14% 500 12% Adjusted EBITDA - $Million 400 Adjusted EBITDA Margin - % 10% 300 8% 6% 200 4% 100 2% - - 0% 2014 2015 2016 2017 2018 Q1 19 TTM Adjusted EBITDA margins are amongst the best in the industry
Slide 39: Adjusted EBITDA and Adjusted EBITDA per Share
Adjusted EBITDA and Adjusted EBITDA per Share(1) I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 600 $3.80 $3.60 500 $3.40 Adjusted EBITDA / share Adjusted EBITDA - $Million 400 $3.20 $3.00 300 $2.80 200 $2.60 $2.40 100 $2.20 - $2.00 2014 2015 2016 2017 2018 Q1 19 TTM After decreasing in 2016
Slide 40: Backlog
Backlog(1) I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 5,000 200 4,500 180 4,000 160 Backlog / FTE - $Thousand 3,500 140 Backlog - $Million 3,000 120 2,500 100 2,000 80 1,500 60 1,000 40 500 20 - - 2014 2015 2016 2017 2018 2019 Q1 TTM Energy & Resources Environmental Services Buildings In
Slide 41: Capital Allocation
Capital Allocation I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W Sources of Capital Allocation of Capital Capital efficiency Organic growth Disciplined M&A Maintain strong balance sheet and liquidity Cash from Invest in internal Sustain dividend and operations infrastructures and systems pa
Slide 42: Stantec Capital Allocation – Last 10 Years
Stantec Capital Allocation – Last 10 Years I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 3,000 2,500 2,000 Capex Dividends $ Million 1,500 M&A 1,000 Share 500 repurchases 0 Cash from ops Net financing Capital used Allocated capital Cash build up • Invested 66% of cumulative capital in pursu
Slide 43: Disciplined Use of Leverage
Disciplined Use of Leverage I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W Net Debt to Adjusted EBITDA (TTM) (1) 3.50 Net Debt to Adjusted EBITDA (1) 3.00 2.50 2.00 1.50 1.00 0.50 - 2014 14Q4 14Q1 15Q2 15Q3 Q1 14Q2 14Q3 2016 16Q4 16Q1 17Q2 2017 2015 15Q4 15Q1 16Q2 16Q3 2018 18Q4 18Q1 19 17Q3
Slide 44: Opportunities for Optimization
Opportunities for Optimization I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W Working Capital Efficiency Core Debt Considerations DSO Access to debt capital currently sourced through 120 bank debt 100 Opportunity to optimize by terming out a portion of debt into longer dated bonds 80 • Provi
Slide 45: Reiterating 2019 Targets
Reiterating 2019 Targets I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W 2019 Target 2019 Target Key Measures(1) before IFRS 16 after IFRS 16 Gross margin as % of net revenue 53% to 55% no change Administrative and marketing expenses as % of net revenue 41% to 43% 37% to 39% EBITDA as % of ne
Slide 46: Our Commitments
Our Commitments I N V E S T OR D AY 2 0 1 9 | F I N AN C E R E V I E W • Maintain strong balance sheet • Continual drive for cost efficiency • Focus on reducing DSO • Capital deployment to create shareholder value 46
Slide 47: Stantec Investor Day
I N V E S T OR D AY 2 0 1 9 47 Stantec Investor Day
Slide 48: Environmental Services
I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 48 Environmental Services Bob Seager, Executive Vice President
Slide 49: Environmental Services staff and offices
I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 49 Total ES Staff: Total ES Offices: 3,579 202 Q1 19 TTM
Slide 50: Market Impact
Market Impact I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S • #7 Top 200 Environmental Firms(1) • #8 Top 20 Environmental Firms by Market Segment – Water Treatment/Supply (1) • #5 Top 20 Environmental Firms by Market Segment – Wastewater Treatment (1) • #9 Top 20 Environmenta
Slide 51: Q1 19 Net Revenue by Geography
I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 51 By Geography Q1 19 Net Revenue 14% 32% 54% Global Canada United States
Slide 52: Q1 19 Net Revenue by Sector
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 25% 9% Oil and Gas Community Development 23% 6% Power Transportation 18% 4% By Sector Buildings Mining 15% Water 52
Slide 53: Annual Net Revenue
I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 53 Net Revenue - $ Million 100 200 300 400 500 600 0 2014 2015 Annual Net Revenue 2016 Canada US Global 2017 2018 Q1T12M 19 TTM
Slide 54: Backlog
Backlog (1) I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 600 300 500 250 Backlog/FTE - $ Thousand 400 200 Backlog - $ Million 300 150 200 100 100 50 - - 2014 2015 2016 2017 2018 Q1Q1 1919 TTM Canada US Global Backlog/FTE 54 (1) Backlog for 2014 to 2016 has been restated for
Slide 55: Net Revenue by Project Mix (2018)
Net Revenue by Project Mix (2018) I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 180 160 140 120 Net Revenue - $ Million 100 80 56.3% 60 40 20 11,116 3,367 537 156 2 0 1 8 G R O S S 0 M A R G I N < 100K $CAD <100K < 1M $CAD <1M < 5M $CAD <5M > 5M $CAD >5M NetNR Revenue Project
Slide 56: Market insights/trends
Market insights/trends I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S Changing Demands • Regulatory changes • Managing human impact • Climate change • Resiliency • Technology and digitization • Energy Remix Energy Remix 56 Resilient Design
Slide 57: Our response
Our response I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S • Diversification • Sector based business development • Staff mix and seasonality • Account Management • Ecosystem Restoration program • Digital tools • Focus on safety 57
Slide 58: Our Differentiators / Business Advantage
Our Differentiators/ Business Advantage I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S • Long term client partnerships • Recognized for applied scientific and engineering expertise • Local project delivery • Integrated teams across organization • Leaders in creativity and inno
Slide 59: Digital / tech opportunities
I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S 59 eDNA Digital / tech opportunities Remote Sensing Data Analytics
Slide 60: eDNA in action
I CONI C PROJ ECTS eDNA in action I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S A non-invasive way to know if a species is in the environment. Using a hand-held, point-of-need tool to sample, extract, and analyze the waterways, scientists produce live results on location in l
Slide 61: Remote Sensing – Barrow Island
I CONI C PROJ ECTS Remote Sensing – Barrow Island I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S Using technology to monitor vegetation on remediated sites With appropriate on- ground information, analysis of high-resolution aerial imagery can provide accurate estimates of veg
Slide 62: Klamath Dam Removal
I CONI C PROJ ECTS Klamath Dam Removal I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S Ecosystem restoration team is key part of the largest dam removal / river restoration project in US history Our engineers and scientist are recognized leaders in the field - shaping the evolu
Slide 63: Emergency Planning, Preparedness and Response
I CONI C PROJ ECTS Emergency Planning, I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S Preparedness and Response Regulatory pressure for the industry to have an emergency response plan in place. Leader in Emergency Preparedness, Planning and Response. 340+ trained staff ready t
Slide 64: Recent Wins: Innesto
I CONI C PROJ RECENT ECTS WINS INNESTO I N V E S T OR D AY 2 0 1 9 | E N V I R ON M E N T AL S E R V I C E S First Zero Carbon “Social Housing” project in Italy The project aims to achieve carbon neutrality in 30 years thanks to a low-carbon district heat network, powered by on-site renewable source
Slide 65: Energy & Resources
I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 65 Energy & Resources Kirk Morrison, Executive Vice President
Slide 66: Energy & Resources staff and offices
I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 66 Total E&R Staff: 2,679 Total E&R Offices: 166
Slide 67: Market Impact
Market Impact I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S ENR Top 500 Design Firms Sourcebook, April 2018 • #26 in Petroleum • #12 in Petroleum – Pipelines • #15 in Petroleum – Refineries and Petrochemical Plants • #17 in Power • #12 in Power – Transmission and Distribution • #3
Slide 68: Q1 19 Net Revenue by Geography
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 29% United States By Geography 52% Canada 19% Global 68
Slide 69: Q1 19 Net Revenue by Sector
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 32% Oil & Gas 27% Power 26% By Sector Mining 15% WaterPower & Dams 69
Slide 70: Annual Net Revenue
I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 70 Net Revenue - $ Million 100 200 300 400 500 600 0 2014 2015 Annual Net Revenue 2016 Canada US Global 2017 2018 Q1T12M 19 TTM
Slide 71: Backlog
Backlog (1) I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 400 300 350 300 225 Backlog/FTE - $ Thousand Backlog - $ Million 250 200 150 150 100 75 50 - - 2014 2015 2016 2017 2018 Q1Q1 1919 TTM Canada US Global Backlog/FTE 71 (1) Backlog for 2014 to 2016 has been restated for IFRS 15
Slide 72: Net Revenue by Project Mix (2018)
Net Revenue by Project Mix (2018) I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S 180 160 140 120 Net Revenue - $ Million 100 80 50.2% 60 40 2018 GROSS 20 2,834 1,504 259 90 0 MARGIN < 100K $CAD <100K < 1M $CAD <1M < 5M $CAD <5M > 5M $CAD >5M NR Net Revenue Project Count 72
Slide 73: Market insights/trends
Market insights/trends I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Demand for Project Delivery Services Energy Re-mix • Replace/ Restore/ Increase Re-Invigorating Infrastructure Industrial Renaissance • Agriculture / Forestry / Hydro Carbon Products 73
Slide 74: Our response
Our response I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Follow our Clients • Energy Remix • Re-invigorating Infrastructure • Industrial Renaissance Lead our Clients • Digital Solutions (mTools, Project Management Complex) for Project Delivery Services 74
Slide 75: Neelum Jhelum Project
I CONI C PROJ ECTS Neelum Jhelum I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Project Geotechnical Analysis Tender-level Design Construction Drawings Construction Management CAPEX: $6.5B 75 Pakistan
Slide 76: Mining + Water Power and Dams + Environmental Services Project
I CONI C PROJ ECTS Confidential Project I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Mining + WaterPower and Dams + Environmental Services Exploration Planning and Permitting Operations and Maintenance 76
Slide 77: Cavendish Farms
I CONI C PROJ ECTS Cavendish Farms I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Architectural Civil Process Mechanical Piping Electrical Instrumentation detailed design CAPEX: $360M 77 Lethbridge, Alberta
Slide 78: TransCanada Saddle West Program
I CONI C PROJ ECTS TransCanada I N V E S T OR D AY 2 0 1 9 | E N E R G Y AN D R E S OU R C E S Saddle West Program Detailed engineering Procurement Construction Support D1BM Approach CAPEX: $655M 78
Slide 79: Buildings
I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Buildings Len Castro, Executive Vice President 79
Slide 80: Buildings offices and staff
BUILDINGS 1700 CANADA 125 25 UNITED I N V E S T OR D AY 2 0 1 9 CZECH REPUBLIC KINGDOM 1600 UNITED STATES 40 CHINA 15 120 BARBADOS UAE QATAR KSA 600 AUSTRALIA Total Buildings Offices: 110 80 Total Buildings Staff: 4,200
Slide 81: Market Impact
ISSUE 01 ISSUE 02 ISSUE 03 ISSUE 04 SUSTAINABILITY DESIGN CULTURE TECHNOLOGY INTERSECTIONS Market Impact Public Relations • Industry Awards: 500+ ISSUE 05 ISSUE 06 ISSUE 07 ISSUE 08 • Design Quarterly: 80k views SMART CITIES NET ZERO ENERGY ADAPTIVE USE ACTIVE LIVING I N V E S T OR D AY 2 0 1 9 | BU
Slide 82: Q1 19 Net Revenue by Discipline and Geography
Q1 19 Net Revenue By Discipline I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S By Discipline 48% 46% 6% Architecture Building Specialty Interior Design Engineering Services By Geography 56% 33% 11% United States Canada Global By Geography 4,200 Global A+E Practice 82
Slide 83: Q1 19 Net Revenue by Sector
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S 31% 10% Commercial Industrial 17% 9% Healthcare Airports 15% 4% By Sector Education Science & Tech 14% Civic 83
Slide 84: Annual Net Revenue
Annual Net Revenue 900 800 I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S 700 600 500 Net Revenue - $ Million 400 300 200 100 0 2014 2015 2016 2017 2018 Q1T12M 19 TTM 84 Canada US Global
Slide 85: Backlog
Backlog (1) 1,200 300 I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S 1,000 Backlog /FTE - $ Thousand 800 200 Backlog - $ Million 600 400 100 200 - - 2014 2015 2016 2017 2018 Q1Q1 1919 TTM Canada US Global Backlog/FTE 85 (1) Backlog for 2014 to 2016 has been restated for IFRS 15
Slide 86: Net Revenue by Project Mix (2018)
Net Revenue by Project Mix (2018) 250 I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S 200 Net Revenue - $ Million 150 100 50 53.5% 2018 GROSS 10,304 3,509 753 234 0 MARGIN < 100K $CAD <100K < 1M $CAD <1M < 5M $CAD <5M > 5M $CAD >5M Net Revenue NR Project Count 86
Slide 87: Project Execution
Project Execution Gross Margin • Reviewed low GM projects • Focusing on the Higher Margin I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S • Sufficient Backlog to be Selective • Reviewed all of our Project Managers Pricing Model • Higher scrutiny • Reviewed DB clients • Willingness to walk away • Impr
Slide 88: Market Insights
Market Insights Demographics • Aging • Migration I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S • Urbanization • Climate Change Urbanism • Repurposing & Adaptive Use • Smart Cities & Micro Communities • Infrastructure Resilience & Sustainability Our Response • Binding our services together • Market
Slide 89: Sustainability Leaders
Sustainability Leaders Leading Edge • #2 Green Building BD&C • 1st Zero Carbon Design Certified Sustainability Sustainability Commercial Office Building in Canada Champions Projects 1st WELL Community globally I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S • (1) PASSIVE HOUSE CERTIFIED (1) ENVISION
Slide 90: Digital / Tech Opportunities
Digital / Tech Opportunities Virtual Reality Generative Design Business Intelligence I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Engaging our Clients for Computational modelling for Research/Data Analytics that informed Decision Making the best probable Design inform Business Decisions Cloud Work
Slide 91: Lucas Museum of Narrative Art
I CONI C PROJ ECTS Lucas Museum of Narrative Art 400,000 SF I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Working with MAD Architects, Stantec used advanced technology to design this world class urban cultural destination to house, films and exhibitions dedicated to visual storytelling and the evol
Slide 92: Colorado Rockies Experience / McGregor Square
I CONI C PROJ ECTS Colorado Rockies Experience / McGregor I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Square 655,000 SF A major Urban Places initiative, Stantec is designing a new 650k SF mixed-use commercial development of Residential, Office, Hotel, Museum, Retail and parking adjacent to Coors
Slide 93: The BEAT
I CONI C PROJ ECTS The BEAT 700,000 SF Stantec is repurposing the former Boston Globe I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S HQ’s into a Adaptive Use 700k SF modern hub for creative office, research robotics and life sciences for The Boston Exchange for accelerated technology. CAPEX: $110M 9
Slide 94: evolv1
I CONI C PROJ ECTS evolv1 120,000 SF Stantec designed this I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S industry leading Net Zero Energy project. The 1st Zero Carbon Design Certified Commercial building in Canada. Recognized with a 2018 CaGBC Zero Carbon Building Award. 94 Waterloo, Ontario
Slide 95: BMO Convention Centre
I CONI C PROJ ECTS BMO Convention Centre 1,000,000 SF I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Stantec is working with Populous to design a 660k SF expansion and re-purposing of the existing space for this 1m SF world class adaptive use venue. CAPEX: $500M 95 Calgary, Alberta
Slide 96: Qatar Museum Cultural District
I CONI C PROJ ECTS Qatar Museum Cultural District Working with James Corner Field Operations, I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S Stantec designed this cultural park. An Urban Places and Sustainability initiative to link the following 3 museums: Islamic, National & Art Mill Museum $1b. CA
Slide 97: Western Australia Museum
I CONI C PROJ ECTS Western Australia Museum This museum project will I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S repurpose an the exiting heritage building as well as add new modern galleries and facilities to create a cultural destination in Western Australia. CAPEX: $400M Architects of Record:
Slide 98: Optus Stadium
I CONI C PROJ ECTS Optus Stadium A 60,000 person, world class multi-purpose venue and first approach in design and I N V E S T OR D AY 2 0 1 9 | BU I L D I N G S future-proofed stadium technology. CAPEX: $1.3B Architects of Record: HASSELL, Cox Architecture, HKS 98 Burswood, Australia
Slide 99: Infrastructure
I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 99 Infrastructure Stu Lerner, Executive Vice President
Slide 100: Infrastructure offices and staff
I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Total Infrastructure Offices: 257 100 Total Infrastructure Staff: 5,403
Slide 101: Rankings
Rankings I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E • #7 Top 50 Design Firms, Transportation ENR December 2018 • #8 Top 25 Design Firms in Transportation - Highways ENR December 2018 • #13 Top 25 Design Firms in Transportation – Mass Transit & Rail ENR December 2018 • #14 Top 25 Design
Slide 102: Q1 19 Net Revenue by Geography
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 63% United States By Geography 27% Canada 10% Global 102
Slide 103: Q1 19 Net Revenue by Sector
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 32% Roadways 30% Community Development By Sector 24% Transit & Rail 13% Bridges 1% Ports & Marines 103
Slide 104: Annual Net Revenue
Annual Net Revenue I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 1,200 1,000 800 Net Revenue - $ Million 600 400 200 0 2014 2015 2016 2017 2018 Q1T12M 19 TTM Canada US Global 104
Slide 105: Backlog
Backlog (1) I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 1,800 300 1,600 250 1,400 1,200 200 Backlog/FTE - $ Thousand Backlog - $ Million 1,000 150 800 600 100 400 50 200 - - 2014 2015 2016 2017 2018 Q1Q1 19 19 TTM Canada US Global Backlog/FTE 105 (1) Backlog for 2014 to 2016 has been re
Slide 106: Net Revenue by Project Mix (2018)
Net Revenue by Project Mix (2018) I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E 350 300 250 Net Revenue - $ Million 200 150 100 50 54.1% 2018 GROSS 9,984 5,529 1,025 268 0 MARGIN < 100K $CAD <100K < 1M $CAD <1M < 5M $CAD <5M > 5M $CAD >5M NR Net Revenue Project Count 106
Slide 107: Market insights/trends
Mobility Market insights/trends I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Urbanization Changing Mobility Demand Climate Change Private Sector Infrastructure Investment Alternative Project Delivery (P3 & Design/Build) System Efficiencies Expanding Urbanism Technology 107
Slide 108: Our Response
Technology & Data Capture Our Response I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Focus on Brownfields - Repurposing & Adaptive Reuse – “Urban Places Group” Smart Mobility (Mobility as a Service) Smart Cities Smart Cities Initiative – Micro Communities, Hackathon, Resiliency Design inc
Slide 109: Our Differentiators / Business Advantage
Our Differentiators/ Business Advantage I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Early involvement on a small scale Smart mobility leaders Technology Investment in project delivery Community first reputation Infrastructure integrated service offerings with our Energy, Water, and Buil
Slide 110: Digital / Tech Opportunities
Digital / Tech Opportunities I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Business Intelligence Smart Cities Smart Mobility Connected/Automated Virtual Reality Parametric Design Vehicles (CAV) 110
Slide 111: Texas State Highway Toll Lanes
I CONI C PROJ ECTS Texas State Highway 288 Toll Lanes I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Public Private Partnership Integrated Service Offering: Civil and Structural Engineering, Traffic Design and Management, Design Support During Construction CAPEX: $815M 111 Houston, Texas
Slide 112: Long Island Railroad – 3rd Track Project
I CONI C PROJ ECTS Long Island Railroad – 3rd Track Project I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Impacts 500,000 people daily Integrated Service Offering: Planning, Power, RR Systems, Civil and Structural Engineering, Project Controls, Traffic Design and Management, Subconsultant
Slide 113: Honolulu Rail Transit Project, East Section
I CONI C PROJ ECTS Honolulu Rail Transit Project, East Section I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E CE&I/CM Services Integrated Service Offering: Construction Management, Construction Engineering, Inspection, Environmental Compliance CAPEX: $2.5B 113 Honolulu, Hawaii
Slide 114: Sacramento Railyards
I CONI C PROJ ECTS Sacramento Railyards I N V E S T OR D AY 2 0 1 9 | I N F R AS T R U C T U R E Reimagining America’s largest infill brownfield district Integrated Service Offering: Environmental Restoration, Civil/Site Engineering, Landscape Architecture, Geotechnical Engineering, Architecture, Bu
Slide 115: One Vanderbilt
I CONI C PROJ ECTS One Vanderbilt Engineer/Procure/Construct ion coupled with a Public Private Partnership Integrated Service Offering: Infrastructure Design Engineering, Buildings I N V E S T OR D AY 2 0 1 9 Engineering, Construction Documents, Transit Pedestrian Modeling CapEx: $210M 115 New York,
Slide 116: Water
I N V E S T OR D AY 2 0 1 9 | W AT E R Water Marshall Davert, Executive Vice President 116
Slide 117: Water offices and staff
I N V E S T OR D AY 2 0 1 9 | W AT E R 570 950 40 50 1470 190 260 120 19 TTM Q1 180 Total Water Offices: 156 117 Total Water Staff: 3,830
Slide 118: Market Impact
Market Impact • #1 Top 10 International Design Firms by Market – Sewer/Waste ENR July 2018 I N V E S T OR D AY 2 0 1 9 | W AT E R • #1 Top 10 International Design Firms by Market – Wastewater Treatment Plants ENR July 2018 • #2 Top 10 International Design Firms by Market – Water ENR July 2018 118
Slide 119: Q1 19 Net Revenue by Region
Q1 19 Net Revenue I N V E S T OR D AY 2 0 1 9 | W AT E R By Region By Region 52% 34% 14% United States Global Canada 119
Slide 120: Q1 19 Net Revenue by Sector
Q1 19 Net Revenue By Sector I N V E S T OR D AY 2 0 1 9 | W AT E R 11% Water Treatment 27% Wastewater Treatment 31% By Sector Conveyance 18% Stormwater & Wet Weather Flow 10% Water Resources 3% 120 Client Enterprise Systems
Slide 121: Annual Net Revenue
Annual Net Revenue 800 I N V E S T OR D AY 2 0 1 9 | W AT E R 700 600 500 Net Revenue - $ Million 400 300 200 100 0 2014 2015 2016 2017 2018 Q1T12M 19 TTM Canada US Global 121
Slide 122: Backlog
Backlog (1) 1,200 300 I N V E S T OR D AY 2 0 1 9 | W AT E R 1,000 Backlog/FTE - $ Thousand 800 200 Backlog - $ Million 600 400 100 200 - - 2014 2015 2016 2017 2018 Q1 19 Q1TTM 19 Canada US Global Backlog/FTE 122 (1) Backlog for 2014 to 2016 has been restated for IFRS 15
Slide 123: Net Revenue by project mix - North America (2018)
Net Revenue by project mix - North America (2018) 180 I N V E S T OR D AY 2 0 1 9 | W AT E R 160 140 120 Net Revenue - $ Million 100 56% 80 60 40 2018 GROSS 20 3,118 2,246 521 169 0 MARGIN < 100K $CAD <100K < 1M $CAD <1M < 5M $CAD <5M > 5M $CAD >5M NR Net Revenue Project Count 123
Slide 124: Drivers & trends
Drivers & trends I N V E S T OR D AY 2 0 1 9 | W AT E R Large-scale storage and conveyance Advanced treatment at wastewater infrastructure projects driven by facilities for water, energy, and nutrient deficiency in capacity and serviceability recovery in the circular economy Alternative Project Deli
Slide 125: Vertically integrate across the asset/project life cycle
Vertically integrate across the asset/project life cycle in all sectors and in all geographies Expenditures I N V E S T OR D AY 2 0 1 9 | W AT E R Ability to Influence Expenditures Strategic/Financial Planning Engineering/Design/CMS Capital/Equity Alternative Project Delivery O&M Consulting Program
Slide 126: North Hollywood Groundwater Treatment Plant
I CONI C PROJ ECTS Water Treatment North Hollywood Groundwater Treatment Plant I N V E S T OR D AY 2 0 1 9 | W AT E R Los Angeles Department of Water and Power CAPEX US$450M 126 Los Angeles, California
Slide 127: Central Wastewater Treatment Plant Upgrades
I CONI C PROJ ECTS Wastewater Treatment Central Wastewater Treatment Plant I N V E S T OR D AY 2 0 1 9 | W AT E R Upgrades Miami-Dade Water and Sewer Department CAPEX – US$590M 127 Miami, Florida
Slide 128: Coquitlam Lake Tunnel/Pipeline
I CONI C PROJ ECTS Conveyance Coquitlam Lake Tunnel/Pipeline I N V E S T OR D AY 2 0 1 9 | W AT E R Metro Vancouver Water Department CAPEX - CA$265M 128 Vancouver, British Columbia
Slide 129: Mid-Breton Sediment Diversion Project
I CONI C PROJ ECTS Water Resources Mid-Breton Sediment Diversion Project I N V E S T OR D AY 2 0 1 9 | W AT E R Louisiana Coastal Protection and Restoration Authority CAPEX - US$800M 129 New Orleans, Louisiana
Slide 130: Willamette Water Supply Program
I CONI C PROJ ECTS Program Management Willamette Water Supply Program I N V E S T OR D AY 2 0 1 9 | W AT E R City of Hillsboro and the Tualatin Valley Water District CAPEX – US$1.3B 130 Tualatin Valley, Oregon
Slide 131: Financial Analysis and Management System (FAMS)
I CONI C PROJ ECTS Strategic/Financial Planning Services Financial Analysis and Management I N V E S T OR D AY 2 0 1 9 | W AT E R System (FAMS) 131 North America
Slide 132: Digital platforms to support outcome-based solutions
Digital platforms to support outcome-based solutions Digital Platforms Integrated Control Operations Network (ICON) I N V E S T OR D AY 2 0 1 9 | W AT E R (CAPEX = US$22M) San Francisco Public Utilities Commission San Francisco, California United Kingdom Digital Platforms Stantec Analytics Southern
Slide 133: Global Region
I N V E S T OR D AY 2 0 1 9 | G L OBAL Global Region Cath Schefer, Executive Vice President 133
Slide 134: Discussion Topics
I N V E S T OR D AY 2 0 1 9 | G L OBAL Discussion Topics • Overview of ‘Global’ geographic region & historical financial performance • Growing our Global Business – Priorities for 2019/2020 • Near and longer term Growth Drivers – Backlog and key projects 134 – Building on recent acquisitions in Euro
Slide 135: Stantec Global – A platform for Growth
Stantec Global – A platform for Growth • ≈ 5,100 people • ~70 Offices I N V E S T OR D AY 2 0 1 9 | G L OBAL • 5 Operating Regions • Global Service Centre in Pune / India ANZ Asia Pac ANZ 400 People Global Acquisitions (outside North America) 2016-2019 8000 people - Globally (approx. 3600 people out
Slide 136: Historical Financial Performance
I N V E S T OR D AY 2 0 1 9 | G L OBAL 136 Performance Historical Financial
Slide 137: Net Revenue by Region and Business Line Q1 2019
Net Revenue by Region and Business Line Q1 2019 I N V E S T OR D AY 2 0 1 9 | G L OBAL Buildings 15% Asia Pacific 25% United Kingdom 36% Q12018 2019 Water 40% Q12018 2019 Energy & Resources 16% Net Revenue By Region Net Revenue By Business Line Europe $154m 9% $154m Environmental Latin America Servi
Slide 138: Net Revenue and Organic Growth is Strong
Net Revenue and Organic Growth is Strong 8.6% 5.4% Organic growth in period I N V E S T OR D AY 2 0 1 9 | G L OBAL NET REVENUE CAD $M 600 10.0% • 2016 includes partial year 9.0% (8 months) for MWH; 500 8.0% 2017 includes full year 400 7.0% • 2018 includes 2 months 6.0% for Peter Brett (PBA) 300 5.0%
Slide 139: Backlog Growth Trending Upwards
Backlog Growth Trending Upwards in last 3 years • 2018 backlog and BACKLOG PER STAFF MEMBER 800 160,000 I N V E S T OR D AY 2 0 1 9 | G L OBAL FTE amounts 700 140,000 include PBA GROSS BACKLOG $M 600 120,000 • Q1 2019 backlog 500 100,000 and FTE amounts include Wood & 400 80,000 Grieve 300 60,000 20
Slide 140: Net Revenue by Project Size
Net Revenue by Project Size I N V E S T OR D AY 2 0 1 9 | G L OBAL NET REVENUE (CAD $M) 250 • $533M of trailing 12 200 months net revenue @ Q1 2019 150 • Diverse mix of projects with the 100 larger projects scale and intensity driving 50 higher incremental operating income - < 100K CAD$ < 1M CAD$ <
Slide 141: Growing our Global Business
I N V E S T OR D AY 2 0 1 9 | G L OBAL Growing our Global Business – Priorities for 2019/2020 141
Slide 142: Growing our Global Business: Our Strategy is Clear
Growing our Global Business Our Strategy is Clear I N V E S T OR D AY 2 0 1 9 | G L OBAL Stantec has evolved… Predominantly North American Global Canadian operating out of Canada and USA 142 We need to be a top tier provider in multiple sectors to operate at an optimum economic scale
Slide 143: Growing Our Global Business 2019/2020 Priorities
Growing Our Global Business 2019/2020 Priorities Target growth and diversification, • Australia grow into full I N V E S T OR D AY 2 0 1 9 | G L OBAL through both organic growth • New Zealand service, top and acquisition in the following tier multi sector countries: • UK + Europe businesses Continue
Slide 144: Near Term Growth Drivers
I N V E S T OR D AY 2 0 1 9 | G L OBAL Near Term Growth Drivers • Backlog and key projects • Building on recent acquisitions in Europe and Australia/New Zealand 144
Slide 145: Near Term Growth Drivers and Trends
Near Term Growth Drivers and Trends A few of our near term growth drivers 2019 ASIA 7% I N V E S T OR D AY 2 0 1 9 | G L OBAL AUSTRALIA & for discussion… backlog($m) NEW ZEALAND 19% Qatar - Ashghal Programme $78m UK - Water Utility - AMP programmes* $77m Gross Revenue Nepal - Energy Transmission Pro
Slide 146: Doha, Qatar
Doha, Qatar Qatar Public Works Authority (Ashghal) • Drainage Networks O&M Department I N V E S T OR D AY 2 0 1 9 | G L OBAL • Roads O&M Department • Largest project in backlog • Long term profitable contract in place OI based on % fee + 11 years 2012 à 2023 50 consultants incentivisation USD $ 167M
Slide 147: UK AMP*7 Contracts Key Clients
UK AMP*7 Contracts Key Clients • Stantec has strong revenue Economic Regulation in the UK dominated by 5 year Asset Management Drinking Water Inspectorate Program (AMP) for all major water utilities I N V E S T OR D AY 2 0 1 9 | G L OBAL Environment Agency • UK now entering AMP 6 - 7 Regulatory cycl
Slide 148: Nepal
Nepal MCA-Nepal’s Electricity Transmission Project Preparation and Technical Supervision Consultant • One of Nepal’s largest donor-funded energy project I N V E S T OR D AY 2 0 1 9 | G L OBAL • 300km of new 400KV transmission lines, 3 new substations, & interconnection with India • Improves electric
Slide 149: Longer Term Growth Drivers
I N V E S T OR D AY 2 0 1 9 | G L OBAL Longer Term Growth Drivers United Kingdom Australia & New Zealand 149
Slide 150: Stantec Asia Pacific
SHANGHAI Stantec CHINA TAIPEI Asia Pacific SHENZEN HONG KONG Combining the strengths of recent acquisitions gives a unique platform for growth I N V E S T OR D AY 2 0 1 9 | G L OBAL INDONESIA PAPA NEW GUINEA ROCKHAMPTON NEW ZEALAND Office Locations AUSTRALIA MWH WHANGAREI BRISBANE AUCKLAND TDG GOLD
Slide 151: Stantec UK
NORWAY Stantec UK SWEDEN Combining the strengths of strategic acquisitions gives a unique platform for growth EDINBURGH GLASGOW DENMARK NEWCASTLE BELARUS I N V E S T OR D AY 2 0 1 9 | G L OBAL LEEDS MANCHESTER WARRINGTON SHREWSBURY BIRMINGHAM POLAND LONGRIDGE NORTHAMPTON NETHERLANDS POTSDAM UKRAINE
Slide 152: Closing Remarks
I N V E S T OR D AY 2 0 1 9 152 Closing Remarks
Slide 153: Strategic Overview - Key takeaways
Strategic Overview - Key takeaways I N V E S T OR D AY 2 0 1 9 Diversified Strategic Organic Inspired Culture Business and and Acquisition and Exceptional Geographic Mix Growth Delivery Financial Discipline Future Ready Design Innovation/Digital 153 Diversified Business and Geographic Mix