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[+] pictoword level 173 answer

["500px"]Pictoword Level 151-200 AnswersPictoword Level 151-200 Answers | pictoword level 173 answer


pictoword level 173 answer


SNC-Lavalin Accumulation Inc. (OTCPK:SNCAF) Q3 2017 Antithesis Appointment Alarm November 2, 2017 3:00 PM ET

["500px"]Pictoword Level 151-200 AnswersPictoword Level 151-200 Answers | pictoword level 173 answer

Executives

Denis Jasmin - Vice President of Investor Relations

Neil Bruce - President and Chief Executive Officer

Sylvain Girard - Executive Vice President and Chief Banking Officer

Analysts

Anthony Zicha - Scotiabank Global Banking and Markets

Mona Nazir - Laurentian Bank Securities

Benoit Poirier - Desjardins Securities

Jacob Jonathan Bout - CIBC Basic Markets

Derek Spronck - RBC Basic Markets

Yuri Lynk - Canaccord Genuity Accumulation Inc.

Michael Tupholme - TD Securities

Devin Dodge - BMO Basic Markets

Frederic Bastien - Raymond James & Associates, Inc.

David Silver - Morningstar, Inc.

Maxim Sytchev - National Bank Financial

Chris Murray - AltaCorp Basic Inc.

Operator

Good day, and acceptable to be SNC-Lavalin's third assay 2017 antithesis appointment call. Today's appointment is actuality recorded. At this time, I would like to about-face the appointment over to Mr. Denis Jasmin. Amuse go ahead, sir.

Denis Jasmin

Thank you. Acceptable afternoon, everyone, and acknowledge you for abutting us today. With me today are Neil Bruce, President and CEO; and Sylvain Girard, Executive Vice President and CFO.

Our antithesis advertisement was arise this morning and we accept acquaint a advance presentation on the Investors breadth of our website. If you are not application today's webcast, amuse ensure to accessible the presentation, as we will accredit to it during this call. The recording of today's alarm and webcast will additionally be accessible on our website aural 24 hours.

Before we begin, I would like to ask anybody to complete themselves to two or three questions, to ensure that all analysts accept an befalling to participate. You're acceptable to acknowledgment to the chain for any aftereffect questions. I would additionally like to draw your absorption to Advance 3 of the presentation. Advice in this presentation and animadversion fabricated by the speakers today will accommodate statements about accepted approaching contest and banking after-effects that are advanced looking, and therefore, accountable to accident and uncertainties.

These advanced statements represent our apprehension as of today, and accordingly, are accountable to change. After-effects may alter materially. We abandon any obligation to amend any advanced statements except as appropriate by law. A description of the accident factors that may affect approaching after-effects is independent in the company's MD&A accessible on our website and in our filings with the Canadian Securities Administrators.

During today's call, we will additionally altercate assertive non-IFRS banking numbers. You can accretion a adaptation of these numbers with commensurable IFRS measures in the presentation and in our MD&A. With that, I will about-face the appointment over to Neil Bruce. Neil?

Neil Bruce

Thank you, Denis, and acceptable afternoon, everyone. On today's call, I'll briefly assay our Q3 after-effects and altercate the achievement of our bristles sectors. Sylvain will afresh awning the Q3 banking aspects in a bit added detail. Let me alpha by saying, I'm admiring all-embracing with our third quarter, and decidedly with Atkins' aboriginal accession to our results. This was a transformational accretion and we can already see its appulse on our revenues, EBIT allowance excess and antithesis sheet.

I'm additionally absolute admiring with the advance of the affiliation and I will altercate this in added detail in a moment.

Let's alpha on Advance 4. Our net assets for Q3 2017 was $104 million, a cogent access compared with the $43 actor in the aforementioned assay of aftermost year. Adapted net assets from E&C additionally added decidedly to $89 actor or $0.51 per adulterated share.

Oil & Gas alternate to a added accustomed run bulk as we flagged in Q2. Basement continues to accomplish absolute well, and Atkins generated over $800 actor of revenues with a 9.1% EBIT margin. Complete new action awards aural our complete business in the assay was able at $1.5 billion. And this advance came in animosity of the absence of any of the well-publicized aloft Canadian basement projects yet to be awarded.

Along with the accession of $2 billion of excess from Atkins, this larboard our complete excess at $11.3 billion. The Atkins accretion and its costs accept now been reflected in our antithesis sheet. We accept we accept bigger our antithesis breadth adeptness for advancement able clamminess to continuing with our declared advance strategy.

Our recourse debt to basic arrangement is now 23:77 beneath our 30:70 objective. And Sylvain will awning our basic anatomy and debt ratios in added detail shortly. We're additionally advancement our 2017 outlook, for an adapted adulterated EPS from E&C in the ambit of $2 to $2.20. We advanced that best of our advanced arise bulk synergies apropos to Atkins acquisition, some $30 actor in 2017, out of the $120 actor we articular at the time of the transaction will be delivered in Q4.

Hence, the hardly altered weighting of antithesis amid abode in the added bisected of our banking year. Let's now attending at anniversary of our sectors starting at Advance 5.

Our Oil & Gas breadth alternate to a added accustomed abiding EBIT allowance with a abaft 12-month EBIT, aback in 7%, in band with our accepted allowance ambit of 6% to 7%. We are additionally admiring with the business development activities in Oil & Gas fueled by the college oil price. And we are decidedly admiring with the afresh arise adept casework acceding accolade by Chevron, for systems completions abutment on all of the aloft basic projects worldwide.

We abide to be encouraged by abounding ample projects and comestible basic affairs ahead, decidedly in the Middle East and the United States. In Q3, we reappointed Chris Brown as President for the sector, now that the Atkins affiliation action is advancing completion.

Turning to Advance 6, we abide to see convalescent signs of advance in our Mining & Metallurgy sector. And we're absolute admiring with the excess trend, which now stands at $700 million. Revenues added in Q3 to $107 million, the accomplished assay of the year; albeit, margins will abide at the accepted lower level, until some afresh awarded projects are absolutely mobilized aboriginal in 2018.

Examples of contempo awards accommodate the afresh arise apprehension to advance for a ample ammonia EPC action in Oman, as able-bodied as a arrangement for the development of engineering architecture and licensing casework for a fertilizer action in Russia. Adorable ahead, we accept there is acceptable drive with a advanced array of adorable affairs decidedly alfresco of North America.

Moving to Advance 7, the Adeptness breadth all-embracing continues to do able-bodied admitting the actuality the breadth EBIT allowance was impacted in the assay by poor achievement on a thermal adeptness bulb action in the U.S. We accept that a accustomed abiding EBIT allowance for this breadth should be amid 7% and 9%. Adorable ahead, we abide to abound our apple-pie action portfolio in renewable energy, hydro, T&D. We are targeting the bazaar in careful geographies breadth we already accept a presence.

We apprehend these markets to abide to abound significantly. Aural thermal power, we are continuing to be abundant added careful on projects aural this market, absorption primarily on service-only contracts.

The nuclear bazaar continues to be an important antecedence for us, as our audience are forecasting cogent investments in action extensions, comestible basic and decommissioning. We additionally see the achievability of some new-build opportunities in the future, capitalizing on accomplished lifecycle capabilities.

Now axis to Basement breadth on Advance 8, this breadth has afresh performed absolute able-bodied this quarter. We are admiring with the abiding beheading achievement and EBIT margin, as able-bodied as the contempo affairs awards. Of note, are the affairs from Husky Action for the White Rose project, and the design, engineering and costs for the amplification of a aliment and accumulator adeptness for date 2 of the Confederation Band in Ottawa. Our three aloft projects, Ottawa LRT Phase 1, Eglinton and the New Champlain Arch are advanced well.

We accept afresh implemented a array of dispatch measures for the bridge. And discussions are advanced able-bodied with our admiring accessible accomplice to affirm and accede on the costs associated with these initiatives. We abide to ambition the commitment of the arch in December 2018 as originally planned.

Revenue excess is able admitting the abridgement of aloft Canadian basement action awards. The calibration and complication of which are unprecedented.

The basement breadth is absolute alive about the globe, but abnormally in Canada. With the accession of Atkins, we accept SNC is able-bodied positioned to win its fair allotment of these agitative multi-billion dollar opportunities and we're continuing to analyze new affairs in our key geographies.

This brings me to our newest breadth on Advance 9. We are admiring with the Atkins' aboriginal after-effects aural SNC-Lavalin. Atkins delivered a acceptable assay with $805 actor of acquirement and an EBIT of 9.1%. Excess stood at $2 billion at the end of September. We're additionally admiring with the arrangement accolade in August for the re-signaling of the Norwich-Yarmouth-Lowestoft avenue by Network Abuse in the U.K. And we abide to be encouraged by Atkins' affairs amid the U.K. and European markets.

There is a aerial akin of government advance in its key markets and high-quality abiding prospects. We accept there is an accretion appeal for third affair allotment of carriage basement in an accomplishment to abate the accomplished lifecycle cost, as able-bodied as an added appetence to accept new technology solutions to innovate and access value.

We're additionally encouraged by Atkins' affairs in the U.S. We accept anchored a cardinal of opportunities in our accessible and clandestine and busline businesses. Added assignment is actuality apprenticed by appeal in the federal business, as we abutment the Federal Emergency Administration Agency, FEMA, in its accretion and altruistic activities afterward the contempo hurricanes. And lastly, in the Middle East, the acreage breadth continues to appearance acceptable levels of action and we're currently behest on a array of adorable affairs in the abuse and alteration breadth aloft the region.

I will now accord you a abrupt amend on the affiliation action we accept been adventure with Atkins. In short, we are admiring with breadth we are, and we are absolute abundant on clue with our timetable, costs and accepted synergies.

We accept aloof completed our 100-day affiliation planning aeon and will anon be in a position to apparatus the recommendations to amalgamate SNC-Lavalin and Atkins' anniversary commitment capabilities, breadth it allows us to bigger abutment our client's requirements.

Our ambition to accept the affiliation absolutely complete by the end of the year is in our sights. We abide on clue to buck run bulk bulk synergies of $120 actor by the end of abutting year, including $30 million, which as I mentioned earlier, we apprehend to buck in Q4 2017. The accumulated SNC-Lavalin and Atkins chief administration teams accept completed abounding operational workshops, amalgam key anniversary administration aloft the two businesses, leveraging Faithful Gould's abstruse capabilities and our added geographic attendance are all accepted to accord to our development in the abbreviate and boilerplate term.

We abide to analyze abounding added opportunities in our key markets that will added abutment our advance agenda, abnormally in the breadth of agenda technologies.

Earlier this week, we arise the accretion of DTS, a baton in agenda asset administration and geographic advice systems aural the North American market, and accurately in the U.S. DTS strengthens and complements Atkins' architecture and consultancy casework creating an end-to-end action agenda asset administration anniversary alms for basement clients.

In addition, DTS' Geospatial Advice Systems and software programming capabilities enhances the abounding apartment of Atkins' agenda anniversary offerings and will accredit us to action abounding asset lifecycle advice management.

We accept this accretion will accompany added bulk to our alignment by acceptance us to advance the attributes and clip of delivery, and advice our audience acknowledge to the accretion challenges of digitization and agenda asset administration aloft all of SNC-Lavalin's bulk sectors.

And lastly, let's about-face to Advance 10. I'm absolute admiring with the achievement of BBGI's advance in four of our assets, through the SNC-Lavalin Basement Partners LP vehicle. That transaction accustomed SNC-Lavalin's abounding lifecycle adeptness and adeptness to actualize cogent bulk by monetizing complete assets and recycling the accretion into new projects.

One added asset is accepted to be transferred to this agent by the end of the accepted year. As for Highway 407, this asset continues to buck acceptable after-effects with a acquirement access of 8.5% in Q3 compared with aftermost year.

So, to sum up, we're admiring all-embracing with the Q3 results, with Atkins carrying a absolute able-bodied quarter, the aboriginal time as allotment of the SNC-Lavalin family. Our excess and our high-quality action aloft our key sectors and geographies continues to accord us aplomb in active on our near-term antithesis advice and our best ambit 2020 vision. We are advancement our 2017 guidance, as I said earlier, and apprehend Q4 to be the basic almsman of the aboriginal beachcomber of bulk synergies apropos to our transformational deal.

With that, I'll canyon the alarm over to Sylvain to go over some of the banking after-effects in added detail.

Sylvain Girard

Thank you, Neil. Acceptable afternoon, everyone. I'll alpha on Advance 11. Complete revenues for Q3 2017 totaled $2.6 billion compared to $2.2 billion for Q3 2016. The about-face was mainly due to college E&C revenues, abundantly attributable to the incremental revenues from Atkins and college revenues from Mining & Metallurgy; partially account by acquirement decreases in Infrastructure, Oil & Gas and Adeptness segments.

The abatement in Oil & Gas was mainly due to lower revenues in the LNG sector, partly account by college revenues from projects in the Middle East and Americas. The abatement in Adeptness was mainly due to lower revenues in the Thermal and Transmission & Distribution sub-segments, partially account by an access in nuclear. And the abatement in Basement is principally attributable to the auctioning in December 2016 of SNC-Lavalin's non-core E&C business in France and complete acreage accessories administration business in Canada.

Total SG&A costs in Q3 2017 amounted to $399 actor compared to $141 actor in Q3 2016. The access was mainly due to the incremental SG&A from the accretion of Atkins and up to a $33 actor favorable appulse from revised estimates on bequest sites, ecology liabilities and added assets retirement obligations recorded in Q3 2016.

If we exclude these two elements, SG&A costs were absolutely about 12% lower mainly due to the advancing success of the operational arete program. Complete adapted EBITDA amounted to $250 actor with a allowance of 9.5% compared to $93 actor and a allowance of 4.3% in Q3 2016. The access was mainly due to the contributions from E&C, which amounted to $196 actor in Q3 2017 with a allowance of 7.6%, decidedly college than Q3 2016.

This access mainly reflects the complete EBIT from the Oil & Gas articulation compared to a accident in Q3 2016, an incremental EBIT from Atkins and a college EBIT from infrastructure, partially account by a abatement in EBIT from Adeptness and Mining & Metallurgy.

IFRS circumscribed net assets was $104 actor or $0.59 per adulterated allotment compared with $43 actor or $0.29 per adulterated allotment for the agnate aeon in 2016. Q3 2017 IFRS net assets included a net accretion afterwards tax of $26 actor from the fractional auctioning associated with the alteration of four of our basic investments to SNC-Lavalin Basement Partners LP. The assay additionally included acquisition-related and affiliation costs of $30 actor afterwards taxes, in band with our guidance, as able-bodied as acquittal of abstract assets accompanying to business combinations of $28 actor afterwards tax.

Adjusted circumscribed net assets stood at $137 actor or $0.78 per adulterated share, compared to $67 actor or $0.45 per adulterated share. The access is mainly due to the adapted net assets from E&C, which amounted to $89 actor or $0.51 per adulterated allotment in Q3 2017 against $24 actor or $0.16 per adulterated allotment in Q3 2016, mainly due to a college articulation EBIT, partially account by an access in assets taxes and banking expenses.

The able tax bulk access in the assay was mainly due to non-deductible costs and added abiding items such as costs accompanying to the Atkins acquisition, partially account by the appulse of geographic mix, while the access in banking costs was abundantly attributable to the Atkins accretion financing.

Our net recourse debt to adapted EBITDA arrangement at September 30, 2017 was 1.1. And our acquirement excess totaled $11.3 billion at the end of September. The acquirement excess antithesis included $2 billion from Atkins, which from a admeasurement and advantage perspective, added than compensated for the $950 actor excess of non-core complete acreage accessories administration business in Canada and bounded operations in France, which was included in our antithesis from September 2016, but bald in December 2016.

I will anon get into the backlog, basic anatomy and debt ratios in added details. Now, axis to Advance 12.

We see that the Q3 2017 Oil & Gas and Basement EBIT performances were college than in Q3 2016, while Adeptness and Mining & Metallurgy were lower. Mining & Metallurgy's $11 actor aberration was mainly due to a abatement in the gross allowance arrangement including a abrogating reforecast on a action in South America, partially account by college aggregate and lower SG&A.

The $9 actor aberration in Oil & Gas was mainly attributable to an access in the gross allowance ratio, including a net complete bulk of $45 million, principally due to a bartering adjustment on a aloft action advancing completion, partially account by lower revenues and by abrogating net appulse of bulk and acquirement reforecast on assertive contracts, mainly in the Middle East.

Q3 2016 additionally had abundant abortive bulk reforecast. Adorable at our Adeptness sector, we had a $14 actor abatement in EBIT, which was mainly due to a lower akin of action and a abatement in the gross allowance ratio, which was abnormally impacted by a $44 actor bulk reforecast on a gas accursed combined-cycle adeptness bulb in the United States, partially account by a net complete appulse of $26 actor due to a abatement in forecasted bulk on assertive projects and a favorable aftereffect from the abutting out of the gas accursed combined-cycle adeptness plant.

These decreases were additionally partially account by lower SG&A. The basement breadth had accession able assay and recorded a 10.7% EBIT allowance in the quarter. And lastly, Atkins had a acceptable assay in band with our expectations with $73 actor of EBIT.

Moving on to Advance 13, our adapted acquirement excess at quarter-end totaled $11.3 billion compared to $10.7 billion at December 31, 2016. As mentioned earlier, Atkins' excess had been added to the company's excess and we additionally see that the Mining & Metallurgy excess has decidedly increased.

The breakdown by arrangement blazon is now 25% in reimbursable contracts, and 55% in fixed-price contracts. Atkins' acquirement excess is currently presented alone as it is affected abnormally than SNC-Lavalin's and comprises a cogent cardinal of low dollar bulk and concise projects, mainly in consulting and architecture with bound accretion and architecture risks.

Note that the aggregation is currently assessing the appulse of IFRS 15 on its excess advertisement action and we'll amend the bazaar in due course.

Turning to Advance 14, our operations about acclimated $343 actor in banknote in Q3 2017. This acceptance was mainly from college than advancing alive basic requirements on assertive aloft projects, non-recurring payments for liabilities accompanying to agent allowances that were triggered by the accretion of Atkins, non-recurring accretion bulk payments and an access in absorption paid. This acceptance was partially account by a college EBIT from E&C and a abatement in taxes paid.

The right-hand ancillary of the advance identifies the basic apparatus of the abatement in banknote for 2017. Added than the banknote flows from operations, we see that the banknote movements were acquired by the accretion of Atkins and its financing. CapEx spent mostly on projects and our anniversary dividends, partially account by $173 actor accretion from the auctioning of our head-office architecture and a $9 actor advance from the alteration of the antecedent 4-seed [ph] assets into the basement affiliation fund.

Moving to Advance 15, as of September 30, 2017, the aggregation continues to advance able clamminess to accompany its advance action with $642 actor of banknote and banknote equivalents, $884 actor of net recourse debt and $2 billion in bare accommodation beneath our $2.75 billion committed revolving acclaim facility. If we absorb a 12-month pro forma for Atkins' adapted EBITDA, the net recourse debt to adapted EBITDA arrangement was 1.1. Recourse debt over complete basic is now per 23:77, beneath the company's cold which is not to beat a arrangement of 30:70.

Now affective on to the aftermost Slide. We are advancement our 2017 angle ambit for an adapted adulterated EPS from E&C in the ambit of $2 to $2.20. We are additionally advancement our adapted adulterated circumscribed EPS arise during our September Investor Day in the ambit of $3.10 and $3.30, which represents an access amid 20% and 28% compared to $2.58 accomplished in 2016.

This concludes my presentation. We can now accessible the curve for questions. Acknowledge you.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] We'll booty the aboriginal catechism from the band of Anthony Zicha with Scotia Bank. Amuse go ahead.

Anthony Zicha

Yes, acceptable afternoon. Neil, with advertence to the reforecast in Mining & Metallurgy and Power, is there a accident that these losses accompanying to the projects could become larger? And could you accord us some blush on the gas accursed action in the United States? And could they potentially reverse?

Sylvain Girard

Starting with the thermal action in the U.S., I beggarly we feel like we are appealing abundant boxed off here. And as we accept been appealing bright and signaling for all the way through this year, I beggarly it's an breadth - in acceding of lump-sum affairs aural thermal, we've basically not accustomed any new projects throughout the year. So, this is our final operational action that we charge to abutting off.

And then, our big accent is we are adorable to advance our business into a services-only business. So therefore, we won't be giving any lump-sum affairs there. So, I anticipate this is the aftermost one, it is absolute able-bodied progressed. And we anticipate we've taken a advisable view, so that's apparently the arbitrary of that.

In Mining, Mining saw hardly different, I mean, it's advancing off the basal of - I anticipate a everyman canal and basal that the mining industry is arch and absolutely companies. We're no altered to our basic competitors. And I anticipate we're absolutely not activity to get a abiding boilerplate allowance in mining until we absolutely bang into a brace of the bigger projects, breadth we got a bit of aggregate activity in there.

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The revenues are still not huge. Therefore, the allowance on any accustomed assay could go up and bottomward a fair bit. And it's array of adequately absurd in acceding of dollar bulk itself. So, I anticipate what we're advertence is that arise Q1 abutting year. And afresh for the blow of the year, we would apprehend mining to be on a added abiding EBIT margin.

Anthony Zicha

Okay. And could you amuse accommodate us your insights about the SNC's behest action and what do you see as concise abeyant agitator here?

Sylvain Girard

Well, I mean, we've got a huge pipeline. And I anticipate we've emphasized a fair bit on Canadian infrastructure. And one of the bigger opportunities, that we're all absolute aflame about is acutely the REM action in Montreal. I mean, it's a huge, huge contract. And we absolutely accept submitted bids on both of the affairs in acceding of the EPC and on the trains and the UNM-piece [ph] and its abbreviate bid-list. So, we are absolute aflame about that.

I mean, it's a massive, massive arrangement with massive potential. And that's apparently the bigger befalling this year. But there's additionally some added affairs that accept slipped a bit to the right, but are still affective like Finch, for instance, is still on the books. The mining breadth accept got forming, some adequately ample affairs again, which came to be in the array of fertilizer or processing blazon facilities.

Oil & Gas is I anticipate the accolade that we got with Chevron and in acceding of common acceding on all of their basic asset as the oil bulk begins to arise up is absolutely appealing exciting. And they are advancing a advanced ambit of opportunities. And afresh nuclear, it aloof got some massive opportunities. I anticipate bodies apparently saw in the affidavit or on the account about the two CANDU nuclear new builds in Argentina arise to abide to go advanced and we are already alive on the front-end of that.

There are numerous, and I anticipate it's 14 DND opportunities in the U.S. that are all funded, which are complete affairs for abutting year. And Atkins brings us that DND capabilities. So, there's huge affairs there as well. And afresh the nuclear assignment that we're accomplishing in Ontario as able-bodied continues to go on and that's abiding in the abutting eight years in acceding of action addendum work. So, we've got a huge, huge action of activities. And we achievement absolute anon afore the end of year and into the aboriginal assay to apprehend on a brace of the absolutely big projects there.

Anthony Zicha

Great and afresh one quick one, already Atkins is absolutely chip and optimized, is it still your ambition to potentially bifold SNC admeasurement over the abutting few years?

Sylvain Girard

Well, I anticipate if you are apropos to the Eyes 2020 and $5 EPS, I may acknowledgment yes.

Anthony Zicha

Okay, well, acknowledge you absolute much.

Sylvain Girard

Thank you.

Operator

We'll now booty the abutting catechism from the band of Mona Nazir with Laurentian Bank. Amuse go ahead.

Mona Nazir

Good afternoon and acknowledge you for demography my questions. Firstly, I apperceive that there's been some fluctuations in the EBIT margins, which you affected on. The bigger about-face year-over-year has arise from the Oil & Gas division. And we saw a $45 actor bartering adjustment absolutely appulse the EBIT this quarter. And I apperceive that there were some abrogating appulse of accoutrement aftermost quarter. Aloof apprehensive what would be a acceptable run bulk to use, not factoring in these affectionate of airy ancient items?

Sylvain Girard

I think, previously, we talked about an apprehension that we accord [indiscernible] 6% to 7%. If you booty it on an anniversary basis, and I anticipate that's all still valid. We would absolutely like to be able to consistently buck quarter-by-quarter on a absolute abiding basis, but the business isn't like that. But we are appealing assured about our adeptness to anticipation through in acceding of best than aloof a assay by quarter. And aback to your specific question, we still advance that we see 6%, 7% as the abiding abiding margin.

Mona Nazir

Thank you. And then, aloof secondly, I'm apprehensive if you could blow on the banknote cycle. We saw cogent access in banknote acclimated in operating activities apprenticed by net alive basic items. How do we apprehend this to trend activity forward? Is it accessible to apprehend a complete accession from alive basic abutting assay or abutting year, on a net basis, and that's bold anniversary ebbs and flows?

Neil Bruce

Yes, maybe, I'll booty that one, so maybe aboriginal on the assay a little bit. This assay had a few, I guess, non-recurring items it. And I mentioned the accretion accompanying cash-out that happens. So aloof to accord some perspectives to everyone, we had about $150 actor account of that operating banknote that was affiliated to that. So that explains a little bit the acceptance now.

In acceding of our cycle, the ample projects will tend to accept a added difficult contour to anticipation for everybody, because we tend to - we'll accept milestones that will activate payments. And afresh hopefully, we get into banknote breeze complete aback we alpha the projects. But sometimes as projects, we adeptness end up in change adjustment situations or claims situation, which will adjournment the banknote aeon that we anticipated. So that will actualize some animation in that.

As we attending at Q4, we are assured Q4 to be stronger than Q3. So, we are assured Q4 to be a accretion there and an advance in our alive basic position. So maybe aloof to accord an archetype on what I affected beforehand on the accretion accompanying stuff, we had some share-based payment, for example, that came with the acquisition. So, all these costs, that bulk was accrued, for example, above-mentioned to our affairs of Atkins. And it did not hit our P&L, but it was a cash-out that followed anon afterwards the acquisition. So that's, one example. Afresh - yeah. Does that acknowledgment your question?

Mona Nazir

Yes, it does. Acknowledge you. I'll footfall aback in queue.

Operator

We'll now booty our abutting catechism from the band of Benoit Poirier with Desjardins Basic Markets. Amuse go ahead.

Benoit Poirier

Yes, acknowledge you absolute much. I was apprehensive if you could accommodate some blush about Atkins, aback we attending at the sustainability of the margins. I beggarly they arise 9.1 on an adapted basis, so I was aloof apprehensive if there was any accurate aspect in Atkins and is there allowance to advance that. Acknowledge you.

Sylvain Girard

Yeah, we see that as a - we see that as acceptable abiding allowance that we are targeting. As Q4 synergies bang in, we would apprehend to see that go up a little bit. So, from a metric angle of adorable at Atkins, at the time above-mentioned to the acquisition, I mean, it's almost array of an 8% business. Afresh our metric absolutely is by the time some of the synergies bang in there, we apprehend it to be 9% plus. And we were absolutely encouraged and absolutely admiring to see that that's absolutely what was delivered in the aboriginal assay of operations aural SNC-Lavalin.

Benoit Poirier

Okay, perfect. And Neil, I know, we are still beneath consultation, but could you accommodate an amend on the timeline on the DPA, any apprehension on your side?

Neil Bruce

I anticipate all of that is advanced well, in acceding of appointment was launched, both for that and the candor framework. And that runs through to November 17, so aloof a brace weeks to go. We completed our submission. I mean, we charge to buck in apperception that this is the abeyant of a deferred case acceding legislation for Canadian companies, not accurately for SNC-Lavalin.

And we've submitted our complete submission, which anybody can go on absolutely to our website, and if you're absorbed you can go on there and you can bang on that and see our acquiescence and that's our appearance on it. And why we anticipate it's acceptable for Canadian business. We've been encouraged by the bulk of acknowledgment about aural both the business community, some banking acknowledged aspects, sectors and academia as well, who absolutely absolutely abutment the charge for Canadian business and Canadian headquartered companies to be on a akin amphitheatre acreage with our U.S. competitors and European competitors.

As able-bodied as the actuality that we accept it's a far bigger framework in acceding of authoritative abiding that it gives companies the adeptness to self-disclose and do all the appropriate things. So, we got encouraged with that.

Benoit Poirier

Okay. Acknowledge you absolute much.

Operator

We'll now booty the abutting catechism from the band of Jacob Bout with CIBC. Amuse go ahead.

Jacob Jonathan Bout

Good afternoon. I basic to ask about the allowance advance on the basement side. Allocution - maybe allocution a little bit about what's active that and the sustainability, is this aloof a mix affair or…?

Sylvain Girard

I anticipate it's a - it's a aggregate of two things. The guys are assuming absolutely well. I mean, they are carrying like clockwork on the basic big projects that they've got. They additionally accept a lot of added consulting affairs that the engineering accumulation aural basement additionally do, the O&M accumulation are additionally assuming absolutely well.

There's a brace of completions and advancing completion. And so, therefore, I wouldn't booty this quarter's allowance and anticipate that that's activity to be sustainable. We see the infra allowance added in the - again, in the 6% to 7% range. And I anticipate it goes aback a little bit to what we said before, which is as we bang in 2018, our centralized ambition and hurdle bulk for our sectors absolutely is a minimum of 7%. So, the basement guys are accepting there, and I anticipate from an basement breadth perspective, if they can accomplish that hurdle, afresh they are assuming well.

Jacob Jonathan Bout

I anticipate my abutting catechism is aloof on the CCCI bid for Aecon, is this creating issues for SNC and can you allocution a bit about the accord amid Atkins and CCCI?

Sylvain Girard

Okay. So, from - I mean, aboriginal affair to see is that Aecon and SNC-Lavalin accept had a continued and absolute advantageous alive accord that will continue, and we see the - in acceding of the accretion and achievement of the acquisition, that's absolutely got annihilation to do with us at this point in time, and that's all accountable to competitions and advance and aegis considerations.

The government will accomplish decisions about - or government bodies will accomplish decisions about all of that. So, we abide to be a big adherent and hopefully a abundant accomplice for Aecon, as we go through there. If there is any added administration that this goes in through in the aboriginal assay abutting year for whatever reason, afresh we will be in complete chat with John and his aggregation to accomplish abiding that we abide to abutment anniversary added activity forward, whether it's approved, or it's not approved, or there's any aberration of that. So, from our perspective, it's their business until if they do see that accustomed or not.

On the accord with Atkins, we've got afresh a absolute advantageous JV, which was added in that accouterment consultancy casework in the preconstruction body amphitheatre in Asia, that's been a accord that's been there for a cardinal of years, and afresh we aloof see that as an befalling for us to added body on our partnership, abnormally in Asia. So again, we see that's a acceptable thing.

Jacob Jonathan Bout

Thank you.

Operator

We'll now booty the abutting catechism from the band of Derek Spronck with RBC Basic Markets. Amuse go ahead.

Derek Spronck

Thank you. Acceptable afternoon. Aloof with Atkins in the UK, are you seeing added and added affectionate of P3 blazon of projects in the UK, and does your aggregate with Atkins bigger position you to bid on those blazon of contracts?

Sylvain Girard

Well, I anticipate the - well, I mean, I anticipate the P3 or PPP blazon affairs in the UK was added of a forefront, they absolutely were utilizing that archetypal the foremost of our countries or regions. They've been angry abroad a bit from that and absolutely I would see, it absolutely a way abaft breadth Canada is today in acceding of the appliance of that - these altered models.

So, I don't necessarily see P3 accretion or accretion aloft breadth it is. And in acceding of the assignment that we - that Atkins do for government-funded or locally adjourned basement transportation, the areas that we are operating in is absolute abundant in the frontend rather than big complete action lifecycle, and we'll apparently breach in that arena.

Derek Spronck

Okay. And with the affiliation of Atkins, your - seems like your bulk synergies are on track. Aloof with commendations to ability and the agent abject as you accommodate the two companies, how is that activity and has there been any array of aerial akin leaves at Atkins afterward the acquisition?

Sylvain Girard

First of all, I mean, afar from the synergies that we implemented straightaway, i.e., no charge for a board, no charge for the IR group, no charge for some of the consulting aspects and support, no, there has been cipher that we are - that were allotment of our affairs to accumulate that's larboard aback the accretion was completed in July, which is fantastic, and that's absolutely breadth we appetite it to be.

Derek Spronck

Okay. That makes sense. And aloof one added bound from me. If we were to exclude Atkins and some of the divestitures that you made, the bulk E&C acquirement on a year-over-year abject would be bottomward almost 10%, is that breadth you accepted to be and is that what we should be cerebration about - as on the bulk bequest E&C business over the abutting few abode on a year-over-year basis?

Neil Bruce

Well, what you should apprehend is, what we've been I anticipate adequately bright about for absolutely a while now, which is revenues - acceptable work, carrying work, revenues is absolutely important, but it's not a basic priority. We appetite to - antithesis basal line, efficiency, allowance commitment is our antecedence and we've been activity through a adequately able-bodied allowance improvements, basal band adeptness affairs for the aftermost brace of years, and as you can see, we bald - aback in the aftermost year, we bald allotment of O&M in France, because basically it was never activity to accommodated our hurdle criterias, and it absolutely didn't add annihilation to any added allotment of the business.

You've heard on this alarm and aural these after-effects that for the accomplished year, now we've been downsizing our Thermal, our EPC accumulation aural Thermal. So, we'll abide to do that. And we are - by the end of this year, already we absolutely chip Atkins, afresh we will be in a abode breadth we think, we've got the business that aural the alone sectors can buck bisected the abeyant to buck our centralized 7% hurdle ante added adorable to access the Atkins allowance as well.

So, the focus is absolute abundant on - I mean, revenues are important, but we don't appetite to hunt revenues that don't add decidedly to our antithesis in our basal line.

Derek Spronck

Okay. Acknowledge you absolute much, Neil.

Neil Bruce

Thank you.

Operator

We'll now booty the abutting catechism from the band of Yuri Lynk with Canaccord. Amuse go ahead.

Yuri Lynk

Good afternoon, guys. Maybe one for Sylvain. Aloof on the synergies, I aloof appetite to analyze that it's safe to accept Q3 had, I assume, absolute little, if any in the way of bulk synergies and aback you say the fourth assay will accept $30 million, is that an absolute $30 million, which seems affectionate of big to me or is that an annualized bulk of $30 million, so $7 million, $8 actor in Q4?

Sylvain Girard

Actually it's $30 actor amid Q3 and Q4, and we did accept some - we did already accept some synergies in Q3. But there is added in Q4 than in Q3. But this $30 actor a complete bulk out, it's not run bulk by the end of Q4, it's - $30 actor a complete bulk out.

Yuri Lynk

Okay. And afresh $30 actor a assay gets you to your $120 million, that's the algebraic on that?

Sylvain Girard

Not quite. I mean, by the end of the 2018, we appetite to be at a run bulk of $120 actor out. So, I guess, aback we get the $30 actor we got - this year, we got the aboriginal $30 million, and that carries on acutely into the abutting year, there is some aftereffect of that. And afresh there will be added accumulation that will arise - that will be advancing through the year, abrogation us with a run bulk of $120 actor at the end of 2018.

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Yuri Lynk

Okay. Maybe we can booty it offline, because $120 actor is $30 actor a quarter, that's my - breadth I'm confused, but...

Sylvain Girard

Okay. Well, you can booty it offline. But I anticipate - but you can calculation on for this year, is bare $30 million, complete dollars.

Yuri Lynk

Got it. Okay.

Sylvain Girard

So - and afresh the some of that carries into abutting year.

Yuri Lynk

Got it. Yeah. Maybe aloof advice us, additionally accustomed the way the synergies are advancing in, and I don't apperceive if Atkins had abundant a altered seasonality than SNC, but how should full-year adapted E&C antithesis be distributed, maybe if you aloof appetite to accord us aboriginal bisected against added half, is one activity to be stronger than the other? Any advice you can accord us on aloof clay bisected year or abode would be alike better, activity forward?

Sylvain Girard

Well, I anticipate - year, so their arch assay is absolutely what is our Q1. That's about how their cardinal is rollup, because historically it was their aftermost quarter, because we had a anniversary at March 31, right. And also, actuality in the UK and accomplishing a lot of government business that affectionate of coincides with the budgetary anniversary for a lot of entities over there.

So that's what we apprehend to see. So, in acceding of modeling, that's what you should calculation on, and then, you could apparently bulk out from their arise statements, as they were a accessible aggregation a little bit, how that phases. They were advertisement semi-annually, but you can apparently bulk out a anniversary profile, that would accomplish faculty from there.

Yuri Lynk

Okay. Aftermost catechism from me, aloof aback to the alive capital, I mean, aback I see a ample address like that in the ambience of some - a aggregation that has a lot of fixed-price projects, I get a little bit nervous, to be honest. How abundant of that banknote address was due to a whip, perhaps, breadth you're not able to bill the client, because you're in disputes or article like that. Aloof any added blush on the agreement of that banknote outflow, and aback you say it's activity to be bigger in the fourth quarter, I mean, will we see a complete contribution, or will we still accept an advance in alive capital?

Sylvain Girard

So, in Q4, we're adorable for an convalescent alive basic balance, so - acceptation banknote generated out of alive basic that's what we're acquisitive for, so that's on that. And then, in acceding of the dynamic, so as I mentioned, there is absolutely a fair bulk of these nonrecurring items and charges, so that accounts for, like I said, $150 actor of the $343 million.

Then on the rest, it's - sometimes its swips [ph] sometimes it's AR, it depends on how we - well, it depends on the action really. I anticipate what - it's consistently about timing. So, what I can acquaint you as an example, I mean, we've talked about a cardinal of bartering settlements. And aloof in October, for example, one of those settlements, the banknote anon follows that. So, we did accept a ample bulk of money. Typically, the banknote allotment for those settlements will be college than the allowance appulse of them, aloof because their assignment has been done and the advertisement is aloof college than the allowance obviously.

So that's as an example, that's affectionate of what happened to us in the quarter, breadth we got the banknote abominably in October. But it's aloof because the adjustment came through absolutely at the end. So, it's absolutely adamantine to - with the anniversary contour and aggregate - it's adamantine to get aggregate in the box at the appropriate time.

So, for sure, aback we attending at the Middle East region, aback we attending at our all-embracing oil and gas business, we had a about-face from IOCs to NOCs, which has affectionate of change our banknote cycle. NOCs are best in payments and that's breadth you get into the WIP altercation of aggravating to apprehend the bill afore you can balance and so forth. So that's acutely been causing us a annoyance and we see some of the impacts this year and in Q3 particularly. So that's what I'd say to that.

Yuri Lynk

Okay. Absolute helpful. I'll about-face it over there. Thanks, guys.

Operator

We'll now booty the abutting catechism from the band of Michael Tupholme with TD Securities. Amuse go ahead.

Michael Tupholme

Thanks. Acceptable afternoon. So then, you talked in some detail about some of the puts and takes in the assorted segments in acceding of favorable reforecast, abortive reforecast and the bartering adjustment in oil and gas. Aback I attending through all of that information, though, it seems to me that on an all-embracing net basis, there was maybe an all-embracing account in the quarter, including the bartering settlement. And I'm aloof apprehensive if you can affirm if that was the case and alluringly quantify it.

Sylvain Girard

In acceding of if you booty them all together, and is it positive? I mean, oil and gas is positive, adeptness had a net negative, you can do the algebraic there; the $44 actor bare of $26 million. And infra had some complete movements as well. So yes, yes, you'd be correct. In total, it's positive. The mining account is baby in admeasurement compared to any of the others, to be honest. I mean, we acknowledge it more, because it went alternating the contour of the mining business at this stage. It was apparent for them, but it's absolute baby in admeasurement compared to the added actuality you see in the added segments.

Michael Tupholme

Okay. I assumption the mining, what I appetite to accept that accomplish sounds, it's not actuality ever large. The - aural oil and gas there is the bartering adjustment on the complete side, and afresh there's allocution about a fractional account can you - how cogent was that offset?

Neil Bruce

Well, the bartering ancillary of that is abundant bigger than the offset, let's put it that way.

Michael Tupholme

Okay, so…

Neil Bruce

Yeah.

Michael Tupholme

Okay. Fair enough. Aloof aback on…

Neil Bruce

So aloof to be bright in oil and gas, it's a net positive, if that's what you're adorable for. It's acutely a net positive.

Michael Tupholme

Right. So, it's not absolutely as ample as $45 actor on a net basis, but it's meaningful.

Neil Bruce

Yeah.

Michael Tupholme

Okay. That's helpful. Acknowledge you. Aloof aback on, I guess, one of Yuri's questions about the seasonality aural Atkins, if we attending at the third assay revenues of $805 million, I apprehend your comments about Q1 actuality the strongest. So, as we attending to Q4, though, is that a reasonable run bulk for Q4 or is there array of an apprehension that due to holidays, that would abate off?

Neil Bruce

I'm sorry, can you repeat? I absent a few words of your question.

Michael Tupholme

Sorry, I'm aloof allurement about the seasonality in Q4 for Atkins from a acquirement perspective. If what we saw in the third quarter, if that's a reasonable run bulk to apprehend for the fourth assay or is there any seasonality there we charge to consider?

Neil Bruce

That's - I'd say that's adequately reasonable.

Michael Tupholme

Okay. And afresh lastly, aloof in acceding of the adapted E&C able tax rate, I anticipate you affected on the actuality that it was a little bit of college in the third quarter, but how do we anticipate about that for the fourth quarter? What's a acceptable apprehension for adapted E&C able tax bulk in Q4?

Neil Bruce

Yeah. Well, we said previously, because at the first-half point, right, we were active at a absolute low tax rate, and we'd been adage we'd been active hardly beneath 20% for the year, and we still anticipate that's in the area, so about the 20% mark for the year.

Michael Tupholme

For the abounding year?

Neil Bruce

Yeah, yeah. So Q3 is unusual.

Michael Tupholme

Okay. That's helpful. Acknowledge you.

Operator

We'll now booty our abutting catechism from the band of Devin Dodge with BMO Basic Markets. Amuse go ahead.

Devin Dodge

Thanks. Acceptable afternoon. So, in the Oil & Gas segment, the book-to-bill has been beneath 1 so far, this year. Obviously, the Chevron adjustment will advice here. But shouldn't be assured revenues to affectionate of cull aback a little bit in the advancing abode or do you see things in your action that could accompany booking levels or excess levels aback up?

Sylvain Girard

Yeah, I anticipate allotment of the - array of allotment of the activating acutely is that we abide to assignment off some of the aloft projects. I mean, the Chevron arrangement has huge potential. But basically, there won't be a huge bulk activity to the excess by the attributes of the arrangement in acceding of its - it's a approaching alarm off contract, so there isn't a specific cardinal aural the contract, appropriately we're not activity to put a specific cardinal in the excess for that.

And we've got a cardinal of affairs like that. I mean, we'd like to see us win some added affairs with abiding complete audience that basically booty the oil and gas excess aback up aloft $3 billion, is the aim. So not aggregate - I mean, again, apparently the key bulletin actuality is, we get some absolutely acceptable affairs on abiding call-offs that absolutely never end up or booty a continued time for it's to end up in the excess per se, because of the attributes of the contract.

Devin Dodge

Okay. Fair enough. And Neil, you mentioned beforehand about some of your letters of the new CANDU reactor befalling in Argentina, aloof can you allocution about what role SNC would comedy there [visual sport] [ph], and what affectionate of appulse we would see from like a acquirement angle for SNC?

Neil Bruce

Yeah, I beggarly it's appealing difficult afresh the - to accord the acquirement number. But I mean, it's two new reactors and we would comedy a role about the reactors themselves, the technology that CANDU piece, so central the reactor facility. We'd be owners, engineer, artist with all the acceptance aspects of that contract, so they are significant. But we've consistently been absolute alert about the actuality that a nuclear new body is talked about a lot and not a lot comes to fruition.

But both of these attending like - looks like the adverse in acceding of Argentina. It absolutely wants them. They've got CANDU reactors already and the Chinese arise to be in a position, breadth they appetite to accommodate allotment and advice to the development of it. So, we are appealing bullish about - in a nuclear perspective, we're appealing bullish about that.

Devin Dodge

Okay. And should we anticipate about this - how should we anticipate about this affectionate of from a - like a banking accident perspective, would this be like a fee-for-service affectionate of blazon assignment or it would be anchored price?

Neil Bruce

No, fee-for-service. Certainly, it won't be anchored price.

Devin Dodge

Okay. Acknowledge you.

Neil Bruce

Thank you.

Operator

We'll now booty the abutting catechism from the band of Frederic Bastien with Raymond James. Amuse go ahead.

Frederic Bastien

Hi, acceptable afternoon. I aloof accept one question. I apperceive that SNC in the accomplished has been blood-warm to P3 opportunities in the U.S., accustomed the awful belligerent attributes of the market. Is this alteration in anyhow accustomed the advance of the bazaar appropriate now and additionally column Atkins, your accretion is potentially a aggressive advantage there?

Neil Bruce

Yeah, I mean, I anticipate our reticence before, so maybe six months to a year-ago, it wasn't aloof about the application piece, it was additionally about the actuality that we were in the action absolutely of accepting absolutely bright and apperception on our basement centers. I mean, Ian and the aggregation were absorption time on what is our bulk business, what is our top prospects. We acquainted as if the Canadian basement bazaar at that time had added than abundant affairs to accumulate us active and accommodate growth. But I think, Atkins does accommodate that added catalyst about the assignment that they're accomplishing in adjustment for us to abide and body afresh on the basement and the P3 work.

Frederic Bastien

Perfect. Thanks for that.

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Operator

We'll now booty the abutting catechism from David Silver with Morningstar. Amuse go ahead.

David Silver

Yeah, hi, acknowledge you. I apologies, if this was asked before, but of your $0.51 in adapted EPS from your E&C operations, how abundant of that was attributable to Atkins and how accretive was Atkins this quarter?

Sylvain Girard

Well, you - I mean, it depends. I mean, you accept to attending at the - if you attending at our anecdotal results, so you will see how abundant EBIT is contributed from Atkins, which is $73 million, so afresh you can affectionate of run that through the P&L. Now, you accept to - obviously, with the Atkins acquisitions, there's a cardinal of added factors that came into play. The costs bulk has afflicted and so forth.

But overall, aback you booty the abounding account of the added contribution, the costs bulk and all that, and you basically get to an accretive position, so we're admiring with that. But you can see the exact accession and you can run it bottomward to EPS if you want.

David Silver

Okay. I'll appraisal that. Acknowledge you. And afresh on Advance 10, I basic to ask you a catechism about the $5 billion in bulk that you've adjourned for your P3 portfolio. I guess, that's up a fair bulk from nine months ago, let's say. Could you aloof qualitatively altercate breadth the access in your appraisal of the bulk is from, and then, can you additionally aloof admonish me if the BBGI assets are in that $5 billion at a 100% or 20% or how are they actuality evaluated? Acknowledge you.

Neil Bruce

Okay, so aloof on the aboriginal allotment of your question. The $5 billion is absolutely advancing from the analyst assay of our basic portfolio and the bigger allotment of that is the 407. So that's how it's acquired and presented here. So, it's absolutely advancing from the analysts that chase our stock. On the BBGI, if you don't apperception repeating question. I'm not sure, I followed that.

David Silver

Yeah. So, I was aggravating to maybe do an incremental - ask you to do an incremental assay from maybe anniversary 2016, and aloof aggravating to get your appraisal of breadth the access in the bulk was? And afresh alone aback four projects and now a fifth action will be contributed to the affiliation with BBGI? I was wondering, how that is reflected in the $5 billion total.

Neil Bruce

Well, it's boxy to answer, because I don't arise up with the $5 billion per se, it's the alone analyst arise with it. But BBGI is about affairs into the basement accomplice armamentarium and they're affairs 80% of the allotment assemblage of that. So, the all-embracing application at the time of advertisement was about $200 actor from BBGI, if I bethink correctly. So far, we've put in four of the assets into it, which amounted to $90 million. So then, there is a actual asset to awning the blow of it.

So appropriate now, the way this works is, at the end of Q3, you will accept SNC owns 20% of the units of the LP, which includes these four-seas [ph] assets.

David Silver

Okay. I apologize that, that you accept - I may be advancing up with this wrong…

Sylvain Girard

No, no it's okay. But additionally - I think, if you go into Advance 19, you will accretion apparently a bigger breakdown in acceding of how the bazaar angle the basic portfolio there.

David Silver

Okay, will do. So, I think, I'm advancing at this from an incorrect perception, so my fault. Aftermost question…

Sylvain Girard

That's okay. No problem.

David Silver

Yeah, aloof on Advance 13, breadth you breach bottomward the anchored and reimbursable portions of your portfolio, I had affectionate of a abstract catechism for Neil. But if you attending at the accomplished aggregation including Atkins, your anchored allotment of action assignment is at 55%. However, if we were to accommodate Atkins, afresh you're afterpiece to 70%. And I was wondering, how you philosophically appearance that. I bethink aback you started one of your priorities was to affectionate of abate the all-embracing accident contour by alive a college allotment of assignment from fixed-price affairs to reimbursable.

And I'm aloof apprehensive if that has afflicted with the accession of Atkins. In added words, do you still appetite to lower that 55%? Or are you added adequate from a portfolio angle with the accident abbreviation furnishings to your all-embracing portfolio of the accession of Atkins?

Neil Bruce

No, I mean, one of the priorities of the accretion of Atkins was, from a business archetypal angle was to abate our acknowledgment - our accident acknowledgment including bringing the fixed-price down. I mean, I anticipate in acceding of that accurate slide, Advance 13, we've got a bit of apples and oranges in there, because we've alone got one assay of Atkins, which is predominantly absolute little accident in there, but as we've got three quarters. So, from - but I anticipate by the time this all array of widens out into the alpha of abutting year, I anticipate you'll see that fixed-price contour advancing bottomward and that's breadth we basic to be.

David Silver

Okay. Acknowledge you absolute much.

Operator

We'll now booty the abutting catechism from the band of Maxim Sytchev with National Bank Financial. Amuse go ahead.

Maxim Sytchev

Hi, acceptable afternoon.

Neil Bruce

Hi, Maxim.

Maxim Sytchev

I aloof had a quick catechism in acceding of maybe some ambience about Christian Brown resuming his role at - as the Head of Oil & Gas, any ambience there that you adeptness accommodate for us? Thanks.

Neil Bruce

As you know, I beggarly Christian was allotment of the accretion process, he led the integration. The affiliation is appealing abundant complete, and we're aloof demography one of our accomplished individuals and putting him aback on - putting him aback into the operations. So, it's annihilation complicated, it's aloof we think, we've got the best amateur there for that sector.

Maxim Sytchev

Okay. Fair enough. And then, is it accessible to get any incremental abstracts credibility on Atkins in acceding of if the revenue, Q-on-Q was up, is EBITDA up year-on-year, array of annihilation that we can analyze to affectionate of 2016 run rate?

Neil Bruce

I anticipate it's overall, it's appealing constant with 2016 except the actuality that the allowance is up a bit 1% and allotment of that is through the abolishment of the - some of the accumulated costs, that Sylvain talked about beforehand and afresh we'll accept a bit added kicking-in in Q4.

Maxim Sytchev

Okay. And what about amoebic advance and backlog, is the business - what's the business accomplishing appropriate now?

Neil Bruce

So, I anticipate it's performing, I mean, it's difficult to see in acceding of aloof one quarter, but it's appealing constant with what it was before, which is - and they were absolute abundant apperception on lower growth, but added in allowance and adeptness and the aboriginal assay - in our aboriginal abounding assay as allotment of SNC that trend is continuing.

Maxim Sytchev

Okay. That's helpful. And aftermost question, aloof in acceding of the transaction, you've done brace of canicule ago, DTS. How do you absolutely anticipate leveraging the capabilities aloft added segments for the company, if you don't apperception administration your account so far?

Neil Bruce

Yeah, I beggarly it's absolute abundant about agenda engineering and array of the assignment that can be alone into the model, proprietary software that they've developed in bead into our archetypal in adjustment to advice with O&M capabilities and casework to clients. That's aloof applicative to aloof about aggregate that we do aural O&M. So, if we can accretion a way of ecology and assay a complete band that we are advancement like the Canada band for instance, do it photographically, afresh bead intermodal in adjustment to do the assay of it and that's far added able than I'm currently accomplishing it, which is a bit added chiral analysis work. So, and that can aloof be activated to aloof about aggregate that we do aural the O&M arena.

So, aboriginal antecedence is to get them anchored into the Atkins alignment in the United States, but afresh we see the befalling to advantage that adequacy aloft aggregate abroad that we do aural the O&M space.

Maxim Sytchev

Okay. But is it fair abundant to say that it's added array of a bulk efficiency, array of advance or do you additionally anticipate some acquirement bearing from this accurate asset?

Neil Bruce

There will be acquirement generation, but it's about a differentiated offering. It's about blockage one or two accomplish advanced of the antagonism and accouterment that differentiated anniversary to all of our clients. That's the basic thrust.

Maxim Sytchev

Okay. That's absolute helpful. Thanks all. That's it for me.

Neil Bruce

Okay. Acknowledge you.

Operator

We'll now booty our abutting catechism from the band of Chris Murray with AltaCorp Capital. Amuse go ahead.

Chris Murray

Thank you. Aloof absolute bound - aloof axis to affectionate of the antithesis contour for the Basement group, for the Basic group, interestingly, I would accept anticipation that the added assets with the assets move to BBGI would accept absolutely been bottomward quarter-over-quarter, aloof apprehensive if you could maybe afford some ablaze on how we should be cerebration about the antithesis contour affectionate of H407 over the advancing quarters. And any appulse you could see affective the abutting asset into the fund?

And any thoughts as well, you talked a little bit at the Investor Day about conceivably advance in accession clandestine disinterestedness basement fund, any thoughts about what we should anticipate about and that's a 2018 event.

Neil Bruce

Maybe aloof on the aboriginal allotment of your catechism about the antithesis profile, for abiding aback we put the assets into the fund, there is activity to be a abatement from the revenues we're accepting out of those assets. Now this alteration happened in affectionate of afterwards allotment of Q3. And afresh we'll accept the aftermost few assets apparently appear the end of the year. That's affectionate of what we're aiming at, at this point. So, into abutting year, we should see a abatement from the revenues that were advancing from those assets.

In acceding of the added allotment of your question, in acceding of new assets advancing in, I anticipate it will booty a bit of a while afterwards the fifth asset is advancing in to accept the abutting round. This is basically coming, as we said a cardinal of times, as we're adorable for our added assets to ability maturity. And those are either beneath architecture at the moment or they are post-construction, but beneath assurance and we're still aloof authoritative abiding that aggregate balance afore we can put them in the fund.

Chris Murray

Okay. And…

Sylvain Girard

And on the third piece, I think, you are apropos to the Carlyle fund?

Chris Murray

Exactly.

Sylvain Girard

Yeah, I mean, that we abide to assignment as an adviser to Carlyle, and basically as that completes, and affairs arise into it, afresh ultimately, we will co-invest, I mean, we will not be advance annihilation this year, but abutting year we will co-invest as the aboriginal E&C affairs in the assignment materializes.

Chris Murray

Okay. Acknowledge you absolute much.

Sylvain Girard

Thank you.

Operator

There are no added questions at this time. I'll about-face the alarm aback over to Mr. Jasmin for any closing animadversion or added comments.

Denis Jasmin

Thank you absolute abundant for abutting us this afternoon. If you accept any added questions, amuse don't alternate to alarm me directly. Acknowledge you absolute abundant everyone. Bye-bye.

Operator

Ladies and gentlemen, this does achieve the appointment alarm for today. Thanks for participating. You may now abstract your lines.

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