Finning 2015 Q4 Results

February 18, 2016

Financial ResultsQ4 2015 HIGHLIGHTS

  • Excluding significant items(3) noted below, 2015 EBITDA(1)(2) would have been $604 million (reported EBITDA was $126 million).
  • Annual free cash flow(2) was $325 million, including approximately $350 million in Q4.
  • Maintenance of strong financial flexibility into 2016. Net debt to EBITDA ratio(2)(3) of 2.0x, and annual dividend of approximately 20% of EBITDA, excluding significant items.
  • Excluding significant items, South America's and Canada's Q4 2015 EBIT margins(1)(2) would have been 9.0% and 5.7%, respectively (reported EBIT margins were negative (57.5)% and negative (2.4)%, respectively), contributing to an EPS(1) of $0.23 in Q4 (reported basic EPS loss was $(1.82)).
  • In response to a decline in market activity and to optimize its organizational structure, the global workforce was reduced by approximately 13% in 2015. The Company is embarking on an additional global workforce reduction of 400 to 500 people by mid-2016.
  • In Q4 2015, Finning Canada accepted a notice of award from Canadian Natural Resources Limited for the purchase of 12 used Caterpillar 797F trucks.
  • In Q4 2015, Finning South America received an equipment order from Codelco's Ministro Hales (DMH) for 4 Caterpillar 797F off-highway trucks and support equipment. DMH was the only mining company to issue a public tender for ultra-class trucks in Finning's South American territory during 2015.

For the complete results: View Q4 Results