Highlights
· For the full year 2007, revenues grew from $176.1 million in 2006 to $257.2 million, representing a 46.0% increase. Net revenue was $206.6 million, up 61.4% from $128.0 million in 2006. EBITDA stood at $42.2 million, up 62.2% from $26.0 million in 2006.
· Revenues in the fourth quarter of 2007 were $70.5 million, up 41.9% for the same period in 2006. Net revenues increased by 57.9% to $58.0 million compared to $36.7 million in the fourth quarter of 2006. EBITDA reached $12.8 million for the period from October 1 to December 31, 2007.
· Net earnings before non-controlling interest were $9.4 million or 44 cents per unit for the fourth quarter and $25.9 million or $1.32 per unit for the full year 2007.
· In 2007, the Fund generated adjusted distributable cash of $34.0 million of which $26.1 million were distributed to unitholders representing an annual distribution of $1.30 per unit and an adjusted payout ratio of 77%.
· In 2007, GENIVAR completed 11 acquisitions, adding 410 new employees across Canada : Western Canada based Cochrane Design Group, a multidisciplinary firm, added offices in Vancouver, Regina, Saskatoon and Winnipeg; Toronto based building group Kazmar, Quebec infrastructure and environment firms Nove, GLD, ASA, Terra, and visual simulation group VizStudio; Ontario transportation groups NCE and Harmer Podolak; Winnipeg municipal infrastructure firm SEG and, finally, B.H. Martin, a northern Ontario building and industrial firm.
"2007 has been a tremendous year for GENIVAR in all aspects of the business. We expanded our services across Canada, added new clients, increased our backlog and were awarded multiple challenging assignments and more importantly grew our talented team by 800 people,” said Pierre Shoiry, GENIVAR’s President and CEO. "We are well on track to achieve our goal of becoming one of Canada’s leading multidisciplinary engineering, environment and project management firm by 2010 by offering our clients leading expertise in all our market segments through our network of regional offices as well as supporting them in their global development.”
The Fund's audited consolidated financial statements, as well as management's discussion and analysis of this year-end reporting period can be obtained via the GENIVAR website, in the Investor Relations section, at www.genivar.com or at www.sedar.com.
About GENIVAR
GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, who are of varying sizes, fall into various market segments such as building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada, in terms of number of employees, with more than 2,700 managers, professionals, technicians and technologists and support staff, in over 60 offices in Canada and abroad. The Fund's units trade on the Toronto Stock Exchange under the symbol GNV.UN.
– 30 –
For further information, please contact:
Pierre Shoiry, President and CEO
GENIVAR Income Fund
Tel.: 514 340-0046, ext. 5104
For media inquiries:
Marlene Casciaro, Director of Communications
GENIVAR Income Fund
Tel.: 514 340-0046, ext. 5184
