North American Construction Group Ltd. (NOA) 2018年年度报告「TSX」.pdf

1、2018 ANNUAL REPORTMAINTAINING STRONG GROWTHTo Our Shareholders:Martin FerronLast year,in the introductionto my letter,I predicted thatwe have a very bright future,builtupongrowthanddiversity.Indeed,2018 willlikely be remembered as atransformational year for us,in which we added significantgrowth via

2、 M&A activity tocomplementanalreadyrobust organic growth plan.As the two M&A deals weannounced during the yeardid not close until late in theperiod,theydidnotcontribute much to anotherstellaryearoffinancialimprovement.Forthefullyear,we grew revenue andEBITDA by 40%and 61%respectively,against stated

3、targetsof 15%for both,to follow on from 37%and 18%growth inthese measures during 2017.Therefore,the excitingbenefits of the two acquisitions will be realized starting in2019,which we believe will allow us to continue ourimpressive record of“maintaining strong growth”.I willreturn to this theme,but f

4、irst want to highlight othernotable achievements of 2018:1.Firstly,and most importantly,we preserved our top tierrecord of safety performance with our total recordableinjury rate coming in again at well below 0.5.As themanagement of safety hazards is a crucial aspect ofachieving operational excellen

5、ce,I am very pleased with oursafety performance.2.We further improved our profitability with basic earningsper share coming in at 61 cents/share.This number is muchnearer$1/share,before the mark to market accounting forour liability based deferred stock based compensation.3.The construction of our n

6、ew purpose-built heavyequipment maintenance and office facility in Edmonton wascompleted ahead of time and on budget,such that wemoved in during November.As can be seen from the coverphotograph,the maintenance shop is already a bustling hiveof activity,both for internal and external work.4.We built