capabilities In the same vein increasingly Aecon is being chosen for multiyear operating and maintenance contracts construction management advisory contracts and alliance agreements This type of work with recurring revenues of some 750 million annually now accounts for approximately 25 per cent of Aecons business These deliberate steps to optimize our operational performance and be a partner and supplier of choice are making a meaningful contribution to Aecons fnancial performance evident in the 2012 results Revenue for the year ended December 2012 grew two per cent over the year before with additional progress refected in the bottom line as adjusted EBITDA margins improved from 51 per cent to 59 per cent Due to these higher margins gross proft for the year increased by 41 million or 15 per cent to 315 million compared to 274 million in 2011 Aecon delivered 172 million adjusted EBITDA excluding gains on sale of assets and investments on almost 3 billion in revenue compared to 147 million in the prior year an increase of 17 per cent Adjusted proft attributable to shareholders in 2012 of 75 million was a signifcant improvement over the 55 million recorded the year before Additionally the Board of Directors approved a 14 per cent increase in Aecons annual dividend from 028 to 032 per share to be paid in quarterly instalments of 008 per share I believe these fnancial results and operational performance refect a compelling story of Aecon at work which has set us on a path to strong sustainable earnings growth Aecons business strategy is focused on four key elements bestinclass safety and training programs for our employees leveraging Aecons diverse service offering and turnkey capabilities building partnerships and alliances and the overarching focus on proftability and operational discipline Looking forward we see opportunities to leverage our scope and scale to grow our business organically based on our national capabilities As we enter 2013 we remain positive about Aecons outlook and fnancial performance with our diversifed portfolio focus on execution and improved margins Aecons balance sheet fnancial liquidity and substantial bonding capacity each of which are among the strongest in the industry continue to provide the fnancial resources to capitalize on the opportunities on the horizon Aecon has been built as a proudly Canadian company and we are confdent Aecon will be Canadas premier construction and infrastructure development company Our employees across Canada are hard at work making Aecon the best company for our clients our partners and you our valued shareholders Thank you for your continued support John M Beck Chairman and Chief Executive Offcer Aecon Group Inc I BELIEVE THESE FIN ANCIAL RESUL TS AND OPERA TION AL PERFORMANCE REFLECT A COMPELLING STOR Y OF AECON A T WORK WHICH HAS SET US ON A P A TH TO STRONG SUST AIN ABLE EARNINGS GROWTH