Empresas ICA Announces Unaudited Fourth Quarter and Full Year 2014 Results
February 27 2015 - 9:15AM
MEXICO CITY, Feb. 27, 2015 (GLOBE NEWSWIRE) --
Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA), the largest infrastructure and construction
company in Mexico, announced today its unaudited results for the
fourth quarter and full year 2014, which have been prepared in
accordance with International Financial Reporting Standards.
Summary for the fourth
quarter and full year 2014
Fourth quarter 2014 revenues grew substantially,
with increases in all segments. Adjusted EBITDA rose 19% to Ps.
1,510 million as compared to 4Q13.
During the full year 2014, ICA delivered sustained
growth in revenues, margins, and backlog, with revenue growth in
excess of guidance. Adjusted EBITDA reached a record Ps. 6,138
million, with an Adjusted EBITDA margin of 16.7%. The Construction
segment delivered 24% growth in revenue and a 31% increase in
Adjusted EBITDA, as a result of the favorable performance of works
contracted in Mexico and the consolidation effective 2Q14 of
Facchina Construction Group (FCG) in the U.S. Consolidated backlog
rose 16% to Ps. 35,545 million. Concessions segment revenues rose
21% and Adjusted EBITDA increased 11%, as a result of the high
rates of vehicle traffic growth. The Airports segment continues to
deliver strong, stable results reflecting the double-digit
increases in passenger traffic.
For the full year and specifically in 4Q14, ICA's
comprehensive financing cost was affected by the depreciation of
the Mexican peso against the U.S. dollar. This affected the net
result and leverage ratios. However, the currency depreciation does
not have an immediate impact on cash flows.
Consolidated Results |
|
|
|
12 months |
Ps. million |
4Q13 |
4Q14 |
% Chg |
2013 |
2014 |
% Chg |
Revenues |
7,729 |
10,962 |
42 |
29,556 |
36,757 |
24 |
Operating Income |
814 |
1,021 |
25 |
3,133 |
4,375 |
40 |
Consolidated Net Income (Loss) |
1,038 |
(1,826) |
-- |
1,422 |
(2,086) |
-- |
Net Income (Loss) of Controlling Interest |
520 |
(2,082) |
-- |
424 |
(3,024) |
-- |
Adjusted EBITDA |
1,264 |
1,510 |
19 |
4,735 |
6,138 |
30 |
Operating Margin |
10.5% |
9.3% |
|
10.6% |
11.9% |
|
Adjusted EBITDA Margin |
16.4% |
13.8% |
|
16.0% |
16.7% |
|
EPS (Ps.) |
0.85 |
(3.47) |
-- |
0.70 |
(4.96) |
-- |
EPS ADS (US$) |
0.26 |
(0.94) |
-- |
0.21 |
(1.35) |
-- |
- Construction backlog grew 16% to Ps. 35,545
million, as compared to December 31, 2013. In addition,
long-term contracts for mining and other services were Ps. 5,108
million.
- In addition, backlog of non-consolidated
subsidiaries and joint ventures rose 297% to Ps. 43,921 million, of
which ICA's proportionate share was Ps. 21,230 million.
|
|
|
|
Key Indicators |
Dec-13 |
Dec-14 |
% Chg |
Construction: Backlog |
30,658 |
35,545 |
16 |
Contracted Mining Services |
5,700 |
5,108 |
(10) |
Non Consolidated and Affiliates and Joint
Ventures |
11,050 |
43,921 |
297 |
- The Construction segment contributed 80% of
consolidated revenues and 36% of Adjusted EBITDA in 4Q14.
- Concessions contributed 11% of revenues and 39%
of Adjusted EBITDA in 4Q14.
- The traffic volumes for the concessioned highways
in 4Q14 rose 16% as a result of traffic growth in most of the
operating projects.
|
|
|
|
|
|
|
Key Indicators |
4Q13 |
4Q14 |
% Chg |
2013 |
2014 |
% Chg |
Concessions: Highway traffic, ADTV |
38,356 |
44,550 |
16 |
33,390 |
42,634 |
28 |
Airports: Passenger traffic (thousands) |
3,435 |
3,928 |
14 |
13,292 |
14,695 |
11 |
- As of December 31, 2014, Concessions participated
in 17 projects: ten highways, four water projects, two social
infrastructure projects and one port. Of these, ten were
operational, one in the testing phase, and six were under
construction.
- Airports contributed 9% of revenues and 25% of
Adjusted EBITDA in 4Q14.
- Consolidated net loss was Ps. 1,826 million in
4Q14, and the loss of the controlling interest was Ps. 2,086
million, equivalent to Ps. 3.47 per share or US$ 0.94 per ADS. The
loss resulted principally from the exchange loss of Ps. 2,845
million included in comprehensive financing cost.
2015 Outlook
- ICA expects that revenues will increase by 10% to
12% percent in 2015, with an Adjusted EBITDA margin of 14% to 16%,
excluding one-time gains or losses. This outlook is supported by
the Company's substantial backlog of projects and international
businesses.
- ICA also expects to realize total gross proceeds
from asset monetizations of at least Ps. 5,000 million in
2015. Most proceeds are expected to be used for debt
reduction.
- This outlook is based on current exchange rates
and existing timetables for project execution and the pipeline of
potential projects in Mexico and abroad. Numerous factors,
including changes in the overall economic environment, delays in
project execution, delays in receiving governmental approvals for
asset sales, or inability to contract required financing, among
others, could affect this outlook. ICA undertakes no
obligation to revise or update this outlook based on changed
conditions.
Conference Call
Invitation
- ICA's conference call will be held on Monday,
March 2, at 11:00 am Eastern Time (10:00 am Mexico City time). To
participate, please dial toll-free (855)
826-6151 from the U.S. or +1 (559)
549-9841 internationally. The conference ID is
83680644. The conference call will
be Webcast live through streaming audio and available on ICA's
website at http://ir.ica.mx.
- A replay will be available until March 9, 2015 by
calling toll-free (855) 859-2056
from the U.S. or +1 (404) 537-3406
internationally, again using conference ID 83680644.
- The complete earnings report is available at
http://ir.ica.mx.
This press release contains
projections or other forward-looking statements related to ICA that
reflect ICA's current expectations or beliefs concerning future
events. Such forward-looking statements are subject to various
risks and uncertainties and may differ materially from actual
results or events due to important factors such as changes in
general economic, business or political or other conditions in
Mexico, Latin America or elsewhere, changes in capital markets in
general that may affect policies or attitudes towards lending to
Mexico or Mexican companies, changes in tax and other laws
affecting ICA's businesses, increased costs, unanticipated
increases in financing and other costs or the inability to obtain
additional debt or equity financing on attractive terms and other
factors set forth in ICA's most recent filing on Form 20-F and in
any filing or submission ICA has made with the SEC subsequent to
its most recent filing on Form 20-F. All forward-looking statements
are based on information available to ICA on the date hereof, and
ICA assumes no obligation to update such statements.
Empresas ICA, S.A.B. de C.V.
is Mexico's largest infrastructure company. ICA carries out
large-scale civil and industrial construction projects and operates
a portfolio of long-term assets, including airports, toll roads,
water systems, and real estate. Founded in 1947, ICA is listed on
the Mexican and New York Stock exchanges. For more
information, visit www.ica.mx/ir.
CONTACT: For more information please contact:
Elena Garcia
elena.garcia@ica.mx
Gabriela Orozco
gabriela.orozco@ica.mx
relacion.inversionistas@ica.mx
(5255) 5272 9991 x 3608
Gabriel de la Concha
gabriel.delaconcha@ica.mx
Corporate Finance Director and Treasurer
Victor Bravo
victor.bravo@ica.mx
Chief Financial Officer
In the US: Daniel Wilson
+(1212) 689 9560
dbmwilson@zemi.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via
Globenewswire
HUG#1898192