Empresas ICA Announces Unaudited Second Quarter 2015 Results
July 28 2015 - 9:20AM
MEXICO CITY, July 28, 2015 (GLOBE
NEWSWIRE) -- Empresas ICA, S.A.B. de
C.V. (BMV:ICA) and (NYSE:ICA), the largest
infrastructure and construction company in Mexico, announced today
its unaudited results for the second quarter 2015, which have been
prepared in accordance with International Financial Reporting
Standards.
Summary for the second quarter of
2015
ICA's second quarter results
reflect the condition of the Mexican economy, especially in the
civil construction area. Concessions, Airports, and ICA Fluor
generated strong results, which were offset by the Construction
division, as a result of the mix of projects and increases in the
cost of production.
Comprehensive backlog reached Ps.
55,168 million as of June 30, 2015; this is expected to result in
an acceleration of construction activity in the second half of 2015
and in 2016.
For the first six months of 2015,
total revenues were unchanged compared to the same period of 2014,
with an Adjusted EBITDA margin of 17.1%.
ICA's strategic vision to create
shareholder value involves a continuous process of monetizing
assets in their operational phase and the search for strategic
partners. As part of this process in the second quarter, the
Company completed creation of ICA OVT, a platform for managing
highway concessions and acquiring other operating highway and
tollroad infrastructure assets in Mexico. The transaction
generated proceeds to ICA of more than Ps. 3,000 million; these
resources were used principally to pay parent company short-term
debt. During the second half of 2015, ICA expects to generate an
additional Ps. 2,000 million through capital recycling
transactions. ICA's priority is the generation of cash from
operations and capital recycling transactions in order to reduce
leverage in the short-term.
|
|
|
Consolidated Results |
|
|
|
6
months |
|
Ps.
million |
2Q14 |
2Q15 |
%
Chg |
|
2014 |
|
|
2015 |
|
%
Chg |
|
Revenues |
|
9,063 |
|
|
8,361 |
|
|
(8 |
) |
|
17,043 |
|
|
17,183 |
|
|
1 |
|
|
Operating Income |
|
1,161 |
|
|
772 |
|
|
(34 |
) |
|
2,242 |
|
|
1,927 |
|
|
(14 |
) |
|
Consolidated Net
Income |
|
22 |
|
|
(357 |
) |
-- |
|
259 |
|
|
(1,065 |
) |
-- |
|
Net Income (Loss) of
Controlling Interest |
|
(149 |
) |
|
(567 |
) |
-- |
|
(173 |
) |
|
(1,413 |
) |
-- |
|
Adjusted EBITDA |
|
1,547 |
|
|
1,262 |
|
|
(18 |
) |
|
3,126 |
|
|
2,938 |
|
|
(6 |
) |
|
Operating Margin |
|
12.8 |
% |
|
9.2 |
% |
|
|
13.2 |
% |
|
11.2 |
% |
|
|
Adjusted EBITDA Margin |
|
17.1 |
% |
|
15.1 |
% |
|
|
18.3 |
% |
|
17.1 |
% |
|
|
EPS (Ps.) |
|
(0.25 |
) |
|
(0.92 |
) |
-- |
|
(0.28 |
) |
|
(2.35 |
) |
-- |
|
EPADS (US$) |
|
(0.08 |
) |
|
(0.24 |
) |
-- |
|
(0.09 |
) |
|
(0.61 |
) |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Indicators |
|
|
Dec-14 |
Jun-15 |
% Chg |
|
|
Construction: Backlog |
|
|
36,957 |
33,824 |
|
(8 |
) |
|
|
Contracted Mining
Services |
|
5,108 |
5,794 |
|
13 |
|
|
|
Non-Consolidated Affiliates
and Joint Ventures |
43,921 |
32,618 |
|
(26 |
) |
|
|
|
|
|
|
|
|
|
|
- Comprehensive backlog was Ps. 55,168 million, as
compared to Ps. 63,295 million as of December 31, 2014. This
includes construction contracts of Ps. 33,824 million, long-term
mining and other services contracts of Ps. 5,794 million, and ICA's
share of backlog of non-consolidated subsidiaries and joint
ventures of Ps. 15,550 million, out of a total non-consolidated
backlog of Ps. 32,618 million.
- Construction contributed 73% of second quarter
2015 revenues and 8% of Adjusted EBITDA.
- Concessions contributed 13% of total revenues and
50% of Adjusted EBITDA.
|
Key
Indicators |
2Q14 |
2Q15 |
% Chg |
2014 |
2015 |
% Chg |
|
Concessions: Highway traffic,
ADTV |
3,260 |
3,479 |
7 |
3,191 |
3,381 |
6 |
|
Airports: Passenger traffic
(thousands) |
3,578 |
4,171 |
17 |
6,814 |
7,974 |
17 |
- Highway traffic volumes (ADTV) rose 7% in 2Q15,
principally as a result of growth on the Rio de los Remedios and
Rio Verde-Ciudad Valles highways.
- As of June 30, 2015, Concessions had 17 projects,
including 10 highways, 4 water projects, 2 social infrastructure
projects, and an energy project. Of these 11 are in operation, and
six are under construction.
- Airports contributed 14% of total revenues and
42% of Adjusted EBITDA.
- Consolidated net loss was Ps. 357 million in
2Q15. Loss of the controlling interest was Ps. 0.92 per share or
US$ 0.24 per ADS. The loss resulted principally from the cost of
financing, including an exchange loss of Ps. 345 million.
- ICA's complete earnings report is available
at ir.ica.mx
Conference Call Invitation
- ICA's 2Q15 earnings conference call will be held
on Wednesday, July 29, at 11:30 am Eastern Time (10:30 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 81649157. 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 August 5, 2015
by calling toll-free (855)
859-2056 from the U.S. or +1 (404) 537-3406 internationally, again
using conference ID 81649157.
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.
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
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#1941620