ICA’s Annual Shareholders Meeting elects four new members of the Board of Directors and approves modification to 2015 resul...
May 02 2016 - 7:00AM
Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA),
announced today that its Annual General Shareholders’ Meeting, held
on April 29, 2016, elected four new directors, including one
independent director, and elected the Chairs of the Board
Committees. In addition, the Shareholders’ Meeting approved the
audited financial statements that reported a consolidated net loss
of Ps. 19,764 million for 2015, an increase of Ps. 5,931 million as
compared to the preliminary full-year results reported on March 30,
2016.
The Board of Directors has nine members,
including five independent directors. The Chairs and all the
members of the Board Committees are independent directors.
Board
Member |
Position |
1. Bernardo Quintana
Isaac |
Chairman/Patrimonial |
2. Luis Fernando Zárate
Rocha |
Patrimonial |
3. Sergio Fernando Montaño
León |
Patrimonial |
4. Guadalupe Phillips
Margain |
Patrimonial |
5. Carlos Guzmán
Bofill |
Independent |
6. Elsa Beatriz García
Bojorges |
Independent |
7. Bernardo Sepúlveda
Amor |
Independent |
8. Jorge Ricardo Gutiérrez
Muñoz |
Independent |
9. Luis Guillermo Zazueta
Domínguez |
Independent |
The new patrimonial board members are Luis
Fernando Zárate, Sergio Fernando Montaño León and Guadalupe
Phillips Margain. The new independent board member is Luis
Guillermo Zazueta Domínguez. Their biographies are available on the
Company’s website.
The Shareholders’ Meeting elected the following
Chairs of the Board committees:
- Chair of the Audit Committee: Ms. Elsa Beatriz García
Bojorges
- Chair of the Corporate Practices Committee: Mr. Carlos Guzmán
Bofill
In regards the audited financial statements
approved by the Shareholders’ Meeting, the increased loss compared
to the preliminary results resulted almost entirely from the
write-off of deferred tax assets. The Company retains the right to
amortize these losses over the following six to 10 years, depending
on future results.
The principal differences between the 2015
results as originally reported on March 30, 2016 and the audited
financial statements are shown below:
Consolidated Results and Stockholders' Equity |
|
|
Preliminary |
Audited |
|
|
|
|
|
|
|
|
|
|
Ps.
million |
|
|
|
|
2015 |
|
|
2015 |
|
Revenues |
|
|
|
|
33,229 |
|
|
33,124 |
|
Operating (Loss) |
|
|
|
|
(6,359 |
) |
|
(6,396 |
) |
Consolidated Net
(Loss) |
|
|
|
|
(13,833 |
) |
|
(19,764 |
) |
Net Loss of Controlling
Interest |
|
|
|
|
(14,511 |
) |
|
(20,423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders Equity |
|
|
|
|
10,538 |
|
|
4,494 |
|
Stockholders' Equity, Controlling Interest |
|
|
|
|
2,963 |
|
|
(3,061 |
) |
The income statement and balance sheet as
approved by the Shareholders’ Meeting are attached.
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, lCA is listed on the Mexican and
New York Stock exchanges. For more information,
visit ir.ica.mx.
|
|
|
|
|
|
|
|
Empresas
ICA, S.A.B. de C.V. |
|
|
|
|
Consolidated Statement of Comprehensive
Income |
|
|
January - December 2015, 2014 and 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ps. Million |
|
|
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Revenues |
|
|
|
33,124 |
|
|
39,428 |
|
|
32,357 |
|
|
Costs |
|
|
|
36,921 |
|
|
30,137 |
|
|
24,403 |
|
|
Gross Profit (loss) |
|
(3,797 |
) |
|
9,291 |
|
|
7,954 |
|
|
Selling,
general and operating expenses |
|
3,057 |
|
|
3,066 |
|
|
3,012 |
|
|
Other income (expense), net |
|
(458 |
) |
|
181 |
|
|
(61 |
) |
|
Operating Income (loss) |
|
(6,396 |
) |
|
6,044 |
|
|
5,003 |
|
|
Comprehensive financing Cost |
|
10,966 |
|
|
9,430 |
|
|
4,285 |
|
|
Share in net income of affiliates and joint
ventures |
|
(821 |
) |
|
(549 |
) |
|
(350 |
) |
|
Loss before taxes |
|
|
(16,541 |
) |
|
(2,837 |
) |
|
1,068 |
|
|
Taxes |
|
|
|
3,223 |
|
|
(751 |
) |
|
(354 |
) |
|
Consolidated net loss |
|
(19,764 |
) |
|
(2,086 |
) |
|
1,422 |
|
|
Net loss of
controlling interest |
|
(20,423 |
) |
|
(3,024 |
) |
|
423 |
|
|
Net income of non-controlling interest |
|
659 |
|
|
938 |
|
|
999 |
|
|
Consolidated Net Loss |
|
(19,764 |
) |
|
(2,086 |
) |
|
1,422 |
|
|
Total Comprehensive Loss |
|
(19,166 |
) |
|
(1,733 |
) |
|
2,063 |
|
|
|
|
|
|
|
|
|
Empresas
ICA, S.A.B. de C.V. |
|
|
|
|
Consolidated Balance Sheet |
|
|
|
|
As
of December 31, 2015, 2014 and 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ps. Million |
|
|
|
|
|
2015 |
|
2014 |
2013 |
|
Cash and Cash Equivalents |
|
9,258 |
|
8,413 |
6,964 |
|
Trade and Contract Receivables |
|
13,409 |
|
18,443 |
16,378 |
|
Other Current Assets |
|
10,275 |
|
11,202 |
10,647 |
|
Total Current Assets |
|
32,942 |
|
38,058 |
33,989 |
|
Total Long Term Assets |
|
75,353 |
|
79,825 |
67,023 |
|
Total Assets |
|
|
108,295 |
|
117,883 |
101,012 |
|
Short-Term Debt |
|
|
34,391 |
|
6,769 |
9,912 |
|
Other Current Liabilities |
|
24,250 |
|
20,973 |
18,540 |
|
Total Current Liabilities |
|
58,641 |
|
27,742 |
28,452 |
|
Long-Term Debt |
|
|
33,226 |
|
56,535 |
38,358 |
|
Other Noncurrent Liabilities |
|
11,934 |
|
11,755 |
10,071 |
|
Total Noncurrent Liabilities |
|
45,160 |
|
68,290 |
48,429 |
|
Total Liabilities |
|
|
103,801 |
|
96,032 |
76,881 |
|
Stockholders' Equity, Controlling Interest |
|
(3,061 |
) |
16,199 |
18,576 |
|
Non-controlling Interest |
|
7,555 |
|
5,652 |
5,555 |
|
Stockholders' Equity |
|
4,494 |
|
21,851 |
24,131 |
|
Total Liabilities and Stockholders'
Equity |
|
108,295 |
|
117,883 |
101,012 |
|
|
|
|
|
|
|
For more information, please contact:
Gabriela Orozco
gabriela.orozco@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3012
Pablo García
pablo.garcia@ica.mx
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson@zemi.com