Empresas ICA, S.A.B. de C.V. Second Quarter 2016 Unaudited Results
August 25 2016 - 9:47PM
Empresas ICA, S.A.B. de C.V. (BMV:ICA), announced today its
unaudited results for the second quarter of 2016, which have been
prepared in accordance with International Financial Reporting
Standards. During the fourth quarter of 2015, the Company suspended
the sale of its social infrastructure projects. Accordingly,
these projects are no longer classified as available for sale, and
financial statements from prior periods have been restated for
comparability. In addition, ICA is no longer consolidating San
Martín, effective on the fourth quarter of 2015, as a result of the
reduction in ICA’s shareholding to 31.2% from 51%.
- The Airports and Concessions segments grew 21% and 5%,
respectively over the same period in the prior year.
- Construction revenues in Mexico began stabilizing. The
decrease in revenues of 34% versus 1Q16 was less than the 66% drop
versus 2Q15 and principally due to the slowdown in Facchina’s U.S.
projects.
- Ps. 2,999 million net loss generated principally as a result of
the effect of a Ps. 1,675 million foreign exchange conversion
loss.
- Comprehensive backlog was Ps. 58,630 million at June 30, 2016,
of which Ps. 28,685 million corresponds to ICA’s participation in
non-consolidated affiliates and joint ventures.
- The company continues to focus on its operating restructuring
process. For the year to date, the company has reduced cost
and expenses by 50%.
Financial and Operating Results
Second quarter consolidated net revenues
decreased 42% to Ps. 5,281 million from Ps. 9,042 million in 2Q15.
This reduction was principally the result of the termination of
foreign projects.
Net revenues of the Construction segment
decreased to Ps. 2,007 million in 2Q16 from Ps. 5,943 million in
2Q15.
The consolidated net loss was Ps. 2,999 million
in 2Q16. The net loss was principally the result of the foreign
exchange conversion loss and the decrease in revenues due to the
slow-down in the projects in Facchina. Loss per share was Ps. 5.49
(US$ 1.2 per ADS).
|
|
|
Consolidated
Results |
|
|
|
6 months |
|
Ps. million |
2Q15 |
2Q16 |
% Chg |
|
2015 |
|
|
2016 |
|
% Chg |
|
Revenues |
|
9,047 |
|
|
5,281 |
|
|
(42 |
) |
|
18,548 |
|
|
11,389 |
|
|
(39 |
) |
|
Operating
Income |
|
1,180 |
|
|
502 |
|
|
(57 |
) |
|
2,751 |
|
|
1,480 |
|
|
(46 |
) |
|
Consolidated Net
Loss |
|
(357 |
) |
|
(2,999 |
) |
|
(741 |
) |
|
(1,065 |
) |
|
(4,100 |
) |
|
(285 |
) |
|
Net Income (Loss) of
Controlling Interest |
|
(567 |
) |
|
(3,357 |
) |
|
(492 |
) |
|
(1,413 |
) |
|
(4,727 |
) |
|
(235 |
) |
|
Adjusted
EBITDA |
|
1,671 |
|
|
957 |
|
|
(43 |
) |
|
3,762 |
|
|
2,336 |
|
|
(38 |
) |
|
Operating Margin |
|
13.0 |
% |
|
9.5 |
% |
|
|
14.8 |
% |
|
13.0 |
% |
|
|
Adjusted
EBITDA Margin |
|
18.5 |
% |
|
18.1 |
% |
|
|
20.3 |
% |
|
20.5 |
% |
|
|
EPS (Ps.) |
|
(0.92 |
) |
|
(5.49 |
) |
-- |
|
(2.30 |
) |
|
(7.74 |
) |
-- |
|
EPADS
(US$) |
|
(0.24 |
) |
|
(1.20 |
) |
-- |
|
(0.59 |
) |
|
(1.69 |
) |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity and Debt
Total consolidated debt decreased 4.53% to Ps.
64,556 million as of June 30, 2016, as compared to December 31,
2015. The decrease was principally the result of loan
payments to Santander, Deutsche Bank, Barclays, and Value that were
secured by the pledge of OMA B shares, payment of a working capital
line to BBVA Bancomer, and scheduled amortizations of debt of
operating projects.
Total cash was Ps. 6,949 million at June 30,
2016. The 16% total cash reduction was principally generated in
non-restricted cash which decreased from Ps. 3,997 million in June
2015 to Ps. 2,946 million in June 2016.
Comprehensive backlog
Comprehensive backlog, including ICA’s share of
backlog of unconsolidated affiliates and joint ventures, reached
Ps. 58,630 million at June 30, 2016, a decrease of Ps. 2,127
million compared to March 2016 and a decrease of Ps. 5,913 million
compared to December 2015. Consolidated backlog was Ps. 29,897
million, down Ps. 1,232 million compared to last quarter. Total
backlog of non-consolidated affiliates and joint ventures
(principally at ICA Fluor) decreased Ps. 1,802 million to Ps.
60,452 million, of which ICA’s proportional share was Ps. 28,685
million at June 30, 2016.
http://www.globenewswire.com/NewsRoom/AttachmentNg/fadec7ac-2db2-4131-822f-b2154bcf110a
Reduction in Costs and
Expenses
From January 2015 to July 2016, the workforce
has decreased 54%. In the same period, cost and expense has been
reduced by 50%. This efficiency of resources has permitted the
company to maintain at close of 2Q16 an EBITDA margin of 20.5%,
similar to the 20.3% reported for 2Q15.
Financial and Operational Restructuring
Activities
ICA is currently focused on the consolidation of
its operational restructure and ensuring the long term continuity
of the business in order to be in the position to define its
financial restructuring plan.
Subsequent Events
On May 27, 2016, the company, together with its partners in the
consortium, presented a mercantile lawsuit against the Government
of Mexico City (GDF) before the Mexico City courts, in order to
recover the totality of the debt owed the consortium by the GDF for
the construction of Line 12 of the Mexico City Metro, including
additional and extraordinary works, maintenance, and
rehabilitation, without waiving any of its other claims or existing
lawsuits.
As a result of the anticipatory termination of the TEC II Lazaro
Cardenas Container Terminal, the company and the client are in the
arbitration phase, in which the company continues to assert its
rights in the dispute regarding this project.
For more information, contact:
Christianne Ibánez
christianne.ibanez@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia@ica.mx
Chief Financial Officer
Empresas Ica Soc Con (NYSE:ICA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Empresas Ica Soc Con (NYSE:ICA)
Historical Stock Chart
From Sep 2023 to Sep 2024