MEXICO CITY, Aug. 25, 2016 (GLOBE NEWSWIRE)
-- 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.