Empresas ICA Announces Unaudited First Quarter 2015 Results
April 29 2015 - 5:18PM
MEXICO CITY, April 29, 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
first quarter 2015, which have been prepared in accordance with
International Financial Reporting Standards.
Summary for the first
quarter of 2015
Consolidated revenues increased 11%, led by growth
in the Construction and Airports segments. Concessions revenues
were unchanged compared to the prior year period. Consolidated
operating income and Adjusted EBITDA increased 7% and 6%,
respectively, compared to 1Q14. The Adjusted EBITDA margin reached
19%. Backlog was Ps. 62,203 million, including mining services
contracts and contracts of affiliates and joint ventures,
essentially unchanged from December 2014 levels.
Construction segment revenues rose 7%, led by the
contribution from international operations. Concessions traffic
volumes grew 7%, and the Agua Prieta water treatment plant and the
El Realito aqueduct started operations. Airport traffic volumes
rose 18%.
ICA's comprehensive financing cost increased by
Ps. 1,625 million as a result of 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.
In April 2015, ICA signed an agreement to create
an operational platform dedicated to transportation projects in
Mexico. The platform initially includes four projects: the Acapulco
Tunnel, the Mayab Tollroad, the Rio Verde - Ciudad Valles Highway,
and the La Piedad Bypass. Completion of the transaction is subject
to standard closing conditions and approval from the Government of
Mexico, and is targeted for the second quarter of 2015.
Consolidated Results |
|
|
|
Ps. million |
1Q14 |
1Q15 |
% Chg |
Revenues |
7,980 |
8,822 |
11 |
Operating
Income |
1,081 |
1,155 |
7 |
Consolidated
Net Income |
237 |
(708) |
-- |
Net Income
(Loss) of Controlling Interest |
(24) |
(846) |
-- |
Adjusted EBITDA |
1,579 |
1,676 |
6 |
Operating
Margin |
13.5% |
13.1% |
|
Adjusted EBITDA Margin |
19.8% |
19.0% |
|
EPS
(Ps.) |
(0.04) |
(1.38) |
-- |
EPADS
(US$) |
(0.01) |
(0.36) |
-- |
|
Key Indicators |
Dec-14 |
Mar-15 |
% Chg |
Construction: Backlog |
36,957 |
36,171 |
(2) |
Contracted Mining Services |
5,108 |
6,357 |
24 |
Non-Consolidated Affiliates and Joint
Ventures |
43,921 |
40,993 |
(7) |
- Construction backlog was Ps. 36,171 million, as
compared to 36,957 million as of December 31, 2014. New contracts
and net contract increases were Ps. 4,491 million, principally for
international projects.
- Long-term contracts for mining and other services
were Ps. 6,357 million, up 24% compared to December 2014.
- In addition, backlog of non-consolidated
subsidiaries and joint ventures reached Ps. 40,993 million, of
which ICA's proportionate share was Ps. 19,675 million.
- The Construction segment contributed 73% of
consolidated revenues and 25% of Adjusted EBITDA in 1Q15.
- Concessions contributed 15% of revenues and 43%
of Adjusted EBITDA in 1Q15.
|
Key Indicators |
1Q14 |
1Q15 |
% Chg |
Concessions: Highway traffic, ADTV |
3,260 |
3,480 |
7 |
Airports: Passenger traffic (thousands) |
3,236 |
3,803 |
18 |
- The traffic volumes for the concessioned highways
in 1Q15 rose 7% as a result of traffic growth in most of the
operating projects.
- As of March 31, 2015, Concessions participated in
18 projects: ten highways, four water projects, two social
infrastructure projects, one port, and one energy project. Of
these, eleven were operational, and seven were under
construction.
- Airports contributed 12% of revenues and 32% of
Adjusted EBITDA in 1Q15.
- Consolidated net loss was Ps. 708 million in
1Q15, and the loss of the controlling interest was Ps. 846 million,
equivalent to Ps. 1.38 per share or US$ 0.36 per ADS. The loss
resulted principally from the exchange loss of Ps. 1,080 million
included in comprehensive financing cost.
The complete earnings report is available on the
Investor Relations page of ICA's website, at www.ica.mx/ir.
Conference Call
Invitation
- ICA's 1Q15 earnings conference call will be held
on Thursday, April 30, at 10:00 am Eastern Time (9:00 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 31243203. 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 May 7, 2015 by
calling toll-free (855) 859-2056
from the U.S. or +1 (404) 537-3406
internationally, again using conference ID 31243203.
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
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#1917077