Empresas ICA Announces Unaudited First Quarter 2015 Results
30 April 2015 - 7:11AM
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