DGAP-News: Empresas ICA Announces Unaudited Third Quarter 2012 Results
(firmenpresse) - Empresas ICA, S.A.B. de C.V.
26.10.2012 22:53
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MEXICO CITY, 2012-10-26 22:53 CEST (GLOBE NEWSWIRE) --
Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), the largest engineering,
construction, procurement and infrastructure company in Mexico, announced today
its unaudited results for the third quarter of 2012.
Summary for the Third Quarter
ICA delivered solid results in the third quarter of 2012. Consolidated revenue
rose 8% in 3Q12, compared to 3Q11. All five business segments reported growth
for the quarter, and results for the quarter include the consolidation of San
Martin Contratistas Generales, S.A. in Peru. Adjusted EBITDA was Ps. 1,700
million in 3Q12 and net income of controlling interest was Ps. 351 million.
Comparisons with 3Q11 are affected by the gain on sale of two Public Private
Partnership (PPP) highways and the Corredor Sur concession in 3Q11. As a
result, Adjusted EBITDA decreased 12% in 3Q12 compared to 3Q11, which included
the gain on sale of the two PPP highways. Adjusted EBITDA for the first nine
months of 2012 increased 7% compared to the same period of 2011, with an
Adjusted EBITDA margin of 14.2%.
Net income of the controlling interest decreased 61%, while earnings per share
decreased 60% to Ps. 0.58. The reductions were principally the result of the
gains on sale in 3Q11 mentioned above, which were partially offset by exchange
gains from the appreciation of the peso. For the first nine months of 2012, net
income of the controlling interest was essentially unchanged, while earnings
per share rose 5% to Ps. 2.22, reflecting the impact of the share repurchases
and their subsequent cancellations last year.
Construction backlog rose to Ps. 42,488 million, an increase of 20% as compared
to December 31, 2011. The construction backlog positions the Company positively
during the coming months, as a new government takes office.
In addition to our construction backlog, we recorded Ps. 6,409 million of
long-term mining services contracts, due to the acquisition of San Martin in
June 2012. These mining services contracts are not included in construction
backlog.
ICA recorded significant operational accomplishments in 3Q12 and October,
including the start of testing of the first turbine of the La Yesca
hydroelectric project and traffic growth in the Airports division and operating
concessioned highways. In addition, the Metro Line 12 has ended its testing
phase, and will start operations in the coming days.
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Consolidated Results 9 months
Ps. million 3Q11 3Q12 % Chg 2011 2012 % Chg
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Revenues 11,424 12,326 8 29,984 36,891 23
Operating Income 1,288 904 (30) 2,913 2,930 1
Consolidated Net Income 959 499 (48) 1,622 1,684 4
Net Income of Controlling Interest 898 351 (61) 1,353 1,342 (1)
Adjusted EBITDA 1,934 1,700 (12) 4,873 5,227 7
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Operating Margin 11.3% 7.3% 9.7% 7.9%
Adjusted EBITDA Margin 16.9% 13.8% 16.3% 14.2%
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EPS (Ps.) 1.43 0.58 (60) 2.11 2.22 5
EPADS (US$) 0.41 0.18 (56) 0.61 0.69 14
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Highlights of the third quarter include:
-- Total revenue grew 8% in 3Q12 as compared to 3Q11. All five business
segments reported growth. Progress in the execution of the principal
Industrial Construction and Civil Construction projects contributed more
than 56% of overall growth in revenue.
-- Operating income decreased 30% and Adjusted EBITDA decreased 12% as
compared to 3Q11. The decrease was principally the result of the gain of
Ps. 440 million in 3Q11 from the sale of the two PPP highways to our
affiliate Red de Carreteras de Occidente (RCO). Excluding the effect of
this transaction in the 3Q11 results, Adjusted EBITDA would have increased
14% in 3Q12.
-- Comprehensive financing cost was Ps. 142 million in 3Q12, down 93% from the
prior year period. There was a significant exchange gain because of the
appreciation of the peso in 3Q12 as compared to an exchange loss in 3Q11.
-- Consolidated net income was Ps. 499 million, a decrease of 48%. The
reduction is principally a result of the gain on sale of the PPP highways
and the Corredor Sur tollroad in 3Q11.
-- Net income of controlling interest was Ps. 351 million in 3Q12. Earnings
per share were Ps. 0.58 (US$ 0.18 per ADS).
9 months
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Key Indicators 3Q11 3Q12 % Chg 2011 2012 % Chg
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Construction: Backlog 39,413 42,488 8 35,319* 42,488 20
Contracted Mining Services -- 6,409 -- 0* 6,409 --
Concessions: Highway traffic, 16,672 18,940 14 16,320 18,369 13
ADTV
Airports: Passenger traffic 3,158 3,445 9 8,762 9,380 7
(thousands)
Housing: Units sold in Mexico 1,787 1,470 (18) 4,896 5,017 2
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* As of December 31, 2011
-- Civil Construction and Industrial Construction (together representing 79%
of consolidated revenue and 46% of Adjusted EBITDA in 3Q12) showed strong
growth. In Civil Construction, the increase came principally as a result of
progress on the Rio de los Remedios-Ecatepec highway, the Autovia Urbana
Sur highway, and the Metro Line 12 projects. Industrial Construction
revenue growth was led by execution of private sector projects and the
clean fuels refinery upgrades.
-- The La Yesca hydroelectric project continues to advance in line with its
scheduled completion at the end of 2012. The first turbine unit is
currently undergoing the testing required for client acceptance. ICA
expects to receive the first payment from Mexico's Federal Electricity
Commission (CFE) in the coming weeks, and will use the proceeds to repay
the project's debt.
-- Construction backlog reached Ps. 42,488 million as of September 30, 2012,
an increase of 20% as compared to December 31, 2011. Additions to backlog
during the quarter totaled Ps. 10,109 million, as a result of ICA's strong
promotion efforts. The principal new Civil Construction projects were the
TEC II container terminal in the port of Lazaro Cardenas, the extension of
the Mayab tollroad to Playa del Carmen, and a contract for expansion of the
Mexico City-Pachuca highway. In Industrial Construction, we increased the
clean fuels contract for the Salina Cruz refinery and for the Poza Rica
Cryogenic Plant 1.
-- In addition, starting in 3Q12, we began reporting long-term mining and
other services contracts for San Martin with a value of Ps. 6,409 million.
San Martin is consolidated in our Civil Construction division.
-- Concessions (8% of revenue and 28% of Adjusted EBITDA in 3Q12) benefited
from increases in financial income and construction revenues from the
concessions under construction and from revenues from concessions in
operation (which rose 18% in 3Q12).
-- As of September 30, 2012, ICA's Concessions segment was participating in 18
projects, including ten highways, five water projects, two SPCs, and one
port. Of these, nine were under construction, five were in full operation,
and four were in partial operation. The projects in partial operation are
the Rio de los Remedios highway, the Autovia Urbana Sur highway, and the
two SPCs.
-- Airports (6% of revenue and 21% of Adjusted EBITDA in 3Q12) benefited from
a 9% increase in passenger traffic volume as the air transport sector
continues to recover. In addition, OMA's commercial and diversification
initiatives continue to drive non-aeronautical revenue growth.
-- Housing development (7% of revenue and 5% of Adjusted EBITDA in 3Q12)
revenues increased principally due to growth in sales by Los Portales in
Peru.
ICA's complete 3Q12 Earnings Report is available on the Investor Relations page
of www.ica.com.mx/ir.
Conference Call Invitation
ICA's conference call will be held on Monday, October 29, at 11:00 am Eastern
Time (9:00 am Mexico City time). To participate, please dial toll-free
1-877-941-1427 from the U.S. or 1-480-629-9664 internationally. The conference
ID is 4568288. The conference call will be Webcast live through streaming audio
and available on ICA's website at http://www.ica.com.mx/ir
A replay will be available until November 5, 2012 by calling toll-free
1-877-870-5176 from the U.S. or 1-858-384-5517 internationally, again using
conference ID 4568288.
This press release may contain 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 construction and
infrastructure operations company. Founded in 1947, ICA's principal lines of
business are civil and industrial construction and engineering; infrastructure
operations, including airports, toll roads, and water systems; and
homebuilding. For more information visit www.ica.com.mx.
The Empresas ICA, S.A.B. de C.V. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10914
CONTACT: Investor Relations:
Luz Montemayor
luz.montemayor(at)ica.mx
Iga Wolska
iga.wolska(at)ica.mx
relacion.inversionistas(at)ica.mx
(5255) 5272 9991 ext.3692
Victor Bravo, CFO
victor.bravo(at)ica.mx
In the United States:
Daniel Wilson, Zemi Communications
(1212) 689 9560
dbmwilson(at)zemi.com
News Source: NASDAQ OMX
26.10.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: Empresas ICA, S.A.B. de C.V.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US2924482068
WKN:
End of Announcement DGAP News-Service
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