Empresas ICA Announces First Quarter 2016 Unaudited Results
(Thomson Reuters ONE) -
* Total revenues decreased 36% in the first quarter, compared to 1Q15
* A 49% decrease in civil construction revenues from 1Q15 affected results
* The Adjusted EBITDA margin of 22.6% was unchanged from 1Q15
* The gain on sale of OMA Series B shares, recorded in the stockholders'
equity account, resulted in an increase in stockholders' equity of Ps.
3,519 million compared to December 31, 2015
* Financial and operating restructuring continues
* April 30, 2016 headcount was reduced by 35% from December 2015 levels, as
part of restructuring process
* Comprehensive backlog was Ps. 60,757 million as of March 31, 2016
MEXICO CITY, May 26, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA) announced today its unaudited results for the first 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 October 1, 2015, as a result of the
reduction in ICA's shareholding to 31.2% from 51%.
Financial and Operating Results
First quarter consolidated net revenues decreased 36% to Ps. 6,108 million from
Ps. 9,501 million in 1Q15. This reduction was principally the result of lower
volumes of construction work on various projects and the deconsolidation of San
Martín effective 4Q15. Revenues of the Construction segment decreased to Ps.
3,062 million in 1Q16 from Ps. 6,053 million in 1Q15.
The consolidated net loss was Ps. 1,101 million in 1Q16. The net loss was
principally the result of the reduction in Construction segment revenues and
comprehensive financing cost. Loss per share was Ps. 2.23 (US$ 0.51 per ADS).
The gain on sale of OMA Series B shares was recorded as a direct credit to
equity, and did not pass through the income statement. This gain offset the
consolidated net loss, and stockholders' equity increased by Ps. 3,519 million
compared to December 31, 2015.
Consolidated Results
Ps. million 1Q15 1Q16 % Chg
Revenues 9,501 6,108 (36 )
Operating Income 1,570 978 (38 )
Consolidated Net (Loss) (708 ) (1,101 ) (55 )
Net Loss of Controlling Interest (846 ) (1,370 ) (62 )
Adjusted EBITDA 2,091 1,379 (34 )
Operating Margin 16.5 % 16.0 %
Adjusted EBITDA Margin 22.0 % 22.6 %
EPS (Ps.) (1.38 ) (2.23 ) --
EPADS (US$) (0.36 ) (0.51 ) --
Liquidity and Debt
Total consolidated debt decreased 8% to Ps. 62,498 million as of March
31, 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. 8,298 million as of March 31, 2016.
Comprehensive backlog
Comprehensive backlog, including ICA's share of backlog of unconsolidated
affiliates and joint ventures, reached Ps. 60,757 million as of March 31, 2016,
a decrease of Ps. 3,786 million compared to December 31, 2015. Consolidated
backlog was Ps. 31,129 million, down Ps. 1,251 million from year-end. Total
backlog of non-consolidated affiliates and joint ventures (principally at ICA
Fluor) decreased Ps. 3,112 million to Ps. 62,254 million.
Reduction in Costs and Expenses
During the fourth quarter of 2015, ICA entered into a process of operational
restructuring, in order to reduce costs and expenses. Through April 30, 2016,
the workforce had decreased 35% from the levels as of December 2015, and 51% as
compared to December 2014. Independently of other efforts to reduce costs,
payroll costs have decreased by 35% and 43%, compared to the levels at the end
of 2015 and 2014, respectively.
Restructuring Activities
ICA is currently focused on the definition of a financial restructuring plan.
We continue to work with our advisors, Rothschild México and FTI Consulting, to
complete this plan.
ICA's full earnings report is available on the investor relations page of
www.ica.mx.
This press release contains projections or other forward-looking statements
related to ICA that reflect ICA's current expectations or beliefs concerning
future events. Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors could cause
actual results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These
factors include cancellations of significant construction projects included in
backlog, material changes in the performance or terms of our concessions,
additional costs incurred in projects under construction, failure to comply with
covenants contained in our debt agreements, developments in legal proceedings,
unanticipated increases in financing and other costs or the inability to obtain
additional debt or equity financing on attractive terms, changes to our
liquidity, economic and political conditions and government policies in Mexico
or elsewhere, changes in capital markets in general that may affect policies or
attitudes towards lending to Mexico or Mexican companies, changes in inflation
rates, exchange rates, regulatory developments, customer demand, competition and
tax and other laws affecting ICA's businesses 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. 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
ir.ica.mx.
For more information, contact:
Christianne Ibánez
christianne.ibanez(at)ica.mx
relacion.inversionistas(at)ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia(at)ica.mx
Chief Financial Officer
In the United States:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson(at)zemi.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) 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#2016040]
Datum: 27.05.2016 - 00:33 Uhr
Sprache: Deutsch
News-ID 474040
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