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Empresas ICA Announces Unaudited Second Quarter 2015 Results
MEXICO CITY, July 28, 2015 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) and (NYSE:ICA), the largest infrastructure and construction company in Mexico, announced today its unaudited results for the second quarter 2015, which have been prepared in accordance with International Financial Reporting Standards.
Summary for the second quarter of 2015
ICA's second quarter results reflect the condition of the Mexican economy, especially in the civil construction area. Concessions, Airports, and ICA Fluor generated strong results, which were offset by the Construction division, as a result of the mix of projects and increases in the cost of production.
Comprehensive backlog reached Ps. 55,168 million as of June 30, 2015; this is expected to result in an acceleration of construction activity in the second half of 2015 and in 2016.
For the first six months of 2015, total revenues were unchanged compared to the same period of 2014, with an Adjusted EBITDA margin of 17.1%.
ICA's strategic vision to create shareholder value involves a continuous process of monetizing assets in their operational phase and the search for strategic partners. As part of this process in the second quarter, the Company completed creation of ICA OVT, a platform for managing highway concessions and acquiring other operating highway and tollroad infrastructure assets in Mexico. The transaction generated proceeds to ICA of more than Ps. 3,000 million; these resources were used principally to pay parent company short-term debt. During the second half of 2015, ICA expects to generate an additional Ps. 2,000 million through capital recycling transactions. ICA's priority is the generation of cash from operations and capital recycling transactions in order to reduce leverage in the short-term.
Conference Call Invitation
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 .
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