MEXICO CITY, April 26, 2013 (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 of 2013.
The Company's results reflect the first-time adoption of five accounting standards related principally to issues of control. The most important of these, IFRS 11 "Joint Arrangements," eliminates proportional consolidation. Results for 1Q12 and the full year 2012 have been restated for comparative purposes. Additional information is provided in the Notes.
As a result of the adoption of IFRS 11 and the strategic housing transaction agreed to with Javer last year, ICA will no longer report separate Industrial Construction and Housing Development segments. ICA will provide consolidated operating results for four segments: Construction, Concessions, Airports, and Corporate and Other. Results of Housing Development will be reported in the segment Corporate and Other. The results of the former Industrial Construction segment are included in Construction using the equity method. The accounting changes do not affect ICA's operations, cash flow generation, or business arrangements. Supplemental information on the performance of affiliates is provided in the Annex to this report.Summary for the First Quarter and 2013 Outlook The results for the first quarter of 2013 reflect the transition between the completion of existing large scale projects and the start up of new ones, which reduced Construction revenues and margins. This was partially offset by the strong performance of Concessions, based on the start of operations of four consolidated concessions in late 2012, and continued strong performance from Airports. ICA expects that full year 2013 revenues will rebound and increase an estimated 9% to 12%, compared to 2012. Construction revenue is expected to recover in the second half of the year, while Concessions and Airports are expected to continue their growth dynamic. ICA also expects to generate an Adjusted EBITDA margin approximately equivalent to 2012, and be in the range of 13% to 16%.