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Empresas ICA Announces Unaudited Fourth Quarter 2013 Results

Stocks in this article: ICA

MEXICO CITY, Feb. 26, 2014 (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 fourth quarter of 2013.

Sustaining the trends shown earlier in the year, ICA generated Adjusted EBITDA of Ps. 1,262 million in the fourth quarter of 2013, an increase of 401% as compared to 4Q12. The Adjusted EBITDA margin was 16.3%. Operating income was Ps. 812 million, as compared to a loss in 4Q12. Revenues in 4Q13 decreased 16% to Ps. 7,729 million, reflecting a lower level of work execution and a slowdown in the construction sector.

For the full year 2013, ICA generated strong increases in operating income and Adjusted EBITDA compared to 2012. The Adjusted EBITDA margin was 16.0%, compared to 9.8% in 2012. The increase in margin reflects the continuing growth of the Concessions business and the transactions for recycling capital, which offset the reduction in construction activity.

The results of the fourth quarter and full year 2012 and 2013 have been restated in accordance with IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations," as a result of the strategic partnership for social infrastructure projects announced on January 22, 2014 between ICA and CGL, and to include the results of housing in continuing operations, as further described below.

Consolidated Results       12 months
Ps. million 4Q12 4Q13 % Chg 2012 2013 % Chg
Revenues  9,240  7,729  (16)  38,122  29,556  (22)
Operating Income   (421)  812  293  1,679  3,131  86
Consolidated Net Income (Loss) (174) 1,082 722 1,529 1,466 (4)
Net Income (Loss) of Controlling Interest  (399) 681 271 955 585 (39)
Adjusted EBITDA 252 1,262 401 3,740 4,733 27
Operating Margin -4.6% 10.5%   4.4% 10.6%  
Adjusted EBITDA Margin 2.7% 16.3%   9.8% 16.0%  
EPS (Ps.) (0.66) 1.12 270 1.58 0.96 (39)
EPS ADS (US$) (0.20) 0.34 267 0.49 0.29 (40)

The IFRS 5 effects included:  

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