Empresas ICA Announces Unaudited Fourth Quarter 2012 Results

MEXICO CITY, Feb. 27, 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 fourth quarter of 2012.


ICA delivered solid results in the fourth quarter and for full the year 2012. Consolidated revenue rose 3% in 4Q12 and 18% for the year. All business segments reported growth in the year. Adjusted EBITDA increased 23% in 4Q12. For the year 2012, Adjusted EBITDA rose 13% to Ps. 7,015 million, with an Adjusted EBITDA margin of 14.7%.

Earnings per share decreased 17% to Ps. 1.95 during the year. The reduction principally reflected the non-recurring gains on sale of the Corredor Sur tollroad in Panama and two PPP highways during 2011.

Construction backlog at December 31, 2012 rose to Ps. 42,238 million, an increase of 20% as compared to December 31, 2011. Construction backlog does not include Ps. 8,166 million in long-term mining services contracts related to our San Martín Contratistas Generales subsidiary in Peru, which ICA acquired in June 2012.

ICA recorded significant operational and financing accomplishments in 4Q12, including (i) the delivery of the two turbines of the La Yesca hydroelectric project, with the corresponding payment for more than US$ one billion; (ii) start of operations of three concessioned highways and two social infrastructure projects; and (iii) the strategic partnership with leading homebuilder Servicios Corporativos Javer, S.A.P.I., ("Javer"). This transaction confirms ICA's concentration in its core infrastructure development and construction businesses. During 2012, ICA carried out investments totaling Ps. 10,990 million in projects in Mexico and abroad.
Consolidated Results       12 months
Ps. million 4Q11 4Q12 % Chg 2011 2012 % Chg
Revenues  12,085  12,503  3  40,481  47,875  18
Operating Income   748  933  25  3,474  3,732  7
Consolidated Net Income  168 74 (56) 1,790 1,758 (2)
Net Income of Controlling Interest  127 (161) (227) 1,480 1,180 (20)
Adjusted EBITDA 1,610 1,979 23 6,217 7,015 13
Operating Margin 6.2% 7.5%   8.6% 7.8%  
Adjusted EBITDA Margin 13.3% 15.8%   15.4% 14.7%  
EPS (Ps.) 0.21 (0.27) (226) 2.34 1.95 (17)
EPADS (US$) 0.06 (0.08) (237) 0.67 0.61 (10)

  • Consolidated revenue increased 3% as compared to 4Q11.
  • Operating income and Adjusted EBITDA rose 25% and 23%, respectively, compared to 4Q11.
  • Comprehensive financing cost was Ps. 711 million in 4Q12, up 6% from the prior year period, principally as a result of increased interest expense from concessioned projects that started operations. During the construction phase, interest expense is capitalized.
  • Consolidated net income was Ps. 74 million. The result for the quarter included the effect of the adjustment to fair value of the Housing assets that are part of the strategic partnership with Javer.
  • Net loss of the controlling interest was Ps. 161 million in 4Q12. The loss per share was Ps. 0.27 (US$ 0.08 per ADS).

    12 months
Key Indicators 4Q11 4Q12 % Chg 2011 2012 % Chg
Construction: Backlog  35,319  42,238  20  35,319  42,238  20
Contracted Mining Services  --   8,166 --  --   8,166 --
Concessions: Highway traffic, ADTV  17,468  28,485  63  16,611  26,990  62
Airports: Passenger traffic (thousands)  3,009  3,214 7  11,772  12,594 7

  • Civil Construction and Industrial Construction contributed 75% of consolidated revenue and 11% of Adjusted EBITDA in 4Q12.
  • Construction backlog reached Ps. 42,238 million, an increase of 20% compared to December 31, 2011. Additions to backlog during the quarter totaled Ps. 8,417 million. Construction backlog does not include Ps. 8,166 million in  long-term mining and other services contracts related to our San Martín Contratistas Generales subsidiary.
  • Concessions contributed 14% of consolidated revenue and 55% of Adjusted EBITDA in 4Q12.
  • As of December 31, 2012, ICA's Concessions segment was participating in 18 projects, including ten highways, five water projects, two social infrastructure projects, and one port. Of these, nine were in full operation, two in partial operation, and seven under construction.
  • Airports contributed 7% of consolidated revenue and 21% of Adjusted EBITDA in 4Q12.
  • Housing contributed 4% of consolidated revenue and 13% of Adjusted EBITDA in 4Q12. These results included the results of Los Portales in Peru and the Housing assets in Mexico that were not included in the Javer transaction. The assets to be transferred to Javer were reclassified as discontinued operations at fair value as of 4Q12. The financial statements for 4Q11 were restated for comparative purposes.

ICA's full earnings report is available at http://www.ica.com.mx/ir .   

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