MEXICO CITY, May 02, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), announced today that its Annual General Shareholders' Meeting, held on April 29, 2016, elected four new directors, including one independent director, and elected the Chairs of the Board Committees. In addition, the Shareholders' Meeting approved the audited financial statements that reported a consolidated net loss of Ps. 19,764 million for 2015, an increase of Ps. 5,931 million as compared to the preliminary full-year results reported on March 30, 2016.

The Board of Directors has nine members, including five independent directors.  The Chairs and all the members of the Board Committees are independent directors.
Board Member Position
1. Bernardo Quintana Isaac Chairman/Patrimonial
2. Luis Fernando Zárate Rocha Patrimonial
3. Sergio Fernando Montaño León Patrimonial
4. Guadalupe Phillips Margain Patrimonial
5. Carlos Guzmán Bofill Independent
6. Elsa Beatriz García Bojorges Independent
7. Bernardo Sepúlveda Amor Independent
8. Jorge Ricardo Gutiérrez Muñoz Independent
9. Luis Guillermo Zazueta Domínguez Independent

The new patrimonial board members are Luis Fernando Zárate, Sergio Fernando Montaño León and Guadalupe Phillips Margain. The new independent board member is Luis Guillermo Zazueta Domínguez. Their biographies are available on the Company's website.

The Shareholders' Meeting elected the following Chairs of the Board committees:
  • Chair of the Audit Committee: Ms. Elsa Beatriz García Bojorges
  • Chair of the Corporate Practices Committee: Mr. Carlos Guzmán Bofill

In regards the audited financial statements approved by the Shareholders' Meeting, the increased loss compared to the preliminary results resulted almost entirely from the write-off of deferred tax assets. The Company retains the right to amortize these losses over the following six to 10 years, depending on future results. 

The principal differences between the 2015 results as originally reported on March 30, 2016 and the audited financial statements are shown below:

Consolidated Results and Stockholders' Equity     Preliminary Audited
                   
Ps. million         2015     2015  
Revenues         33,229     33,124  
Operating (Loss)         (6,359 )   (6,396 )
Consolidated Net (Loss)         (13,833 )   (19,764 )
Net Loss of Controlling Interest         (14,511 )   (20,423 )
           
           
Stockholders Equity         10,538     4,494  
Stockholders' Equity, Controlling Interest         2,963     (3,061 )

The income statement and balance sheet as approved by the Shareholders' Meeting are attached. 

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, lCA is listed on the Mexican and New York Stock exchanges. For more information, visit ir.ica.mx.
             
  Empresas ICA, S.A.B. de C.V.      
  Consolidated Statement of Comprehensive Income  
  January - December 2015, 2014 and 2013    
             
        Ps. Million
          2015     2014     2013  
  Revenues       33,124     39,428     32,357  
  Costs       36,921     30,137     24,403  
  Gross Profit (loss)   (3,797 )   9,291     7,954  
  Selling, general and operating expenses   3,057     3,066     3,012  
  Other income (expense), net   (458 )   181     (61 )
  Operating Income (loss)   (6,396 )   6,044     5,003  
  Comprehensive financing Cost   10,966     9,430     4,285  
  Share in net income of affiliates and joint ventures   (821 )   (549 )   (350 )
  Loss before taxes     (16,541 )   (2,837 )   1,068  
  Taxes       3,223     (751 )   (354 )
  Consolidated net loss   (19,764 )   (2,086 )   1,422  
  Net loss of controlling interest   (20,423 )   (3,024 )   423  
  Net income of non-controlling interest   659     938     999  
  Consolidated Net Loss   (19,764 )   (2,086 )   1,422  
  Total Comprehensive Loss   (19,166 )   (1,733 )   2,063  

 
             
  Empresas ICA, S.A.B. de C.V.      
  Consolidated Balance Sheet      
  As of December 31, 2015, 2014 and 2013    
             
        Ps. Million
          2015   2014 2013
  Cash and Cash Equivalents    9,258   8,413 6,964
  Trade and Contract Receivables    13,409   18,443 16,378
  Other Current Assets    10,275   11,202 10,647
  Total Current Assets   32,942   38,058 33,989
  Total Long Term Assets   75,353   79,825 67,023
  Total Assets     108,295   117,883 101,012
  Short-Term Debt     34,391   6,769 9,912
  Other Current Liabilities   24,250   20,973 18,540
  Total Current Liabilities   58,641   27,742 28,452
  Long-Term Debt      33,226   56,535 38,358
  Other Noncurrent Liabilities   11,934   11,755 10,071
  Total Noncurrent Liabilities   45,160   68,290 48,429
  Total Liabilities     103,801   96,032 76,881
  Stockholders' Equity, Controlling Interest   (3,061 ) 16,199 18,576
  Non-controlling Interest   7,555   5,652 5,555
  Stockholders' Equity   4,494   21,851 24,131
  Total Liabilities and Stockholders' Equity   108,295   117,883 101,012
             
For more information, please contact:Gabriela Orozcogabriela.orozco@ica.mxrelacion.inversionistas@ica.mx+(5255) 5272 9991 x 3012  Pablo Garcíapablo.garcia@ica.mx Chief Financial OfficerIn the US:Daniel Wilson, Zemi Communications     +(1212) 689 9560dbmwilson@zemi.com

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