- Total revenues decreased 36% in the first quarter, compared to 1Q15
- A 49% decrease in civil construction revenues from 1Q15 affected results
- The Adjusted EBITDA margin of 22.6% was unchanged from 1Q15
- The gain on sale of OMA Series B shares, recorded in the stockholders' equity account, resulted in an increase in stockholders' equity of Ps. 3,519 million compared to December 31, 2015
- Financial and operating restructuring continues
- April 30, 2016 headcount was reduced by 35% from December 2015 levels, as part of restructuring process
- Comprehensive backlog was Ps. 60,757 million as of March 31, 2016
The gain on sale of OMA Series B shares was recorded as a direct credit to equity, and did not pass through the income statement. This gain offset the consolidated net loss, and stockholders' equity increased by Ps. 3,519 million compared to December 31, 2015.
|Ps. million||1Q15||1Q16||% Chg|
|Consolidated Net (Loss)||(708||)||(1,101||)||(55||)|
|Net Loss of Controlling Interest||(846||)||(1,370||)||(62||)|
|Adjusted EBITDA Margin||22.0||%||22.6||%|
Total cash was Ps. 8,298 million as of March 31, 2016.Comprehensive backlog Comprehensive backlog, including ICA's share of backlog of unconsolidated affiliates and joint ventures, reached Ps. 60,757 million as of March 31, 2016, a decrease of Ps. 3,786 million compared to December 31, 2015. Consolidated backlog was Ps. 31,129 million, down Ps. 1,251 million from year-end. Total backlog of non-consolidated affiliates and joint ventures (principally at ICA Fluor) decreased Ps. 3,112 million to Ps. 62,254 million. Reduction in Costs and Expenses During the fourth quarter of 2015, ICA entered into a process of operational restructuring, in order to reduce costs and expenses. Through April 30, 2016, the workforce had decreased 35% from the levels as of December 2015, and 51% as compared to December 2014. Independently of other efforts to reduce costs, payroll costs have decreased by 35% and 43%, compared to the levels at the end of 2015 and 2014, respectively. Restructuring Activities ICA is currently focused on the definition of a financial restructuring plan. We continue to work with our advisors, Rothschild México and FTI Consulting, to complete this plan. ICA's full earnings report is available on the investor relations page of www.ica.mx. This press release contains projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include cancellations of significant construction projects included in backlog, material changes in the performance or terms of our concessions, additional costs incurred in projects under construction, failure to comply with covenants contained in our debt agreements, developments in legal proceedings, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms, changes to our liquidity, economic and political conditions and government policies in Mexico or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in inflation rates, exchange rates, regulatory developments, customer demand, competition and tax and other laws affecting ICA's businesses 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. 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 ir.ica.mx.
For more information, contact:Christianne Ibánez firstname.lastname@example.org email@example.com+(5255) 5272 9991 x 3607Pablo Garcíapablo.firstname.lastname@example.org Chief Financial OfficerIn the United States:Daniel Wilson, Zemi Communications +(1212) 689 email@example.com