The results of the second quarter of 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
The results of the second quarter of 2014 show a significant increase in revenues, principally as the result of growth in the Construction segment. This growth includes the recent acquisition of the
During the first six months of 2014, ICA delivered sustained growth in the three principal business segments. Consolidated revenues grew 21%, while Adjusted EBITDA increased 26% to Ps. 3,126 million, with an Adjusted EBITDA margin of 18.3%, in line with the Company's outlook for the full year. Construction showed a significant rebound in both revenues and Adjusted EBITDA margin. The Concessions segment reflected the growth of the operating concessioned projects. The Airports segment delivered continued growth in both aeronautical and non-aeronautical revenues. ICA's share in the net income of non-consolidated affiliates and joint ventures reflected good operating performance by these businesses.
ICA also placed
ICA's maturing portfolio of assets and its interest in affiliated companies and joint ventures delivered a solid performance in the first half of 2014, and the Company expects this performance to continue.
|Consolidated Results||6 months|
|Ps. million||2Q13||2Q14||% Chg||2013||2014||% Chg|
|Consolidated Net Income (Loss)||(336)||22||107||(63)||259||513|
|Net Income (Loss) of Controlling Interest||(501)||(149)||70||(337)||(173)||49|
|Adjusted EBITDA Margin||23.0%||17.1%||17.6%||18.3%|
|EPS ADS (US$)||(0.25)||(0.08)||70||(0.17)||(0.09)||49|
• Adjusted EBITDA decreased 14% to Ps. 1,547 million in 2Q14, principally because of the Ps. 498 million gain on sale of the RCO tollroads in the prior year period. The Adjusted EBITDA margin was 17.1%.
|Key Indicators||Dec-13||Jun-14||% Chg|
|Contracted Mining Services||5,700||5,202||(9)|
• Comprehensive financing cost decreased 37% to Ps. 1,392 million in 2Q14. This was principally the result of an exchange gain of Ps. 119 million as compared to an exchange loss of Ps. 1,255 million in 2Q13. Comprehensive financing cost includes a total of Ps. 584 million for the accelerated amortization of placement expenses on the repurchased notes, the prepayment premium offered to holders, commissions, and the amortization of new issue expenses.
• Consolidated net income was Ps. 22 million in 2Q14, as compared to a loss in the prior year period. The improvement reflected principally the reduction in comprehensive financing cost and the positive performance of affiliated companies and joint ventures.
• The loss of the controlling interest was Ps. 0.25 per share or
|Key Indicators||2Q13||2Q14||% Chg||2013||2014||% Chg|
|Concessions: Highway traffic, ADTV||30,552||41,466||36||27,564||40,166||46|
|Airports: Passenger traffic (thousands)||3,208||3,578||12||6,238||6,814||9|
• In 2Q14, the Construction segment contributed 77% of consolidated revenues and 40% of Adjusted EBITDA; Concessions contributed 13% of revenues and 33% of Adjusted EBITDA; and Airports contributed 10% of revenues and 27% of Adjusted EBITDA.
• As of
ICA's complete earnings report is available at http://ir.ica.mx
Conference Call Invitation
ICA's conference call will be held on
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
Ana Paulina Rubioana.email@example.com Elena Garciaelena.firstname.lastname@example.org@ica.mx +(5255) 5272 9991 x 3608 Gabriel de la Conchagabriel.email@example.com Corporate Finance Director and Treasurer Victor Bravovictor.firstname.lastname@example.org Chief Financial Officer In the US: Daniel Wilson, Zemi Communications+(1212) 689 9560 email@example.com