DGAP-News
Empresas ICA Announces Unaudited Second Quarter 2014 Results
DGAP-News: Empresas ICA, S.A.B. de C.V. /
Empresas ICA Announces Unaudited Second Quarter 2014 Results
29.07.2014 / 00:51
---------------------------------------------------------------------
MEXICO CITY, 2014-07-29 00:51 CEST (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 second quarter of 2014, which have been prepared in accordance with
International Financial Reporting Standards.
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 January 22, 2014 between ICA and CGL.
Summary
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 Facchina Construction Group (FCG)
in the United States as well as the execution of existing contracts. The
Concessions segment continues to strengthen its operational indicators, while
Airports segment continued to contribute to growth.
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 US$ 700 million in senior notes due 2024. The proceeds were
used to prepay US$ 200 million in notes due 2017 and pay short-term Corporate
and Construction segment debt, improving significantly the Company's debt
maturity profile.
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
Aktuelle Themen
Weitere Artikel des Autors
1 im Artikel enthaltener WertIm Artikel enthaltene Werte