DGAP-News: Empresas ICA Reports 42% Increase in Revenue and 40% Growth in Adjusted EBITDA in Fourth Quarter of 2011

Empresas ICA, S.A.B. de C.V.

27.02.2012 15:17
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— Full year 2011 Revenue rises 24% and Adjusted EBITDA grows 45%
— 16 consecutive quarters of growth in Revenue and Adjusted EBITDA

MEXICO CITY, Feb. 27, 2012 (GLOBE NEWSWIRE) — Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA), the largest engineering, construction, procurement and
infrastructure company in Mexico, announced today its unaudited results for the
fourth quarter of 2011 and full year 2011.

ICA delivered strong growth and operating profitability in 4Q11 and in the full
year 2011. Consolidated revenue rose 42% in the fourth quarter and 24% for the
year. All five business divisions reported growth for both the quarter and the
full year, led by Concessions and Civil Construction. Adjusted EBITDA rose 40%
in 4Q11; for the full year, Adjusted EBITDA increased 45% with a margin of
15.4%. This marks the 16th quarter in a row where ICA has delivered growth in
both revenues and Adjusted EBITDA. During the year, we sustained the level of
construction backlog, including the award of contracts in three Latin American
countries. The results of the year, the level of backlog, and the portfolio of
16 highway, water, and social infrastructure concessions in operation and under
construction confirm ICA as Mexico–s leading construction and infrastructure
operations company.

Consolidated Results 12 months
Ps. million 4Q10 4Q11 % Chg 2010 2011 % Chg
Revenues 9,010 12,785 42 34,476 42,769 24
Operating Income 492 784 59 2,238 3,696 65
Consolidated Net Income 119 168 42 971 1,790 84
Net Income of Controlling Interest 70 127 82 629 1,480 135
Adjusted EBITDA 1,229 1,715 40 4,529 6,588 45
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Operating Margin 5.5% 6.1% 6.5% 8.6%
Adjusted EBITDA Margin 13.6% 13.4% 13.1% 15.4%
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EPS (Ps.) 0.11 0.21 96 0.97 2.34 141
EPADS (US$) 0.03 0.06 73 0.31 0.67 114
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The following are highlights of the fourth quarter:

— Total revenue grew 42% in 4Q11 as compared to 4Q10, led by Civil
Construction, Concessions, and Airports. All five business segments
reported growth.
— Operating income increased 59% and Adjusted EBITDA increased 40% as
compared to 4Q10 primarily as a result of growth in Concessions and solid
growth in Civil Construction, Industrial Construction, and Airports.
— The comprehensive financing cost was Ps. 670 million, as compared to Ps.
370 million in 4Q10, principally as a result of an exchange loss and mark
to market losses on financial derivatives. These losses do not represent
cash outflows.
— The Corredor Sur concession, which was sold in 3Q11, is treated as a
discontinued operation, and prior period results were restated accordingly.
— Consolidated net income and Net Income of Controlling Interest reached Ps.
168 million and Ps. 127 million, respectively, in 4Q11. The strong growth
in operating income offset the increase in comprehensive financing cost
described above.

12 months
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Key Indicators 4Q10 4Q11 % Chg 2010 2011 % Chg
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Construction: Backlog 35,300 35,319 0
Concessions: Highway traffic, 11,603 17,468 51 11,522 16,651 45
ADTV
Airports: Passenger traffic 2,811 3,009 7 11,588 11,772 2
(thousands)
Housing: Units sold in Mexico 2,032 1,901 (6) 7,116 6,797 (4)
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— Civil and Industrial Construction (together 77% of consolidated revenue and
40% of Adjusted EBITDA as of 4Q11) showed strong growth, principally as a
result of the execution of projects that started in 2011 such as two social
infrastructure projects under long-term Service Provider Contracts (SPCs)
and the Autovia Urbana Sur highway, as well as the Rio de los Remedios
highway and the clean fuels refinery upgrade projects.
— Construction backlog reached Ps. 35,319 million as of December 31, 2011,
unchanged as compared to December 31, 2010. The principal new projects were
the International Convention Center in Los Cabos and the expansion of the
Atlantic petroleum terminal in Costa Rica (Civil Construction), as well the
PB Litoral T oil drilling platform and the Ethylene XXI petrochemical plant
(Industrial Construction).
— Concessions (8% of revenue and 32% of Adjusted EBITDA as of 4Q11) benefited
from increases in financial income and construction revenues from the
concessions under construction, especially the SPC projects that are
advancing at an accelerated rate. During 2011, the Rio de los Remedios
tollroad started partial operations of segments 1 and 2, while segment 3
continues to be under construction with expected completion in 2Q12.
Operating revenues of the operating highway concessions increased 8% in
4Q11.
— As of December 31, 2011, ICA–s concessions division is developing 16
projects, including nine highways, five water projects, and two SPCs. Of
these, ten are under construction, five are in full operation, and one is
in partial operation.
— Airports (6% of revenue and 18% of Adjusted EBITDA as of 4Q11) benefited
from a 7.1% increase in passenger traffic volume, higher passenger charges
and fees for aeronautical services, and growth in non-aeronautical revenues
as the result of commercial initiatives, a new advertising agreement, and
actions to diversify revenues. This segment operates 13 airports.
— Housing development (9% of revenue and 10% of Adjusted EBITDA as of 4Q11)
reported an increase of 46% in revenue, principally because of land sales.
Adjusted EBITDA was Ps. 159 million.

ICA–s full earnings report is available at www.ica.com.mx

Conference Call Invitation

ICA–s conference call will be held on Monday, February 27, at 12:00 pm Eastern
Time (11:00 am Mexico City time). To participate, please dial toll-free
1-877-941-1427 from the U.S. or 1-480-629-9664 internationally. The conference
ID is 4514582. The conference call will be Webcast live through streaming audio
and available on ICA–s website at http://www.ica.com.mx/ir

A replay will be available until March 5, 2012 by calling toll-free
1-877-870-5176 from the U.S. or 1-858-384-5517 internationally, using
conference ID 4514582.

The Empresas ICA, S.A.B.de C.V. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10914

This press release may contain 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 construction and
infrastructure operations company. Founded in 1947, ICA–s principal lines of
business are civil and industrial construction and engineering; infrastructure
operations, including airports, toll roads, and water systems; and
homebuilding. For more information visit www.ica.com.mx.

Investor Relations:
Luz Montemayor
luz.montemayor@ica.com.mx

Iga Wolska
iga.wolska@ica.com.mx

relacion.inversionistas@ica.com.mx
(5255) 5272 9991 ext.3692

Victor Bravo, CFO
victor.bravo@ica.com.mx

In the United States:
Daniel Wilson, Zemi Communications
(1212) 689 9560
dbmwilson@zemi.com
News Source: NASDAQ OMX

27.02.2012 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Empresas ICA, S.A.B. de C.V.

Mexico
Phone:
Fax:
E-mail:
Internet:
ISIN: US2924482068
WKN:

End of Announcement DGAP News-Service

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