Market Overview

ICA's Annual Shareholders Meeting elects four new members of the Board of Directors and approves modification to 2015 results

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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 IsaacChairman/Patrimonial
2. Luis Fernando Zárate RochaPatrimonial
3. Sergio Fernando Montaño LeónPatrimonial
4. Guadalupe Phillips MargainPatrimonial
5. Carlos Guzmán BofillIndependent
6. Elsa Beatriz García BojorgesIndependent
7. Bernardo Sepúlveda AmorIndependent
8. Jorge Ricardo Gutiérrez MuñozIndependent
9. Luis Guillermo Zazueta DomínguezIndependent


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  PreliminaryAudited
          
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  
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