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

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 659 938 999
Consolidated Net Loss (19,764) (2,086) 1,422
Total Comprehensive Loss (19,166) (1,733) 2,063

Empresas ICA, S.A.B. de C.V.
Consolidated Balance Sheet
As of December 31, 2015, 2014 and 2013
Ps. Million
2015 2014 2013
Cash and Cash Equivalents 9,258 8,4136,964
Trade and Contract Receivables 13,409 18,44316,378
Other Current Assets 10,275 11,20210,647
Total Current Assets 32,942 38,058 33,989
Total Long Term Assets 75,353 79,825 67,023
Total Assets 108,295 117,883 101,012
Short-Term Debt 34,391 6,7699,912
Other Current Liabilities 24,250 20,97318,540
Total Current Liabilities 58,641 27,742 28,452
Long-Term Debt 33,226 56,53538,358
Other Noncurrent Liabilities 11,934 11,75510,071
Total Noncurrent Liabilities 45,160 68,290 48,429
Total Liabilities 103,801 96,032 76,881
Stockholders' Equity, Controlling Interest (3,061)16,19918,576
Non-controlling Interest 7,555 5,6525,555
Stockholders' Equity 4,494 21,851 24,131
Total Liabilities and Stockholders' Equity 108,295 117,883 101,012

For more information, please contact: Gabriela Orozco gabriela.orozco@ica.mx relacion.inversionistas@ica.mx +(5255) 5272 9991 x 3012 Pablo García pablo.garcia@ica.mx Chief Financial Officer In the US: Daniel Wilson, Zemi Communications +(1212) 689 9560 dbmwilson@zemi.com

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