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Empresas ICA, S.A.B. de C.V.: Empresas ICA, S.A.B. de C.V. Second Quarter 2016 Unaudited Results

MEXICO CITY, Aug. 25, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V.
(BMV:ICA), announced today its unaudited results
for the second quarter of 2016, which have been prepared in accordance with
International Financial Reporting Standards. During the fourth quarter of
2015, the Company suspended the sale of its social infrastructure projects.
Accordingly, these projects are no longer classified as available for sale,
and financial statements from prior periods have been restated for
comparability. In addition, ICA is no longer consolidating San Martín,
effective on the fourth quarter of 2015, as a result of the reduction in
ICA's shareholding to 31.2% from 51%.

* The Airports and Concessions segments grew 21% and 5%, respectively over
the same period in the prior year.
* Construction revenues in Mexico began stabilizing. The decrease in revenues
of 34% versus 1Q16 was less than the 66% drop versus 2Q15 and principally
due to the slowdown in Facchina's U.S. projects.
* Ps. 2,999 million net loss generated principally as a result of the effect
of a Ps. 1,675 million foreign exchange conversion loss.
* Comprehensive backlog was Ps. 58,630 million at June 30, 2016, of which Ps.
28,685 million corresponds to ICA's participation in non-consolidated
affiliates and joint ventures.
* The company continues to focus on its operating restructuring process. For
the year to date, the company has reduced cost and expenses by 50%.

Financial and Operating Results

Second quarter consolidated net revenues decreased 42% to Ps. 5,281 million
from Ps. 9,042 million in 2Q15. This reduction was principally the result of
the termination of foreign projects.

Net revenues of the Construction segment decreased to Ps. 2,007 million in
2Q16 from Ps. 5,943 million in 2Q15.

The consolidated net loss was Ps. 2,999 million in 2Q16. The net loss was
principally the result of the foreign exchange conversion loss and the
decrease in revenues due to the slow-down in the projects in Facchina. Loss
per share was Ps. 5.49 (US$ 1.2 per ADS).

| |
| Consolidated Results 6 months |
| Ps. million 2Q15 2Q16 % Chg 2015 2016 % Chg |
| Revenues 9,047 5,281 (42 ) 18,548 11,389 (39 ) |
| Operating Income 1,180 502 (57 ) 2,751 1,480 (46 ) |
| Consolidated Net Loss (357 ) (2,999 ) (741 ) (1,065 ) (4,100 ) (285 ) |
| Net Income (Loss) of Controlling Interest (567 ) (3,357 ) (492 ) (1,413 ) (4,727 ) (235 ) |
| Adjusted EBITDA 1,671 957 (43 ) 3,762 2,336 (38 ) |
| Operating Margin 13.0 % 9.5 % 14.8 % 13.0 % |
| Adjusted EBITDA Margin 18.5 % 18.1 % 20.3 % 20.5 % |
| EPS (Ps.) (0.92 ) (5.49 ) -- (2.30 ) (7.74 ) -- |
| EPADS (US$) (0.24 ) (1.20 ) -- (0.59 ) (1.69 ) -- |
| |
Liquidity and Debt

Total consolidated debt decreased 4.53% to Ps. 64,556 million as of June 30,
2016, as compared to December 31, 2015. The decrease was principally the
result of loan payments to Santander, Deutsche Bank, Barclays, and Value that
were secured by the pledge of OMA B shares, payment of a working capital line
to BBVA Bancomer, and scheduled amortizations of debt of operating projects.

Total cash was Ps. 6,949 million at June 30, 2016. The 16% total cash
reduction was principally generated in non-restricted cash which decreased
from Ps. 3,997 million in June 2015 to Ps. 2,946 million in June 2016.

Comprehensive backlog

Comprehensive backlog, including ICA's share of backlog of unconsolidated
affiliates and joint ventures, reached Ps. 58,630 million at June 30, 2016, a
decrease of Ps. 2,127 million compared to March 2016 and a decrease of Ps.
5,913 million compared to December 2015. Consolidated backlog was Ps. 29,897
million, down Ps. 1,232 million compared to last quarter. Total backlog of
non-consolidated affiliates and joint ventures (principally at ICA Fluor)
decreased Ps. 1,802 million to Ps. 60,452 million, of which ICA's
proportional share was Ps. 28,685 million at June 30, 2016.

Reduction in Costs and Expenses

From January 2015 to July 2016, the workforce has decreased 54%. In the same
period, cost and expense has been reduced by 50%. This efficiency of
resources has permitted the company to maintain at close of 2Q16 an EBITDA
margin of 20.5%, similar to the 20.3% reported for 2Q15.

Financial and Operational Restructuring Activities

ICA is currently focused on the consolidation of its operational restructure
and ensuring the long term continuity of the business in order to be in the
position to define its financial restructuring plan.

Subsequent Events

On May 27, 2016, the company, together with its partners in the consortium,
presented a mercantile lawsuit against the Government of Mexico City (GDF)
before the Mexico City courts, in order to recover the totality of the debt
owed the consortium by the GDF for the construction of Line 12 of the Mexico
City Metro, including additional and extraordinary works, maintenance, and
rehabilitation, without waiving any of its other claims or existing lawsuits.

As a result of the anticipatory termination of the TEC II Lazaro Cardenas
Container Terminal, the company and the client are in the arbitration phase,
in which the company continues to assert its rights in the dispute regarding
this project.
For more information, contact:

Christianne Ibánez
+(5255) 5272 9991 x 3607

Pablo García
Chief Financial Officer


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via Globenewswire

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