OHL México announces solid second quarter 2015 results
July 22, 2015
OHL Mexico S.A.B de C.V. (“OHL Mexico” or “the Company” (BMV: OHLMEX), one of the largest operators of transportation infrastructure concessions in the private sector, announced today its unaudited results for the second quarter (“2Q15”) and first half (“6M15”) periods ended June 30, 2015.
Toll road concessions that notably increased traffic were: Mexiquense Beltway with a 13.6% up in 2Q15 and 12.3% in 6M15; Bicentennial Viaduct 10.0% in 2Q15 and 7.4% in 6M15; Amozoc-Perote 8.6% in 2Q15 and 8.3% in 6M15 and Northern Urban Toll Road up 13.0% in2Q15 and 10% in 6M15.
Toll Road Revenues increased 25% from Ps. 918.4 million in 2Q14 to Ps. 1,147.8 million in 2Q15 due to growth in traffic and average tolls which drove revenue increases in our various concessions to reach a total increase of Ps. 229.4 million. In 6M15 toll road revenue grew 25% to Ps. 2,219.8 million, compared to Ps. 1,778.9 million registered in 6M14.
“For the first half of the year, we reported satisfactory results in all of our concessions. The Company’s fundamentals are solid which enabled us to register increases in toll road revenues of 25% and EBITDA from tolls of 42% during the second quarter,” stated Sergio Hidalgo, Chief Executive Officer of OHL Mexico.
EBITDA from Tolls, or cash EBITDA, increased Ps. 236.0 million to reach Ps. 798.2 million in 2Q15 (margin of 69.5%), 42.0% higher than the Ps. 562.2 million reported in 2Q14 (margin of 61.2%). In 6M15, EBITDA from Tolls rose Ps. 474.9 million to Ps. 1,550.2 (a margin of 69.8%), 44.2% higher when compared to Ps. 1,075.3 million registered in 6M14 (a margin of 60.5%).
As a result of the above, in 2Q15 the Company generated Consolidated Net Income of Ps. 1,461.8 million, representing an increase of 56.9% compared to Ps. 931.5 million reported in 2Q14. For the first six months of 2015 the amount reached Ps. 3,051.0 million or 4.3% higher than Ps. 2,924.2 million in the same period of the prior year.
“On the other hand, the indirect sale of 24.99% of Concesionaria Mexiquense, S.A. de C.V. to IFM Global Infrastructure Fund was concluded through the sale of capital shares of its subsidiary Organización de Proyectos de Infraestrucutra, S.A.P.I. de C.V., generating Ps. 9 billion. These proceeds position the Company as a key player to participate in new infrastructure projects that might arise, and at the same time, provide the necessary liquidity to meet any capital requirements in the short term.”, Hidalgo specified.
Relevant financial results
| (Thousands of Pesos) | 2Q15 | 2Q14 | Var. (%) | 6M15 | 6M14 | Var. (%) |
|---|---|---|---|---|---|---|
| Toll Road Revenues | 1,147,823 | 918,411 | 25.0% | 2,219,842 | 1,778,893 | 24.8% |
| EBITDA from Tolls | 798,164 | 562,195 | 42.0% | 1,550,213 | 1,075,269 | 44.2% |
| Toll Road EBITDA Margin | 69.5% | 61.2 % | 69.8% | 60.4% |
As announced to the investing public, the results of the independent audits concluded that OHL Mexico’s operations are conducted in accordance with applicable legislation. Therefore, the Company continues working on actions to strengthen its internal controls and apply best corporate governance practices.