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Carso Infraestructura y Construcción
Annual revenue of Carso Infraestructura y Construcción increased 23.4% to $14.349 billion pesos in 2011, compared with $11.632 billion in 2010.
Operating profit grew 6.6% to $1.029 billion pesos. EBITDA was $1.296 billion pesos, an increase of 6.8% for the year. As a result, net profit went from $485 million pesos in 2010 to $473 million pesos in 2011.
The consolidated financial situation of Carso Infraestructura y Construcción at the close of 2011 reflected total net debt of 1.819 billion pesos and cash and equivalents of $717 million pesos, resulting in net debt of 1.102 billion pesos, which is 41.5% less than the net debt reported for 2010.
Backlog as of December 31, 2011 was $16.451 billion pesos, a 30.1% decrease from the $23.546 billion pesos reported at the close of the same
period of 2010. It’s worth noting that the backlog does not include several civil construction contracts that are in the process of being signed, or the contract for the construction of the Libramiento Sur highway in Guadalajara, which was signed in Februrary of 2012. The value of the activities at unit prices of this project is $5.977 billion pesos and the value of the activities at lump-sum price is $35 million pesos.
CapEx for Carso Infraestructura y Construcción for 2011 reached $670 million pesos, which were channeled to maintenance of machinery and heavy construction and production equipment, as well as the acquisition of equipment used in the perforation of wells, among other investments.
Fabrication and Services for the Chemical and Petroleum Industry
In 2011 this division reported revenue of $3.111 billion pesos, a 13.1% increase from the prior year. However, operating profit and EBITDA were $135 and $248 million pesos, a decrease of 46.5% and 30.1%, respectively. The result was mainly explained by extraordinary benefits from US $16 million obtained in the last quarter of 2010 corresponding to claims from earlier years. Taking aside the extraordinary event of 2010, this division had better performance in 2011.
At the close of 2011, work continued on the marine platforms “Tsimin-A” and “Onel-A”, as well as the sales phase of the “Independencia I” jack-up.
