Profile: Empresas ICA S.A.B. de C.V. (ICA)

Empresas ICA, S.A.B. de C.V. (ICA) is an engineering, procurement and construction company. The Company is engaged in a range of construction and related activities, involving the construction of infrastructure facilities, as well as industrial, urban and housing construction. In addition, the Company is engaged in the development and marketing of real estate, the construction, maintenance and operation of airports, highways, bridges and tunnels and in the management, and operation of water supply systems and solid waste disposal systems under concessions granted by governmental authorities. The Company’s operations are divided into four segments: Construction, Infrastructure, Housing Development, and Corporate and Other. In 2008, the Company acquired 2.44% minority interest in Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. On March 12, 2008, the Company acquired Consorcio del Mayab, S.A. de. C.V., which holds the concession for the Kantunil-Cancun tollroad.

Construction

The Company’s construction segment is divided into three divisions: Civil Construction, Industrial Construction and Rodio Kronsa. During the year ended December 31, 2008, the Company’s Construction segment accounted for 79% of its revenues. The Company provides a range of services, including feasibility studies, conceptual design, engineering, procurement, project and construction management, construction, maintenance, technical site evaluations and other consulting services.

The Company’s Civil Construction segment focuses on infrastructure projects in Mexico, including the construction of roads, highways, transportation facilities (such as mass transit systems), bridges, dams, hydroelectric plants, tunnels, canals and airports, as well as on the construction, development and remodeling of large multi-storied urban buildings, including office buildings, hotels, multiple-dwelling housing developments and shopping centers. The segment has also pursued opportunities in other parts of Latin America, the Caribbean, Asia and the United States. Civil Construction segment performs activities, such as demolition, clearing, excavation, de-watering, drainage, embankment fill, structural concrete construction, concrete and asphalt paving, and tunneling. During 2008, the Company’s Civil Construction division accounted for 42% of its total revenues. Although its Civil Construction division is engaged in a variety of projects, the Company's projects generally involve contracts whose terms range from two to five years.

The Company’s Industrial Construction division focuses on the engineering, procurement, construction, design and commissioning of manufacturing facilities, such as power plants, chemical plants, petrochemical plants, fertilizer plants, pharmaceutical plants, steel mills, paper mills, drilling platforms and automobile and cement factories. During 2008, the Company’s Industrial Construction division accounted for 30% of its total revenues. The Company owns 51% interest in the ICA-Fluor joint venture. Among the projects the Company has completed in the Industrial Construction division include the Pemex Cayo Arcos offshore housing platform; the second phase of the Indelpro PP Line and Splitter; the Pemex Yaxche B and Kab A Light Platforms, and the Pemex Reynosa V plant.

The Rodio Kronsa division consisted of the Company’s Spanish and Argentine operations. During 2008, the Rodio Kronsa division accounted for 6% of its total revenues. Its Spanish operations consisted of Rodio, (a sub-soil construction subsidiary) and Kronsa (a subsidiary that constructs specialized support piles). The Company owns Grupo Rodio Kronsa through an intermediary holding company, Aps FRAMEX, or FRAMEX, which owns 100% of Grupo Rodio Kronsa. The Company owns 50% of FRAMEX and Soletanche Bachy France owns the remaining 50% interest. Rodio Kronsa specializes in all forms of sub-soil construction, including the construction of tunnels, underpasses and retaining walls. Rodio Kronsa constructs retaining walls and specialized support piles for use in the construction industry. The principal market for Rodio Kronsa is Spain, although Rodio Kronsa has performed work in various foreign countries, including Russia, Morocco, and several Latin American countries and has subsidiaries in Portugal and Central America.

Among the principal projects Rodio Kronsa has completed include sounding, drilling and various works for the Almendra dam in Salamanca, Spain, the Alcantara dam in Caceres, Spain, and the El Atazar Dam in Madrid, Spain; construction work for the MetroSur subway system in Madrid, Spain; sounding, drilling and various works for the Hatillo Dam in the Dominican Republic; the foundations for housing projects in Spain, and the M-30 freeway burial in Madrid. In 2008, projects under construction by Rodio Kronsa were Porta Firal foundation work on the building to be the headquarters for Iberdrola, in Barcelona; the Hipercor shopping center in Cordoba, and foundation work on the Agencia Bouregreg-Rabat in Morocco.

The Company competes with Constructora Norberto Odebrecht, S.A., Camargo Correa, S.A., Andrade Gutierrez, S.A., Fomento de Construcciones y Contratas, S.A., Acciona Infraestructura, S.A., ACS Actividades de Construcciones y Servicios, S.A., Dragados S.A., Impulsora del Desarrollo Economico de America Latina, Carso Infraestructura y Construcciones, S.A.B. de C.V., Compañia Contratista Nacional, S.A. de C.V, Gutsa Construcciones, S.A. de C.V., Tradeco Infraestructura, S.A. de C.V., La Nacional Compañia Constructora S.A. de C.V., La Peninsular Compania Constructora S.A. de C.V., Techint S.A. de C.V., Duro Felguera Mexico, S.A. de C.V., Mitsubishi Corporation, Swecomex, S.A. de C.V., Transportacion Maritima Mexicana, S.A. de C.V., Samsung Ingenieria Manzanillo, S.A. de C.V., Grupo R S.A. de C.V, Korea Gas Corporation, FCC, Global Via Infraestructuras, S.A., OHL Concesiones S.A., IDEAL, Acciona, Befesa, S.A., OMEGA Construcciones Industriales, S.A. de C.V.,LPCC and Macquarie Infrastructure Group.

Infrastructure

The Company’s Infrastructure segment is divided into to two divisions: the Airports division and the Other Concessions division. During2008, the Company’s Infrastructure business accounted for 14% of its total revenues. During 2008, the Company participated in six operating concessioned highways, which the Company consolidate, one operating concessioned tunnel (the Acapulco tunnel), in the management and operation of a water treatment plant in Ciudad Acuña and other water supply systems, including the Aqueduct II water supply system. It also participates in the operation of the Kantunil, Cancun highway. It holds the concession title to the La Piedad Bypass. As of December 31, 2008, the Company controlled 58.31% interest in GACN. Through GACN, the Company operated 13 airports in the Central North region of Mexico pursuant to concessions granted by the Mexican government, including the Monterrey airport, which accounted for approximately for 46.4% of GACN’s revenues in 2008.

The airports serve a major metropolitan area (Monterrey), three tourist destinations (Acapulco, Mazatlan and Zihuatanejo), two border cities (Ciudad Juarez and Reynosa) and seven regional centers (Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon and Zacatecas). All of the airports are designated as international airports under Mexican law, meaning that they are all equipped to receive international flights and maintain customs, refueling and immigration services managed by the Mexican government. During 2008, the Airports division accounted for 7% of the Company’s total revenues. The Airports division also derives revenues from non-aeronautical activities, which principally relate to the commercial, non-aeronautical activities carried out at the airports, such as the leasing of space in terminal buildings to restaurants and retailers. The Other Concessions Division includes highway, bridge and tunnel concessions, other similar long-term investments and water distribution and water treatment concessions. During 2008, the Other Concessions division accounted for 7% of the Company’s total revenues.

Housing Development

During 2008, the Company’s Housing Development segment accounted for 9% of its total revenues. The Company’s Housing Development segment participates in all stages of the housing industry, including acquiring the land and the permits and licenses required to build on it, performing and procuring architectural and engineering design, facilitating buyer financing and constructing and marketing homes. It subcontracts some construction services, such as urbanization. In 2008, the Company participated in several new housing development projects in Mexico, including Valle del Marquez, Valle Fundadores and Reserva del Valle in Juarez, Paseos del Campestre in Veracruz and Foresta and Paseos del Valle in Guadalajara. During 2008, the Company sold 8,096 houses. As of December 31, 2008, its Housing Development segment owned 1,642 hectares of land reserved for the construction of 77,025 housing units.

The Company competes with Corporacion GEO, S.A.B. de C.V., Urbi Desarrollos Urbanos, S.A.B. de C.V., Desarroladora Homex, S.A.B. de C.V., Consorcio Ara S.A.B. de C.V. and Sare Holding, S.A.B. de C.V.