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Dienstag, 24.07.2012 23:45 von PR Newswire | Aufrufe: 173

Homex Reports Second Quarter 2012 Results

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PR Newswire

CULIACAN, Mexico, July 24, 2012

CULIACAN, Mexico, July 24, 2012 /PRNewswire/ --Desarrolladora Homex, S.A.B. de C.V. ("Homex" or "the Company") [NYSE: HXM, BMV: HOMEX] today announced financial results for the Second Quarter ended June 30, 2012 [1].

Pursuant to Article 78 of the General Provisions Applicable to Securities Issuers and Other Participants in the Securities Market (Disposiciones de Caracter General Aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores), beginning in 2012, the Company has adopted IFRS as issued by the International Accounting Standards Boards ("IASB"). Please refer to page 17 for a detailed description of the transition.

Financial Highlights

Total revenue for the second quarter of 2012 increased 30.7 percent to Ps.7.2 billion (US$525 million) from Ps.5.5 billion (US$402 million) for the same period in 2011. During the quarter, the Company recognized Ps.1.8 billion (US$132 million) of revenues from its penitentiary construction projects with the federal government.
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) during the quarter was Ps.1,660 million (US$122 million), a 34.2 percent increase from the Ps.1,237 million (US$91 million) reported in the second quarter of 2011. Adjusted EBITDA margin increased 61 basis points to 23.1 percent in the second quarter of 2012 from 22.5 percent in the second quarter of 2011.
Net income (adjusted for non-cash, foreign exchange (FX) effects) for the second quarter of 2012 was Ps.687 million (US$50 million) reflecting 9.6 percent margin in the second quarter of 2012 compared to Ps.547 million (US$40 million) and a margin of 10.0 percent reported in the same period in 2011. Earnings per Share adjusted for non-cash foreign exchange (FX) effects during the second quarter of 2012 increased 25.6 percent to Ps.2.05 compared to Ps.1.63 during the second quarter of 2011.
Average selling price for all homes in Mexico during the second quarter of 2012 was stable at Ps.393 thousand when compared to Ps.388 thousand during the year ago period. Home prices in Brazil increased by 7 percent to Ps.528 thousand as of the second quarter of 2012 from Ps.495 thousand during the second quarter of 2011.
As of June 30, 2012, Homex' free cash flow (FCF) generation was positive at Ps.128.6 million (US$9 million) mainly driven by the recognition of a higher level of accounts payable. On a consolidated basis, including penitentiary construction projects, Homex generated a negative free cash flow of Ps.4.5 billion (US$329 million), primarily because construction in progress at these projects is required to be recognized as accounts receivable for accounting purposes.

FINANCIAL AND OPERATING HIGHLIGHTS

SIX-MONTHS

Thousands of pesos

2Q'12
Thousands U.S dollars (Convenience Translation)

ARIVA.DE Börsen-Geflüster

Kurse

Desarrolladora Homex ADR

0,00%

2Q'12
Thousands of pesos

2Q'11

Chg % and bps

2012
Thousands U.S Dollars (Convenience Translation)

2012

2011

Chg % and bps

Volume (Homes)

11,154

12,576

-11.3%

19,892

23,870

-16.7%

Revenues

$525,340

$7,172,473

$5,489,608

30.7%

$956,581

$13,060,201

$9,588,035

36.2%

Housing revenues

$321,978

$4,395,960

$4,933,125

-10.9%

$589,855

$8,053,297

$8,978,809

-10.3%

Cost

$379,584

$5,182,457

$3,795,232

36.6%

$688,586

$9,401,271

$6,733,737

39.6%

Capitalization of Comprehensive Financing Costs (CFC)

$19,774

$269,977

$211,075

27.9%

$36,003

$491,547

$428,104

14.8%

Gross profit

$145,757

$1,990,016

$1,694,376

17.4%

$267,995

$3,658,930

$2,854,298

28.2%

Gross profit adjusted for capitalization of CFC

$165,531

$2,259,993

$1,905,452

18.6%

$303,997

$4,150,477

$3,282,402

26.4%

Operating income

$94,721

$1,293,220

$933,235

38.6%

$168,902

$2,306,017

$1,486,640

55.1%

Operating income adjusted for capitalization of CFC

$114,495

$1,563,198

$1,144,310

36.6%

$204,905

$2,797,564

$1,914,744

46.1%

Interest expense, net (a)

$24,312

$331,928

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