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Mittwoch, 24.10.2012 00:00 von PR Newswire | Aufrufe: 133

Homex Reports Significant Sales and Earnings Increases in 3Q12

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PR Newswire

CULIACAN, Mexico, Oct. 23, 2012

CULIACAN, Mexico, Oct. 23, 2012 /PRNewswire/ -- Desarrolladora Homex, S.A.B. de C.V. ("Homex" or "the Company") [NYSE: HXM, BMV: HOMEX] today announced financial results for the Third Quarter ended September 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 18 for a detailed description of the transition.

Financial Highlights

Total revenue for the third quarter of 2012 increased 31.4 percent to Ps.7.5 billion (US$583 million) from Ps.5.7 billion (US$443 million) for the same period in 2011. During the third quarter, the Company recognized Ps.2.0 billion (US$159 million) of revenues from its penitentiary construction projects with the federal government. Mexico housing revenues were Ps.5.1 billion, up 17.6 percent when compared to Ps.4.4 billion registered during the second quarter of 2012.
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) during the quarter was Ps.1,759 million (US$137 million), a 34.4 percent increase from the Ps.1,309 million (US$102 million) reported in the third quarter of 2011. Adjusted EBITDA margin increased 53 basis points to 23.5 percent in the third quarter of 2012 from 23.0 percent in the third quarter of 2011.
Net income (adjusted for non-cash, foreign exchange (FX) effects) for the third quarter of 2012 was Ps.577 million (US$45 million) reflecting a 7.7 percent margin in the third quarter of 2012 compared to Ps.559 million (US$44 million) and a margin of 9.8 percent reported in the same period in 2011. Earnings per Share adjusted for non-cash foreign exchange (FX) effects during the third quarter of 2012 increased 3.1 percent to Ps.1.72 compared to Ps.1.67 during the third quarter of 2011.
Average selling price for all homes in Mexico during the third quarter of 2012 increased by 3.7 percent to Ps.409 thousand when compared to Ps.394 thousand during the same period a year ago. Home prices in Brazil increased by 16.7 percent to Ps.646 thousand as of the third quarter of 2012 from Ps.553 thousand during the third quarter of 2011.
As of September 30, 2012, on a consolidated basis and including the penitentiary construction projects, Homex generated a negative free cash flow of Ps.5.3 billion (US$409 million) primarily because construction in progress at these projects is required by IFRS to be recognized as accounts receivable. Homex' free cash flow (FCF) generation without including the penitentiary projects and adjusted for non-cash items and the recognition of the partnership acquisition from one of the penitentiary projects was negative at Ps.522 million (US$41 million). On a quarterly basis, Homex generated positive FCF of Ps. 361 million( US$28 million), from a negative balance of Ps.883 million (US$69 million) registered on June 30, 2012.

FINANCIAL AND OPERATING HIGHLIGHTS

NINE MONTHS

Thousands of pesos

3Q'12
Thousands U.S dollars (Convenience Translation)

ARIVA.DE Börsen-Geflüster

Kurse

Desarrolladora Homex ADR

0,00%

3Q'12
Thousands of pesos

3Q'11

Chg % and bps

2012
Thousands U.S Dollars (Convenience Translation)

2012

2011

Chg % and bps

Volume (Homes)

12,546

13,271

-5.5%

32,438

37,141

-12.7%

Revenues

$582,586

$7,487,452

$5,699,098

31.4%

$1,598,778

$20,547,652

$15,287,133

34.4%

Housing revenues

$399,628

$5,136,056

$5,269,621

-2.5%

$1,026,241

$13,189,353

$14,248,430

-7.4%

Cost

$436,420

$5,608,910

$4,064,707

38.0%

$1,167,917

$15,010,181

$10,798,445

39.0%

Capitalization of Comprehensive Financing Costs (CFC)

$27,940

$359,092

$247,300

45.2%

$66,187

$850,639

$675,404

25.9%

Gross profit

$146,166

$1,878,542

$1,634,391

14.9%

$430,861

$5,537,472

$4,488,689

23.4%

Gross profit adjusted for capitalization of CFC

$174,106

$2,237,633

$1,881,690

18.9%

$497,048

$6,388,110

$5,164,093

23.7%

Operating income

$100,977

$1,297,770

$947,227

37.0%

$280,404

$3,603,787

$2,433,867

48.1%

Operating income adjusted for capitalization of CFC

$128,918

$1,656,862

$1,194,527

38.7%

$346,591

$4,454,425

$3,109,271

43.3%

Interest expense, net (a)

$25,168

$323,460

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