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Earnings
Release
3Q17
www.vinte.com
2
QUARTERLY REPORT 3Q17
VINTE REPORTS 12.7% AND 12.5% GROWTH RATES
IN EBITDA AND NET INCOME DURING 3Q17
Mexico City, Mexico, October 26, 2017. – Vinte Viviendas Integrales S.A.B. de C.V. (BMV: VINTE), leading home builder in the
development and commercialization of middle-income and residential homes in Mexico, announced today its earnings results for
the third quarter 2017. The figures presented in this report are expressed in nominal Mexican pesos, are non-audited, prepared in
accordance with IFRS and current interpretations, and may include minor differences due to rounding.
HIGHLIGHTS
With a 10.9% increase in the average price of homes sold and a 4.4% decrease of volume displaced, Vinte posted
increase growth rates of 6.5% in total revenue, 12.7% in EBITDA and 12.5% in net income, thus reflecting the Company’s
focus on the middle-income and residential segments, while maintaining a low-level of homes sold with subsidies, of 3.3%.
Positive cash flow of Ps.133 million in 3Q17, after having applied the IPO resources in projects that have started their
contribution.
Indebtedness level reduction vs. 2Q16, from 1.65x to 1.58x (Net Debt/EBITDA), and from 0.46x to 0.43x in Net Debt/Equity.
LTM Net Margin of 13.6%, a new record-high, boosting Net Income per home sold to Ps.87 thousand in 3Q17, vs. Ps.74
thousand in 3Q16.
A 17.7% ROE, in line with our business plan, even after having increased the stockholders’ equity by almost 40%
with the October 2016 IPO.
FINANCIAL STATEMENTS SUMMARY
Income Statement Margins %
(MXP Millions) 3Q17 3Q16 ∆% LTM
3Q17
LTM
3Q16 ∆% 3Q17 3Q16
LTM
3Q17
LMT
3Q16
Homes (Units) and Average Sale Price
(thousands) 1,150 1,203 (4.4) 4,249 4,305 (1.3) 654.7 590.4 640.6 611.9
Revenue 771 724 6.5 2,837 2,698 5.2 100.0 100.0 100.0 100.0
Cost of Sales (non-interest bearing) 509 482 5.5 1,853 1,769 4.8 66.0 66.7 65.3 65.6
Gross Profit 262 241 8.5 984 929 6.0 34.0 33.3 34.7 34.4
SG&A and other expenses 93 92 1.8 337 300 12.4 12.1 12.7 11.9 11.1
EBITDA 169 150 12.7 647 629 2.9 21.9 20.7 22.8 23.3
Depreciation and amortization 6 4 58.2 17 15 16.8 0.8 0.5 0.6 0.5
CFR 34 30 12.6 113 114 (0.8) 4.4 4.2 4.0 4.2
Interests in Joint Ventures (0) (1) (92.6) (2) (3) (53.9) (0.0) (0.2) (0.1) (0.1)
Earnings Before Tax 129 114 12.5 516 497 3.8 16.7 15.8 18.2 18.4
ISR 28 25 12.7 130 143 (9.1) 3.7 3.5 4.6 5.3
Net Income 100 89 12.5 386 354 9.0 13.0 12.3 13.6 13.1
Financial Ratios Sep.
2017
Sep.
2016
ROE 17.7% 24.0%
ROIC 20.7% 26.9%
Interest Coverage 5.75x 5.53x
Gross Debt / EBITDA 1.93x 2.05x
Net Debt / EBITDA 1.58x 1.73x
Total Liabilities / CC 1.04x 1.50x
Net Debt / CC 0.43x 0.69x
Cost of Debt 8.9% 10.6%
Working Capital Turnover 0.77x 0.95x
EBITDA per home LTM 152k 146k
Statement of
Financial Position
Sep.
2017
Sep.
2016
Cash and cash
equivalents 221 200
Gross Debt 1,247 1,286
Net Debt 1,026 1,087
Total Liabilities 2,469 2,376
Stockholders'
Equity 2,374 1,581
www.vinte.com
3
QUARTERLY REPORT 3Q17
6.5%
94%
6%3Q17
Homes
Home equipment sales, residential and
commercial land plots
MESSAGE FROM THE CHAIRMAN
OPERATING RESULTS
CONSOLIDATED TOTAL REVENUE
Consolidated Total Revenue during 3Q17 reached Ps.771 million, increasing 6.5% vs. the Ps.724 million registered in
3Q16, driven by a 10.9% growth in the average sale price, derived from a better mix and higher sales prices that allow
us to safeguard margins before the rising in construction materials prices. Our consolidated revenue for the quarter
also include the seizing of opportunities in the sale of commercial land plots and other services for Ps.50 million.
95%
5%3Q16
Homes
Home equipment sales, residential and
commercial land plots
This quarter, we celebrate our first anniversary as a publicly traded Company setting the tone for a solid second
half of the year that will allow us to attain the goals of our 2017 Guidance.
The solid double-digit growth recorded in EBITDA and Net Income follows our business model consolidation on
sustainable profitability. Today, we get higher profits with less number of titled homes.
Vinte gears towards the development of communities of higher added value, seeking to generate incremental
value to its clients, communities, mortgage partners and investors who have trusted us. We possess a business
model that allows a higher operational flexibility and incremental revenue, even after the significant reduction
in housing subsidies: a clear reflection of our agility to swift our clients’ mortgage mix.
Regarding our pipeline of projects, we are rapidly advancing in our middle-income and residential
developments: Real Carrara and Real Vizcaya in Estado de Mexico; Real Madeira in Hidalgo; La Vista in
Queretaro; as well as, Real Amalfi and Real Catania in Quintana Roo, which jointly reach an inventory of more
than 4,400 middle-income and residential homes, an important piece of our Company’s growth plan.
Sergio Leal Aguirre,
Chairman and CEO
Ps.724 million
Ps.771 million
www.vinte.com
4
QUARTERLY REPORT 3Q17
23%
21%
11%
13%
14%
9%
4%5%
3Q17
North Mexico City , VIS/VIPNorth Mexico City VIMPachuca, Hgo.Playa del Carmen, Q. RooQueretaro, Qtro.Tula, Hgo.Cancun, Q.RooPuebla, Pue.
5.3%
23%
35%
19%
23%
3Q17
5.3%
$350 to $500
thousand
$500 to $700
thousand
$700 to
$1 million
> 1 million
HOMES SOLD REVENUE BREAKDOWN By segment:
The creation of new formal jobs as well as the improvement of mortgage products allowed us to have a better mix,
going from a 10% share of 3Q16 titled homes with prices above the Ps.1 million, to a 23% participation this 3Q17. On
the other hand, a reduction in the availability of subsidies decreased participation of titled homes with prices below
the 500 thousand pesos, which passed from 38% in 3Q16 to 23% this quarter.
By market:
Outstanding in 3Q17 was the contribution of Real Carrara in Tecamac, Estado de Mexico (with an average price
above the Ps.2 million mark) coupled with the 5% participation of Real Segovia, in Puebla.
23%
15%
18%
16%
17%
8%3%
3Q16
North Mexico City , VIS/VIPNorth Mexico City, VIMPachuca, Hgo.Playa del Carmen, Q. RooQueretaro, Qtro.Tula, Hgo.Cancun, Q. Roo
38%
29%
23%
10%
3Q16
$500 to $700
thousand
$350 to $500
thousand
> 1 million
$700 to
$1 million
Ps.721
million
Ps.685 million
Ps.721 million
Ps.685 million
www.vinte.com
5
QUARTERLY REPORT 3Q17
By financing:
The main sources of mortgage financing for our clients were Infonavit and Fovissste, representing 35.3% and 15.9% of
our clients’ financing this quarter, respectively, although we anticipate an even higher contribution from Infonavit’s
affiliates, following its credit cap increase (approved in 2Q17). Therefore, the proportion of cash payments, bank loans
and miscellaneous payments represented 21.6%, showing a 2.8 pp. decrease vs. the 24.4% in the same period last
year.
AVERAGE CONSOLIDATED PRICE
* With financial information from the last quarter of 2016 and the first three of 2017 (LTM)
The average consolidated price in 3Q17, including revenue from equipment sales, was Ps.655 thousand, an increase
of Ps.64 thousand YoY, i.e. a 10.9% growth vs. 3Q16. This indicator maintained an upward trend as a result of the pass-
through of higher input prices to the final client and our strong focus on middle-income and residential segments. LTM
average consolidated price reached Ps.641 thousand in 3Q17, growing by 4.7% YoY.
1,797 2,018 2,359 2,698 3,165 3,881 4,265 4,236 4,249
545 526 556 567 587 594 596 624 641
2009 2010 2011 2012 2013 2014 2015 2016 LTM 3Q17*
Units Average Price (thousands of MXP)
32%
21%11%
12%
7%
13%
2%1%
1%3Q16
Infonavit
Fovissste
Banks
Without Mortgage
Cofinavit
Misc. (CFE/Pemex/Others)
Info Total
Alia2
Infonavit-Fovissste
685 mdp
35%
16%18%
10%
6%
12%
1% 1%1%
3Q17
Infonavit
Fovissste
Banks
Without Mortgage
Cofinavit
Misc. (CFE/Pemex/Others)
Info Total
Alia2
Infonavit-Fovissste
721 mdp
www.vinte.com
6
QUARTERLY REPORT 3Q17
11.4 %
3.3%
96.7%
3Q17
2.6%
97.4%
YTD 17
14.0%
86.0%
YTD 16
9.7%
90.3%
3Q16
NON-DEPENDENCE ON SUBSIDIES
HOMES SOLD WITH SUBSIDIES
The share of titled homes with subsidies in 3Q17 total revenue was 3.3%, from 9.7% recorded in the same quarter last
year.
It is important to note that our level of titled homes with subsidies is one of the healthiest in the industry, and has allowed
us to maintain stability in our results even amidst the recent decrease in the federal budget for subsidies in 2016 and
2017, which represent a Ps.4,760 million drop (-43.3%) vs. the 2015 budget.
6.4 %
With subsidy Without subsidy
www.vinte.com
7
QUARTERLY REPORT 3Q17
9.4 %
5.3 %
225 246
609 641
3Q16 3Q17 YTD 16 YTD 17
FINANCIAL PERFORMANCE
INCOME STATEMENT
Cost of Sales
The 3Q17 Cost of Sales was Ps.524 million, 5.2% above 3Q16, representing 68.0% of total revenue during the quarter, a
decrease of 90 bps. vs. 3Q16. This was due to operational efficiencies and an increase in sales prices that follow the
higher costs of construction materials, thus helping us to keep margins.
Gross Profit (million MXP)
Gross Profit in 3Q17 amounted to Ps.246 million, an increase of 9.4% YoY, outpacing the 6.5% growth in consolidated
total revenue.
Selling, General and Administrative Expenses and Other Expenses
SG&A and Other Expenses reached Ps.93 million in 3Q17, an annual increase of 1.8%. This result was mainly attributed
to the resources deployed for operation activities at the new developments scheduled to start commercial operations
in 4Q17.
This increase has been partially offset by efficiencies in corporate marketing expenditures and consolidation of
economies of scale along our corporate structure. As a result, the proportion of SG&A and Other Expenses to Revenue
stood at 12.1% in 3Q17.
EBITDA
* With financial information from the last quarter of 2016 and the first three quarters of 2017
EBITDA reached Ps.169 million in 3Q17, increasing 12.7% when compared to the same period last year. On the other
hand, average EBITDA per titled home increased 17.9% when compared to that registered in 3Q16, and similarly,
increased on a LTM basis vs. LTM at 3Q16.
191 227 268 302
358
480
581 627 647
106 112 114 112 113 124 136 148 152
-
200
400
600
800
-
100
200
300
2009 2010 2011 2012 2013 2014 2015 2016 LTM 3Q17*
EBITDA (millions of MXP) Average EBITDA per titled home (thousands of MXP)
www.vinte.com
8
QUARTERLY REPORT 3Q17
Comprehensive Financial Result (CFR):
CONCEPT (MXP millions) 3Q17 3Q16 ∆% YTD 17 YTD 16 ∆%
Capitalized interests 16 16 (2.9) 46 44 2.9
Interest Income (3) (2) 91.6 (11) (5) 123.3
Financial Expenses 21 16 36.5 50 41 21.1
Total CFR 34 30 12.6 85 81 4.9
CIF to Revenues 4.4% 4.2% 0.2 pp 4.2% 4.1% 0.1 pp
The Comprehensive Financial Result (CFR) reached Ps.34 million during the quarter, representing an increase of 12.6%
YoY, while its proportion to revenue increased by 20 bps.
Income Tax:
3Q17 Income Taxes were Ps.28 million, an increase of 12.7% vs. 3Q16. The effective tax rate for the Company at quarter-
end was 22.0%, which compares favorably to the 21.9% in 3Q16.
Net Income:
* With financial information from the last quarter of 2016 and the first three quarters of 2017 (LTM)
Net income reached Ps.100 million in 3Q17, an increase of 12.5% YoY, mainly attributed to the Company’s focus on
profitability. LTM 3Q17 Net Income totaled Ps.386 million, increasing 9.0% vs. LTM 3Q16. LTM Net Margin was 13.6%, a
record-high in Vinte’s history.
100 116 139
162 187
277
323
369 386
10.1% 10.5% 10.4%10.4% 9.9%
12.0%12.6%
13.4% 13.6%
0
50
100
150
200
250
300
350
400
450
9.0%
2009 2010 2011 2012 2013 2014 2015 2016 LTM 3Q17*
Net Income (thousands of MXP) Net Margin (%)
www.vinte.com
9
QUARTERLY REPORT 3Q17
STATEMENT OF FINANCIAL POSITION Cash and cash equivalents:
Vinte seeks to maintain 6 to 7 weeks of sales and financial expenses in cash. We consider that this amount constitutes
an appropriate balance between the financial stability required to face any unpredicted contingency and the
maximization of the productive use of the Company's financial resources. Cash and cash equivalents balance at the
end of 3Q17 was Ps.221 million, compared to Ps.200 million in 3Q16, i.e. an increase of 10.7%. As of September 30, 2017,
cash and cash equivalents balance amounted to 6 weeks of sales and financial expenses.
Working Capital Turnover:
Vinte's approach to closely monitor the performance of working capital has boosted continuous growth and reduced
financial and operative risks.
Working Capital Turnover = Revenue LTM / (accounts receivable + long and short-term inventories - accounts payable
- customer advances)
Working capital turnover increased in 3Q17, closing at 0.77x compared to 0.76x in 2Q17, primarily due to investments
made in the second quarter of this year, with the raised proceeds from the Initial Public Offering (IPO), launched on
September 28, 2016, for a total amount of Ps.1,209 million. Ps.611 million of these proceeds were primary and used in
investment projects.
Inventories:
At the end of 3Q17, Total Inventory balance was Ps.3,964 million, a 33.2% increase over the Ps.2,976 million registered
in 3Q16. This growth is mainly explained by the increase in land bank for the development of new projects and the
completion of the construction activities at new developments initiated in previous quarters.
It is important to point out that Vinte's Inventory is recorded at acquisition cost, so its market value may be substantially
higher.
Debt:
CONCEPT (MXP millions) 3Q17 3Q16 ∆% Gross Debt 1,247 1,287 (3.1)
Net Debt 1,026 1,087 (5.6)
The debt balance as of September 30, 2017 was Ps.1,278 million and, discounting the issuance costs in accordance
with IFRS, reached Ps.1,247 million.
Vinte’s entire debt is denominated in Mexican pesos, where approximately 37% (45% of net debt) is contracted at a
weighted average fixed rate of 9.1%, which compares favorably against the housing sector’s.
Regarding the financing profile, the average term of the debt is 5.9 years. Upcoming maturities in 2017 and 2018 are
Ps.20 million and Ps.110 million, respectively.
1.06 1.040.97
1.03 1.02
0.830.78 0.76 0.77
0.7
0.9
1.1
1.3
2011 2012 2013 2014 2015 2016 1Q17 2Q17 3Q17
www.vinte.com
10
QUARTERLY REPORT 3Q17
Debt Breakdown
(Ps.1,278 million)
Committed
Financing Breakdown
The indebtedness level in 3Q17, measured as Net Debt / EBITDA, was 1.58x and Net Debt / Equity was 0.43x. It should
be noted that in 3Q17 we reversed the upward trend of the indebtedness level as a result of the positive cash flow
achieved from operations. This trend can be observed in the following graph:
200
315
185
280
100
10098
Vinte 14
Vinte 17
Vinte 17-2
$1,278
350
300
275
225
200
100132
$2,860
$20 $110
$428
$60 $60
$315
$100 $185
3T2017
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
2023
2021
2021
2019
2020
2020
0.96x 0.86x0.69x 0.78x 0.71x 0.63x
0.50x 0.46x0.29x 0.38x 0.46x 0.43x
2.67x
1.87x1.58x
1.90x 1.90x 1.88x
1.35x1.18x 1.08x
1.42x1.65x 1.58x
2008 2009 2010 2011 2012 2013 2014 2015 2016
IPO
LTM
Mar'17
LTM
Jun'17
LTM
Sep'17
Net Debt / EBITDA Net Debt / Equity
BanBajío, Invex & Banregio
Maturity of Drawn Credit Lines
Availa
ble
C
om
mitte
d L
ines
Dra
wn C
redit L
ines
3Q17
www.vinte.com
11
QUARTERLY REPORT 3Q17
Free Cash Flow from Operations:
At the end of 3Q17, the investments executed with the IPO proceeds, which were fully deployed during the 2Q17,
started to be reflected. In 3Q17, the Company registered a positive cash flow from operations of Ps.133 million, i.e. a
reversal trend after the investment period of the IPO proceeds.
*******************************************
(119)
1382
(44)
48
(41)
214270
(264)
2008 2009 2010 2011 2012 2013 2014 2015 2016IPO
IIC Equity
Investment IPO Ps.610 million
(49)
(105)
(166)
(22)
133
2Q16 4Q16 1Q17 2Q17 3Q17
IPO IFC Equity Investment
www.vinte.com
12
QUARTERLY REPORT 3Q17
ADDITIONAL INFORMATION
RECENT EVENTS
On September 27, 2017, Vinte's corporate rating was ratified by S&P in mxA- with a positive outlook, and the
possibility of rating upgrade within a six-month period.
On October 24, 2017, HR Ratings ratified Vinte's annual corporate rating in A+, as well as these emissions: Vinte
17 and Vinte 17-2, while Vinte 14 was rated at AA+. As well, Vinte's global scale rating was published for the
first time by HR Ratings at “HR BB+ (G)”, with a stable outlook.
On August 31, 2017, Vinte announced, with the unanimous approval of the Board of Directors, the
appointment of Mr. Luis Octavio Nuñez Orellana as Secretary (non-member) of the Board of Directors, and
Mr. Rodrigo Lopez Marquez as his alternate. The foregoing in consideration of Mr. Jesus Alfredo Nava
Escarcega voluntary resignation, effective in August 31, 2017, as Investor Relations and Corporate Financing
Manager, to pursue other professional projects. The responsibility of Investor Relations and Corporate
Financing functions will be handled by Mr. Domingo Alberto Valdes Diaz, Vinte’s CFO, head of these functions.
ANALYST COVERAGE
Institution Analyst Email P.O. Recommendation
Actinver Ramon Ortiz Reyes [email protected] Ps.31.00 Buy
Citigroup Alejandro Lavin [email protected] Ps.31.00 Neutral
UBS Marimar Torreblanca [email protected] Ps.32.00 Buy
ABOUT VINTE
Vinte is a vertically integrated Mexican home builder with a clear focus on profitability. For more than a decade it has
been dedicated to developing residential complexes for middle-income families, focused on improving their quality
of life, a commitment for which it has received multiple national and international awards. Vinte has developed more
than 28 thousand homes across five states of Mexico, mainly in the center of the country, achieving a high level of
loyalty amongst its clients and extensive brand recognition in the markets in which it operates. Vinte’s highly-qualified
management team has over 25 years of experience in the Mexican housing sector.
FORWARD LOOKING STATEMENTS
“This document contains certain statements related to the comprehensive overview of Vinte Viviendas Integrales
(VINTE) regarding its activities to the present day. The information included in this document is a summary of
information regarding VINTE which is not intended to cover all related information about VINTE. The information
contained in this document has not been included to provide specific advice to investors. The statements
contained herein reflect the current views of VINTE with respect to future events and are subject to certain risks,
uncertainties and assumptions. Many factors could cause future results, performance or achievements of VINTE be
different from those expressed or implied by such forward looking statements, including, among others, economic
or political changes and global business conditions, changes in exchange rates, the overall level of the industry,
changes in housing demand, prices of raw materials, etc. If one or more of these risks occur, or should the underlying
assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated,
believed, estimated or expected. VINTE does not intend nor assume any obligation to update the statements
presented in this document.”
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13
QUARTERLY REPORT 3Q17
CONFERENCE CALL
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14
QUARTERLY REPORT 3Q17
VINTE VIVIENDAS INTEGRALES, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2017 AND 2016 (THOUSANDS OF MXP)
ASSETS
SEP 30, 2017 SEP 30, 2016
∆%
CURRENT ASSETS:
Cash, cash equivalents and restricted cash 221,431 199,988 10.7
Accounts Receivable 281,632 318,775 (11.7)
Accounts receivable from Mayakoba Trust No CIB/2185 12,667 6,821 85.7
Inventory 2,662,078 2,330,130 14.2
Prepayments and other assets 238,793 339,277 (29.6)
TOTAL CURRENT ASSETS 3,416,601 3,194,990 6.9
NON-CURRENT ASSETS:
Inventory 1,301,559 645,593 101.6
Prepayments - - -
Property, plant and equipment 47,496 39,115 21.4
Investments in Trusts and Joint Ventures 54,964 56,554 (2.8)
Other non-current assets 23,121 21,229 8.9
Long-term receivables from sale of commercial lots - - -
TOTAL NON-CURRENT ASSETS 1,427,140 762,491 87.2
TOTAL ASSETS 4,843,740 3,957,481 22.4
LIABILITIES AND STOCKHOLDER EQUITY
CURRENT LIABILITIES:
Long-term bank loans 130,000 245,625 (53.9)
Stock market debt - - -
Obligations secured by sales of future receivables contracts 40,803 73,304 (44.3)
Accounts payable to land suppliers 84,066 35,470 137.0
Accounts payable to suppliers 169,230 168,212 0.6
Dividends payable - - -
Various creditors, subcontractors and others 136,251 175,924 (22.6)
Customer Prepayments 177,888 83,426 113.2
Accumulated expenses and taxes 68,674 79,939 (14.1)
Income tax - - -
Profit sharing payables 8,455 11,702 (27.7)
TOTAL CURRENT LIABILITIES 815,367 873,600 (10.1)
NON-CURRENT LIABILITIES
Long-term debt 429,516 844,291 (45.6)
Long-term stock market debt 687,637 196,692 249.6
Employee benefits 1,789 1,679 6.5
Deferred income tax 535,077 459,961 16.3
TOTAL NON-CURRENT LIABILITIES 1,654,019 1,502,624 12.1
TOTAL LIABILITES 2,469,386 2,376,224 3.9
STOCKHOLDERS' EQUITY
Capital stock 862,281 251,357 243.1
Reserve for share repurchase 59,872 - -
Retained earnings of previous years 1,191,474 1,086,650 9.6
Fiscal year performance 260,727 243,250 7.2
TOTAL EQUITY 2,374,354 1,581,257 50.2
TOTAL LIABILITIES AND EQUITY 4,843,740 3,957,481 22.4
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15
QUARTERLY REPORT 3Q17
VINTE VIVIENDAS INTEGRALES, S.A.B. DE C.V. AND SUBSIDIARIES STATEMENT OF CONSOLIDATED INCOME FOR THE THREE AND NINNE MONTHS ENDED
SEPTEMBER 30, 2017 AND 2016 (THOUSANDS OF MXP)
3Q17 3Q16 Ch.% YTD 17 YTD 16 Ch.%
REVENUES 770,674 723,564 6.5 2,039,812 1,954,401 4.4
Cost of Sales 524,425 498,398 5.2 1,398,368 1,345,171 4.0
GROSS PROFIT 246,249 225,166 9.4 641,443 609,230 5.3
SG&A 98,625 92,114 7.1 266,497 245,996 8.3
Other Expenses (Income) net 488 3,194 (84.7) (3,452) 1,935 (278.4)
OPERATING INCOME 147,137 129,857 13.3 378,397 361,299 4.7
Comprehensive Financial Result 18,386 14,130 30.1 39,135 36,496 7.2
Interests in Joint Ventures (102) (1,388) (92.6) (948) (3,157) (70.0)
EARNINGS BEFORE TAX 128,649 114,339 12.5 338,314 321,646 5.2
Income Tax 28,289 25,094 12.7 77,588 78,396 (1.0)
CONSOLIDATED NET INCOME 100,360 89,246 12.5 260,727 243,250 7.2
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16
QUARTERLY REPORT 3Q17
VINTE VIVIENDAS INTEGRALES, S.A.B. DE C.V. Y SUBSIDIARIAS STATEMENT OF CONSOLIDATED CASH FLOW AS OF SEPTEMBER 30, 2017 AND 2016
(THOUSANDS OF MXP)
YTD 17 YTD 16 ∆%
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit (loss) before income tax 338,314 321,646 5.2
Adjusted for:
Depreciation and amortization of intangible assets 13,259 10,982 20.7
Amortization of debt issuance costs 9,054 6,544 38.4
Asset retirement 409 375 9.1
Interests in Joint Ventures 948 3,157 (70.0)
Interest expense 126,547 74,123 70.7
Favorable interests (5,535) (9,280) (40.4)
Sum 482,997 407,546 18.5
CHANGES IN WORKING CAPITAL:
Increase in accounts receivable 42,732 (78,897) (154.2)
(Increase) decrease in creditors (28,996) 69,791 (141.5)
Increase in inventories (502,521) (323,085) 55.5
(Increase) decrease in other current assets (69,943) (208,821) (66.5)
Increase in suppliers 52,010 (18,997) (373.8)
Increase (decrease) in prepayments to clients 100,114 24,580 307.3
Increase (decrease) in accumulated taxes and expenses (4,549) 4,064 (211.9)
Employee profit sharing (7,001) (1,746) 301.0
Interest received 5,535 9,280 (40.4)
Employee benefits (4,845) 234 (2,170.5)
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 65,532 (114,052) (157.5) Income tax paid (15,080) (15,080) 0
Net cash flows from (used in) operating activities 50,452 (129,132) (139.1)
CASH FLOWS FOR INVESTMENT ACTIVITIES:
Investment in property, plant and equipment (15,869) (18,197) (12.8)
Investments in Trusts and Joint Ventures 0 1,769 (100.0)
NET CASH FLOWS FROM INVESTMENT ACTIVITIES (15,869) (7,669) 106.9
CASH FLOWS FOR FINANCING ACTIVITIES:
Increase in Capital - -
Increase in bank financing 1,844,967 1,260,971 46.3
Share repurchase (29,807) - -
Decrease in bank financing (1,480,119) (874,363) 69.3
Obligations for sale of future collection rights contracts (53,478) (26,637) 100.8
Expenses for placement of debt instruments (21,991) (6,034) 264.5
Dividends paid (163,744) (145,000) 12.9
Interests paid (126,547) (74,123) 70.7
NET CASH FLOWS FROM (USED IN)
FINANCING ACTIVITIES (30,720) 134,813 (122.8)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,862 (12,516) (130.9)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 217,568 212,504 2.4
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 221,430 199,988 10.7
