|Income Statement (MXN million)|
|Homes sold (units)||4,265||4,236||4,441|
|Average sale price (MXN thousand)||596||624||672|
|Balance Sheet (MXN million)|
|Cash and cash equivalents (including restricted cash)||213||218||284|
|Net Working Capital||2,511||3,329||3,985|
- Home equipment sales and commercial & residential land plots
|Earnings Per Share||1.99||2.18||2.32|
|Market Cap (MXN million)||-||4,979||4,954|
|Net Debt / Equity||1.18x||1.08x||1.35x|
|Net Debt / Equity||0.46x||0.29x||0.38x|
|Total Liabilities / Equity||1.26x||0.87x||1.01x|
|Working Capital Turnover||1.02x||0.83x||0.78x|
Participation of Subsidized Home Sales In Total Revenue
Vinte stands out from its competitors by receiving most of its revenue from the Middle-income and Residential housing segments, minimizing the impact of potential changes to the government housing policy, which at the same time allows the Company to have one of the highest average sale prices in the industry.
This product and price differentiation has been reflected in a low participation of titled homes with subsidies of approximately 4% in total revenue during the period 2011 – 2017.
It is important to emphasize that the higher participation of subsidized homes sales in total revenue in 2015 and 2016 is mainly attributed to the adjustment of our business model, which historically has allowed us to flexibly and agilely realign our operations in the affordable interest-entry, middle-income and residential segments without impacting the business’ sustainability, to the following factors:
The modification in the applicable rules for granting mortgage credits on March 2015 that allows people who receive up to five minimum wages to apply for housing subsidies, compared to the 2.5 salaries established in the previous regulation
The certification of the Real Castilla development in Tula, Hidalgo as part of a Región Activa Inteligente y Sustentable (Active, Intelligent and Sustainable Region or “RAIS” by its Spanish acronym), granted by the Secretaría de Desarrollo Agrario, Territorial y Urbano (Secretariat of Agrarian, Land, and Urban Development), which grants the Clients of this project priority access to federal subsidies for housing, minimizing in this way risks related to the national housing policy.
Homes Sold with Subsidies as a Percentage of Total Revenue(last twelve months)
Homes sold with subsidies: (78.8%)
Homes sold without subsidies: 12.8%
Total revenue: 13.5%
Net income: 19.2%