Summary of results

Income Statement (MXN million)
2015 2016 2017
Homes sold (units) 4,265 4,236 4,441
Average sale price (MXN thousand) 596 624 672
Revenue 2,569 2,752 3,123
Gross Profi 793 887 1,000
Gross Margin 30.9% 32.2% 32.0%
EBITDA 581 627 717
EBITDA Margin 22.6% 22.8% 23.0%
Operating Income 499 548 630
Operating Margin 19.4% 19.9% 20.2%
Net Income 323 369 439
Net Margin 12.6% 13.4% 14.1%

Balance Sheet (MXN million)
2015 2016 2017
Cash and cash equivalents (including restricted cash) 213 218 284
Current Assets 2,575 2,866 3,148
Total Assets 3,356 4,309 5,121
Current Liabilities 601 775 839
Gross Debt 899 895 1,253
Net Debt 687 678 969
Total Liabilities 1,873 2,002 2,576
Shareholders’ Equity 1,483 2,307 2,545
Net Working Capital 2,511 3,329 3,985
  • Homes
  • Home equipment sales and commercial & residential land plots
Informative Data
2015 2016 2017
Outstanding Shares 162,462,968 169,263,692 189,153,981
Earnings Per Share 1.99 2.18 2.32
Market Cap (MXN million) - 4,979 4,954
Staff Size 2,201 2,131 2,236
Financial Ratios
2015 2016 2017
ROE 21.5% 19.4% 18.1%
Interest Coverage 5.16x 5.76x 5.28x
Quick Ratio* 0.94x 0.93x 0.84x
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
*Current Liabilities minus Inventories divided by Current
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)

Growths:

Homes sold with subsidies: (78.8%)

Homes sold without subsidies: 12.8%

Total revenue: 13.5%

EBITDA: 14.5%

Net income: 19.2%