GEO Reports First Quarter 2012 Results
MEXICO CITY, May 2, 2012 /PRNewswire/ -- Corporacion GEO S.A.B. de C.V. (BMV: GEOB; GEOB:MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, Mexico's leading low-income housing developer, today announced results for the first quarter 2012. Revenues, EBITDA and Net Profit increased 9.3%, 12.0% and 5.1% respectively compared to 1Q11.
Luis Orvananos Lascurain, Corporacion GEO´s CEO, commented, "This quarter we continued strengthening our sustainability strategy; which is a key component to increasing the Company´s value while fulfilling our goals for 2012. We have also fully adopted International Financial Reporting Standards (IFRS) which we believe will provide greater detail on the nature of our business."
He continued, "Our team is committed to achieving our 2012 objectives. We will continue to focus on our long-term goals and financial equilibrium which will also increase Free Cash Flow generation."
| Financial Highlights |
|||
| First Quarter |
|||
| Income Statement Data |
2012 |
2011 |
YoY var. |
| Sales (delivered units) |
13,555 |
12,115 |
11.89% |
| Revenues |
$4,480.6 |
$4,098.6 |
9.32% |
| Gross Profit |
$1,368.3 |
$1,290.1 |
6.06% |
| Gross Margin |
30.5% |
31.5% |
-0.94 pp |
| Operating Profit |
$711.2 |
$601.2 |
18.30% |
| Operating Margin |
15.9% |
14.7% |
1.21 pp |
| Profit before Taxes |
$493.7 |
$487.6 |
1.26% |
| Profit before Taxes Margin |
11.0% |
11.9% |
-0.88 pp |
| EBITDA |
$986.6 |
$880.7 |
12.02% |
| EBITDA Margin |
22.0% |
21.5% |
0.53 pp |
| Net Profit |
$279.8 |
$266.2 |
5.09% |
| Net Margin |
6.2% |
6.5% |
-0.25 pp |
| Free Cash Flow to Equity (1) |
-$2,064.1 |
-$1,860.7 |
-$203.4 |
| Quarter - Quarter |
|||
| Balance Sheet Data |
1Q12 |
4Q11 |
QoQ var. |
| Cash and Cash Equivalents |
$3,231.1 |
$2,721.2 |
18.74% |
| Working Capital Cycle |
693 days |
674 days |
18 days |
| Total Debt (2) |
$15,502.8 |
$13,781.3 |
12.49% |
| Interest Coverage |
2.1 x |
2.5 x |
-0.4 x |
| Net Debt to EBITDA (LTM) |
2.7 x |
2.5 x |
0.2 x |
Figures discussed in this announcement have been reformulated as of March 31, 2011 and December 31, 2011 in accordance with IFRS "International Financial Reporting Standards". Financial Statements as of March 31st, 2012 were revised by external auditors
These figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted.
(1) Non-reformulated 2011 figures under IFRS.
(2) Total debt obligation with financial institutions
To obtain the full text of this earnings release, please visit our Investor Relations website at www.corporaciongeo.com under the Shareholder Information section.
About Corporacion GEO S.A.B. de C.V.
Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 22 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 600,000 homes which currently provide housing to 2,200,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com
Safe Harbor Statement
This release may contain forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.
SOURCE Corporacion GEO S.A.B. de C.V.
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