Urbi: 2009 Results In Line with Strategy of Prudence and Liquidity
Revenue growth, reduction in operating expenses, taking care of margins and free cash flow during 4Q09 allowed the company to reach goals for 2009
4Q09 is the 3rd consecutive quarter that Urbi has generated positive free cash flow, which is one of the pillars of growth going forward.
MEXICALI, Mexico, Feb. 23 /PRNewswire-FirstCall/ -- Urbi Desarrollos Urbanos SAB de CV announced its 4Q09 results, which allowed the company to reach its goals of strengthening its balance sheet and liquidity position established on March 2009.
Urbi had a strong 4Q09:
Revenues were MX$4,306 million, 40% higher than 3Q09, in line with the strategy of resuming growth from 4Q09 through 2010.
Ebitda was MX$1,282 million, with a margin of 29.8%.
Net Income was MX$600 million, with a margin of 13.9%.
Free Cash Flow: MX$1,611 million.
These results allowed Urbi to reach most of its goals for 2009. Revenues were MX$13,046 million, in line with its goals; Ebitda margin was 29.4%, 174 bps higher than in 2008 and above the goal of 28% for 2009, and the net margin was 13.6%. The free cash flow was MX$1,672 million, which, although below the initial estimates for the year, is a great accomplishment, which reflects the success of the company's strategy of prudence and liquidity.
Selene Avalos said: "These accomplishments highlight the efficiencies achieved by the consolidation of our business model and UrbiNet, the higher use of UrbiNova, and our focus on cost efficiencies, which allowed us to reduce the SG&A by 25.7% versus the previous year.
"These efficiencies are sustainable even when the company resumes growth of 10% in revenues in 2010, given that we expect additional improvements in SG&A and -- thanks to the placement of a US$300 million bond last January 10 - - also improvements in the comprehensive cost of financing, which will allow us to grow our net income by 12-15% more than our revenues."
She concluded: "A more flexible and efficient business model, a strong liquidity position and an improved indebtedness profile are the basis to resume quality growth with a strong free cash flow generation for 2010, allowing us to maintain our leadership in the industry."
Contact:
Antonio Jorge
Investor Relations Manager
URBI Desarrollos Urbanos, SAB de CV
Rio Danubio # 109
Colonia Cuauhtemoc
06500 Mexico DF,
Telephone: 011 52 55 11020390x10724
E-mail: [email protected]
SOURCE Urbi Desarrollos Urbanos SAB de CV
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