GEO Begins 2011 with Strong First Quarter Results
MEXICO CITY, May 2, 2011 /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 2011. Revenues, EBITDA and Net Profit increased 19.7%, 24.4% and 25.7% respectively, compared to the prior year.
Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "We had outstanding results for the first quarter 2011, with a 13.2% increase in units sold which represented 1,300 more units compared to the last year. Our continued success is the direct result of GEO´s value proposition: GEO provides higher quality homes at affordable prices, and homes are customized with eco-friendly technologies that generate important savings for Mexican families. Our value proposition is a key differentiating factor for our Company, and is also the reason why clients prefer to buy a GEO Home. GEO will continue this expansion strategy; this quarter alone we began operations in Tabasco, Aguascalientes and in Jalapa, Veracruz. We will also continue establishing the future growth drivers that will allow us to continue strengthening our market share in the Mexican housing industry."
Financial Highlights |
||||
First Quarter |
||||
Income Statement Data |
2011 |
2010 |
YoY var. |
|
Sales (titled units) |
11,444 |
10,113 |
13.16% |
|
Revenues |
$4,504.0 |
$3,762.8 |
19.70% |
|
Gross Profit |
$1,401.0 |
$1,152.9 |
21.52% |
|
Gross Margin |
31.1% |
30.6% |
0.47 pp |
|
Operating Profit |
$722.0 |
$581.1 |
24.24% |
|
Operating Margin |
16.0% |
15.4% |
0.59 pp |
|
Profit before Taxes |
$600.1 |
$493.3 |
21.66% |
|
Profit before Taxes Margin |
13.3% |
13.1% |
0.22 pp |
|
EBITDA |
$1,016.6 |
$816.9 |
24.44% |
|
EBITDA Margin |
22.6% |
21.7% |
0.86 pp |
|
Net Profit |
$339.4 |
$270.1 |
25.68% |
|
Net Margin |
7.5% |
7.2% |
0.36 pp |
|
Free Cash Flow to Equity(1) |
-$1,863.6 |
-$2,409.9 |
$546.3 |
|
Quarter - Quarter |
||||
Balance Sheet Data |
1Q11 |
4Q10 |
QoQ var. |
|
Cash and Cash Equivalents |
$1,605.2 |
$2,228.4 |
-27.97% |
|
Working Capital Cycle |
522 days |
511 days |
11 days |
|
Total Debt(2) |
$10,463.3 |
$9,200.2 |
13.73% |
|
Interest Coverage |
2.5 x |
2.7 x |
-0.2 x |
|
Net Debt to EBITDA (LTM) |
2.0 x |
1.7 x |
0.3 x |
|
Unaudited financial figures: Figures discussed in this announcement have been reformulated as of March 31, 2010 and December 31 2010, in accordance to NIF "Normas de Informacion Financiera" Mexican Accounting Principles. The figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted. |
|
(1) Non-reformulated 2010 figures. |
|
(2) Total debt obligations 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 20 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 560,000 homes which currently provide housing to 2,000,000 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 contains 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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