GEO Reports Results for the First Half of 2012
MEXICO CITY, July 26, 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 second quarter 2012. Revenues and EBITDA increased 13.0% and 16.4% respectively compared to the second quarter of 2011.
Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "During the first half of the year, we successfully progressed in the housing industry by delivering more than 30,000 homes, which represents a 11.3% increase in revenues, solidifying our leadership position in creating Mexico's sustainable communities. We are convinced that we will achieve positive results as we continue successfully executing our strategy. We have transformed today's changing -and sometimes challenging- environment into opportunities, delivering the best product that is aligned to our mission of offering clients an improved quality of life and added-value."
Financial Highlights |
|||||||
Second Quarter |
Six - Month Period |
||||||
Income Statement Data |
2012 |
2011 |
YoY var. |
2012 |
2011 |
YoY var. |
|
Sales (delivered units) |
16,618 |
15,703 |
5.83% |
30,173 |
27,818 |
8.47% |
|
Revenues |
$5,791.1 |
$5,126.2 |
12.97% |
$10,271.7 |
$9,224.8 |
11.35% |
|
Gross Profit |
$1,804.8 |
$1,623.5 |
11.17% |
$3,173.2 |
$2,913.7 |
8.91% |
|
Gross Margin |
31.2% |
31.7% |
-0.51 pp |
30.9% |
31.6% |
-0.69 pp |
|
Operating Profit |
$955.3 |
$882.5 |
8.25% |
$1,666.5 |
$1,483.7 |
12.33% |
|
Operating Margin |
16.5% |
17.2% |
-0.72 pp |
16.2% |
16.1% |
0.14 pp |
|
Profit before Taxes |
$396.9 |
$578.5 |
-31.39% |
$890.7 |
$1,066.1 |
-16.46% |
|
Profit before Taxes Margin |
6.9% |
11.3% |
-4.43 pp |
8.7% |
11.6% |
-2.89 pp |
|
EBITDA |
$1,281.1 |
$1,100.5 |
16.41% |
$2,267.7 |
$1,981.2 |
14.46% |
|
EBITDA Margin |
22.1% |
21.5% |
0.65 pp |
22.1% |
21.5% |
0.6 pp |
|
Net Profit |
$239.6 |
$337.5 |
-28.99% |
$519.4 |
$603.7 |
-13.96% |
|
Net Margin |
4.1% |
6.6% |
-2.45 pp |
5.1% |
6.5% |
-1.49 pp |
|
Free Cash Flow to Equity (1) |
$537.5 |
$826.2 |
-$288.7 |
-$1,526.6 |
-$1,037.4 |
-$489.2 |
|
Quarter - Quarter |
|||||||
Balance Sheet Data |
2Q12 |
1Q12 |
QoQ var. |
||||
Cash and Cash Equivalents |
$2,549.8 |
$3,231.1 |
-21.09% |
||||
Working Capital Cycle |
624 days |
693 days |
-69 days |
||||
Total Debt (2) |
$14,706.8 |
$15,502.8 |
-5.13% |
||||
Interest Coverage |
2.3 x |
2.1 x |
0.2 x |
||||
Net Debt to EBITDA (LTM) |
2.6 x |
2.7 x |
-0.1 x |
||||
Figures discussed in this announcement have been reformulated as of June 30, 2011 in accordance with IFRS "International Financial Reporting Standards." |
|||||||
Financial Statements as of June 30, 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.
Share this article