UNIFIN Announces First Quarter 2022 Results

Mexico City, April 28, 2022 – UNIFIN Financiera, S.A.B. de C.V. (“UNIFIN” or “the Company”) (BMV: UNIFINA), announces its results for the first quarter of 2022 (“1Q22”). The Financial Statements have been prepared based on International Financial Reporting Standards (“IFRS”), in accordance with the accounting criteria of the Mexican National Banking and Securities Commission (“CNBV”) and filed with the Mexican Stock Exchange (“BMV”). 

Highlights

• Unifin announces that has reached an agreement with the bondholders of its USD200 million due in August 2022, on the terms to extend its final maturity to May 2024. The Company expects to finalize documentation and effects this extension in the next few days.

• The Company renewed all its revolving facilities.

• At the end of 1Q22 the cash and equivalents where Ps. 4,128 million.

• During the quarter, collections stood at Ps. 6,747 million compared to Ps. 5,767 million in 4Q21, an increase of 17.0% and 28.3% when compared to 1Q21.

• Originations for UNIFIN (excluding Uniclick) in the period ended at Ps. 4,785 million, an 8.7% decrease vs. 4Q21 explained mainly by the conservative operational strategy that prioritize liquidity and a prudent growth on key sectors.

• Interest income rose by 6.6% vs. 1Q21 to Ps. 3,009 million across our different business lines, mainly explained by the growth in Uniclick and leasing due to the targeting of strategic sectors.

• Financial margin for 1Q22 ended at Ps. 1,143 million, 29.8% higher than in 1Q21 explained by lower interest costs, enhanced profitability, and improved asset quality.

• Operating income increased 2.1x to Ps. 481 million vs Ps. 230 million in 1Q21, due to the improvement in interest costs in addition to higher profitability and improvement in asset quality. 

• Net Income was Ps. 438 million, 42.5% higher than 1Q21 due to an improvement in financial margin and operating income.

• NPLs closed at 4.2% in 1Q22 vs 4.9% in 1Q21 and 4.2% in 4Q21, with a coverage ratio of 82.8%.

• During the quarter, the Company successfully carried out a local bond issuance (CEBUR) for a total amount of Ps. 3,000 million.

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Investor Relations Contact Details

Tel: +52 (55) 4162 8270
E-mail: unifin_ri@unifin.com.mx
Website: www.unifin.com.mx

About the Company

UNIFIN is the leading independent Mexican leasing company, operating as a non-banking financial services company. UNIFIN´s main business lines are leasing, factoring, auto loans, structured finance, working capital and other lending. Through UNIFIN’s leasing business line, its core business line, the Company offers operating leases for all types of equipment and machinery, various types of transportation vehicles (including cars, trucks, helicopters, airplanes, and other vessels) and other assets in a variety of industries. Through its factoring business line, UNIFIN provides liquidity and financing solutions to its customers by purchasing or discounting accounts receivable and by providing vendor financing. UNIFIN’s auto loans business line is focused on financing the acquisition of new and used vehicles.

Forward Looking Statements

This document may contain certain forward-looking statements. These statements are non-historical facts, and they are based on the current vision of the Management of UNIFIN Financiera, S.A.B. de C.V., for future economic circumstances, the conditions of the industry, the performance of the Company and its financial results. The terms “anticipated”, “believe”, “estimate”, “expect”, “plan” and other similar terms related to the Company, are solely intended to identify estimates or predictions. The statements relating to the declaration or the payment of dividends, the implementation of the main operational and financial strategies and plans of investment of equity, the direction of future operations and the factors or trends that affect the financial condition, the liquidity or the operating results of the Company are examples of such statements. Such statements reflect the current expectations of the management and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on several suppositions and factors, including economic general conditions and market conditions, industry conditions and various factors of operation. Any change in such suppositions or factors may cause the actual results to differ from expectations.