Mexico City, Mexico, February 23rd, 2021 – Vinte Viviendas Integrales S.A.B. de C.V. (“Vinte”) (BMV: VINTE), a leading home builder in the development and commercialization of sustainable homes in Mexico, announced its earnings results for the fourth quarter and full year 2020. The figures in this report are expressed in nominal Mexican pesos, are based on internal and non-audited financial statements, prepared in accordance with IFRS and current interpretations, and may include minor differences due to rounding.
Highlights:
- In 2020, Vinte generated operating cash flow of Ps. 270 million, one of the best results in the Company’s history. During 4Q20, the Company generated an operating cash flow of Ps. 146 million (compared to a negative Ps. 37 million in the same period of 2019), Ps. 516 million cumulatively over the past 9 months (since the beginning of the global pandemic).
- Vinte reported 5.7% growth in total revenues in 4Q20, demonstrating the resilience of the business model and a defensive position even in complex environments. 2020 revenues remained stable compared to 2019 despite the economic impact of the pandemic, declining 2.5% for the full year.
- Although there was continuity in sales and mortgages during the year, due to the pandemic we had to abruptly stop the production of housing for almost 4 months of the year, the same months in which we decided to keep construction workers employed, affecting profitability, but enabling us to recover production efficiently and with the same quality from July 2020 and to date, without problems.
- Net debt decreased by 23.6% during the year and the average debt maturity was increased to 4.6 years.
- We made a full prepayment of the VINTE 17 bonds with an original maturity date in June 2022. This was carried out through a payment of Ps. 315 million, corresponding to the total amount of the principal. Thanks to the generation of cash flow from the transaction, through this prepayment we were able to improve the debt maturity profile.
- On January 29th, 2021, HR Ratings affirmed Vinte’s HR A+ rating and changed the outlook from stable to positive.
- The Company diversified its sources of financing, signing two long-term loans: one with the Bank of China and the other with KEB Hana, South Korea.
- Vinte approved the payment of a cash dividend of Ps. 0.463 per share for up to Ps. 100 million, which was paid in a single instalment in February.
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Investor Relations Contact Details
Tel: +52 (55) 5010 7360
Finance: gonzalo.pizzuto@vinte.com
Website: https://vinte.com