Vinte Announces Second Quarter 2022 Results

Mexico City, Mexico, July 19th, 2022 – VINTE Viviendas Integrales S.A.B. de C.V. (BMV: VINTE), a leading home builder in the development and commercialization of sustainable homes in Mexico, announces its earnings results for the second quarter of 2022. The figures in this report are expressed in nominal Mexican pesos and are based on internal non-audited financial statements, which were prepared in accordance with IFRS and current interpretations and may include minor differences due to rounding.

Highlights

  • Total revenue increased 8.8% in 2Q’22, in line with guidance. EBITDA and Net Income for the period increased by 23.0% and 23.1% respectively, improving profitability.
  • Average price for 2Q’22 remained above one million pesos, reaching 1.032 million, similar to 1Q’21 and 8.6% higher than 2Q’21.
  • The Company generated positive operating cash flow of 168 million pesos in the quarter.
  • During the quarter, VINTE made the full early repayment of VINTE 19X for 293 million pesos. This decision was based on the positive cash flow generated in 2021 and the ability to access long-term debt at a lower cost.
  • In 2Q’22, VINTE’s leverage level, measured as Net Debt/EBITDA, was 2.88x, once again below 3.00x. Leverage is expected to remain below 3.00x for the rest of the year. In addition, 75% of net debt is at a fixed rate and 64% is sustainable debt.
  • During the second quarter VINTE signed 4 credit lines with major institutions such as BanRegio, Actinver, BBVA, and Bank of China for over 800 million pesos. All lines are without mortgage guarantee and average rates of TIIE + 195 bps maturing in 2025. The Company has not yet exercised most of these lines, thus maintaining flexible access to financing.
  • eMobel, VINTE’s wholly owned subsidiary for the commercialization of furniture and home furnishings, grew 54% in 2Q’22 vs. 2Q’21.
  • Xante.mx, the new business 100% owned by VINTE for the buying and selling of used homes that began operations this year, is already profitable. It accumulated 127 potential clients and successfully concluded the first 6 purchase and sale transactions with a total value of 5.3 million pesos and a double-digit annualized profitability.
  • Casa Bravo, Yave and Homie, the 3 PropTech and fintech investments made by VINTE at the beginning of the year grew significantly in the second quarter.

 

Miranda Newswire – Full Press Release: Download PDF

 

Investor Relations Contact Details

Tel: +52 (55) 5010 7360

CFO: domingo.valdes@vinte.com

Finance: gonzalo.pizzuto@vinte.com

Website: https://vinte.com

 
Forward Looking Statements
“This document contains certain statements related to the comprehensive overview of VINTE Viviendas Integrales (VINTE) regarding its activities to the present day. The information included in this document is a summary of information regarding VINTE which is not intended to cover all related information about VINTE. The information contained in this document has not been included to provide specific advice to investors. The statements contained herein reflect the current views of VINTE with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause future results, performance or achievements of VINTE to differ from those expressed or implied by such forward looking statements, including, among others, economic or political changes and global business conditions, changes in exchange rates, the overall state of the industry, changes in housing demand, raw material costs, etc. If one or more of these risks occur, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. VINTE does not intend nor assume any obligation to update the statements presented in this document.”
 
About Vinte
VINTE is a sustainable, vertically integrated Mexican home builder with a clear focus on profitability. For more than 19 years it has been dedicated to developing sustainable residential complexes for low- and middle- income families, focused on improving their quality of life, a commitment for which it has received multiple national and international awards. VINTE has developed over 51 thousand homes across 6 Mexican states, primarily in the center of the country, achieving a high level of loyalty amongst its clients and extensive brand recognition in the markets in which it operates. VINTE started its digital strategy in 2017, focused on Proptech with more than 5,000 homes sold through digital media and 39% of the total sales in the last 12 months. VINTE’s highly qualified management team has over 30 years of experience in the Mexican housing sector.

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