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.
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Investor Relations Contact Details
Tel: +52 (55) 5010 7360
Finance: gonzalo.pizzuto@vinte.com
Website: https://vinte.com