Vinte Announces Fourth Quarter 2020 and Full Year Results

Vinte Wire

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.
 

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 the Vinte
Vinte is a sustainable, vertically integrated Mexican home builder with a clear focus on profitability. For more than 17 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 46,000 homes across six 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’s highly qualified management team has over 28 years of experience in the Mexican housing sector.

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