Mexico City, Mexico, July 19th, 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 second quarter 2021. 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.
- With pre-sales growth of 26.1% and a positive outlook for 2021, Vinte is accelerating its investment plan by 14.0% to approximately Ps. 3.250 billion for 2021 (from Ps. 2.850 billion invested in 2020).
- Vinte achieved 13.7% growth in total revenues in 1Q21 to reach Ps. 782.9 million, demonstrating the resilience of the business model and its defensive position even in the current complex environment. Vinte generated record revenue for a first quarter after boosting its investments in the second half of 2020.
- Due to the global pandemic, housing construction processes were halted (in the country and therefore in Vinte) for several months in 2020; in Vinte we decided to keep the construction workers hired despite the cost involved (whose impact on margins has been recognized when deeding the homes that were under construction during those months, some of which were already deeded in 2020 and the rest are being deeded in 2021). As of July 2020, production recovered efficiently and with the same quality.
- EBITDA generated by Vinte for 1Q21 was positive Ps. 125 million, 1.4% lower than 1Q20.
- Vinte reduced gross debt by 7.4% and net debt by 25.0% compared to March 2020. In addition, the average maturity of debt was increased to 5.3 years, due to the early amortization of VINTE 17 at the beginning of 2021.
- Vinte increased its cash level by 62% as of March 2021 (compared to 12 months ago) to ensure investment momentum in 2021 given the Company’s positive pre-sales outlook.
- In 2020, Vinte generated operating cash flow of Ps. 288 million, the highest in the Company’s history. During 1Q21, operating cash flow was negative Ps. 10 million, which represents a significant improvement compared to the same period last year (negative cash flow of Ps. 247 million in 1Q20).
- Vinte paid a cash dividend of Ps. 0.463 per share for up to Ps. 100 million, which was paid in a single instalment during February. The approval of an additional cash dividend for the same amount, payable between May and July of this year, will be sought at the Annual Shareholders’ Meeting on April 30th, 2021.
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