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Freitag, 26.07.2013 15:45
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PR Newswire
Homex Reports 2Q13 Earnings Results
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PR Newswire
CULIACAN, Mexico, July 26, 2013
CULIACAN, Mexico, July 26, 2013 /PRNewswire/ -- Desarrolladora Homex, S.A.B. de C.V. ("Homex" or "the Company") [NYSE: HXM, BMV: HOMEX] today announced financial results for the Second Quarter ended June 30, 2013[1].
Financial and Operating Highlights
- Total revenue for the second quarter of 2013 decreased 84.4 percent to Ps.1.1 billion (US$85.6 million) from Ps.7.1 billion (US$548.6 million) for the same period in 2012. Housing revenues were Ps.290.4 million (US$22.3 million), a decline of 93.4 percent compared to Ps.4.4 billion (US$337.5 million) during the second quarter of 2012.
- During the quarter the Company recognized revenues of Ps.800.9 million (US$61.5 million) in relation to building service contracts with state and the federal government compared to Ps.1.6 billion (US$127.5 million) during the year ago period.
- During the quarter, the Company effectively closed the transaction with IDEAL to sell Homex's interest in the penitentiaries projects for approximately Ps.4.5 billion generating an income of Ps.989.4 million which was registered as other income in the P&L.
- The Company recognized a charge of Ps.5.3 billion in Costs of Good Sold (COGS) for land and construction-in-progress inventory as per the initial viability analysis performed on the Company's housing projects and land inventory according to the recently published rules for subsidy application from SEDATU.
- For the quarter, the Company created a Ps.2.1 billion provision registered in Selling General and Administrative Expenses (SG&A) for uncollectable accounts receivable outstanding for more than 160 days from clients that lost their eligibility for subsidies or deteriorated their credit status, making collection of those receivables uncertain.
- As per the cancellation of currency hedges in relation to Homex's Senior Notes due 2019 and 2020, the Company registered a loss of Ps.1.2 billion in Net Comprehensive Financing Cost.
- For the six-months accumulated period, as of June 30, 2013, Homex generated a consolidated negative Free Cash Flow (FCF) of Ps.3.3 billion which was mainly driven by the negative free cash flow of Ps.7.5 billion without the penitentiaries projects mainly driven by the Company's six-months accumulated negative net income.
| | | | | | | | | | ||
| FINANCIAL AND OPERATING HIGHLIGHTS | | Six-months | ||||||||
| Thousands of pesos | 2Q'13 | 2Q'13 Anzeige Aktie im Fokus
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| 2Q'12 | Chg % and bps | 2013 | 2013 | 2012 | Chg % and bps | ||
| Volume (Homes) | 710 | 710 | 11,154 | -93.6% | 6,130 | 6,130 | 19,892 | -69.2% | ||
| Revenues | $85,564 | $1,114,341 | $7,144,214 | -84.4% | $341,296 | $4,444,866 | $13,331,507 | -66.7% | ||
| Housing revenues | $22,297 | $290,380 | $4,395,960 | -93.4% | $192,473 | $2,506,666 | $8,053,297 | -68.9% | ||
| Cost | $825,758 | $10,754,255 | $5,065,424 | 112.3% | $1,028,419 | $13,393,618 | $9,723,088 | 37.8% | ||
| Capitalization of Comprehensive Financing Costs (CFC) | $64,153 | $835,498 | $269,977 | 209.5% | $88,052 | $1,146,739 | $491,547 | 133.3% | ||
| Gross profit | -$740,194 | -$9,639,914 | $2,078,790 | -563.7% | -$687,123 | -$8,948,752 | $3,608,419 | -348.0% | ||
| Gross profit adjusted for capitalization of CFC | -$676,041 | -$8,804,416 | $2,348,767 | -474.9% | -$599,072 | -$7,802,013 | $4,099,966 | -290.3% | ||
| Operating income | -$927,058 | -$12,073,539 | $1,384,683 | -971.9% | -$910,558 | -$11,858,651 | $2,261,645 | -624.3% | ||
| Operating income adjusted for capitalization of CFC | -$862,905 | -$11,238,041 | $1,654,660 | -779.2% | -$822,506 | -$10,711,912 | $2,753,192 | -489.1% | ||
| Interest expense, net (a) | $76,695 | $998,844 | $331,928 Werbung Mehr Nachrichten zur Desarrolladora Homex ADR Aktie kostenlos abonnieren
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