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Corporacion GEO Reports Industry Record Revenue and EBITDA GrowthMEXICO CITY, July 24 /PRNewswire-FirstCall/ -- Corporacion GEO S.A.B de C.V. (BMV: GEOB; CORPGEO MX, ADR Level I CUSIP: 21986V204; Latibex: XGEO) GEO, one ofMexico's leading low-income housing developers, today announced 2Q08 results. Year-on-year sales, EBITDA and net income rose 27.1%, 25.2% and 11.1%, respectively.
Financial Highlights
Second Quarter
Income Statement Data 2008 2007 YoY var.
Sales (units) 13,009 10,399 25.10%
Revenues $4,615.6 $3,631.2 27.11%
Gross Profit $1,228.8 $986.6 24.54%
Gross Margin 26.62% 27.17% -0.55 pp
Operating Profit $790.1 $623.4 26.73%
Operating Margin 17.12% 17.17% -0.05 pp
EBITDA $1,096.9 $876.0 25.22%
EBITDA Margin 23.77% 24.12% -0.36 pp
Net Profit $432.3 $389.2 11.07%
Net Margin 9.37% 10.72% -1.35 pp
Free Cash Flow -$576.3 -$872.6 $296.30
Six-Month Period
Income Statement Data 2008 2007 YoY var.
Sales (units) 24,300 19,518 24.50%
Revenues $8,114.5 $6,509.3 24.66%
Gross Profit $2,155.8 $1,753.7 22.93%
Gross Margin 26.57% 26.94% -0.37 pp
Operating Profit $1,361.6 $1,080.9 25.97%
Operating Margin 16.78% 16.61% 0.17 pp
EBITDA $1,913.2 $1,538.8 24.34%
EBITDA Margin 23.58% 23.64% -0.06 pp
Net Profit $753.3 $679.5 10.87%
Net Margin 9.28% 10.44% -1.15 pp
Free Cash Flow -$1,770.6 -$1,774.3 $3.7
Second Quarter Quarter - Quarter
Balance Sheet Data 2008 2007 YoY var. 1Q08 QoQ var.
Cash and Cash Equivalents $1,709.1 $1,893.5 -9.74% $1,633.6 4.62%
Acc. Receivable to Revenues 47.22% 43.57% 3.65 pp 44.65% 2.57 pp
Net Debt $4,760.7 $2,826.9 68% $4,363.7 9.10%
Interest Coverage 2.8 2.9 -0.08 3.0 -0.15
Debt to EBITDA (LTM) 1.65 1.42 0.23 1.62 0.03
ROE (LTM) 20.25% 29.66% -9.41 pp 20.86% -0.61 pp
"We made headway in the development ofMexico's first sustainable city. We are the leader in this Government-supported initiative, having sold 20,000 homes atZumpango to date with another 8,000 to 9,000 under construction this year." In closing, Mr. Orvananos Lascurain said, "The clearly defined strategy we have established ensures GEO's continued progress towards our goals, realizing our vision for 2012. We remain committed to creating sustainable communities and cities while increasing productivity and efficiencies through the launch of GEO's "Alpha Project", the housing industry's first prefabricated components factory inLatin America. Our objective is to become the leader in quality, brand, innovation, service and value added features for low-income housing, while maintaining our focus on profitability and financial strength." Unless otherwise stated, all financial figures discussed in this announcement, are unaudited, prepared in accordance to Mexican Financial Reporting Standards (NIF's) and represent comparisons between the three-month periods ended June 30, 2008, and the equivalent three-month periods ended June 30, 2007 and March 31, 2007. Results for 2Q07 are expressed in constant Mexican Pesos, as of December 31, 2007, while 1Q08 and 2Q08 results are in nominal pesos. Tables state figures in millions of pesos, unless otherwise noted. RESULTS FOR THE SECOND QUARTER OF 2008 Revenues Revenues for the quarter rose 27.1% year-on-year to Ps.4,615.6 million. This revenue growth was driven primarily by a 25.1% increase in the number of homes sold, a total of 13,009 units, compared to 10,399 units sold in 2Q07, as GEO continued to implement its strategy that focuses on the high-growth, low-income segment of the population. In fact, 61.8% of total sales for the quarter were concentrated in the lower income segment, compared to 53% in 2007. This is in line with our 2008 objective to reach 60% of total units sold in the low-income segment. Including the affordable plus segment, over 90% of units sold were at the affordable entry level. This strategy had a marginal impact on our average selling price, which increased 2.7% year-on-year to Ps.332,852. The strong increase in revenue in 2Q08 exceeds the average growth expected for a second quarter, reflecting the change in seasonality of GEO's business. While traditionally the first half of the year represented 40% of annual sales, the objective is to bring that percentage up to approximately 45%, reducing seasonality.
Table 1: Revenue, Units & Average Selling Price
2Q08 2Q07 Change % Change
Revenue (million Ps.) 4,615.6 3,631.2 984.4 27.1%
Units Sold 13,009 10,399 2,610 25.1%
Avg. Selling Price (Ps.) 332,852 324,031 8,821 2.7%
1H08 1H07 Change % Change
Revenue (million Ps.) 8,114.5 6,509.3 1,605.2 24.7%
Units Sold 24,300 19,518 4,782 24.5%
Avg. Selling Price (Ps.) 332,852 323,585 9,267 2.9%
Table 2: Sales Mix*
2Q08 1H08
Sales Mix Revenue Units Revenue Units
-% of total- -% of total-
Lower-End
Economic (up to $187,158) 3.2% 6.0% 4.3% 7.8%
Lower Affordable (up to 255,811) 26.3% 38.4% 27.4% 39.1%
Affordable (up to $319,764) 14.7% 17.4% 14.7% 17.1%
Total Lower-End 44.3% 61.8% 46.4% 64.1%
Higher End
Affordable Plus (up to $599,558) 39.9% 30.9% 39.0% 29.5%
Middle Income (up to $1,090,396) 13.6% 6.7% 12.1% 5.8%
Residential ( above $1,090,396) 2.2% 0.6% 2.5% 0.7%
Total Higher End 55.7% 38.2% 53.6% 35.9%
TOTAL 100% 100% 100% 100%
*Sales mix breakdown follows methodology implemented by INFONAVIT.
Homes sold through INFONAVIT mortgages represented 68% of total units, up from 56% in the second quarter of last year. Homes sold through FOVISSSTE represented over 18.2% of total units, up from 17.7% last year. This increase is evidence of INFONAVIT and FOVISSSTE's support of GEO's product, and is further validation of GEO's strategy to increase its focus on the low-income segment, which is served by these institutions. Sales distribution by mortgage type for the second quarter was as follows:
Table 3: Sales Mix by Mortgage Type
2Q08 2Q07
% of % of
units total units total % Change
Infonavit 8,846 68% 5,823 56% 12 pp
FVSSST,Banks,Sofoles 4,164 32% 4,576 44% -12 pp
TOTAL 13,009 100% 10,399 100% 0.00%
1H08 1H07
% of % of
units total units total % Change
Infonavit 16,646 68% 10,656 55% 13 pp
FVSSST,Banks,Sofoles 7,655 32% 8,862 45% -13 pp
TOTAL 24,300 100% 19,518 100% 0.00%
Table 4: 2Q08 Average Selling Price
Lower-End
Economic 184,998
Lower Affordable 233,591
Affordable 286,584
Higher End
Affordable Plus 439,720
Middle Income 688,824
Residential 1,236,305
Average Selling Price 332,852
Table 5: Quarterly Average Selling Price
1Q07 323,078
2Q07 324,031
3Q07 324,402
4Q07 328,983
1Q08 323,716
2Q08 332,852
Operating Profit Operating profit for the quarter increased 26.7% year-on-year to Ps.790 million with operating margin declining 5 bps to 17.1% during the period. This reflects the combined effect of the 55 bps decrease in gross margin following the change in sales mix as the Company increases its focus on the fast growing lower income segments, largely offset by a 50 bps SG&A improvement. Improvement in SG&A as a percentage of sales was due to tighter administrative cost control and streamlining of the administrative functions, including a staff reduction.
Table 6: Operating Profit & Margin
2Q08 2Q07
million % of million % of %
of Ps. revenues of Ps. revenues Change
Revenue 4,615.6 100.0% 3,631.2 100% 27.1%
Gross Profit 1,228.8 26.6% 986.6 27.2% 24.5%
SG&A 438.7 9.5% 363.2 10.0% 20.8%
Operating Profit 790.1 17.1% 623.4 17.2% 26.7%
1H08 1H07
million % of million % of %
of Ps. revenues of Ps. revenues Change
Revenue 8,114.5 100.0% 6,509.3 100% 24.7%
Gross Profit 2,155.8 26.6% 1,753.7 26.9% 22.9%
SG&A 794.3 9.8% 672.8 10.3% 18.1%
Operating Profit 1,361.6 16.8% 1,080.9 16.6% 26.0%
EBITDA EBITDA for the quarter increased 25.2% year-on-year to Ps.
Table 7: EBITDA
Abs. %
2Q08 2Q07 Change Change
Operating Profit 790.1 623.4 166.7 26.7%
Operating Margin 17.1% 17.2% -5 bps
Capitalized Interest Expenses 257.9 199.5 58.4 29.3%
Capitalized Repomo -4.4 -11.1 6.7 -60.7%
Amortization & Depreciation 53.3 64.1 -10.8 -16.8%
EBITDA 1,096.9 876.0 220.9 25.2%
EBITDA Margin 23.8% 24.1% -36 bps
EBITDA in US$ millions 106.4 81.3 25.1 30.9%
EBITDA per Share (LTM) 7.3 6.4 0.9 14.1%
Abs. %
1H08 1H07 Change Change
Operating Profit 1,361.6 1,080.9 280.7 26.0%
Operating Margin 16.8% 16.6% 17 bps
Capitalized Interest Expenses 426.5 349.3 77.2 22.1%
Capitalized Repomo -10.5 -18.2 7.7 -42.3%
Amortization & Depreciation 135.7 126.7 9.0 7.1%
EBITDA 1,913.2 1,538.8 374.4 24.3%
EBITDA Margin 23.6% 23.6% -6 bps
EBITDA in US$ millions 185.6 142.9 42.7 29.9%
EBITDA per Share (LTM) 7.3 6.4 0.9 14.1%
Comprehensive Result of Financing Comprehensive Result of Financing for the quarter rose 37.6% year-on-year to Ps.117.8 million. This largely reflected the Ps.50.6 million increase in financial expenses resulting from the increase in working capital loans, financial leasing and long term debt used to finance the Company's growth and to reduce the seasonality of our business. GEO's monetary position declined by Ps.12.7 million year-on-year as this effect was eliminated at the beginning of 2008, a result of the application of the new Mexican accounting principles.
Table 8: Comprehensive Result of Financing
2Q08 2Q07 Change % Change
Interest Income -11.4 -17.8 6.4 -36.0%
Interest Expense 145.2 94.6 50.6 53.5%
Exchange Rate Loss -16.0 -3.9 -12.1 310.3%
Monetary Loss 0.0 12.7 -12.7 -100.0%
Integral Cost of Financing 117.8 85.6 32.2 37.6%
1H08 1H07 Change % Change
Interest Income -28.3 -58.0 29.7 -51.3%
Interest Expense 250.6 180.5 70.1 38.8%
Exchange Rate Loss -18.3 0.4 -18.8 -4561.0%
Monetary Loss 0.0 13.3 -13.3 -100.0%
Integral Cost of Financing 203.9 136.2 67.7 49.7%
Net Profit, Margin & ROE Net Profit for the quarter rose 11.1% to Ps.432.3 million, equivalent to an EPS of Ps.0.80, from a net profit of Ps.389.2 million, or an EPS of Ps.0.73, in 2Q07. Net Profit margin, however, declined 135 bps to 9.4% during the period, due to increases in the Comprehensive Result of Financing, tax provision and Minority Interest. The effective income tax rate (provision) for 2Q08 rose to 32.8% compared with 28.5% in 2Q07, mainly reflecting inflationary fiscal effects that increased the taxable amounts. Additionally, the Ps.17.2 million increase in minority interest was the result of land acquisitions through joint ventures with Prudential Real Estate Investors and Solida Banorte, announced in 2004 and 2007, respectively. Earnings per share for the last twelve-months decreased 10.4% to Ps.2.83 from Ps.3.16 in 2Q07. Return on Majority Equity in 2Q08 declined to 20.3% year over year from 29.7% in 2Q07, and quarter-on-quarter by 61 bps from 20.9%.
Table 9: Net Profit
2Q08 2Q07 Change % Change
Earnings before Taxes 669.0 544.9 124.1 22.8%
Income Tax 219.1 155.3 63.8 41.1%
Minority Interest 17.6 0.4 17.2 4275.8%
Net Profit 432.3 389.2 43.1 11.1%
Net Profit Margin 9.4% 10.7% -135 bps
Earnings per Share 0.80 0.73 0.07 9.6%
Earnings per Share (LTM) 2.83 3.16 -0.33 -10.4%
1H08 1H07 Change % Change
Earnings before Taxes 1153.5 956.6 196.9 20.6%
Income Tax 793.8 683.9 109.9 16.1%
Minority Interest 40.5 4.5 36.0 803.8%
Net Profit 753.3 679.5 73.8 10.9%
Net Profit Margin 9.3% 10.4% -115 bps
Earnings per Share 1.40 1.27 0.13 10.2%
Earnings per Share (LTM) 2.83 3.16 -0.33 -10.4%
FINANCIAL STRUCTURE
Cash & Cash Equivalents Cash balance as of June 30, 2008 was Ps.1,709.1 million, down 9.7% versus Ps.1,893.5 million as of June 30, 2007 (net of restricted cash at that date), and up by Ps. 75.5 million on a sequential basis. Accounts Receivable and Collections Accounts Receivable as of June 30, 2008 increased 29% against 2Q07 or Ps.1,761 million, closing at Ps.7,829.4 million. The Accounts Receivable to Revenues ratio was 47.2%, 3.7 percentage points above the 2Q07 level. This Ps.596.9 million increase is due mainly to the change in seasonality of the business, reflected in a considerable increase in units sold while still in production, to be finished and paid for during the second half of 2008.
Table 10: Accounts Receivable to Revenues Ratio
2Q08 1Q08 4Q07 3Q07 2Q07
Revenues (LTM) 16,580.8 15,596.3 14,975.6 14,451.8 13,929.4
Accounts Receivables 7,829.4 6,963.3 6,159.4 6,912.0 6,068.4
Ratio 47.2% 44.6% 41.1% 47.8% 43.6%
Inventories and Land Bank
Inventories as of June 30, 2008 rose 19.6% to Ps.9,513.7 million against 2Q07, as follows:
Table 11: Inventories
2Q08 2Q07 Change % Change
Construction in Progress 4,393.1 3,502.4 890.7 25.4%
Construction Materials 625.6 586.1 39.5 6.7%
Short Term Land Inventory 1,575.2 1,158.9 416.3 35.9%
Long Term Land Inventory 2,919.8 2,704.2 215.6 8.0%
Inventories 9,513.7 7,951.5 1,562.2 19.6%
Construction in Progress and Materials at the end of June 2008 grew year-on-year by Ps.930.2 million, a 22.8% increase, in line with GEO's operating growth.
Total land bank inventories increased Ps.631.9 million or 16.4% against
2Q07. As of June 30, 2008, GEO's land bank was equivalent to 298,119 units,
through a combination of its own land, land outsourcing, optioned land and
joint ventures with Prudential Real Estate Investors and Banorte's Solida.
Through these, GEO controls a land bank representing 4.5 to 5 years of
continued annual unit production growth, with low financial cost and limited
ownership risk.
Table 12: Land Bank
% of % of
2Q08 Total 2Q07 Total
Owned 141,106 47.3% 137,592 46.3%
GEO JV's 98,238 33.0% 105,720 35.5%
Optioned 49,646 16.7% 45,149 15.2%
Land Outsourcing 9,129 3.1% 9,010 3.0%
Total Land Bank 298,119 100.0% 297,471 100.0%
Operating Free Cash Flow During 2Q08 GEO generated a negative Free Cash Flow of Ps.576.3 million, compared with negative Ps.872.6 million in 2Q07, an improvement of Ps.296.4 million. The following table shows the breakdown of Operating Free Cash Flow for the second quarter and first half of 2008 versus 2007:
Table 13: Free Cash Flow
2Q08 2Q07 Change % Change
EBITDA 1,096.9 876.0 220.9 25.2%
Interest Income 11.4 17.8 -6.4 -36.0%
Sources of Cash 1,108.3 893.8 214.5 24.0%
Interest Expenses -403.1 -294.1 -109.0 37.1%
Working Capital -639.6 186.0 -825.6 -443.9%
Real Estate Inventories -336.5 -1,597.3 1,260.8 -78.9%
CAPEX -1.1 -69.1 68.0 -98.4%
Other -324.6 5.9 -330.5 -5612.5%
FX 16.0 3.9 12.1 311.6%
Inflation Adj. 4.4 -1.7 6.0 -360.6%
Uses of Cash -1,684.6 -1,766.4 81.8 -4.6%
Free Cash Flow -576.3 -872.6 296.4 -34.0%
1H08 1H07 Change % Change
EBITDA 1,913.2 1,538.8 374.4 24.3%
Interest Income 28.3 58.0 -29.7 -51.2%
Sources of Cash 1,941.5 1,596.7 344.8 21.6%
Interest Expenses -677.0 -529.8 -147.2 27.8%
Working Capital -1,550.7 -839.1 -711.6 84.8%
Real Estate Inventories -1,160.8 -1,804.2 643.4 -35.7%
CAPEX -84.1 -178.6 94.5 -52.9%
Other -268.2 -23.7 -244.4 1029.5%
FX 18.3 -0.4 18.8 -4561.0%
Inflation Adj. 10.5 4.9 5.6 114.9%
Uses of Cash -3,712.1 -3,371.1 -341.0 10.1%
Free Cash Flow -1,770.6 -1,774.3 3.7 -0.2%
* The effect of Minority Interest is not considered in the calculation of
the Operating Free Cash Flow.
Debt and Structure of Financial Liabilities Total Debt for 2Q08 increased year-on-year by Ps.1,600 million, or 32.9%. As a result, the leverage ratio rose to 1.3x from 1.2x as of June 2007, but remained unchanged quarter-on-quarter. During this period however, GEO's profile improved with short-term debt falling to 55.9% of total debt, at June 30, 2008 from 59.6% of total debt at June 30, 2007. Bridge Loans represented 34.1% of Total Debt, and are used to finance the construction of approximately 30,500 homes at GEO's 107 business units. Bridge loan structures are based on project cycles, with their maturity always exceeding the period required for each project's completion and payment collection. Bridge loan payment is also linked to housing sales, not to a specific date, and GEO obtains a new bridge loan for each project, with the physical project acting as collateral. GEO has available lines of credit in excess of Ps.
Table 14: Debt Indicators
2Q08 2Q07 Change % Change
Total Debt 6,469.8 4,869.8 1,600.0 32.9%
Net Debt 4,760.7 2,826.9 1,933.8 68.4%
Total Debt/EBITDA 1.65 1.42 0.2 16.2%
Net Debt/EBITDA 1.21 0.82 0.4 47.6%
Short Term Debt / Total Debt 55.9% 59.6% - -3.7%
Long Term Debt / Total Debt 44.1% 40.4% - 3.7%
Liquidity (CA/CL) 2.24 2.17 0.1 7.0%
Year-on-year, the average cost of debt rose 24 bps to 9.39% in 2Q08, mainly reflecting the leader rate (TIIE) increase. The following table provides a breakdown of the Company's average cost of debt at the end of 2Q08.
Table 15: Financial Liabilities as of June 30, 2008
% of Average Average
Amount Total Cost Rate
Mortgage Bridge Loans 2,206.2 34.10% TIIE + 1.4 9.69%
Loans for Land Purchase 569.2 8.80% TIIE + 1.3 9.56%
Direct Loans 92.3 1.43% TIIE + 0.8 9.03%
Leasing 288.7 4.46% TIIE + 1.5 9.73%
Certificado Bursatil (notes) -
Short Term 280.0 4.33% TIIE + 0.6 9.48%
Certificado Bursatil (notes) -
Long Term 2,719.0 42.03% TIIE + 1.7 8.67%
Eurocommercial Paper 314.4 4.86% 6.64% 6.64%
Average Cost of Debt 6,469.8 100% n/a 9.39%
* Excludes banking fees, issuance expenses and expenses.
LABOR & HEADCOUNT As of June 30, 2008, GEO had 13,271 temporary workers, up 3.2% from 2Q07. In addition, non-union management and fixed personnel consisted of 7,139 employees, an increase of 8.1% when compared to June 2007. The increase in administrative, technical and commercial staff is based on GEO's current and expected growth rate, which will assure continuity of its new talent program. SHARE REPURCHASE PROGRAM During the second quarter of the year, GEO purchased 420,000 shares through the buyback program and sold 432,700 shares. Therefore, the number of shares in the Buyback Fund at the end of the quarter was 2,184,200. In addition, total shares outstanding as of June 30, 2008 were 537,848,659. KEY EVENTS FOR THE QUARTER INFONAVIT Best Post-Sales Award: Last June, New Joint Venture: GEO completed a joint venture with "Multimedios Redes" in June, providing GEO's customers access to triple play services (telephone, broadband Internet and cable) without up-front costs for our customers. These kinds of synergies provide important value-added services and underscore GEO's commitment to its clients. GEO Evolution ERP Project (ERP) Milestones: During 2Q08, GEO made major
advances on its ERP project. This project represents a total investment of
more than EXPECTATIONS FOR FY2008 Management maintains its financial expectations as revised within our 1Q08
earnings announcement. Management confirms revenue and EBITDA growth
expectations of 12% to 14% in real terms, equivalent to 16% to 18% in nominal
terms -- assuming inflation levels of 4%. In addition, management continues to
expect the accounts receivable to sales ratio to end the year between 42% to
44%. Net debt at year-end is expected to decline to the range of
SECOND QUARTER 2008 EARNINGS CONFERENCE CALL / WEBCAST
Date: Friday, July 25, 2008
Time: 11:00 a.m. US (ET) - 10:00 a.m. Mexico City (CT)
To ensure timely entry of the call, please dial-in at
least 20 minutes before start time, or pre-register
on line (instructions below)
Presenters: Arq. Luis Orvananos, Chairman and CEO; Saul
Escarpulli, CFO; and Hans Schroeder, Investor
Relations Officer
Dial-in Numbers: US Dial-in number +1 888.713.4209
Int. Dial-in number +1 617.213.4863
Access code: 27348124
Webcast: A live web cast of the conference call and replay
will be available at: www.corporaciongeo.com
2Q08 Earnings: Press release on Thursday, July 24, 2008 (After
Market Close)
Replay of this call: Starting Friday, July 25, 2008 at 12:00 PM US ET,
ending at midnight US ET on Friday, August 1, 2008.
Dial-in number: +1 888-286-8010 (US & Canada);
+1 617-801-6888 (International & Mexico).
Access Code: 16207645
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About Corporacion GEO S.A.B. de C.V. Corporacion GEO is a leading housing developer inMexico and one of the most important inLatin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of low-income, middle-class and residential housing developments inMexico. With operations in 33 cities across 15 states, GEO is one of the most geographically diversified homebuilders inMexico. Since its inception GEO has sold more than 400,000 homes which currently provide housing to 1,600,000 people. More information can be found at www.casasgeo.com Safe Harbor Statement This release contains forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.
Corporacion Geo, S.A.B. de C.V.
CONSOLIDATED INCOME STATEMENT
(figures for 1H 07, expressed as of December 31, 2007)*
Variation
Concept 1H 08 1H 07 $ %
Revenues 8,114,471 6,509,279 1,605,192 24.7%
Cost of Goods Sold 5,958,656 4,755,595 1,203,061 25.3%
Gross Profit 2,155,815 1,753,684 402,131 22.9%
Gross Margin 26.6% 26.9% -0.4%
SG&A Expenses 794,261 672,816 121,446 18.1%
SG&A Expenses to Revenues 9.8% 10.3% -0.5%
Operating Profit 1,361,554 1,080,869 280,685 25.9%
Operating Margin 16.8% 16.6% 0.2%
EBITDA 1,913,244 1,538,764 374,480 24.3%
EBITDA Margin 23.6% 23.6% -0.1%
Other Expenses - (Income) 4,144 -11,887 16,031 -134.9%
Interest Income -28,261 -57,979 29,718 -51.3%
Interest Expense 250,551 180,477 70,073 38.8%
Exchange Loss - (Profit) -18,345 411 -18,756 -4561.0%
Monetary Loss - (Income) -5 13,281 -13,286 -100%
Comprehensive Result of
Financing 203,940 136,191 67,749 49.7%
Profit before Taxes 1,153,470 956,565 196,905 20.6%
Profit before Taxes Margin 14.2% 14.7% -0.5%
Income Taxes 359,647 272,621 87,026 31.9%
Tax Rate 31.2% 28.5% 2.7%
Profit before Minority Interest 793,823 683,944 109,879 16.1%
Profit before Minority Interest
Margin 9.8% 10.5% -0.7%
Minority Interest 40,524 4,484 36,040 803.8%
Net Profit 753,299 679,460 73,838 10.9%
Net Margin 9.3% 10.4% -1.2%
* thousands of Mexican Pesos
Corporacion Geo, S.A.B. de C.V.
CONSOLIDATED INCOME STATEMENT
(figures for June 2007, expressed as of December 31, 2007) *
Variation
Concept 2Q 2008 2Q 2007 $ %
Revenues 4,615,607 3,631,202 984,405 27.1%
Cost of Goods Sold 3,386,848 2,644,597 742,251 28.1%
Gross Profit 1,228,759 986,604 242,154 24.5%
Gross Margin 26.6% 27.2% -0.5%
SG&A Expenses 438,667 363,156 75,511 20.8%
SG&A Expenses to Revenues 9.5% 10.0% -0.5%
Operating Profit 790,092 623,449 166,644 26.7%
Operating Margin 17.1% 17.2% -0.1%
EBITDA 1,096,916 875,988 220,928 25.2%
EBITDA Margin 23.8% 24.1% -0.4%
Other Expenses - (Income) 3,301 -7,035 10,335 -146.9%
Interest Income -11,388 -17,801 6,413 -36.0%
Interest Expense 145,204 94,552 50,652 53.6%
Exchange Loss - (Profit) -15,980 -3,883 -12,097 311.6%
Monetary Loss - (Income) -5 12,749 -12,754 -100%
Comprehensive Result of Financing 117,830 85,617 32,213 37.6%
Profit before Taxes 668,961 544,866 124,095 22.8%
Profit before Taxes Margin 14.5% 15.0% -0.5%
Income Taxes 219,140 155,287 63,853 41.1%
Tax Rate 32.8% 28.5% 4.3%
Profit before Minority Interest 449,822 389,579 60,242 15.5%
Profit before Minority Interest
Margin 9.7% 10.7% -1.0%
Minority Interest 17,564 401 17,163 4275.8%
Net Profit 432,257 389,178 43,079 11.1%
Net Margin 9.4% 10.7% -1.4%
* thousands of Mexican Pesos
Corporacion Geo, S.A.B. de C.V.
CONSOLIDATED BALANCE SHEET
(figures for June 2007, expressed as of December 31, 2007) *
Variation
Concept June 2008 June 2007 $ %
Cash and Cash Equivalents 1,709,114 1,893,534 -184,420 -9.7%
Restricted Cash Equivalents 0 149,375 -149,375 -100%
Accounts Receivable - Net 7,829,411 6,068,354 1,761,058 29.0%
Real Estate Inventories
(WIP+Materials) 5,018,682 4,088,406 930,276 22.8%
Short-Term Real Estate
Inventories 1,575,192 1,158,928 416,264 35.9%
Other Current Assets 431,093 341,771 89,323 26.1%
Total Current Assets 16,563,493 13,700,367 2,863,125 20.9%
Real Estate Inventories
(Long Term) 2,919,834 2,704,165 215,669 8.0%
Investments in Associated
Companies 340,732 324,114 16,618 5.1%
Properties, Machinery and
Equipment - Net 1,358,248 1,057,488 300,761 28.4%
Other Assets - Net 863,369 465,387 397,982 85.5%
Total Assets 22,045,676 18,251,522 3,794,154 20.8%
Notes Payable to Financial
Institutions 3,617,287 2,900,917 716,370 24.7%
Suppliers 2,710,401 2,347,923 362,478 15.4%
Accrued Expenses, Taxes
Payable and other Current
Liabilities 1,065,572 1,050,235 15,338 1.5%
Total Current Liabilities 7,393,261 6,299,075 1,094,185 17.4%
Amounts Payable to Suppliers
of Land 8,589 34,445 -25,856 -75.1%
Long Term Debt 2,852,519 1,968,865 883,654 44.9%
Deferred Taxes 2,158,064 1,687,389 470,675 27.9%
Other Long Term Liabilities 64,976 50,039 14,937 29.9%
Total Liabilities 12,477,409 10,039,813 2,437,595 24.3%
Common Stock 120,461 120,421 40 0%
Retained Earnings 6,894,887 7,058,971 -164,084 -2.3%
Net Income 753,299 679,460 73,838 10.9%
Other Equity Accounts 870,104 -345,389 1,215,493 -351.9%
Majority Shareholders' Equity 8,638,750 7,513,463 1,125,287 15.0%
Minority Interest in
Consolidated Trusts and
Subsidiaries 929,517 698,245 231,271 33.1%
Total Shareholders' Equity 9,568,267 8,211,708 1,356,559 16.5%
Total Liabilities and
Shareholders' Equity 22,045,676 18,251,522 3,794,154 20.8%
* thousands of Mexican Pesos
SOURCE Corporacion GEO Tags: Building and Construction, Real Estate, Banking and Finance, _ _    Is your favorite bookmark site missing? Ask for it. |
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