GEO Reports Results for the Third Quarter of 2012 PR Newswire MEXICO CITY, Oct. 25, 2012 MEXICO CITY, Oct. 25, 2012 /PRNewswire/ --Corporacion GEO S.A.B. de C.V. (BMV: GEOB; GEOB:MM, ADR Level I CUSIP: 21986V204; Latibex: XGEO), GEO, Mexico's leading low-income housing developer, today announced results for the third quarter 2012. Accumulated Revenues, EBITDA and Net Profit increased 6.6%, 8.9% and 8.4% respectively compared to the prior year. Luis Orvananos Lascurain, Corporacion GEO´s CEO, commented, "Revenue increased 6.6% during the first nine months, in line with our expectations for conservative revenue growth this year as part of our strategy, which will allow us to continue strengthening the Company's balance sheet and Free Cash Flow. There is no doubt that executing the right strategy continues to position GEO as leader throughout this transition to sustainability." He continued, "I'm confident that GEO's dedicated and experienced team will ensure that we reach our 2012 goals as we continue on our mission to offer our clients a better quality of life through a high-quality home." Financial Highlights Third Quarter Nine - Month Period Income 2012 2011 YoY var. 2012 2011 YoY var. Statement Data Sales (delivered 12,688 14,307 -11.32% 42,861 42,125 1.75% units) Revenues $4,496.8 $4,631.9 -2.92% $14,768.5 $13,856.6 6.58% Gross Profit $1,426.7 $1,515.1 -5.84% $4,599.8 $4,428.8 3.86% Gross Margin 31.7% 32.7% -0.98 pp 31.1% 32.0% -0.82 pp Operating $657.6 $691.2 -4.87% $2,324.1 $2,174.9 6.86% Profit Operating 14.6% 14.9% -0.3 pp 15.7% 15.7% 0.04 pp Margin Profit before $568.1 $499.0 13.83% $1,458.7 $1,565.2 -6.80% Taxes Profit before 12.6% 10.8% 1.86 pp 9.9% 11.3% -1.42 pp Taxes Margin EBITDA $1,047.5 $1,063.0 -1.46% $3,315.2 $3,044.3 8.90% EBITDA Margin 23.3% 23.0% 0.34 pp 22.4% 22.0% 0.48 pp Net Profit $356.6 $204.6 74.31% $876.0 $808.3 8.38% Net Margin 7.9% 4.4% 3.51 pp 5.9% 5.8% 0.1 pp Free Cash Flow $412.3 -$1,379.2 $1,791.5 -$1,114.3 -$2,860.7 $1,746.4 to Equity ^(1) Quarter - Quarter Balance Sheet 3Q12 2Q12 QoQ var. Data Cash and Cash $2,126.2 $2,549.8 -16.61% Equivalents Working 645 days 624 days 21 days Capital Cycle Total Debt $13,502.5 $14,706.8 -8.19% ^(2) Interest 2.2 x 2.3 x -0.1 x Coverage Net Debt to 2.4 x 2.6 x -0.2 x EBITDA (LTM) Figures discussed in this announcement have been reformulated as of September 30, 2011 in accordance with IFRS "International Financial Reporting Standards". Financial Statements as of September 30, 2012 were revised by external auditors. These figures are expressed in nominal pesos. Tables state figures in millions of pesos unless otherwise noted. (1) Non-reformulated 2011 figures under IFRS. (2) Total debt obligation with financial institutions. To obtain the full text of this earnings release, please visit our Investor Relations website at www.corporaciongeo.com under the Shareholder Information section. About Corporacion GEO S.A.B. de C.V. Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 22 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 600,000 homes which currently provide housing to 2,200,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com Safe Harbor Statement This release may contain 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. SOURCE Corporacion GEO S.A.B de C.V. Website: http://www.corporaciongeo.com Contact: Corporacion GEO, S.A.B. de C.V. -- Francisco Martinez, Investor Relations, email@example.com, +(52) 55-5480-5071, or Marco Rivera Melo, Investor Relations, firstname.lastname@example.org, +(52) 55-5480-5115
GEO Reports Results for the Third Quarter of 2012
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