GEO Reports Fourth Quarter and Full Year 2012 Results PR Newswire MEXICO CITY, Feb. 27, 2013 MEXICO CITY, Feb. 27, 2013 /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 fourth quarter 2012. Accumulated Revenues and EBITDA decreased 5.1% and 5.3% respectively compared to 2011. Luis Orvananos Lascurain, Corporacion GEO's CEO, commented, "2012 could be characterized as a year of hurdles and challenges for the housing industry, but also as a year when GEO made decisive choices and carried out important steps that would align the Company's strategy to the industry's newly strengthened focus on the Mexican Housing Policy which looks after an improved sustainability in homebuilding. As a result of the industry changes in 2012, accumulated revenues decreased by 5.1% compared to 2011, the result of a 6.1% reduction in homes delivered." Mr. Orvananos continued, "We will continue to execute our conservative strategy in an effort to further strengthen operations. We will prioritize cash flow generation and debt level reduction and plan to reduce our land and other CAPEX investment as appropriate while decreasing SG&A expenses." Financial Highlights Fourth Quarter Twelve - Month Period Income Statement 2012 2011 YoY var. 2012 2011 YoY var. Data Sales (delivered 12,624 16,968 -25.60% 55,485 59,093 -6.11% units) Revenues $4,309.8 $6,248.2 -31.02% $19,078.3 $20,104.8 -5.11% Gross Profit $1,447.0 $1,957.5 -26.08% $6,046.9 $6,386.3 -5.31% Gross Margin 33.6% 31.3% 2.25 pp 31.7% 31.8% -0.07 pp Operating Profit $702.9 $1,039.5 -32.38% $3,027.0 $3,214.3 -5.83% Operating Margin 16.3% 16.6% -0.33 pp 15.9% 16.0% -0.12 pp Profit before Taxes $523.2 $618.1 -15.36% $1,981.9 $2,183.2 -9.22% Profit before Taxes 12.1% 9.9% 2.25 pp 10.4% 10.9% -0.47 pp Margin EBITDA $973.0 $1,483.0 -34.39% $4,288.2 $4,527.2 -5.28% EBITDA Margin 22.6% 23.7% -1.16 pp 22.5% 22.5% -0.04 pp Net Profit $177.5 $452.2 -60.76% $1,053.4 $1,260.5 -16.43% Net Margin 4.1% 7.2% -3.12 pp 5.5% 6.3% -0.75 pp Free Cash Flow to -$636.8 $140.9 -$777.7 -$1,751.1 -$2,719.8 $968.7 Equity ^(1) Quarter - Quarter Balance Sheet Data 4Q12 3Q12 QoQ var. Cash and Cash $2,276.8 $2,126.2 7.09% Equivalents Working Capital 720 days 645 days 75 days Cycle Total Debt ^(2) $14,230.0 $13,502.5 5.39% Interest Coverage 2.1 x 2.2 x -0.1 x Net Debt to EBITDA 2.8 x 2.4 x 0.4 x (LTM) Audited financial figures: Figures discussed in this announcement have been reformulated as of December 31, 2011 in accordance with IFRS "International Financial Reporting Standards". The 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, firstname.lastname@example.org, +(52) 55-5480-5071; or Marco Rivera Melo, Investor Relations, email@example.com, +(52) 55-5480-5115
GEO Reports Fourth Quarter and Full Year 2012 Results
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