Fideicomiso Irrevocable F/2061 · BIVA:FHIPO/14
Fideicomiso Irrevocable F/2061 — Fideicomiso Hipotecario (FHipo) — Q4 2016 Earnings Presentation
36 slides from Fideicomiso Irrevocable F/2061's earnings presentation, Jan 1, 2020
Slide 1: 4th Quarter 2016 Results
Investment that Transforms 4th Quarter 2016 Results INVESTOR RELATIONS Ignacio Gutiérrez / CFO ig@fhipo.com Xavier Martínez / IRO xm@fhipo.com inverstorrelations@fhipo.com Ph: +52 (55) 4744-1100 www.fhipo.com [ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANI
Slide 2: Index
Index Performance and achievements during the quarter Mexican mortgage market Mortgage origination programs Portfolio composition - 4Q16 Performance of our CBFIs - 4Q16 Leverage strategy Financial results & key metrics Risk assessment Our outlook Financial statements - 4Q16 2
Slide 3: 1. Performance and achievements during the quarter
1. Performance and achievements during the quarter
Slide 4: Performance and Achievements during the 4Q16
Performance and Achievements during the 4Q16… These were FHipo’s achievements during the 4th quarter of 2016… Significant growth of our Earnings Per Share (EPS) Evolution of our Leverage Strategy (figures in pesos, growth quarter to quarter) (figures in millions of pesos) 11, 11, EPS 629 2,2 689 $0.
Slide 5: 2. Mexican mortgage market
CT1Ip© Hipotecario 2. Mexican mortgage market
Slide 6: Deindexation of Minimum Wage Reform
Deindexation of Minimum Wage Reform As a result of the approval of the constitutional reform to deindex the minimum wage, the National Institute of Statistics and Geography (INEGI) informed that starting January 2016, it would start to determine the value of the Unit of Measure and Update (UMA), uni
Slide 7: Occupation, Employment and Mortgage Rates in Mexico
Occupation, Employment and Mortgage Rates in Mexico The population contributing to the Mexican Social Security Institute (IMSS) has increased steadily in recent years, while unemployment rate has remained low and continues its positive trend. Progressive increase in the formal economy and downward u
Slide 8: Infonavit’s Mortgage Loan Origination
Infonavit’s Mortgage Loan Origination Infonavit expects to originate ~376 thousand loans a year for the next five years (2017 to 2021), which translates in a CAGR (’16 – ’21) of 7.0% Evolution of beneficiaries who qualify for a mortgage loan (2008 - 2015) Number of mortgage loans originated from 201
Slide 9: Fovissste’s Mortgage Loan Origination
Fovissste’s Mortgage Loan Origination Fovissste expects to originate ~40 billion pesos worth of mortgages annually Distribution of Fovissste’s originated portfolio (2015) (amounts in billions of pesos) Fovissste Loans: Projected Total Origination 42 19.6% 0.5% During 2015, 58.6% of the loans 40 5.6%
Slide 10: 3. Mortgage origination programs
3. Mortgage origination programs
Slide 11: FHipo currently participates in the following mortgage origination programs
FHipo currently participates in the following mortgage origination programs: Program Characteristics Income Level 4.5 VSM onwards 3.5 VSM to 5.0 VSM 1.0 VSM onwards Target Destination Home acquisition (guaranteed by a valid mortgage) Borrower’s Age 18 - 64 years Maximum Loan 729 VSM’s ~ USD $80,934
Slide 12: 4. Portfolio composition - 4Q16
4. Portfolio composition - 4Q16 As of December 31st, 2016
Slide 13: Consolidated Portfolio Composition as of 4Q16
Consolidated Portfolio Composition as of 4Q16 Summary of FHipo’s consolidated portfolio characteristics (Infonavit and Fovissste(1)) (loan balance as of December 31st, 2016) FHipo - Consolidated Portafolio (Infonavit and Fovissste (1) ) Total Balance (FHipo's Participation) Ps. $21,938 million (2) T
Slide 14: Infonavit’s and Fovissste’s mortgage portfolio characteristics
Infonavit’s and Fovissste’s mortgage portfolio characteristics Infonavit’s mortgage portfolio characteristics (Infonavit Total and Más Crédito) Distribution by borrower’s salary in VSM at loan origination date Distribution by interest rate in VSM (1) (as % of total loans within Infonavit’s portfolio
Slide 15: Consolidated mortgage portfolio characteristics
Consolidated mortgage portfolio characteristics (as % of total loans within consolidated portfolio) Distribution by Loan-to-Value (LTV) at loan Distribution by borrower’s salary in VSM at loan origination date origination date Distribution by origination program 20.7% < 4.5 37.1% 30.3% 30.0% 28.3% 3
Slide 16: 5. Performance of our CBFIs - 4Q16
5. Performance of our CBFIs - 4Q16
Slide 17: Performance of FHipo’s CBFIs during the 4Q16 and Analysts Coverage
Performance of FHipo’s CBFIs during the 4Q16 and Analysts Coverage FHipo´s Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) performance during the 4Q16 # of CBFIs Average Price $ 25.57 MXN $ Average Volume 1,126,925 FHipo announces an 8,000,000 additional withdrawal to 28 FHipo announce
Slide 18: 6. Leverage strategy
LH | FIDEICOMISO | Hipotecario 6. Leverage strategy
Slide 19: Diversified Sources of Funding
Diversified Sources of Funding FHipo has achieved finance through different types of leverage structures, through private institutions and the local debt market. Below we display the main factors of these financial structures. Diversified Funding Competitive Funding rates Long-Term Funding Short-Ter
Slide 20: Funding Structure as of 4Q16
Funding Structure as of 4Q16 Funding Structure (figures in million of pesos) Maximum Source of Funding Type of Funding Benchmark Rate Margin Amount Withdrawn Maturity Date / Duration amount CDVITOT 15U Securitization UDIBONO 2019 (1.80%) +100 bps - $1,980 (1) Financial Duration: 2019 CDVITOT 15-2U S
Slide 21: Methodology and calculation of leverage and liquidity ratios (CNBV)
Methodology and calculation of leverage and liquidity ratios (CNBV) for mortgage REITs Leverage limit methodology and calculation (CNBV) for Mortgage REITs in Mexico Regulation applicable for Development or Real Estate Trust Certificates (CBFIs) in which the trust assets are mainly intended to gra
Slide 22: Exceptional Asset Quality and Key Financial Indicators
Exceptional Asset Quality and Key Financial Indicators In this slide we illustrate the development of our non-performing loans, along with the allowance for loan losses ratio compared to our portfolio’s expected loss. Additionally we detail our year-over-year portfolio and net income growth. Stable
Slide 23: Attractive risk-return profile in a complicated macroeconomic environment
Attractive risk-return profile in a complicated macroeconomic environment FHipo’s Estimated Financial Margin (Asset Yield vs. Debt Cost) as of the 4Q16 Having considered the recent increases of the Mexican benchmark interest rate and our liabilities at fixed rates, we continue to have an attractiv
Slide 24: 7. Financial results & key metrics
7. Financial results & key metrics
Slide 25: Solid financial results in 4Q16
Solid financial results in 4Q16 P&L Summary at 4Q16 Income from assets on balance… which include the collection rights on P&L Fovissste’s portfolio, reached Ps. $494.3 million, an increase of 64.8% in figures in Ps. 000s, except the Net Income per CBFI 4Q16 4Q15 comparison with the same period of th
Slide 26: Yield of our CBFIs and Invested Capital
Yield of our CBFIs and Invested Capital The following charts illustrate the yield per CBFI for the 4Q16 and the yield of the invested capital since November 2016. FHipo’s Distribution and Yield Return on Invested Capital (calculation of accumulated yield since November 2016) Distribution and yield o
Slide 27: Our Key Metrics and Relevant Financial Information in 4Q16
Our Key Metrics and Relevant Financial Information in 4Q16 Main Financial Metrics Quarter to Quarter Year to date Figures are presented according to each metric (%, $) 4Q16 4Q15 4Q16 4Q15 We closed the 4Q16 with an accumulated Financial Margin Financial Margin and Interest Revenues of 78.5%… Financi
Slide 28: 8. Risk assessment
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Slide 29: Risk Assessment
Risk Assessment 1. Credit Risk As of 2015, FHipo determines the allowance for loan losses through the expected loss method, 12 month forward-looking.. In accordance with the internal methodology for the calculation of probability of default, considering a loss given default of 49.6%(1) for Infonav
Slide 30: Risk Assessment (Cont.)
Risk Assessment (Cont.) 2. Market Risk As of December 31st, 2016, the VaR is of Ps. $0.00 pesos (since there were no investments in securities). We determined the VaR considering: 1. The use of historical method. 2. We considered a 99% confidence level for 10 days. 3. Our Market VaR limit is estab
Slide 31: 9. Our outlook
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Slide 32: Guidance - Outlook
Guidance - Outlook 1 FHipo has delivered on all goals and objectives established since its IPO: Equity deployment, FHipo mortgage diversification, profitability, credit quality and efficient leverage strategy… and plans to continue with such positive trend during 2017. 2 FHipo will continue growing
Slide 33: 10. Financial Statements - 4Q16
10. Financial Statements - 4Q16
Slide 34: Financial Statements – Balance Sheet
Financial Statements – Balance Sheet Balance Sheet 4Q16 (figures in 000s of MXN pesos) 4Q16 4Q15 Variation % Var ASSETS Cash and cash equivalents $798,931 $497,832 $301,099 60.5% Debt securities 0 0 0 N/A Current mortgage loans 16,440,309 9,335,674 7,104,635 76.1% Past due mortgage loans 97,728 8,18
Slide 35: Financial Statements – P&L
Financial Statements – P&L Income Statement (figures in 000s of MXN pesos, except Net Income per CBFI) Quarter to Quarter Year to date 4Q16 4Q15 Variation % Var 4Q16 4Q15 REVENUES Interests on mortgage loans $494,324 $300,006 $194,318 64.8% $1,628,500 $901,654 Investment income 8,820 5,417 3,403 62.
Slide 36: Disclaimer
Disclaimer This document was produced for information purposes only, for the exclusive use of the recipient. It should be understand as informative and should not be considered as a basis for any investment or financial transaction, therefore FIDEICOMISO HIPOTECARIO F/2061 (“FHipo”, the “Company” or
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