Fideicomiso Irrevocable F/2061 · BIVA:FHIPO/14
Fideicomiso Irrevocable F/2061 — FHipo — Investor Presentation (September 2023)
29 slides from Fideicomiso Irrevocable F/2061's investor presentation, Sep 30, 2023
Slide 1: Corporate Presentation: Investment that Transforms
Investment that Transforms Corporate Presentation As of September 30th, 2023 INVESTOR RELATIONS inverstorrelations@fhipo.com Ph: +52 (55) 4744-1100 [ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL] www.fhipo.com
Slide 2: Investment highlights
Investment highlights 1 About FHipo 8 2 Experienced management Macroeconomic team with robust corporate environment governance 3 7 Attractive Mexican Attractive risk-reward mortgage market profile with strong dividend fundamentals generation \ 4 6 Co-participation agreements with INFONAVIT, FOVISSST
Slide 3: 1. About FHipo
“Hige 1. About FHipo
Slide 4: FHipo is the first vehicle in Latin America similar to an USA Mortgage REIT
FHipo is the first vehicle in Latin America similar to an USA 1 Mortgage REIT… REITs market in Mexico ◼ Mexican REIT market is created in 2011 ◼ First lodging REIT in Mexico is created in 2012 2011 ◼ First infrastructure and education 2012 REITs in Mexico in 2018 2013 ◼ During 1Q20, the internalizat
Slide 5: FHipo and its key milestones since its IPO
1 FHipo and its key milestones since its IPO Mortgage origination 1st & ONLY MREIT in Mexico Ps. 8.6 bn IPO in November 2014 and Ps. 3.30 bn Follow-On in April 2016 Created to acquire, originate and manage mortgages in Mexico Co-participation agreements with and , the largest mortgage lenders with c
Slide 6: Organizational Structure
1 Organizational Structure Technical Committees: Audit Committee Practices 100% > 50% Nominations CBFI Holders Independent Members 100% Holders' Assembly Technical Committee (TC) Subsidiary of FHipo, formed by professionals with Internal Advisor Internal Advisor experience in the mortgage, TC Appoin
Slide 7: 2. Macroeconomic environment
2. Macroeconomic environment 7
Slide 8: Occupation, Employment and Mortgage Rates in Mexico
2 Occupation, Employment and Mortgage Rates in Mexico Formal economy stability and low levels of unemployment (Insured workers in 000s and unemployment as % of Economically Active Population) 22,500 9.0% 21,000 7.0% 19,500 5.0% 18,000 16,500 3.0% 15,000 1.0% Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
Slide 9: 3. Attractive Mexican mortgage market fundamentals
3. Attractive Mexican mortgage market fundamentals9
Slide 10: INFONAVIT's Mortgage Loan Origination
3 INFONAVIT’s Mortgage Loan Origination INFONAVIT’s mortgage loan 2019 – 2023E INFONAVIT’s projected mortgage portfolio registered within its balance (Number of loans for the acquisition of a new or used home) (Figures in billion pesos) $1,616 364,025 354,270 340,823 $1,544 307,623 $1,476 60,440 68,
Slide 11: FOVISSSTE's Mortgage Loan Origination
3 FOVISSSTE’s Mortgage Loan Origination Historical origination 170 $41.0 $42.6 45 $38.5 $39.8 150 $35.3 $35.9 $36.8 40 $34.4 $34.2 $34.1 $35.0 $32.5 130 35 110 30 90 25 70 20 50 15 30 10 10 75 64 69 87 81 99 63 49 49 49 51 49 5 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 Origin
Slide 12: Sub-penetrated mortgage market with steady growth levels
3 Sub-penetrated mortgage market with steady growth levels Constant mortgage sector growth Mexican mortgage market with high growth potential (Mortgage portfolio in billion pesos) (% of mortgage loans / GDP) 145.3% $2,993 $3,090 $2,787 $2,586 $2,427 $2,276 $2,079 $1,890 64.0% $1,515 $1,603 $1,720 60
Slide 13: 4. Coparticipation agreements with INFONAVIT, FOVISSSTE, YAVE and KREDI
4. Coparticipation agreements with INFONAVIT, 13 FOVISSSTE, YAVE and KREDI
Slide 14: FHipo currently participates in the following mortgage origination programs
FHipo currently participates in the following mortgage 4 origination programs: Program Characteristics Income Level 4.5 VSM onwards 3.5 VSM a 5.0 VSM 1.0 VSM onwards N/A Ps. 14,000 onwards Ps. 15,000 onwards Target Destination New or used home acquisition (guaranteed by a valid mortgage) Borrower’s
Slide 15: INFONAVIT – Green Mortgage
4 INFONAVIT – Green Mortgage At INFONAVIT, every loan has a Green Mortgage. This means that all houses financed through INFONAVIT, may have eco-technologies. What is a Green Mortgage? • It is an additional loan amount in order to reduce water, electricity and gas consumption, to generate economic sa
Slide 16: Mortgage origination process
4 Mortgage origination process FHipo originates mortgage portfolio with INFONAVIT, FOVISSSTE, YAVE and KREDI Participation structure in INFONAVIT’s Programs Structure of the assignment of collection rights on FOVISSSTE’s portfolio 7 5 1 FOVISSSTE Administration Trust 2 1 4 3 2 4 3 6 Loan Evaluation
Slide 17: Mortgage origination process (Cont.)
4 Mortgage origination process (Cont.) Structure of the mortgage origination between FHipo and Other Originators (“YAVE” and “KREDI”) 5 Other Originators: 1 2 3 Absorbs credit risk 4 1 FHipo provides resources to fund mortgage loans or acquires the collection 4 Interest, principal amortizations and
Slide 18: 5. Strong growth potential
5. Strong growth potential18
Slide 19: FHipo's strengths
5 FHipo’s strengths First mover advantage with proven track record 1 regarding origination and financing strategies Strategic investments aimed to maximize the 2 return to investors Agreements with INFONAVIT, FOVISSSTE, YAVE and 3 KREDI to acquire and originate mortgage loans Solid technologic platf
Slide 20: 6. High-Quality Mortgage Assets
6. High-Quality Mortgage Assets20
Slide 21: Solid Asset Quality
6 Solid Asset Quality Evolution of the consolidated Non-Performing Loan Ratio (“NPL”) and the Allowance for Loan Losses NPLs as a % of the Consolidated Portfolio (“CP”) as of the 3Q23(1) 0.10% 0.09% 0.14% 0.02% 6.75% 0.41% 1.48% 0.78% 1.27% 0.07% 0.48% 0.00% 1.91% Infonavit Fovissste YAVE Kredi CDVI
Slide 22: 7. Attractive risk-return profile
7. Attractive risk-return profile 22
Slide 23: Funding Structures
7 Funding Structures Securitizations Short-Term Warehousing Facilities Long-Term Unsecured Bonds Covered Bonds Issuance of securities / certificates, by an issuing trust Credit facility conceded by a Issuance of securities / certificates Issuance of securities / with loans that collateralize private
Slide 24: Attractive Risk-Return Profile
7 Attractive Risk-Return Profile Asset Yield - Origination Program Consolidated Cost of Debt - Funding Rates (3) SWAP TIIE Fixed Rate Spread Long-Term Short-Term (2) 14.5% 14.4% 13.0% (2) SWAP 11.9% 12.0% 1.35% 10.9% 0.40% 10.5% 10.8% VSM (1) 8.96% 8.06% 8.37% VSM (1) 6.73% TIIE TIIE 4.13% 3.46% 2.9
Slide 25: 8. Development of the Mexican Housing Sector
8. Development of the Mexican Housing Sector25
Slide 26: Promoting the development of the Mexican Housing Sector
8 Promoting the development of the Mexican Housing Sector Global Offering’s Distribution Improving Mexican Worker’s Savings Part of FHipo’s equity came from abroad: FHipo, as the first MREIT in Mexico, obtained investments from Mexican pension funds (AFOREs). • FHipo, as a new asset class, has gener
Slide 27: 9. Financial Results
9. Financial Results 27
Slide 28: Solid Financial Results
9 Solid Financial Results P&L Summary Balance Sheet Summary Figures in thousands of MXN, except the Net Income per CBFI 3Q23 3Q22 Figures in thousands of MXN 3Q23 3Q22 Interest on mortgage loans Cash and cash equivalents $1,816,763 $1,555,856 $296,857 $304,799 Investment Income 42,309 36,401 Loans,
Slide 29: Disclaimer
Disclaimer This document was produced for informative purposes only, for the exclusive use of the recipient. It should be understood 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