Fideicomiso Irrevocable F/2061 · BIVA:FHIPO/14
Fideicomiso Irrevocable F/2061 — FHipo — Investor Presentation (March 2024)
29 slides from Fideicomiso Irrevocable F/2061's investor presentation, March 2024
Slide 1: Corporate Presentation
Investment that Transforms Corporate Presentation As of December 31st, 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 Co-participation agreements 6 with INFONAVIT, FOVISSST
Slide 3: 1. About FHipo
“Hige 1. About FHipo
Slide 4: FHipo is the first vehicle in Latin America similar to a 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 ◼ Mexican Lodging REIT market is created in 2012 2011 ◼ First infrastructure and education 2012 REIT in Mexico in 2018 2013 ◼ During 1Q20, the internalizatio
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) 24,000 9.0% 22,500 7.0% 21,000 19,500 5.0% 18,000 3.0% 16,500 15,000 1.0% sep-18 sep-15 mar-16 sep-16 sep-17
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 $42.3 45 $38.5 $39.8 150 $35.3 $35.9 $36.8 40 $34.2 $34.1 $35.0 130 35 110 30 90 25 70 20 50 15 30 10 10 69 87 81 99 63 49 49 49 51 49 59 5 -10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 Originated loans in
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% $2,052 $2,130 $2,200 $1,824 $1,902 $1,978 $1,722 $1,599 $1,483 $1,378 64.0% $1,285 60
Slide 13: 4. Co-participation agreements with INFONAVIT, FOVISSSTE and Digital Mortgage Platforms
4. Co-participation agreements with INFONAVIT, FOVISSSTE 13 and Digital Mortgage Platforms
Slide 14: FHipo currently participates in the following mortgage origination programs
FHipo currently participates in the following mortgage 4 origination programs: Digital Mortgage Platforms Program Characteristics Income Level 4.5 VSM onwards 3.5 VSM a 5.0 VSM 1.0 VSM onwards N/A Ps. 21,100 onwards Target Destination New or used home acquisition (guaranteed by a valid mortgage) Bor
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 and Digital Mortgage Platforms. 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
Slide 17: Mortgage origination process (Cont.)
4 Mortgage origination process (Cont.) Structure of the mortgage origination between FHipo and Digital Mortgage Platforms 5 Digital Mortgage Platforms 1 2 3 Absorbes credit risk 4 1 FHipo provides resources to fund mortgage loans or acquires the collection 4 Interest, principal amortizations and oth
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 and Digital 3 Mortgage Platforms to acquire and originate mortgage loans Solid te
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 4Q23(1) 0.11% 0.09% 0.15% 0.02% 6.81% NPLs / CP(1) with portfolio balance at origination NPLs considering Portfolio's 0.4
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 Fixed Rate Spread Short-Term Long-Term 14.6% 13.0% 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% 2.90% 2.49% UDI UDI UDI UDI FOVISSST
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 4Q23 4Q22 Figures in thousands of MXN 4Q23 4Q22 Interest on mortgage loans $295,538 $309,436 Cash and cash equivalents $1,329,635 $1,921,305 Investment Income 41,114 42,052 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