Fideicomiso Irrevocable F/2061 · BIVA:FHIPO/14
Fideicomiso Irrevocable F/2061 — Fideicomiso Hipotecario (FHipo) — Q1 2016 Earnings Presentation
36 slides from Fideicomiso Irrevocable F/2061's earnings presentation, 2016
Slide 1: First Quarter 2016 Results
Investment that Transforms [ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL] First Quarter 2016 Results INVESTOR RELATIONS Daniel Braatz / CFO db@fhipo.com Xavier Martínez / IRO xm@fhipo.com inverstorrelations@fhipo.com Ph: +52 (55) 474
Slide 2: Index
Index Performance and achievements during the quarter Mexican mortgage market Origination programs Portfolio composition - 1Q16 Performance of our CBFIs of the 1Q16 Leverage strategy Financial results & key metrics Risk assessment Our outlook Financial statements - 1Q16 2
Slide 3: 1. Performance and Achievements of the Quarter
1. Performance and Achievements of the Quarter
Slide 4: Performance and Achievements during the 1Q16
Performance and Achievements during the 1Q16… During the 1st quarter of 2016 FHipo achieved the following results… Second and third drawdown and investment of the warehousing HR Ratings assigned a Long Term credit rating of HR AA and a Short facility with Banorte (amount withdrawn Ps. $2,650 mm) Ter
Slide 5: 2. Mexican Mortgage Market
CT1Ip© Hipotecario 2. Mexican Mortgage Market
Slide 6: Behavior of the Mortgage Interest Rates in Mexico
Behavior of the Mortgage Interest Rates in Mexico The following charts illustrate the evolution of the average Total Annual Cost (TAC) of Banks and SOFOLES as well as the current and former interest rates of INFONAVIT and FOVISSSSTE. Behavior of the Mortgage Interest Rates (Private Sector) – 5 year
Slide 7: Housing Demand in Mexico
Housing Demand in Mexico Estimates show that during 2016 there will be ~1,166,872 households looking for some type of mortgage loan; therefore the mortgage demand will impact over 4.5 million people Housing demand by type of solution Housing Demand by Component (2016 Estimates, number of households
Slide 8: Infonavit's Mortgage Loan Origination
Infonavit’s Mortgage Loan Origination Infonavit expects to originate ~365 thousands loans a year or $105 bn pesos for the next five years (2015 to 2020), which translates in a CAGR (’15 – ’20) of 8.20% Evolution of beneficiaries who qualify for a mortgage loan (2008 - 2015) Number of mortgage loans
Slide 9: Occupation and Employment in Mexico
Occupation and Employment 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. Population contributing to the IMSS… progressive increase in the formal e
Slide 10: 3. Origination Programs
LH | FIDEICOMISO | Hipotecario 3. Origination Programs
Slide 11: FHipo currently participates in the following origination programs from Infonavit
FHipo currently participates in the following origination programs from Infonavit 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 Amount 729 VSM’s ~
Slide 12: Origination Process with Infonavit
Origination Process with Infonavit FHipo’s participation in Infonavit’s origination programs FHipo works as an ally in Infonavit’s mortgage origination… Collection of interest and amortization Interest and Amortizations Mortgage House Origination acquisition Servicing fee % Loans Return of FHipo co-
Slide 13: 4. Portfolio Composition - 1Q16
4. Portfolio Composition - 1Q16 As of March 31, 2016
Slide 14: Consolidated Portfolio Composition as of 1Q16
Consolidated Portfolio Composition as of 1Q16 Summary of FHipo’s Consolidated Portfolio Characteristics (Loan balance as of March 31, 2016) Total Balance (Infonavit and FHipo) Ps. $19,349 million Total Balance (FHipo's Participation) Ps. $12,667 million (1) Total Number of Loans: Infonavit Total and
Slide 15: Geographically diversified Portfolio, focused on high credit quality borrowers
Geographically diversified Portfolio, focused on high credit quality borrowers Geographic Distribution of the Portfolio (as % of total loans in the portfolio) 21.0% 13.4% 12.0% 4.8% 4.7% 6.8% 3.9% 3.5% 3.3% 2.7% 4.9% 4.7% 4.5% 3.6% 3.4% 2.8% Veracruz State of Mexico Chihuahua Others Nuevo León Jalis
Slide 16: FHipo has co-participated/originated 48,333 mortgages loans
FHipo has co-participated/originated 48,333 mortgages loans Distribution by Interest Rate in the Infonavit Total VSM (1) denominated Portfolio Asset Breakdown (as % of total loans within portfolio denominated in VSM) (as % of total assets on balance) 45.7% 4.2% 3.4% Mortgages Loans and Equity 28.9%
Slide 17: 5. Performance of our CBFIs during the 1Q16
5. Performance of our CBFIs during the 1Q16
Slide 18: Performance of FHipo's CBFIs during the 1Q16 and Analysts Coverage
Performance of FHipo’s CBFIs during the 1Q16 and Analysts Coverage FHipo´s Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) performance during the 1Q16 # of CBFIs Average Price $ 24.85 FHipo announces that Report on accrued interests MXN $ HR Ratings assigned a corresponding to the mont
Slide 19: 6. Leverage Strategy
LH | FIDEICOMISO | Hipotecario 6. Leverage Strategy
Slide 20: CEDEVI Program (RMBS) – Issuance CDVITOT 15U and CDVITOT 15-2U
CEDEVI Program (RMBS) – Issuance “CDVITOT 15U” and “CDVITOT 15-2U” The CEDEVI program (RMBS) exists since 2004, in a structure under which Infonavit loans are securitized in the capital markets. FHipo used such instruments as a source of financing, seeking to ensure a financial spread between the fi
Slide 21: Credit Facility with Banorte through a Warehousing Mortgage Structure
Credit Facility with Banorte through a Warehousing Mortgage Structure Structure of the Warehousing Line - Warehousing Structure backed by underlying assets (mortgages loans) for the monetization of mortgage portfolios. - Underlying Asset: Portfolio of mortgage loan rights co-participated by FHipo. -
Slide 22: Calculation Methodology of Leverage Ratios (CNBV) for Mortgage REITs
Calculation Methodology of Leverage 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 grant credits, loans
Slide 23: 7. Financial Results & Key Metrics
7. Financial Results & Key Metrics
Slide 24: Solid financial results in 1Q16
Solid financial results in 1Q16 P&L Summary at 1Q16 Income from assets on balance. The additional financial margin, generated P&L by the securitized portfolio (RMBS), is registered in the valuation of figures in 000s, except the Net Income per CBFI 1Q16 1Q15 receivable benefits in securitization tra
Slide 25: Yield of our CBFIs and Invested Capital
Yield of our CBFIs and Invested Capital The following charts illustrate the yield per CBFI for the first quarter of 2016 and the yield of the invested capital since 4Q15. FHipo’s Distribution and Yield Return on Invested Capital (calculation of cumulative yield since 4Q15) Distribution and yield on
Slide 26: Our Key Metrics and Relevant Financial Information in 1Q16
Our Key Metrics and Relevant Financial Information in 1Q16 Main Financial Metrics We closed the 1Q16 with a Figures are presented according to each metric (%, $) 1Q16 1Q15 Financial Margin of Ps. $268.4 Financial Margin and Interest Revenues millions… Financial Margin - "interest revenue - interest
Slide 27: 8. Risk Assessment
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Slide 28: 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 probability of default and considering a loss given default of 49.6%(1) and a loan exposure (ou
Slide 29: Risk Assessment (Cont.)
Risk Assessment (Cont.) 2. Market Risk As of March 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 establis
Slide 30: 9. Our Outlook
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Slide 31: Guidance - Outlook
Guidance - Outlook 1 We expect that our Net 3 Continue with the execution, development Interest Margin will and implementation continue with a of FHipo’s leverage Leverage Net Interest positive Strategy. Strategy Margin performance. FHipo will continue to consolidate as the first mortgage REIT \ con
Slide 32: 10. Financial Statements - 1Q16
10. Financial Statements - 1Q16
Slide 33: Financial Statements – Balance Sheet
Financial Statements – Balance Sheet Balance Sheet 1Q16 (figures in 000s of Mexican pesos) 1Q16 1Q15 Variation % Var ASSETS Cash and cash equivalents $468,451 $385,097 $83,354 21.6% Debt securities 0 1,127,805 (1,127,805) -100.0% Current mortgage loans 9,884,856 6,744,354 3,140,502 46.6% Past due mo
Slide 34: Financial Statements – P&L
Financial Statements – P&L Income Statement (figures in 000s of Mexican pesos, except Net Income per CBFI) 1Q16 1Q15 Variation % Var REVENUES Interests on mortgage loans $299,345 $208,959 $90,386 43.3% Investment income 2,498 27,790 (25,292) -91.0% Total net interest income 301,843 236,749 65,094 27
Slide 35: Financial Metrics
Financial Metrics Financial Metrics (Figures are presented according to each metric %,$) 1Q16 1Q15 Financial Margin and Interest Revenue Financial Margin - "interest revenue - interest expense / total interest revenue" 88.9% 100.0% Adjusted Financial Margin - "adjusted by allowance for loan losses (
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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