FIBRA Macquarie México Reports Third Quarter 2016 Results
AFFO per Certificate Increases 27.1% YoY
MEXICO CITY--(BUSINESS WIRE)-- FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced its financial and operating results for the quarter and nine months ended September 30, 2016.
HIGHLIGHTS
- AFFO per certificate of Ps 0.5357, a 27.1% increase from the prior comparable period
- Achieved overall occupancy of 92.9%, up 100 bps from the prior comparable period
- Increased average rent per square meter across the portfolio over 100 basis points compared to the prior quarter
- NOI margin increased 190 basis points compared to the prior comparable period
- Declared a distribution of Ps 0.4400 per certificate, representing an AFFO payout ratio of 82.1% for the quarter and 86.5% on a Q3 2016 YTD basis
“We delivered another solid quarter of financial results as we continue to execute on our strategy of enhancing the value of our assets, leveraging the strong relationships we have with our customers, and growing our portfolio in a disciplined way. Leasing demand remains strong in our core markets, and our platform is meeting the needs of both existing and new customers,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “To help drive our growth, we are maintaining an active pipeline of accretive investment opportunities and continue to evaluate our portfolio for prospects to expand or redevelop existing properties. Our growth is supported by our strengthened balance sheet and enhanced liquidity, along with selective asset recycling opportunities.”
FINANCIAL RESULTS
For the quarter ended September 30, 2016, FIBRAMQ reported:
- Earnings before interest, tax, depreciation and amortization (EBITDA) of Ps 726.8 million, compared to Ps 600.3 million for the comparable period in 2015
- Funds from operations (FFO) of Ps 512.7 million, or Ps 0.6320 per certificate, compared to Ps 408.4 million, or Ps 0.5034 per certificate, for the comparable period in 2015
- Adjusted funds from operations (AFFO) of Ps 434.7 million, or Ps 0.5357 per certificate, compared to Ps 342.0 million, or Ps 0.4216 per certificate, for the comparable period in 2015
For the nine months ended September 30, 2016, FIBRAMQ reported:
- EBITDA of Ps 2,084.1 million, compared to Ps 1,637.4 million for the comparable period in 2015
- FFO of Ps 1,440.9 million, or Ps 1.7759 per certificate, compared to Ps 1,136.8 million, or Ps 1.4011 per certificate, for the comparable period in 2015
- AFFO of Ps 1,238.8 million, or Ps 1.5268 per certificate, compared to Ps 956.2 million, or Ps 1.1784 per certificate, for the comparable period in 2015
OPERATING RESULTS
FIBRAMQ’s total portfolio results were as follows:
|
TOTAL PORTFOLIO |
3Q16 |
3Q15 |
Variance |
YTD 16 |
YTD 15 |
Variance |
||||||||||||
| Net Operating Income (NOI) | Ps 783.1m | Ps 660.0m | 18.7% | Ps 2,255.4m | Ps 1,817.6m | 24.1% | ||||||||||||
| FFO | Ps 512.7m | Ps 408.4m | 25.5% | Ps 1,440.9m | Ps 1,136.8m | 26.8% | ||||||||||||
| AFFO | Ps 434.7m | Ps 342.0m | 27.1% | Ps 1,238.8m | Ps 956.2m | 29.6% | ||||||||||||
| GLA (’000s sqm) EOP | 3,408 | 3,401 | 0.2% | 3,408 | 3,401 | 0.2% | ||||||||||||
| Occupancy EOP | 92.9% | 91.9% | 100 bps | 92.9% | 91.9% | 100 bps | ||||||||||||
FIBRAMQ’s same store portfolio results were as follows:
|
TOTAL PORTFOLIO - SAME STORE |
3Q16 |
3Q15 |
Variance |
||||||
| Net Operating Income | Ps 740.3m | Ps 638.7m | 15.9% | ||||||
| GLA (’000s sqm) EOP | 3,151 | 3,170 | -0.6% | ||||||
| Occupancy EOP | 92.3% | 91.7% | 60 bps | ||||||
| Retention (LTM) | 65% | 77% | -1220 bps | ||||||
| Weighted Average Lease Term Remaining (years) EOP | 3.7 | 3.7 | -1.5% | ||||||
Note: GLA in FIBRAMQ’s same store portfolio includes completed expansions, and excludes GLA which is currently subject to redevelopment or binding sale agreements.
Industrial Portfolio
The following table summarizes the operational results for FIBRAMQ’s industrial segment during the quarter ended September 30, 2016 and the prior comparable period.
|
INDUSTRIAL PORTFOLIO |
3Q16 |
3Q15 |
Variance |
||||||
| Net Operating Income | Ps 650.0m | Ps 526.7m | 23.4% | ||||||
| GLA (’000s sqft) EOP | 31,884 | 31,816 | 0.2% | ||||||
| GLA (’000s sqm) EOP | 2,962 | 2,956 | 0.2% | ||||||
| Occupancy EOP | 92.6% | 91.4% | 120 bps | ||||||
| Average monthly rent per leased sqm (US$) EOP | $4.47 | $4.42 | 1.1% | ||||||
| Retention (LTM) | 65% | 77% | -1,200 bps | ||||||
| Weighted Average Lease Term Remaining (years) EOP | 3.3 | 3.3 | 0.6% | ||||||
The industrial portfolio occupancy rate at the end of the third quarter was 92.6%, up 120 basis points over the prior comparable period and flat sequentially. Reflecting the tightness of the rental market, average rental rates reached their highest levels since the first half of 2015, up 1.1% over the prior comparable period to US$4.47 per leased square meter. This improvement was driven primarily by contractual rent increases along with positive spreads on renewals. Furthermore, FIBRAMQ made progress leasing space that had been vacant for extended periods. The at-market rental rates achieved on these properties were lower than the FIBRAMQ portfolio average but are incrementally positive to NOI.
As expected and previously communicated, FIBRAMQ experienced a high level of customer move-outs arising from a range of tenant-specific circumstances in the third quarter, resulting in a retention rate of 65%. During the quarter, ten tenants representing 634 thousand square feet of space vacated properties at the end of their scheduled lease term.
FIBRAMQ signed 23 leases comprising 1.4 million square feet of new and renewal leases during the quarter, in line with the prior comparable period. Signed leases included six new leases totaling 347 thousand square feet and 17 renewal leases totaling 1.1 million square feet.
Notable new leases included those with two existing customers who are expanding their operations, reflecting the positive impact of FIBRAMQ’s “customer first” initiative. These include a 114 thousand square foot lease with a logistics customer in Puebla, and a 65 thousand square foot lease with an electronics manufacturer in Mexicali. FIBRAMQ also leased 70 thousand square feet to a plastic injection molding manufacturer in Hermosillo and 60 thousand square feet in Monterrey to a specialist in paint manufacturing processes servicing the automotive industry.
FIBRAMQ continues to seek expansion opportunities to accommodate changing customer needs and create additional value in its portfolio. FIBRAMQ delivered seven thousand square feet to an existing manufacturer in Querétaro during the quarter. Subsequent to quarter end, FIBRAMQ delivered its largest expansion to date, the shell for a 215 thousand square foot expansion for Belden de Sonora’s industrial facility in Nogales.
Retail/Office Portfolio
The following table summarizes the results of operations for FIBRAMQ’s retail/office segment during the quarter ended September 30, 2016 and the prior comparable period.
|
RETAIL/OFFICE PORTFOLIO |
3Q16 |
3Q15 |
Variance |
||||||
| Net Operating Income | Ps 133.1m | Ps 133.3m | -0.2% | ||||||
| GLA (’000s sqm) EOP | 446 | 445 | 0.2% | ||||||
| Occupancy EOP | 94.7% | 94.9% | -20 bps | ||||||
| Average monthly rent per leased sqm (Ps) EOP | 144.52 | 141.28 | 2.3% | ||||||
| Retention (LTM) | 68% | 83% | -1500 bps | ||||||
| Weighted Average Lease Term Remaining (years) EOP | 5.2 | 5.2 | 0.0% | ||||||
At September 30, 2016, the retail/office portfolio occupancy declined 20 basis points to 94.7% versus the prior comparable period and declined 50 basis points sequentially. FIBRAMQ signed 37 leases representing 2,817 square meters, including 28 new leases and 9 renewals during the quarter. The decline in occupancy was due, in part, to early lease terminations where FIBRAMQ is aiming to lease the GLA at better terms and further improve its retail/office tenant mix. Average monthly rent increased by 2.3% to Ps 144.52 per leased square meter compared with the third quarter in 2015.
FIBRAMQ achieved important milestones in the development and expansion of its retail/office portfolio, focusing in the key Mexico City Metropolitan Area (MCMA). Subsequent to quarter end, FIBRAMQ completed its previously announced 8,100 square meter expansion at its Tecámac Power Center, located in a densely populated northern market of MCMA. 6,800 square meters was leased to Fábricas de Francia, a leading Mexican retailer. Reflecting the expected increase in foot traffic arising from the addition of a well-known retailer, FIBRAMQ has leased 454 square meters of newly developed adjacent space to other high-quality tenants. At MagnoCentro, a fashion mall located in an affluent suburb of the MCMA, FIBRAMQ completed the installation and renovation of escalators and elevators to enhance shopper experience. Additionally, its new Cinépolis tenant opened a remodeled 13-screen theatre, including four state-of-the-art luxury screens.
PORTFOLIO ACTIVITY
FIBRAMQ maintains an active pipeline of opportunities focusing on expansions and redevelopment of existing properties and selective development in core markets.
FIBRAMQ has commenced construction of a new 142 thousand square foot industrial building in Reynosa where occupancy in its existing buildings was 96% at quarter end. Construction is expected to be completed in the first half of 2017. FIBRAMQ also began a US$2 million redevelopment and expansion of a 59 thousand square foot facility in Ciudad Juárez.
FIBRAMQ continues to evaluate property recycling opportunities to enhance the quality and growth profile of its overall portfolio, as well as to continue to improve operating efficiencies as a premier real estate manager. As the first step in this continuous program, during the quarter FIBRAMQ agreed to dispose of two vacant properties in Matamoros totaling 205 thousand square feet for approximately US$1.9 million. The sale is expected to close in the fourth quarter of 2016. Proceeds from the asset recycling program are expected to be used to pay down the drawn revolver or be redeployed into opportunities with better growth prospects, such as the previously mentioned Ciudad Juárez redevelopment.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of September 30, 2016, FIBRAMQ had approximately US$899 million of debt outstanding, US$161 million available on its undrawn revolving credit facility and US$26 million of unrestricted cash on hand.
As previously announced, at quarter end, FIBRAMQ successfully raised new commitments of US$159 million in unsecured debt, including an US$84 million increase to its unsecured bank facility and the issuance of US$75 million unsecured, ten-year private placement notes. The drawn proceeds and surplus cash were used to repay secured debt, pay down the revolving credit facility and associated transaction costs. During the quarter, FIBRAMQ executed a US$258 million interest rate swap program so that 89.2% of its debt is now on a long-term fixed interest rate basis. These transactions, which complete its two-phase balance sheet repositioning, provide a number of benefits including a reduction in FIBRAMQ’s weighted average cost of debt to 4.9% per annum whilst extending the weighted average tenor of debt outstanding to 4.8 years. FIBRAMQ also enhanced its liquidity with the upsizing of its revolving credit facility to US$259 million of which US$161 million is currently undrawn. FIBRAMQ’s debt capital has been sourced through a diversified base of 13 counterparties, including increased commitments from existing lenders.
A table summarizing the balance sheet repositioning is shown below:
|
Metric |
Pre-Refinance |
June 30, 2016 |
September 30, 2016 |
||||||
| Total Debt | US$995m | US$931m | US$908m | ||||||
| Average cost of debt (p.a.) | 5.1% | 5.1% | 4.9% | ||||||
| Debt tenor (weighted avg) | 1.4 yrs | 4.2 yrs | 4.8 yrs | ||||||
| Total revolver | N/A | US$219m | US$259m | ||||||
| Undrawn revolver | N/A | US$32m | US$161m | ||||||
| Surplus cash utilized to repay debt | Nil | US$60m | US$22m | ||||||
| Number of lenders | 3 | 11 | 13 | ||||||
| Secured debt (% total debt) | 100.0% | 29.8% | 25.0% | ||||||
| CNBV regulatory debt to total asset ratio | 40.2% | 39.1% | 38.5% | ||||||
| CNBV regulatory DSCR | 1.6x | 1.4x | 1.1x | ||||||
DISTRIBUTION
On October 27, 2016, FIBRAMQ declared a cash distribution for the quarter ended September 30, 2016, of Ps 0.4400 per certificate. The distribution is expected to be paid on November 10, 2016 to holders of record on November 9, 2016. FIBRAMQ’s certificates will commence trading ex-distribution on November 5, 2016. The distribution of Ps 0.4400 per certificate reflects an AFFO payout ratio of 82.1% for the third quarter and 86.5% for the first nine months of the year.
FIBRAMQ expects that its fourth quarter dividend will be consistent with those already paid or declared in respect of 2016. The payment of cash distributions is at all times subject to the approval of the board of directors of the Manager, the continued stable performance of the properties in the portfolio, and market conditions.
WEBCAST AND CONFERENCE CALL
FIBRAMQ will host an earnings conference call and webcast presentation on Friday, October 28, 2016 at 7:30 a.m. CT / 8:30 a.m. ET.
The conference call, which will also be audio webcast, can be accessed online at www.fibramacquarie.com or by dialing toll free +1 (877) 304 8957. Callers from outside the United States may dial +1 (973) 638 3235. Please ask for the FIBRA Macquarie Third Quarter 2016 Earnings Call.
An audio replay will be available by dialing +1-855-859-2056 or +1-404-537-3406 for callers outside the United States. The passcode for the replay is 93714822. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the third quarter 2016 will also be available on FIBRAMQ’s website, http://www.fibramacquarie.com.
ADDITIONAL INFORMATION
For reconciliations of all non-GAAP reporting measures to IFRS results, detailed charts, tables and definitions, please refer to the Third Quarter 2016 Supplementary Information materials located at http://www.fibramacquarie.com/investors/bolsa-mexicana-de-valoresfilings.
All figures in this release are subject to rounding and stated in US Dollar or US Dollar-equivalent amounts, unless otherwise specified. Any arithmetic inconsistencies are due to rounding.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 277 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of September 30, 2016. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.
Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets had approximately US$105.1 billion of total assets under management as of June 30, 2016.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in 28 countries. Macquarie employs approximately 14,000 people and had assets under management of $370.6 billion as of June 30, 2016. For more information, please visit www.macquarie.com.
Cautionary Note Regarding Forward-looking Statements
This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.
None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.
|
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES |
||||||
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASAT SEPTEMBER 30, 2016 (UNAUDITED) AND DECEMBER 31, 2015 |
||||||
|
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
||||||
|
Sep 30, 2016 |
Dec 31, 2015 |
|||||
|
$’000 |
$’000 |
|||||
| Current assets | ||||||
| Cash and cash equivalents | 481,373 | 2,223,294 | ||||
| Restricted cash | 10,238 | 9,033 | ||||
| Trade and other receivables, net | 126,419 | 102,431 | ||||
| Value added tax receivable | - | 287,020 | ||||
| Other assets | 76,481 | 96,422 | ||||
| Investment properties held for sale | 300,918 | - | ||||
| Total current assets | 995,429 | 2,718,200 | ||||
| Non-current assets | ||||||
| Restricted cash | 37,748 | 162,099 | ||||
| Other assets | 173,453 | 132,854 | ||||
| Equity-accounted investees | 1,017,739 | 959,363 | ||||
| Goodwill | 931,605 | 931,605 | ||||
| Investment properties | 40,138,367 | 35,639,298 | ||||
| Total non-current assets | 42,298,912 | 37,825,219 | ||||
| Total assets | 43,294,341 | 40,543,419 | ||||
| Current liabilities | ||||||
| Trade and other payables | 579,675 | 350,300 | ||||
| Interest-bearing liabilities | - | 937,621 | ||||
| Tenant deposits | 20,545 | 18,925 | ||||
| Total current liabilities | 600,220 | 1,306,846 | ||||
| Non-current liabilities | ||||||
| Tenant deposits | 333,073 | 306,804 | ||||
| Interest-bearing liabilities | 16,679,815 | 15,409,369 | ||||
| Derivative financial instruments | 19,717 | - | ||||
| Total non-current liabilities | 17,032,605 | 15,716,173 | ||||
| Total liabilities | 17,632,825 | 17,023,019 | ||||
|
Net assets |
25,661,516 |
23,520,400 |
||||
| Equity | ||||||
| Contributed equity | 18,369,994 | 18,369,994 | ||||
| Retained earnings | 7,291,522 | 5,150,406 | ||||
|
Total equity |
25,661,516 |
23,520,400 |
||||
| FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES | |||||||||||||||||||||||||
|
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 |
|||||||||||||||||||||||||
|
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
|||||||||||||||||||||||||
| 3 months ended | 9 months ended | ||||||||||||||||||||||||
| Sept 30,2016 | Sep 30,2015 | Sep 30,2016 | Sep 30,2015 | ||||||||||||||||||||||
| $’000 | $’000 | $’000 |
$’000 |
||||||||||||||||||||||
| Property related income | 848,176 | 720,134 | 2,485,387 | 1,987,149 | |||||||||||||||||||||
| Property related expenses | (110,598) | (103,953) | (364,104) | (297,150) | |||||||||||||||||||||
| Net property income | 737,578 | 616,181 | 2,121,283 | 1,689,999 | |||||||||||||||||||||
| Management fees | (44,988) | (50,152) | (135,574) | (151,504) | |||||||||||||||||||||
| Transaction related expenses | (11,259) | (2,224) | (26,766) | (11,077) | |||||||||||||||||||||
| Professional, legal and other expenses | (11,296) | (9,439) | (35,526) | (28,572) | |||||||||||||||||||||
| Total expenses | (67,543) | (61,815) | (197,866) | (191,153) | |||||||||||||||||||||
| Finance costs | (226,423) | (202,141) | (705,794) | (569,306) | |||||||||||||||||||||
| Financial income | 5,261 | 18,227 | 31,847 | 93,186 | |||||||||||||||||||||
| Share of profits from equity-accounted investees | 9,575 | 34,629 | 70,193 | 63,915 | |||||||||||||||||||||
| Foreign exchange loss | (487,234) | (1,268,084) | (1,901,792) | (2,008,780) | |||||||||||||||||||||
|
Net unrealized foreign exchange gain on foreigncurrency denominated investment property measuredat fair value |
986,407 | 2,266,172 | 3,792,804 | 3,544,210 | |||||||||||||||||||||
|
Unrealized revaluation gain on investment propertymeasured at fair value |
24,082 | 406,407 | 38,794 | 406,407 | |||||||||||||||||||||
| Net unrealized loss on interest rate swaps | (19,717) | - | (19,717) | - | |||||||||||||||||||||
| Income tax expense | (986) | - | (1,409) | - | |||||||||||||||||||||
| Profit for the period | 961,000 | 1,809,576 | 3,228,343 | 3,028,478 | |||||||||||||||||||||
| Other comprehensive income | |||||||||||||||||||||||||
| Other comprehensive income for the period | - | - | - | - | |||||||||||||||||||||
| Total comprehensive income for the period | 961,000 | 1,809,576 | 3,228,343 | 3,028,478 | |||||||||||||||||||||
| Earnings per CBFI* | |||||||||||||||||||||||||
| Basic earnings per CBFI (pesos) | 1.18 | 2.23 | 3.98 | 3.73 | |||||||||||||||||||||
| Diluted earnings per CBFI (pesos) | 1.18 | 2.23 | 3.98 | 3.73 | |||||||||||||||||||||
| *Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios) | |||||||||||||||||||||||||
|
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES |
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|
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES INEQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 |
|||||||||
|
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
|||||||||
| Contributed | Retained | ||||||||
| equity | earnings | Total | |||||||
| $’000 | $’000 | $’000 | |||||||
| Total equity at January 1, 2015 | 18,376,480 | 2,476,442 | 20,852,922 | ||||||
| Total comprehensive income for the period | - | 3,028,478 | 3,028,478 | ||||||
| Total comprehensive income for the period | - | 3,028,478 | 3,028,478 | ||||||
|
Transactions with equity holders in theircapacity as equity holders: |
|||||||||
| - Cost directly attributable to follow-on equity placement | (6,486) | - | (6,486) | ||||||
| - Distributions to CBFI holders | - | (889,694) | (889,694) | ||||||
|
Total transactions with equity holders in theircapacity as equity holders |
(6,486) | (889,694) | (896,180) | ||||||
| Total equity at September 30, 2015 | 18,369,994 | 4,615,226 | 22,985,220 | ||||||
| Total equity at January 1, 2016 | 18,369,994 | 5,150,406 | 23,520,400 | ||||||
| Total comprehensive income for the period | - | 3,228,343 | 3,228,343 | ||||||
| Total comprehensive income for the period | - | 3,228,343 | 3,228,343 | ||||||
| Transactions with equity holders in their capacity as equity holders: | |||||||||
| - Distributions to CBFI holders | - | (1,087,227) | (1,087,227) | ||||||
|
Total transactions with equity holders in theircapacity as equity holders |
- | (1,087,227) | (1,087,227) | ||||||
| Total equity at September 30, 2016 | 18,369,994 | 7,291,522 | 25,661,516 | ||||||
| FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES | |||||||
|
CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FORTHE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015 |
|||||||
|
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED) |
|||||||
| 9 months ended | |||||||
|
Sep 30, 2016 |
Sep 30, 2015 |
||||||
|
$’000 |
$’000 |
||||||
|
Inflows/(Outflows) |
Inflows/(Outflows) |
||||||
|
Operating activities: |
|||||||
| Profit for the period | 3,228,343 | 3,028,478 | |||||
| Adjustments for: | |||||||
|
Net unrealized foreign exchange gain on foreign currency denominatedinvestment property measured at fair value |
|||||||
| (3,792,804) | (3,544,210) | ||||||
|
Unrealized revaluation gain on investment property measured at fairvalue |
(38,794) | (406,407) | |||||
| Straight line rental income adjustment | (39,151) | (46,748) | |||||
| Tenant improvements amortization | 14,111 | 9,111 | |||||
| Leasing expense amortization | 27,365 | 21,466 | |||||
| Financial income | (31,847) | (93,186) | |||||
| Provision for bad debt | 25,811 | 29,736 | |||||
| Net foreign exchange loss | 2,023,507 | 2,065,408 | |||||
| Finance costs recognized in profit for the period | 705,794 | 569,306 | |||||
| Share of profits from equity-accounted investees | (70,193) | (63,915) | |||||
| Income tax expense | 1,409 | - | |||||
| Net unrealized loss on interest rate swaps | 19,717 | - | |||||
| Movements in working capital: | |||||||
| Decrease in receivables | 276,068 | (61,488) | |||||
| Increase/(decrease) in payables | 221,625 | 74,000 | |||||
| Net cash flows from operating activities | 2,570,961 | 1,581,551 | |||||
| Investing activities: | |||||||
| Investment property - asset acquisitions | (447,945) | (3,088,746) | |||||
| Maintenance capital expenditure and other capitalized costs | (466,311) | (222,733) | |||||
| Distributions received from equity-accounted investees | 11,817 | 26,140 | |||||
| Net cash flows used in investing activities | (902,439) | (3,285,339) | |||||
| Financing activities: | |||||||
| Financial income | 31,847 | 93,186 | |||||
| Repayment of interest-bearing liabilities | (16,121,464) | - | |||||
| Interest paid | (619,024) | (541,463) | |||||
| Proceeds from interest-bearing liabilities, net of facility charges | 14,383,994 | - | |||||
| Capital raising costs (follow-on equity placement) | - | (33,639) | |||||
| Distributions to CBFI holders | (1,087,227) | (889,694) | |||||
| Net cash flows used in financing activities | (3,411,874) | (1,371,610) | |||||
| Net decrease in cash and cash equivalents | (1,743,352) | (3,075,398) | |||||
| Cash, cash equivalents at the beginning of the period | 2,394,426 | 5,603,834 | |||||
| Foreign exchange gain on cash and cash equivalents | (121,715) | (56,628) | |||||
| Cash and cash equivalents at the end of the period* | 529,359 | 2,471,808 | |||||
| *Included in the cash and cash equivalent balance at the end of the period is restricted cash of $47.9 million (September 30, 2015: $155.7 million). |
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027007013/en/
Investor Relations:
FIBRA Macquarie México
+52 (55)
9178 7751
[email protected]
or
ICR
Evelyn
Infurna, +1 203-682-8265
[email protected]
or
Nikki
Sacks, +1 203-682-8263
[email protected]
or
For
Press Queries:
FleishmanHillard México
Alejandro
Sampedro Llorens
+52 55 5540 6031 ext. 249
[email protected]
Source: FIBRA Macquarie México
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