JAVER ANNOUNCES GROWTH IN VOLUME AND KEY FINANCIAL FIGURES FOR 4Q17 AND 12M17
15 Febrero 2018 - 3:08PM
BMV General Information
MONTERREY, NUEVO LEON, MEXICO - FEBRUARY 15, 2018 - SERVICIOS
CORPORATIVOS JAVER S.A.B. DE C.V., (BMV: JAVER) ("JAVER" OR "THE
COMPANY"), THE LARGEST HOUSING DEVELOPMENT COMPANY IN MEXICO IN
TERMS OF UNITS SOLD, TODAY ANNOUNCED FINANCIAL RESULTS FOR THE
FOURTH QUARTER ("4Q17") AND FIRST TWELVE-MONTH ("12M17") PERIODS
ENDED DECEMBER 31, 2017. ALL FIGURES PRESENTED IN THIS REPORT ARE
EXPRESSED IN NOMINAL MEXICAN PESOS (PS.), UNLESS OTHERWISE
SPECIFIED.
4Q17 AND 12M17 HIGHLIGHTS:- UNITS TITLED TOTALED 5,585 IN 4Q17, A
DOUBLE-DIGIT GROWTH OF 16.3% COMPARED TO 4,801 UNITS IN 4Q16,
THEHIGHEST LEVEL FOR A QUARTER SINCE 2011. IN 12M17, THE COMPANY
SOLD 18,750 UNITS, 2.2% ABOVE THE 18,352 UNITS TITLED IN 12M16,
WHICH REPRESENTS THE HIGHEST VOLUME IN HISTORY FOR THE COMPANY.
- NET REVENUES INCREASED 20.5% TO PS. 2,327.5 MILLION IN 4Q17
COMPARED TO PS. 1,932.3 MILLION IN 4Q16, DUE TO THEENHANCED SALES
MIX, WHICH CONTINUES WITH A SIGNIFICANT TREND TOWARDS THE LOW
MIDDLE-INCOME SEGMENT AND A BETTER AVERAGE SALES PRICE FOR EACH
HOUSING SEGMENT. IN12M17, NET REVENUES ROSE 7.2% TO PS. 7,563.0
MILLION FROM PS. 7,051.9 MILLION IN 12M16, DESPITE THE DECREASE OF
THE COMMERCIAL LOT SALES REVENUES, DUE TO THE IMPROVEMENT OF THE
SALES MIX AND THE OVERALL SALES PRICES OBTAINED DURING THE
YEAR.
- EBITDA GREW SIGNIFICANTLY IN 42.5% TO PS. 386.3 MILLION IN 4Q17
FROM PS.271.0 MILLION IN 4Q16, BOOSTED BY THE GROWTH IN VOLUME, THE
SALES MIX IMPROVEMENT AND A HIGHER AVERAGE SALES PRICES. THE EBITDA
WAS PS. 956.1 MILLION IN 12M17, A 3.9% INCREASE COMPARED TO THE PS.
920.2 MILLION REPORTED IN 12M16, DUE TO THE SAME EFFECTS MENTIONED
BEFORE.- NET RESULT WAS PS. 143.8 MILLION IN 4Q17 COMPARED TO PS.
(114.9) MILLION IN 4Q16, AS THE FX CHARGE OF PS. 28.8 MILLION
REGISTERED IN 4Q17 WAS LOWER THAN THE PS. 175.9 MILLION REGISTERED
IN 4Q16. IN 12M17, NET RESULT WAS PS. 441.6 MILLION COMPARED TO PS.
(464.1) MILLION IN 12M16. IN 12M17, THE APPRECIATION OF THE MEXICAN
PESO RESULTED IN A FX GAIN OF PS. 243.4 MILLION IN COMPARISON WITH
THE FX CHARGE OF PS. 392.8 MILLION REPORTED IN 12M16, WHICH WAS
ALSO AFFECTED BY THE RECOGNITION OF PS. 376.8 MILLION IN INCURRED
COSTS IN RELATION TO THE TENDER OFFER OF THE 2021 NOTES. NET INCOME
PER SHARE WAS PS. 0.52 AND PS. 1.59 IN 4Q17 AND 12M17,
RESPECTIVELY.
- THE COMPANY GENERATED FCF OF PS. 255.0 MILLION IN 4Q17 COMPARED
TO PS. 143.3 MILLION IN 4Q16 DUE TO THE INCREASE IN VOLUME AND THE
EBITDA GENERATED. THE DISCIPLINE FOR THE MAINTENANCE OF THE
RELATION OF INVENTORIES TO SALES AND THE IMPROVEMENT IN THE
COLLECTION PROCESSES GENERATED A POSITIVE FCF OF PS. 471.0 MILLION
IN 12M17, HOWEVER, A HIGHER INVESTMENT IN LAND AND GREATER FUNDS
FOR TAX PURPOSES, RESULTED IN A 10.8% DROP IN COMPARISON WITH THE
FCF GENERATED IN 12M16.
- DIVIDENDS: ON DECEMBER 20, 2017, THE THIRD AND LAST INSTALLMENT
OF THE DIVIDEND PAYMENT WAS EXECUTED, WHICH WAS EQUIVALENT TO PS.
0.0915 PER SHARE FOR A TOTAL OF PS. 25.5 MILLION. THE 2017 DIVIDEND
WAS PAID IN THREE INSTALLMENTS WITHIN THE YEAR AND WAS EQUIVALENT
TO PS. 0.2567 PER SHARE FOR A TOTAL AMOUNT OF PS. 71.5 MILLION.CEO
STATEMENT
MR. REN MARTNEZ, JAVER'S CHIEF EXECUTIVE OFFICER, COMMENTED, "WE
ARE VERY PROUD TO PRESENT THE FOURTH QUARTER AND ANNUAL RESULTS OF
2017. THIS YEAR REPRESENTED A HISTORIC MILESTONE FOR OUR COMPANY,
GIVEN THAT WE MANAGED TO NOT ONLY BUILD AND SELL MORE THAN 18,500
UNITS WITH A RECORD INVESTMENT OF OVER PS. 4.3 BILLION IN THE
DIFFERENT CONSTRUCTION PROCESSES, MOREOVER, WE MANAGED TO IMPROVE
OUR WORKING CAPITAL CYCLE THANKS TO OPERATING EFFICIENCIES, WHICH
RESULTED IN A POSITIVE FCF GENERATION FOR THE SIXTH CONSECUTIVE
YEAR.
TURNING TO OUR FINANCIAL RESULTS, WE ARE PLEASED TO ANNOUNCE THAT
THE COMPANY'S NET INCOME CONTINUED ITS GROWTH TREND DURING THE
QUARTER; THIS WAS REFLECTED IN THE COMPANY'S ANNUAL RESULTS, WHICH
WERE SIGNIFICANTLY HIGHER THAN THE PREVIOUS YEAR. IN ADDITION, THE
COMPANY CONTINUED ITS POSITIVE TREND REGARDING FCF GENERATION,
TOTALING PS. 254 MILLION IN 4Q17 AND PS. 470 MILLION IN 12M17,
INCLUDING THE WORK-IN-PROGRESS INVESTMENTS MENTIONED BEFORE, LAND
ACQUISITIONS, FX HEDGING FEES, AND HIGHER TAX PAYMENTS.
IT IS ALSO IMPORTANT TO HIGHLIGHT OUR PRODUCT MIX OPTIMIZATION, AS
RESIDENTIAL SALES INCREASED 10.1% DURING THE QUARTER COMPARED TO
THE SAME PERIOD OF 2016. FURTHERMORE, OUR STRATEGY TO IMPROVE
PRICING PAID OFF BYINCREASING THE HOUSING SALES GROSS MARGIN
COMPARED TO THE SAME QUARTER OF 2016. REGARDING PROJECTS, IN PRIOR
QUARTERLY REPORTS, WE DISCUSSED THE PERMITTING LAGIN 4 OF OUR
PROJECTS; I AM PLEASED TO REPORT THAT THESE PROJECTS ARE NOW
UNDERWAY AND WILL BE FULLY OPERATING DURING 2018.JUST AS WE HAVE
SPOKEN ABOUT CONSTRUCTION AND DISBURSEMENT RECORDS, WE COULD NOT
FAIL TO MENTION THAT 2017 WAS ONE OF THE MOST DYNAMIC YEARS FOR OUR
COMPANY IN TERMS OF DEVELOPMENT OPENINGS, WHICH REPRESENTED 33% OF
OUR TOTAL ACTIVE DEVELOPMENTS AT THE YEAR'S CLOSE. IT IS IMPORTANT
TO EMPHASIZE THAT 50% OFTHESE NEW PROJECTS ARE RESIDENTIAL
DEVELOPMENTS, WHICH IS IN LINE WITH THE COMPANY'S STRATEGY TO NO
LONGER REMAIN DEPENDENT ON ANNUAL SUBSIDY PROGRAMS.ON THE OTHER
HAND, THE MANAGEMENT OF A LARGE NUMBER OF PROJECTS DISPERSED IN THE
STATES IN WHICH WE OPERATE FORCES US TO HAVE A MORE EXTENSIVE
OPERATING CONTROL PROCESS, WHICH LEADS TO HIGHER FIXED COSTS;
HOWEVER, THE ESTABLISHMENT OF THESE TYPES OF PROCESSES HELP US STAY
FOCUSED ON OUR STRATEGY OF MAXIMIZING RETURN ON INVESTED CAPITAL
(ROIC), BENEFITTING THE GENERATION OF FREE CASH FLOW AND
MAINTAINING THE WORKING CAPITAL CYCLE BELOW 365 DAYS.
REGARDING SUBSIDIES, DURING DECEMBER AROUND PS. 470 MILLION WAS
DISTRIBUTED, WHICH ON AVERAGE CORRESPONDS TO 10,240 SUBSIDIES. FOR
2018, THE SUBSIDY BUDGET AMOUNT DID NOTCHANGE AND APPROXIMATELY PS.
6.8 BILLION WAS AUTHORIZED.
BEFORE MOVING ON TO 2018 EXPECTATIONS, ANOTHER HIGHLIGHT OF THE
YEAR IS THAT WE OBTAINED THE GREAT PLACE TO WORK AWARD (GPTW),
WHICH FILLS US WITH PRIDE AND GIVES US THE CONFIDENCE THAT THE MORE
THAN 1,400 COMPANY EMPLOYEES ARE SATISFIED AND COMMITTED TO
CONTINUE REINFORCING THEIR LOYALTY FOR OUR ORGANIZATION. IT IS ALSO
AN HONOR FOR US TO SHARE THAT WE WERE RECENTLY NAMED A SOCIALLY
RESPONSIBLE COMPANY (ESR FOR ITS SPANISH ACRONYM), REAFFIRMING THE
EFFECTIVENESS OF OUR SOCIAL RESPONSIBILITY MODEL. WE REITERATE THAT
WE WILL CONTINUE TO STRENGTHEN THE COMMITMENT WE HAVE WITH OUR
STAKEHOLDERS, PROMOTING LASTING RELATIONSHIPS AND OFFERING HIGH
QUALITY PRODUCTS WITHOUT COMPROMISING THE RESOURCES OF FUTURE
GENERATIONS.LASTLY, WITH REGARD TO OUR 2018 GUIDANCE, DESPITE THE
UNCERTAINTY OF THE LOCAL AND INTERNATIONAL CLIMATES, WE
EXPECTDOUBLE-DIGIT GROWTH IN REVENUES, BETWEEN 5% TO 7.5% HIGHER
EBITDA, AND A SLIGHTLY POSITIVE FREE CASH FLOW GIVEN AN EXPECTED
STRONG LAND INVESTMENT NEEDED TO SUPPORT THE COMPANY'S STRATEGY FOR
2019 AND 2020."
UNITS SOLD AND NET REVENUESUNITS SOLD INCREASED 16.3% TO 5,585
UNITS IN 4Q17 FROM 4,801 UNITS IN 4Q16. THE MIDDLE-INCOME SEGMENT
PRESENTED THE HIGHEST GROWTH WITH 48.0% IN 4Q17, FOLLOWED BY THE
RESIDENTIAL SEGMENT WITH 10.1%, WHILE THE AFFORDABLE ENTRY LEVEL
(AEL) SEGMENT DECREASED 66.7%. THE MIDDLE-INCOME SEGMENTREPRESENTED
82.0% OF TOTAL UNITS SOLD AND 67.0% OF TOTAL REVENUES IN 4Q17,
WHILE AEL UNITS CONTRIBUTED 6.8% OF TOTAL HOMES TITLED AND 4.0% OF
TOTAL REVENUES DURING THE SAME PERIOD. THE RESIDENTIAL SEGMENT
REPRESENTED 11.2% OF TOTAL UNITS SOLD AND 28.6% OF TOTAL
REVENUES.IN 12M17, THE TITLED UNITS INCREASED 2.2% TO 18,750 UNITS
FROM 18,352 IN 12M16. THE MIDDLE-INCOME SEGMENT HAD A 26.1%
FAVORABLE VARIATION DURINGTHE PERIOD, WHILE THE AEL AND RESIDENTIAL
SEGMENTS DECLINED 56.6% AND 6.1%, RESPECTIVELY. THE SALES MIX WAS
COMPRISED OF 78.8% MIDDLE-INCOME UNITS, 10.3% AEL UNITS AND 10.9%
RESIDENTIAL UNITS. THE MIDDLE-INCOME SEGMENT REPRESENTED 65.5% OF
TOTAL REVENUES, WHILE THE RESIDENTIAL AND AEL SEGMENTS REPRESENTED
27.0% AND 6.3%, RESPECTIVELY.
COMMERCIAL LOT SALES WERE PS. 9.3 MILLION IN 4Q17 AND PS. 90.3
MILLION FOR THEPERIOD OF 12M17, IN LINE WITH THE AVAILABILITY OF
COMMERCIAL LOTS BASED ON THE MATURITY OF THE PROJECTS.
PRICES JAVER'S AVERAGE HOME SALES PRICE INCREASED 9.0% TO PS. 415.1
THOUSAND IN 4Q17, COMPARED TO PS. 380.7 THOUSAND IN 4Q16. IN 12M17,
THE OVERALL SALES PRICE INCREASED 6.5% TO PS. 398.5 THOUSAND, FROM
PS. 374.1 THOUSAND IN 12M16. IN BOTH PERIODS, THE INCREASES WERE
DRIVEN BY AN IMPROVED SALES MIX; IT IS ALSO IMPORTANT TOHIGHLIGHT
THAT DESPITE A GREATER FOCUS ON THE MIDDLE-INCOME SEGMENT, THE
AVERAGE SALES PRICE INCREASED IN ALL SEGMENTS DURING BOTH PERIODS.
MORTGAGE PROVIDERMIX: INFONAVIT CONTINUED TO BE THE PRIMARY
MORTGAGE PROVIDER FOR JAVER'S CUSTOMERS. DURING 4Q17, THE LOANS
GRANTED BY INFONAVIT, INCLUDING COFINAVIT, REPRESENTED 93.8% OF
TOTAL UNITS REMAINING FLAT WHEN COMPARED TO 4Q16; WHILE IN 12M17
INFONAVIT AND COFINAVIT MORTGAGES REPRESENTED 94.5%, COMPARED TO
93.8% IN 12M16.SUBSIDIES: SUBSIDIZED SALES INCREASED 37.6% IN 4Q17
COMPARED TO 4Q16 GIVEN THAT THE AUTHORITIES DISTRIBUTEDRESOURCES
CORRESPONDING TO THE 2018 SUBSIDY BUDGET AHEAD OF SCHEDULE. IN
4Q17, 20.6% OF THE TOTAL UNITS WERE TITLED WITH A SUBSIDY, COMPARED
TO THE 17.5% IN 4Q16. VERTICAL HOUSING COMPRISED 35.1% OF THE TOTAL
SUBSIDIES RECEIVED DURING THE PERIOD, COMPARED TO THE 76.7% IN
4Q16. FOR THE 12M17, THE UNITS SOLD WITH A SUBSIDY DECREASED 26.5%
COMPARED TO 12M16, AND COMPRISED 25.7% OF THE TOTAL UNITS SOLD IN
THE PERIOD COMPARED TO 35.8% IN 12M16. VERTICAL HOUSING REPRESENTED
41.9%OF SUBSIDIES GRANTED IN 12M17, COMPARED TO 45.8% IN 12M16.
GROSS PROFIT / MARGINGREW 28.7% FROM PS. 621.3 MILLION IN 4Q17 FROM
PS. 482.9 MILLION IN 4Q16, AS A RESULT OF THE VOLUME BOOST AND
BETTER PRICING THAT HELPED TO CONTAIN COSTS. IN 12M17, GROSS PROFIT
INCREASED 7.0% TO PS. 1,964.9 MILLION FROM PS. 1,853.2 MILLION IN
12M16 DUE TO THE SAME EFFECTS PRESENTED FORTHE QUARTER.
GREW 1.7 PERCENTAGE POINTS TO 26.7% IN 4Q17, AND REMAINED STABLE
WITH A 0.3 PERCENTAGE POINT DROP TO 26.0% IN 12M17.SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES
INCREASED 11.9% TO PS. 255.7 MILLION IN 4Q17 FROM PS. 228.5 MILLION
IN 4Q16, AND GREW 8.1% TO PS. 1,075.9 MILLION IN 12M17, COMPARED TO
PS. 995.6 MILLION IN 12M16, AS A RESULT OF A LARGER WORKFORCE, THE
SET-UP OF NEW SALES OFFICES, ALONG WITH A PS. 16 MILLION CHARGE
CORRESPONDING TO THE IMPLEMENTATION OF THE COMPANY'S VARIABLE
COMPENSATION PLAN, WHERE CERTAIN EMPLOYEES RECEIVE ASHARE-BASED
BONUS BASED ON ACHIEVING CERTAIN ANNUAL METRICS.
EBITDA / MARGINEBITDA GREW SIGNIFICANTLY IN 42.5% TO PS. 386.3
MILLION IN 4Q17 FROM PS. 271.0 MILLION IN 4Q16, BOOSTED BY THE
GROWTH IN VOLUME, THE SALES MIX IMPROVEMENTAND A HIGHER AVERAGE
SALES PRICES. EBITDA WAS PS. 956.1 MILLION IN 12M17, A 3.9%
INCREASE COMPARED TO PS. 920.2 MILLION REPORTED IN 12M16, DUE TO
THE SAME EFFECTS MENTIONED ABOVE.
NET RESULT
NET RESULT WAS PS. 143.8 MILLION IN 4Q17 COMPARED TO PS. (114.9)
MILLION IN 4Q16, AS THE FX CHARGE OF PS. 28.8 MILLION REGISTERED IN
4Q17 WAS LOWER THAN THE PS. 175.9MILLION REGISTERED IN 4Q16. IN
12M17, NET RESULT WAS PS. 441.6 MILLION COMPARED TO PS. (464.1)
MILLION IN 12M16. IN 12M17, THE APPRECIATION OF THE MEXICAN
PESORESULTED IN A FX GAIN OF PS. 243.4 MILLION IN COMPARISON WITH
THE FX CHARGE OF PS. 392.8 MILLION REPORTED IN 12M16, WHICH WAS
ALSO AFFECTED BY THE RECOGNITION OF PS. 376.8 MILLION IN INCURRED
COSTS IN RELATION TO THE TENDER OFFER OF THE 2021 NOTES. NET INCOME
PER SHARE WAS PS. 0.52 AND PS. 1.59 IN 4Q17 AND 12M17,
RESPECTIVELY.
COMPREHENSIVE INCOME, WHICH INCLUDES (MTM) GAINS AND LOSSES ON
DERIVATIVES TO HEDGE THE COUPONS CORRESPONDING TO THE LONG-TERM USD
DENOMINATED DEBT, WAS PS. 148.3 MILLION IN 4Q17 AND PS. 308.6
MILLION IN 12M17.
ASSETS / LIABILITIESCASH AND CASH EQUIVALENTS WERE PS. 766.0
MILLION AS OF DECEMBER 31, 2017. WORKING CAPITALTHE WORKING CAPITAL
CYCLE WAS 249 DAYS AS OF DECEMBER 31, 2017, A DECREASE OF 17 DAYS
COMPARED WITH 266 DAYS REPORTEDAS OF SEPTEMBER 30, 2017, MAINLY DUE
TO IMPROVEMENTS IN THE COLLECTION PROCESS AND THE ALIGNING OF
INVENTORY WITH SALES.FREE CASH FLOW
THE FCF GREW 78.0% FROM PS. 143.3 MILLION IN 4Q16 TO PS. 255.0
MILLION IN 4Q17 DUE TO THE INCREASE IN VOLUME AND THE EBITDA
GENERATED. THE DISCIPLINE FOR THE MAINTENANCE OF THE RELATION OF
INVENTORIES TO SALES AND THE IMPROVEMENT IN THE COLLECTION PROCESS,
GENERATED A POSITIVE FCF OF PS. 471.0 MILLION IN 12M17, HOWEVER, A
HIGHER INVESTMENT IN LAND AND GREATER FUNDSFOR TAX PURPOSES,
RESULTED IN A 10.8% DROP COMPARED WITH THE FCF GENERATED IN
12M16.
DEVELOPMENT PIPELINEHOME STARTS INCREASED 6.4% TO 4,929 UNITS IN
4Q17, COMPARED TO 4,632 UNITS IN 4Q16, IN PREPARATION FOR THE
INVENTORY FOR THE FIRST HALF OF THE YEAR.
HOME COMPLETIONS INCREASED 10.2% TO 5,063 UNITS IN 4Q17, COMPARED
TO 4,595 UNITS IN 4Q16, WITH THE PURPOSE OF HAVING INVENTORY READY
FOR 1Q18.FINISHED HOME INVENTORY TOTALED 2,191 UNITS AS OF DECEMBER
31, 2017, COMPARED TO 2,713 UNITS AS OF SEPTEMBER 30, 2017, DUE TO
A HIGHER LEVEL OF HOMESTITLED IN 4Q17.
LAND RESERVESAS OF DECEMBER 31, 2017, THE COMPANY'S TOTAL LAND BANK
REACHED APPROXIMATELY 83,668 UNITS, OF WHICH APPROXIMATELY 66.0%
WERE OWNED LAND RESERVES AND 34.0% WERE HELD THROUGH LAND TRUST
AGREEMENTS.
DEBT AND DERIVATIVES EXPOSURE
AS OFDECEMBER 31, 2017, JAVER CONTINUED TO POSSESS AVAILABLE CREDIT
FACILITY LINES IN EXCESS OF PS. 266.1 MILLION. THESE CREDIT LINES
COULD BE USED AT ANY TIME AS LONG AS JAVER IS IN COMPLIANCE WITH
THE COVENANTS ON ITS SENIOR NOTES.JAVER MAINTAINS POSITIONS ON
DERIVATIVES TO HEDGE ITS CURRENCY EXPOSURE RELATED TO THE COUPON
PAYMENTS AND A PORTION OF THE PRINCIPAL OF ITS 2021 NOTES. AS OF
DECEMBER 31, 2017, THE WEIGHTED AVERAGE HEDGE OF THE COUPONS WAS
1.5 YEARS. IN ADDITION, THECOMPANY IS HEDGED FOR 68.6% OF THE 2021
NOTES PRINCIPAL THROUGH APRIL 2019. THE COMPANY WILL CONTINUE ITS
HEDGING PROGRAM FOR THE NOTE PRINCIPAL FOR THE FOLLOWING
QUARTERS.
AS OF DECEMBER 31, 2017, THE COMPANY POSSESSED US$ 12 MILLION IN
AVAILABLE CREDIT LINES FROM DERIVATIVECOUNTERPARTIES TO FINANCE ANY
POTENTIAL NEGATIVE CARRYING VALUES ON THE COMPANY'S DERIVATIVE
CONTRACTS.
AS OF DECEMBER 31, 2017, TOTAL DEBT / LTM EBITDA REACHED 2.84X; NET
DEBT TO EBITDA WAS 2.04X; EBITDA INTEREST COVERAGE REACHED
2.39X.
SERVICIOS CORPORATIVOS JAVER S.A.B. DE C.V.
CORDIALLY INVITES YOU TO ITS
FOURTH QUARTER 2017CONFERENCE CALL & WEBCAST PRESENTATION IN
SPANISHFRIDAY, FEBRUARY 16, 2018
11:00 A.M. NEW YORK TIME10:00 A.M. MEXICO CITY/MONTERREY
TIMEPRESENTERS:
RENE MARTINEZ MARTNEZ, CHIEF EXECUTIVE OFFICERFELIPE LOERA, CHIEF
FINANCIAL OFFICER
------TO ACCESS THE CALL, PLEASE DIAL:
1(877) 888-4291 FROM WITHIN THE U.S.1(785) 424-1878 FROM OUTSIDE
THE U.S.
PASSCODE: JAVERTO ACCESS THE LIVE AND ARCHIVED WEBCAST
PRESENTATION, VISIT:
HTTPS://WWW.WEBCASTER4.COM/WEBCAST/PAGE/1110/24248A REPLAY OF THIS
CALL WILL BE AVAILABLE FOR 30 DAYS.
TO OBTAIN THE REPLAY, PLEASE CALL:1(844) 488-7474 FROM WITHIN THE
U.S.
1(862) 902-0129 FROM OUTSIDE THE U.S.PASSCODE: 11218615
ABOUT JAVER:
THECOMPANY IS THE LARGEST HOUSING DEVELOPMENT COMPANY IN MEXICO
REGARDING THE NUMBER OF UNITS SOLD THROUGH THE INFONAVIT LENDING
SYSTEM IN 2017, ACCORDING TO THEREPORT OF LOANS GRANTED BY
DEVELOPER PUBLISHED IN INFONAVIT'S WEBSITE (REPORTE DE CRDITOS POR
OFERENTE). THE COMPANY HAS PRESENCE IN THE STATES OF NUEVO
LEN,JALISCO, QUERTARO, ESTADO DE MXICO, AGUASCALIENTES, QUINTANA
ROO, TAMAULIPAS, AND RECENTLY IN MEXICO CITY.
THE COMPANY OFFERS THREE HOUSING SEGMENTS IN TERMS OF COST: (I)
AFFORDABLE ENTRY LEVEL (AEL), (II) MIDDLE INCOME AND (III)
RESIDENTIAL HOUSING. AS OF DECEMBER 31, 2017, REVENUES FROM AEL
SEGMENT WERE PS.473.7 MILLION, MIDDLE INCOME SEGMENT OF PS. 4,957.4
MILLION AND RESIDENTIAL SEGMENT OF PS.2,041.5 MILLION; WHICH
REPRESENTED 6.3%, 65.5%, 27.0% OF TOTAL REVENUES, RESPECTIVELY. AS
OF DECEMBER 31, 2016, REVENUES FROM AEL SEGMENT WERE PS.1,066.6
MILLION, MIDDLE INCOME SEGMENT OF PS. 3,834.7 MILLION AND
RESIDENTIAL SEGMENT OF PS.1,965.1 MILLION; WHICH REPRESENTED 15.1%,
54.4%, 27.9% OF TOTAL REVENUES, RESPECTIVELY. AS OF DECEMBER 31,
2015, REVENUES FR