Conference Call First Quarter 2019 Results Analysis
The conference call held on April 29, 2019, discussed the results of the first quarter of 2019, focusing on quarterly distributions, dividend yield, hotel factory projects, and operational and financial reviews. The total distributions for 1Q19 showed a decrease compared to the previous year, with detailed breakdowns provided. The meeting also covered the annual shareholders meeting, technical committee members, fees for independent members, and investments in hotel factory projects.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Conference Call First Quarter 2019 April 30, 2019
AGENDA First Quarter 2019 Results I. II. III. IV. Quarterly Distributions and Dividend Yield Hotel Factory Projects Operational and Financial Review Q&A Session Conference Call, April 29, 2019 2
Conference Call First Quarter 2019 Results I. Quarterly Distributions and Dividend Yield Conference Call, April 29, 2019 3
DISTRIBUTIONS AND DIVIDEND YIELD Total Distributions (Ps. millions) 2017 2018 2019 1Q 9.2% 8.4% 7.7% 1Q19 1Q18 Var 2Q 8.2% 8.5% 81.1 109.1 -25.6% 3Q 8.3% 6.6% 4Q 9.0% 7.3% TTM 8.9% 8.8% 9.3% Distributions per CBFI 2017 2018 2019 9.3% 1Q 0.2500 0.2511 0.1565 LTM Dividend Yield 2Q 0.2500 0.2560 Based on CBFI closing price of Ps. 8.27 As of March 31, 2019 3Q 0.2507 0.1802 0.2515 0.1805 4Q Year 1.0025 0.8224 4 Conference Call, October 25, 2018 Conference Call, April 29, 2019
Conference Call First Quarter 2019 Results II. Annual Shareholders Meeting Conference Call, April 29, 2019 5
Annual Ordinary Shareholders Meeting Technical Committee Proprietary Alternates Victor Zorrilla Vargas Joel Zorrilla Vargas scar Eduardo Calvillo Amaya Jos Francisco Clariond Casta eda Adrian Jasso Miguel Aliaga Gargollo Independent Adri n Enrique Garza de la Garza Alberto Rafael G mez Eng H ctor Medina Aguiar Marcelo Zambrano Lozano Santiago Pinson Correa Fees for Independent Members only: Ps. 37,000 for each Technical Committee Meeting Ps. 30,900 for attendance to other Committees Meeting 6 Conference Call, October 25, 2018 Conference Call, April 29, 2019
Conference Call First Quarter 2019 Results III. Hotel Factory Investments Conference Call, April 29, 2019 7
Hotel Factory Investments (1) Figures in Ps. millions, at an exchange rate of Ps. 19.00 per US$1; these amounts do not include notary expenses or financial costs, which will be distributed proportionally at 60% equity capital and 40% debt. (2) On April 11 contributed Ps. 140 million plus VAT (3) Projects that are in the negotiation phase with the international hotel brand and with the strategic partners that will participate, as of 1Q19 there is no definitive capital participation structure, nor is there a set debt percentage (4) Estimated figures, which will be confirmed upon approval of the final project (5) Invested amounts for 1Q19 only correspond to the purchase of the land property (6) Estimated investment calculated based on 220 rooms for US$ 200 million, at an exchange rate of Ps. 19.0 per US$1 8 Conference Call, October 25, 2018 Conference Call, April 29, 2019
CURRENT STANDING Current Standing 1Q19 1Q18 Variation Hotels 42 42 - Total Rooms(1) 6,785 6,944 -159 Developments 0 0 - Land 1 1 - Segments 4 4 - States 14 15 -1 Global Brands (2) 15 15 - Local Brands 3 3 -1 Hotel Factory (3) 4 3 +1 9 Conference Call, October 25, 2018 Conference Call, April 29, 2019
Conference Call First Quarter 2019 Results IV. Operational and Financial Review Conference Call, April 29, 2019 10
OPERATIONAL INDICATORS Same-Store Sales (41 hotels) 1Q19 1Q18 Var % Room Revenue 473.7 -5.8% 446.2 63.4% -4.5 pp Occupancy 58.9% Average Daily Rate (Ps.) 1,259.5 2.2% 1,287.8 798.7 -5.0% RevPar 759.1 Note: Excludes the Microtel Inn & Suites by Wyndham Culiac n that was sold on August 27, 2018 and the Holiday Inn Ciudad Juarez, which remained closed due to its remodeling and brand conversion. 11 Conference Call, October 25, 2018 Conference Call, April 29, 2019
FIBRA INN REVENUE (Ps. millions) 1Q19 % 1Q18 % Var. % 95.1% 4.9% 100.0% 95.6% 4.4% 100.0% -4.7% 7.7% -4.2% Lodging Revenues 456.4 478.9 23.7 22.0 Rental Revenues Fibra Revenues 480.1 500.9 2.1% 2.3% 13.6% 11.5% 34.3% 32.5% Limited Select Full Extended Stay 51.9% 51.8% 1Q18 1Q19 12 Conference Call, October 25, 2018 Conference Call, April 29, 2019
INCOME STATEMENT (Ps. millions) 1Q19 % 1Q18 % Var. % 100.0% 33.3% 34.0% 100.0% 36.0% 35.3% -4.2% -11.1% -5.6% Total Fibra Revenue 480.1 500.9 160.1 180.2 Hotel NOI Total NOI 166.7 176.6 29.8% 20.4% 30.9% 23.5% -7.4% -16.8% -25.6% -37.7% 19.4% Adjusted EBITDA 143.0 154.5 97.9 117.7 FFO 81.1 109.1 Distributions to Holders 0.1565 518.3 0.2511 434.3 Distribution per CBFI CBFIs outstanding 13 Conference Call, October 25, 2018 Conference Call, April 29, 2019
BALANCE SHEET March 31, 2019 December 31, 2018 (Ps. millions) % % Var. % Cash & equivalents 532.4 4.3% 644.4 5.4% -17.4% Receivable VAT Total Assets 7.8 0.1% 100% 5.6 0.0% 100% 38.9% 4.1% 12,352.8 11,865.9 Short Term Bank Debt Accrued Interest Total Short Term Liabilities Long Term Debt Securities Total Liabilities Total Equity 100.0 33.2 308.9 2.8% 0.9% 8.8% - - 79.6 242.3 2.4% 7.4% -58.3% 27.5% 3,218.7 91.2% 3,013.7 92.6% 6.8% 3,527.6 8,825.2 100% 100% 3,256.0 8,609.8 100% 100% 8.3% 2.5% 14 Conference Call, October 25, 2018 Conference Call, April 29, 2019
FINANCIAL SITUATION (as of March 31, 2019) 26.7% loan-to-value and 2.3debt service coverage Total debt in pesos a. FINN18 60.6% of total debt Ps. 2,000 million local debt At Fixed Rate at 9.93% 2 Feb 2028 (MXN) Bank credit lines a. Actinver 3.0% of total debt Ps. 100 million was disposed on 1Q19 At variable rate TIIE plus 200 bps 24 months maturity Ps. 200 million available total credit line b. FINN15 30.3% of total debt Ps. 1,000 million covered with swaps at 5.60% At variable rate TIIE Rate plus 110 bps TIIE covered with swaps at weighted fixed rate 7.1% 3.5 year maturity 14 Nov 2021 (MXN) b. BBVA Bancomer 6.% of total debt Ps. 200 million was disposed on 1Q19 At variable rate TIIE plus 150 bps TIIE is covered with swaps at weighted fixed rate of 5.18% 36 months maturity Ps. 300 million that may extend up to Ps. 450 million available total credit line 15 Conference Call, October 25, 2018 Conference Call, April 29, 2019
Conference Call First Quarter 2019 Results V. QUESTION AND ANSWER SESSION Conference Call, April 29, 2019 16
Note on Forward Looking Statements This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words anticipates , believes , estimates , expects , plans and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. www.fibrainn.mx In New York, NY In Monterrey, Mexico: Fibra Inn Lizette Chang, IRO lchang@fibrainn.mx +52 (81) 5000 0211 i-advize Corporate Communications, Inc. Maria Barona mbarona@i-advize.com +1 (212) 406-3691 17 Conference Call, April 29, 2019
