UNIFIN Reports Net Income Growth of 43.5% in 2Q15 and 140.6% in 6M15

MEXICO CITY--()--UNIFIN Financiera, S.A.B. de C.V. SOFOM, E.N.R. (“UNIFIN” or “the Company”) (BMV: UNIFIN), the leading independent leasing company in Mexico, announced its financial results for the second quarter (“2Q15”) and six-month (“6M15”) period and its Unaudited Consolidated Financial Statements for the period ended June 30, 2015. All figures presented throughout this document are expressed in nominal Mexican pesos (Ps.). All financial information has been prepared in accordance with the accounting criteria of the Mexican National Banking and Securities Commission (“CNBV”) and filed with the Mexican Stock Exchange (“BMV”).

2Q15 Highlights

   
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On May 22nd, UNIFIN successfully completed its Initial Public Offering on the Mexican Stock Exchange, and internationally under the rule 144 A / Reg S for a total of Ps. 3,606.4 million comprised of 50% primary shares and 50% secondary shares; the amount included the over-allotment option which represented 15.0% of the total offering.

 
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During 2Q15 the credit rating of UNIFIN’s was upgraded by Standard & Poor’s and Fitch Ratings, from “BB-” to “BB” on the global scale, and “A-“ to “A” in the local scale. HR Ratings, a local rating agency granted UNIFIN a “BB+” rating for the International Notes (144 A/Reg S Bond). The rating upgrade followed the expansion of UNIFIN’s portfolio and recomposition of its capital structure.

 
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Total revenues reached Ps. 1,472.8 million during 2Q15, a 28.3% increase year-over-year from Ps. 1,148.2 million in 2Q14.

 
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Operating income reached Ps. 331.2 million during 2Q15, up 46.0% from Ps. 226.8 million in 2Q14.

 
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Net income increased 43.5% during 2Q15 to Ps. 236.9 million compared to Ps. 165.0 million in 2Q14.

 
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Total loan portfolio increased 48.4% reaching Ps. 14,478.5 million during 2Q15, compared to Ps. 9,759.2 million reported in 2Q14, excluding allowances for loan losses.

 
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Leasing portfolio origination increased 80.0%, from Ps. 1,230.1 million during 2014 to Ps. 2,216.3 million in 2Q15.

 

Statement from the CEO

During the second quarter of 2015, UNIFIN once again experienced a very important moment in its history. On May 22, 2015, UNIFIN successfully concluded its Initial Public Offering (IPO), raising Ps. 1,932.7 million of new capital and the Company’s shares began trading on the Mexican Stock Exchange under the ticker symbol “UNIFIN”. The goal of the IPO is to strengthen UNIFIN’s capital structure and support its future growth plans. With this capital, the Company will be able to consolidate its operations, based on its three most important pillars: growth, profitability and most fundamental, financial health.

We are very pleased with the results of the transaction, as the offering drew significant interest and was seven times oversubscribed, with demand from over 4,000 high-quality domestic and international institutional investors, and retail investors. UNIFIN’s IPO was the first of the year in Latin America. The Company’s initial stock price (Ps. 28.00) gained 10.2% during the first day of operations, reaching Ps. 30.85 per share by the day’s end, and 17.6% reaching Ps. 32.93 per share at the end of June 2015.

During the second quarter of 2015, UNIFIN’s net income reached Ps. 236.9 million, up 43.5% from Ps. 165.0 million in 2Q14. In addition the Company’s net income increased 140.6% to Ps. 594.8 million from Ps. 247.2 million in the first half of 2014. These results were driven primarily from leasing income from our growing client portfolio, which by the end of June 2015 reached Ps. 14,478.5 million, a 48.4% increase compared to Ps. 9,759.2 million as of June of 2014, including off-balance accounts comprised by the operating lease future rentals. In addition, the Company’s results were positively impacted due to the active hedging activities of our exposure to foreign exchange variations.

I would like to thank our stakeholders for their trust in UNIFIN’s position as a market leader. We reiterate our commitment to continue delivering positive results, as well as creating value for the shareholders, bondholders and to our increasing portfolio of clients.

Luis Gerardo Barroso, CEO of UNIFIN

About UNIFIN

UNIFIN is the leading independent Mexican leasing company, operating as a non-banking financial services company, specializing in three main business lines: operating leasing, factoring and auto and other lending. Through UNIFIN’s leasing business line, its core business line, the Company offers operating leases for all types of equipment and machinery, various types of transportation vehicles (including cars, trucks, helicopters, airplanes and other vessels) and other assets in a variety of industries. Through its factoring business line, UNIFIN provides liquidity and financing solutions to its customers by purchasing or discounting accounts receivable and by providing vendor financing. UNIFIN’s auto loans business line is focused on financing the acquisition of new and used vehicles.

UNIFIN Second Quarter 2015 Earnings Conference Call

Date: Thursday, July 23, 2015
Time: 10:00 a.m. Eastern Time / 9:00 a.m. Mexico City Time

Presenting for UNIFIN:
Mr. José María Muñiz, Chief Institutional Relations Officer
Mr. Gerardo Mier y Terán, Chief Financial Officer
Mr. David Pernas, Investor Relations Officer

To access the Conference Call, please dial:
1-800-311-9408 (U.S. participants)
0-1-800-847-7666 (Mexico participants)
1-334-323-7224 (International participants)

Conference ID Number: 32548

Conference Replay

A replay of this call will be available for 30 days
To obtain the replay, please call:
1-877-919-4059 (U.S. participants)
1-334-323-0140 (International participants)
ID Number: 53216780

Contacts

Investor Relations
UNIFIN
In Mexico:
José María Muñiz Liedo, Chief Institutional Relations Officer
Tel. +52 (55) 5249.5805
jmmuniz@unifin.com.mx
or
David Pernas Sánchez, Investor Relations Officer
Tel. +52 (55) 4162.8270
david.pernas@unifin.com.mx
or
In New York:
i-advize Corporate Communications, Inc.
Juan C Gómez Stolk
646-462 4517
jgomezstolk@i-advize.com
or
unifin.ri@unifin.com.mx
Web Page: www.unifin.com.mx

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