FIBRA Macquarie México Reports Third Quarter 2017 Results

Quarterly AFFO per Certificate Increases 6.0% From Prior Year

2017 AFFO Guidance Increased 4.4%

MEXICO CITY--()--FIBRA Macquarie México (FIBRAMQ) (BMV:FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in México, announced its financial and operating results for the quarter ended September 30, 2017.

HIGHLIGHTS

  • Increase in quarterly AFFO per certificate of 6.0% to Ps 0.5715 from prior year
  • Increase in industrial rental rates of 3.3% and in retail rental rates of 2.6%
  • Closed US$210m 10-year loan with fixed interest rate of approximately 5.4% per annum
  • Delivered one expansion project and added two new expansion projects
  • Repurchased over 5.3m certificates to date
  • Authorized quarterly cash distribution of Ps 0.375 per certificate
  • Increased 2017 AFFO guidance by 4.4% to a range of Ps 2.24 to Ps 2.26 per certificate, expects fourth quarter distributions to be consistent with year to date payments

Our success in the quarter was driven by our customer-first philosophy and the ability of our team in the field to sign 85 leases across both our industrial and retail assets at higher average rental rates. I am pleased to announce that with the solid operating results, we are raising our AFFO outlook for the year,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “We continue to optimize our portfolio and during the quarter delivered one expansion project, added two new expansion projects and sold one non-core asset. Year to date we have reinvested US$29.0 million of our retained AFFO on an accretive basis through a combination of investments in expansion and development projects and certificate buybacks. With the closing of a US$210 million refinancing, we completed the last step in a comprehensive US$1.1 billion refinancing program we began in June of last year, providing us with significantly enhanced financial flexibility and liquidity. By focusing on solid execution through our best-in-class real estate platform, along with disciplined capital allocation, we have demonstrated an unwavering commitment to create long term value per certificate for our investors.”

FINANCIAL AND OPERATING RESULTS

Consolidated Portfolio

FIBRAMQ’s total portfolio results were as follows:

                       
TOTAL PORTFOLIO 3Q17 3Q16 Variance YTD17 YTD16 Variance
Net Operating Income (NOI) Ps 795.5m Ps 789.5m 0.8% Ps 2,426.8m Ps 2,267.4m 7.0%
EBITDA Ps 739.8m Ps 733.1m 0.9% Ps 2,257.4m Ps 2,096.1m 7.7%
Funds From Operations (FFO) Ps 533.5m Ps 519.1m 2.8% Ps 1,606.2m Ps 1,452.9m 10.5%
FFO per certificate Ps 0.6597 Ps 0.6398 3.1% Ps 1.9818 Ps 1.7907 10.7%
Adjusted Funds From Operations (AFFO) Ps 462.1m Ps 437.3m 5.7% Ps 1,396.8m Ps 1,239.7m 12.7%
AFFO per certificate Ps 0.5715 Ps 0.5390 6.0% Ps 1.7234 Ps 1.5279 12.8%
GLA (’000s sqm) EOP 3,455 3,408 1.4% 3,455 3,408 1.4%
Occupancy EOP     92.8%     92.9%     -10 bps     92.8%     92.9%     -10 bps
 

Note: Consistent with best practice, NOI, FFO and AFFO have been adjusted in the current and prior periods to move building painting expenses from repairs and maintenance (included in NOI) into normalized maintenance capex (included in AFFO). Per certificate results are based on weighted average certificates outstanding for the respective period.

FIBRAMQ’s same store portfolio results were as follows:

           
TOTAL PORTFOLIO - SAME STORE 3Q17 3Q16 Variance
Net Operating Income Ps 659.1m Ps 653.9m 0.8%
GLA (’000s sqm) EOP 31,978 31,650 1.0%
Occupancy EOP 93.1% 92.6% 50 bps
Industrial Retention (LTM) 80% 65% 1,500 bps
Weighted Avg Lease Term Remaining (years) EOP     3.1     3.3     -6.4%
 

Industrial Portfolio

The following table summarizes the results for FIBRAMQ’s industrial portfolio during the quarter ended September 30, 2017 and the prior comparable period.

                       
INDUSTRIAL PORTFOLIO 3Q17 3Q16 Variance YTD17 YTD16 Variance
Net Operating Income Ps 657.1m Ps 656.2m 0.1% Ps 2,015.6m Ps 1,875.6m 7.5%
Net Operating Income Margin 92.4% 91.1% 120 bps 90.9% 89.1% 170 bps
GLA (’000s sqft) EOP 32,288 31,884 1.3% 32,288 31,884 1.3%
GLA (’000s sqm) EOP 3,000 2,962 1.3% 3,000 2,962 1.3%
Occupancy EOP 92.4% 92.6% -20 bps 92.4% 92.6% -20 bps
Average monthly rent per leased (US$/sqm) EOP $4.61 $4.47 3.3% $4.61 $4.47 3.3%
Customer retention LTM 79% 65% 1,370 bps 79% 65% 1,370 bps
Weighted Avg Lease Term Remaining (years) EOP     3.1     3.3     -6.1%     3.1     3.3     -6.1%
 

FIBRAMQ’s industrial portfolio generated net operating income (NOI) of Ps 657.1 million, compared to Ps 656.2 million in the prior comparable period. Total industrial portfolio leased GLA increased year over year as a result of expansion and development projects, net of property sales. The industrial portfolio occupancy rate was 92.4% as of September 30, 2017, down slightly on a sequential and year over year basis. This change in occupancy rate was due primarily to the sale of a fully leased non-core asset, which when combined with move outs slightly exceeded gains made with new leases signed in the quarter.

Rental rates increased 3.3% over the prior year, to an average of US$4.61 per leased square meter per month. This increase was primarily driven by contractual increases along with positive renewal spreads.

FIBRAMQ signed 23 new and renewal leases in the third quarter comprising 1.5 million square feet of industrial GLA. These included eight new leases totaling 360 thousand square feet and 15 renewal leases totaling 1.1 million square feet. The new leases were diversified across FIBRAMQ’s geographic portfolio as well as across industry sectors. Notable new leases included a packaging company in Monterrey, which was an expansion project, a steel processor for the automotive industry also in Monterrey, a logistics provider in Reynosa, a packaging manufacturer in Juarez and a telecommunications company in Mexicali. FIBRAMQ signed six renewal leases of greater than 100 thousand square feet each in Guadalajara, Monterrey, Matamoros and Ciudad Juárez. These included leases for two logistics providers, an automotive supplier, a packaging supplier and a metals processor and distributor.

For the twelve-month period ending September 30, 2017, FIBRAMQ achieved a customer retention rate of 79%, an increase over the 65% achieved in the prior corresponding twelve-month period.

Retail Portfolio

The following table summarizes the proportionally combined results of operations for FIBRAMQ’s retail portfolio during the quarter ended September 30, 2017 and the prior comparable period.

                       
RETAIL PORTFOLIO 3Q17 3Q16 Variance YTD17 YTD16 Variance
NOI Ps 138.4m Ps 133.3m 3.8% Ps 411.3m Ps 391.7m 5.0%
NOI Margin 74.7% 75.1% -40 bps 74.6% 74.5% 10 bps
GLA (’000s sqm) EOP 455 446 2.2% 455 446 2.2%
Occupancy EOP 95.5% 94.7% 80 bps 95.5% 94.7% 80 bps
Average monthly rent per lease (Ps/sqm) EOP Ps 148.33 Ps 144.52 2.6% Ps 148.33 Ps 144.52 2.6%
Customer retention LTM 70% 68% 130 bps 70% 68% 130 bps
Weighted Avg Lease Term Remaining (years) EOP     4.8     5.2     -7.5%     4.8     5.2     -7.5%
 

FIBRAMQ’s retail portfolio generated a 3.8 percent increase in NOI to Ps 138.4 million versus the prior comparable period. The growth was driven by an 80 basis point increase in occupancy year over year, and a 20 basis point increase sequentially, to 95.5 percent, and a 2.6 percent increase in average monthly rental rates. FIBRAMQ signed 62 leases, including 37 new leases and 25 renewals, representing 5.7 thousand square meters of retail GLA.

PORTFOLIO AND EXPANSION ACTIVITY

FIBRAMQ maintains an active pipeline of opportunities for the deployment of retained capital in the expansion of existing properties and selective new developments in core markets. During the third quarter of 2017, FIBRAMQ deployed or committed to deploy US$4.4 million, and has deployed or committed to deploy US$22.5 million year to date on these types of projects. This deployment, combined with the repurchase of FIBRAMQ’s certificates, is part of the strategy announced in the first quarter of this year whereby AFFO would be retained over the year to be reinvested in projects that are accretive to investors.

During the third quarter, FIBRAMQ completed an 85 thousand square foot expansion for a packaging manufacturer in Monterrey.

FIBRAMQ continued executing the following expansion projects:

  • A 14 thousand square foot expansion for a manufacturer of irrigation systems in Querétaro;
  • A 14 thousand square foot expansion for a manufacturer of fastening solutions plastics, automation systems and automatic doors in Querétaro;
  • A 3 thousand square foot expansion with a total lease of 14 thousand square feet for a major retailer in the Magnocentro shopping center; and,
  • A 24 thousand square foot expansion in the City Shops Del Valle shopping center.

FIBRAMQ commenced the following new expansion projects:

  • A 37 thousand square foot expansion for a food and beverage producer in Guadalajara, which also includes an option for a second expansion of 27 thousand square feet; and,
  • A 65 thousand square foot expansion for an automotive parts manufacturer in Hermosillo.

CERTIFICATE BUY-BACK PROGRAM

Since commencing the certificate buy-back program on June 26, 2017, FIBRAMQ has repurchased 5.3 million certificates for a total value of Ps 118.6 million.

FIBRAMQ is authorized to repurchase up to five percent of its outstanding certificates through June 2018. The timing and amounts of future repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations, including investment alternatives and leverage.

Taking into account both certificate repurchases and development and expansion activities, FIBRAMQ has invested or committed to invest US$28.9 million in the nine months to September 30. This compares to retained AFFO of US$25.8 million for the same period.

ASSET RECYCLING

During the third quarter, FIBRAMQ sold one property in Tijuana for a total value of US$1.3 million. The proceeds exceeded the book value of the asset. FIBRAMQ continues to evaluate its industrial portfolio for additional asset recycling opportunities, pursuing both single asset and small portfolio sales.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

At September 30, 2017, FIBRAMQ had approximately Ps 16.5 billion of debt outstanding, Ps 3.6 billion available on its undrawn revolving credit facility and Ps 586.5 million of unrestricted cash on hand.

FIBRAMQ’s CNBV regulatory debt to total asset ratio was 37.1% and its regulatory DSCR ratio was 4.7x.

As previously announced, on September 13, 2017, FIBRAMQ entered into a new US$210 million 10-year non-amortizing, non-recourse, secured loan with a fixed interest rate of 5.37 percent per annum. Proceeds from the loan were used to fully prepay a US$180 million secured loan due to mature on February 1, 2018. The balance was used to pay down revolver drawings to the current level of US$65 million as of September 30, 2017.

Since 30 June 2016, FIBRAMQ has successfully raised the equivalent of US$1.1 billion of new debt, which has primarily been utilized to repay existing debt on an accelerated basis. In doing so, FIBRAMQ has realized significant benefits, including:

  • Extended weighted average tenor of debt outstanding to 6.1 years, with no debt expirations scheduled for the remainder of 2017 and all of 2018, and an overall smoother debt maturity profile going forward;
  • High proportion of fixed-rate funding of 92.8 percent, providing a high level of certainty on cost of funding, currently 5.3% p.a. on a weighted average basis;
  • Established a revolving credit facility with current undrawn availability of US$200.0 million, ensuring ample liquidity and firepower;
  • Increased and diversified sources of financing to a total of 13 local and international institutional lenders; and
  • Unencumbered assets now representing 78.4% of total assets by value, providing flexibility and efficiency to actively manage the portfolio.

CORPORATE GOVERNANCE

As part of its ongoing effort to maintain best-in-class corporate governance, during the third quarter, FIBRA Macquarie adopted a series of new or revised corporate governance policies, including a Corporate Governance Statement, Code of Conduct and charters for the subcommittees of the Technical Committee. Among other improvements, a new, fully independent Ethics & Corporate Governance Committee will review corporate governance matters and lead the annual Technical Committee self-evaluation. In addition, starting in 2018, Manager-appointed independent Technical Committee members will be required to reinvest at least 40% of their annual fees in FIBRA Macquarie certificates, to be purchased on the secondary market, to increase alignment with certificate holders. The Corporate Governance Statement, Code of Conduct and charters for the subcommittees of the Technical Committee are available on FIBRAMQ’s website, www.fibramacquarie.com.

DISTRIBUTION

On October 26, 2017, FIBRAMQ declared a cash distribution for the quarter ended September 30, 2017 of Ps. 0.375 per certificate. The distribution is expected to be paid on November 9, 2017 to holders of record on November 8, 2017. FIBRAMQ’s certificates will commence trading ex-distribution on November 6, 2017.

For the fourth quarter of 2017, FIBRAMQ expects to make cash distributions in line with payments made in prior quarters this year. The payment of cash distributions is 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.

OUTLOOK

FIBRA Macquarie maintains confidence in its core operations and expects continued strength in the underlying fundamentals of both its industrial and retail segments.

FIBRAMQ is increasing its estimates for the generation of AFFO in 2017 to a range of Ps 2.24 to Ps 2.26 per certificate from Ps 2.13 to 2.18, which at the mid-point represents a 4.4% increase from the prior expected range. The increase reflects the cash-generating capacity of its existing portfolio and assumes no new acquisitions or divestments and an average exchange rate of Ps. 18.0 per US dollar. This outlook also assumes the number of certificates outstanding remains 806,030,904, and does not account for any additional certificate buy-backs beyond those already disclosed.

WEBCAST AND CONFERENCE CALL

FIBRAMQ will host an earnings conference call and webcast presentation on Friday, October 27, 2017 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 2017 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 91666273. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the third quarter 2017 will also be available on FIBRAMQ’s website, www.fibramacquarie.com.

ADDITIONAL INFORMATION

For detailed charts, tables and definitions, please refer to the Third Quarter 2017 Supplementary Information materials located at www.fibramacquarie.com/investors/bolsa-mexicana-de-valores-filings.

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 273 industrial properties and 17 retail properties, located in 22 cities across 18 Mexican states as of September 30, 2017. Nine of the retail 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 (MIRA) pioneered infrastructure as a new asset class for institutional investors. For more than 20 years it has been investing in and managing the assets that people use every day - extending beyond Infrastructure to Real Estate, Agriculture and Energy. MIRA’s dedicated operational and financial experts work where MIRA’s funds invest and the portfolio companies operate. They are part of a global team which helps clients to see across the regions and deep into local markets. As of March 31, 2017, MIRA has assets under management of more than $118 billion.

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 more than 70 office locations in 28 countries. Macquarie employs approximately 13,597 people and has assets under management of more than $367 billion (as of March 31, 2017).

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 AS AT SEPTEMBER 30, 2017 (UNAUDITED) AND DECEMBER 31, 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

     
Sep 30, 2017 Dec 31, 2016
$’000 $’000
 
Current assets
Cash and cash equivalents 586,488 612,443
Restricted cash - 10,849
Trade and other receivables, net 56,021 116,865
Other assets 32,775 72,677
Investment properties held for sale 348,763 284,130
Total current assets 1,024,047 1,096,964
 
Non-current assets
Restricted cash 46,371 39,881
Other assets 192,015 185,323
Equity-accounted investees 1,106,422 1,084,875
Goodwill 931,605 931,605
Investment properties 38,359,301 42,466,715
Derivative financial instruments 74,273 97,762
Total non-current assets     40,709,987   44,806,161
Total assets     41,734,034   45,903,125
 
Current liabilities
Trade and other payables 442,225 480,673
Interest-bearing liabilities - 67,977
Tenant deposits 33,191 21,396
Income tax payable 1,110 1,409
Total current liabilities 476,526 571,455
 
Non-current liabilities
Tenant deposits 298,723 346,863
Interest-bearing liabilities 15,493,847 17,946,449
Deferred income tax 1,667 1,667
Total non-current liabilities     15,794,237   18,294,979
Total liabilities     16,270,763   18,866,434
           
Net assets     25,463,271   27,036,691
 
Equity
Contributed equity 18,298,044 18,369,994
Retained earnings     7,165,227   8,666,697
Total equity     25,463,271   27,036,691
 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
 

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 2017 AND 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

 
    3 months ended   9 months ended

Sep 30,
2017

 

Sep 30,
2016

Sep 30,
2017

 

Sep 30,
2016

$’000 $’000 $’000 $’000
 
Property related income 845,522 848,176 2,619,358 2,485,387
Property related expenses     (107,718)   (110,598)   (361,382)   (364,104)
Net property income     737,804   737,578   2,257,976   2,121,283

 

Management fees (42,679) (44,988) (133,021) (135,574)
Transaction related expenses (293) (11,259) (4,616) (26,766)
Professional, legal and other expenses     (12,971)   (11,296)   (36,147)   (35,526)
Total expenses     (55,943)   (67,543)   (173,784)   (197,866)
 
Finance costs (226,861) (226,423) (659,993) (705,794)
Financial income 3,530 5,261 8,857 31,847
Share of profits from equity-accounted investees 8,467 9,575 70,200 70,193
Foreign exchange (loss)/gain (255,036) (487,234) 2,098,636 ( 1,901,792)
Net gain/(loss) from fair value adjustment on investment property 662,631 1,010,489 (4,114,328) 3,831,598
Net unrealized loss on interest rate swaps     4,194   (19,717)   (23,489)   (19,717)
(Loss)/profit before taxes for the period     878,786   961,986   (535,925)   3,229,752
 
Current income tax     (234)   (986)   (873)   (1,409)
(Loss)/profit for the period     878,552   961,000   (536,798)   3,228,343
 
Other comprehensive income
Other comprehensive income for the period     -   -   -   -
Total comprehensive (loss)/ income for the period     878,552   961,000   (536,798)   3,228,343
 
Earnings per CBFI*
Basic earnings per CBFI (pesos) 1.09 1.18 (0.66) 3.98
Diluted earnings per CBFI (pesos)     1.09   1.18   (0.66)   3.98

*Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios)

 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
 

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

         
Contributed Reserve for Retained
equity

own
certificates

earnings Total
$’000 $’000 $’000 $’000
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 their capacity as equity holders - - (1,087,227) (1,087,227)
                   
Total equity at September 30, 2016     18,369,994   -   7,291,522   25,661,516
 
Total equity at January 1, 2017 18,369,994 - 8,666,697 27,036,691
Total comprehensive loss for the period - - (536,798) (536,798)
Total comprehensive loss for the period - - (536,798) (536,798)
 
Transactions with equity holders in their capacity as equity holders:
- Distributions to CBFI holders - - (964,672) (964,672)
- Repurchase of CBFIs - (71,950) - (71,950)
Total transactions with equity holders in their capacity as equity holders - (71,950) (964,672) (1,036,622)
                   
Total equity at September 30, 2017     18,369,994   (71,950)   7,165,227   25,463,271
 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
 

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

     
9 months ended
Sep 30, 2017 Sep 30, 2016
$’000 $’000
Inflows/(Outflows) Inflows/(Outflows)
Operating activities:
(Loss)/profit for the period before taxes (535,925) 3,229,752
Adjustments for:

Net unrealized foreign exchange loss/(gain) on foreign currency
denominated investment property measured at fair value

4,104,867 (3,792,804)
Unrealized revaluation loss/(gain) on investment property measured at fair value 10,140 (38,794)
Straight line rental income adjustment (6,509) (39,151)
Tenant improvements amortization 21,395 14,111
Leasing expense amortization 36,130 27,365
Financial income (8,857) (31,847)
Provision for bad debt 11,352 25,811
Net foreign exchange (gain)/loss (2,164,593) 2,023,507
Finance costs recognized in profit for the period 659,993 705,794
Share of profits from equity-accounted investees (70,200) (70,193)
Net unrealized loss on interest rate swaps 23,489 19,717
Movements in working capital:
Decrease in receivables 61,921 276,068
(Increase)/decrease in payables (60,544) 221,625
Net cash flows from operating activities 2,082,659 2,570,961
Investing activities:
Investment property - asset acquisitions - (447,945)
Investment property - asset disposals 122,257 -
Maintenance capital expenditure and other capitalized costs (304,618) (466,311)
Distributions received from equity-accounted investees 48,653 11,817
Net cash flows used in investing activities (133,708) (902,439)
Financing activities:
Financial income 8,857 31,847
Repayment of interest-bearing liabilities (4,136,912) (16,121,464)
Interest paid (568,152) (619,024)
Proceeds from interest-bearing liabilities, net of facility charges 3,687,607 14,383,994
Buy back of CBFIs, net of costs (71,950) -
Distributions to CBFI holders (964,672) (1,087,227)
Net cash flows used in financing activities (2,045,222) (3,411,874)
Net decrease in cash and cash equivalents (96,271) (1,743,352)
Cash, cash equivalents at the beginning of the period 663,173 2,394,426
Foreign exchange gain/(loss) on cash and cash equivalents     65,957   (121,715)
Cash and cash equivalents at the end of the period*     632,859   529,359
*In the cash and cash equivalent balance at the end of the period is included restricted cash of $46.3 million (September 30, 2016: $47.9 million).
 

Contacts

For FIBRA Macquarie México
Investor relations:
+52 (55) 9178 7751
fibramq@macquarie.com
or
Evelyn Infurna, +1 203 682 8265
evelyn.infurna@icrinc.com
or
Nikki Sacks, +1 203 682 8263
nikki.sacks@icrinc.com
or
For press queries:
FleishmanHillard México
Alejandro Sampedro Llorens, +52 55 5540 6031 ext. 249
alejandro.sampedro@fleishman.com

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