FIBRA Macquarie México Reports Fourth Quarter and Full Year 2017 Results

- Full Year AFFO per Certificate Increases 8.6% YoY -

- Provides Guidance for 2018 -

MEXICO CITY--()--FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail property in Mexico, announced its financial and operating results for the quarter and year ended December 31, 2017.

FOURTH QUARTER 2017 HIGHLIGHTS

  • Reported AFFO per certificate of Ps 0.5363 compared to Ps 0.5531 in the prior comparable quarter, as positive same store NOI growth was offset by movement in the exchange rate
  • Executed highest quarterly volume of industrial lease renewals in FIBRAMQ’s history
  • Increased average rental rates, with industrial up 2.8% YoY and retail up 5.2% YoY
  • Authorized a quarterly cash distribution of Ps 0.375 per certificate
  • Continuation of accretive buyback, repurchased 8.1 million certificates during the quarter, for cancellation
  • Exited two non-core single-asset markets, Villahermosa and Durango, generating US$22.3 million of proceeds

FULL YEAR 2017 HIGHLIGHTS

  • Increased full year AFFO per certificate by 8.6% YoY to Ps 2.26
  • Increased AFFO margin YoY by 200 bps to 49.4%
  • Sold five properties, including the exit of four, single-asset, non-core markets generating US$28.3 million of proceeds
  • Deployed or committed to deploy US$25.4 million in expansion and development projects with a projected weighted average unlevered return of 12% p.a.
  • Repurchased 19.1 million certificates for cancellation to date
  • Completed US$210 million refinancing, further improving flexibility, extending tenor, and increasing the proportion of fixed-rate funding
  • Improved governance by adding independent member to technical committee and requiring minimum ownership amounts by the independent technical committee members
  • Provides 2018 guidance, including AFFO of Ps. 2.25 and Ps. 2.30 per certificate and expected increased cash distributions of Ps. 1.56 per certificate, payable in quarterly instalments of Ps 0.39 per certificate
  • Repaid US$44.0 million of debt and reduced the leverage ratio by 290 bps to 40.1%

MANAGEMENT COMMENTARY

The fourth quarter concluded a solid year for FIBRA Macquarie as we achieved favorable rental rate growth and delivered our strongest leasing quarter since our inception. Our strong customer retention demonstrates the quality of our assets, desirable locations and proactive approach to customer service,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “We are executing effectively on our strategy to reinvest our capital while also increasing our financial flexibility to act opportunistically. Utilizing our retained AFFO and asset sale proceeds, in 2017 FIBRAMQ deployed or committed approximately US$86.2 million of capital including for property expansions and development, certificate buy-backs for cancellation and revolving debt repayment.”

Mr. Monroy continued, “We have meaningfully increased our liquidity, and as we look ahead, we will strive to enhance our portfolio through accretive expansions and property developments, as well as opportunistic asset recycling. Market conditions remain favorable in Mexico with stable demand and low vacancy. We are optimistic about our ability to continue delivering solid results, maintain a high quality and well-covered distribution, and to deploy capital to create value on a per certificate basis.”

FINANCIAL AND OPERATING RESULTS

Consolidated Portfolio

FIBRAMQ’s total results were as follows:

                                       
TOTAL PORTFOLIO       4Q17     4Q16     Variance     FY17     FY16     Variance
Net Operating Income (NOI)       Ps 794.9m     Ps 819.8m     -3.0%     Ps 3,221.7m     Ps 3,087.2m     4.4%
EBITDA Ps 735.7m Ps 760.4m -3.2% Ps 2,993.2m Ps 2,856.5m 4.8%
Funds From Operations (FFO) Ps 504.2m Ps 526.5m -4.2% Ps 2,110.4m Ps 1,979.4m 6.6%
FFO per certificate (weighted average) Ps 0.6268 Ps 0.6489 -3.4% Ps 2.6089 Ps 2.4396 6.9%
Adjusted Funds From Operations (AFFO) Ps 431.5m Ps 448.8m -3.9% Ps 1,828.2m Ps 1,688.5m 8.3%
AFFO per certificate (weighted average) Ps 0.5363 Ps 0.5531 -3.0% Ps 2.2600 Ps 2.0810 8.6%
NOI Margin 85.2% 87.8% -260 bps 87.0% 86.6% 40 bps
AFFO Margin 46.2% 48.1% -180 bps 49.4% 47.4% 200 bps
GLA (’000s sqm) EOP 3,423 3,437 -0.4% 3,423 3,437 -0.4%
Occupancy EOP       92.9%     93.0%     -10 bps     92.9%     93.0%     -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).

FIBRAMQ’s same store portfolio results were as follows:

                                       
TOTAL PORTFOLIO – SAME STORE       4Q17     4Q16     Variance     FY17     FY16     Variance
Net Operating Income       Ps 780.9m     Ps 801.2m     -2.5%     Ps 3,163.0m     Ps 3,020.2m     4.7%
NOI Margin 85.0% 87.7% -270 bps 87.0% 86.5% 50 bps
GLA (’000s sqft) EOP 36,264 36,354 -0.2% 36,264 36,354 -0.2%
Occupancy EOP 93.5% 92.9% 65 bps 93.5% 92.9% 60 bps
Industrial Retention (LTM) 85.8% 67.8% 1,800 bps 85.8% 67.8% 1,800 bps
Weighted Avg. Lease Term Remaining (years) EOP       3.6     3.8     -4.2%     3.6     3.8     -4.2%
 

Industrial Portfolio

The following table summarizes the results for FIBRAMQ’s industrial portfolio:

                                       
INDUSTRIAL PORTFOLIO       4Q17     4Q16     Variance     FY17     FY16     Variance
Net Operating Income       Ps 655.0m     Ps 688.9     -4.9%     Ps 2,670.6m     Ps 2,564.6m     4.1%
NOI Margin 88.3% 90.8% -260 bps 90.2% 89.6% 60 bps
GLA (’000s sqft) EOP 31,940 32,097 -0.5% 31,940 32,097 -0.5%
GLA (’000s sqm) EOP 2,967 2,982 -0.5% 2,967 2,982 -0.5%
Occupancy EOP 92.6% 92.7% -10 bps 92.6% 92.7% -10 bps
Average monthly rent per leased (US$/sqm) EOP $4.61 $4.48 2.8% $4.61 $4.48 2.8%
Customer retention LTM 86% 68% 1,850 bps 86% 68% 1,850 bps
Weighted Avg. Lease Term Remaining (years) EOP       3.3     3.4     -1.6%     3.3     3.4     -1.6%
 

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).

For the three months ended December 31, 2017, FIBRAMQ’s industrial portfolio delivered net operating income (NOI) of Ps 655.0 million, compared to Ps 688.9 million in the prior comparable period. The year-over-year decline in NOI was primarily due to a year-over-year appreciation in the Peso relative to the US Dollar. For the full year, NOI was Ps 2,670.6 million, a 4.1% increase from 2016.

The industrial portfolio occupancy rate as of December 31, 2017 was 92.6%. The ten basis points change in closing occupancy compared to the prior year was partly attributable to the opportunistic sale of two fully leased properties. Rental rates improved in the fourth quarter of 2017, with a closing weighted average of US$4.61 per leased square meter per month, a 2.8% increase from the end of 2016. This rate increase was driven primarily by contractual increases, along with positive renewal spreads.

FIBRAMQ signed 29 new and renewal leases in the fourth quarter of 2017, comprising 2.9 million square feet, which represents a record level of quarterly leasing activity since FIBRAMQ’s inception. Signed leases included six new leases totaling 337 thousand square feet and 23 renewal leases totaling 2.5 million square feet. New leases included the commencement of two completed expansions.

Notable new leases in the quarter include a logistics company in Monterrey, a manufacturer of refrigeration equipment in Reynosa, and a call center operator in Ciudad Juárez. Renewal activity was particularly strong in the quarter, with the signing of seven renewal leases which were all greater than 100 thousand square feet, across various geographies and customer types, including manufacturers of automotive and diesel train components and medical supplies.

For the twelve-month period ending December 31, 2017, FIBRAMQ achieved a retention rate of 86%, a meaningful improvement from 2016.

Retail Portfolio

The following table summarizes the proportionally combined results of operations for FIBRAMQ’s retail portfolio:

                                       
RETAIL PORTFOLIO       4Q17     4Q16     Variance     FY17     FY16     Variance
NOI       Ps 139.9m     Ps 130.9m     6.9%     Ps 551.2m     Ps 522.6m     5.5%
NOI Margin 73.1% 74.5% -140 bps 74.2% 74.5% -30 bps
GLA (’000s sqm) EOP 456 455 0.0% 456 455 0.0%
Occupancy EOP 95.1% 95.2% -10 bps 95.1% 95.2% -10 bps
Average monthly rent per leased (Ps/sqm) EOP Ps 151.00 Ps 143.54 5.2% Ps 151.00 Ps 143.54 5.2%
Customer retention LTM 76% 59% 1,750 bps 76% 59% 1,750 bps
Weighted Avg. Lease Term Remaining (years) EOP       4.8     5.3     -10.3%     4.8     5.3     -10.3%
 

FIBRAMQ’s retail portfolio delivered NOI of Ps 139.9 million, an increase of 6.9% from the prior year period. The year over year growth was driven by a 5.2% increase in average monthly rents. During the fourth quarter, FIBRAMQ signed 51 leases, representing 6.8 thousand square meters. This activity included 17 new leases and 34 renewals.

For the twelve-month period ending December 31, 2017, FIBRAMQ achieved a retention rate of 76%, a meaningful improvement from 2016.

PORTFOLIO AND EXPANSION ACTIVITY

FIBRAMQ continues to effectively execute on its strategy to deploy retained AFFO into accretive investments. A key element of this strategy is the targeted expansion of existing properties on a pre-leased basis along with selective development in core markets.

During the fourth quarter of 2017, FIBRAMQ deployed or committed to deploy US$5.3 million and has deployed or committed to deploy US$25.4 million for the full year 2017 on these types of projects. The projected weighted average NOI yield on the capital deployed in 2017 was 12% p.a.

During the fourth quarter, FIBRAMQ completed the following expansion projects:

  • A 14 thousand square foot expansion for a manufacturer of fasteners, plastic components, automation systems and automatic doors in Querétaro
  • A 65 thousand square foot expansion for an automotive parts manufacturer in Hermosillo
  • A 3 thousand square foot expansion in connection to a new lease of 14 thousand square feet for a major retailer in the Magnocentro shopping center

FIBRAMQ continued the following expansion projects:

  • A 37 thousand square foot expansion for a food and beverage producer in Guadalajara
  • A 14 thousand square foot expansion for a manufacturer of irrigation systems in Querétaro

ASSET RECYCLING

FIBRAMQ remains committed to owning a best-in-class real estate portfolio by continuing to enhance its composition through asset recycling opportunities, pursuing both single asset and portfolio sales.

During the fourth quarter, FIBRAMQ sold two properties in Villahermosa and Durango, completely exiting these non-core, single-asset markets. The sale proceeds of US$22.3 million exceeded the book value of the assets. FIBRAMQ has now successfully exited four of the five non-core markets in which it was present at the start of 2017.

FIBRAMQ anticipates recycling approximately 10% of its existing total GLA over the medium term.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of December 31, 2017, FIBRAMQ had approximately Ps 17.3 billion of debt outstanding, Ps 4.3 billion available on its undrawn revolving credit facility and Ps 442.3 million of unrestricted cash on hand. FIBRAMQ’s CNBV regulatory debt to total asset ratio was 36.5%, a reduction of 60 basis points compared to the end of the prior quarter and 270 basis points compared to the end of 2016.

During the quarter, a debt repayment of US$25.0 million was made in respect of the revolving credit facility, mainly sourced from asset sale proceeds. As a result, FIBRAMQ’s undrawn credit line available for general purposes has increased to US$217.8 million, providing ample liquidity and flexibility.

In addition, FIBRAMQ’s percentage of fixed-rate debt also increased to 95% across a weighted-average debt tenor remaining of 6.0 years, providing significant visibility on long-term funding costs amidst a rising interest rate environment.

CAPITAL ALLOCATION

FIBRA Macquarie is committed to providing clear and transparent reporting of its capital allocation track record. The following table provides an overview of how FIBRA Macquarie has funded and deployed its cash to execute on its previously stated initiatives to maximize value to its certificate holders. In 2017, FIBRA Macquarie effectively utilized retained AFFO and proceeds from non-core assets sales to deploy or commit to deploy capital across property expansions and developments, certificates re-purchased for cancellation and repayment of revolving debt.

               
SOURCES AND USES OF CAPITAL       Ps Equivalent     US$ equivalent
Sources          
Retained AFFO – 2017 620.7m 32.8m
Retained AFFO – from periods other than 2017 475.4m 25.1m
Asset Sales – 2017       535.8m     28.3m
Total Sources       1,631.9m     86.2m
Uses
Debt repayment – 2017 832.9m 44.0m
Expansions & developments – completed in 2017 371.3m 19.6m
Expansions & developments – committed in 2017, for completion in 2018 108.7m 5.7m
Certificate re-purchased for cancellation – 2017 250.8m 13.3m
Other – 2017       68.1m     3.6m
Total Uses       1,631.9m     86.2m
 

Note: Other - 2017 includes US$1.5m of income-generating Above-Standard Tenant Improvements. Uses average FX of Ps 18.93.

CERTIFICATE BUY-BACK AND CANCELLATION PROGRAM

During the fourth quarter of 2017, FIBRAMQ repurchased 8.1 million certificates, representing highly accretive returns based upon an end of period discount to NAV of 36.4% and an AFFO yield of 11.2% based upon the mid-point of 2018 AFFO guidance (Ps 2.275 per certificate) and the February 22, 2018 closing certificate price of Ps 20.39.

Since commencing the certificate buy-back program on June 26, 2017 through to the current date, FIBRAMQ has repurchased 19.1 million certificates for a total of Ps 412.2 million, at an average certificate price of Ps 21.5438. All repurchased certificates have been cancelled or will be cancelled in due course.

FIBRAMQ is authorized to repurchase up to 21.4 million additional certificates to complete the total authorization of up to 5.0% of outstanding certificates. The timing, price per certificate and amount of future repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations, including investment alternatives.

Daily updates of FIBRAMQ’s buyback activity can be found at http://www.bmv.com.mx/en/issuers/corporativeinformation/FIBRAMQ-30024-CGEN_CAPIT.

DISTRIBUTION

On February 22, 2018, FIBRAMQ declared a cash distribution for the quarter ended December 31, 2017 of Ps 0.375 per certificate. The distribution is expected to be paid on March 9, 2018 to holders of record on March 8, 2018. FIBRAMQ’s certificates will commence trading ex-distribution on March 7, 2018. The full year 2017 distribution represents a full year 2017 AFFO payout ratio of 66.0%.

2018 GUIDANCE

FIBRA Macquarie is introducing its guidance for 2018. FIBRAMQ estimates total AFFO of between Ps. 2.25 and Ps. 2.30 per certificate in 2018. In respect of the full year 2018, FIBRAMQ expects to make cash distributions of approximately Ps 1.56 per certificate, payable in quarterly instalments of Ps 0.39 per certificate.

This guidance is based on the following assumptions:

  • Based on the cash-generating capacity of its existing portfolio and an average exchange rate of Ps 18.5 per US dollar
  • Assumes no new acquisitions or divestments, but noting that successful execution of opportunistic asset sales may result in a temporary decrease in AFFO until proceeds are re-deployed in other accretive opportunities
  • Re-purchase for cancellation in 2018 of the remaining 21.4 million certificates available for buyback (as of February 22nd 2018), resulting in an aggregate 5.0% of issued certificates being re-purchased and cancelled, to close 2018 with 770.8 million certificates outstanding
  • The payment of cash distributions is subject to the approval of the board of directors of the Manager for cash distributions
  • 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, February 23, 2018 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 Fourth 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 9974949. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the fourth 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 Fourth 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 271 industrial properties and 17 retail/office properties, located in 20 cities across 15 Mexican states as of December 31, 2017. 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 has approximately US$111 billion of total assets under management as of September 30, 2017.

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 61 office locations in 27 countries. Macquarie employs approximately 13,966 people and has assets under management of more than $371 billion as of September 30, 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

               
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2017 AND 2016
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
         
 
Dec 31, 2017 Dec 31, 2016
$’000 $’000
 
Current assets
Cash and cash equivalents 417,529 612,443
Restricted cash - 10,849
Trade and other receivables, net 74,539 116,865
Other assets 73,938 72,677
Investment properties held for sale - 284,130
Total current assets 566,006 1,096,964
 
Non-current assets
Restricted cash 50,289 39,881
Other assets 196,673 185,323
Equity-accounted investees 1,137,652 1,084,875
Goodwill 882,758 931,605
Investment properties 41,722,712 42,466,715
Derivative financial instruments 111,573 97,762
Total non-current assets       44,101,657     44,806,161
Total assets       44,667,663     45,903,125
 
Current liabilities
Trade and other payables 630,784 480,673
Interest-bearing liabilities - 67,977
Tenant deposits 39,295 21,396
Income tax payable - 1,409
Total current liabilities 670,079 571,455
 
Non-current liabilities
Tenant deposits 313,719 346,863
Interest-bearing liabilities 16,318,550 17,946,449
Deferred income tax 6,277 1,667
Total non-current liabilities       16,638,546     18,294,979
Total liabilities       17,308,625     18,866,434
               
Net assets       27,359,038     27,036,691
 
Equity
Contributed equity 18,118,973 18,369,994
Retained earnings       9,240,065     8,666,697
Total equity       27,359,038     27,036,691
 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
                         

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2017 AND 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
                 
3 months ended Year ended

Dec 31,
2017

Dec 31,
2016

Dec 31,
2017

Dec 31,
2016

$’000 $’000 $’000 $’000
 
Property related income 880,794 887,916 3,500,152 3,373,303
Property related expenses       (149,129)     ( 118,648)     (510,511)     (482,752)
Net property income       731,665     769,268     2,989,641     2,890,551
Management fees (46,732) (49,067) (179,753) (184,641)
Transaction related expenses (346) (10,756) (4,962) (37,522)
Professional, legal and other expenses       (12,379)     (10,270)     (48,526)     (45,796)
Total expenses       (59,457)     (70,093)     (233,241)     (267,959)
Finance costs (224,796) (230,440) (884,789) (936,234)
Financial income 4,963 2,160 13,820 34,007
Other income, net 9,785 - 9,785 -
Share of profits from equity-accounted investees 45,552 57,092 115,752 127,285
Foreign exchange (loss)/gain (1,258,489) (1,007,353) 840,147 (2,909,145)

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

2,538,635 1,938,900 (1,566,232) 5,731,704

Unrealized revaluation gain on investment property
measured at fair value

559,305 156,829 549,165 195,623
Gain on disposal of investment property 45,110 - 45,789 -
Goodwill written off in respect of properties disposed (48,847) - (48,847) -
Net unrealized loss on interest rate swaps       37,300     117,479     13,811     97,762
Profit before taxes for the period/year       2,380,726     1,733,842     1,844,801     4,963,594
 
Current income tax 980 - 107 (1,409)
Deferred income tax       (4,610)     (1,667)     (4,610)     (1,667)
Profit for the period/year       2,377,096     1,732,175     1,840,298     4,960,518
 
Other comprehensive income
Other comprehensive income for the period/year       -     -     -     -
Total comprehensive income for the period/year       2,377,096     1,732,175     1,840,298     4,960,518
 
Earnings per CBFI*
Basic earnings per CBFI (pesos) 2.96 2.13 2.27 6.11
Diluted earnings per CBFI (pesos)       2.96     2.13     2.27     6.11
*Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios)
 
                     
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
             
 
Contributed Retained
equity

earnings

Total
$’000 $’000 $’000
Total equity at January 1, 2016

18,369,994

5,150,406

23,520,400

Total comprehensive income for the year - 4,960,518 4,960,518
Total comprehensive income for the year - 4,960,518 4,960,518
 
Transactions with equity holders in their capacity as equity holders:
- Distributions to CBFI holders - (1,444,227) (1,444,227)
Total transactions with equity holders in their capacity as equity holders - (1,444,227) ( 1,444,227)
                     
Total equity at December 31, 2016       18,369,994     8,666,697     27,036,691
 
Total equity at January 1, 2017 18,369,994 8,666,697 27,036,691
Total comprehensive income for the year - 1,840,298 1,840,298
Total comprehensive loss for the year - 1,840,298 1,840,298
 
Transactions with equity holders in their capacity as equity holders:
- Distributions to CBFI holders - (1,266,930) (1,266,930)
- Repurchase of CBFIs, including associated costs (251,021) - (251,021)
Total transactions with equity holders in their capacity as equity holders (251,021) (1,266,930) (1,517,951)
                     
Total equity December 31, 2017       18,118,973     9,240,065     27,359,038
 
         
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
               

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED

DECEMBER 31, 2017 AND 2016

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
 
Year ended
Dec 31, 2017 Dec 31, 2016
$’000 $’000
Inflows/(Outflows) Inflows/(Outflows)
Operating activities:
Profit before taxes for the year 1,844,801 4,963,594
Adjustments for:
Net unrealized foreign exchange loss/(gain) on foreign currency

denominated investment property measured at fair value

1,566,232 (5,731,704)
Unrealized gain on investment property measured at fair value (549,165) (195,623)
Goodwill written off in respect of properties disposed 48,847 -
Straight line rental income adjustment (10,055) (50,074)
Tenant improvements amortization 28,927 19,993
Leasing expense amortization 48,561 36,713
Financial income (13,820) (34,007)
Provision for bad debt 17,802 35,914
Gain on disposal of investment property (45,789) -
Net foreign exchange (gain)/loss (868,110) 3,067,348
Finance costs recognized in profit for the year 884,789 936,234
Share of profits from equity-accounted investees (115,752) (127,285)
Net unrealized gain on interest rate swaps (13,811) (97,762)
Movements in working capital:
Decrease in receivables 6,914 283,468
Decrease in payables 3,202 137,926
Net cash flows from operating activities 2,833,573 3,244,735
Investing activities:
Investment property acquired - (447,945)
Proceeds from investment properties disposed 525,087 37,611
Maintenance capital expenditure and other capitalized costs (385,091) (685,202)
Distributions received from equity-accounted investees 62,975 1,773
Net cash flows used in investing activities 202,971 (1,093,763)
Financing activities:
Financial income 13,820 34,007
Repayment of interest-bearing liabilities (4,601,532) (16,121,464)
Interest paid (826,820) (881,079)
Proceeds from interest-bearing liabilities, net of facility charges 3,672,621 14,688,741
Repurchase of CBFIs, including associated costs (251,021) -
Distributions to CBFI holders (1,266,930) (1,444,227)
Net cash flows used in financing activities (3,259,862) 3,724,022)
Net decrease in cash and cash equivalents (223,318) (1,573,050)
Cash, cash equivalents at the beginning of the year 663,173 2,394,426
Foreign exchange gain/(loss) on cash and cash equivalents       27,963     (158,203)
Cash and cash equivalents at the end of the year*       467,818     663,173
*Includes restricted cash balance of $50.3 million (2016: $50.7 million).
 

Contacts

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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