- Full Year AFFO per Certificate
Increases 8.6% YoY -
- Provides Guidance for 2018
-
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 foreigncurrency denominated investment property
measured at fair value
2,538,635 1,938,900
(1,566,232) 5,731,704
Unrealized revaluation gain on investment
propertymeasured 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).
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