MEXICO CITY--(BUSINESS WIRE)--UNIFIN Financiera, S.A.P.I. de C.V. SOFOM, E.N.R. (“UNIFIN” or “the Company”) announced that yesterday it released its financial results for the first quarter of 2015 (“1Q15”) and its Unaudited Condensed Consolidated Financial Statements for the three month periods ended March 31, 2015.
- Net income increased 335.6% during 1Q15 to Ps. 357.9 million, compared to Ps. 82.2 million in 1Q14.
- Total income reached Ps. 1,499.8 million during 1Q15, a 50.0% increase year-over-year from Ps. 999.6 million in 1Q14.
- Financial margin increased 63.2% during 1Q15, reaching Ps. 383.6 million, from Ps. 235.0 in 1Q14.
- Operating income reached Ps. 495.0 million during 1Q15, up 271.0% from Ps. 133.4 million in 1Q14.
- Total loan portfolio reached Ps. 12,811.0 million during 1Q15, 29.3% higher than the Ps. 9,909.6 million reported in 1Q14.
- Non-performing loan portfolio decreased 54.9% to Ps. 84.9 million in 1Q15 (the non-performing loan (NPL) ratio is equal to 0.66%) from Ps. 188.3 million, with an NPL ratio of 1.90%, in 1Q14.
- Total assets were Ps. 18,236.2 million at the end of 1Q15, a 64.0% increase from Ps. 11,120.5 million at the end of 1Q14.
- Total liabilities increased to Ps. 16,442.9 million at the end of 1Q15, a 63.0% increase, compared to Ps. 10,085.4 million reported at 1Q14.
- During 1Q15, UNIFIN repurchased a portion of its outstanding debt corresponding to the bond issued on July 2014 (the “144A/Reg S Bond”) in the amount of US$33.4 million at an average price of US$83.7 dollars. As of March 31, 2015, the remaining portion of the outstanding debt corresponding to the 144A/Reg S Bond was US$366.6 million.
Statement from the CEO
“During the first quarter of 2015, UNIFIN consolidated its growth pillars both at a strategic, as well as at an operational level, supported by its sound financial performance. We believe that UNIFIN has established itself as a leading independent operating lease service company. UNIFIN has demonstrated that it is a growth and a profit-generating company founded on financial health.
Our important leasing portfolio growth is the result of continued efforts from our sales teams, combined with business intelligence. During this quarter, UNIFIN experienced a significant portfolio increase in markets where SMEs posted the fastest growth rates in Mexico.
During this quarter, total income reached Ps. 1,499.8 million, a 50.0% increase compared with the same period of 2014. The financial margin rose 63.2%, from Ps. 235.0 million to Ps. 383.6 million, year-over-year. Operating income went from Ps. 133.4 million in 1Q14 to Ps. 495.0 million in 1Q15, a 271.0% increase. Lastly, the total loan portfolio during the 1Q15 reached Ps. 12,811.0 million, a 29.3% increase compared to Ps. 9,909.6 million in 1Q14, including off-balance accounts comprised by the operating lease future rentals.
In the coming quarters, we will be preparing UNIFIN to continue expanding its presence in key markets with two new branches, one in Veracruz and the second one to be defined, as well as new sales teams in Mexico City in order to continue adding value via a strong operational and financial performance.”
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.
Conference Call Replay
Please call: 1 (877) 919-4059 from within the U.S. or 1 (334) 323-0140 from outside the U.S. Passcode: 9411257.
For more information please visit: www.unifin.com.mx