UNIFIN Reports Fourth Quarter 2015 Results

Net Income Growth of 52.0% for the 4Q15 and 126.7% for 2015

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 fourth quarter (“4Q15”) and full-year (“2015”) period and its Unaudited Consolidated Financial Statements for the period ended December 31, 2015. All figures presented throughout this document are expressed in million 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”).

4Q15 Highlights

  • Total revenues reached Ps. 1,854.2 million during 4Q15, a 46.0% increase from Ps. 1,270.0 million in 4Q14.
  • Financial margin increased 60.7% from Ps. 306.5 million in 4Q14 to Ps. 492.6 million in 4Q15.
  • Net income increased 52.0% during 4Q15 to Ps. 238.1 million compared to Ps. 156.6 million in 4Q14.
  • Total loan portfolio increased 64.1% reaching Ps. 18,855.1 million at the end of December 2015, compared to Ps. 11,488.3 million reported at the end of December 2014.
  • Net fixed assets increased 46.5% from Ps. 9,610.7 million at the close of 2014.
  • Total assets reached Ps. 25,029.7 million at the end of December 2015, a 63.1% increase compared to Ps. 15,348.1 million in the same period of the prior year.
  • On October 19th, HR Ratings upgraded UNIFIN’s long-term issuer rating from HR A+ to HR AA- on a national scale and from HR BB+ (G) to HR BBB- (G) on a global scale. The upgrade reaffirms the ‘Stable’ outlook of the Company. In addition, UNIFIN was upgraded on a short term scale from HR2 to HR1.

Statement from the CEO

UNIFIN, once again, maintained its expected growth rate, meeting all the goals set forth for the quarter and full year of 2015. Notably, the Company met its goals under the adverse conditions prevalent in the global markets and the local environment, in addition to the negative impact over commodities prices and other economic indicators.

2015 was an important year for the Company, both from a quantitative as well as a qualitative standpoint; during this time, we had UNIFIN’s Initial Public Offering (“IPO”), the opening of three regional offices, ratings upgrades by Standard & Poor’s, Fitch Ratings and HR Ratings, and lastly, we received notable awards such as Socially Responsible Company, Best Place to Work, Number One Leasing Company in Latin America and Entrepreneur of the Year.

During the fourth quarter of 2015, UNIFIN’s net income reached Ps. 238.1 million, up 52.0% compared from Ps. 156.6 million at the close of December 2014. In addition, UNIFIN’s net income during 2015 increased to Ps. 1,093.5 million, a 126.7% increase from Ps. 482.4 million in the same period of 2014.

Net results were mainly driven by the increase in revenues, which resulted from the Company’s portfolio growth, which reached Ps. 18,855.1 million at the end of December 2015, up 64.1% compared to Ps. 11,488.3 million at the end of 2014, as well as an increase in our financial margin which resulted from strict expense controls and lower funding costs.

Our financial ratios at the close of 4Q15 substantially improved compared to the same period in 2014. Our capitalization ratio grew 7.4 percentage points; ROAA grew 1.4 percentage points; the Company’s efficiency ratio improved from 49.5% to 39.5%; and operating expenses were 10.7% of total revenues, an improvement from 11.9% at the close of 2014. Lastly, total leverage decreased 50.3%, equivalent to 3.1x the Company’s equity.

Looking forward to 2016, UNIFIN will continue servicing the SMB market in Mexico, always based on its current strategy of operating prudently while upholding our three main pillars, namely, growth, profitability and most importantly, financial health.

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 Fourth Quarter 2015 Earnings Conference Call

 

Date: February 19, 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: 34000493

Contacts

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

Contacts

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