Third Quarter 2015 Results
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- Roderick Adams
- 5 years ago
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1 Investment that Transforms [THE FOLLOWING TRANSLATION IS FOR CONVENIENCE PURPOSES ONLY] Third Quarter 2015 Results INVESTOR RELATIONS Daniel Braatz / CFO db@fhipo.com Xavier Martínez / IRO xm@fhipo.com inverstorrelations@fhipo.com Ph: +52 (55)
2 Index Performance and achievements during the quarter Mexican mortgage market Origination programs Portfolio composition as of 3Q15 Performance of our CBFIs during the 3Q15 CDVITOT (RMBS) issuance Financial results & key metrics Risk assessment Our outlook Financial statements as of 3Q15 2
3 1. Performance and Achievements during the Quarter
4 Performance and Achievements during the 3Q15 During the 3 rd quarter of 2015 FHipo consolidated the following results Successful outcome in the first issuance of the CEDEVI (RMBS) Program in 2015 Infonavit RMBS securities Placement of Ps. $4,232 million in the Local Market FHipo participated 59.4% of the issued amount, the remaining % was participated by Infonavit Successful transaction with a blended interest rate cost of 2.91% in UDIs (real rate) Ticker symbol CDVITOT 15U and CDVITOT 15-2U Closing of a Warehousing Line with Banorte Credit Warehousing Mortgage Structure For up to Ps. $3,000 million Resources will be withdrawn in accordance to FHipo s origination and liquidity requirements Successful transaction with an interest rate of TIIE bps Term of up to 36 months Product Diversification through a new Origination Program VSM Pesos represents 89.0% of our on-balance mortgage portfolio represents 11.0% of our on-balance mortgage portfolio 4
5 2. Mexican Mortgage Market
6 Housing Demand in Mexico Estimates show that during 2015 there will be 1,159,480 households demanding some type of mortgage loan. Housing Demand by Component Number of Required Loans (2015 Estimate, number of households in 000s) (2015 Estimate, number of mortgages in 000s) 1,159 1, ,159 1,101 Acquisition Home Improvement Self Production Total Demand E Source: Sociedad Hipotecaria Federal ( SHF ) (January 2015) Number of Loans by Financial Institution Household Formation Source: SHF (January 2015) Housing Lag Housing Mobility Origination in Regularization E Process Total Demand (2015 Estimate, in 000s) Other (1) Other Entities Entities Banks (2) Banks It is estimated that 660,000 Infonavit loans are to be originated in Representing 56.9% of the Mexican mortgage market by Source: SHF (January 2015) Acquisition Home Improvement Self Production Housing demand will have a 5.3% positive variation this year, representing nearly 60 thousand additional loans compared to Note (1): Includes Fonhapo, Orevis, Banjercito, Issfam, Pemex, Hábitat A.C. and other production housing agencies. Note (2): Banks, SOFOMES and Micro-financials. 6
7 1/1/2010 4/1/2010 7/1/ /1/2010 1/1/2011 4/1/2011 7/1/ /1/2011 1/1/2012 4/1/2012 7/1/ /1/2012 1/1/2013 4/1/2013 7/1/ /1/2013 1/1/2014 4/1/2014 7/1/ /1/2014 1/1/2015 4/1/2015 7/1/ to Behavior of the Mortgage Interest Rates in Mexico The following charts illustrate the evolution of the average Total Annual Cost (TAC) of Banks and SOFOLES as well as the current and former interest rates of INFONAVIT and FOVISSSSTE. Behavior of the Mortgage Interest Rates (Private Sector) 5 year (Average TAC of loans in fixed interest rate of Banks and Sofoles) Interest rate charged by Infonavit (In VSM (1) and Pesos) (Interest in VSM, depending on borrower s income level) 14.50% On average Commercial Banks originate mortgage loans with TAC (Total Annual Cost) above 13% nominal (fixed rate) % 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% All loans denominated in Pesos have a fixed nominal interest rate of % 13.50% 12.50% 11.50% Source: Infonavit Increase in VSM 2015E Real Interest Rate in VSM Interest rate charged by Fovissste (In VSM and Pesos) (3) (Interest in VSM, depending on borrower s income level) 10.50% 9.50% 8.50% 10.00% 8.00% 6.00% 4.00% 2.00% All loans denominated in Pesos have a fixed nominal interest rate of % Source: Banxico Nominal Interest Rate Real Interest Rate 0.00% (2) (3) Source: Fovissste 1.0 to to to to to 10 Increase in VSM 2015E Real Interest Rate in VSM Note (1): VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage of Mexico City (2015 Ps. $70.1) by the average number of days in a month, each year (30.4). Note (2): Results from subtracting the accumulated (annual LTM) inflation to the Total Annual Cost (CAT). note (3): Considers estimated inflation published by Banxico, the survey is compiled by Banxico amongst ~38 analysis and economical consulting groups from foreign and domestic private sector. 7
8 Mortgage Loan Origination - Infonavit In accordance with the social character of Infonavit, it is expected that at least 47% of the mortgage loans granted by the Institute will be for beneficiaries with an income level below 4 VSM. From 2008 to date, the potential demand for housing has fluctuated around roughly 4.7 million beneficiaries. In 2014, demand increased 2.7% in comparison with the year before, driven by the increase of new beneficiaries (formal economy workers) who could apply for a mortgage loan. As of today, the vast majority of the loans originated by Infonavit are denominated in pesos at a fixed nominal interest rate of 12.00%. Mortgage loan origination (Infonavit) (number of loans, granted for the acquisition of a new or used home) FHipo s target sector, borrower s earning more than 4.5 VSM. 350, , , , ,000 53,111 54,760 57,179 58,872 60,600 67,780 67,860 68,894 72,910 73,894 65,375 66,310 68,179 65,130 70,048 86,692 87,927 90,404 91,644 87,912 77,042 78,143 80,344 81,444 82,546 Distribution of the portfolio originated in 2014 (distribution as % of the salary range of the borrower) 20% 36% 44% of loans originated by Infonavit were for workers earning more than 4 VSM. 21% 10% 13% 2014 < than 2 VSM 2 to 4 VSM 4 to 7 VSM 7 to 10 VSM > than 10 VSM Source: Infonavit (Financial Plan ) Income Range in VSM Evolution of beneficiaries who qualify for a mortgage loan ( ) and % of those who request a loan (in 000s of beneficiaries) 5,200 5,000 4,800 4,600 4,400 4,200 4,000 4,668 4,442 4,746 4, % 10.1% 10.0% 10.7% 4,440 4,882 5, % 13.7% 13.7% % 30.00% 20.00% 10.00% 0.00% > than 10 VSM 5 to 10 VSM 4 to 5 VSM 2.6 to 4 VSM < than 2.6 VSM Income Range in VSM Source: Infonavit (Financial Plan ) Beneficiaries who qualify Source: Infonavit (Financial Plan ) Qualified beneficiaries who request a loan 8
9 Occupation and Employment in Mexico The population contributing to the Mexican Social Security Institute (IMSS) has increased steadily in recent years, while unemployment rates have remained low and continued with their positive trend in Population contributing to the IMSS progressive increase in the formal economy (Beneficiaries of the IMSS, in 000s) 18,000 17,250 16,500 15,750 15,000 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 65,000 60,000 55,000 50,000 45,000 40,000 Beneficiaries (1) Insured Workers Source: IMSS (Statistics & Reporting). A steady Economically Active Population (EAP) and downward unemployment tendency (corresponds to the people aged 15 and older, as % of total population) 6.0% 5.0% 4.0% 3.0% 2.0% Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 65% 60% 55% 50% 45% 40% 35% EAP Unemployed Population (2) Source: INEGI (National Occupation and Employment Survey). Note (1): Includes insured workers, pensioners, and dependent relatives. Note (2): As % of Economically Active Population. 9
10 3. Origination Programs
11 Attractive vehicle for investors in a sub-penetrated mortgage market with high growth potential Diversified Mortgage Portfolio: - Mitigating Risks - Mortgages all over Mexico Diversified Portfolio Strategic Alliances Strategic Partnership: - INFONAVIT: Mexico s Housing Agency, which originates 100% of its mortgages under payroll deduction. Housing demand creates market opportunities: - Housing deficit in Mexico - New household formation in Mexico Housing Deficit in Mexico FHipo is the first real estate investment trust established to acquire, originate, coparticipate, \ and manage mortgage portfolios in Mexico. Experienced Management Scalable Business Model Scalable Business Model: - Liquid secondary mortgage market - Payroll-deducted loans originated by different institutions - Other niche markets Concentradora Hipotecaria: - More than 50 years of combined experience in the banking, financial and mortgage sectors 11
12 and with a strategic alliance with Infonavit through the participation in the Infonavit Total Program Infonavit Total Program s Characteristics Description - Infonavit Total Program Infonavit Total is a mortgage program focused on borrowers with income levels greater than 4.5 VSM. Collection through automatic payroll deduction. Target Borrower s Age Characteristics Housing Acquisition (new or used) years Immediately after the loan origination, a portion of the loan balance is assigned to a participant institution such as FHipo. Loans are serviced by the Infonavit. Loans are originated in Times Minimum Wage ( VSM ) and range from 8.50% to 10.00% (depending on the worker s income level) or in pesos with a fixed nominal interest rate of 12.00%. Maximum Loan Amount 700 VSM s (1) ~ USD $99,448 (2) Interest Rate (VSM and Pesos) Term Source: Infonavit % % (VSM) % (Pesos) (3) Up to 30 years Maximum LTV at origination 95% Maximum PTI at origination 30% - 32% (4) The loan can only be used to acquire a new or used house. Loan authorization is based on job stability of the worker. Note (1): VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage of Mexico City (2015 Ps. $70.1) by the average number of days in a month, each year (30.4). Note (2): Assumes a FX of MXN $15.00/US$. Note (3): All loans denominated in Pesos have a fixed nominal interest rate of 12.00%. Note (4): 30% if house does not have eco-technologies, and 32% if house does have eco-technologies. 12
13 and in the Infonavit Mas Credito Program Program Description The Infonavit Law was reformed in January 2012, enabling workers who have previously settled an Infonavit loan, to be able to attain a new loan to purchase a second home. By Law, all loans from this program are originated in co-participation with private entities: The financial entities participating in the program are Commercial Banks and FHipo. As in the case of the Infonavit Total Program, Infonavit acts as originator and servicer of the loans. The risk and performance of the portfolio is better than those from the Infonavit Total Program because borrowers in this program have shown an increase in their salaries or a superior performance having liquidated their first loan. Main eligibility criteria: The worker must have settle its original loan 2 years beforehand, with a solid history of payment. Collection through automatic payroll deduction. No more than 10% of the portfolio can have borrowers with an income below 4 VSM. All loans feature a mortgage guarantee on the financed home. FHipo accomplished an assignation of Ps. $6,000 million to be originated during the next 18 months (4) at a fixed nominal interest rate in Pesos of 10.80% (37.5% of the total assigned amount). Characteristics Target Housing Acquisition Borrower s Age years Maximum Loan Amount 745 VSM s (1) ~USD $105,841 (2) Interest Rate (Fixed in Pesos) 10.80% Term 5-30 years Maximum LTV at origination 95% Maximum PTI at origination 30% - 32% (3) Source: Infonavit Note (1):VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage of Mexico City. Note (2): Assumes a FX of MXN $15.00/US$. Note (3): 30% if house does not have eco-technologies, and 32% if house does have eco-technologies. Note (4): As of July
14 Origination Process with Infonavit FHipo s participation in Infonavit s origination programs FHipo works as an ally in mortgage origination with the Infonavit Collection of interest and amortization (100%) Interest and Amortizations are paid to FHipo Mortgage Origination House acquisition Servicing fee % Loans subject to acquisition Return of nonqualifying loans FHipo purchases 66.98% (1)(2) of qualifying loans within the Infonavit Total Program and the Infonavit Mas Credito Program Loan Evaluation Technological platform Notes: (1) For every loan originated in the Infonavit programs, FHipo maintains a % of the participation while the Infonavit keeps the remaining %. As of September 30 th 2015, FHipo maintains a 66.98% participation (weighted average) of each loan. Notes: (2) The co-participated percentage has evolved positively in accordance with the monthly origination and the income levels of our borrower s. FHipo co-participates the loans that meet with the eligibility criteria in accordance to their co-participation %. 14
15 4. Portfolio Composition - 3Q15 As of September 30 th, 2015
16 Portfolio Composition as of 3Q15 Key Data Summary of FHipo s On-balance Portfolio Characteristics (Loan balance as of September 30 th, 2015) Total Balance (Infonavit and FHipo) Ps. $7,738 million (1) (5) FHipo's Participation (Total Portfolio) Ps. $5,183 million Total Number of Loans: Infonavit Total ("IT") + Infonavit Mas Credito ("IMC") 16,992 Infonavit Mas Credito - Loan Balance Ps. $571 million (11.0% of Total Portfolio) Infonavit Mas Credito - Number of Loans 1,238 Infonavit Mas Credito - Average Interest Rate of the Loans 10.80% (Nominal) (4) Infonavit Total - Loan Balance (VSM (3) and Pesos) Ps. $4,612 million (89.0% of Total Portfolio) Infonavit Total - Number of Loans (VSM (3) and Pesos) 15,754 IT - VSM-denominated Loan Balance (3) Ps. $3,268 million (70.9% of IT Portfolio) IT - Number of VSM-denominated Loans (3) 12,748 IT - Average Interest Rate of VSM-denominated Loans (2) (3) 9.6% (4) IT - Peso-denominated Loan Balance Ps. $1,344 million (29.1% of IT Portfolio) IT - Number of Peso-denominated Loans 3,006 IT - Average Interest Rate of Peso-denominated Loans 12.00% (Nominal) (4) (1) (5) Average Loan Balance (FHipo's Participation) Ps. $305,042 Loan-to-Value at Origination (LTV) (2) 79.14% Payment-to-Income (PTI) (2) 23.58% Number of Employers 6,153 Performing Portfolio 99.97% (0.03% NPL's) Note: All data is consolidated (sum of mortgages within the Infonavit Total Program ( IT ) and Infonavit Mas Credito Program ( IMC )), except when indicated. (1) For every loan originated in the Infonavit Programs, FHipo maintains a % of the participation while the Infonavit keeps the remaining %. As of September 30th 2015, FHipo maintains 66.98% of co-participation (weighted average), includes IT and IMC. (2) Weighted average. (3) VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage of Mexico City (2015 Ps. $70.1) by the average number of days in a month, each year (30.4). (4) The entire portfolio denominated in Pesos within the IT has a fixed nominal interest rate of 12.00%, the entire portfolio within the IMC has a fixed nominal interest rate of 10.80%. The entire portfolio denominated in VSM has an average real interest rate of 9.60%. (5) Balance of current portfolio, excluding accrued interest and indexation on times minimum wage (VSM) denominated loans. 16
17 Geographically diversified Portfolio, focused on high credit quality borrowers State of Mexico Nuevo León Distrito Federal Jalisco Veracruz Querétaro Baja California Coahuila Guanajuato Quintana Roo Chihuahua Yucatán Tamaulipas Sonora Puebla Others Geographic Distribution of the Portfolio (as % of total loans in the portfolio) 20.4% 14.7% 9.7% 7.9% 5.1% 5.2% 4.7% 4.8% 4.3% 4.0% 3.2% 3.3% 3.3% 3.4% 3.0% 3.0% + Concentration Level - Distribution by Origination Program (as % of total loans in the portfolio) Distribution by Borrower s Salary in VSM (1) (as % of total loans in the portfolio) Distribution by Loan-to-Value (LTV) at Loan Origination Date (as % of total loans in the portfolio) 63.1% 25.9% 11.0% Infonavit Total Pesos Infonavit Total VSM Infonavit Mas Credito < % 6.2% 26.3% 7.7% 7.4% 6.9% 53.6% 19.0% 9.9% 17.5% 65 % % % 85-95% Note: All data is consolidated (sum of mortgages within the Infonavit Total Program ( IT ) and Infonavit Mas Credito Program ( IMC )), except when indicated. Note (1): VSM means times minimum wage, which is the index calculated by multiplying the current daily minimum wage of Mexico City (2015 Ps. $70.1) by the average number of days in a month, each year (30.4). 17
18 FHipo has co-participated/acquired 28,591 (1) mortgages loans Distribution by Interest Rate of the Portfolio Infonavit Total, denominated in VSM (2) Invested Capital (as % of total loans in the portfolio) 43.6% (as % of total assets) 2.1% 23.6% 30.4% 32.9% Mortgages Loans and Equity Residuals Government Securities 2.4% 8.50% 8.6% - 9.0% 9.1% - 9.5% 9.6% % 65.0% Other Assets and Accounts Receivable Distribution by number of loans and loan balance (on and off balance) (3) (4) (5) (consolidated portfolio, includes securitized portfolio; in million pesos) Distribution by Number of Loans Distribution by Loan Balance Total Loans 28,591 Total Loan Balance Ps. $7,999 million (4) 16, % 11, % $5, % $2, % Securitized Portfolio (CDVITOT 15U and 15-2U) On-Balance Portfolio Securitized Portfolio (CDVITOT 15U and 15-2U) On-Balance Portfolio Note: All data is consolidated (sum of mortgages within the Infonavit Total Program ( IT ) and Infonavit Mas Credito Program ( IMC )), except when indicated. Note (1): Loans as of September 30 th 2015, including securitized portfolio. Note (2): Corresponds to the portfolio denominated in VSM within the Infonavit Total Program; the entire portfolio denominated in Pesos, within the Infonavit Total Program and the Infonavit Mas Credito Program, have fixed nominal interest rates. Note (3): The portfolio securitized through the CDVITOT 15U and 15-2U does not consolidate in FHipo s balance, reason why a description of such portfolio is detailed in our earnings report. Note (4): Balance of current portfolio, excluding accrued interest and indexation on times minimum wage (VSM) denominated loans. Note (5): Balance of the securitized portfolio as of August 31 st,
19 5. Performance of our CBFIs during the 3Q15
20 Performance of FHipo s CBFIs during the 3Q15 and Analysts Coverage FHipo s Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) performance during the 3Q15 # of CBFIs 3,000,000 2,500,000 2,000,000 Average Price $ Average Volume 165,015 FHipo initiates its participation in the Infonavit Mas Credito Program with the assignation of MXN $6,000 million FHipo conducted its distribution corresponding to the 2Q15 of Ps. $0.503 per CBFI FHipo informs the successful issuance of Certificados Bursátiles Fiduciarios ( CBFs ) CDVITOT 15U and 15-2U, which amounted to Ps. $4,232 million Report on accrued interests corresponding to the month of August 2015 (Ps. $61,268,802) FHipo announces the subscription of the amendment of the Market Maker Agreement MXN $ $28.0 $27.5 $27.0 1,500,000 $26.5 1,000, ,000 Report on accrued interests corresponding to the month of June 2015 (Ps. $59,472,895) Report on accrued interests corresponding to the month of July 2015 (Ps. $61,268,802) FHipo informs the successful settlement of the issuance of the CDVITOT 15U and 15-2U FHipo announces the closing of a Credit Facility with Banorte $26.0 $ Jul Jul Jul Aug Aug-15 9-Sep Sep-15 $25.0 Volume of CBFIs Price Equity Research Analysts Coverage Institution Equity Research Analyst Current Recommendation Current Target Price (1) Credit Suisse Vanessa Quiroga Outperform Ps. $30.00 per CBFI Morgan Stanley Nikolaj Lippmann Overweight Ps. $28.00 per CBFI Nau-Securities Iñigo Vega Neutral Ps. $28.30 per CBFI Note (1): Target Price, 12 months forward-looking from recommendation date. 20
21 6. CDVITOT Issuance
22 CEDEVI Program (RMBS) Issuance CDVITOT 15U and CDVITOT 15-2U The CEDEVI program (RMBS) exists since 2004, in a structure under which Infonavit loans are securitized in the capital markets. FHipo used such instruments as a source of financing, seeking to ensure a financial spread between the financial cost of the CDVITOT bonds and the yield from our mortgages, creating an efficient balance sheet structure and optimizing our performance. The CEDEVI Program (RMBS) Funding of the securitized Portfolio more than 10 years of history in the market 40 successful transactions ~ 60 million pesos circulating in the market Source: Infonavit Characteristics of the Issuance (1) more than 400 thousand houses financed through the Program more than 104 million pesos placed in the market 40.6% 59.4% Source: Filing CDVITOT 15U FHipo as a participant in the Infonavit Total Program participated with ~59.4% (1) of the securitized portfolio (~Ps. $2,816 million (2) ). Structure of the CDVITOT 15U and CDVITOT15-2U Figures of the Issuance CDVITOT 15U and 15-2U Total Portfolio placed in the Trust (Infonavit and FHipo) Total Issuance (Infonavit and FHipo) Total Issuance Senior Note (Infonavit and FHipo) Total Issuance Subordinate Note (FHipo) (3) $4,806 million pesos $4,232 million pesos $4,018 million pesos $214 million pesos Senior Note s Coupon Interest Rate 2.80% in UDIs Subordinate Note Coupon Interest Rate (FHipo) (3) 4.12% in UDIs Real Rates Blended interest rate (FHipo) (4) 2.91% in UDIs 7.50% Duration ~ 4.6 years 8.90% Source: Filing CDVITOT 15U Note (1): The securitized portfolio through the CDVITOT 15U and CDVITOT 15-2U belonged ~59.4% to FHipo and the remaining ~40.6% to Infonavit. Note (2): Does not consider accrued interests of the transferred portfolio. Note (3): Infonavit maintained its % corresponding to the Subordinated Tranche in its balance. Note (4): Weighted Average 83.60% Initial Overcollateral 66.50% 7.50% 26% Target Overcollateral Equity Residual Subordinate Debt Senior Debt Source: Filing CDVITOT 15U Pays semi-annually fixed coupon in UDIs (real rate), payment of principal is subject to interest payments Pays semi-annually fixed coupon in UDIs (real rate), the payment of interest is subordinated to the payment of interests of the Senior Debt Does not pay coupon, receives residual when the targeted overcollateral has been reached 22
23 Performance of the CDVITOT 15U and CDVITOT 15-2U as of 3Q15 The issuance of the Certificados Bursátiles Fiduciarios CDVITOT 15U and 15-2U (RMBS transaction) settled in the Mexican Stock Exchange September 10 th, Since that date, the certificates have performed in the following manner (the certificates pay coupon semiannually). Characteristics of the issued Portfolio (1) Cost of funding Figures from the CDVITOT 15U and CDVITOT 15-2U Portfolio Recourses Obtained by FHipo Cost of Debt (Annual) Number of Loans 11,599 Balance of the Portfolio $4,806 million Total Resources received Outstanding Balance per Loan (2) $414,374.9 Ps. $2,602 million Interest Rate in VSM (2) 9.57% Payment-to-Income (PTI) at origination (2) 20.1% Loan-to-Value (LTV) at origination (2) 89.0% Seasoning (2) 42.3 months + Rate 2.80% on UDI Inflation (π) (3) (91.8%) 5.09% Overcollateral (OC) of CDVITOT 15U and CDVITOT 15-2U as of 3Q15 + Rate 4.12% on UDI Inflation (π) (3) (8.2%) % Targeted OC of 33.5% Targeted OC of 26.0% $2,388 = 2.91% on UDI 83.60% 83.60% ~ 5.66% nominal (3) 16.40% CDVITOT 15U OC Source: Filing CDVITOT 15U Senior Note 7.50% 8.90% CDVITOT 15-2U Subordinated Note Note (1): The securitized portfolio trough the CDVITOT 15U and the 15-2U belonged to FHipo in ~59.4% and the remaining ~40.6% to Infonavit. Note (2): Weighted Average Note (3): Considers estimated inflation published by Banxico, the survey is compiled by Banxico amongst ~38 analysis and economical consulting groups from foreign and domestic private sector. $214 CDVITOT 15U CDVITOT 15-2U Source: Filing CDVITOT 15U 23
24 Understanding our off-balance leverage In accordance to the International Financial Reporting Standards (IFRS), FHipo does not consolidate portfolio securitizations that do not have direct recourse to our balance. Therefore, investors should understand the CDVITOT issuance (RMBS) as off-balance leverage. However, the structure allows FHipo to obtain resources from the securitization at attractive costs, which will to be invested in mortgage assets at higher rates, thus enabling FHipo to create a profit from the financial margin. This financial margin is captured in the value of the CDVITOT s Equity Residual on FHipo s balance sheet (equity of the CEDEVI structure). Step 1.- Transaction (CDVITOT Issuance) (Figures in millions of pesos) FHipo T0 Liabilities $0 Equity $8,43 4 $2,85 6 $5,57 8 Transferred Portfolio Mostly Mortgage Assets on Balance (Mortgage Portfolio) T1 Assets $ 2,856 CDVITOT Liabilities $ 2,602 Equity $ 254 (Overcollateral structure for AAA rating) Step 2. Effect on FHipo s Balance (Figures in millions of pesos) Cash Equity Tranche FHipo T2 Assets $ 2,602 $ 254 $ 5,578 Assets on Balance Liabilities $ 0 Equity $ 8,434 Step 3. Effect on Results Interest Income of NEW assets acquired with received cash (New Mortgages) Financial Margin of the CEDEVI s Equity, obtained through the Equity Residual Interest Income of on balance assets T0 (assets onbalance, mortgages not transferred) Liabilities and Equity Assets on Balance $ 2,856 $ 2,856 CDVITOT s Balance $ 8,434 $ 8,434 FHipo s Balance Assets $ 2,602 Or simply on a consolidated basis (2) Note (1): Real interest rate. Note (2): As an example, a consolidated balance with the CDVITOT securitization is displayed. Liabilities $ 8,434 $2,602 Cash (issuance) $ 2,602 $ 11,036 $5,578 On-balance Assets $254 Equity Residual NEW assets acquired with received cash Equity $ 8,434 $ 11,036 CDVITOT Financial Margin created by: + Assets with yield of ~9.60% (1) in VSM (portfolio placed in the CEDEVI Trust) - Payment of liabilities with interest cost of ~2.91% (1) in UDI (coupon payment) = Spread of ~6.69% before operating expenses and fees. Estimated figures for informational purposes 24
25 7. Financial Results & Key Metrics
26 Our Dividend Yield and ROE remain at Attractive Levels Given that our portfolio is comprised of 63% of mortgages denominated in VSM, it is important to understand our performance in real terms, excluding the decrease of the inflation ( π ) expectations which reduce the indexation revenue. ROE and Dividend Yield (based on IPO price) Nominal and Real Rates (1) Dividend Yield - Nominal and Real Rates ROE - Nominal and Real Rates 7.95% 3.11% π Estimate at 1Q % 2.87% π Estimate at 2Q % 2.75% π Estimate at 3Q % 3.11% π Estimate at 1Q % 2.87% π Estimate at 2Q % 2.75% π Estimate at 3Q % Negative Carry 4.80% Negative Carry 3.54% π Estimate at 4Q % 5.44% 4.93% 3.54% π Estimate at 4Q % 6.13% 5.55% 0.83% 1.26% 4T14 1T15 2T15 3T15 Dividend Yield in Real Terms Inflation Estimate by Period 4T14 1T15 2T15 3T15 ROE in Real Terms Inflation Estimate by Period Our Dividend Yield and ROE have been positioned at attractive levels since the IPO, as of the 3Q15 we have executed the targeted objectives in terms of growth and development. However, given that projections of inflation ( π ) have been decreasing since the beginning of the year, our results in nominal terms do not reflect our real growth. Furthermore, given the securitization of ~Ps. $2,816 million through the CEDEVI program (RMBS), our results consider a 21 day negative carry period on such resources received from the issuance, however it is important to note that even with this effect the yield is similar to the previous quarter. Note (1): Considers estimated inflation published by Banxico, the survey is compiled by Banxico amongst ~38 analysis and economical consulting groups from foreign and domestic private sector. 26
27 Our Levered Mortgage Portfolio s Yield Breakdown Since our results consider a negative carry period, we took on the task of breaking down the performance of our levered mortgage portfolio and the returns on our investments in liquid securities (government risk free bonds) Breakdown of our levered mortgage portfolio s yield (Figures in million pesos) Represents 33.5% of total equity ROE of 2.45% (1) Cash and Investments in Securities $2,824 Blended Average ROE ROE of 8.3% during 3Q15 Represents 66.5% of total equity ROE of 11.25% Equity $8,434 Mortgage Portfolio, Equity Residual and Other Assets (4) $5,610 Net Yield (after costs) ~ 9.48% + Financial Margin on Leverage 3.82% (2) x 46.38% (3) = ~ 1.77% Carrying out the negative carry effect generated by the liquid resources obtained by the CDVITOT transaction. The current mortgage portfolio, levered (3) through the recent RMBS securitization, shows that the vehicle achieves attractive returns. 3Q15 Note (1): Calculated by dividing the income generated from cash and investments in securities by the average cash and investments in securities of the quarter. Note (2): Net Yield less interest expense of 2.91% UDI + Estimated Inflation for Note (3): The leverage can be calculated by dividing the obtained resources from the RMBS securitization (Ps. $2,602 million) by the current equity invested in mortgage assets (Ps. $5,610 million) (0.46x). Note (4): Does not consider accounts receivable. 27
28 Solid financial results in 3Q15 P&L Summary P&L figures in 000s, except the Net Income per CBFI 3Q15 2Q15 (+) Interests on mortgage loans $156,138 $236,551 (+) Investment income 7,979 10,118 (+) Valuation of receivable benefits in securitization transactions 57,391 - (-) Allowance for loan losses (532) (8,395) (-) Operating expenses (50,155) (55,777) Income from assets on balance. The additional financial margin (the RMBS off-balance portfolio), is registered in the valuation of securitized transactions. We achieved a Net Income in the 3Q15 of Ps. $170.8 million, according to our distribution policy (95% of Results), the Net Income to be distributed is of Ps. $162.3 million......with a Net Income per CBFI (EPS) in the 3Q15 of Ps. $0.495 (3), and a Distribution per CBFI of Ps. $0.470 in accordance with our distribution policy. Net Income 170, ,497 Net Income per CBFI Balance Sheet Summary figures in 000s Balance Sheet 3Q15 ROA (1) : 8.1% ROE (2) : 8.3% EPS in Ps. of $0.495 Cash and investments in securities $2,824,685 Mortgage loans, net (4) 5,271,308 Receivable benefits in securitization transactions 311,601 Other assets 185,317 Total Assets $8,592,911 Total Liabilities 159,372 Total Equity 8,433,539 Total Liabilities + Equity $8,592,911 Note (1): (Net Income / Total Assets), annualized considering 92 effective days in operation in the 3Q15. Note (2): (Net Income / Total Equity), annualized considering 92 effective days in operation in the 3Q15. Note (3): Outstanding CBFIs: 345,000,000. Note (4): Includes principal, accrued interests, indexation on loans in VSM, and allowance for loan losses. 28
29 Yield of our CBFIs and Invested Capital The following charts illustrate the yield per CBFI for the second quarter of 2015 and the yield of the invested capital since the settlement date of our global offering. FHipo s Distribution and Yield Distribution and yield on the issuance price of the CBFI at 3Q15 3Q15 EPS (Ps./CBFI) (1) $0.495 Issuance Price - IPO (Ps.) $25.00 Distributions since IPO settlement (on invested capital in 000s pesos, November 10 th 2014) Accumulated Distributions LTM (3) Ps. $552,741 Effective Days 325 days Invested Capital at 3Q15 (4) $8,271,259 Period: 3Q 2015 Annualized distribution on Equity (%): 7.51% (5) 95%, Estimated Distribution (per CBFI) Ps. $0.470 Yield on price of CBFI (IPO) 3Q % (2) Note (1): Net Income / #CBFIs. Note (2): Annualized (compounded) considering 92 effective days in operation in the 3Q15. Note (3): Last Twelve Months. Note (4):The invested capital results from deducting the expected distribution on the 3Q15 results from FHipo s total equity at the end of the 3Q15. Note (5): Annualized considering 325 effective days since the settlement date of the global offering and calculated in accordance with the administration s trust agreement. 29
30 Our Key Metrics and Relevant Financial Information in 3Q15 Main Financial Metrics Figures are presented according to each metric (%, $) 3Q15 YTD 2015 Financial Margin and Interest Revenues Financial Margin - "interest revenue - interest expense / total interest revenue" 100.0% 100.0% Net Interest Margin (NIM) (1) - "interest revenue - interest expense / net mortgage loans" 8.3% 10.8% We closed the 3Q15 with a Financial Margin of Ps. $ millions (representing 100% of the interest income) Efficiency Metrics Efficiency Ratio - "total expenses / total revenue" 22.7% 24.0% Allowance for loan Losses / Total Mortgage Loans (2) 0.75% 0.75%...with a Net Interest Margin (NIM) in the 3Q15 of 8.3% (1)... Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.495 $1.526 Return on Assets (ROA) (1) - "net income / total assets" 8.1% 8.3% Return on Equity (ROE) (1) - "net income / total equity" 8.3% 8.4%... with an Efficiency Ratio in the 3Q15 of 22.7%... Other Metrics Non-performing Loans / Net Portfolio 0.03% 0.0% Note (1): Annualized considering effective days of operation in the quarter, and accumulated in the year. (2): Total mortgage loans excludes allowance for loan losses. (3): Amount in Mexican Pesos. and a ROE of 8.3% during the quarter As of 3Q15 we register 0.03% of NPL s. Note (1): Considers solely interest income. 30
31 8. Risk Assessment
32 Risk Assessment 1. Credit Risk As of 2015, FHipo determines the allowance for loan losses through the expected loss method, 12 month forward-looking.. In accordance with the internal methodology for the probability of default and considering a loss given default of 49.6% (1) and a loan exposure (outstanding balance on date of analysis), the expected loss was calculated by using the following formula: = EL i PD i LGD * * EXP i Where: EL i : Expected Loss loan i PD i : Probability of Default loan i LGD: Loss Given Default (49.6%) EXP i : Loan i Exposure (Outstanding balance on date of analysis) EL Total = Ps. $26.78 millon As of 3Q15 (September 30 th, 2015), the 12 month forward-looking expected loss for FHipo s portfolio was Ps. $26.78 million. Note (1): Based on public information from Infonavit 32
33 Risk Assessment (Cont.) 2. Market Risk As of September 30 th, 2015, the VaR is of Ps. $13.98 million. We determined the VaR considering: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 3Q15 99 Percentile 10 DAYS Figures in Ps. VaR Limit Consumption Limit Equity 13,984,782 84,436, % 0% 1. The use of historical method. 2. We considered a 99% confidence level for 10 days. 3. Our Market VaR limit is established at 1.00% of FHipo s equity. 4. The consumption limit is calculated as the VaR divided by the established limit. 3. Liquidity Risk VaR Summary (% Consumption Limit) Ps. $84,436, % Equity Confidence level 99% 1.0% FHipo established the confidence limit of its investments in securities as 1% of FHipo s equity as of the date of valuation. As of September 30 th, 2015, FHipo had an investment of Ps. $1,000 million in an Investment Fund Principal Institucional (PRINFGU M4, with a credit rating of AAA/2) which had an investment portfolio of Ps. $9,950.6 million in Short Term Mexican Government Securities with daily provisions. The fund reported an average observed VaR* of Ps. $272,381 pesos, which represents a % of the total investment portfolio with a 95% confidence level and a daily (1 day) horizon. As of the 3Q15 we have investments in securities and repurchase agreements, with maximum maturity of less than a year which amount in Ps. $2,824.7 million, so we do not have liquidity risk in the short term. Since FHipo had no liabilities by the end of 3Q15, there is no registered risk of mismatch between assets and liabilities. *As of October 15 th,
34 9. Our Outlook
35 Guidance - Outlook 1 Continue with the execution, development and implementation of FHipo s leverage Strategy. Leverage Strategy Net Interest Margin We expect that our Net Interest Margin will continue with a positive performance. 3 2 Continue growing our Portfolio with the origintation of Infonavit Mortgages and diverse loan originators in Mexico. FHipo s Portfolio FHipo will be consolidated in 2015 as the first mortgage REIT constituted \ to acquire, originate, co-participate and manage mortgage portfolios in Mexico. Distributions We expect to continue increasing the amount of our distributions per CBFI. 4 35
36 10. Financial Statements - 3Q15
37 Financial Statements Balance Sheet Balance Sheet 3Q15 (figures in 000s of Mexican pesos) 3Q15 ASSETS Cash and cash equivalents $993,169 Debt securities 1,831,516 Current mortgage loans 5,181,481 Past due mortgage loans 1,794 Accrued interest 66,651 Indexation on mortgage loans 61,259 Allowance for loan losses (39,877) Mortgage loans, net 5,271,308 Receivable benefits in securitization transactions 311,601 Accounts receivables and other assets 185,317 TOTAL ASSETS $8,592,911 LIABILITIES Accounts payables and accrued expenses $159,372 Deferred income from indexation on mortgage loans 0 TOTAL LIABILITIES $159,372 EQUITY Common stock, net $8,249,130 Retained earnings 184,409 TOTAL EQUITY $8,433,539 TOTAL LIABILITIES AND EQUITY $8,592,911 37
38 Financial Statements P&L Income Statement (figures in 000s of Mexican pesos, except Net Income per CBFI) 3Q15 YTD 2015 REVENUES Interests on mortgage loans $156,138 $601,648 Investment income 7,979 45,887 Total net interest income 164, ,535 Financing interest expenses 0 0 Financial margin 164, ,535 (-) Allowance for loan losses (532) (30,798) TOTAL REVENUES, NET 163, ,737 Valuation of receivable benefits in securitization transactions 57,391 57,391 TOTAL REVENUES, NET $220,976 $674,128 EXPENSES Management and collection fee (41,064) (130,760) Other administrative expenses (9,091) (17,061) TOTAL EXPENSES (50,155) (147,821) NET INCOME $170,821 $526,307 NET INCOME PER CBFI $0.495 $1.526 COMPRENHESIVE INCOME Net income $170,821 $526,307 Other Comprenhesive income 719 1,439 TOTAL COMPRENHENSIVE INCOME $171,540 $527,746 38
39 Financial Metrics Financial Metrics (Figures are presented according to each metric %,$) 3Q15 YTD 2015 Financial Margin and Interest Revenue Financial Margin - "interest revenue - interest expense / total interest revenue" 100.0% 100.0% Adjusted Financial Margin - "adjusted by allowance for loan losses ("ALL")" 99.7% 95.2% Net Interest Margin (NIM) (1) - "interest revenue - interest expense / net mortgage loans" 8.3% 10.8% Adjusted Net Interest Margin (Adj. NIM) (1) - "adjusted by allowance for loan losses " 8.3% 10.3% Efficiency Metrics Operational Efficiency Ratio (incl. Allowance for Loan Losses) - "total expenses incl. ALL / total interest revenue" 30.9% 27.6% Operational Efficiency Ratio (excl. Allowance for Loan Losses) - "total expenses excl. ALL / total interest revenue" 30.6% 22.8% Efficiency Ratio - "total expenses / total operating revenue" 22.7% 24.0% Allowance for loan Losses / Total Mortgage Loans (2) 0.75% 0.75% Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.495 $1.526 Return on Assets (ROA) (1) - "net income / total assets" 8.1% 8.3% Return on Equity (ROE) (1) - "net income / total equity" 8.3% 8.4% Other Metrics Cash and Cash Equivalents / Total Assets 32.9% 32.9% Non-performing Loans / Net Portfolio 0.03% 0.0% Allowance for loan Losses / Non-current Loans 22.2 x 22.2 x Note (1): Annualized considering effective days of operation in the quarter, and accumulated in the year. (2): Total mortgage loans excludes allowance for loan losses. (3): Amount in Mexican Pesos. 39
40 Disclaimer This document was produced for information purposes only, for the exclusive use of the recipient. It should be understand as informative and should not be considered as a basis for any investment or financial transaction, therefore FIDEICOMISO HIPOTECARIO F/2061 ( FHipo, the Company or the Issuer ) its stockholders, members or employees does not assume any direct or indirect responsibility whatsoever of any financial transaction and/or any legal action that any person that consult it might eventually implement on the basis of such information. The information contained herein is indicative and subject to change at any time. Client should be aware that prices may fall as well as rise. For this reason, positive performance in the past can be no guarantee of positive performance in the future. All information in this document is subject to verification, correction, completion and change without notice. No representation or warranty, express or implied, is given or will be given as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. It may not be reproduced to any other person, and it may not be published, in whole or in part, for any purpose. This document does not constitute an offer, a recommendation, or an invitation to purchase or sell investment instruments, perform financial services or to execute transactions of any kind. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. If the Company should, at any time in the future, commence a new offering of securities, any decision to invest in such offer to subscribe for or acquire securities of the Company must be based wholly on the information contained in the offering circular to be issued by the Company in connection with any such offer and not on the contents hereof. 40
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