Fourth Quarter 2015 Results
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- Cecil Powers
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1 Investment that Transforms [ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT ON ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL] Fourth 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 - 4Q15 Performance of our CBFIs during the 4Q15 Leverage strategy Financial results & key metrics Risk assessment Our outlook Financial statements - 4Q15 2
3 1. Performance and Achievements during the Quarter
4 Performance and Achievements during the 4Q15 During the 4 th quarter of 2015 FHipo consolidated the following results Deployment of 100% of the proceeds of the CDVITOT 15U and 15-2U (1) issuance (Net proceeds of Ps. $2,585.3 mm) Withdrawal and deployment of Ps. $1,750 million from credit facility with Banorte (Resources withdrawn from warehousing line) HR Ratings assigns a LT credit rating of HR AA and ST credit rating of HR1 to FHipo (Report published January 28 th, 2016) 0.00% 41.67% Warehousing Line Structure % Proceeds Invested in Mortgages Proceeds in Liquid Investments 100% of the proceeds from the CDVITOT invested in mortgages 58.33% Remaining % of Credit Facility % of Credit Facility Withdrawn Credit Rating Assigned Long Term HR AA Short Term HR 1 Notable capacity to deploy resources in Mortgage Portfolios (2) (figures in MXN million) Capacity to invest in mortgage assets $12,062 Optimization of our ROE and Dividend Yield (3) 11.3% 10.5% $6,744 $7,356 $7, % 7.9% 9.0% 8.3% 8.3% 7.7% $1,979 4Q14 1Q15 2Q15 3Q15 4Q15 Off-balance Mortgage Portfolio (MBS) On-Balance Mortgage Portfolio 1Q15 2Q15 3Q15 4Q15 ROE Dividend Yield Note (1): The settlement of the CDVITOT 15U and 15-2U took place on September 10 th 2015, net proceeds worth Ps. $2,585.3 mm. Note (2): Portfolio balance, excluding accrued interest and indexation on times minimum wage (VSM) denominated loans. Note (3): Performance of each quarter based on the price of our CBFI at Global Offering date. 4
5 2. Mexican Mortgage Market
6 Mexican Mortgage Sector The Mexican mortgage market remains significantly underpenetrated (% of mortgage loans / GDP, 2012) 81.0% 68.8% 62.3% Mortgage loan portfolio by entity (millions of pesos, as of November 30, 2015) Infonavit 876,212 (1) 46.9% 44.4% Bancomer 161, % 18.7% 10.0% 9.1% 6.8% Fovissste 121,393 (1) UK USA Spain EU Germany Croatia Chile LatAm Mexico Brazil Source: EMF and ABIF. Strong sustainable growth rates are expected to continue (2) Santander Banorte 112,984 97,312 Institution that provides mortgages with payroll deduction to more than two million government employees (billions of pesos in mortgage loan portfolios, nominal values) $1,474 $1,356 $1,238 $1,095 $1,141 $1,006 $1,570 $1,694 $1,810 Banamex Scotiabank SHF 78,556 76,216 54,999 (1) 74% Other Institutions 26% Q15 Source: CNBV, Infonavit and FOVISSSTE. Others 45,928 Source: CNBV, Infonavit, SHF and Fovissste. Participants of Infonavit Total program Potential annual demand of ~ 4.9mm (3) (formal employees) Infonavit originates ~60% (4) of the mortgages in Mexico Note (1): As of September 30 th 2015 (3Q15). Note (2): Includes Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, and Venezuela. Note (3): Infonavit s Financial Plan with data from INEGI and CONAPO. Note (4): By number of loans (SHF). 6
7 1.0 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 (VSM (1) and Pesos) (Interest in VSM, depending on borrower s income level) 14.50% 13.50% On average Commercial Banks originate mortgage loans with Total Annual Cost (TAC) above 12.5% nominal (fixed rate) % 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Most loans denominated in Pesos have a fixed nominal interest rate of % 12.50% 11.50% Source: Infonavit Increase in VSM 2015 Real Interest Rate in VSM Interest rate charged by Fovissste (VSM and Pesos) (Interest in VSM, depending on borrower s income level) (3) 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% 1.0 to to to to to 10 (2) (3) Source: Fovissste Increase in VSM 2015 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 days). Note (2): Results from subtracting the accumulated (annual LTM) inflation to the Total Annual Cost (TAC). note (3): Increase in minimum wage for 2016 (4.2%, CONASAMI). 7
8 Mortgage Loan Origination - Infonavit It is expected that ~44% of the mortgage loans granted by Infonavit, are to be granted to beneficiaries with an income level greater than 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 3.5 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 rate has remained low and continues its positive trend. 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 Sep-15 Nov-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% 65% 60% 55% 50% 45% 40% 35% 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 Sep-15 Nov-15 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 FHipo currently participates in the following origination programs from Infonavit Program Characteristics Income Level 4.5 VSM onwards 3.5 VSM to 5.0 VSM N/A Target Destination Borrower s Age Acquisition of primary home (guaranteed by a valid mortgage) years Maximum Loan Amount 700 VSM s ~ USD $ 85,242 (1) 156 VSM s ~ USD $ 18,997 (1) 745 VSM s ~ USD $ 90,721 (1) Interest Rate 8.50% % (VSM) 12.00% (Pesos) 12.00% (Pesos) 10.8% (interest rate is auctioned) Term Maximum LTV at Origination Maximum PTI at Origination Collection Up to 30 years 95% 90% 95% 30% - 32% (2) Eligibility Criteria Collection through payroll deduction Program s Criteria The borrowers must have a minimum income of 4.5x VSM The borrowers must have been employed for at least 6 months at their current job Loans originated by Infonavit before July 2014 are denominated in VSM and the loans originated subsequent to that date are denominated in Pesos The borrowers must have a minimum income of 3.5x VSM and maximum of 5.0 VSM The loans feature a first loss / credit insurance if they have an LTV greater than 50% Borrowers must have settled its original loan 2 years beforehand, with a solid history of payment. The borrowers must have been employed for at least 6 months at their current job No more than 10% of the portfolio can have borrowers with an income level below 4 VSM. Source: Infonavit. Note: 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 days). Note:(1) Assumes a FX of MXN $17.50/USD$. Note:(2) 30% if house does not have eco-technology, and 32% if house does have eco-technology. 12
13 Origination Process with Infonavit FHipo s participation in Infonavit s origination programs FHipo works as an ally in Infonavit s mortgage origination Collection of interest and amortization Interest and Amortizations Mortgage Origination House acquisition Servicing fee % Loans subject to acquisition Return of nonqualifying loans FHipo co-participates a % (1) of qualifying loans Loan Evaluation Technological platform FHipo co-participates the loans that meet with the eligibility criteria Notes: (1) The co-participated percentage has evolved positively in accordance with the monthly origination and the income levels of our borrower s. 13
14 4. Portfolio Composition - 4Q15 As of December 31 st, 2015
15 Consolidated Portfolio Composition as of 4Q15 Summary of FHipo s Consolidated Portfolio Characteristics (Loan balance as of December 31 st, 2015) Total Balance (Infonavit and FHipo) Ps. $18,637 million FHipo's Participation (Total Portfolio) (1) (4) Ps. $12,062 million Total Number of Loans: Infonavit Total ("IT") + Infonavit Mas Credito ("IMC") 47,789 Infonavit Mas Credito - Portfolio Balance Ps. $1,617 million (13.4% of Total Portfolio) Infonavit Mas Credito - Number of Loans 3,450 Infonavit Mas Credito - Average Interest Rate of the Loans Infonavit Total - Portfolio Balance (VSM (3) and Pesos) 10.80% (Nominal) Ps. $10,445 million (86.6% of Total Portfolio) Infonavit Total - Number of Loans (VSM (3) and Pesos) 44,339 IT - VSM-denominated Portfolio Balance (3) Ps. $5,925 million (56.7% of IT Portfolio) IT - Number of VSM-denominated Loans (3) 24,169 (2) (3) IT - Average Interest Rate of VSM-denominated Loans 9.59% IT - Peso-denominated Portfolio Balance (Real) Ps. $4,520 million (43.3% of IT Portfolio) IT - Number of Peso-denominated Loans 20,170 IT - Average Interest Rate of Peso-denominated Loans 12.00% (Nominal) (1) (4) Average Loan Balance (FHipo's Participation) Ps. $252,401 Loan-to-Value at Origination (LTV) (2) 78.39% Payment-to-Income (PTI) (2) 24.67% Performing Portfolio 99.93% (29 NPL's) Note: All data is consolidated and considers the securitized portfolio through the CDVITOT 15U and 15-2U transaction, on September 10 th The consolidated figures are shown for informative purposes only. (1) For every loan originated in the Infonavit Programs, FHipo maintains a % of the participation while the Infonavit keeps the remaining %. As of December 31st 2015, FHipo maintains 64.72% of co-participation (weighted average). (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 days). (4) Balance of current portfolio, excluding accrued interest and indexation on times minimum wage (VSM) denominated loans. 15
16 State of Mexico Nuevo León Jalisco Guanajuato Veracruz Coahuila Querétaro Baja California Chihuahua Distrito Federal Tamaulipas Quintana Roo Sonora Hidalgo Puebla Others Geographically diversified Portfolio, focused on high credit quality borrowers Geographic Distribution of the Portfolio (as % of total loans in the portfolio) 20.8% 13.5% 11.9% 6.8% 5.0% 4.8% 4.8% 4.7% 4.4% 3.9% 3.6% 3.5% 3.4% 3.4% 2.8% 2.7% + 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) 49.1% Infonavit Total Pesos < % 21.0% 43.9% 17.3% 65 % Infonavit Total VSM % % % 37.5% 13.4% Infonavit Mas Credito > % 5.8% 6.2% 28.3% 23.8% 85-95% Note: All data is consolidated and considers the securitized portfolio through the CDVITOT 15U and 15-2U transaction, on September 10 th The consolidated figures are shown for informative purposes only. (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 days) 16
17 FHipo has co-participated/originated 47,789 mortgages loans Distribution by Interest Rate in the Infonavit Total VSM (1) (2) denominated Portfolio Asset Breakdown (as % of total loans in the portfolio) 23.0% 45.6% 29.3% (as % of total assets) 4.7% 0.6% Mortgages Loans and Equity Residuals 2.1% Government Securities 8.50% 8.6% - 9.0% 9.1% - 9.5% 9.6% % Infonavit Total Pesos 12.0% nominal (2) Infonavit Mas Credito 10.8% nominal (2) 94.7% Other Assets and Accounts Receivable Distribution by number of loans and loan balance (consolidated portfolio; in million pesos) Distribution by Number of Loans (3) (4) Distribution by Loan Balance Total Loans 47, % Total Loan Balance Ps. $12,062 million 22.5% 75.9% 77.5% 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 and considers the securitized portfolio through the CDVITOT 15U and 15-2U transaction, on September 10 th The consolidated figures are shown for informative purposes only. (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 days) (2) The portfolio denominated in VSM within the Infonavit Total Program has real interest rates; the entire portfolio denominated in Pesos has fixed nominal interest rates. (3) The portfolio securitized through the CDVITOT 15U and 15-2U does not consolidate in FHipo s balance, however, it is consolidated in this report. (4) Balance of current portfolio, excluding accrued interest and indexation on times minimum wage (VSM) denominated loans. 17
18 5. Performance of our CBFIs during the 4Q15
19 Performance of FHipo s CBFIs during the 4Q15 and Analysts Coverage FHipo s Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) performance during the 4Q15 # of CBFIs 3,000,000 2,500,000 Average Price $ Average Volume 275,796 FHipo conducted its distribution corresponding to the 3Q15 of Ps. $0.470 per CBFI Report on accrued interests corresponding to the month of October 2015 (Ps. $67,006,130 (1) ) FHipo announces the initial withdrawal of the credit facility signed with Grupo Financiero Banorte for Ps. $1,750 million MXN $ $26.5 $26.0 2,000,000 $25.5 1,500,000 1,000, ,000 Report on accrued interests corresponding to the month of September 2015 (Ps. $47,575,270 (1) ) Report on accrued interests corresponding to the month of November 2015 (Ps. $103,476,578) $25.0 $ $ Oct Oct Oct Nov Nov Dec Dec-15 Volume of CBFIs Price Equity Research Analysts Coverage Institution Equity Research Analyst Current Recommendation Current Target Price (2) Credit Suisse Vanessa Quiroga Outperform Ps. $29.00 per CBFI Morgan Stanley Nikolaj Lippmann Overweight Ps. $28.00 per CBFI Nau-Securities Iñigo Vega Neutral Ps. $28.30 per CBFI Note (1): Interests do not reflect FHipo s total assets, off-balance assets are excluded. Note (2): Target Price, 12 months forward-looking from recommendation date. 19
20 6. Leverage Strategy
21 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 21
22 Credit Facility with Banorte through a Warehousing Mortgage Structure Structure of the Warehousing Line - Warehousing Structure backed by underlying assets (mortgages loans) for the monetization of mortgage portfolios. - Underlying Asset: Portfolio of mortgage loan rights co-participated by FHipo. - During the full term of the loan, the underlying asset shall maintain a minimum overcollateral of 1.20 times to Lending Institution Main Characteristics of the Credit Facility - Lender: Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte - Borrower: Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero, Fiduciario, como fiduciario del Fideicomiso (FHipo) - Currency: Mexican Peso (MXN), for up to Ps. $ 3,000 million. - Interest rate: TIIE bps. - Total Term of Credit Facility: Term of up to 36 months. - Frequency of Interest Payment: Quarterly. - Availability of the Resources: Will be withdrawn from time to time in accordance to FHipo s origination and liquidity requirements. As of December 31 st 2015, FHipo has withdrawn Ps. $1,750 million of this credit facility (58.3% of the amount available). 22
23 Calculation Methodology of Leverage Ratios (CNBV) for Mortgage REITs Leverage limit methodology and calculation (CNBV) for Mortgage REITs in Mexico Regulation applicable for Development or Real Estate Trust Certificates (CBFIs) in which the trust assets are mainly intended to grant credits, loans or financing and additionally intend to contract loans or credits (1) : Leverage = Total Assets Equity Securities 5 Result as of the 4Q x (2) Source: CNBV, Annex AA from the Consolidated Letter of Securities Issuers. Where: Total Assets Equity Securities Sum of all accounts which form part of the company s balance sheet statement. Book value of all of a company's outstanding shares, calculated at quarters end. Methodology used to calculate the debt service coverage ratio (ICD) for Mortgage REITs in Mexico (CNBV) Regulation applicable for Real Estate Trust Certificates (CBFIs) : ICD t = AL t=1 UO t + LR 0 6 t=1 I t + 6 t=1 P t + t=1 6 K t 1 Result as of the 4Q x (2) Source: CNBV, Annex AA from the Consolidated Letter of Securities Issuers. Where: ICD t Coverage of debt servicing ratio at the end of quarter t. AL 0 Liquid assets at the end of the quarter 0 (this is at the end of the quarter being reported), including cash and investments in securities, but not restricted cash. UO t Estimated operating income after payment of scheduled distributions and any other distribution of the quarter t. LR 0 Current revolving credit lines, irrevocable and unwithdrawn lines as of quarter 0. I t Estimated interest amortizations derived from debt for the quarter t. P t Scheduled debt principal amortizations for the quarter t. K t Recurring Capex estimated for the quarter t. Note (1): It is understood as preponderance if at least 70% of the assets of the trust are intended to provide credit or financing. Note (2): Calculated with financial information as of 4Q15. 23
24 7. Financial Results & Key Metrics
25 Solid financial results in 4Q15 P&L Summary at 4Q15 P&L figures in 000s, except the Net Income per CBFI 4Q15 4Q14 (+) Interests on mortgage loans $300,006 $40,813 (+) Investment income 5,417 24,527 (-) Financing interest expenses (11,987) 0 (+) Valuation of receivable benefits in securitization transactions 58,313 0 (-) Allowance for loan losses (52,352) 0 Income from assets on balance. The additional financial margin, by the securitized portfolio (RMBS), is registered in the valuation of receivable benefits in securitization transactions. We achieved a Net Income in the 4Q15 of Ps. $231.8 million, according to our distribution policy (95% of Results), the Net Income to be distributed is of Ps. $220.2 million......with a Net Income per CBFI (EPS) in the 4Q15 of Ps. $0.672 (3), and a Distribution per CBFI of Ps. $0.638 in accordance with our distribution policy. (-) Operating expenses (67,591) (9,816) Net Income $231,806 $55,524 Net Income per CBFI $0.672 $0.161 Balance Sheet Summary figures in 000s Balance Sheet 4Q15 ROA (1) : 9.1% ROE (2) : 11.3% EPS in Ps. of $0.672 Cash and investments in securities $497,832 Mortgage loans, net (4) 9,566,834 Receivable benefits in securitization transactions 369,911 Other assets 36,947 Total Assets $10,471,524 Accounts payables and accrued expenses 242,683 Borrowings 1,727,215 Total Liabilities $1,969,898 Total Equity $8,501,626 Total Liabilities + Equity $10,471,524 Note (1): (Net Income / Total Assets), annualized considering 92 effective days in operation in the 4Q15. Note (2): (Net Income / Total Equity), annualized considering 92 effective days in operation in the 4Q15. Note (3): Outstanding CBFIs: 345,000,000. Note (4): Includes principal, accrued interests, indexation on loans in VSM, and allowance for loan losses. 25
26 Yield of our CBFIs and Invested Capital The following charts illustrate the yield per CBFI for the fourth quarter of 2015 and the yield of the invested capital since 4Q15. FHipo s Distribution and Yield Distribution and yield on the issuance price of the CBFI at 4Q15 4Q15 EPS (Ps./CBFI) (1) $0.672 Issuance Price - IPO (Ps.) $25.00 Return on Invested Capital (calculation of cumulative yield since 4Q15) Accumulated Distributions (3) Ps. $220,216 Effective Days 92 days Invested Capital at 4Q15 (4) Ps. $8,657.3 Period: 4Q 2015 Annualized distribution on Equity (%): % (5) 95%, Estimated Distribution (per CBFI) Ps. $0.638 Yield on price of CBFI (IPO) 4Q % (2) Note (1): Net Income / # CBFIs. Note (2): Annualized (compounded) considering 92 effective days in operation in the 4Q15. Note (3): Accumulated distributions since 4Q15. Note (4): Invested capital results from deducting the expected distribution of the 4Q15 results and adding the IPO expenses from FHipo s total equity at the end of the 4Q15. Note (5): Annualized considering 92 effective days since the 4Q15 and calculated in accordance with the administration s trust agreement. 26
27 Our Key Metrics and Relevant Financial Information in 4Q15 Main Financial Metrics Figures are presented according to each metric (%, $) 4Q15 4Q14 YTD 2015 Financial Margin and Interest Revenues Financial Margin - "interest revenue - interest expense / total interest revenue" 96.1% 100.0% 98.7% Net Interest Margin (NIM) (1) - "interest revenue - interest expense / net mortgage loans" 12.1% 5.7% 9.3% Efficiency Metrics Efficiency Ratio - "total expenses / total revenue" 22.6% 15.0% 25.1% Allowance for loan Losses / Total Mortgage Loans (2) 0.93% 0.00% 0.93% Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.672 $0.161 $2.197 Return on Assets (ROA) (1) - "net income / total assets" 9.1% 4.8% 7.2% Return on Equity (ROE) (1) - "net income / total equity" 11.3% 4.8% 8.9% Other Metrics Non-performing Loans / Net Portfolio 0.09% 0.00% 0.09% 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. We closed the 4Q15 with a Financial Margin of Ps. $293.4 millions...with a Net Interest Margin (NIM) in the 4Q15 of 12.1%......with an Efficiency Ratio in the 4Q15 of 22.6%... a ROE during the quarter of 11.3% and with an on-balance noncurrent portfolio of 0.09%. 27
28 8. Risk Assessment
29 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. $89.39 million As of 4Q15 (December 31 st, 2015), the 12 month forward-looking expected loss for FHipo s portfolio was Ps. $89.39 million. Note (1): Based on statistic hisctoric information from Infonavit 29
30 Risk Assessment (Cont.) 2. Market Risk As of December 31 st, 2015, the VaR is of Ps. $0.00 pesos (since there were no investments in securities). We determined the VaR considering: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 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. Market Risk 4Q15 Ps. Million VaR (Value At Risk) 0.00 Established Limit Consumption Limit 0.00% Limit $85.01 Ps. Million 0.00% Limit Consumption 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. 3. Liquidity Risk As of the 4Q15 we had repurchase agreements, with maximum maturity of less than a year which amounted in Ps. $497.8 million, additionally we have Ps. $1,250 million available though the Warehousing Line, so we do not have any liquidity risk in the short term. By the end of 4Q15, FHipo had liabilities which amounted in Ps. $1, million, however, this amount only represents 19% of the assets on FHipo s Balance. 30
31 9. Our Outlook
32 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 continue to consolidate 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 32
33 10. Financial Statements - 4Q15
34 Financial Statements Balance Sheet Balance Sheet 4Q15 (figures in 000s of Mexican pesos) 4Q15 4Q14 Variation % Var ASSETS Cash and cash equivalents $497,832 $918,948 ($421,116) -45.8% Debt securities 0 5,365,411 (5,365,411) % Current mortgage loans 9,335,674 1,979,441 7,356, % Past due mortgage loans 8, ,189 N/A Accrued interest 177,866 25, , % Indexation on mortgage loans 134,494 12, , % Allowance for loan losses (89,389) 0 (89,389) N/A Mortgage loans, net 9,566,834 2,017,417 7,549, % Receivable benefits in securitization transactions 369, ,911 N/A Accounts receivables and other assets 36,947 12,973 23, % TOTAL ASSETS $10,471,524 $8,314,749 $2,156, % LIABILITIES Accounts payables and accrued expenses $242,683 $10,095 $232, % Borrowings 1,727, ,727,215 N/A TOTAL LIABILITIES $1,969,898 $10,095 $1,959, % EQUITY Common stock, net $8,249,130 $8,249,130 $0 0.0% Retained earnings 252,496 55, , % TOTAL EQUITY $8,501,626 $8,304,654 $196, % TOTAL LIABILITIES AND EQUITY $10,471,524 $8,314,749 $2,156, % Memorandum accounts: Mortgage loans in securitization transactions $2,758,721 $0 $2,758,721 N/A Accrued interest on non-performing loans $328 $0 $328 N/A 34
35 Financial Statements P&L Income Statement (figures in 000s of Mexican pesos, except Net Income per CBFI) REVENUES 4Q15 4Q14 Variation % Var YTD 2015 Interests on mortgage loans $300,006 $40,813 $259, % $901,654 Investment income 5,417 24,527 (19,110) -77.9% 51,304 Total net interest income 305,423 65, , % 952,958 Financing interest expenses (11,987) 0 (11,987) N/A (11,987) Financial margin 293,436 65, , % 940,971 (-) Allowance for loan losses (52,352) 0 (52,352) N/A (83,150) TOTAL REVENUES, NET 241,084 65, , % 857,821 Valuation of Receivable Benefits in Securitization Transactions 58, ,313 N/A 115,704 TOTAL REVENUES, NET $299,397 $65,340 $234, % $973,525 EXPENSES Management and collection fee (55,739) (8,645) (47,094) 544.8% (186,499) Other administrative expenses (11,852) (1,171) (10,681) 912.1% (28,913) TOTAL EXPENSES (67,591) (9,816) (57,775) 588.6% (215,412) NET INCOME $231,806 $55,524 $176, % $758,113 NET INCOME PER CBFI $0.672 $0.161 $ % $2.197 COMPREHENSIVE INCOME Net income $231,806 $55,524 $176, % $758,113 Other comprehensive income N/A 0 TOTAL COMPRENHENSIVE INCOME $232,485 $55,524 $176, % $758,113 35
36 Financial Metrics Financial Metrics (Figures are presented according to each metric %,$) 4Q15 4Q14 YTD 2015 Financial Margin and Interest Revenue Financial Margin - "interest revenue - interest expense / total interest revenue" 96.1% 100.0% 98.7% Adjusted Financial Margin - "adjusted by allowance for loan losses ("ALL")" 78.9% 100.0% 90.0% Net Interest Margin (NIM) (1) - "interest revenue - interest expense / net mortgage loans" 12.1% 5.7% 9.3% Adjusted Net Interest Margin (Adj. NIM) (1) - "adjusted by allowance for loan losses " 9.8% 5.7% 8.5% Efficiency Metrics Operational Efficiency Ratio (incl. Allowance for Loan Losses) - "total expenses incl. ALL / total interest revenue" 39.3% 14.9% 31.3% Operational Efficiency Ratio (excl. Allowance for Loan Losses) - "total expenses excl. ALL / total interest revenue" 22.1% 14.9% 22.6% Efficiency Ratio - "total expenses / total operating revenue" 22.6% 15.0% 25.1% Allowance for loan Losses / Total Mortgage Loans (2) 0.93% 0.00% 0.93% Returns and Profits Earnings per CBFI (EPS) (3) - "net income / number of CBFIs" $0.672 $0.161 $2.197 Return on Assets (ROA) (1) - "net income / total assets" 9.1% 4.8% 7.2% Return on Equity (ROE) (1) - "net income / total equity" 11.3% 4.8% 8.9% Other Metrics Cash and Cash Equivalents / Total Assets 4.8% 75.6% 4.8% Non-performing Loans / Net Portfolio 0.09% 0.00% 0.09% Allowance for loan Losses / Non-current Loans 10.9 x NA 10.9 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. 36
37 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. 37
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