Operational and Financial Results:
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1 Operatiol and Fincial Results: T h i r d Q u a r t e r
2 Grupo Posadas, S.A.B. de C.V. & Subsidiaries Mexico City, October 26, 2012 Information presented with respect to the same quarter of last year under IFRS accounting standards: 2 Total revenues and EBITDA grew 10.6% and 98.5%, respectively System-wide average RevPAR increased 7% in pesos The sale of the hotel business in South America concludes satisfactorily Cash on hand after the sale of South America of approximately MXN$3,400 million (US$265 million) Pipeline considers 30 more hotels and 20% more rooms throughout Mexico by December 2014 Possible sale of 12 hotels to Fibrahotel (REIT) We had another good quarter. We experienced an important increase in the growth rate of the consolidated revenues and EBITDA mainly driven by a very good performance of our hotels system-wide, said Jose Carlos Azcarraga, Posadas CEO. > Fincial Highlights Million pesos as of Var. Accum. Var. Septiembre 30, Q12 % YoY % 2012 % YoY % Total revenues 1, , EBIT EBITDA Majority Net Result EBITDA grew 98.5% during the 3Q12. This is mainly due to the encapsulated figures from South America (SA) that were recorded for, in the item Discontinued operation below EBITDA. Also, within this result, it is important to note that all segments Owned & Leased hotels, Magement, and Vacation Club showed improved margins. System-wide hotel performance continued improving during the third quarter of Our Revenue Per Available Room (ADR) increased 2.3% and occupancy also increased by 3.1 percent points ( pp ), which resulted in a RevPAR growth of 7.3%. proved by 1.9pp versus the same quarter of On the other hand, our coastal hotels had an even better performance with a RevPAR increase of 28.0%. The operating margin for coastal hotels improved by 9.1pp versus the same quarter of These operatiol results are also due to the additiol number of intertiol tourists that are returning to our coastal hotels. As of September 30, 2012, available cash was $393.4 million (US$30.6 million) including the cash from South America hotels. After the sale of SA, cash on hand is MXN$4,300 million and (US$265 million). Urban hotels which represent 84% of the total operated rooms, continue to perform better with an increase in RevPAR of 4.5. The operating margin im For more information please contact: Gerardo de Prevoisin Tel.: (5255) gerardo.deprevoisin@posadas.com
3 For a better understanding of the changes under IFRS, we have adopted the following changes as of January 1st, In order to show the results of our different operations, we did not elimite certain intercompany transactions in our statement of income under NIF before January Under the criteria established in IAS 27, Consolidated and Individual Fincial Statements, such transactions were elimited. The fees paid by the owned and leased hotels and registered as an expense in this segment that later are accounted as revenue in the Magement segment have been elimited as an intercompany transaction. Other intercompany fees for service, as Conectum (back office) and Konexo (contact center) are also elimited. 2.- As of third quarter 2012, the Company s South American operations combined results have been registered as discontinued operations included in the condensed consolidated statements set out in this report. The comparative profit and cash flows from discontinued operations have been re-presented to include those operations classified as discontinued in the current year. The South American operations have been classified and accounted at September 30, 2012 as a disposal group held for sale. 3
4 > Development Our pipeline is comprised of executed agreements to operate 30 new hotels with 3,555 rooms that represent an increase in capacity of approximately 20% in the number of rooms including one Fiesta Inn hotel in Pama Central America 80% of these hotels are under the economy and business formats. These hotels represent a total investment of US$276 million of which approximately 11% will be contributed by Posadas. We expect all of these to be operating before December 2014 according to commitments made with the different property owners. Brands Mexico Central America Total % Hotels Rooms Hotels Rooms Hotels Rooms Arrendados Posadas Fiesta America Fiesta Inn 7 Administrados ,005 Terceros 28 FA Vacation Villas Propios One hotels 18 1, , Aqua TOTAL 29 3, , Room distribution by contract Total Investment US $277 M 11% 96% 4% Leased Maged Own Third parties 89% Openings LTM No. of rooms Type FI San Cristobal de las Casas 80 Maged Caesar Business Puerto Montt 142 Maged One Culiacan Forum 126 Maged One Ciudad del Carmen 126 Maged FI Cancún las Américas 152 Leased Fi Puebla las Animas 140 Leased One Guadalajara Centro Historico 146 Maged One Xalapa Las Animas 108 Maged Total 1,013
5 > Owned and Leased Hotels Total Urban Coastal % Var. % Var. % Var. 5 3Q12 (QQ) Average No. of Rooms 9,090 (0.9) 8,065 (0.2) 1,025 (6.6) Average Daily Rate 1, , , Occupancy (Var. in pp) 69% % % 10.9 RevPAR Accum. Average No. of Rooms 9, , ,142 (5.4) Average Daily Rate 1, , , Occupancy (Var. in pp) 66% % % 5.5 Rev PAR During the quarter, revenues from this segment represented 47% of consolidated revenues. Against last year s same quarter, this segment had a 10.9% increase in revenues, which is attributable to a higher ADR of 4.0% and an increase of 3.3 pp in occupancy, resulting in a RevPAR increase of 9.2%. This growth rate is similar to the cumulative one for The average number of rooms available was reduced by 0.9%. Results for urban hotels showed a significant improvement when compared with 3Q11; on average with 0.2% less rooms operated, a 2.6% increase in ADR and an increase in occupancy of 2.2pp, RevPAR improved by 6.0%. The average number of rooms available for coastal hotels was lower by 6.6% due to the transfer of the Fiesta America hotel in Cozumel that as of July 1st, 2012 is operated by the Vacation Club business segment. This segment showed an increase in ADR of 16.8% and in occupancy of 10.9pp. All of the above resulted in a RevPAR increase of 40.4% when compared with the same period of last year. This was in part due to the summer vacation period. The growth rate for this quarter is much higher than the performance reported in the previous 6 quarters and we attribute this very positive result to the acceptance and consolidation of the all inclusive format that has been in practice for the following hotels Live Aqua Cancun and FA Condesa Cancun since November of 2010.
6 > Magement Total Urban Coastal % Var. % Var. % Var. 2Q12 (QQ) Average No. of Rooms 19, , , Available Daily Rate 1, , , Occupancy (Var. in pp) 67% % % 8.1 RevPAR Accum. Average No. of Rooms 19, , , Available Daily Rate 1, , , Occupancy (Var. in pp) 64% % % 4.7 RevPAR Includes owned, leased and maged hotels Revenue for the Magement business represented 24% of total revenue in the quarter, decreasing 8.5% over 3Q11. 6 The average number of rooms operated recorded a 4.1% increase in the quarter, while System-wide hotels reported a 2.3 % improvement in ADR, a 3.1pp increase in occupancy, and a RevPAR growth of 7.3%. System-wide urban hotels, had an increase in the average number of operated rooms of 4.4% with an improvement in ADR of 0.7%, along with a 2.4pp increase in occupancy to achieve a higher RevPAR by 4.5%. Coastal hotels showed an increase of 2.4% in the average number of available rooms, including the opening of a FI hotel in Cancun. In addition, ADR, occupancy and RevPar increased 12.1%, 8.1pp and 28.0%, respectively. During 3Q12, the Company has opened two new hotels and six in the last twelve months, almost twice the number of hotels opened as of 3Q11 LTM. These eight hotels represent 1,013 additiol rooms: Fiesta Inn San Cristobal de las Casas, Caesar Business Puerto Montt -in Chile (included in the sale of SA), One Culiacan Forum, One Ciudad del Carmen, Fiesta Inn Cancun las Americas, FI Puebla las Animas, One Guadalajara Centro Historico and One Xalapa Las Animas.
7 > Vacatiol Club & Other The Vacation Club and Other business segment mainly include the Fiesta America Vacation Club (FAVC), which represented 96% of this segment revenues. Total revenues for the quarter amounted to 29% of consolidated ones, an increase of 32.9% when compared to the same quarter of the previous year. During the third quarter of 2012, we observed a better performance in this business segment, mainly in the sale of memberships under comparable basis with the same period of As of July 1st, 2012 the Fiesta America Cozumel Reef resort is operated by this business segment adding vacation club memberships inventory to the sales force. > EBITDA In 3Q12 an EBITDA of $281.0 million was recorded excluding the SA operations (encapsulated in the item for Discontinued operations) as of September 30, 2012, that compares favorably with the $141.6 million recorded in 3Q11. The margin for 3Q12 and 3Q11with respect to consolidated revenues were 17.3% and 9.6%, respectively. The EBITDA including SA on pro-forma figures was $324.6 million and $180.6 million for the 3Q12 and 3Q11, respectively. For the last twelve months, EBITDA (IFRS) was $1,001.7 million, (US$76.6 million), 8.6% higher than the $922.7 million of 3Q11 (LTM). 7 > Capital Expenditure Capital expenditures during the quarter were $41.9 million, 85% were used for maintence of hotels and the remaining for corporate purposes.
8 > Comprehensive Fincial Cost Concept 3Q12 3Q Interest income (2,653) (2,716) (8,286) (11,403) Accrued interest 121, , , ,320 Currency (profit) fluctuations (107,998) 302,441 (205,673) 197,726 Other fincial costs (products) (20,248) 190,551 (98,112) 99,045 Other fincial expenses 9,629 17,733 32,061 42,855 Total CFC , , ,543 Figures in thousands of pesos At the end of the third quarter, on a comparable basis under NIF, net interest coverage was 2.4 times, the same as observed figure for 3Q11. Under IFRS, net interest coverage was 1.9 times, 0.1 times lower than the observed figure of 3Q11. The foreign exchange unrealized gain was due to the 3.8% appreciation of the MXN against the USD from 2Q12 to 3Q12. 8 As of September 30, 2012, the derivatives notiol amount (Cross currency swap) of US$28.9 million held no collateral posted. September 30, 2012 Indebtedness SWAPS Cross Currency Notiol in: Date in: Date Concept: MXN 000 USD 000 Certificados Bursatiles (Posadas 08) 298,133 4-Apr-13 28,928 4-Apr-13 TOTAL 298,133 28,928 > Majority Net Result As a result of the foregoing, net income for the quarter was $115.2 million and $261.4 million for the 9M12.
9 > Fincial Position As of September 30, 2012 our cash balance was $393.4 million including the cash of the hotels operation in South America. The main uses of cash during the quarter were, among other items: debt amortizations and interests paid. 9 Net debt at the end of 3Q12 was US$385.3 million under NIF and $434.4 million under IFRS. Net Debt to EBITDA ratio was 4.4 times which is 1.1 times lower than that observed figure of last year s same quarter under NIF and 5.6 times under IFRS, 1.9 times lower than the figure observed in 3Q11. Net Debt mix at the closing of the second quarter was as follows: 46% short-term, 59% in U.S. dollars and 49% fixed rate. The average debt maturity was 1.8 years and 19% was secured (17%) most of it was issued at a subsidiary level without recourse to the Holding company. As of the release date of this report, the existing ratings for the 9.25% Senior Notes 2015 and the Certificados Bursátiles issuance (POSADAS-08) were: Fitch: global Issuer Default Rating (IDR) B- and local (Caval) B+, both with negative outlook. Moody s global scale B3 and a negative outlook. S & P global CCC+ and local (Caval) mxb+, both with negative outlook under Credit Watch with positive implications. In compliance with article Frac. VIII of the Mexican Stock Exchange rules, Posadas informs that JP Morgan covers Grupo Posadas. > Subsequent Event 1.- In October 10, 2012, Posadas informed that concluded the sale of its hotel business in South America with ACCOR SA, one of the world s leading hotel magement companies, for a total enterprise value of US$275 million plus working capital exceeds. Accor will acquire all of Posadas assets in the region which include 15 owned, leased and maged hotels (four of which are owned), the Caesar Park and Caesar Business brands and a pipeline of an undisclosed number of hotels under magement in Brazil, Argenti and Chile. Posadas will use the proceeds to repay indebtedness and improve the company s capital position. The transaction will allow Posadas to focus on its core business in Mexico and strengthen its position in the Mexican hotel industry. The purchase and sale agreement provides for customary purchase price adjustments, such as those related to performance and other metrics under certain contracts. At closing, 10% of the proceeds of the transaction were placed into escrow to secure certain possible adjustments to the purchase price and other indemnification obligations of Posadas under the agreement.
10 At the end of the third quarter of 2012, Posadas operated 3 Caesar Park hotels and 8 Caesar Business hotels in Brazil, 2 Caesar Park hotels in Argenti, and 2 Caesar Business hotels in Chile. 2.- On July 17, 2012, the Company drew down $160 million from a short term secured credit line. This loan was paid in full at maturity on October 16, On October 12, 2012 Posadas opened in Mexico City the new Live Aqua Bosques maged hotel with 135 rooms. 4.- On October 19, 2012 Posadas paid the balance of US$5.6 million convertible note to the IFC, this contract was signed in On October 22, 2012, Posadas, informed that had reached an agreement with FIBRAHOTEL, to sell the property, plant and equipment of twelve hotels located in the center and north of Mexico that are currently maged under the brands Fiesta Inn and One Hotels. Posadas holds a majority share in these hotels. The purchase and sale agreement is subject to relevant conditions, mainly the initial public offering of Fibrahotel, the antitrust commissions approval and the authorization of certain creditors. The price is subject to possible adjustments usually applicable in this type of transactions and it will be communicated to the market when appropriate. Posadas will continue to operate these hotels and the cash received will be used to improve its fincial position. In respect to the possible transaction, Rubén Camiro, CFO of Posadas said: We welcome that the Mexican hotel market is about to reach a more institutiol level. Our decision to support the new hotel REIT is in line with our vision, in order to continue as the leading hotel operator in Mexico. Grupo Posadas is the largest Latin-American hotel operator. Posadas operates 119 hotels and 20,375 rooms in the most important and visited urban and coastal destitions in Mexico (86% of total rooms), Brazil(11%), the United States(1%), Argenti(1%) and Chile(1%). Approximately 84% of rooms are in urban destitions and 16% in coastal. Posadas operates under the following top of mind brands: Live Aqua, Fiesta America Grand, Fiesta America, Fiesta America Vacation Villas, Fiesta Inn, One Hotels in Mexico and Caesar Park, Caesar Business in Brazil, Argenti and Chile. After the sale of SA Posadas is the leading hotel operator in Mexico that owns, leases and mages 104 hotels and 17,730 rooms in the most important and visited urban and coastal destitions in Mexico (99% of total rooms) and the United States (1%). Approximately 82% of rooms are in urban destitions and 18% in coastal. Posadas operates under the following brands: Live Aqua, Fiesta America Grand, Fiesta America, Fiesta America Vacation Villas, Fiesta Inn, One Hotels and The Explorean. 10
11 > Grupo Posadas as of September 30, 2012 Grupo Posadas is the largest Latin-American hotel operator. Posadas operates 119 hotels and 20,375 rooms in the most important and visited urban and coastal destitions in Mexico (86% of total rooms), Brazil(11%), the United States(1%), Argenti(1%) and Chile(1%). Approximately 84% of rooms are in urban destitions and 16% in coastal. Grupo Posadas operates under the following top of mind brands: Live Aqua, Fiesta America Grand, Fiesta America, Fiesta America Vacation Villas, Fiesta Inn, One Hotels in Mexico and Caesar Park, Caesar Business in Brazil, Argenti and Chile. Distribu by Rooms 55% 28% 17% Leased Maged Owned 3,313 Rooms 10,079 Rooms 6,983 Rooms 11 Brands Mexico Brazil USA Argenti Chile Total Hotels Rooms Hotels Roomss Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Live Aqua Fiesta America 16 4, ,616 Fiesta Inn 61 8, ,867 Caesar Park Caesar Business 8 1, ,950 FA Vacation Villas 6 1, ,206 One Hotels 18 2, ,260 Other Total , , ,375 % 86% 11% 1% 1% 1% 100%
12 > Income Statement IFRS (million pesos) 12 Concepto 3T12 % 3T11 % Var.% 2012 % 2011 % Var. % Total Revenues Owned & Leased Hotels Revenues Direct cost Contribution Magement Revenues Direct cost Contribution FA Vacation Revenues Direct cost Contribution 1, , (6.8) (11.8) , , , , , , , , , Corporate expenses Depreciation / amortization Other expenses (revenue) Operating Profit (63.8) (7.9) (46.3) 76.0 EBITDA Comprehensive fincing cost 0.4 Profit Before Taxes & Assoc. Co Part. in results of Assoc. Co. 0.7 Profit Before Taxes Discontinued operations 6.0 Income taxes (5.5) Deferred taxes (0.3) (636.6) 0.7 (635.9) (18.3) 16.2 (203.6) (43.3) (43.3) (1.2) 1.1 (13.9) (99.9) (10.4) (64.3) (110.7) (1.4) (2.4) (480.7) 2.1 (478.6) (58.2) 39.1 (170.4) 17.8 (11.8) 0.1 (11.7) (1.4) 1.0 (4.2) (85.6) (17.1) 10.5 Net Income before Minority Minority Interest Net Majority Income (430.2) (7.0) (423.2) (29.3) (0.5) (28.8) (289.2) (4.4) (284.7) (7.1) (0.1) (7.0)
13 > Consolidated Balance Sheet as of September 30, 2012, Dec & IFRS (million pesos) Concept Sep -12 % Dec - 11 % Dec-10 % 13 ASSETS Current Cash & short term investments Notes & accounts receivable Inventories Aaets available for sale & Other Total current assets Long Term Accounts and notes receivable Investments in shares of non-consolidated subsidiaries and associates Property, plant and equipment, net Intangible and deferred assets Other long-term assets Total Assets , , , , , , , , , , , , , , , , , , , LIABILITIES Current Suppliers Bank loans Stock market loans Other current liabilities Total current liabilities , , , , , Long Term Bank loans Stock market loans Other loans Other long-term liabilities Deferred taxes and Other Total Liabilities , , , , , , , , , , , STOCKHOLDERS EQUITY Majority interest Minority interest Total 5, , , , , , Total Liabilities & Stockholders Equity 15, , ,463.2
14 > Consolidated Statement of Cash Flows - IFRS (million pesos from January 1st to September 30 of 2012 & 2011) Profit (loss) before income tax + (-) Items not requiring cash + (-) Other unrealized items + (-) Items related to investing activities + Depreciation and amotisation for the period + (-) Gain or loss on sale of property, plant and equipment + (-) Equity in results of associates and joint ventures (-) Interests received + (-) Items related to fincing activities + Accrued interest + Exchange fluctuations + Derivative transactions (238.4) (94.9) Cash flow before income tax Cash flow from (used in) operating activities + (-) Decrease (increase) in trade accounts receivables + (-) Decrease (increase) in inventories + (-) Decrease (increase) in other accounts receivables + (-) Decrease (increase) in other accounts payable + (-) Decrease (increase) in other liabilities + (-) Income tax payed or returned Net cash flows from (used in) operating activities Net cash flows from (used in) investing activities (-) Permanent investments (-) Investment in property, planta and equipment + Dividends received + Interest received + (-) Other inflows (outflows) of cash Net cash flow from (used in) fincing activities Net cash flow + Bank fincing + Stock market fincing + Other fincing, includes margin calls (-) Bank fincing amortisation (-) Stock market fincing amortisation Amortization of other fincings (-) Dividends paid + Premium in issuance of shares + Contribution for future capital increases (-) Interest expense (-) Repurchase of shares + (-) Other inflows (otflows) of cash (40.2) (40.2) (1.7) (9.6) (307.3) (244.3) 29.4 (85.4) (90.7) (57.9) (45.4) (67.2) (573.1) (318.1) (1,308.0) (34.8) (7.7) (236.7) (18.8) (478.6) (2.1) (0.6) (131.3) (554.5) (304.6) 10.1 (134.2) (126.9) (103.5) 83.7 (136.1) (130.6) 0.6 (6.1) (52.4) (96.3) (55.4) (788.5) (3.1) (4.3) 52.0 (269.1) (10.0) Net increase (decrease) in cash and cash equivalents Changes in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period (82.9) (11.8) (148.7) (6.5)
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