Corporate Presentation - As of September 30th, 2021 - FHipo
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Inversión que Transforma
Corporate Presentation
As of September 30th, 2021
INVESTOR RELATIONS
inverstorrelations@fhipo.com
Ph: +52 (55) 4744-1100
[ENGLISH TRANSLATION FOR INFORMATION PURPOSES ONLY, IN THE EVENT OF ANY CONFLICT, THE SPANISH TEXT SHALL PREVAIL] www.fhipo.com
Investment highlights
1
About FHipo
8 2
Experienced management Macroeconomic
team with robust corporate environment
governance
3
7
Attractive Mexican
Attractive risk-reward mortgage market
profile with strong dividend fundamentals
generation
\
4
Co-participation agreements
6 with INFONAVIT, FOVISSSTE
and the technological
High quality portfolios platform, YAVE
5
Strong growth potential
2
1. About FHipo3
FHipo is the first vehicle in Latin America similar to an
1
American Mortgage REIT…
REITs market in Mexico
Mexican REIT market is created in 2011
2011 First lodging REIT in Mexico is created in 2012
First infrastructure and education
2012 REITs in Mexico
2013
During 1Q20, the internalization of
FHipo's Advisor and Manager was
concluded
2014
2015
In 2014, FHipo is created:
2016
− First mover advantage
− Mexico’s largest IPO in 2014 2017
($8,625 MXN)
2018
2019
2020
In 2016, Follow-on Equity Offering:
− Mexico’s largest Follow-on
Offering in 2016 ($3,300 MXN) FHipo received the Financial
Innovation award by Capital
Finance International
Market evolution
Commercial, Mortgage REITs
office and Lodging Infrastructure
Market Cap: US$65.0 billion (1) REITs
industrial REITs REITs
Total Return FTSE NAREIT Mortgage REITs: -18.77%(2)
Source: FTSETM, NAREIT, Bloomberg.
(1) As of December 31st, 2020. (2) 2020 annual information, while FHIPO14 total reached -0.78%. 4
1 FHipo and its key milestones since its IPO
Mortgage origination
1st & ONLY MREIT in Mexico
Ps. 8.63 bn IPO in November 2014 and Ps. 3.30 bn
Follow-On in April 2016
Created to acquire, originate and manage mortgages
in Mexico
Co-participation agreements with and , the largest
mortgage lenders with collection through payroll deduction
mechanisms in LatAm (residential mortgage origination)
Managed internally by CH
, a subsidiary of FHipo, formed and
controlled by individuals with high experience in the financial and
mortgage markets
Strategic Alliance with , technological platform through
which, FHipo will increase its mortgage origination Financial innovation that attracts private capital, developing the
Mexican mortgage sector
Resources / Funding
Equity On-Balance Debt Off-Balance Debt
Warehousing Facilities
FHIPOCB 17U FHIPOCB 20 FHIPOCB 21
Initial Public Offering : ST Issuances
FHIPO17 Ps. 3.36 Ps. 2.50 Ps. 2.50
Ps. 8.63 bn
Ps. 865 Ps. 1.62 Ps. 5.00 Ps. 2.60
Debt ST Debt CDVITOT 15U and 15-2U Acquisition of Residuals bn bn
LT Debt bn
m bn bn bn Ps. 200 m Ps. 488 m Ps. 4.23 bn CDVITOT 13U and 14U
Follow-On Offering: Ps. 877 m
Ps. 3.30 bn Ps. 900 m Co-participation
Securitization Securitization Securitization Securitization
2014 and 2016, 2017 2017 2017 2020 2021 2020 2021 Securitization 2017 2020 2021
respectively 2017
2015
51 Organizational Structure
Committees:
Technical
Committee Audit >100%
> 50% Corp. Practices >100%
Nominations >100%
CBFI Holders
Independent Members
100%
Holders Assembly
Technical Committee
(TC) Subsidiary of FHipo, formed by
Internal Advisor professionals with experience in
Internal Advisor and Manager the mortgage, financial and real
TC Appointed by
and Manager state markets
CBFI shareholders Management and
Advisory
Audit, Practices and
Nomination Subcommittees
Reporting and Services of advising and
Analytics managing
Reporting
and Analytics
Participation in Mortgage Portfolios
CBFIs First mortgage REIT in Mexico
Issuer
Commercial Banks
and other mortgage
originations
INFONAVIT, FOVISSSTE, YAVE,
Mortgage Commercial Banks, mortgage
Short to medium-term Originators
Medium to long-term originators, among others
62. Macroeconomic environment
72 Occupation, Employment and Mortgage Rates in Mexico
The population contributing to the Mexican Social Security Institute (IMSS) has had a constant growth in the last years.
Formal economy stability and low levels of unemployment
(Insured workers in 000s and unemployment as % of Economically Active Population)
21,000 9.0%
19,500 7.0%
18,000 5.0%
16,500 3.0%
15,000 1.0%
Source: IMSS and INEGI.
Trabajadores Asegurados Desempleo
Behavior of the Mortgage Interest Rates (Private Sector) Interest Rate charged by INFONAVIT and FOVISSSTE
(Average TAC of loans in fixed interest rate of Banks and SOFOLES) (Interest rate charged depending on borrower’s income level)
15.0%
15.0%
14.0%
14.0%
13.0%
12.0% 13.0%
11.0% 12.0%
10.0%
11.0%
9.0%
8.0% 10.0%
7.0% 9.0%
6.0%
8.0%
2.7
1.7
1.9
2.1
2.3
2.5
2.9
3.1
3.3
3.5
3.7
3.9
4.1
4.3
4.5
4.7
4.9
6.1
6.3
6.5-10
1-1.5
Tasa de Interés Nominal Tasa de Interés Real Infonavit VSM (1) Infonavit Pesos
Fovissste VSM(1) Infonavit Más Crédito
Source: Bank of Mexico.
(1) VSM denominated loans are indexed to the lower between the increase in the minimum wage and the increase in the UMA. 83. Attractive Mexican mortgage market fundamentals9
3 INFONAVIT’s Mortgage Loan Origination
INFONAVIT expects to originate ~370 thousand loans per year for the next five years (2021 to 2025), which translates
in a CAGR (’20 – ’25) of 5.0%
INFONAVIT’s mortgage loan origination 2020 - 2025 INFONAVIT’s projected mortgage portfolio registered within its balance
(Number of loans for the acquisition of a new or used home) (Billions of pesos in mortgage loan portfolios, nominal values)
387,774
379,267 $1,616.0
370,586 $1,544.0
$1,476.0
359,225 $1,404.0
351,653 $1,269.0 $1,331.0
329,535 80,119
77,013
73,884
69,540
68,387
60,574
48,849 FHipo’s
47,090 47,993 target
45,253 45,769
sector
43,444
51,887 52,829
49,630 50,899
48,682
46,314 2020 2021E 2022E 2023E 2024E 2025E
2021 expected origination by salary range (UMA)
94,226 96,506 98,399 100,255
91,728
91,155
28%
26%
97,603 100,060 102,207 103,975 105,722
88,048 19%
14% 13%
2020 2021E 2022E 2023E 2024E 2025E
> than 9 5.81 - 9 4.11 - 5.8 2.71 - 4.1 < than 2.7
< 2.7 2.71 a 4.1 4.11 a 5.8 5.81 a 9 >9
Income Range in UMAs
Source: INFONAVIT (Financial Plan 2021 – 2025)
103 FOVISSSTE’s Mortgage Loan Origination
FOVISSSTE historical origination Historic mortgage loan origination
(Amounts in billion pesos)
99.1
91.1
87.3
81.0
$39.8 $41.0 75.2
69.4
$35.3 $34.1 $35.0 $35.9 64.3 62.5
49.3 49.1 49.2
$40.6 $38.5 $39.8 $41.0
$34.4 $34.2 $35.3
$32.5 $34.1 $35.0 $35.9
2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Originated loans in thousand Originated loans in billion pesos
Source: 2020 ISSSTE Statistical Yearbook. Source: 2020 ISSSTE Statistical Yearbook.
FOVISSSTE’s Main Sources of Financing (TFOVI, FOVISCB and TFOVISCB issuances)
(Issued amounts in billion pesos)
Historical Average = 15.5
2013 = 17.0 2014 = 16.6 2015 = 16.0 2017 = 10.0 2020 = 14.0
6.9 4.6 5.5 6.0 5.4 5.2 10.2 5.8 7.0 6.8 3.2 12.0 10.0 6.0 8.0 10.0
TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI TFOVI FOVISCB FOVISCB FOVISCB FOVISCB TFOVISCB TFOVISCB TFOVISCB
13U 13-2U 13-3U 14U 14-2U 14-3U 15U 15-2U 16 U 17 U 17-2U 18 U 19 U 20 U 20 2U 2IU
Source: FOVISSSTE.
113 Sub-penetrated mortgage market with steady growth levels
Strong growth rates for the market Low penetration of the Mexican mortgage market
(Mortgage Portfolio in billion pesos, in nominal values) (% of mortgage loans / GDP)
145.3%
$2,687
$2,435
$2,248
$2,079 $2,147
$1,890
$1,720 64.0%
$1,515 $1,603 60.0%
$1,395
$1,276
40.8% 41.1% 36.9%
25.7%
9.7% 10.1% 7.2%
(1)
Switzerland UK USA Spain Germany EU Chile Mexico Brazil LatAm
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: CNBV, INFONAVIT and FOVISSSTE. Source: HOFINET.
Annual Inflation of main countries
(As of the end of each year)
6.8%
4.8%
4.4% 4.1%
3.8% 4.0%
3.6% 3.4%
2.8% 3.2%
2.1%
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Mexico USA Germany Brazil Switzerland
Source: Worldwide Inflation Data.
(1) Includes Argentina, Colombia, Ecuador, Panama, Peru, Uruguay and Venezuela.
124. Coparticipation agreements with INFONAVIT,
13
FOVISSSTE and YAVEFHipo currently participates in the following mortgage
4 origination programs:
Program Characteristics
Income Level 4.5 VSM onwards 3.5 VSM to 5.0 VSM 1.0 VSM onwards N/A N/A
Target Destination Home acquisition (guaranteed by a valid mortgage)
Borrower’s Age 18 - 64 years
Maximum Loan
~ USD $86.9 K (1) ~ USD $18.6 K (1) ~ USD $96.9 K (1) N/A N/A
Amount
Interest Rate 8.5 - 10.0% (VSM) and 12.0% 12.0% 11.9% (2) 5.0 - 6.0% (VSM) (TAC) (3) > 11.0%
Term Up to 30 years
Maximum LTV at
95% 90% 95% 95% 90%
Origination
Maximum PTI at
30% - 32% (4) 28% - 30% (4) N/A 35%
Origination
Eligibility Criteria
Collection Collection through payroll deduction Debit deduction
Borrowers must have settled
its original loan 6 months Borrowers must have
The borrowers must have been
beforehand, with a solid sustained an employment for
employed for at least 2 years at The borrowers must have a
history of payment. at least 6 months
their current job minimum income of 3.5x VSM The borrower must have a
and maximum of 5.0 VSM minimum of 1 year of sustained
Additional Program’s Must have been employed for Mortgage loans have to be
Loans originated by INFONAVIT employment.
at least 2 years at their current current, without non-payments,
Criteria before July 2014 are The loans feature a first loss /
job carryovers or in risk of
denominated in VSM and the credit insurance if they have an Total Debt Service Ratio (TDSR)
extension
loans originated subsequent to LTV greater than 50% minimum of 0.70
Maximum the 10% of the
that date are denominated in
portfolio can have borrowers FOVISSSTE is the only owner of
Pesos
with an income level below 4 the assigned loan portfolio
VSM.
Source: INFONAVIT, FOVISSSTE and YAVE.
Note: VSM means times minimum wage, which is the index calculated by multiplying the current unit of measurement of valuation (UMA, 2021 – Ps. 89.62) by the average number of days in a month, each
year (30.4 days).
(1) Assumes an FX MXN $20.0 per USD.
(2) Current origination rate as of 3Q21.
(3) Net revenue paid to FHipo derived from YAVE’s portfolio, excludes insurance/accessories, origination fee and administration fee, expenses that are covered by YAVE through the revenue generated
from the mortgages (TAC). (4) 30%/28% if house does not have eco-technology, and 32%/30% for houses with eco-technology.
144 INFONAVIT – Green Mortgage
At INFONAVIT, every loan has a Green Mortgage.
This means that all houses financed through INVONAVIT, have eco-technologies, which are accessories that save water, electricity and gas.
What is a Green Mortgage?
• It is an additional amount given to every loan in order to reduce water, electricity and gas consumption, while saving money and avoiding
the depletion of natural resources.
• These eco-technologies, in addition to contributing to the care and preservation of the environment, ensure average monthly savings of Ps. 100 – 400 in
consumptions, depending on the location and climate where the house is located.
• In this way, all houses acquired, built, expanded or remodeled with an INFONAVIT loan, must be equipped with eco-technologies to save water, electricity and
gas, such as faucets, toilets, light bulbs, thermal insulation, solar heaters, efficient refrigerators and stoves, as well as ecologic grade washing machines, among
others.
• The additional loan amount is set depending on the salary and the savings achieved with the eco-technologies, will make it easier to pay. Check the tables of
maximum amounts and monthly savings.
Eco-technologies Benefits Types of Eco-technologies for Ecologic Houses
• Savings in the borrower’s family expenses by reducing water, electricity and
Type Eco-technology Observations
gas consumption.
• Contributing to the efficient and rational use of natural resources and the 5 liter maximum flush toilet
care of the environment. Ecologic grade shower
Water Saving kitchen and bathroom
• With the monthly savings, the monthly payment of the loan is covered, faucets
without affecting the family’s economy.
Sectional valves NOM-001-CONAGUA
• Transparency by providing flexibility in 6 lamps for residential use (Minimum standard) LED lamps can
Reduction in water,
the selection of the eco-technologies Respect for
the electricity and gas (economical) also be applied
and bigger savings opportunities for the environment expenses Electricity For vertical housing, it only
borrowers by choosing the ones that Thermal insulation in roofs applies for the last floor of the
Green building
better adjust to their consumption
Mortgage
savings requirements. (Minimum standard) instant gas
Rapid recovery gas
• Increase in the house’s equity value. Higher capacity of
Gas Heater heater can also be applied
payment from the
families
Source: Explanatory Manual of Ecological Housing.
154 Mortgage origination process
FHipo works as an strategic ally of INFONAVIT, FOVISSSTE and YAVE through their mortgage loan origination.
Participation structure in INFONAVIT’s Programs Structure of the assignment of collection rights on FOVISSSTE’s portfolio
7 5
1
FOVISSSTE
Administration Trust
2
1
4 3
2
4
3
6 Loan Evaluation
1 FOVISSSTE transfers mortgage portfolio
1 Mortgage origination
FHipo co-participates loans that meet
2 House acquisition the eligible criteria 2 Trustee issues certificate of Fiduciary rights
3 Loans subject to acquisition 3 Primary Servicer and Adviser & Manager
4 Return of non-qualifying loans. FHipo co-participates a % (1) of qualifying loans 4 FHipo pays FOVISSSTE the price of the certificate of fiduciary rights. FOVISSSTE
transfers certificate of fiduciary rights to FHipo.
5 Collection of interest and amortization
6 Interest and Amortizations
7 Servicing Fee %
(1) The co-participated percentage has evolved positively in accordance with the monthly origination and the income levels of our borrower’s.
164 Mortgage origination process (Cont.)
About YAVE (previous Smart Lending) Structure of the strategic alliance between FHipo and YAVE
YAVE is a technological platform that seeks to penetrate the Mexican
mortgage market through the origination of mortgage loans via an 5
efficient, dynamic and accurate platform
1
Combining an innovative technological platform with an experienced 2
management team, with knowledge and background in the mortgage 3
sector, YAVE aspires to take advantage of its "first mover advantage"
Absorbs credit 4
and consolidate as the largest mortgage origination platform in the risk
country
Objective: 1 FHipo provides resources to fund mortgage loans
2 YAVE grants mortgage loans
Automate mortgage origination processes by reducing the
number of people involved while simplifying procedures and 3 YAVE transfers the rights associated with the originated loans (1)
structures 4 Interest and amortizations are paid to YAVE by the borrower
How will it be achieved? 5 Interest and amortizations flow from YAVE to FHipo
YAVE will adapt to the needs of its customers with a
functional technological platform and exceptional service,
providing an alternative to the complicated and traditional
8. Experienced management team
Competitive Advantage
Competitive interest rate
procedures of the past
with robust governance standards
Loans from Ps. 300,000
Origination Terms
Simplification and reinvention of the origination process
Pre-approval in Approval Formalization Cont. Admin. Processes 3x (times) faster than those from financial institutions
real-time (~ 12 hrs) (~ 3 weeks) (Personalized)
Loan formalization in a period of ~3 weeks onwards
Derived from the strategic alliance, FHipo will benefit by expanding its origination pipeline and diversifying its mortgage offer, which will allow FHipo to
diversify risk and access new market opportunities by participating within a new income sector.
(1) Assumes that the loans to be originated meet FHipo’s eligibility criteria.
175. Strong growth potential18
5 FHipo’s strengths
First mover advantage with proven track record
1 regarding origination and financing strategies
Strategic investments aimed to maximize the return to
2 the holders of the company's CBFIs
Agreements with INFONAVIT, FOVISSSTE and YAVE to
3 acquire and originate mortgage loans
Solid IT platform, with high complexity of being
4 replicated
5 Know-how and industry expertise
Leverage strategy aimed to distribute attractive and
6 stabilized returns
196. High-Quality Mortgage Assets20
6 High-Quality Mortgage Assets
In this slide we illustrate the development of our Non-Performing Loan (NPL) ratio, as well as our levels of loan reserve coverage.
Levels of Non-Performing Loan (“NPL”) Ratio with Conservative Allowance for Loan Losses
NPLs / CP (1) with portfolio balance at origination
NPL’s as a % of the Consolidated Portfolio (“CP”) as of the 3Q21 (1)
Allowance for Loan Losses / CP
4.85%
(1)
NPL's / CP
3.74% 0.00% 0.00% 4.85%
Expected Loss / CP (2) 4.15% NPL considering Portfolio Balance
3.71% (3) 0.34%
3.26% (3) at Origination: 3.74% (1)
0.93%
0.52%
2.45%
2.14% (3) 2.48%
0.05% 0.01% 0.81%
2.11%
1.24% 2.10%
3Q19 3Q20 3Q21 Infonavit Fovissste YAVE CDVITOT CDVITOT CDVITOT FHIPOCB FHIPOCB FHIPOCB Total
Balance Balance Balance 13U 14U 15U 17U 20 21
Loan Reserve Coverage on Consolidated Portfolio (1)
Expected Loss Coverage (2) = 1.50x NPLs Coverage = 0.76x
FHipo’s NPL Portfolio in
consolidated terms continues
to demonstrate a good 4.85% 4.85%
3.71%
performance, maintaining 3.71%
adequate levels of loan reserves
2.48% 2.48%
Expected Loss Expected Loss Coverage NPLs NPL Coverage
(1) Based on outstanding principal balance for NPL’s and consolidated portfolio.
(2) Considers weighted average loss given default (LGD) of FHipo’s consolidated portfolio of 51.03%, consolidated NPLs of Ps. 1,294.1 million.
(3) Consolidated total allowance of loan losses as of the outstanding principal balance of the consolidated portfolio.
217. Attractive risk-return profile with quarterly distributions22
7 Diversified Sources of Funding
Diversified Funding
Securitizations Short-Term Unsecured Bonds
Issuance of securities/certificates backed by a trust which guarantees the Issuance of securities/certificates backed by FHipo’s
issuance, whose equity structure consists of mortgage loans Balance Sheet
Long-Term Covered Bonds Warehousing Facilities
Issuance of securities/certificates backed by (i) FHipo’s balance sheet, and (ii) a Credit facility conceded by a private entity, backed by a
collateral trust consisting of mortgage loans, which guarantees the issuance mortgage portfolio
Funding Structure
(Figures in million of pesos, as of September 30th, 2021)
Maximum
Funding Structures Type of Funding Benchmark Rate Margin Amount Withdrawn Legal Maturity
amount
(1) (2)
CDVITOT 13U UDIBONO 2017 (1.54%) +192 bps - $657 2041
(1) (2)
CDVITOT 14U UDIBONO 2018 (1.30%) +119 bps - $452 2042
(1) (2)
CDVITOT 15U UDIBONO 2019 (1.80%) +110 bps - $1,105 2043
Securitization (1) (2)
FHIPOCB 17U UDIBONO 2025 (3.11%) +102 bps - $2,362 2047
(1) (2)
FHIPOCB 20 MBONO 2026 (4.93%) +180 bps - $2,235 2050
(1) (2)
FHIPOCB 21 MBONO 2027 (6.34%) +172 bps - $2,449 2051
BX+ +200 bps $400 $200 September 2022
FHIPO 00220 +100 bps - $100 November 2021
FHIPO 00121 +120 bps - $88 February 2022
Short Term Debt TIIE28
FHIPO 00221 +100 bps - $100 March 2022
FHIPO 00321 +74 bps - $100 August 2022
FHIPO 00421 +71 bps - $100 September 2022
IFC +135 bps $1,350 $1,350 2028
HSBC +135 bps $5,000 $4,275 2053
Warehousing Line
IDB TIIE28 +150 bps $865 $865 2023
(Revolving)
IFC 2 +186 bps $1,250 $570 2028
NAFIN +265 bps $1,623 $1,623 2050
FHIPO 17 Long Term Covered Bond Fixed Rate: 8.78% - - $900 2052
(1) Fixed rate determined at issuance date of each RMBS.
(2) Outstanding Balance in million pesos (Ps. / $).
237 Attractive Risk-Return Profile
Estimated spread between FHipo’s Asset Yield vs. Cost of Debt as of 3Q21
Asset yield per origination program Funding rates
(3)
Fixed Rate Pesos SWAP TIIE Fixed Rate UDI Spread
15.4%
12.6%
(2)
Long-Term Funding Short-Term
11.9% 12.0% Funding
11.4% 10.8% 10.9%
VSM (1)
VSM (1) 8.78%
8.06% SWAP
6.73% 1.64% 2.00% 1.20%
1.00% 1.00% 0.74% 0.71%
4.13%
3.46% TIIE TIIE TIIE TIIE TIIE TIIE TIIE
2.49% 2.91%
UDI
UDI UDI
UDI
UDI UDI
UDI UDI
UDI
UDI UDI
Fovissste IMC 2015 IMC 2017 IMC 2019 IT IT YAVE FHIPO CDVITOT CDVITOT CDVITOT FHIPOCB FHIPOCB FHIPOCB Credit BX+ CBF ST CBF ST CBF ST CBF ST CBF ST
17 13U 14U 15U/2U 17U 20 21 Facilities 00220 00121 00221 00321 00421
VSM Pesos Pesos Pesos Pesos VSM
Interest Rate
Source: INFONAVIT, FOVISSSTE and FHipo’s quarterly reports. Note: Considers TIIE as of September 30th, 2021.
(4)
~ 11.97%
YAVE
Fovissste
Estimated Spread
Asset Yield ~ 4.03% (4)
Cost of Debt
Infonavit Más ~ 7.94%
Crédito FHIPOCBs and
CDVITOTs
ST Debt
LT Bond
Infonavit Total Warehousing
Facilities
Wighted Asset Yield Wighted Debt Yield
(1) APR before incurring in expenses such as insurance/accessories, origination fee and administration fee, which are covered by YAVE.
(2) VSM denominated loans are indexed to the lower between the increase in the minimum wage and the increase in the UMA.
(3) Considers SWAPs with a total notional principal of Ps. 6.3 bn.
(4) VSM assets and UDI debt respectively, consider Banxico’s inflation as of September 30th, 2021. 248. Development of the Mexican Housing Sector25
8 Promoting the development of the Mexican Housing Sector
Global Offering’s Distribution Improving Mexican Worker’s Savings
Part of FHipo’s equity came from abroad: FHipo, as the first MREIT in Mexico, obtained investments from
Mexican pension funds (AFOREs).
• FHipo, as a new asset class, has generated greater appeal for the
Mexican mortgage market, expanding the exposure and awareness of • As a vehicle floating in its entirely in the Institutional Stock Exchange
such sector in the international markets, demonstrating the immense (“BIVA”), FHipo contributes to both the Mexican savers, through
opportunities available within this segment. attractive distributions to these invested AFOREs, and the
workers/borrowers by creating a more competitive and attractive
• FHipo, through resources obtained within the capital markets has and mortgage market, which in turn, has attained better terms and
continues to improve the terms and conditions of the Mexican conditions for the industry as a whole.
mortgage market, while at the same time creating attractive returns
to its local and international investors.
• Through its global offerings, FHipo has brought external investment
and continues to construct a more liquid mortgage industry in Mexico.
Social Impact
• FHipo, by acquiring/originating INFONAVIT and FOVISSSTE mortgages, AFOREs (Mexican
creates greater competitiveness within the industry, encouraging the workers) participate in
FHipo
private sector to invest in a segment currently unattended by the
commercial banks in Mexico. The latter, boosting mortgage supply, one
of the key growth and development promoters in Mexico.
FHipo distributes a % of FHipo finances residential
net profit, benefiting mortgage loans to
• FHipo represents a breakthrough in Mexican history, instrument that
investors (AFOREs) Mexican workers
obtained resources of funding from International Investors to supply and
contribute to the development of the Mexican mortgage market, thus
enhancing growth in the housing industry.
Mexican workers have
greater opportunities to
• FHipo finances mortgages to worker’s with income levels below 4.0 obtain a home
VSM, becoming the only relevant private player originating loans to the
low-income population.
269. Financial Results
279 Solid Financial Results in 3Q21
Consolidated P&L Summary Consolidated Balance Sheet Summary
Figures in thousands of MXN, except the Net Income per CBFI 3Q21 3Q20 Figures in thousands of MXN 3Q21 3Q20
Interest on mortgage loans $387,103 $587,312 Cash and cash equivalents $1,691,209 $2,067,195
Investment income 13,722 17,583 Mortgage loans, net (2) 11,215,369 21,162,955
Collection rights, net 102,615 103,719
Financing interest expense (217,203) (331,386)
Loans classified as held for sale (FHIPOCB 21-2) (3) 3,561,602 0
Financial Margin 183,622 273,509
Receivable benefits in securitization transactions 3,368,101 2,471,571
Allowance for loan losses (37,341) (121,996)
Accounts receivable and other assets 631,288 627,946
Valuation of receivable benefits in
151,538 83,363 Equipment, net 1,557 3,093
securitization transactions
Derivative financial instruments 3,207 0
Administrative expenses (79,639) (87,186)
Total Assets $20,574,948 $26,436,479
Other (+) income / (-) expenses 238 214
Accounts payable and accrued expenses 421,032 139,496
Net income before tax 218,418 147,904
Notes Payable 1,402,314 4,151,258
Income tax (487) 0 Financing 8,849,652 11,901,622
Net income 217,931 147,904 Derivative financial instruments 32,206 287,003
(1)
Net income per CBFI $0.559 $0.361 Total Liabilities $10,705,204 $16,479,379
Net income per CBFI subject to distribution / effected Equity $9,869,744 $9,957,100
$0.531 $0.343
distribution Total Liablities and Equity $20,574,948 $26,436,479
Net income during the 3Q21 was Ps. 217.9 million, representing a 47.3% increase compared to Ps. 147.9 million reported during the same quarter of the
previous year. This growth is mainly the result of (i) a lower allowance for loan losses as a consequence of the performance of the portfolio, (ii) the positive
effects that inflation has had on the valuation of our VSM-denominated Consolidated Portfolio and, (iii) the improvement of our funding sources and their
financial conditions, such as securitizations issued in previous quarters.
Net income per CBFI (EPS) was Ps. 0.559 (1). The net income per CBFI, subject to the current Distribution Policy, during the 3Q21 is Ps. 0.531, this is 54.8%
higher than the distribution for the third quarter of 2020, and represents the highest net income per CBFI reported for a third quarter compared to previous
years.
(1) Calculated considering outstanding CBFIs, as of the date of each report (3Q21: 390,110,259 outstanding CBFIs)
(2) Includes principal, accrued interests, indexation on loans in VSM, and allowance for loan losses.
(3) Assets transferred to the issuing trust corresponding to FHIPOCB 21-2 securitization, issued in October.
28Disclaimer
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.
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