Investor Presentaiton
48
The Net Operation Income (NOI) in 2013 reached Ps. 177.6 millon, which represents a 36.7%
margin over hotel revenues.
The total expenses of the REIT administration were Ps. 27.7 million in 2013, comprised by:
.
•
• Ps. 16.1 million corresponding to corporate management expenses: the payroll of the Chief
Financial Officer and the Investor Relations Department, as well as insurance manager; board
member fees, External Accounting and Fiscal Auditors, and investor related activities.
Ps. 11.6 million is the Advisor Fees
EBITDA was Ps. 149.9 million for 2013, which is equivalent to a 31% margin over hotel revenues.
Stemming from the changes in the revenue structure, as of the fourth quarter, the depreciation
effect of the properties, furnishings and equipment was included on the accounting bottom line,
based on the estimated life time of those assets, pursuant to the historical cost method. The re-
cognized depreciation for the period between March 12 and December 31, 2013, is Ps. 50.6 million.
Compensation to executives based on shares was Ps. 14.9 million, corresponds to the year ear-
nings of 3 million CBFIs that were to be delivered, accordingly, to the Chief Financial Officer, when
the First Public Offering takes place, after a 3 years term, and whose economic effect would be a
dilution of 1.15%, beginning in March 2016.
Fibra Inn closed the year debt-free and with cash and equivalents of Ps. 385.6 million with ear-
ned interests of Ps. 41.1 million, during 2013.
Financial Income was Ps. 58.1 million.
The net bottom line, reached in 2013 was Ps. 142.0 million of Ps. 0.5498 per CBFI, based on
258,334,218 CBFIs outstanding, as of December 31, 2013.
During 2013, the Fibra Inn Technical Committee approved paying four cash distributions for the
CBFI Holders, which were paid on a quarterly basis for a total of Ps. 182.6 million. This distribution
is equivalent to Ps. 0.7067 per CBFI outstanding, for fiscal result and capital reimbursement based
on the operation and results of Fibra Inn, between March 12, 2013 and December 31, 2013.
Holder's
Distribution
Taxable Income
Return of capital
TOTAL
FY 2013
per CBFI*
Ps.$
0.1702
0.5365
0.7067
Total
Ps. millon
43,969
138,600
182,569
* The amount per distribution per CBFI was estimated based on the full amount of the distribution by the number of
CBFIs outstanding, except for the CBFIs held by the Treasury.
The Capital Expense reserves for hotel maintenance is provided at a rate of 20% of fiscal de-
preciation for the period; therefore, as of December 31, 2013 said reserve totaled Ps. 16.2 million; of
which Ps. 3.6 million were used as of that date, which Ps. 3.6 million were used for a net balance
of Ps. 12.6 million
As of December 31, 2013, Fibra Inn is free of bank debts, and has a cash and equivalents balance
of Ps. 385.6 million.
As of December 31, 2013, there was a balance of Ps. 156.9 million to be recovered of Value Ad-
ded Tax from acquisition of hotels. Ps. 363.2 million was reimbursed as VAT returns from 2013.
In order to have ready resources for the short term acquisition of hotels, Fibra Inn has a letter of
intent signed with six financial institutions to enter into debt for Ps. 2.3 billion, in a 3-year revolving
credit, at a rate of TIIE (Interbank Balanced Interest Rate) + 2.5 points. As of the end of FY 2013, Fi-
bra Inn had a temporary credit line contracted with Actinver, for Ps. 300 million to fund immediate
acquisition needs. That temporary credit line has a rate of TIIE + 2.5 points, commission free, and
a 180 day term; and it will be substituted when the previously mentioned bank credit is obtained.
49View entire presentation