(a) Adjusted EBITDA is not a financial measure computed under Mexican Financial Reporting Standards (MFRS). Adjusted EBITDA as derived from our MFRS financial information means MFRS net income, excluding (i) depreciation and amortization; (ii) net comprehensive financing costs ("CFC") (comprised of net interest expense (income), foreign exchange gain or loss, valuation effects of derivative instruments and monetary position gain or loss), including CFC, capitalized to land balances, that is subsequently charged to cost of sales; and (iii) income tax expense and employee statutory profit-sharing expense. See "Adjusted EBITDA" for reconciliation of net income to Adjusted EBITDA for the first quarter of 2010 and 2009.
(b) US$ values estimated using an exchange rate of Ps. 12.416 per US$1.00. Common share/ADR ratio: 6:1
Commenting on first quarter results, Gerardo de Nicolas, Chief Executive
Officer of Homex, said: "A year ago, during the first quarter, we were faced
with a struggling macroeconomic environment which presented new opportunities
for Homex and encouraged us to implement new strategies to become even more
profitable and gain market share. At the same time, our prudent capital
investment policy directed our energies to tightening our working capital
cycle and our goal of attaining sustainable, positive cash flows from our
operations. Proactive measures taken since then, and particularly in the last
|SOURCE Desarrolladora Homex, S.A.B. de C.V.|
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