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Fibrahotel Announces Results for the 4Q 2020

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Fibrahotel Announces Results for the 4Q 2020 FibraHotel (“FibraHotel”), the first real estate investment trust specialized in hotels in Mexico, announces its financial results corresponding to the fourth quarter of 2020. Mexico City, February 17th, 2021 --- FibraHotel (BMV: FIHO 12), the first real estate investment trust specialized in hotels in Mexico announces its financial results corresponding to the fourth quarter of 2020. Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos. 2020 Fourth Quarter Highlights • FibraHotel ended the fourth quarter of 2020 with 86 hotels and 12,5581 rooms, of which 81 hotels and 11,9391 rooms are in operation. • For the Total FibraHotel Portfolio of 801 properties (excluding the five hotels that are currently closed and the Fiesta Americana Condesa Cancun hotel), average daily rate (“ADR”) was Ps. $1,076, occupancy was 36.0% (versus 63.0% of the fourth quarter of 2019) and revenue per available room (“RevPAR”) was Ps. $388 representing a (50.9%) decrease against the fourth quarter of 2019 of Ps. $789 (in the fourth quarter of 2019 FibraHotel´s Total Portfolio consisted of 85 hotels2). • The Fiesta Americana Condesa Cancun hotel had a Net Package ADR3 of Ps. $4,074, occupancy was 50.3%, and Net Package RevPAR was Ps. $2,048. FibraHotel received lease revenue from the property of Ps. $25.9 million during the quarter. • Total revenues for the quarter were Ps. $545 million. • Lodging contribution4 for the quarter was Ps. $134 million. • Funds from operations (“AMEFIBRA FFO”)5 for the quarter was (Ps. $38.2 million). • Adjusted funds from operations (“AFFO”)6 for the quarter were (Ps. $38.2 million. • As of December 31st, 2020, FibraHotel had a cash position of Ps. $460 million, a debt position of Ps. $4,916 million, and a net debt position of Ps. $4,456 million. • As of December 31st, 2020, total owners´ equity was Ps. $11,459 million. 1 There are five hotels temporarily closed; Limited Service Coatzacoalcos, Limited Service Saltillo, Selected Service Ciudad Obregón, Selected Service León and Cacao Playa del Carmen. In total they represent 619 rooms and they are excluded from the operational KPIs of the quarter. 2 The Fiesta Americana Viaducto hotel opened in November 2019. Five hotels temporarily closed since March, 2020. 3 Fiesta Americana Condesa Cancun is measured with All Inclusive Indicators, considering the package of room and food & beverage. These metrics do not include upgrades or additional purchases made by the guests. 4 Lodging contribution equals total revenues (room rental, food and beverage, leasing and other) minus costs and general expenses directly related to the hotel operation, excluding real estate expenses (property tax, insurance, taxes, and others) and FibraHotel’s administration expenses. Lodging contribution is not an IFRS figure. 5 Funds from operation (“FFO”) is based on Amefibra´s definition which has been published by FibraHotel since the second quarter 2020. The main differences with the FFO previously reported by FibraHotel is that the Amefibra FFO considers adjustments for pre-operating expenses and exchange rate fluctuations, which were not considered in the FFO FIHO, but were considered in the AFFO FIHO. FFO is not an IFRS figure. 6 Adjusted funds from operation (“AFFO”) is defined as net income plus depreciation plus non-operating and non-cash adjustments less maintenance capex reserve of the period. AFFO is not an IFRS figure. http://www.fibrahotel.com 1 @FibraHotel “2020 presented us with unique challenges. It also presented us with the opportunity to highlight the resiliency of our portfolio and to continue evolving into a better and stronger company. I am very proud of the achievements in the items that we can directly impact such as cost control and our commitment and progress on ESG issues. On other items, after the impact from Covid-19 we continue progressing towards a recovery of the hotel industry in Mexico. Our hotels showed a positive trend in the quarter with occupancy reaching 36%, almost 12 percentage points above the previous quarter. Revenue increased 45% vs. the last quarter but was (52%) below last year and still far from pre-Covid levels. The Fiesta Americana Condesa Cancun hotel had an average occupancy above 50% as tourism has recovered faster than business travel. This highlights the power of our portfolio´s diversification. We serve both business and leisure travels in different segments and our hotels are located in 26 states with well recognized brands and operators. We continue laser focused on cost control, and this has allowed us to reach positive EBITDA during the quarter and to be very close to break-even at the company´s cashflow level. We continue to be in an uncertain environment regarding the speed and shape of the economic and hotel recovery. We continue with measures to conserve liquidity such as reducing all non-essential expenditures, eliminating the distribution and deferring the payment of the Advisory fee. FibraHotel has a strong liquidity position with Ps. $460 million in cash, an available credit line of Ps. $250 million and an LTV of 29.2%. Additionally, we have reached agreements to reduce short term capital amortizations and to extended covenant waivers with our bond and bank lenders for 2021. I would like to end by thanking and recognizing our team and partners for their work though these difficult times. These results would not be possible without the unwavering commitment from our team members, the guidance of our Technical Committee and the support of our strategic partners including operators, banks and investors.” said Simón Galante, CEO FibraHotel. http://www.fibrahotel.com 2 @FibraHotel Other relevant information: FibraHotel signed an agreement to improve the amortization schedule for the BBVA 1 line FibraHotel signed a credit amendment agreement in order to improve the amortization schedule of the BBVA 1 credit line. This agreement reduces the capital amortization payments to Ps. $9.3 million during 2021 and 2022. This change reduces Ps. $169 million in capital amortizations payments in the next two years. Grace period for compliance with financial covenants in bank credits FibraHotel reached an agreement with BBVA and Banorte on the financial conditions on its credit agreements, obtaining a covenant waiver for 2021 (excluding the leverage ratio, which FibraHotel is in compliance). FIHO 19 Holder’s Assembly On February 3rd, 2021, FibraHotel held a FIHO CBF 19 Holders’ Assembly. With a quorum of 90% and all proposals were passed including: A waiver for 2021 regarding a clause that limited new debt issuance if the debt coverage ratio was lower than 1.5x. With this waiver, FibraHotel is able to issue additional debt during 2021 for an amount up to Ps. $500 million; Added a new clause allowing FibraHotel to issue additional debt to refinance existing debts if it improves the terms and conditions of the existing debt, even when the debt service coverage ratio is lower than 1.5x. Deferral of the payment of the Advisory Fee to conserve liquidity FibraHotel’s Practice Committee authorized the company to request to the Advisor the postponement of the payment of the fourth quarter of 2020 Advisory Fee in order to preserve liquidity. The Advisor agreed to this proposal and as such, the Advisory Fee will be provisioned in the financial statements with a corresponding account payable to the Advisor. This transaction has no impact on FibraHotel’s cash flow. We estimate that in 2021 the Advisory Fee will be payed in regular terms and the Practice Committee is evaluating different alternatives for the payment of the account payable to the Advisor. Reduction in maintenance capex reserve requirements in order to conserve liquidity FibraHotel reached an agreement with its hotel operators to temporarily suspend the capex reserve in order to conserve liquidity. Capex will be strictly limited to investments required to maintain the hotels in good condition. http://www.fibrahotel.com 3 @FibraHotel FibraHotel made certain changes to the values of its real estate assets on its balance sheet: The following table shows a summary of changes to the value of real estate assets detailed below. Ps. $ millions Concept Amount Depreciation of 4 Closed Hotels (66.2) Adjustments to Fair Value of Investment Properties 42.7 Impairment of Hotel Property, Plant and Equipment (5.4) Development Portfolio Expenses (35.0) Net Change in Value of Real Estate Assets (63.8) Impairment analysis of managed hotels At the end of each reporting period, FibraHotel evaluates its portfolio for possible impairment indicators as required by IFRS Rule IAS 36 (International Accounting Standard). As of December 31st, 2020: The gross book value of the managed hotels was Ps. $14,365 million (including the land reclassification of Fiesta Inn Villahermosa and Fiesta Inn Toluca, detailed below); Accumulated depreciation of the managed hotels was Ps. $2,383 million or 16.6% of the gross book value; The net book value of the managed hotels was Ps. $11,981 million. In order to determine signs of impairment, valuation analyses were performed on managed hotels. Based on such analysis, FibraHotel determined that, signs of impairment exist in the Fiesta Inn Villahermosa. The fair value of this hotel was determined at Ps. $253 million and as such there was an impairment charge recorded in the income statement under the “Impairment over asset value” line equivalent to Ps. $5.4 million, with no impact to FibraHotel’s cash flow. Changes to the asset value of the Development Portfolio As of September 30th, 2020, FibraHotel had certain projects in its Development Portfolio, with a book value of Ps. $236 million. These projects were mainly two pieces of land adjacent to existing hotels and two footprints to develop hotels inside mixed-use projects.
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