Glossary

 
Key Word
“Affordable-entry level” Homes developed by the Company with sale prices lower than to MXN 1,000,000.
“Afores” Administradoras de Fondos para el Retiro (Retirement Funds Administrators).
“BMV” Bolsa Mexicana de Valores, S.A.B. de C.V. (Mexican Stock Exchange).
“Bridge Loan” A simple mortgage-secure credit line for the construction of a housing development.
“Business Plan” The plan implemented by the Company for each of the planned housing developments, which is based on the assessment of its departments of operations, projects and finances, ensuring the feasibility of any project.
“CANADEVI” Camara Nacional de la Industria de Desarrollo y Promocion de Vivienda (National Chamber of Industry Development and Promotion of Housing).
“Circular unica de emisoras (Regulations Applicable to Issuers)” General provisions applicable to securities issuers and other participants in the securities market issued by CNBV.
“Customers” All those people who have, or may have, the need and profile to acquire an affordable entry-level, middle-income, middle-income residential or residential home, either through cash payment or mortgage financing.
“CNA” Comision Nacional del Agua (National Water Commission of Mexico).
“CNBV” Comision Nacional Bancaria y de Valores (National Banking and Securities Commission).
“Company, Issuer, CADU, Society or Corpovael” Corpovael, S.A.B. de C.V.
“CONAVI” Comision Nacional de Vivienda (National Housing Commission).
“Dollars” U.S. dollars.
“EBITDA” Earnings before interest, taxes, depreciation and amortization, including capitalized interests applicable to cost of sales, when applicable.
“EBITDA Margin” The result of dividing EBITDA by total revenue.
“Federal Government” Mexico's federal government.
“Financial Statements” Jointly refers to the Audited Consolidated Financial Statements, the Condensed Financial Statements and their respective notes.
“FOVISSSTE” Fondo de la Vivienda del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (Housing Fund of the Institute for Social Security and Services for State Workers).
“Holders” The legitime holders of CADU's local notes.
“IFRS” International Financial Reporting Standards issued by the International Accounting Standards Board.
“Indeval” Institucion para el Deposito de Valores S.A de C.V. (Central Securities Depository for the Mexican Securities Market).
“INEGI” Instituto Nacional de Estadistica y Geografia (National Institute of Statistics and Geography).
“INFONAVIT” Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Mexican Federal Institute for Worker's Housing).
“INPC” Indice Nacional de Precios al Consumidor (National Consumer Price Index).
“ISR” Impuesto Sobre la Renta (Income Tax).
“Issuance or Issuances” Any issuance or issuances of local notes carried out by the Company under its Placement Program.
“IVA” Impuesto al Valor Agregado (Value-Added Tax).
“Local Notes or CEBURES” Local notes issued by Corpovael, S.A.B. de C.V. under the ticker symbols "CADU15" and "CADU18".
“LAN” Ley de Aguas Nacionales (National Waters Law).
“LGDFS” Ley General de Desarrollo Forestal Sustentable (General Law for Sustainable Forest Development).
“LGEEPA” Ley General del Equilibrio Ecologico y la Proteccion al Ambiente (General Law of Ecological Balance and Enviromental Protection).
“LGPGIR” Ley General para la Prevencion y Gestion Integral de los Residuos (General Law for the Prevention and Integral Management of Wastes).
“LGSM” Ley General de Sociedades Mercantiles (General Law of Business Companies).
“LMV” Ley del Mercado de Valores (Mexican Securities Market Law).
“LTM” Last Twelve Months.
“Mexico” United Mexican States.
“Middle-income” Homes developed by the Company with sale prices ranging from MXN 1,000,000 to MXN 2,500,000.
“Middle-income Residential” Homes developed by the Company with sale prices ranging from MXN 2,500,000 to MXN 5,000,000.
“MILA” Mercado Integrado Latinoamericano (Latin American Integrated Market).
“MILA Regulations” The Memorandum of Understanding (MOU) signed between the stock market regulators from Chile, Colombia and Peru.
“Notice” Refers to the public offering notice, call notice and/or placement notice, as the case may be, that is published on the BMV's website, detailing the results and/or key features of each issuance of Local Notes carried out under the placement program authorized by the BMV.
“NAFTA” North American Free Trade Agreement.
“Pesos or MXN or $” The legal currency in Mexico.
“Residential” Homes developed by the Company with sale prices starting at MXN 5,000,000.
“RNV” Registro Nacional de Valores (National Securities Registry), run by the CNBV.
“ROE” Refers to Return on Equity, calculated using the net income generated in the last twelve months.
“SEMARNAT” La Secretaria de Medio Ambiente y Recursos Naturales (Ministry of Environment and Natural Resources).
“Shares” Refers to the ordinary and nominative Series “A” shares, without par value, corresponding to the fixed portion of the Company's capital stock, which entitles their holders with full corporate and patrimonial rights.
“SHF” Sociedad Hipotecaria Federal, S.N.C. (Federal Mortgage Society).
“SOFOMES” Sociedades financieras de objeto multiple (Multiple Purpose Financial Institution).
“Subsidiaries” CADU Inmobiliaria, S.A. de C.V., Cadurma, S.A. de C.V., Casas Duraderas del Centro, S.A. de C.V., Casas Duraderas del Sur, S.A. de C.V., Caduem, S.A. de C.V., Inmobiliaria Tusal, S.A. de C.V., CADU Residencias, S.A. de C.V., Inmoccidente, S.A de C.V., Viviendas de Subastas Restauradas, S.A. de C.V., Construcciones Punta Cancun, S.A. de C.V., Suministros Concretora, S.A. de C.V., Urbarima, S.A. de C.V., Edificaciones Riviera Maya, S.A. de C.V. , Inmobiliaria Especializada Vael, S.A. de C.V., UrbaCDC, S.A. de C.V., Contrucciones de Montejo, S.A. de C.V., Urbamer, S.A. de C.V., Villa Edificadora, S.A. de C.V., Villa Urbanizadora, S.A. de C.V., Urvael, S.A. de C.V., Edificasas del Bajio, S.A. de C.V., Urbanizadora Aspa, S.A. de C.V., Subastas y Licitaciones del Altiplano, S.A de C.V., Ecoviviendas Tapatias, S.A. de C.V., Progresando y Creciendo, S.A. de C.V. e Inmobilia Administradora de Capital, S.A. de C.V.
“TIIE” Tasa de Interes Interbancaria de Equilibrio (Mexican Interbank Interest Rate), published periodically by the Banco de Mexico (Mexican Central Bank) in the Diario Official de la Federacion (Official Gazette of the Federation).
“United States” United States of America.