Restated Consolidated Financial Statements
Years ended December 31, 2010, 2009 and 2008
Years ended December 31, 2010, 2009 and 2008
Desarrolladora Homex, S.A.B. de C.V. and Subsidiaries
Notes to restated consolidated financial statements
for the years ended December 31, 2010 and 2009
(Figures in thousands of Mexican pesos (Ps.), except as otherwise indicated)
*The Company established a trust that allows its suppliers and land suppliers to obtain financing from various financial institutions, in part through a factoring program sponsored by Nacional Financiera S.N.C. (“Nafinsa”). In relation to this program, the Company established a trust fund called Fideicomiso AAAHomex with “Nafinsa”, which granted a line of credit for Ps.1,000,000 with a guarantee fund of Ps. 127,530 and Ps. 122,809, respectively (investment account), as of December 31, 2010 and 2009. Under this program, the AAA-Homex trust can make use of the Nafinsa line of credit to finance a portion of the accounts receivable of the Company’s suppliers. As mentioned in Note 2, the AAA Homex trust is a consolidated subsidiary of the Company. As of December 31, 2010 and 2009, this factoring program encompassed approximately 4,542 and 4,270 suppliers and land suppliers, respectively, where the financing resources are covered by the suppliers themselves.
Notes to restated consolidated financial statements
for the years ended December 31, 2010 and 2009
(Figures in thousands of Mexican pesos (Ps.), except as otherwise indicated)
15. Trade accounts payable
*The Company established a trust that allows its suppliers and land suppliers to obtain financing from various financial institutions, in part through a factoring program sponsored by Nacional Financiera S.N.C. (“Nafinsa”). In relation to this program, the Company established a trust fund called Fideicomiso AAAHomex with “Nafinsa”, which granted a line of credit for Ps.1,000,000 with a guarantee fund of Ps. 127,530 and Ps. 122,809, respectively (investment account), as of December 31, 2010 and 2009. Under this program, the AAA-Homex trust can make use of the Nafinsa line of credit to finance a portion of the accounts receivable of the Company’s suppliers. As mentioned in Note 2, the AAA Homex trust is a consolidated subsidiary of the Company. As of December 31, 2010 and 2009, this factoring program encompassed approximately 4,542 and 4,270 suppliers and land suppliers, respectively, where the financing resources are covered by the suppliers themselves.
