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2013 2012 %VAR 2011 2010
Number of stores 96 93 3.2 84 80
Number of shopping centers 22 19 15.8 16 16
Own brand credit cards 3,485,210 3,118,995 11.7 2,903,472 2,700,597
Total revenue 74,105,444 66,246,504 11.9 58,656,809 52,160,681
Revenue from Retail Division 65,715,987 58,777,686 11.8 52,348,382 46,730,797
Revenue from Real-estate Division 2,579,680 2,115,854 21.9 1,731,041 1,551,745
Revenue from Credit Division 5,809,777 5,352,964 8.5 4,557,386 3,878,139
Operating profit 10,836,082 10,306,076 5.1 9,227,815 7,727,110
Net profit 7,701,930 7,197,700 7.0 6,543,365 5,154,958
EBITDA 12,536,327 11,768,983 6.5 10,510,561 8,940,378
EBITDA margin 16.9% 17.8% (4.8) 17.9% 17.1%
Profit per share 5.73 5.36 6.9 4.88 3.84

* Figures expressed in thousands of pesos, except EBITDA margin and Profit per share.

Total Revenue

Total Revenue

thousands of pesos

Net Profit

Net Profit

thousands of pesos



thousands of pesos

1.4 million

square meters
of selling space

395 thousand

square meters
of gross leasing space

3.5 million

own brand credit cards


Liverpool and
Fábricas de Francia

Liverpool and
Liverpool DutyFree

The Board of Directors Report
to the Sharholder’s Meeting



and Continuous


new stores opened throughout the year

Creating Innovative
of Profitable



boutiques with different banners

Extending our






Operating Summary


In 2013, total income reached $74,105 million pesos, a growth of 11.9% compared to the previous year’s figure.

Income coming from department store operations totaled $65,716 million pesos, 11.8% higher than that of 2012. On the other hand, same store sales increased by 6.5%.

Credit card income grew by 8.5% compared to the one in 2012. Our more than 3.5 million cards stand as the most important source of payment, representing 52.6% of our total sales.

On the other hand, leasing income related to shopping centers reached $2,580 million pesos, 21.9% above 2012. We have kept a high occupancy rate at 97%.

Operating expenses grew by 15.8%. It is worth mentioning that such increase considers both the current year store openings as well as the nine ones opened in 2012

EBITDA grew by 6.5% versus fiscal year 2012 and totaled $12,536 million pesos.

Financing expenses increased by 22.6% due to a greater need for financing related to the growth plan as well as working capital needs. By year’s end, net debt amounted to $14,933 million pesos, a 1.2-times EBITDA Ratio.

At year’s end we had a net profit of $ 7,702 million pesos, a figure that is 7.0% higher than that of the previous year.


The General Stockholder’s Meeting held on March 7, 2013 declared a $980 million pesos dividend on the 1,342,196,100

shares representing the Company´s capital stock. Additionally, in compliance with article 27 of the bylaws and according to the consensus of the above-mentioned Meeting, on November 15, 2013, the Board of Directors approved a dividend of $1.20 per share, payable in exchange for coupon No. 95, as of December 6, 2013, totaling $1,611 million pesos


The corporate growth model intends to integrate economic, social and environmental objectives with the purpose of maintaining the current wellbeing of the community, without compromising its capacity to satisfy its future needs.

To that end, we implemented several energy and water savings plans among which we can name a few: LED lightning, air conditioning savings –that came about by using waterproofing sealants with high reflectance materials, treatment plants and water reutilization; building with permeable concrete systems and using vegetable fuels.

Final Considerations

Our search for exceeding customer expectations keeps us adapting continuously. Multichannel and personalized customer service will continue promoting the proximity that tightens the bonds that link us to the great Mexican family and at the same enable us to continue having a profitable growth.

We express our appreciation and recognition for the joint efforts of our shareholders, suppliers, tenants and associates that helped us, once again, maintain the preference of our customer.

The Board of Directors,
Mexico City, December 31, 2013