Revenues for the year amounted to Ps. 91,293 million, representing an increase of 12.4% over 2014.

As the result of a sound consumer environment, retail sales and sales of services reached a total of Ps. 79,242 million, for a 13.1% increase of total stores, while same-store sales increased by 9.8%, both in comparison with the prior year.

Income from the Liverpool credit cards grew by 7.0% in a complicated financial environment, while the portfolio increased by 7.1%. At the year end, accounts overdue by more than 90 days represented 3.7% of the total portfolio.

Income from real estate operations increased by 11.6% in comparison with the prior year, reaching the amount of Ps. 3,021 million. At the year end, occupancy was 97%, including the consolidation of the shopping malls in Puebla Serdán and Toluca, both of which opened in the last months of 2014.

As a result of the start-up of operations of new stores, as well as of the remodeling of existing stores and of investments in various systems (including those necessary to the omnichannel strategic initiative), operating expenses reflected a growth of 11.8% during the year.

Operating income before interest, taxes, depreciation and amortization (EBITDA) recorded a growth of 14.2% in comparison with 2014, reaching Ps. 14,870 million. Financing expenses were affected during the year by the volatility of the peso/dollar exchange rate, which amounted to Ps. 168 million, or 98.1% higher than the prior year.

Taxes on profits amounted to Ps. 3,263 million, which is 16.7% higher than the prior year. The amount of Ps. 5,365 million, including fees to the IMSS (Mexican Social Security Institute), payroll taxes, employee profit sharing and value added tax was also paid.

Net income recorded Ps. 9,211 million, for an increase of 18.6% as compared to 2014.

The Company’s total cost-bearing debt at the close of the year was Ps. 14,096 million, representing a net leverage ratio of 0.4 times.

The cash balance at the year-end was Ps. 8,583 million, supported by the moderate and slow growth of the credit portfolio.

During 2015, Mr. Miguel Bordes, Liverpool’s Real Estate Director, retired after twenty years of outstanding service. His position is now occupied by Mr. Ernesto Ynestrillas.

Dividends
The General Shareholders’ Meeting held on March 5, 2015, declared a dividend of Ps. 1,087 million on the 1,342,196,100 shares representing the Company’s capital stock.

Final considerations
Our initiatives and growth are centered on our customers; we strive to exceed their expectations by understanding their changing needs and adapting to them by means of new and leading practices, channels and markets that also guarantee the attraction of a growing number of new customers.

We wish to express our sincere gratitude to our shareholders for their constant support, as well as to all those who participated in this year of exceptional results: our suppliers, our tenants, our team members and especially, to our customers.