Financial Highlights
| Operations | 2017 | 2016 | %var | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|
| Number of Liverpool and Fábricas de Francia stores | 131 | 118 | 11.0% | 108 | 101 | 96 |
| Number of Suburbia stores | 124 | |||||
| Number of Galerías shopping centers | 27 | 25 | 8.0% | 25 | 24 | 22 |
| Credit customers | 4,703,986 | 4,364,874 | 7.8% | 3,954,716 | 3,767,900 | 3,485,210 |
| Results | ||||||
| Total revenue | 122,168,279 | 100,441,536 | 21.6% | 91,292,889 | 81,213,589 | 74,105,444 |
| Revenue from Retail Division and Services | 108,583,138 | 87,897,130 | 23.5% | 79,242,312 | 70,067,517 | 65,715,987 |
| Revenue from Real Estate Division | 3,104,213 | 3,179,298 | -2.4% | 3,020,831 | 2,707,054 | 2,579,680 |
| Revenue from Credit Division | 10,480,928 | 9,365,108 | 11.9% | 9,029,746 | 8,439,018 | 5,809,777 |
| Operating profit | 15,231,684 | 13,406,391 | 13.6% | 12,655,307 | 11,113,306 | 10,836,082 |
| Net profit | 9,885,690 | 10,140,432 | -2.5% | 8,848,315 | 7,763,480 | 7,701,930 |
| EBITDA | 18,350,475 | 16,050,912 | 14.3% | 14,870,389 | 13,023,604 | 12,536,327 |
| EBITDA margin | 15.0% | 16.0% | -6.0% | 16.3% | 16.1% | 16.9% |
| Profit per share | 7.37 | 7.56 | -2.5% | 6.59 | 5.78 | 5.73 |
Figures in thousand of Mexican pesos, except EBITDA margin and Profit per share.
Letter from the Chairman of the Board
Dear Shareholders,
Puerto de Liverpool last year turned 170, and today its mission continues to be serving the great Mexican Family.
Two events that took place during the year also poised the group on the threshold of the future: the incorporation of Suburbia and its more than 8,500 employees, and an acceleration of online sales.
Those of us who work in the organization, every day and through a personal effort grounded in the values of integrity, innovation, cooperation and productivity, and supported by the many different divisions, formats, channels and brands that make up this company, are today able to provide a more immediate and focused service, tailored increasingly to the tastes and needs of every one of our customers.
For 2017, we completed our Ps. 8.10 billion investment plan, to which we added Ps. 18.20 billion for the Suburbia acquisition, bringing the total to Ps. 26.30 billion. We are confident that this significant effort places us on much stronger footing for the future.
Meticulous administration of our financial resources and especially our loan portfolio enabled us to make advance payments of Ps. 2.50 billion on loans taken out for our expansion, but reducing debt still remains a high priority for this group.
Through efforts such as these, Puerto de Liverpool brought in revenues of Ps. 122.17 billion last year, a 21.6% year-to-year growth; sales totaled Ps. 108.58 billion pesos, an increase of 23.5%; profits came to Ps. 9.89 billion, and EBITDA Ps. 18.35 billion.
Pursuing organic growth for our various divisions and brands is our goal for 2018. This includes the opening of four large Liverpool department stores, two Fábricas de Francia and five Suburbia stores, in addition to the expansion of two shopping centers and investment in new omnichannel and logistics platforms, all of which will enable us to provide a wider assortment of articles and services, as well as a substantial improvement in merchandise delivery times.
The future looks exciting, and with the renewed support of our shareholders, employees, tenants, suppliers, financial institutions, business partners and customers, we are confident we can reach new horizons.
Sincerely,
Max David
Chairman of the Board of Directors
Mexico City, March 15, 2018
Dear Shareholders,
Puerto de Liverpool last year turned 170, and today its mission continues to be serving the great Mexican Family.
Two events that took place during the year also poised the group on the threshold of the future: the incorporation of Suburbia and its more than 8,500 employees, and an acceleration of online sales.
Those of us who work in the organization, every day and through a personal effort grounded in the values of integrity, innovation, cooperation and productivity, and supported by the many different divisions, formats, channels and brands that make up this company, are today able to provide a more immediate and focused service, tailored increasingly to the tastes and needs of every one of our customers.
For 2017, we completed our Ps. 8.10 billion investment plan, to which we added Ps. 18.20 billion for the Suburbia acquisition, bringing the total to Ps. 26.30 billion. We are confident that this significant effort places us on much stronger footing for the future.
Meticulous administration of our financial resources and especially our loan portfolio enabled us to make advance payments of Ps. 2.50 billion on loans taken out for our expansion, but reducing debt still remains a high priority for this group.
Through efforts such as these, Puerto de Liverpool brought in revenues of Ps. 122.17 billion last year, a 21.6% year-to-year growth; sales totaled Ps. 108.58 billion pesos, an increase of 23.5%; profits came to Ps. 9.89 billion, and EBITDA Ps. 18.35 billion.
Pursuing organic growth for our various divisions and brands is our goal for 2018. This includes the opening of four large Liverpool department stores, two Fábricas de Francia and five Suburbia stores, in addition to the expansion of two shopping centers and investment in new omnichannel and logistics platforms, all of which will enable us to provide a wider assortment of articles and services, as well as a substantial improvement in merchandise delivery times.
The future looks exciting, and with the renewed support of our shareholders, employees, tenants, suppliers, financial institutions, business partners and customers, we are confident we can reach new horizons.
Sincerely,
Max David
Chairman of the Board of Directors
Mexico City, March 15, 2018
Report from the Chief Executive Officer
Mexico faced daunting challenges in 2017: natural disasters like the September earthquakes, floods, exchange-rate volatility, price inflation, and rising crime and public safety problems. It was also a year of major achievements, signs of solidarity, common efforts. In short, it was a year of changes, and for Liverpool, a highly important one. We celebrated our 170th year as a company and we continue transforming ourselves. We have followed the path of cultural and technological change to become a truly omnichannel company. We had a record year in terms of expansion, with 11 openings, and in April we acquired Suburbia, a highly successful clothing store chain, enabling us to serve new customers, and we even added two new stores of this format, bringing the total to 124 Suburbia stores. Last year was also by far the year of greatest investment for the company, making it clear that Liverpool is growing, and stands behind Mexico.
In this year of transformation, we focused on serving a customer now more immersed in an omnichannel world, where digital media are becoming increasingly important. We launched an app for online shopping, designed for mobile devices. We opened a central warehouse in northern Mexico City that will expedite customer delivery and improve inventory reliability. We completed construction of a new call center in Morelia, Michoacán, where we can better support and advise our customers. Additionally, to enhance the appeal of our product offering, we launched an improved version of our internal app, aimed at providing a better experience in our stores. Customers can use it to locate not only articles in stock in that store but in our entire store chain, in real time, as well as a wide variety of inventory in our extended catalog. We know that technological advances will continue to change the way we reach our customers, which we find very exciting, because in the future the new ways we can better satisfy them will be limited only by our imagination.
Suburbia is the largest acquisition in this company’s history. In April, Puerto de Liverpool acquired this 122-store chain, welcoming more than 8,500 new employees to the group. We were immediately able to confirm that the loyalty and talent of the people working at Suburbia was the most attractive aspect of this partnership. We opened two additional Suburbia stores, and the results of these first nine months of operations have been far better than we expected in terms of sales and profits. With Suburbia, we also gained access to great store brands like Weekend, Contempo and Metropolis, and a culture of savings and efficiency that will undoubtedly make us grow as a group. Suburbia’s commercial revenues in this period totaled Ps. 12.53 billion, EBITDA was Ps. 1.62 billion, and pre-tax net profit was Ps. 1.30 billion pesos.
We also opened 11 new Liverpool and Fábricas de Francia stores, and achieved a 5.8% growth in same-store sales compared to 2016. Even though we had to close Liverpool Coapa—one of our most successful stores—during the strongest season of the year, due to the effects of the September 19th earthquake, we also achieved total store sales growth of 9.3% and an 8.0% increase in operating income over the preceding year.
In our real-estate division, we opened Galerías Tlaxcala, and despite the fact that Galerías Coapa was closed starting in September, profits for this division rose by 6.6% over 2016. We expect to reopen both the Liverpool store and the Galerías Coapa shopping center toward the end of 2018.
It was a difficult year for credit, as evident in our NPL rate. At the close of 2017, with some effort, our past-due loan portfolio began to show signs of improvement, moving down to 4.5%. With this, the growth of our private label card was only 0.8% compared to 2016. For the Liverpool-Visa card, growth, also compared to 2016, was 9.6% and, as in the previous case, the NPL rate improved a bit toward the end of the year. In the area of insurance, strong customer acceptance of family and merchandise protection policies drove a 10.5% increase over 2016.
For boutiques, the results were mixed: cosmetic brands and some clothing labels like Gap and Banana Republic saw a substantial improvement over preceding years. But brands like Sfera and Williams-Sonoma experienced a drop in margins, due to the exchange rate in the early months of 2017 and excess inventory in the last months of the year.
Although it is increasingly difficult to separate online sales from physical stores, internet and phone sales grew 45.6% between 2016 and 2017. Today, in much of their online shopping, customers prefer to pick up the merchandise in our stores under the Click & Collect system, while a substantial portion of in-store sales are made following the customers’ previous browsing in our online store. Clearly the market is increasingly hybrid—an omnichannel world—and that is where we are focusing, committed to remaining an important part of our customers’ lives.
Sincerely,
Graciano Guichard G.
Chief Executive Officer
December 31, 2017
Mexico faced daunting challenges in 2017: natural disasters like the September earthquakes, floods, exchange-rate volatility, price inflation, and rising crime and public safety problems. It was also a year of major achievements, signs of solidarity, common efforts. In short, it was a year of changes, and for Liverpool, a highly important one. We celebrated our 170th year as a company and we continue transforming ourselves. We have followed the path of cultural and technological change to become a truly omnichannel company. We had a record year in terms of expansion, with 11 openings, and in April we acquired Suburbia, a highly successful clothing store chain, enabling us to serve new customers, and we even added two new stores of this format, bringing the total to 124 Suburbia stores. Last year was also by far the year of greatest investment for the company, making it clear that Liverpool is growing, and stands behind Mexico.
In this year of transformation, we focused on serving a customer now more immersed in an omnichannel world, where digital media are becoming increasingly important. We launched an app for online shopping, designed for mobile devices. We opened a central warehouse in northern Mexico City that will expedite customer delivery and improve inventory reliability. We completed construction of a new call center in Morelia, Michoacán, where we can better support and advise our customers. Additionally, to enhance the appeal of our product offering, we launched an improved version of our internal app, aimed at providing a better experience in our stores. Customers can use it to locate not only articles in stock in that store but in our entire store chain, in real time, as well as a wide variety of inventory in our extended catalog. We know that technological advances will continue to change the way we reach our customers, which we find very exciting, because in the future the new ways we can better satisfy them will be limited only by our imagination.
Suburbia is the largest acquisition in this company’s history. In April, Puerto de Liverpool acquired this 122-store chain, welcoming more than 8,500 new employees to the group. We were immediately able to confirm that the loyalty and talent of the people working at Suburbia was the most attractive aspect of this partnership. We opened two additional Suburbia stores, and the results of these first nine months of operations have been far better than we expected in terms of sales and profits. With Suburbia, we also gained access to great store brands like Weekend, Contempo and Metropolis, and a culture of savings and efficiency that will undoubtedly make us grow as a group. Suburbia’s commercial revenues in this period totaled Ps. 12.53 billion, EBITDA was Ps. 1.62 billion, and pre-tax net profit was Ps. 1.30 billion pesos.
We also opened 11 new Liverpool and Fábricas de Francia stores, and achieved a 5.8% growth in same-store sales compared to 2016. Even though we had to close Liverpool Coapa—one of our most successful stores—during the strongest season of the year, due to the effects of the September 19th earthquake, we also achieved total store sales growth of 9.3% and an 8.0% increase in operating income over the preceding year.
In our real-estate division, we opened Galerías Tlaxcala, and despite the fact that Galerías Coapa was closed starting in September, profits for this division rose by 6.6% over 2016. We expect to reopen both the Liverpool store and the Galerías Coapa shopping center toward the end of 2018.
It was a difficult year for credit, as evident in our NPL rate. At the close of 2017, with some effort, our past-due loan portfolio began to show signs of improvement, moving down to 4.5%. With this, the growth of our private label card was only 0.8% compared to 2016. For the Liverpool-Visa card, growth, also compared to 2016, was 9.6% and, as in the previous case, the NPL rate improved a bit toward the end of the year. In the area of insurance, strong customer acceptance of family and merchandise protection policies drove a 10.5% increase over 2016.
For boutiques, the results were mixed: cosmetic brands and some clothing labels like Gap and Banana Republic saw a substantial improvement over preceding years. But brands like Sfera and Williams-Sonoma experienced a drop in margins, due to the exchange rate in the early months of 2017 and excess inventory in the last months of the year.
Although it is increasingly difficult to separate online sales from physical stores, internet and phone sales grew 45.6% between 2016 and 2017. Today, in much of their online shopping, customers prefer to pick up the merchandise in our stores under the Click & Collect system, while a substantial portion of in-store sales are made following the customers’ previous browsing in our online store. Clearly the market is increasingly hybrid—an omnichannel world—and that is where we are focusing, committed to remaining an important part of our customers’ lives.
Sincerely,
Graciano Guichard G.
Chief Executive Officer
December 31, 2017
The Board of Directors’ Report to the Shareholders’ Meeting
Bringing a new service proposition to Mexican families and consistently responding to their needs and expectations has been a constant throughout the 170-year history of Puerto de Liverpool. Continuing that history, in 2017 the company brought substantial and ambitious growth plans to fruition, while placing the highest priority on providing excellent service for our shoppers.
After incorporating Suburbia in April, we further positioned ourselves as a group of organizations offering various retail and service propositions. This sets us apart from the rest of the market, because we not only offer pleasant shopping experiences, but satisfy a wide range of needs, while reaching many different market segments.
During the year we began operations at four Liverpool stores, seven Fábricas de Francia and two Suburbias. We opened Liverpool in eastern Tuxtla Gutiérrez, Puebla Zaragoza, Toreo in Mexico City, and Tlaxcala. This last opening completed our presence in every state in Mexico. For Fábricas de Francia there were openings at Buenavista, Apizaco, Tonalá, Saltillo, Oaxaca Plaza Bella, Chalco and Comitán, along with Suburbia stores in Campeche and Aguascalientes.
We now have 27 Galerías shopping centers, after the opening of the new Galerías Tlaxcala. Remodeling work continues at Perisur, Plaza Satélite and Galerías Monterrey, in an effort to bring modern spaces to our customers. Also during the year we completed expansion work at Galerías Atizapán and Mérida.
Following the September 19th earthquake our stores and shopping center at Villa Coapa in Mexico City (Liverpool, Galerías and Suburbia) remain closed. We expect to begin repair works early in 2018.
Our Sfera boutiques focus on quality, continuous renewal and variety in its collections. During the year we added 6 stores and now have a total of 45.
On another front, amid keen competition, Liverpool and Fábricas de Francia credit cards remain the preferred means of payment at our stores. Today these total more than four million accounts.
The Liverpool Premium Card launched a novel advertising campaign to promote its advantages, achieving more than 680,000 accounts.
The Liverpool and Fábricas de Francia Insurance Center made considerable progress in its consolidation strategy, earning favorable quality and service ratings from our more than two million clients. The Center also introduced new programs like Cell Phone and Home Protection.
The incorporation of Suburbia into Puerto de Liverpool taps a market full of opportunities, one of the fastest growing in the country.
Suburbia’s value proposition is aimed at customers seeking affordable fashion clothing and accessories, with a focus on image and selection. Its sense of innovation offers apparel at the best prices, with a wide variety of exclusive brand names like Weekend, Nonstop, Contempo, Mossimo, Metropolis, La Mode and Gianfranco Dunna, in addition to renowned labels.
In March, the Mexican anti-monopoly authorities (COFECE) gave its unrestricted authorization for the Suburbia acquisition, and in April, having completed all the necessary formalities, we began to incorporate the company to the group. For customers, the transition was seamless, with uninterrupted service.
Suburbia stores began accepting the Liverpool credit card, which has already recorded a good level of use.
We welcome Suburbia’s more than 8,500 associates, who are key to the development of this business.
The Omnichannel platform has a clear vision: “Liverpool will be the undisputed leader in omnichannel sales in Mexico.” And we have everything to achieve it: brand recognition, the support of our credit card, an extensive product and service catalog, logistics infrastructure, and, more importantly, its stores and its team of employees.
Online sales grew 45.6% compared to the previous year, in addition to a compounded growth of 80% in the past six years. These results are backed by the following operating principles: free shipment at all times, satisfaction guaranteed, and easy online shopping with in-store pickup—Click and Collect. Changes and returns are done by whatever means the client finds most convenient.
Liverpool has introduced some major technological improvements, like apps for iOS and Android, and tools to facilitate online clothing shopping.
We are committed to guaranteeing our customers ease and security in their online transactions. That’s why our fraud prevention and secure transaction program incorporates the latest in world-class technology.
We have expanded the number of electronic tablets for our sales force, which allow them to offer customers access to the full catalog of Liverpool products, regardless of the sales floor area of their particular store.
As the benchmark for fashion in Mexico, Liverpool shares the latest trends through Fashion Fest, an eagerly-awaited fashion event for Liverpool customers. This year it included an appearance by Megan Fox and music by Ricky Martin. The eighth Fashion Fest Kids event was also held, keeping the entire family’s fashion needs in mind.
Liverpool stores strive to meet customers’ expectations, offering a diverse shopping experience, interactive spaces and the best toy store, among many other options. For shoppers with small children, we have spaces where they can play and be with their families.
As has become our tradition, we kicked off the holiday season with the Third Annual Parade of “Bolo the Bear” down Mexico City’s historic Paseo de la Reforma, and the “Bolo Show” came to many of our stores, to the delight of our youngest customers.
In its first year of operation, our new call center in Morelia, Michoacán strengthened its operations, and has become one of the city’s largest employment opportunities. With a staff of 650, the center served more than 4 million customers, while reducing operating costs by more than 15%.
Our network of distribution centers, stores and warehouses handled more than 165 million products that traveled 58 million kilometers. As a key element in the omnichannel strategy, we visited 2.2 million homes to deliver 3.4 million packages across the nation. We announced an investment in a vast logistics center that will cover over 175 hectares, located at the intersection of the Mexico-City/Queretaro and Arco Norte highways, a key strategic nexus for the country. The first phase is due to startup in the year 2021.
Our organizational development seeks to offer innovative solutions that meet the needs of our customers, and we know that our team of employees is essential to achieving this goal.
Because training is a crucial way to improve service, we strengthened the skills of more than 15,000 advisors through our Sales Expert Induction Program, which enhances the focus on service and creates surprising shopping experiences through new technology. Our customers benefit from quick attention and unlimited access to our supply of products through the extended catalog.
We also made further progress in our Total Alignment methodology, by which our Directors, Managers and Employees measure their own performance as well as their teams’, facilitating contact between bosses and those who report to them, and boosting teamwork.
Under an alliance with highly prestigious educational institutions, Universidad Liverpool (UVL) last year offered training plans to impart our leadership model to more than 2,400 employees.
Our social responsibility efforts, based on the “adoption” of schools, benefited communities neighboring our stores in Santa Fe, Acapulco, Ciudad Obregón and Bodega Tacubaya. The Educational Excellence program favored 55 public schools and more than 900 teachers through a variety of courses.
In response to September’s devastating earthquakes, we mobilized more than 500 metric tons of basic supplies to aid the hardest hit areas of the country and supported employees whose homes were damaged by the quake. We also distributed more than 4,000 meals to rescue brigades.
Operating
Summary
Total revenue in 2017 amounted to Ps. 122.17 billion pesos, a 21.6% increase over 2016.
In order to further strengthen the companies and various divisions that make up Puerto de Liverpool, on June 16 the following individuals were appointed to our senior management: Rolando Campos as General Manager of Liverpool, Laurence Pepping as General Manager of Suburbia and Digital Strategy, Santiago de Abiega as General Manager Credit Card Businesses, Ernesto Ynestrillas as General Manager of Real Estate, Carlos Marín as International and Boutiques Director, and finally, Antonino Guichard as Omnichannel Director.
Amid a challenging macroeconomic environment and slower consumption, retail and services sales totaled Ps. 108.58 billion pesos, a 23.5% growth overall, while in same-store terms, the growth excluding Suburbia was 5.8%, both compared to the previous year. These figures were achieved despite the closure of the Liverpool and Suburbia stores at Villa Coapa for repairs after the September 19th earthquake.
Credit card revenue grew 11.9%, and the portfolio expanded by 8.1%. During the year, 45.5% of retail sales were done with Liverpool credit cards.
Special attention has been placed on new credit offerings, and in adjusting interest rates to keep pace with market conditions. To mitigate the risks related to a possible growth in non-performing loans, prompt measures were taken with an emphasis on lending and collection-related issues. At the close of the year, the NPL ratio was 4.5%, indicating a satisfactory containment of risk.
Revenue related to real estate declined by 2.4% compared to 2016, to Ps. 3.10 billion. Occupancy remained at 97%, although the Galerías Coapa shopping center remains closed following the September 19th earthquake.
Property damages and business interruption as a result of the earthquake are duly covered by the respective insurance plans. We have already begun receiving some payments on these policies.
Because of the company’s growth, the incorporation of Suburbia, the rise in non-performing loans in the credit portfolio, and one-off effects booked in the year, operating expense rose 24.6%. The increase would have been 12.1% without these one-off charges.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached Ps. 18.35 billion, which is 14.3% higher than in 2016.
Interest expense and related items were affected by a rise in debt levels and the volatility of the peso/dollar exchange rate. Net interest expense in 2017 totaled Ps. 2.99 billion, including a foreign-exchange loss of Ps. 895 million caused by the peso’s revaluation, generating a book effect opposite to the gain reported at the close of 2016.
Grupo Unicomer, a company in which we own a partial stake, is going through a phase of consolidation and has been affected by economic variables in some countries of Central and South America and the Caribbean.
Income taxes totaled Ps. 4.10 billion, while other taxes withheld and paid, import taxes and fees, and contributions to IMSS and INFONAVIT totaled Ps. 11.38 billion.
Net earnings came to Ps. 9.89 billion for the year, a 2.5% decline from 2016.
To finance our growth plan and cover upcoming maturities, this year we issued a Ps. 5.0 billion bond on the domestic market, with a combined maturity of five and ten years. The bond is hedged with a fixed interest rate. We also drew down Ps. 5.0 billion of a floating-rate syndicated loan. At the close of the fiscal year Ps. 1.25 billion of that loan had been pre-paid.
In the Ordinary Annual Shareholders’ meeting of March 2, 2017, a dividend of Ps. 1.29 billion was declared, distributed among the 1,342,196,100 shares that represent the company’s capital stock.
The year 2017 will be remembered for the following events, which shaped the development of our organization: the acquisition of Suburbia, the consolidation of this conglomerate of companies, a record number of openings—eleven Liverpool and Fábricas de Francia stores and two Suburbia stores—, the continuing growth of the Omnichannel strategy, and the effects of the September earthquakes; as well as our capacity to weather a difficult and complex macroeconomic climate.
We are grateful for the support of our shareholders, and for the loyalty of our customers, suppliers, tenants and employees during another year of profitable growth for Puerto de Liverpool.
Sincerely,
Board of Directors
Mexico City, December 31, 2017
Board of Directors
Max David1
Chairman
Madeleine Brémond S.1
Vice Chairman
Director of Orion Tours, S.A. de C.V.
Miguel Guichard1
Vice Chairman
Member, Executive Committee
Enrique Brémond S.1
Administrator, Victium, S.A. de C.V.
Jorge Salgado2,3
Independent Consultant and Chairman of the Audit and Societary Practices Committee
Juan David1
Director, Banco Invex, S.A.
Pedro Velasco2,3
Partner Emeritus and Board Member, Santamarina and Steta, S.C.
Juan Miguel Gandoulf2,3
Director, Sagnes Constructores, S.A. de C.V.
Armando Garza Sada2
Chairman, Alfa, S.A.B. de C.V.
Ricardo Guajardo2
Consultant
Graciano Guichard M.1
Director, M. Lambert y Cía. Sucs., S.A. de C.V.
Guillermo Simán2
Vicepresident, Grupo Unicomer
Esteban Malpica2
Directing Partner, Praemia, S.C.
Maximino Michel G.1
Independent Businessman
Luis Tamés2
Independent Businessman
Ignacio Pesqueira
Secretary
Partner, Galicia Abogados, S.C.
Norberto Aranzábal
Deputy Secretary
Legal Director, Servicios Liverpool, S.A. de C.V.
Executive Committee
Graciano Guichard G.
Chairman
Santiago de Abiega
Max David
Miguel Guichard
Enrique Güijosa
Ernesto Ynestrillas
Norberto Aranzábal
Secretary
Patrimony Board
Enrique Brémond
Chairman
Juan David
Member of the Board
Juan Guichard
Member of the Board
Magdalena Michel
Member of the Board
Madeleine Brémond
Alternate Board Member
Monique David
Alternate Board Member
Magdalena Guichard
Alternate Board Member
Bertha Michel
Alternate Board Member
Alejandro Duclaud
Secretary
Honorary Chairman
Enrique Brémond
Honorary Board Members
José Calderón
J. Claudio Montant
Pedro Robert
1 Patrimony Board Member
2 Independent Board Member
3 Audit Committee Member
Board of Directors
Max David1
Chairman
Madeleine Brémond S.1
Vice Chairman
Director of Orion Tours, S.A. de C.V.
Miguel Guichard1
Vice Chairman
Member, Executive Committee
Enrique Brémond S.1
Administrator, Victium, S.A. de C.V.
Jorge Salgado2,3
Independent Consultant and Chairman of the Audit and Societary Practices Committee
Juan David1
Director, Banco Invex, S.A.
Pedro Velasco2,3
Partner Emeritus and Board Member, Santamarina and Steta, S.C.
Juan Miguel Gandoulf2,3
Director, Sagnes Constructores, S.A. de C.V.
Armando Garza Sada2
Chairman, Alfa, S.A.B. de C.V.
Ricardo Guajardo2
Consultant
Graciano Guichard M.1
Director, M. Lambert y Cía. Sucs., S.A. de C.V.
Guillermo Simán2
Vicepresident, Grupo Unicomer
Esteban Malpica2
Directing Partner, Praemia, S.C.
Maximino Michel G.1
Independent Businessman
Luis Tamés2
Independent Businessman
Ignacio Pesqueira
Secretary
Partner, Galicia Abogados, S.C.
Norberto Aranzábal
Deputy Secretary
Legal Director, Servicios Liverpool, S.A. de C.V.
Executive Committee
Graciano Guichard G.
Chairman
Santiago de Abiega
Max David
Miguel Guichard
Enrique Güijosa
Ernesto Ynestrillas
Norberto Aranzábal
Secretary
Patrimony Board
Enrique Brémond
Chairman
Juan David
Member of the Board
Juan Guichard
Member of the Board
Magdalena Michel
Member of the Board
Madeleine Brémond
Alternate Board Member
Monique David
Alternate Board Member
Magdalena Guichard
Alternate Board Member
Bertha Michel
Alternate Board Member
Alejandro Duclaud
Secretary
Honorary Chairman
Enrique Brémond
Honorary Board Members
José Calderón
J. Claudio Montant
Pedro Robert
1 Patrimony Board Member
2 Independent Board Member
3 Audit Committee Member