December 31, 2023 and 2022
Figures expressed in thousands of pesos, except earnings per share
| Note | 2023 | 2022 | |||
|---|---|---|---|---|---|
| Operating revenue: | |||||
| Net sales of merchandise | $ | 172,428,903 | $ | 157,606,549 | |
| Interest earned from customers | 16,268,496 | 13,199,946 | |||
| Income from real estate | 4,534,684 | 3,721,874 | |||
| Services | 1,580,198 | 1,134,990 | |||
| Other income | 1,179,342 | 370,361 | |||
| Total revenue | 2.22 | 195,991,623 | 176,033,720 | ||
| Costs and expenses: | |||||
| Cost of sales | 116,871,459 | 107,576,972 | |||
| Provision for credit losses | 2,889,335 | 1,791,024 | |||
| Administrative expenses | 46,625,041 | 41,150,345 | |||
| Total costs and expenses | 24 | 166,385,835 | 150,518,341 | ||
| Operating income | 29,605,788 | 25,515,379 | |||
| Interest expense | (4,067,381) | (3,989,142) | |||
| Foreign exchange loss | (2,591,737) | (1,456,423) | |||
| Financing cost | (6,659,118) | (5,445,565) | |||
| Foreign exchange gain | 1,629,570 | 980,772 | |||
| Return on investments | 1,915,389 | 1,766,647 | |||
| Financial income | 3,544,959 | 2,747,419 | |||
| Equity in the results of associates | 11.2 | 507,668 | 376,918 | ||
| Profit before income tax | 26,999,297 | 23,194,151 | |||
| Income tax | 22 | (7,498,083) | (5,796,912) | ||
| Consolidated net income | 19,501,214 | 17,397,239 | |||
| Other comprehensive income: | |||||
| Components to be subsequently reclassified to income: | |||||
| Cash flow hedges | (104,787) | (995,380) | |||
| Translation effect of investment in associates - Net of income tax | (506,965) | (476,923) | |||
| Components not to be subsequently reclassified to income: | |||||
| Changes in the fair value of equity investments at fair value through other comprehensive income - Net of income tax | 15 | (28,508) | (694,407) | ||
| Remeasurement of the liability for defined benefits - Net of income tax | (311,358) | (420,058) | |||
| Consolidated comprehensive income | $ | 18,549,596 | $ | 14,810,471 | |
| Net income attributable to: | |||||
| Controlling interest | $ | 19,486,518 | $ | 17,384,903 | |
| Non-controlling interests | 14,696 | 12,336 | |||
| 19,501,214 | 17,397,239 | ||||
| Basic and diluted earnings per share | 21.4 | $ | 14.52 | $ | 12.96 |
| Comprehensive income attributable to: | |||||
| Controlling interest | $ | 18,533,963 | $ | 14,798,231 | |
| Non-controlling interests | 15,633 | 12,240 | |||
| $ | 18,549,596 | $ | 14,810,471 | ||
| Basic and diluted comprehensive earnings per share | $ | 13.82 | $ | 11.03 |
The accompanying notes are an integral part of these consolidated financial statements.