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Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 1 of 13
Financial Highlights
Consolidated Financial Results
1Q16 1Q15 ∆%
Net Sales 3,953 3,530 12.0%
Cost of Sales (2,082) (1,816) 14.6%
Gross Profit 1,871 1,714 9.2%
Operating Expenses (1,606) (1,437) 11.7%
Other income, net 26 24 7.9%
Operating Profit 291 300 (3.2%)
EBITDA 419 421 (0.5%)
Net Income 158 93 69.4%
Gross Margin 47.3% 48.6% -
EBITDA Margin 10.6% 11.9% -
Net Margin 4.0% 2.6% -
Grupo Famsa posted a 12.0% YoY growth in its Consolidated Total Sales in
the first quarter 2016
Consolidated EBITDA remained almost unchanged vs. 1Q15, amounting to Ps.419 million
Famsa Mexico’s Total Sales growth trend continued in 1Q16, growing by 10.9% YoY
Electronics and Motorcycles’ contribution stands out in the first quarters’ sales mix
Expansion in the origination of payroll credit, anticipating a higher participation of clients in the formal economy
Banco Famsa’s Non-performing Loans (NPL) Ratio was 8.7% as of March 31, 2016, 460 bps. below than that recorded in 1Q15 (13.3%)
Bank Deposits recorded a growth of 20.1% YoY, amounting to Ps.18,611 million as of the end of March 2016
Famsa USA’s Total Sales in MXP increased by 18.9% YoY in 1Q16 EBITDA in MXP went up from Ps.30 million in 1Q15 to Ps.44 million this
quarter
Monterrey, Mexico, June 17, 2016. – Grupo Famsa, S.A.B. de C.V. (BMV: GFAMSA), a leading
Mexican commercial conglomerate in the retail, consumer credit and savings sectors,
announced today its earnings results for the first quarter 2016. The preliminary, unaudited
financial statements presented in this report have been prepared in accordance with IFRS and
the interpretations in effect as of March 31, 2016. Figures are expressed in millions of current,
nominal Mexican pesos, unless otherwise stated.
Famsa Mexico
Banco Famsa
Famsa USA
Grupo Famsa
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 2 of 13
COMMENTS FROM THE CHIEF EXECUTIVE OFFICER
This quarter was marked by a solid 12.0% growth in Consolidated Total Sales, following a sound
commercial strategy that was oriented to stimulate the demand of durable goods through attractive
promotions.
In Mexico, the performance recorded in Electronics and Motorcycles supported a 10.9% YoY growth in
Net Sales during the quarter. Meanwhile, in the USA, Net Sales decreased by 3.9% YoY, following an
intense competition, but, when calculated in MXP, became a positive driver behind this quarter’s
consolidated results, recording a 18.9% YoY growth, following the USD appreciation.
Regarding our banking operations, we seek to achieve a greater benefit from our brand awareness and
commercial positioning towards an incremental participation in payroll credit origination, which has been
translated into a 50% incremental origination in our monthly average of Ps.200 million for these kind of
credits, to Ps.300 million. This growth is a result of our initial strategy that focuses on those markets where
we have a wider geographic penetration, and which have been enhanced with a higher number of
associates.
On the other hand, the continuous improvement in the credit-granting procedures and the enhancement
of collection procedures, through a larger deployment of collectors in markets of higher delinquency
rates, have strengthened the NPL rate of Banco Famsa, which has decreased by 890 bps. from 17.6% in
June 2014 to 8.7% this quarter, and which we expect to reach an 8.0% rate at year-end; driven by a greater
proportion of clients in the formal economy in our credit portfolio (from the current 30% to an estimated
50% at year-end) following a higher participation in payroll credit origination.
In Famsa USA, we achieved a Gross Profit Margin expansion, derived from a higher participation of
Personal Loans in the sales mix that has been reflected in the EBITDA, in MXP, moving from Ps.30 million
in 1Q15 to Ps.44 million in 1Q16.
The Consolidated Operating Cash Flow (EBITDA) recorded during the quarter was flat vs. 1Q15, which
reached Ps.419 million. Famsa Mexico’s EBITDA decreased by 3.3% YoY in 1Q16 as a result of both an
intensive promotional campaign that was focused on specific regions of our commercial footprint and of
a lower participation of the Furniture category in the sales mix. Additionally, the operating expenses in
Mexico reflected a larger headcount and the expansion of our retail store network.
To conclude, this first quarter has been a period in which we have implemented several strategic
initiatives to leverage our operational platform and market positioning. We expect to see these results
reflected in the generation of Operational Cash Flow in the following quarters.
Humberto Garza Valdez
Chief Executive Officer
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 3 of 13
Business Segments
Famsa Mexico
During 1Q16, our stores recorded higher productivity, through the continuous enhancement of
commercial strategies, resulting in a 10.9% and 10.0% increase of total consolidated sales and same store
sales (SSS), respectively.
An important part of this growth was a result of the implementation of marketing campaigns and discount
programs, such as “Gran venta insólita de liquidación” and “Crédito de Verdad" that allowed us to offer
attractive promotions to our clients, thus stimulating demand of durable goods, but pressuring margins
at the same time. During the 1Q16, Electronics and Motorcycles delivered the highest sales performance,
growing by 29.3% and 28.6%, respectively.
Banco Famsa
Seeking to leverage the brand awareness and commercial positioning of Grupo Famsa, we have widened
Banco Famsa’s outreach in the origination of payroll loans. This initiative will enhance the quality of our
credit portfolio, aiming to achieve an 8.0% NPL ratio by year-end 2016 (@ December 2015: 9.8%).
Source: Banco Famsa.
During 1Q16, we performed significant efforts to widen our distribution network for payroll credit
origination, assembling a team of approximately 1,300 associates, who generate a commission expense
whenever they originate a new loan.
As of March 31, 2016, Bank Deposits, distributed over 1.2 million accounts, totaled Ps.18,611 million,
20.1% above those as of 1Q15. In 1Q16, Bank Deposits represented 66.7% of Grupo Famsa’s funding
sources. Additionally, Banco Famsa’s recorded a 4.2% average cost of funding in 1Q16.
Interest on Bank Deposits totaled Ps.190 million pesos in 1Q16, up 13.7% YoY.
16.4%16.5%
14.8%15.1%
15.7%
17.6%
16.2%
14.2%13.3%
11.9%
10.4%9.8%
8.7%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Mar´13 Jun´13 Sep´13 Dec´13 Mar'14 Jun'14 Sep'14 Dec'14 Mar'15 Jun'15 Sept'15 Dec'15 Mar´16
Banco Famsa: Non-Performing Loan Ratio (NPL)
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 4 of 13
Source: Banco Famsa
Finally, Banco Famsa continued to implement its credit portfolio diversification strategy, increasing the
base of productive loans to Ps.4,198 million in 1Q16, 27.7% higher than that of the previous year. The NPL
of its commercial portfolio remained stable at 2.5% as of March 31, 2016.
Famsa USA
During the first quarter of 2016, Famsa USA posted a 3.9% YoY decrease in Same Store Sales (SSS) in USD, as a result of higher competition in the American retail segment. Net Sales for 1Q16 rose by 18.9% in MXP, but fell 3.9% in USD YoY. Excluding the foreign exchange effect, the origination of Personal Loans continued to show strong dynamics, growing by 48.2% YoY, in 1Q16, thus contributing to the Gross Profit Margin expansion of Famsa USA, which combined with the USD appreciation supported a 45.8% EBITDA growth (in MXP)
1,592 1,622 1,751 1,831 2,140
2,998 3,298 3,572 3,456 3,937
10,901 10,787 11,178 13,072 12,542
4.4% 4.4%
4.2%4.1%
4.2%
1Q15 2Q15 3Q15 4Q15 1Q16
Banco Famsa: Bank Deposits
Demand Deposits Time deposits with optional availability
Time Deposits Avg. Cost of Funding
15,491 15,707 16,50118,359 18,611
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 5 of 13
Business Units
The following breakdown of our network of stores and bank branches is presented to clearly illustrate Grupo Famsa´s business unit results.
Retail Stores & Banking
Business Units Floor Space (m²)
1Q16 Openings Closures 4Q15 1Q15 ∆% YoY 1Q16 1Q15 ∆% YoY
Total 920 3 2 919 917 0.3% 566,686 556,580 1.8%
Stores 431 1 1 431 413 4.4% 519,613 508,748 2.1%
Famsa Mexico 377 1 1 377 371 1.6% 449,029 439,964 2.1%
Famsa USA Texas 26 0 0 26 26 0.0% 66,434 66,434 0.0%
PL USA Branches 28 0 0 28 16 75.0% 4,150 2,350 76.6%
Banking Branches¹ 401 2 1 400 402 (0.2%) 40,941 40,692 0.6%
To be Conv. Bches.² 88 0 0 88 102 (13.7%) 6,133 7,140 (14.1%)
(1) Most banking branches are located within Famsa Mexico stores (2) Acquisition of branches from Monte de México, S.A. de C.V. Closures refer to acquired branches converted to banking branches.
Consolidated Financial Statements
Net Sales
Segment Net Sales Same Store Sales (SSS)
1Q16 1Q15 ∆% 1Q16 1Q15 ∆%
Grupo Famsa¹ 3,953 3,530 12.0% 10.7% 6.3% -
Famsa Mexico² 3,364 3,032 10.9% 10.0% 7.5% -
Famsa USA 562 473 18.9% (3.9%) 0.4% -
Others 231 202 14.4% - - -
Intercompany (204) (177) (15.1)% - - - (1) Includes sales of non-retail businesses
(2) Includes Banco Famsa
1Q16 Consolidated Net Sales totaled Ps.3,953 million, rising at a double-digit rate of 12.0% YoY, mostly
due to the continuous improvement of operations in Mexico, driven by advertising campaigns designed
to stimulate the demand for durable goods.
During the quarter, Famsa Mexico posted a 10.9% YoY growth in Total Sales. Additionally, Famsa USA
recorded an 18.9% YoY growth in 1Q16, as a result of higher origination of personal loans and the
depreciation of the MXP vs. the USD.
Similarly, Grupo Famsa’s Consolidated Same Store Sales (SSS) grew by 10.7% YoY, boosted by the 10.0%
YoY growth of Famsa Mexico’s SSS for 1Q16. Famsa USA’s SSS, excluding the foreign exchange effect,
decreased by 3.9% YoY in 1Q16.
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 6 of 13
Cost of Sales
The 1Q16 Consolidated Cost of Sales rose by 14.6% YoY, reaching Ps.2,082 million. This quarter the cost
of sales of our operations in Mexico was pressured, increasing from 52.0% in 1Q15 to 54.1% in 1Q16,
derived by higher promotions and a lower participation of Furniture in the sales mix. In addittion, we
recorded an increase of Ps.37 million, equivalent to 14.7% YoY, in the allowance for doubtful accounts,
associated to the credit portfolio´s growth during the quarter. Finally, the interest on bank deposits during
the period increased by 13.7% YoY, driven by the rise in the balance of bank deposits.
Gross Profit
Consolidated Gross Profit for 1Q16 grew by 9.2% YoY, to Ps.1,871 million. Meanwhile the Consolidated
Gross Margin dropped by 130 bps., from 48.6% in 1Q15 to 47.3% in 1Q16. This reduction is attributable
to a higher proportion of costs to sales during the period, particularly in Mexico.
Operating Expenses
Consolidated Operating Expenses, comprising selling and administrative expenses, grew 11.7% YoY in
1Q16, reaching Ps.1,606 million. This increase reflects a larger number of stores operating in Mexico, a
higher expense associated to payroll credit origination, and a greater headcount, which grew 11.4%
YoY. An additional number of associates was oriented, on one hand, to ground the payroll credit
origination structure, with approximately 1,300 new employees, and on the other hand, to expand the
team of collectors in the regions with higher delinquency rates, approximately by 450 employees. The
aforementioned initiatives are geared towards the enhancement of the credit mix and lower non-
performance, which we anticipate to be positively reflected during the following quarters.
17.4% 19.9%
21.2% 20.3%
17.1% 16.5%
13.3% 12.6%
10.2% 9.6%
11.4% 12.3%4.8% 5.5%4.6% 3.3%
$3,530 $3,953
1Q15 1Q16
Consolidated Sales Mix
Computers
Motorcycles
Electronics
Mobile Phones
Appliances
Furniture
Loans
Other
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 7 of 13
EBITDA
Segment EBITDA % EBITDA
1Q16 1Q15 ∆% 1Q16 1Q15 ∆%
Grupo Famsa¹ 419 421 (0.5%) 10.6% 11.9% -
Famsa Mexico² 379 392 (3.3%) 11.3% 12.9% -
Famsa USA 44 30 46.7% 7.9% 6.4% -
Other (4) (1) - - - -
Intercompany 0 0 - - - - (1) Includes EBITDA from non-retail business (2) Includes Banco Famsa
Consolidated EBITDA for 1Q16 decreased by 0.5% YoY, reaching Ps.419 million. The Consolidated EBITDA
margin decreased by 130 bps., from 11.9% in 1Q15 to 10.6% in 1Q16, mainly as a result of a higher
proportion of costs to sales, as well as a higher payroll expense reflected in the operating expenses.
Financial Expenses, Net
1Q16 1Q15 ∆%
Interest income 95 0 -
Interest expenses 216 168 28.6%
Exchange gain & losses, net 46 104 (55.8%)
Total 167 271 (38.6%)
Consolidated Financial Expenses for the first quarter 2016 fell by 38.6% YoY, reaching Ps.167 million.
Grupo Famsa recognized a foreign exchange (FX) loss of Ps.46 million, compared to an FX loss of Ps.104
million in 1Q15.
Interest Expense for 1Q16 grew by 28.6%, reaching Ps.216 million, compared to Ps.168 million in 1Q15,
as a result of the depreciation of the MXP vs. USD and the rise of the Mexican interest rates in February.
Net Income
Consolidated Net Income for 1Q16, corresponding to majority interest, recorded a Ps.158 million profit,
an increase of 69.4% vs. 1Q15.
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 8 of 13
Financial Position Summary
Main assets 1Q16 4Q15 ∆%
Trade Receivables, net 28,286 27,139 4.2%
Mexico Consumer 16,879 15,972 5.7%
Mexico Commercial 4,230 4,009 5.5%
USA Consumer 2,550 2,624 (2.8%)
Collection Rigths 4,626 4,533 2.1%
Inventory 2,727 2,453 11.2%
Trade Receivables
As of March 31, 2016, the consolidated balance of Trades Receivables, including collection rights, was Ps.28,286 million, 4.2% above that of 4Q15. The most important change was recorded in the Consumer Portfolio in Mexico, which grew by 5.7% vs. 4Q15, reaching Ps.16,879 million.
Debt
Debt & Indebtedness Ratios 1Q16 1Q15 ∆%
Net Debt 8,111 6,303 28.7%
Gross Debt 9,289 7,960 16.7%
Interest Coverage Ratio 1 2.1 2.3 -
(1) Annual figure
Net Debt as of March 31, 2016 totaled Ps.8,111 million pesos, 28.7% above that of 1Q15. This increase
reflects the effects of the devaluation of the MXP vs. USD, and a 28.9% decrease in cash and equivalents,
from Ps.1,657 million in 1Q15 to Ps.1,178 million in 1Q16. The decrease in cash and equivalents was driven
by the increase in the origination of commercial and consumer credits.
Similarly, the balance of Gross Debt as of March 31, 2016, excluding Bank Deposits, grew by 16.7% YoY
vs. the same period last year. The devaluation of the MXP vs. USD was the main driver behind this increase
in Gross Debt.
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 9 of 13
***************************************
Recent developments
On March 10, 2016, It took place the successful placement of the long-term securities certificates (Cebures) by
a principal amount of Ps. 1,000 million maturing on August 24, 2017 (under the ticker symbol “GFAMSA 16”
On January 28, 2016, Grupo Famsa successfully concluded the US$33 million full-payment of its commercial
paper with HSBC Bank PLC, thus reducing the balance of its dollar-denominated debt by 11%. With this
transaction, the balance of the Company’s dollar-denominated Gross Debt as of the date of this report was
US$271 million. As a result, Grupo Famsa is reducing its exposure to foreign exchange rate fluctuations.
Forward-looking statements
This report contains, or may be deemed to contain, forward-looking statements. By their nature,
forward-looking statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. The future results of Grupo
Famsa, S.A.B. de C.V. and its subsidiaries may differ from the results expressed in, or implied by,
the forward-looking statements set out herein, possibly to a material degree.
57% 49%
23% 28%
20% 23%
1Q15 1Q16
Debt Profile
Foreign Debt Credit Lines Debt Certificates
1,121 1,000
1,959
6
91 91 91 91 224
297
4,242
76
2016 2017 2018 2019 2020 2021 2022
Debt Maturity Schedule
Debt Certificates Credit Lines Foreign Debt
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 10 of 13
Analyst coverage
Since Grupo Famsa, S.A.B. de C.V. (“Famsa”) securities are subject to the rules and regulations included in the Reglamento Interior de la Bolsa Mexicana de Valores (Interior Rules and Regulations of the Mexican Stock Market), the Company would like to inform that, in compliance with that stated in Disposition 4.033.10 of the said Rules and Regulations, the following financial institutions provide formal coverage over its stock: BBVA Bancomer, Credit Suisse, GBM and Vector. For further information on this coverage, please visit www.grupofamsa.com.
Technical Notes and Bases for Consolidation and Presentation
Credit Portfolio: Banco Famsa’s business model focuses largely on Consumer Credit, therefore the weight of such credits in the bank’s portfolio mix differs from that of the standard financial institutions in the Mexican-banking sector. Consequently, Banco Famsa’s results and figures are not directly comparable with those of the aforementioned.
Net Financial Expenses: They are primarily comprised of the Financial Expenses corresponding to financing instruments and foreign exchange rate effect.
Non-performing Loans Ratio (IMOR): The calculation of IMOR in this Quarterly Report includes “Collection Rights” in Banco Famsa’s total Credit Portfolio. These rights correspond to loans that are discounted via payroll. Due to an accounting reclassification that came into effect in July 2013, they are excluded from the Credit Portfolio used for the calculation of the IMOR indicator for the Mexican National Banking and Securities Commission (CNBV).
Percentage rates of change: Percentage rates of change presented in this Report are calculated according to the consolidated financial statements contained herein.
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 11 of 13
Consolidated Financial Statements
Grupo Famsa, S.A.B. de C.V. and subsidiaries Consolidated statements of financial position
Thousands of Mexican Pesos
31-Mar-16 31-Dec-15 ∆$ ∆%AssetsCURRENT ASSETS:
Cash and equivalents $1,177,853 $2,194,323 ($1,016,470) (46.3%)Trade receivables, net 21,789,678 20,889,791 899,887 4.3%Recoverable taxes 915,741 953,790 (38,049) (4.0%)Other accounts receivable 2,123,478 1,845,058 278,420 15.1%Inventories 2,726,540 2,452,557 273,983 11.2%
Total current assets 28,733,290 28,335,519 397,771 1.4%NON-CURRENT ASSETS:
Restricted cash 311,785 311,785 - -Trade receivables, net 1,870,009 1,715,737 154,272 9.0%Rights to collect from related parties 4,626,452 4,533,475 92,977 2.1%Property, leasehold improvements, and furniture & equipment
net1,985,004 2,065,452 (80,448) (3.9%)
Goodwill and intangible assets, net 266,137 276,933 (10,796) (3.9%)Guarantee deposits 124,798 118,558 6,240 5.3%Other assets 841,096 668,356 172,740 25.8%Deferred income tax 2,710,963 2,196,445 514,518 23.4%
Total non-current assets 12,736,244 11,886,741 849,503 7.1%Total assets $41,469,534 $40,222,260 $1,247,274 3.1%
Liabilities and Stockholders’ equityCURRENT LIABILITIES:
Demand deposits $14,512,612 $14,478,945 $33,667 0.2%Short-term debt 3,379,227 4,190,162 (810,935) (19.4%)Suppliers 1,667,340 $1,627,793 39,547 2.4%Accounts payable and accrued expenses 1,314,390 1,152,717 161,673 14.0%Deferred income from guarantee sales 186,637 206,888 (20,251) (9.8%)Income tax payable 43,611 55,922 (12,311) (22.0%)
Total current liabilities 21,103,817 21,712,427 (608,610) (2.8%)
NON-CURRENT LIABILITIES:Time-deposits 4,098,328 3,879,884 218,444 5.6%Long-term debt 5,909,499 4,910,533 998,966 20.3%Deferred income from guarantee sales 117,623 102,672 14,951 14.6%Employee benefits 125,174 122,135 3,039 2.5%Deferred Income tax payable 1,815,609 1,353,282 462,327 34.2%
Total non-current liabilities 12,066,233 10,368,506 1,697,727 16.4%Total liabilities 33,170,050 32,080,933 1,089,117 3.4%Stockholders’ equity: Capital stock 1,703,986 1,704,085 (99) (0.0%)Additional paid-in capital 3,811,714 3,812,903 (1,189) (0.0%)Retained earnings 2,119,355 1,972,385 146,970 7.5%Net income 156,607 146,970 9,637 6.6%Reserve for repurchase of shares 233,711 233,130 581 0.2%Foreign currency translation adjustment 240,923 240,396 527 0.2%Total stockholders’ equity attributable to shareholders 8,266,296 8,109,869 156,427 1.9%Non-controlling interest 33,188 31,458 1,730 5.5%Total stockholders’ equity 8,299,484 8,141,327 158,157 1.9%
Total liabilities and stockholders’ equity $41,469,534 $40,222,260 $1,247,274 3.1%
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 12 of 13
Grupo Famsa, S.A.B. de C.V. and subsidiaries
Consolidated statement of income Thousand of Mexican Pesos
1Q16 1Q15 ∆$ ∆%
Total revenues $3,953,136 $3,530,202 $422,934 12.0%
Cost of sales (2,082,040) (1,816,100) (265,940) 14.6%
Gross profit 1,871,096 1,714,102 156,994 9.2%
Selling & administrative expenses (1,606,011) (1,437,402) (168,609) 11.7%
Other Income, net 25,683 23,794 1,889 7.9%
Operating profit 290,768 300,494 (9,726) (3.2%)
Financial income 94,872 410 94,463 -
Financial expenses (215,585) (167,583) (48,002) 28.6%
FX gain & losses, net (46,019) (104,197) 58,179 (55.8%)
Financial expenses, net (166,731) (271,370) 104,639 (38.6%)
Profit before income tax 124,037 29,124 94,913 325.9%
Income tax 34,301 64,329 (30,028) (46.7%)
Consolidated net income $158,337 $93,453 $64,884 69.4%
Controlling interest 156,608 92,696 63,912 68.9%
Non-controlling interest 1,730 757 973 128.5%
Consolidated net income $158,337 $93,453 $64,884 69.4%
Earnings Release 1Q16
Paloma E. Arellano Bujanda
Investot Relations
Tel. +52 (81) 8389 – 3400 ext.1419
www.grupofamsa.com
Page 13 of 13
Grupo Famsa, S.A.B. de C.V. and subsidiaries
Consolidated statement of cash flows Thousands of Mexican Pesos
1Q16 1Q15
Operating activities
Profit before income tax $124,036 $29,124
Depreciation and amortization 128,400 120,982
Allowance for doubtful receivables 289,640 252,459
Loss on sale of property, leasehold improvements, furniture & equipment (491) (181)
Estimated liabilities for labor benefits 11,812 10,609
Interest income (94,872) (410)
Interest expenses 406,079 335,071
Trade receivables (1,343,798) (1,025,395)
Inventories (273,983) (54,409)
Other accounts receivable (405,818) (184,244)
Suppliers 40,327 (131,689)
Accounts payable and accrued expenses 78,065 (74,685)
Income tax paid (30,500) (22,077)
Demand deposits and time deposits 252,145 738,962
Interest to bank depositors (190,528) (166,770)
Exchange gain and losses, net 6,947 133,860
Net cash flows from operating activities (1,002,539) (38,793)
Investing activities
Acquisition of property, leasehold improvements, furniture and equipment (37,434) (63,640)
Acquisition of intangible assets (1,096) 334
Proceeds from sale of furniture and equipment 1,815 2,187
Interest received 1,896 410
Net cash flow used in investing activities (34,819) (60,709)
Financing activities
Interest paid (144,022) (80,154)
Proceeds from current and non-current debt and bank loans 822,356 604,579
Payments of current and non-current debt and bank loans (665,430) (600,901)
Share repurchase, net (707) (26,749)
Net cash flow from financing activities 12,197 (103,225)
Decrease in net cash and cash equivalents (1,025,161) (202,727)
Adjustments to cash flow as a result of changes in exchange rates 8,691 1,695
Cash and cash equivalents at the beginning of the period 2,194,323 1,858,271
Cash and cash equivalents at the end of the period $1,177,853 $1,657,239
Notes to the Financial Statements: For a greater depth of analysis, we recommend referring to the
Notes of our Financial Statements at www.grupofamsa.com