Fundamentals

Results

(Millions of MXN) 2022 2021 2020 2019
Net revenue 3,727 2,779 3,297 4,304
Gross profit 948 685 778 1,386
Operating income 377 82 240 831
Capitalized Comprehensive Financial Result 256 168 219 189
EBITDA 641 320 489 1,083
Net income 259 (101) 138 552

Balance Sheet

(Millions of MXN) 2022 2021 2020 2019
Inventory 8,017 7,696 7,670 7,942
Total assets 10,417 10,127 10,014 10,012
Cash and cash equivalents* 663 494 580 491
Total debt 3,051 3,389 3,581 3,713
Total liabilities 5,433 5,393 5,041 5,175
Stockholders' equity 4,995 4,734 4,973 4,837
*Include "CADU20V" reserve fund

Cash Flow

(Millions of MXN) 2022 2021 2020 2019
Earnings before taxes 271 (10) 186 804
Cash flows from operating activities 1,007 284 770 391
Cash flows from investment activities 19 (45) (244) (188)
Cash flows from financing activities (858) (324) (437) (385)
Opening cash balance* 494 580 491 674
Cash generated during the period 169 (86) 88 (183)
Ending cash balance* 663 494 580 491
*Including "CADU20V" reserve fund

Growth and Profitability

(Percentage) 2022 2021 2020 2019
Net revenue growth 34.1% (15.7%) (23.4%) (7.0%)
EBITDA growth 100.5% (34.6%) (54.9%) (2.5%)
Gross margin 25.4% 24.6% 23.6% 32.2%
Operating margin 10.1% 3.0% 7.3% 19.3%
EBITDA margin 17.2% 11.5% 14.8% 25.2%
Net Margin 7.0% (3.6%) 4.2% 12.8%

Financial ratios

(Times) 2022 2021 2020 2019
Total liabilities / Stockholders' equity 1.09 1.1 1.0 1.1
Net debt / LTM EBITDA 3.7 9.1 6.1 3.0
Total debt / LTM EBITDA 4.8 10.6 7.3 3.4
Interest coverage 1.69 1.1 1.7 2.7

Working Capital Cycle

(Days) 2022 2021 2020 2019
Receivables 50 32 30 25
Inventory 1,039 1,323 1,096 980
Suppliers 133 98 53 42
Prepayments 29 29 7 13
Working Capital Cycle (WCC) 927 1,229 1,066 950