Fundamentals

Results

(Millions of MXN) 2020 2019 2018 2017
Net revenue 3,297 4,304 4,626 4,507
Gross profit 778 1,386 1,462 1,375
Operating income 240 831 940 928
Capitalized Comprehensive Financial Result 219 189 158 104
EBITDA 489 1,083 1,111 1,042
Net income 138 552 830 746

Balance Sheet

(Millions of MXN) 2020 2019 2018 2017
Inventory 7,670 7,942 7,484 5,592
Total assets 10,014 10,012 9,383 7,632
Cash and cash equivalents* 580 491 508 608
Total debt 3,581 3,713 3,361 2,316
Total liabilities 5,041 5,175 4,774 3,593
Stockholders' equity 4,973 4,837 4,609 4,039
*Does not include "CADU15" reserve fund

Cash Flow

(Millions of MXN) 2020 2019 2018 2017
Earnings before taxes 186 804 940 940
Cash flows from operating activities 770 391 (161) 201
Cash flows from investment activities (244) (188) 1 13
Cash flows from financing activities (437) (385) 68 (178)
Opening cash balance* 491 674 766 730
Cash generated during the period 88/td> (183) (92) 36
Ending cash balance* 580 491 674 766
*Including "CADU15" reserve fund

Growth and Profitability

(Percentage) 2020 2019 2018 2017
Net revenue growth (23.40%) (7.00%) 2.60% 12.10%
EBITDA growth (54.90%) (2.50%) 6.50% 15.20%
Gross margin 23.60% 32.20% 31.60% 30.50%
Operating margin 7.30% 19.30% 20.30% 20.60%
EBITDA margin 14.80% 25.20% 24.00% 23.10%
Net Margin 4.20% 12.80% 17.90% 16.50%

Financial ratios

(Times) 2020 2019 2018 2017
Total liabilities / Stockholders' equity 1.0 1.1 1.0 0.9
Net debt / LTM EBITDA 6.1 3.0 2.4 1.5
Total debt / LTM EBITDA 7.3 3.4 3.0 2.2
ROE 2.8 11.4 18.0 18.5
Interest coverage 1.7 2.7 3.1 5.0

Working Capital Cycle

(Days) 2020 2019 2018 2017
Receivables 30 25 34 37
Inventory 1,096 980 822 643
Suppliers 53 42 45 53
Prepayments 7 13 30 15
Working Capital Cycle (WCC) 1,066 950 781 612