Fundamentals

Results

(Millions of MXN) 2021 2020 2019 2018
Net revenue 2,779 3,297 4,304 4,626
Gross profit 685 778 1,386 1,462
Operating income 82 240 831 940
Capitalized Comprehensive Financial Result 168 219 189 158
EBITDA 320 489 1,083 1,111
Net income (101) 138 552 830

Balance Sheet

(Millions of MXN) 2021 2020 2019 2018
Inventory 7,696 7,670 7,942 7,484
Total assets 10,127 10,014 10,012 9,383
Cash and cash equivalents* 494 580 491 508
Total debt 3,389 3,581 3,713 3,361
Total liabilities 5,393 5,041 5,175 4,774
Stockholders' equity 4,734 4,973 4,837 4,609
*Include "CADU20V" reserve fund

Cash Flow

(Millions of MXN) 2021 2020 2019 2018
Earnings before taxes (10) 186 804 940
Cash flows from operating activities 284 770 391 (161)
Cash flows from investment activities (45) (244) (188) 1
Cash flows from financing activities (324) (437) (385) 68
Opening cash balance* 580 491 674 766
Cash generated during the period (86) 88 (183) (92)
Ending cash balance* 494 580 491 674
*Including "CADU20V" reserve fund

Growth and Profitability

(Percentage) 2021 2020 2019 2018
Net revenue growth (15.7%) (23.4%) (7.0%) 2.6%
EBITDA growth (34.6%) (54.9%) (2.5%) 6.5%
Gross margin 24.6% 23.6% 32.2% 31.6%
Operating margin 3.0% 7.3% 19.3% 20.3%
EBITDA margin 11.5% 14.8% 25.2% 24.0%
Net Margin (3.6%) 4.2% 12.8% 17.9%

Financial ratios

(Times) 2021 2020 2019 2018
Total liabilities / Stockholders' equity 1.1 1.0 1.1 1.0
Net debt / LTM EBITDA 9.1 6.1 3.0 2.4
Total debt / LTM EBITDA 10.6 7.3 3.4 3.0
Interest coverage 1.1 1.7 2.7 3.1

Working Capital Cycle

(Days) 2021 2020 2019 2018
Receivables 32 30 25 34
Inventory 1,323 1,096 980 822
Suppliers 98 53 42 45
Prepayments 29 7 13 30
Working Capital Cycle (WCC) 1,229 1,066 950 781