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Financial Review Consolidated Statements of Financial Position FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO As of December 31, 2016 and 2015 . December December December Amounts expressed in millions of U .S . dollars ($) (*) and in millions of Mexican pesos (Ps .) . Note 2016 2016 2015 ASSETS Current Assets: Cash and cash equivalents 5 $ 2,117 Ps. 43,637 Ps. 29,396 Investments 6 6 120 19 Accounts receivable, net 7 1,272 26,222 18,012 Inventories 8 1,549 31,932 24,680 Recoverable taxes 24 447 9,226 8,544 Other current financial assets 9 131 2,705 2,418 Other current assets 9 199 4,109 3,654 Total current assets 5,721 117,951 86,723 Investments in associates and joint ventures 10 6,238 128,601 111,731 Property, plant and equipment, net 11 4,958 102,223 80,296 Intangible assets, net 12 7,434 153,268 108,341 Deferred tax assets 24 585 12,053 8,293 Other financial assets 13 744 15,345 8,955 Other assets 13 785 16,182 4,993 TOTAL ASSETS $ 26,465 Ps. 545,623 Ps. 409,332 LIABILITIES AND EQUITY Current Liabilities: Bank loans and notes payable 18 $ 93 Ps. 1,912 Ps. 2,239 Current portion of long-term debt 18 260 5,369 3,656 Interest payable 47 976 597 Suppliers 2,302 47,465 35,773 Accounts payable 564 11,624 9,236 Taxes payable 551 11,360 9,136 Other current financial liabilities 25 368 7,583 4,709 Total current liabilities 4,185 86,289 65,346 Long-Term Liabilities: Bank loans and notes payable 18 6,401 131,967 85,969 Employee benefits 16 216 4,447 4,229 Deferred tax liabilities 24 535 11,037 6,230 Other financial liabilities 25 355 7,320 495 Provisions and other long-term liabilities 25 892 18,393 5,207 Total long-term liabilities 8,399 173,164 102,130 Total liabilities 12,584 259,453 167,476 Equity: Controlling interest: Capital stock 162 3,348 3,348 Additional paid-in capital 1,248 25,733 25,807 Retained earnings 8,187 168,796 156,532 Cumulative other comprehensive income (loss) 682 14,027 (4,163) Total controlling interest 10,279 211,904 181,524 Non-controlling interest in consolidated subsidiaries 21 3,602 74,266 60,332 Total equity 13,881 286,170 241,856 TOTAL LIABILITIES AND EQUITY $ 26,465 Ps. 545,623 Ps. 409,332 (*) Convenience translation to U .S . dollars ($) – See Note 2 .2 .3 The accompanying notes are an integral part of these consolidated statements of financial position . 7 Consolidated Income Statements FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO For the years ended December 31, 2016, 2015 and 2014 . Amounts expressed in millions of U .S . dollars ($) (*) and in millions of Mexican pesos (Ps .), except per share amounts . Note 2016 2016 2015 2014 Net sales $ 19,335 Ps. 398,622 Ps. 310,849 Ps. 262,779 Other operating revenues 42 885 740 670 Total revenues 19,377 399,507 311,589 263,449 Cost of goods sold 12,189 251,303 188,410 153,278 Gross profit 7,188 148,204 123,179 110,171 Administrative expenses 714 14,730 11,705 10,244 Selling expenses 4,634 95,547 76,375 69,016 Other income 19 56 1,157 423 1,098 Other expenses 19 287 5,909 2,741 1,277 Interest expense 18 468 9,646 7,777 6,701 Interest income 63 1,299 1,024 862 Foreign exchange gain (loss), net 55 1,131 (1,193) (903) Monetary position gain (loss), net 117 2,411 (36) (319) Market value gain on financial instruments 9 186 364 73 Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method 1,385 28,556 25,163 23,744 Income taxes 24 383 7,888 7,932 6,253 Share of the profit of associates and joint ventures accounted for using the equity method, net of taxes 10 316 6,507 6,045 5,139 Consolidated net income $ 1,318 Ps. 27,175 Ps. 23,276 Ps. 22,630 Attributable to: Controlling interest 1,025 21,140 17,683 16,701 Non-controlling interest 293 6,035 5,593 5,929 Consolidated net income $ 1,318 Ps. 27,175 Ps. 23,276 Ps. 22,630 Basic net controlling interest income: Per series “B” share 23 $ 0.05 Ps. 1.05 Ps. 0.88 Ps. 0.83 Per series “D” share 23 0.06 1.32 1.10 1.04 Diluted net controlling interest income: Per series “B” share 23 0.05 1.05 0.88 0.83 Per series “D” share 23 0.06 1.32 1.10 1.04 (*) Convenience translation to U .S . dollars ($) – See Note 2 .2 .3 The accompanying notes are an integral part of these consolidated income statements . 8 Consolidated Statements of Comprehensive Income FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO For the years ended December 31, 2016, 2015 and 2014 . Amounts expressed in millions of U .S . dollars ($) (*) and in millions of Mexican pesos (Ps .) Note 2016 2016 2015 2014 Consolidated net income $ 1,318 Ps. 27,175 Ps. 23,276 Ps. 22,630 Other comprehensive income: Items that may be reclassified to consolidated net income, net of tax: Valuation of the effective portion of derivative financial instruments 20 84 1,732 122 493 Loss on hedge of a net investment in a foreign operations 18 (70) (1,443) - - Exchange differences on the translation of foreign operations and associates 1,492 30,763 (2,234) (12,256) Share of other comprehensive (loss) income of associates and joint ventures 10 (108) (2,228) 282 1,322 Total items that may be reclassified 1,398 28,824 (1,830) (10,441) Items that will not to be reclassified to consolidated net income in subsequent periods, net of tax: Remeasurements of the net defined benefit liability share of other comprehensive (loss) income of associates and joint ventures (49) (1,004) 169 (881) Remeasurements of the net defined benefit liability (8) (167) 144 (361) Total items that will not be reclassified (57) (1,171) 313 (1,242) Total other comprehensive income (loss), net of tax 1,341 27,653 (1,517) (11,683) Consolidated comprehensive income, net of tax $ 2,659 Ps. 54,828 Ps. 21,759 Ps. 10,947 Controlling interest comprehensive income 1,908 39,330 19,165 11,283 Non-controlling interest comprehensive income (loss) 751 15,498 2,594 (336) Consolidated comprehensive income, net of tax $ 2,659 Ps. 54,828 Ps. 21,759 Ps. 10,947 (*) Convenience translation to U .S . dollars ($) – See Note 2 .2 .3 The accompanying notes are an integral part of these consolidated statements of comprehensive income . 9 Consolidated Statements of Changes in Equity FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO For the years ended December 31, 2016, 2015 and 2014 . Exchange Amounts expressed in millions of Mexican pesos (Ps .) Valuation of Differences the Effective on the Remeasurements Portion of Translation of the Net Additional Derivative of Foreign Defined Total Non- Capital Paid-in Retained Financial Operations Benefit Controlling Controlling Total Stock Capital Earnings Instrument and Associates Liability Interest Interest Equity Balances at January 1, 2014 Ps. 3,346 Ps. 25,433 Ps. 130,840 Ps. 181 Ps. 779 Ps. (1,187) Ps. 159,392 Ps. 63,158 Ps. 222,550 Net income - - 16,701 - - - 16,701 5,929 22,630 Other comprehensive income, net of tax - - - 126 (4,412) (1,132) (5,418) (6,265) (11,683) Comprehensive income - - 16,701 126 (4,412) (1,132) 11,283 (336) 10,947 Dividends declared - - - - - - - (3,152) (3,152) Issuance (repurchase) of shares associated with share-based payment plans 1 216 - - - - 217 (21) 196 Other movements of equity method of associates, net of taxes - - (419) - - - (419) - (419) Balances at December 31, 2014 3,347 25,649 147,122 307 (3,633) (2,319 ) 170,473 59,649 230,122 Net income - - 17,683 - - - 17,683 5,593 23,276 Other comprehensive income, net of tax - - - 299 945 238 1,482 (2,999) (1,517) Comprehensive income - - 17,683 299 945 238 19,165 2,594 21,759 Dividends declared - - (7,350) - - - (7,350) (3,351) (10,701) Issuance of shares associated with share-based payment plans 1 158 - - - - 159 57 216 Acquisition of Grupo Socofar (see Note 4) - - - - - - - 1,133 1,133 Contributions from non-controlling interest - - - - - - - 250 250 Other movements of equity method of associates, net of taxes - - (923) - - - (923) - (923) Balances at December 31, 2015 3,348 25,807 156,532 606 (2,688) (2,081) 181,524 60,332 241,856 Net income - - 21,140 - - - 21,140 6,035 27,175 Other comprehensive income, net of tax - - - 2,057 17,241 (1,108) 18,190 9,463 27,653 Comprehensive income - - 21,140 2,057 17,241 (1,108) 39,330 15,498 54,828 Dividends declared - - (8,355) - - - (8,355) (3,690) (12,045) Issuance of shares associated with share-based payment plans - (74) - - - - (74) 9 (65) Other equity instruments from acquisition of Vonpar (see Note 4) - - - - - - - (485) (485) Other acquisitions and remeasurements (see Note 4) - - - - - - - 1,710 1,710 Contributions from non-controlling interest - - - - - - - 892 892 Other movements of equity method of associates, net of taxes - - (521) - - - (521) - (521) Balances at December 31, 2016 Ps.
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