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El Puerto De Liverpool, S Grupo Famsa, S. A. B. de C. V. and subsidiaries Consolidated Financial Statements December 31, 2020 and 2019 Grupo Famsa, S. A. B. de C. V. and subsidiaries Consolidated Financial Statements Table of contents As of December 31, 2020 and 2019 Content Page Independent Auditors' Opinion .......................................................................................................... 1 to 5 Consolidated financial statements: Consolidated statements of financial position ...................................................................................... 6 Consolidated statements of operations ................................................................................................. 7 Consolidated statements of comprehensive income ............................................................................ 8 Consolidated statement of changes in stockholders' equity................................................................. 9 Consolidated statements of cash flows ................................................................................................. 10 Notes to the consolidated financial statements ............................................................................... 11 to 72 Tel: + (81) 8262-0800 Castillo Miranda y Compañía, S. C. www.bdomexico.com Privada Savotino 101 Esquina Ave. Manuel Gómez Morín Colonia del Valle, CP 66220 San Pedro Garza García, N.L. TRANSLATION FROM THE SPANISH ORIGINAL REPORT ON INTERNATIONAL FINANCIAL REPORTING STANDARDS INDEPENDENT AUDITORS' REPORT The Board of Directors and Stockholders of Grupo Famsa, S.A.B. de C.V. and subsidiaries (Thousands of Mexican pesos) Qualified opinion We have audited the consolidated financial statements of Grupo Famsa, S.A.B. de C.V. and subsidiaries (“the Company”), which include the consolidated statements of financial position as of December 31, 2020 and 2019, and the consolidated statements of income, other comprehensive income, changes in Stockholders’ equity, and cash flows for the year then ended, and the explanatory notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, except for the matter described in the “Basis for qualified opinion" section, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Grupo Famsa, S.A.B. de C.V. as of December 31, 2020 and 2019, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS). Basis for qualified opinion 1. As stated by Company Management in note 1 to the consolidated financial statements, the following events occurred in the year ended December 31, 2020: On June 30, 2020, Banco Ahorro Famsa, S.A., Institucion de Banca Multiple (“Banco Ahorro Famsa” or “BAF”) was notified by the National Banking and Securities Commission (“Spanish initials “CNBV”) of the revocation of its license to operate as a Full Service Banking Institution. From that date, the intervention procedure was started for the liquidation of Banco Ahorro Famsa by the Institute for the Protection of Bank Savings (“IPAB” Spanish acronym), which generated a loss of control and, therefore, the operation of the bank is classified as a discontinued operation, and it is subject to valuation and disclosure requirements, in accordance with IFRS 5 in these financial statements. As of December 31, 2020, the Company has a cumulative deficit of $13,442,769; therefore, it has lost an amount that exceeds its capital stock and in accordance with the General Corporate Law this produces dissolution, which any interested party may request be declared by the courts. Moreover, there is a surplus of current liabilities over current assets of $9,943,708. The revocation of license of Banco Famsa and the COVID-19 pandemic gave rise to liquidity problems that were conducive to defaults on payments of the obligations set forth in the contracts with financial institutions, the default of payment on the Senior Notes GFAMSA 2020 and Senior Note GFAMSA 2024, in the amounts of $5,976,920, $1,770,462, and $1,557,325, thousands of Mexican pesos, respectively. Castillo Miranda y Compañía, S.C. (BDO México) es una sociedad civil mexicana de contadores públicos y consultores de empresas, miembro de BDO International Limited, una Compañía del Reino Unido limitada por garantía, y forma parte de la red internacional de firmas independientes de BDO. Grupo Famsa, S. A. B. de C. V. and Subsidiaries Consolidated Financial Statements Table of contents December 31, 2012, December 31, 2011, and January 1, 2011 Due to the effects arising from what was described above, Management filed a voluntary petition for bankruptcy in accordance with the Commercial Insolvency Law (Ley de Concursos Mercantiles in Spanish) for the holding company Grupo Famsa, S.A.B. de C.V. and the subsidiary Famsa México, S.A. de C.V., as well as the petition under Chapter 15 of the United States Bankruptcy Code for the subsidiary Famsa, Inc. These circumstances indicate the existence of a material uncertainty that can raise substantial doubts as to the ability of the Company to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, and they do not include those adjustments in the determination of estimates of assets or provisions for liabilities that could be necessary in the event that the Company should not be able to continue in operation. Management's plans for offsetting the adverse effects arising from the matters described above are described in note 21 to the consolidated financial statements. 2. On the other hand, due to the revocation of the license of Banco Ahorro Famsa, which is described in point 1 above, Grupo Famsa Management no longer has access to the accounting records and financial information of that Institution; therefore, it was not possible for us auditing the financial information of Banco Ahorro Famsa for the 6-months period ended June 30, 2020, which includes a net loss for the period amounting to ($722,411), which forms part of the discontinued operation presented in the consolidated statement of operations. We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements" section of this report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants issued by the Mexican Institute of Public Accountants (IMCP Code), and we have fulfilled our other ethical responsibilities in accordance with IMCP code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Key audit matters Key audit matters are matters that, which, according to our professional judgment, have been more significant in our audit of the consolidated financial statements of the current year. These matters have been addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion on them, and we do not express a separate opinion on these matters. Estimation for impairment of the credit portfolio (note 8 to the consolidated financial statements) The estimation for impairment of the credit portfolio as of December 31, 2020 amounts to $1,450,206 and represents 41% of the accounts receivable. The Company considers for the estimation for impairment of its portfolio, the principle of expected loss in accordance with the requirements of applicable international standards. The allowance for credit portfolio impairment determined by the Company considers the three-credit risk, exposure stages required by the respective standard, the probability of default at 12 months as well as over the remaining life of the asset, significant increase factors, recovery, severity, among other things. Page 2 Grupo Famsa, S. A. B. de C. V. and Subsidiaries Consolidated Financial Statements Table of contents December 31, 2012, December 31, 2011, and January 1, 2011 This matter is considered a key audit issue because of the judgment involved, the type of industry and economic sector in which the Company conducts its operations and the risk involved in the appropriate book allowance and statistical of expected credit losses. Our audit procedures for this key audit matter, among other things, included the following: Bases corresponding to the Company's portfolios subject to provisions for impairment were obtained and the inputs used were validated to corroborate the book value according to its component. The completeness, integrity, and existence of the Company's credit portfolio was tested for the period ended as of December 31, 2020. In order to validate the procedures mentioned above, we relied on our financial valuation specialists. Other matters The recent outbreak of coronavirus has had an adverse effect on the Company's business. The pandemic generated an unprecedented effect on the economy of Mexico, which has generated significant uncertainties, among other things, an adverse effect of the pandemic on the economy, as well as on the partners of the supply chain and customers. The effects that this pandemic had on the Company are described in note 1.6 to the consolidated financial statements. Other information “Information other than the consolidated financial
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