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201 8 Annual Repor T Grupo Carso 2018 ANNUAL REPORT GRUPO CARSO ANNUAL REPORT 2018 www.carso.com.mx Lago Zurich No. 245, Frisco Building, Ampliación Granada, Mexico City, Mexico 11529 • Emisor Oriente Tunnel Investor Relations: Angélica Piña Garnica [email protected] Information about shares: The shares Series A-1 of Grupo Carso, S.A.B de C.V. are listed in the Mexican Stock Exchange under the ticker symbol “GCARSO”. ADR’S Level 1 Information: Symbol: GPOVY 2:1 Cusip: 400485207 Depositary Bank: BNY Mellon Shareowner Services P.O. Box 358516 Pittsburgh, PA 15252-8516 Tel. 1-888-BNY-ADRS(269-2377) 1-201-680-6825 [email protected] Index www.bnymellon.com/shareowner Websites: 2 Divisions, Products and Services For more information about Grupo Carso and the social responsibility activities, please visit: www.carso.com.mx 4 Key Financial Information 6 Message to Shareholders Headquarters: Plaza Carso 9 Management’s Discussion and Analysis Lago Zurich No. 245, Frisco Building, 6th Floor 26 Sustainability Activities Ampliación Granada, Mexico City, Mexico 11529 30 Board of Directors 32 Corporate Practices and Audit Committee 34 Consolidated Financial Statements Diseño Gráfico: DISEÑO CONCEPTUAL Corporate profile Grupo Carso is one of the largest and most important, diversified conglomerates in Latin America. It is comprised by four sectors that have been defined as strategic: the business, infrastructure, construction and energy sectors. The Group has a major presence in the Mexican economy where it has maintained market leadership thanks to an exceptional portfolio made up of formats, products and services. Since its incorporation 39 years ago, Grupo Carso has stood out because of its dynamics, process and technology innovations and sustainable resource management. It has achieved operational synergies within its sectors. Profitability and constant cash flows have been generated, which has translated into a history of long-term value creation for the Stockholders. Divisions, products and services Contribution to Formats Main Brands: Commercial and Consumer Sales • Department stores and boutiques • Sears Grupo Sanborns • Restaurant-Store • Sanborns It operates some of the most successful 53.6% • Electronics and technology stores • iShop commercial formats in Mexico, with widely • MixUp recognized brands. Through 441 units and • Saks Fifth Avenue one million 235 thousand square meters of Contribution to commercial area, it serves a large percentage of Operating consumers of medium, medium-high and high- Income income segments. Grupo Sanborns 45.4% Grupo Condumex Carso Infraestructura y Construcción Carso Energy Contribution to Services and Products Main Brands: Industrial and Manufacturing Sales • Cables (energy, telecommunications, • Condumex Grupo Condumex electronic, coaxial, optic fiber, and for mining • Latincasa The sector operates a portfolio of products and 32.0% and automotive use, among others), • Vinanel services focused on satisfying the needs of the • Electric harnesses for automotive use, • Condulac telecommunications, construction, electrical, • Precision steel pipes, • IEM energy, automotive and mining industries. Contribution to • Power Transformers, • Precitubo • Alternative energy • Sitcom Operating • Microm Income • Sinergia • Equiter 38.0% • Logtec Contribution to It is dedicated to the construction of: Main Brands: Infrastructure and Construction: Sales • Roads, tunnels, water treatment plants and • CICSA Carso Infraestructura y Construcción infrastructure in general, • Swecomex It serves five segments: chemical and oil 16.0% • Oil rigs and equipment for the chemical and • Bronco Drilling industry, pipeline installation, infrastructure, civil oil industry, • Cilsa construction and housing development. • Oil and geothermic well drilling, and drilling • GSM SALES BREAKDOWN BY Contribution to services, • PC Construcciones GEOGRAPHIC DIVISION • Shopping centers, industrial plants, office • Urvitec México 78.0% Operating buildings and housing, Central, South America and the Caribbean 9.5% Income • Installations for telecommunications, gas pipelines and water pipes North America 11.8% 15.6% Europe 0.5% Rest of the World 0.2% 100.0% Contribution to It is dedicated to: Main Brands: Energy Sales • Gas transportation services • Carso Energy • Carso Oil & Gas Carso Energy • Exploration and production of hydrocarbons • Carso Electric Participates in specific activities related to the 0.1% in Colombia and Mexico energy industry. Currently, it supplies natural • Exploitation of geothermal energy gas transportation services; exploration and production of hydrocarbons and exploration of Contribution to geothermal energy. Operating Income -4.8% 2 3 SALES Key Financial Information (million Pesos) 2016 95,188 Var% 93,593 (Amounts in thousands pesos, except earnings per share) 2016 2017 2018 2018-2017 2017 2018 96,640 Sales 95,187,635 93,592,613 96,639,833 3.3% Gross Profit 28,470,025 28,981,097 28,618,545 -1.3% Operating Income 13,725,876 12,941,490 10,559,251 -18.4% OPERATING INCOME* EBITDA 14,578,076 13,871,725 13,022,922 -6.1% (million Pesos) Controlling Participation in Net Income 9,524,896 10,033,633 9,008,302 -10.2% Earnings per share (EPS)* 4.20 4.42 3.95 -10.8% 2016 14.4% 13,726 Margins 2017 13.8% 12,941 Gross 29.9% 31.0% 29.6% -1.4 pp 2018 10.9% 10,559 Operating 14.4% 13.8% 10.9% -2.9 pp EBITDA 15.3% 14.8% 13.5% -1.3 pp Operating Margin Net 10.0% 10.7% 9.3% -1.4 pp EBITDA* (million Pesos) Revenues Retail 47,593,847 49,768,427 51,755,422 4.0% Industrial 29,048,773 28,782,821 30,929,859 7.5% 2016 15.3% 14,578 Infrastructure and Construction 19,143,008 17,273,500 15,504,207 -10.2% Sanborns at the Averanda 2017 14.8% 13,872 Energy 0 62,443 72,354 15.9% Shopping Center 2018 13.5% 13,023 EBITDA** EBITDA Margin Retail 6,465,469 6,332,165 5,971,009 -5.7% Industrial 5,127,274 4,849,287 4,268,492 -12.0% *Note: For the calculation of the EBITA 2016, the amounts of deterioration of machinery and equipment and exploration expenses, surplus by appraisals of Infrastructure and Construction 2,948,794 2,696,770 2,189,702 -18.8% shopping centers and revaluation of commercial brands were not included. For the calculation of the EBITDA 2017, the profit on disposal and acquisition of shares of associates was not included, for the EBITDA 2018, in addition to these items, the participation in the results of joint ventures was not included. See Energy -80,351 -15,800 -37,396 136.7% reconciliation of EBITDA in Note 30 of the Financial Statements. EBITDA Margins Retail 13.6% 12.7% 11.5% -1.2 pp 2018 SALES BREAKDOWN BY SUBSIDIARY 2018 OPERATING INCOME BREAKDOWN Industrial 17.7% 16.8% 13.8% -3.0 pp (million pesos) BY SUBSIDIARY Infrastructure and Construction 15.4% 15.6% 14.1% -1.5 pp (million Pesos) Energy NA -25.3% -51.7% -26.4 pp Commercial and Consumption 51,755 53.6% Commercial and Consumption 4,796 45.4% Total Assets 109,556,349 118,847,930 137,889,196 16.0% Industrial and Manufacturing 30,930 32.0% Industrial and Manufacturing 4,015 38.0% Total Liabilities 37,976,185 37,916,273 44,711,563 17.9% Infrastructure and Construction 15,504 16.0% Infrastructura and Construction 1,650 15.6% Stockholders’ Equity 71,580,164 80,931,657 93,177,633 15.1% Energy 72 0.1% Energy -507 -4.8% Compounded Average Outstanding Shares (‘000) 2,268,787 2,267,779 2,281,595 0.6% Other -1,622 -1.7% Other 606 5.7% Total 96,640 100.0% Total 10,559 100.0% * EPS: Calculated as Controlling Participation in Net Income divided by the compounded average shares outstanding. Amount in pesos. ** EBITDA: Income before income taxes plus depreciation and amortization, interest expense, impairment of machinery and equipment and exploration expenses, and effect on valuation of derivative financial instruments, less interest income, net foreign exchange gain, surplus from appraisals of shopping centers and equity in earnings of associated companies and joint ventures. See conciliation in Note 30 of the Financial Statements. pp: Variation in percentage points. 4 5 Grupo Carso’s consolidated sales grew by 3.3% in the year the ClaroShop.com marketplace are an integral part of our to be determined at $96.640 billion pesos in 2018. In turn, capital expenditures. operating profits and EBITDA stood at $10.559 billion pesos Letter to Shareholders and $13.023 billion pesos, respectively, representing a The sales of Grupo Condumex grew 7.5% in the year, decrease of 18.4% and 6.1% in the year. In this respect, the where the telecommunication, harnesses and construction decrease in profitability level resulted mainly from registering segments showed a major contribution to sales in 2018. extraordinary revenues in 2017 derived from the sales of In turn, the automotive segment recorded a sales level shares in associated companies, as well as the recognition similar to the one in the previous year, despite the change of a higher level of reserves for overdue accounts. Finally, observed regarding automotive platforms and the beginning the net controlling profit of Grupo Carso was $9.008 billion of production of new harnesses models. As in the past, our pesos, while the net profit per share stood at $3.95 pesos assembly plants in Jaral del Progreso, Ocampo and San in 2018. Felipe, in the Mexican state of Guanajuato, procured from one of our clients, the “GM Supplier Quality Excellence Grupo Sanborns sales grew 4.0% in 2018, a positive Award” for having satisfied the highest quality and Economic Outlook for 2018 year, thereby reducing the uncertainty that had been present fluctuation reflecting the favorable performance of the Sears, performance levels. In turn, we received from our client During 2018, the global environment took a turn for the since the last presidential election in the United States in Sanborns and iShop/MixUp stores.
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