DOCSLIB.ORG

El Puerto De Liverpool S.A.B. De C.V

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
El Puerto De Liverpool S.A.B. De C.V El Puerto de Liverpool José Cebeira | Sr. Analyst Discretionary Consumption S.A.B. de C.V. [email protected] Ext. 1394 Historical News Jerónimo Cobián | Analyst [email protected] Actinver: (55) 1103 6600 Last updated on July 20, 2020 LIVEPOL (Mkt. Perform ) 2Q20 Earnings Conference Call Highlights The company has implemented several strategies to face the current challenging environment under the Covid-19 pandemic. Some examples are: i) 50% reduction in Capex in 2020, ii) no additional stores opening during the next six months, iii) the repurchase share program has been put on-hold, iv) the company expects to place a P$3.5 Bn bond briefly with a 10-year maturity, v) the cash from the bond will not be used to repay the P$3.5 Bn credit loan contracted during the 1H20. Full report here July 17, 2020 LIVEPOL (Mkt. Perform ) Negative 2Q20 Report, Below Expectations LIVEPOL filed a negative 2Q20 report, below our and consensus' expectations. After fine-tuning our earnings model, we have decided to leave unchanged our Mkt. Perform rating, despite the challenging environment that the company will continue to face in the 2H20. We forecast a slower recovery than we were expecting for LIVEPOL stores, mainly in the Suburbia format. Full report here July 14, 2020 Consumption Sector: ANTAD—SSS Declined 17.9% In June The National Association of Self-Service & Department Stores (ANTAD, acronym in Spanish) released its official results of June 2020; at the consolidated, total sales (TS) and same-store sales (SSS) decreased YoY by 15.3% and 17.9%, respectively. Note that, reported results were above expectations and continue to show a sequential recovery since April, which reflected for the first time the full impact of the Covid-19 pandemic on the Mexican department and specialized stores. Furthermore, self-service stores filled their lowest growth rates since the contingency began, however, results keep being healthy at the same time the industry will continue to show a high defensive profile throughout the sanitary crisis. June 3, 2020 LIVEPOL (Mkt. Perform): Reopened Stores in Mexico The company re-opened stores in Chihuahua and Nuevo León with rigorous protocols. The openings have been with the government’s approval. We see this news as positive for Liverpool. Although the limited amount of Liverpool stores Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com opened. The re-opening has been before expectations as even the most optimistic view aimed for mid-September. April 29, 2020 LIVEPOL (Mkt. Perform): Negative 1Q20 Report, Below Expectations Livepol posted figures below consensus expectations as a result of a weak month of March. The department stores will face a challenging environment even though Livepol has different virtual platforms. We expect the company to sell approximately 15% of the anticipated sales through the platforms. The 2Q20 will be tougher for Liverpool, considering the local confinement measures that will bring along a sharper deterioration of the Mexican economy & personal income, which ultimately will have an impact on consumer discretionary spending. A recovery in the company’s top line would come until 3Q20 & it is expected to be gradual. We are downgrading our rating from “Outperform” to “Mkt. Perform”. Worth pointing out the company’s sound balance sheet to face the Covid-19 crisis for at least 6 months with store restrictions. Full report here April 1, 2020 LIVEPOL (Outperform) COVID-19 strategy Sanitary Measures. In response to the declaration of a public health emergency caused by the COVID-19 pandemic announced by the Mexican government on March 30, the company has decided to close all of the Liverpool stores, Suburbia stores, Galerías shopping centers, and boutiques nationwide from March 31 until April 30. The company is committed to guaranteeing the jobs of its employees and, to the extent of its possibilities, to continue paying their full wages and benefits, among other economic support measures. Livepol has activated the continuity plan, and most of its administrative employees are working from home. The company has the digital and logistical infrastructure necessary to continue serving clients throughout various platforms available such as Liverpool, Suburbia, Williams Sonoma, Boutiques, and Marketplace. They are taking the sanitary measures needed to fill and deliver all these orders. It is important to mention that the Click & Collect service will not be available in the next month. For that reason, the company is offering home delivery. The areas for receiving and dispatching merchandise from the warehouses, as well as the distribution centers, will be operating with a reduced staff. All employees are allowed to stay home if they are ill or feel vulnerable to contagion, with full payment. In general terms, the components of the supply chain continue to 2 Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com operate normally. Financial Measures. The company’s current financial position is solid, with available cash balance to pay all the obligations in the months also includes credit lines with several banking institutions. The total amount of the US dollar-denominated debt (US$1.05 Bn) is fully hedged in pesos and fixed rates. Additionally, all the debt is at fixed rates. The LIVEPOL 10 and LIVEPOL 10U bonds, totaling P$3.0 Bn, which expire this May, were pre-funded last November. The next debt maturity is until 2022. The foreign-exchange hedges relating to merchandise Spring- Summer season is mostly covered, while the Autumn- Winter season is partially hedged at the moment. It is essential to mention that the current public health emergency has already resulted in a substantial reduction in traffic in department stores, stores, boutiques, and shopping centers since mid-March. To reduce the decline in revenues and preserve the liquidity levels, the company is implementing an emergency plan to reduce operating expenses and CapEx such as: i) above all, preserve Group liquidity; ii) rigorously reduce the budget for capital expenditures. Halted projects that had not begun or were still in the early stages; iii) Livepol has restricted operating expenses to the minimum necessary; iv) also, they have introduced credit solutions to benefit current customers to retain them and enable them to continue using their credit cards and responsibly avoid higher loan delinquency ratios. Digital channels for receiving credit card payments continue to function normally; v) inventory levels and purchase plans are being handled with caution. February 26, 2019 LIVEPOL (Outperform, PT P$131.11) Positive 4Q19 Report, above expectations; significant improvements in margins Liverpool filed a positive 4Q19 report that came in above our and consensus expectations. After fine-tuning our earnings model, we are leaving unchanged our Outperform rating and P$131.11/ share PT YE2020E. Excluding the IFRS-16 effect, the company reported sales growing 5.2% YoY, EBITDA increasing 14.9% YoY, and net income up by 11.0% YoY. Through IFRS 16, Liverpool posted EBITDA increasing by 17.9% YoY and net income climbing 7.2% YoY. These results were –2%, +11.5%, and +15.2% relative to our estimates, respectively. Full report here 3 Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com October 23, 2019 LIVEPOL (Outperform, PT P$131.11) Neutral 3Q19 report, despite limited sales growth. Liverpool’s figures were negatively impacted by Suburbia Liverpool filed a neutral 3Q19 report that came in in-line with our and consensus expectations. After fine-tuning our earnings model, we leave unchanged our Outperform rating and P$131.11 PT YE-2020. Under IFRS 16, the company reported sales growing a limited 3.1% YoY, EBITDA increasing 14.0% YoY, and net income declining 1.5% YoY. In a comparable base (ex- IFRS16), Liverpool posted EBITDA increasing 1.0% YoY and net income climbing 1.9% YoY. These results were – 1%, +0.2%, and +40.1% relative to our estimates (on a comparable basis), respectively. Full report here October 15, 2019 Previews Food & Beverage Low expectations for the 3Q Earnings Results. Partially offset by USD appreciation vs. MXN During the 1H19 of the year, the industry performed below expectations in the majority of the cases. For the 2H19, the trend continues almost on the same path, as the consumer remains cautious given uncertainty from the new administration’s policies. We expected a weak earnings quarter as a result of low single-digit growth, on the back of higher prices rather than volume. We only expect a couple of names to surpass market expectations, such as AC, ALSEA, BACHOCO, and SPORTS. Although the sales growth is not expected to be significant, we forecast a higher growth rate (at least high single-digits) at the EBITDA and EPS level. We expect weak results for companies such as KOF, BIMBO, and CUERVO. Even though the companies are going to report a low sales growth figure, we are going to see a limited improvement, at the EBITDA level. Even though Cuervo is facing an easy 4 Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com comparable base at the EBITDA level, we do not foresee any improvement due to higher prices in raw material and the USD appreciation vs. the MXN. Full report here July 24, 2019 LIVEPOL (BUY, PT P$125.0) 2Q19 Results - Positive report, larger promotion activity impacted the company’s margins The company posted strong top-line results, even considering that profitability was affected by a higher promotional activity than last year given one less weekend; EBITDA margin (excluding IFRS) contracted from 14.9% to 14.6% as a result. On the positive side the delinquency rate continues its downtrend from 5.7% to 5.6%. Sales reported a 9.3% YoY increase, supported by 8.2% and 11.7% sales growth in Liverpool and Suburbia, respectively.
Load more

Recommended publications
  • Mexican Supermarkets & Grocery Stores Industry Report
    Mexican Supermarkets & Grocery Stores Industry Report July 2018 Food Retail Report Mexico 2018Washington, D.C. Mexico City Monterrey Overview of the Mexican Food Retail Industry • The Mexican food retail industry consists in the distribution and sale of products to third parties; it also generates income from developing and leasing the real estate where its stores are located • Stores are ranked according to size (e.g. megamarkets, hypermarkets, supermarkets, clubs, warehouses, and other) • According to ANTAD (National Association of Food Retail and Department Stores by its Spanish acronym), there are 34 supermarket chains with 5,567 stores and 15 million sq. mts. of sales floor in Mexico • Estimates industry size (as of 2017) of MXN$872 billion • Industry is expected to grow 8% during 2018 with an expected investment of US$3.1 billion • ANTAD members approximately invested US$2.6 billion and created 418,187 jobs in 2017 • 7 states account for 50% of supermarket stores: Estado de Mexico, Nuevo Leon, Mexico City, Jalisco, Baja California, Sonora and Sinaloa • Key players in the industry include, Wal-Mart de Mexico, Soriana, Chedraui and La Comer. Other regional competitors include, Casa Ley, Merza, Calimax, Alsuper, HEB and others • Wal-Mart de México has 5.8 million of m² of sales floor, Soriana 4.3 m², Chedraui 1.2 m² and La Cómer 0.2 m² • Wal-Mart de México has a sales CAGR (2013-2017) of 8.73%, Soriana 9.98% and Chedraui 9.26% • Wal-Mart de México has a stores growth CAGR (2013-2017) of 3.30%, Soriana 5.75% and Chedraui 5.82% Number
    [Show full text]
  • Grupo Comercial Chedraui, S.A.B. De C.V
    GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. Av. Constituyentes No. 1150, Lomas Altas Delegación Miguel Hidalgo C.P. 11950 México, D. F. www.chedraui.com.mx Características de las acciones representativas del capital social de GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. Nominativas Sin valor nominal Íntegramente suscritas y pagadas Serie B Clase I Capital mínimo fijo sin derecho a retiro. Clave de Cotización en la Bolsa Mexicana de Valores, S.A.B. de C.V.: CHDRAUI Los valores emitidos por Grupo Comercial Chedraui, S.A.B. de C.V. se encuentran inscritos en el Registro Nacional de Valores y se cotizan en la Bolsa Mexicana de Valores, S.A.B. de C.V. La inscripción en el Registro Nacional de Valores no implica certificación sobre la bondad de los valores, la solvencia de la emisora o la exactitud o veracidad de la información contenida en el reporte anual, ni convalida los actos que, en su caso, se hubieren realizado en contravención de las leyes. Reporte anual que se presenta de acuerdo con las disposiciones de carácter general aplicables a las Emisoras de valores y a otros participantes del mercado, por el año terminado el 31 de diciembre de 2015. México, D.F. a 30 de abril de 2016 ÍNDICE 1. INFORMACIÓN GENERAL ........................................................................................... 4 a) Glosario de Términos y Definiciones ......................................................................... 4 b) Resumen Ejecutivo ................................................................................................. 6 c) Factores
    [Show full text]
  • 4Q Toronto G Guichard
    EL Puerto de Liverpool S.A.B. de C.V March, 2017 Safe Harbor Statement This presentation has been prepared by El Puerto de Liverpool, S.A.B. de C.V. (together with its subsidiaries, “Liverpool”), is strictly confidential, is not intended for general distribution and may only be used for informational purposes. This presentation may contain proprietary, trade-secret, and commercially sensitive information and neither this presentation nor the information contained herein may be copied, disclosed or provided, in whole or in part, to third parties for any purpose. By receiving this presentation, you become bound by the above referred confidentiality obligation and agree that you will, and will cause your representatives and advisors to, use the information contained herein only to evaluate a credit rating for Liverpool and for no other purpose. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Although the information presented in this document has been obtained from sources that Liverpool believes to be reliable, Liverpool does not make any representation as to its accuracy, validity, timeliness or completeness for any purpose. The information set forth herein does not purport to be complete and Liverpool is not responsible for errors and/or omissions with respect to the information contained herein. Certain of the information contained in this presentation represents or is based upon forward-looking statements or information.
    [Show full text]
  • Panorama Bursátil. Voto De Confianza En Enero
    15 de f ebrero de 2019 Octav io García Williams González Mesa de Análisis Ext. 10717 [email protected] Panorama Bursátil. Voto de confianza en enero Nuestra lectura del mercado ─ Optimismo en los mercados de EUA tras avances en las negociaciones comerciales con China. Las pláticas continuarán la próxima semana en Washington. En EUA el S&P 500 subió 2.3% y el DJIA 2.8%; mientras que México se ajustó 0.4% en pesos (-1.4% en dólares; el peso se depreció 0.9%). ¿Bolsa atractiva?…La renta fija dice que todavía no ─ Se comparó el rendimiento desde 2008 de las utilidades de la Bolsa en México (earnings yield o inverso del múltiplo P/U) contra el rendimiento o yield del Bono M a 10 años. El difícil entorno del mercado global en términos comerciales, las dudas en cuanto al crecimiento económico global, la política monetaria restrictiva la Fed, la incertidumbre interna, entre otros factores, hacen que rendimiento de las utilidades de la Bolsa en México no luzca su mejor versión, al ubicarse en 5.9% vs. ~8.5% del bono M a 10 años, aunque se reconoce que el diferencial entre ambos se ha recortado ~100pb en los últimos cinco meses. Flujos de extranjeros a la renta variable nacional ─ Tras el fuerte ajuste del mercado en 2018 (-15.6%), y apoyados por una menor aversión al riesgo en mercados emergentes, los extranjeros dieron el voto de confianza al mercado local al traer flujos por más de US$500 millones en enero que ayudaron al índice a subir 5.6% en el primer mes del año.
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Efectos De La Ley Fintech México En La Apertura De Instituciones De
    962 Efectos de la Ley Fintech México en la apertura de Instituciones de Tecnología Financiera (ITF) García-Cañedo, Alma Iliana1, Quiroz-Gálvez, Sergio2 & Jiménez-García, Carlos3 1Universidad de Sonora, Departamento de Administración Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; 2Universidad de Sonora, Departamento de Administración Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; 3Universidad de Sonora, Departamento de Contabilidad Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; Información del artículo arbitrado e indexado en Latindex: Revisión por pares Fecha de publicación: Julio 2019 Resumen Abstract El corto plazo de la proliferación de las empresas FinTech The short term of the proliferation of FinTech companies en México y en el mundo, es debido al impulso recibido por in Mexico and in the world, is due to the impulse received la combinación de varios factores: Técnicas novedosas de by the combination of several factors: innovative desarrollo, expectativas de innovación empresarial, ahorro development techniques, expectations of business en los costos, etcétera. Esta expectativa tan dramáticamente innovation, cost savings, and so on. This expectation, so amplia en el uso de las FinTech mexicanas, está a la dramatically wide in the use of the Mexican FinTech, is in expectativa de cómo funcionará la nueva Ley que para tal expectation of how the new Law will work, for that purpose efecto se aprobó en marzo de 2018, y las Leyes secundarias was approved in March 2018, and secondary laws in en noviembre del mismo año.
    [Show full text]
  • Gruma, S.A.B. De C.V
    GRUMA, S.A.B. DE C.V. San Pedro Garza García, N.L. April 7, 2021. In relation to the First Notice to the Annual General Ordinary Shareholders Meeting of GRUMA, S.A.B de C.V. (the “Company” or “GRUMA”) to be held on April 23, 2021 at 11:00 (eleven) hours, the shareholders are hereby informed of the details of the proposals to be discussed during said Shareholders’ Meeting regarding the items on the Agenda. The corresponding documentation will be available to the Shareholders in the Company’s offices, at least 15 days prior to the date on which said Shareholders’ Meeting will take place: ANNUAL GENERAL ORDINARY SHAREHOLDERS’ MEETING I. Presentation, discussion and, as the case may be, approval of the reports referred to in article 28, Section IV of the Securities Market Law (Ley del Mercado de Valores) and article 19, Section IV of the Company´s Bylaws, for the fiscal year ended December 31, 2020, including the Financial Statements of GRUMA, S.A.B. DE C.V. for the fiscal year commencing on January 1 ending December 31, 2020. First point.- The shareholders will be presented, for their approval, with the Financial Statements of GRUMA, S.A.B. DE C.V. for the fiscal year commencing January 1 ending December 31, 2020, the Chief Executive Officer’s Annual Report, as well as the following reports and opinions: • Report on the Individual and Consolidated Financial Statements issued by the independent auditors firm PriceWaterhouseCoopers. • Report Regarding the main Policies and Accounting Guidelines used for the preparation of the Financial Statements.
    [Show full text]
  • US-Mexico Trade Relationship
    1 U.S. – Mexico Trade Relationship 2 Mexico is a growing economy Mexico has built a solid framework for macroeconomic stability in the past two decades Total Exports $374 billion $1.2 trillion economy $776 billion in total trade $457 billion in FDI attracted since 1999 125 million consumer market/ 60% middle class GDP 1.4% 2.3% 2.6% 2.3% 2013 2014 2015 2016 The 15th largest world economy 10th largest world exporter and 1st in Latin America 9th largest world importer 5th leading recipient of FDI Total Imports among emerging economies $387 billion Source: INEGI, SE-DGIE (Sep. 2016), WTO, UNCTAD, Brookings Institution, SHCP. 3 Recognizing the importance of NAFTA Trilateral trade has more than tripled, reaching nearly $1 trillion in 2016. Trilateral Trade between the NAFTA Partners 1,122 1200 1,075 1,059 1,033 1,010 997 942 1000 893 846 880 NAFTA 772 800 699 661 699 615 626 568 602 600 476 506 419 376 338 400 289 200 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mexico-Canada Trade U.S.-Canada Trade Mexico-U.S. Trade Source: SE with import data from Statistics Canada, Banxico, and USDOC, and World Bank. 4 Since NAFTA, U.S.-Mexico trade has multiplied by six a million dollar a minute business Mexico is the U.S.’ third-largest trading partner $1.5 billion dollars in products are bilaterally traded each day U.S.-Mexico Trade 506 534 531 494 525 500 461 392 400 NAFTA 367 348 332 278 280 294 296 294 290 305 263 300 267 247 235 230 233 231 216 197 198 211 173 177 Billion 200 157 170 131 136 156 $ 131 134 138 108 82 101 110 226 86 95 240 236 231 100 198 217 74 163 50 62 134 137 152 129 40 111 102 111 120 71 79 87 97 97 42 51 46 57 0 199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016 US Exports to Mexico US Imports from Mexico Source: USDOC.
    [Show full text]
  • Nombre De La Tienda Direccion Liverpool Centro Venustiano Carranza No
    NOMBRE DE LA TIENDA DIRECCION LIVERPOOL CENTRO VENUSTIANO CARRANZA NO. 92 COL.CENTRO DEL. CUAUHTEMOC ATRÁS ESPLANADA DEL ZOCALO SALIENDO METRO ZOCALO LIVERPOOL INSURGENTES INSURGENTES SUR 1310 COL. DEL VALLE DEL BENITO JUAREZ A LADO DE PLAZA GALERIA INSURGENTES METRO INSURGENTES SUR LIVERPOOL POLANCO MARIANO ESCOBEDO 425 ENTRE HOMERO Y HORACIO COL. POLANCO. 11560 LIVERPOOL SATELITE CIRCUITO CENTRO COMERCIAL NO. 2551 PLAZA SATELITE 53100. NAUCALPAN DE JUAREZ EDO DE MEXICO LIVERPOOL COAPA CALZ DEL HUESO NO. 519 COL. RESIDENCIAL ACOXPA CP.14300 DEL. TLALPAN LIVERPOOL SANTA FE AV. GASCA DE QUIROGA NO. 3800 COL. SANTA FE CUAJIMALPA. C.P 05109 LIVERPOOL METEPEC BLV TOLUCA METEPEC N.-400 NORTE BARRIO DE XUSTENCO CP 51141 LIVERPOOL LINDA VISTA CALLE COLECTOR 13 NO. 280 COL. MAGDALENA DE LAS SALINAS DEL. GUSTAVO AMADERO LIVERPOOL TEZONTLE AV. CANAL DE TEZONTLE C.P.09020 ENTE COL.DR. ALFONSO TIRADO DEL. IZTAPALAPA PLAZA ORIENTE METRO BUS ROJO GOMEZ LIVERPOOL INTERLOMAS CALLE VIALIDAD DE LA BARRANCA NO. 6 COL. EXHACIENDA JESUS DEL MONTE MPO. HUIXQUILUCAN FRENTE HOSPITAL ANGELES. PLAZA PASEO INTERLOMAS LIVERPOOL ATIZAPAN AV. RUIZ CORTINES NO. 255 COL. LAS MARGARITAS ATIZAPAN DE ZARAGOZA. LIVERPOOL TOLUCA AV PRIMERO DE MAYO N.-1700 COL SANTANA TLAPANTITLAN TOLUCA LIVERPOOL CIUDAD JARDIN AV BORDE DE AXOCHIAPAN NO. 3 COL. CIUDAD JARDIN BICENTENARIO DEL NETZAHUALCOYOTL FABRICAS PLAZA CENTRAL AV. CANAL RIOS CHURUBUSCO NO. 1635 COL. CENTRAL DE ABASTOS DEL. IZTAPALAPA LIVERPOOL TLALNEPANTLA AV. SOR JUANA INES DE LA CRUZ NO. 280 COL. SAN LORENZO TLALNEPANTLA DE BAR C.P 54030 ESQ. MARIO COLIN PLAZA TLALNEPANTLA FABRICA CHIMALHUACAN AV. NETZAHUALCOYOTL LT 1 COL.
    [Show full text]
  • 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
    [Show full text]
  • T E P N L R E V I E W
    T e p n L R e v i e w , NUMBER 65 AUGUST 1998 SANTIAGO, CHILE OSCAR ALTIMIR Director o f the Review EUGENIO LAHERA Technical Secretary Notes and explanation of symbols The following symbols are used in tables in the Review: (...) Three dots indicate that data are not available or are not separately reported. (-) A dash indicates that the amount is nil or negligible. A blank space in a table means that the item in question is not applicable. (-) A minus sign indicates a deficit or decrease, unless otherwise specified. (■) A point is used to indicate decimals. (/) A slash indicates a crop year or fiscal year, e.g., 1970/1971. (-) Use of a hyphen between years, e.g., 1971-1973, indicates reference to the complete number of calendar years involved, including the beginning and end years. References to “tons” mean metric tons, and to “dollars”, United States dollars, unless otherwise stated. Unless otherwise stated, references to annual rates of growth or variation signify compound annual rates. Individual figures and percentages in tables do not necessarily add up to the corresponding totals, because of rounding. Guidelines for contributors to CEPAL Review The editorial board of the Review are always interested in encouraging the publication of articles which analyse the economic and social development of Latin America and the Caribbean. With this in mind, and in order to facilitate the presentation, consideration and publication of papers, they have prepared the following information and suggestions to serve as a guide to future contributors. —The submission of an article assumes an undertaking by the author not to submit it simultaneously to other periodical publications.
    [Show full text]
  • El Puerto De Liverpool, S.A.B. De C.V
    EL PUERTO DE LIVERPOOL, S.A.B. DE C.V. MARIO PANI 200 COL. SANTA FE CUAJIMALPA CIUDAD DE MEXICO, C.P. 05348 Título por clase: Nombre de la Bolsa donde están registrados: 1,144,750,000 acciones serie 1 Bolsa Mexicana de Valores 197,446,100 acciones serie C-1 sin derecho a voto Bolsa Mexicana de Valores Total de acciones en circulación 1,342,196,100 Clave de Pizarra: LIVEPOL Las acciones representativas del capital social de El Puerto de Liverpool, S.A.B. de C.V. se encuentran inscritas en la Sección de Valores del Registro Nacional de Valores y se cotizan en la Bolsa Mexicana de Valores, S.A.B. de C.V. La inscripción en el Registro Nacional de Valores no implica certificación sobre la bondad del valor, la solvencia del emisor sobre la exactitud o veracidad de la información contenida en el Reporte Anual, ni convalida los actos que, en su caso, hubieren sido realizados en contravención de las leyes. Reporte Anual que se presenta de acuerdo con las disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado por el año terminado el 31 de diciembre de 2016. INDICE 1. INFORMACIÓN GENERAL a) Glosario de Términos y Definiciones 4 b) Resumen Ejecutivo 6 c) Factores de Riesgo 11 d) Otros Valores 34 e) Cambios Significativos a los Derechos de Valores Inscritos en el Registro 35 f) Destino de los Fondos 35 g) Documentos de Carácter Público 35 2. LA COMPAÑÍA a) Historia y Desarrollo de la Compañía 37 b) Descripción del Negocio i.
    [Show full text]