AT A CONSOLIDATED LEVEL
- Total income amounted to 489.4 billion pesos, representing 11.0% growth, due to consistent sales in all our countries and formats.
- Margin was 21.9%, with a 20-basis-point decrease as a percentage of income versus the previous year, as a result of price investments and the effect of freight capitalization, with no impact on the Company’s cash flow.
- Expenses, 14.8% of income, increased 30 basis points as compared to 2014, as a result of our investments for future operations, as well as of certain one-offs that increased the level of our expenses.
- Operating income recorded a slight increase of 0.7% as compared to last year base, resulting from the effects on margin and expenses, as well as of the positive accounting effect of the purchase of Central America operations reflected last year. The latter has no impact on the Company’s cash flow.
- Our EBITDA amounted to 45.0 billion pesos, 5% above the previous year and 50 basis points lower than 2014 as a percentage of income, due to the effects mentioned previously.
- Investment in fixed assets totaled 12.5 billion pesos, which were mainly used to open new units, remodel, and maintain our installed capacity, and for our growing eCommerce business.
- The 31.6-billion-peso dividend paid in 2015 - a record high for Walmex- recorded a total of 1.83 pesos per share and is broken down as follows: 0.13 pesos per share from a remaining ordinary dividend announced in 2014 and paid in February 2015, 0.42 pesos per share from an ordinary dividend paid in 2015 with a 0.14 pesos per share payment pending in February 2016, and 1.28 pesos per share from an extraordinary dividend, which includes 0.19 pesos per share from the sale of Banco Walmart. What is more, the repurchase of more than 47 million shares came to 1.8 billion pesos, totaling 33.4 billion pesos paid to shareholders.
- Our cash-on-hand balance closed with 24.8 billion pesos on December 31, 2015.
- Installed capacity grew 1.8%, due to the opening of 97 units, thus adding 1,350,494 square feet to our overall sales floor.
- Total income grew 8.3%, a total of 410.2 billion pesos. Sales were driven by considerable progress in our Self-service formats and the turnaround in our membership clubs, growing in all the divisions of the business.
- Gross margin amounted to 21.8% as a percentage of income, thus representing a 30-basis-point setback versus 2014, as a result of price investments and the effects of freight capitalization mentioned previously.
- Expenses, as a percentage of income, were 14.2%, an increase of 20 basis points as compared to the previous year, representing investments centered on our future operation and one-offs impacting this year.
- Our EBITDA posted an increase of 2.1% versus 2014, amounting to 39.3 billion pesos, equivalent to 9.6% as a percentage of total income, impacted by the aforementioned effects.
- Installed capacity grew 1.7%, due to the opening of 74 units, adding 1,147,776 square feet of sales floor.
- Total income grew 27.2% or 7.2% on a constant currency basis, amounting to 79.1 billion pesos.
- Gross margin increased 29.7%, equivalent to 22.8% of total income, or 40 basis points above 2014 levels.
- Expenses grew 7.2%, on a constant currency basis, and maintained 2014 levels as a percentage of total income.
- Operating income increased 33.8%, totaling 3.9 billion pesos.
- Our EBITDA came to 5.7 billion pesos –an increase of 30.6% in growth or 10.1% on a constant currency basis, as a result of the growth in sales and margin growing above sales.
- Installed capacity grew 3.0% due to the opening of 23 new stores, adding 202,718 square feet of sales floor in 2015.
The growing generation of cash from operations and the prudent management of our financial policies place us in a privileged position to continue growing, paying dividends, and repurchasing Company shares. While one-offs impacted our results this year, our cash flow continued an upward trend. During 2015 our cash generation totaled 50.5 billion pesos, used to finance fixed asset investments, dividend payments, and the repurchase of shares, as well as to meeting our tax obligations.
In addition to our outstanding cash generation capacity, we have a sound financial structure that is reflected in a debt-free balance sheet and negative working capital.