Walmex Horizontalxd

Balance General 1T 2018
Activos
Activos circulantes
Efectivo y equivalentes de efectivo $33,938,228,000.00
Clientes y otras cuentas por cobrar $6,582,173,000.00
Impuestos por recuperar $697,850,000.00
Otros activos financieros $163,150,000.00
Inventarios $54,449,874,000.00
Otros activos no financieros $904,354,000.00
Total de activos circulantes $96,735,629,000.00
Activos no circulantes
Impuestos por recuperar no circulantes $549,000,000.00
Otros activos financieros no circulantes $1,297,306,000.00
Propiedades, planta y equipo $131,986,691,000.00
Propiedades de inversión $5,063,469,000.00
Activos por derechos de uso
Crédito mercantil $34,570,686,000.00
Activos intangibles distintos al crédito mercantil $1,886,958,000.00
Activos por impuestos diferidos $7,187,307,000.00
Total de activos no circulantes $182,541,417,000.00
Total de activos $279,277,046,000.00
Pasivos
Pasivos Circulantes
Proveedores y otras cuentas por pagar a corto plazo $111,497,281,000.00
Impuestos por pagar a corto plazo $3,517,020,000.00
Otros pasivos financieros a corto plazo $370,165,000.00
Pasivos por arrendamientos a corto plazo
Otras provisiones a corto plazo $1,571,421,000.00
Total de pasivos circulantes $116,955,887,000.00
Pasivos a largo plazo

Proveedores y otras cuentas por pagar a largo plazo $5,129,869,000.00
Impuestos por pagar a largo plazo $0.00
Otros pasivos financieros a largo plazo $14,891,046,000.00
Pasivos por arrendamientos a largo plazo
Otros pasivos no financieros a largo plazo $8,177,000.00
Provisiones por beneficios a los empleados a Largo plazo $1,804,033,000.00
Pasivo por impuestos diferidos $6,406,514,000.00
Total de pasivos a Largo plazo $28,239,639,000.00
Total pasivos $145,195,526,000.00
Capital Contable
Capital social $45,468,428,000.00
Prima en emisión de acciones ($2,466,511,000.00)
Utilidades acumuladas $76,276,459,000.00
Otros resultados integrales acumulados $14,803,144,000.00
Total de capital contable $134,081,520,000.00
Total de capital contable y pasivos $279,277,046,000.00
Estado de Resultados 1T 2018

Ingresos $ 145,054,319,000.00
Costo de Ventas $ 111,840,827,000.00
Utilidad Bruta $ 33,213,492,000.00
Gastos de Venta $ -
Gastos de Administracion $ 21,973,137,000.00
Otros Ingresos $ 182,718,000.00
Otros Gastos $ 88,815,000.00
Utilidad (pérdida) de Operación $ 11,334,258,000.00
Ingresos Financieros $ 454,175,000.00

Gastos Financieros $ 492,409,000.00
Participación en la Utilidad de Asociadas y Negocios Conjuntos $ -
Utilidad antes de Impuestos $ 11,296,024,000.00
Impuestos a la Utilidad $ 2,947,110,000.00

Utilidad neta $ 8,348,914,000.00
2T 2018 3T 2018 4T 2018 1T 2019
$30,256,479,000.00 $33,061,176,000.00 $38,829,598,000.00 $29,511,695,000.00

$6,958,664,000.00 $6,926,270,000.00 $11,072,512,000.00 $10,540,382,000.00
$1,664,352,000.00 $2,377,879,000.00 $962,517,000.00 $786,277,000.00
$178,795,000.00 $168,228,000.00 $0.00 $0.00
$57,530,547,000.00 $60,701,754,000.00 $63,344,265,000.00 $59,032,787,000.00
$1,248,297,000.00 $1,106,041,000.00 $1,405,924,000.00 $1,209,205,000.00
$97,837,134,000.00 $104,341,348,000.00 $115,614,816,000.00 $101,080,346,000.00
$584,594,000.00 $560,883,000.00 $668,974,000.00 $624,350,000.00

$1,450,559,000.00 $1,533,182,000.00 $1,557,703,000.00 $1,527,716,000.00
$135,455,449,000.00 $134,975,646,000.00 $139,368,009,000.00 $124,840,346,000.00
$5,011,272,000.00 $4,913,317,000.00 $4,853,970,000.00 $4,753,828,000.00
$47,691,077,000.00
$37,887,412,000.00 $35,592,840,000.00 $34,989,210,000.00 $34,915,956,000.00
$1,912,486,000.00 $1,882,426,000.00 $2,008,529,000.00 $1,902,776,000.00
$6,623,904,000.00 $8,322,151,000.00 $7,467,622,000.00 $7,606,681,000.00
$188,925,676,000.00 $187,780,445,000.00 $190,914,017,000.00 $223,862,730,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
$106,568,706,000.00 $106,735,700,000.00 $110,861,691,000.00 $118,360,592,000.00

$1,031,230,000.00 $1,248,325,000.00 $1,269,116,000.00 $1,432,288,000.00
$314,993,000.00 $317,842,000.00 $335,143,000.00 $0.00
$2,973,456,000.00
$1,689,818,000.00 $1,522,399,000.00 $1,699,542,000.00 $2,735,444,000.00
$109,604,747,000.00 $109,824,266,000.00 $114,165,492,000.00 $125,501,780,000.00
$5,046,392,000.00 $4,963,292,000.00 $4,881,202,000.00 $4,795,689,000.00

$0.00 $0.00 $0.00 $0.00
$15,347,289,000.00 $15,166,241,000.00 $15,129,483,000.00 $0.00
$48,848,735,000.00
$9,126,000.00 $8,355,000.00 $8,623,000.00 $8,498,000.00
$1,885,180,000.00 $1,796,444,000.00 $1,643,027,000.00 $1,585,014,000.00
$5,938,693,000.00 $7,623,519,000.00 $576,932,000.00 $5,122,578,000.00
$28,226,680,000.00 $29,557,851,000.00 $27,449,267,000.00 $60,360,514,000.00
$137,831,427,000.00 $139,382,117,000.00 $141,614,759,000.00 $185,862,294,000.00
$45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00

($1,631,218,000.00) ($1,308,718,000.00) ($1,111,487,000.00) ($2,346,994,000.00)
$84,206,602,000.00 $92,879,852,000.00 $104,638,687,000.00 $80,328,181,000.00
$20,887,571,000.00 $15,700,114,000.00 $15,918,446,000.00 $15,631,167,000.00
$148,931,383,000.00 $152,739,676,000.00 $164,914,074,000.00 $139,080,782,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
2T 2018 3T 2018 4T 2018 1T 2019

$ 146,666,608,000.00 $ 147,767,841,000.00 $ 177,421,564,000.00 $ 151,733,649,000.00
$ 113,160,306,000.00 $ 113,355,401,000.00 $ 136,967,286,000.00 $ 117,236,562,000.00
$ 33,506,302,000.00 $ 34,412,440,000.00 $ 40,454,278,000.00 $ 34,497,087,000.00
$ - $ - $ - $ -
$ 23,063,092,000.00 $ 22,618,137,000.00 $ 24,943,324,000.00 $ 22,228,319,000.00
$ 115,907,000.00 $ 297,874,000.00 $ 295,294,000.00 $ 236,170,000.00
$ 132,424,000.00 $ 281,059,000.00 $ 188,529,000.00 $ 165,749,000.00
$ 10,426,693,000.00 $ 11,811,118,000.00 $ 15,617,719,000.00 $ 12,339,189,000.00
$ 729,117,000.00 $ 521,607,000.00 $ 624,678,000.00 $ 526,443,000.00

$ 528,935,000.00 $ 887,723,000.00 $ 750,562,000.00 $ 1,528,707,000.00
$ - $ - $ - $ -
$ 10,626,875,000.00 $ 11,445,002,000.00 $ 15,491,835,000.00 $ 11,336,925,000.00
$ 2,666,669,000.00 $ 2,763,339,000.00 $ 3,730,005,000.00 $ 2,672,980,000.00

$ 7,960,206,000.00 $ 8,681,663,000.00 $ 11,761,830,000.00 $ 8,663,945,000.00
Análisis 1T 2018
Margen Bruto de Ganancia 22.90%
Margen de Operación 781.38%
Margen Neto de Ganancia
Razón de Impuestos
Cobertura de Intereses
Indice de Liquidez Corriente

Prueba del Acido
Rotacion de Activos

Activos
Activos circulantes
Inventarios $54,449,874,000.00
Total de activos $279,277,046,000.00
Pasivos
Pasivos Circulantes

Provisiones por beneficios a los empleados a Largo plazo $1,804,033,000.00
Total pasivos $145,195,526,000.00
Capital Contable
Capital social $45,468,428,000.00

Ingresos $ 145,054,319,000.00
Costo de Ventas $ 111,840,827,000.00
Utilidad Bruta $ 33,213,492,000.00
Gastos de Venta $ -
Otros Gastos $ 88,815,000.00


Utilidad neta $ 8,348,914,000.00
2T 2018 3T 2018 4T 2018 1T 2019
22.85% 23.29% 22.80% 22.74%
2T 2018 3T 2018 4T 2018 1T 2019
$30,256,479,000.00 $33,061,176,000.00 $38,829,598,000.00 $29,511,695,000.00

$6,958,664,000.00 $6,926,270,000.00 $11,072,512,000.00 $10,540,382,000.00
$1,664,352,000.00 $2,377,879,000.00 $962,517,000.00 $786,277,000.00
$178,795,000.00 $168,228,000.00 $0.00 $0.00
$57,530,547,000.00 $60,701,754,000.00 $63,344,265,000.00 $59,032,787,000.00
$1,248,297,000.00 $1,106,041,000.00 $1,405,924,000.00 $1,209,205,000.00
$97,837,134,000.00 $104,341,348,000.00 $115,614,816,000.00 $101,080,346,000.00
$584,594,000.00 $560,883,000.00 $668,974,000.00 $624,350,000.00

$1,450,559,000.00 $1,533,182,000.00 $1,557,703,000.00 $1,527,716,000.00
$135,455,449,000.00 $134,975,646,000.00 $139,368,009,000.00 $124,840,346,000.00
$5,011,272,000.00 $4,913,317,000.00 $4,853,970,000.00 $4,753,828,000.00
$47,691,077,000.00
$37,887,412,000.00 $35,592,840,000.00 $34,989,210,000.00 $34,915,956,000.00
$1,912,486,000.00 $1,882,426,000.00 $2,008,529,000.00 $1,902,776,000.00
$6,623,904,000.00 $8,322,151,000.00 $7,467,622,000.00 $7,606,681,000.00
$188,925,676,000.00 $187,780,445,000.00 $190,914,017,000.00 $223,862,730,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
$106,568,706,000.00 $106,735,700,000.00 $110,861,691,000.00 $118,360,592,000.00

$1,031,230,000.00 $1,248,325,000.00 $1,269,116,000.00 $1,432,288,000.00
$314,993,000.00 $317,842,000.00 $335,143,000.00 $0.00
$2,973,456,000.00
$1,689,818,000.00 $1,522,399,000.00 $1,699,542,000.00 $2,735,444,000.00
$109,604,747,000.00 $109,824,266,000.00 $114,165,492,000.00 $125,501,780,000.00
$5,046,392,000.00 $4,963,292,000.00 $4,881,202,000.00 $4,795,689,000.00

$0.00 $0.00 $0.00 $0.00
$15,347,289,000.00 $15,166,241,000.00 $15,129,483,000.00 $0.00
$48,848,735,000.00
$9,126,000.00 $8,355,000.00 $8,623,000.00 $8,498,000.00
$1,885,180,000.00 $1,796,444,000.00 $1,643,027,000.00 $1,585,014,000.00
$5,938,693,000.00 $7,623,519,000.00 $576,932,000.00 $5,122,578,000.00
$28,226,680,000.00 $29,557,851,000.00 $27,449,267,000.00 $60,360,514,000.00
$137,831,427,000.00 $139,382,117,000.00 $141,614,759,000.00 $185,862,294,000.00
$45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00

($1,631,218,000.00) ($1,308,718,000.00) ($1,111,487,000.00) ($2,346,994,000.00)
$84,206,602,000.00 $92,879,852,000.00 $104,638,687,000.00 $80,328,181,000.00
$20,887,571,000.00 $15,700,114,000.00 $15,918,446,000.00 $15,631,167,000.00
$148,931,383,000.00 $152,739,676,000.00 $164,914,074,000.00 $139,080,782,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
2T 2018 3T 2018 4T 2018 1T 2019

$ 146,666,608,000.00 $ 147,767,841,000.00 $ 177,421,564,000.00 $ 151,733,649,000.00
$ 113,160,306,000.00 $ 113,355,401,000.00 $ 136,967,286,000.00 $ 117,236,562,000.00
$ 33,506,302,000.00 $ 34,412,440,000.00 $ 40,454,278,000.00 $ 34,497,087,000.00
$ - $ - $ - $ -
$ 23,063,092,000.00 $ 22,618,137,000.00 $ 24,943,324,000.00 $ 22,228,319,000.00
$ 115,907,000.00 $ 297,874,000.00 $ 295,294,000.00 $ 236,170,000.00
$ 132,424,000.00 $ 281,059,000.00 $ 188,529,000.00 $ 165,749,000.00
$ 10,426,693,000.00 $ 11,811,118,000.00 $ 15,617,719,000.00 $ 12,339,189,000.00
$ 729,117,000.00 $ 521,607,000.00 $ 624,678,000.00 $ 526,443,000.00

$ 528,935,000.00 $ 887,723,000.00 $ 750,562,000.00 $ 1,528,707,000.00
$ - $ - $ - $ -
$ 10,626,875,000.00 $ 11,445,002,000.00 $ 15,491,835,000.00 $ 11,336,925,000.00
$ 2,666,669,000.00 $ 2,763,339,000.00 $ 3,730,005,000.00 $ 2,672,980,000.00

$ 7,960,206,000.00 $ 8,681,663,000.00 $ 11,761,830,000.00 $ 8,663,945,000.00
Activos
Activos circulantes
Efectivo y equivalentes de efectivo 2,300,809,000
Clientes y otras cuentas por cobrar 722,723,000
Impuestos por recuperar 13,618,000
Otros activos financieros 125,213,000
Inventarios 2,374,688,000
Otros activos no financieros $0.00
Total de activos $24,557,337,000.00
Pasivos
Pasivos Circulantes
Impuestos por pagar a corto plazo $24,097,000.00
Otros pasivos financieros a corto plazo $0.00
Pasivos por arrendamientos a corto plazo $0.00
Otras provisiones a corto plazo $212,205,000.00
Total pasivos $3,547,821,000.00
Capital Contable

Ingresos $4,287,310,000.00
Costo de Ventas $3,125,637,000.00
Utilidad Bruta $1,161,673,000.00
Gastos de Venta $778,230,000.00

Gastos de Administracion $166,379,000.00
Otros Ingresos $6,488,000.00
Otros Gastos $16,708,000.00
Utilidad (pérdida) de Operación $206,844,000.00
Ingresos Financieros $45,125,000.00

Gastos Financieros $19,447,000.00
Participación en la Utilidad de Asociadas y Negocios Conjuntos
Utilidad antes de Impuestos $232,522,000.00
Impuestos a la Utilidad $60,212,000.00

Utilidad neta $172,310,000.00
Análisis 1T 2018
Margen Neto de Ganancia 4.02%
Razón de Impuestos 25.90%
Cobertura de Intereses 10.64
Indice de Liquidez Corriente 1.64

Prueba del Acido 0.94
Rotacion de Activos 0.17
2T 2018 3T 2018 4T 2018 1T 2019
2,742,651,000 2,629,364,000 2,601,863,000 2,685,766,000

703,639,000 675,131,000 822,663,000 805,665,000
19,057,000 29,298,000 11,251,000 13,755,000
124,952,000 124,050,000 122,099,000 120,139,000
3,202,268,000 2,589,783,000 2,671,821,000 2,802,765,000
$0.00 $0.00 $0.00
$6,792,567,000.00 $6,047,626,000.00 $6,229,697,000.00 $6,428,090,000.00
$19,370,419,000.00 $19,372,789,000.00 $19,806,548,000.00 $21,245,143,000.00
$26,162,986,000.00 $25,420,415,000.00 $26,036,245,000.00 $27,673,233,000.00
$4,374,220,000.00 $3,148,064,000.00 $3,572,326,000.00 $3,647,610,000.00

$38,818,000.00 $48,391,000.00 $82,111,000.00 $53,749,000.00
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $66,212,000.00
$239,814,000.00 $304,616,000.00 $247,313,000.00 $254,791,000.00
$4,652,852,000.00 $3,501,071,000.00 $3,901,750,000.00 $4,022,362,000.00
$4,925,654,000.00 $3,830,849,000.00 $4,033,642,000.00 $5,409,984,000.00
$21,237,332,000.00 $21,589,566,000.00 $22,002,603,000.00 $22,263,249,000.00
$26,162,986,000.00 $25,420,415,000.00 $26,036,245,000.00 $27,673,233,000.00
2T 2018 3T 2018 4T 2018 1T 2019

$4,829,792,000.00 $4,931,497,000.00 $ 5,070,500,000.00 $4,921,621,000.00
$3,581,713,000.00 $3,641,892,000.00 $ 3,728,700,000.00 $3,556,658,000.00
$1,248,079,000.00 $1,289,605,000.00 $ 1,341,800,000.00 $1,364,963,000.00
$867,177,000.00 $908,911,000.00 $ 1,136,800,000.00 $886,876,000.00

$174,181,000.00 $183,786,000.00 $184,916,000.00
$10,200,000.00 $237,175,000.00 $8,271,000.00
$13,481,000.00 $1,893,000.00 $1,617,000.00
$203,440,000.00 $432,190,000.00 $ 205,000,000.00 $299,825,000.00
$79,338,000.00 $72,315,000.00 $56,621,000.00

$11,352,000.00 $93,289,000.00 $ 44,000,000.00 $43,108,000.00
$0.00
$271,426,000.00 $411,216,000.00 $371,200,000.00 $313,338,000.00
$73,583,000.00 $102,623,000.00 $ (138,000,000.00) $52,692,000.00

$197,843,000.00 $308,593,000.00 $ 410,000,000.00 $260,646,000.00
2T 2018 3T 2018 4T 2018 1T 2019

25.84% 26.15% 26.46% 27.73%
4.21% 8.76% 4.04% 6.09%
4.10% 6.26% 8.09% 5.30%
27.11% 24.96% -37.18% 16.82%
17.92 4.63 4.66 6.96
1.46 1.73 1.60 1.60

0.77 0.99 0.91 0.90
0.18 0.19 0.19 0.18
Balance General 1T 2018 2T 2018
Activos
Activos circulantes
Efectivo y equivalentes de efectivo 3,619,675,000 3,008,709,000
Clientes y otras cuentas por cobrar 4,547,783,000 5,412,764,000
Impuestos por recuperar 1,344,833,000 860,243,000
Otros activos financieros 0 0
Inventarios 26,013,502,000 29,974,475,000
Otros activos no financieros $0.00 $0.00
Total de activos circulantes $37,077,187,000.00 $40,849,073,000.00
Total de activos no circulantes $91,219,526,000.00 $91,010,287,000.00
Total de activos $128,296,713,000.00 $131,859,360,000.00
Pasivos
Pasivos Circulantes
Proveedores y otras cuentas por pagar a corto plazo $26,995,704,000.00 $32,247,256,000.00
Impuestos por pagar a corto plazo $1,406,450,000.00 $1,676,276,000.00
Otros pasivos financieros a corto plazo $7,282,885,000.00 $5,184,670,000.00
Pasivos por arrendamientos a corto plazo $0.00 $0.00
Otras provisiones a corto plazo $34,300,000.00 $34,300,000.00
Total de pasivos circulantes $35,719,339,000.00 $39,142,502,000.00
Total pasivos $69,213,004,000.00 $71,825,889,000.00
Capital Contable
Total de capital contable $59,083,709,000.00 $60,033,471,000.00
Total de capital contable y pasivos $128,296,713,000.00 $131,859,360,000.00
Estado de Resultados 1T 2018 2T 2018

Ingresos $35,486,734,000.00 $38,345,616,000.00
Costo de Ventas $27,471,299,000.00 $29,884,401,000.00
Utilidad Bruta $8,015,435,000.00 $8,461,215,000.00
Gastos de Venta $6,273,208,000.00 $6,491,096,000.00

Gastos de Administracion $0.00 $0.00
Otros Ingresos $42,115,000.00 $49,765,000.00
Otros Gastos $33,238,000.00 $29,920,000.00
Utilidad (pérdida) de Operación $1,751,104,000.00 $1,989,964,000.00
Ingresos Financieros $54,916,000.00 $51,425,000.00

Gastos Financieros $562,211,000.00 $599,798,000.00
Participación en la Utilidad de Asociadas y Negocios Conjun ($48,739,000.00) ($82,303,000.00)
Utilidad antes de Impuestos $1,195,070,000.00 $1,359,288,000.00
Impuestos a la Utilidad $371,415,000.00 $457,025,000.00

Utilidad neta $823,655,000.00 $902,263,000.00
Análisis 1T 2018 2T 2018

Margen Bruto de Ganancia 22.59% 22.07%
Margen de Operación 4.93% 5.19%
Margen Neto de Ganancia 2.32% 2.35%
Razón de Impuestos 31.08% 33.62%
Cobertura de Intereses 3.11467402807843 3.31772363362332
Indice de Liquidez Corriente 1.04 1.04

Prueba del Acido 0.31 0.28
Rotacion de Activos 0.28 0.29
3T 2018 4T 2018 1T 2019
2,838,618,000 2,229,114,000 2,634,120,000

4,827,272,000 6,489,321,000 5,474,476,000
2,093,829,000 1,720,805,000 3,238,666,000
0 0 0
29,217,433,000 29,483,708,000 30,173,995,000
$0.00 $0.00 $0.00
$40,444,540,000.00 $39,922,948,000.00 $42,987,225,000.00
$90,929,077,000.00 $91,261,053,000.00 $98,918,024,000.00
$131,373,617,000.00 $132,632,568,000.00 $141,905,249,000.00
$27,337,393,000.00 $31,679,163,000.00 $26,630,631,000.00

$1,282,485,000.00 $1,912,776,000.00 $1,534,905,000.00
$9,364,191,000.00 $8,433,542,000.00 $13,896,900,000.00
$0.00 $0.00 $372,864,000.00
$34,300,000.00 $36,183,000.00 $0.00
$38,018,369,000.00 $42,061,664,000.00 $42,435,300,000.00
$70,707,947,000.00 $70,744,451,000.00 $79,438,515,000.00
$60,665,670,000.00 $61,888,117,000.00 $62,466,734,000.00
$131,373,617,000.00 $132,632,568,000.00 $141,905,249,000.00
3T 2018 4T 2018 1T 2019

$38,654,457,000.00 $40,988,236,000.00 $35,255,446,000.00
$30,214,437,000.00 $31,554,930,000.00 $27,081,379,000.00
$8,440,020,000.00 $9,433,306,000.00 $8,174,067,000.00
$6,778,613,000.00 $6,848,957,000.00 $6,266,174,000.00

$0.00 $0.00 $0.00
$50,164,000.00 $120,056,000.00 $109,250,000.00
$33,450,000.00 $55,365,000.00 $23,177,000.00
$1,678,121,000.00 $2,649,040,000.00 $1,993,966,000.00
$65,501,000.00 $55,120,000.00 $62,778,000.00

$583,018,000.00 $593,334,000.00 $845,221,000.00
($85,683,000.00) ($148,370,000.00) ($104,508,000.00)
$1,074,921,000.00 $1,962,456,000.00 $1,107,015,000.00
$426,741,000.00 $626,957,000.00 $358,521,000.00

$648,180,000.00 $1,335,499,000.00 $748,494,000.00
3T 2018 4T 2018 1T 2019

21.83% 23.01% 23.19%
4.34% 6.46% 5.66%
1.68% 3.26% 2.12%
39.70% 31.95% 32.39%
2.87833480269906 4.46466914082119 2.35910607994832
1.06 0.95 1.01

0.30 0.25 0.30
0.29 0.31 0.25
Balance General 1T 2018 2T 2018
Activos
Activos circulantes
Efectivo y equivalentes de efectivo $2,247,732,000.00 $1,888,838,000.00
Clientes y otras cuentas por cobrar $702,572,000.00 $929,747,000.00
Impuestos por recuperar $1,601,806,000.00 $1,920,033,000.00
Otros activos financieros $651,878,000.00 $757,626,000.00
Inventarios $9,700,588,000.00 $11,859,654,000.00
Otros activos no financieros $0.00 $0.00
Total de activos circulantes $14,904,576,000.00 $17,355,898,000.00
Total de activos no circulantes $40,617,491,000.00 $46,152,929,000.00
Total de activos $55,522,067,000.00 $63,508,827,000.00
Pasivos
Pasivos Circulantes
Proveedores y otras cuentas por pagar a corto plazo $16,790,959,000.00 $19,025,685,000.00
Impuestos por pagar a corto plazo $567,005,000.00 $33,902,000.00
Otros pasivos financieros a corto plazo $563,361,000.00 $371,047,000.00
Pasivos por arrendamientos a corto plazo $0.00 $0.00
Otras provisiones a corto plazo $689,857,000.00 $666,745,000.00
Total de pasivos circulantes $18,611,182,000.00 $20,097,379,000.00
Total pasivos $26,685,780,000.00 $34,293,269,000.00
Capital Contable
Total de capital contable $28,836,287,000.00 $29,215,558,000.00
Total de capital contable y pasivos $55,522,067,000.00 $63,508,827,000.00

Estado de Resultados 1T 2018 2T 2018
Ingresos $23,289,188,000.00 $27,941,963,000.00
Costo de Ventas $18,369,284,000.00 $21,836,899,000.00
Utilidad Bruta $4,919,904,000.00 $6,105,064,000.00
Gastos de Venta $3,745,336,000.00 $5,035,665,000.00

Gastos de Administracion $0.00 $0.00
Otros Ingresos $3,336,000.00 $13,995,000.00
Otros Gastos $3,611,000.00 $5,400,000.00
Utilidad (pérdida) de Operación $1,174,293,000.00 $1,077,994,000.00
Ingresos Financieros $42,274,000.00 $67,225,000.00

Gastos Financieros $329,894,000.00 $379,953,000.00
Participación en la Utilidad de Asociadas y Negocios Conjun $0.00 $0.00
Utilidad antes de Impuestos $886,673,000.00 $765,266,000.00
Impuestos a la Utilidad $301,469,000.00 $260,191,000.00

Utilidad neta $585,204,000.00 $505,075,000.00
Análisis 1T 2018 2T 2018

Margen Bruto de Ganancia 21.13% 21.85%
Margen de Operación $0.05 $0.04
Margen Neto de Ganancia 2.51% 1.81%
Razón de Impuestos 34.00% 34.00%
Cobertura de Intereses 3.55960702528691 2.83717722981527
Indice de Liquidez Corriente 0.80 0.86

Prueba del Acido 0.28 0.27
Rotacion de Activos 0.42 0.44
3T 2018 4T 2018 1T 2019
$1,594,148,000.00 $1,251,571,000.00 1,567,664,000

$939,352,000.00 $1,364,822,000.00 993,516,000
$1,835,293,000.00 $2,224,881,000.00 2,238,104,000
$962,464,000.00 $485,830,000.00 802,080,000
$13,042,687,000.00 $13,084,245,000.00 12,313,053,000
$0.00 $0.00 $0.00
$18,373,944,000.00 $18,411,349,000.00 $17,914,417,000.00
$46,366,792,000.00 $49,832,738,000.00 $69,773,252,000.00
$64,740,736,000.00 $68,244,087,000.00 $87,687,669,000.00
$19,955,702,000.00 $22,081,609,000.00 $18,622,267,000.00

$49,504,000.00 $390,718,000.00 $253,768,000.00
$430,884,000.00 $507,405,000.00 $3,140,914,000.00
$0.00 $0.00 $565,983,000.00
$728,864,000.00 $581,000,000.00 $827,358,000.00
$21,164,954,000.00 $23,560,732,000.00 $23,410,290,000.00
$35,042,782,000.00 $38,680,391,000.00 $60,117,809,000.00
$29,697,954,000.00 $29,563,696,000.00 $27,569,860,000.00
$64,740,736,000.00 $68,244,087,000.00 $87,687,669,000.00

3T 2018 4T 2018 1T 2019
$30,265,600,000.00 $34,534,128,000.00 $31,124,983,000.00
$23,715,427,000.00 $27,580,934,000.00 $24,401,747,000.00
$6,550,173,000.00 $6,953,194,000.00 $6,723,236,000.00
$5,347,268,000.00 $6,129,372,000.00 $5,303,670,000.00

$0.00 $0.00 $0.00
$2,905,000.00 $299,685,000.00 $26,628,000.00
$5,093,000.00 $29,613,000.00 $38,774,000.00
$1,200,717,000.00 $1,093,894,000.00 $1,407,420,000.00
$78,702,000.00 $54,031,000.00 $50,839,000.00

$431,928,000.00 $584,342,000.00 $791,605,000.00
$0.00 $0.00 $0.00
$847,491,000.00 $563,583,000.00 $666,654,000.00
$288,146,000.00 $162,772,000.00 $229,658,000.00

$559,345,000.00 $400,811,000.00 $436,996,000.00
3T 2018 4T 2018 1T 2019

21.64% 20.13% 21.60%
$0.04 $0.03 $0.05
1.85% 1.16% 1.40%
34.00% 28.88% 34.45%
2.7799008168028 1.87200988462236 1.77793217576948
0.87 0.78 0.77

0.25 0.23 0.24
0.47 0.51 0.35
1T2019
Análisis Walmex Target La Comer
Margen Bruto de Ganancia
Margen de Operación
Razón de Impuestos

Prueba del Acido
Rotacion de Activos
Target list
Análisis 1T 2018 2T 2018 3T 2018
Margen Bruto de Ganancia
Margen de Operación
Razón de Impuestos

Prueba del Acido
Rotacion de Activos
Soriana Chedraui
4T 2018 1T 2019
Análisis 1T 2018
Margen Neto de Ganancia 5.76%
Razón de Impuestos 26.09%
Cobertura de Intereses 23.02
Indice de Liquidez Corriente 0.83

Prueba del Acido 0.36
Rotacion de activos 0.52

Activos
Activos circulantes
Inventarios $54,449,874,000.00
Total de activos $279,277,046,000.00
Pasivos
Pasivos Circulantes

Provisiones por beneficios a los empleados a Largo plazo $0.00
Total pasivos $145,195,526,000.00
Capital Contable
Capital social $45,468,428,000.00

Ingresos $ 145,054,319,000.00
Costo de Ventas $ 111,840,827,000.00
Utilidad Bruta $ 33,213,492,000.00
Gastos de Venta $ -
Otros Gastos $ 88,815,000.00


Utilidad neta $ 8,348,914,000.00
2T 2018 3T 2018 4T 2018 1T 2019
22.85% 23.29% 22.80% 22.74%
7.11% 7.99% 8.80% 8.13%
5.43% 5.88% 6.63% 5.71%
25.09% 24.14% 24.08% 23.58%
19.71 13.30 20.81 8.07
0.89 0.95 1.01 0.81

0.37 0.40 0.46 0.34
0.51 0.51 0.58 0.47
2T 2018 3T 2018 4T 2018 1T 2019
$30,256,479,000.00 $33,061,176,000.00 $38,829,598,000.00 $29,511,695,000.00

$6,958,664,000.00 $6,926,270,000.00 $11,072,512,000.00 $10,540,382,000.00
$1,664,352,000.00 $2,377,879,000.00 $962,517,000.00 $786,277,000.00
$178,795,000.00 $168,228,000.00 $0.00 $0.00
$57,530,547,000.00 $60,701,754,000.00 $63,344,265,000.00 $59,032,787,000.00
$1,248,297,000.00 $1,106,041,000.00 $1,405,924,000.00 $1,209,205,000.00
$97,837,134,000.00 $104,341,348,000.00 $115,614,816,000.00 $101,080,346,000.00
$584,594,000.00 $560,883,000.00 $668,974,000.00 $624,350,000.00

$1,450,559,000.00 $1,533,182,000.00 $1,557,703,000.00 $1,527,716,000.00
$135,455,449,000.00 $134,975,646,000.00 $139,368,009,000.00 $124,840,346,000.00
$5,011,272,000.00 $4,913,317,000.00 $4,853,970,000.00 $4,753,828,000.00
$47,691,077,000.00
$37,887,412,000.00 $35,592,840,000.00 $34,989,210,000.00 $34,915,956,000.00
$1,912,486,000.00 $1,882,426,000.00 $2,008,529,000.00 $1,902,776,000.00
$6,623,904,000.00 $8,322,151,000.00 $7,467,622,000.00 $7,606,681,000.00
$188,925,676,000.00 $187,780,445,000.00 $190,914,017,000.00 $223,862,730,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
$106,568,706,000.00 $106,735,700,000.00 $110,861,691,000.00 $118,360,592,000.00

$1,031,230,000.00 $1,248,325,000.00 $1,269,116,000.00 $1,432,288,000.00
$314,993,000.00 $317,842,000.00 $335,143,000.00 $0.00
$2,973,456,000.00
$1,689,818,000.00 $1,522,399,000.00 $1,699,542,000.00 $2,735,444,000.00
$109,604,747,000.00 $109,824,266,000.00 $114,165,492,000.00 $125,501,780,000.00
$5,046,392,000.00 $4,963,292,000.00 $4,881,202,000.00 $4,795,689,000.00

$0.00 $0.00 $0.00 $0.00
$15,347,289,000.00 $15,166,241,000.00 $15,129,483,000.00 $0.00
$48,848,735,000.00
$9,126,000.00 $8,355,000.00 $8,623,000.00 $8,498,000.00
$1,885,180,000.00 $1,796,444,000.00 $1,643,027,000.00 $1,585,014,000.00
$5,938,693,000.00 $7,623,519,000.00 $576,932,000.00 $5,122,578,000.00
$28,226,680,000.00 $29,557,851,000.00 $27,449,267,000.00 $60,360,514,000.00
$137,831,427,000.00 $139,382,117,000.00 $141,614,759,000.00 $185,862,294,000.00
$45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00

($1,631,218,000.00) ($1,308,718,000.00) ($1,111,487,000.00) ($2,346,994,000.00)
$84,206,602,000.00 $92,879,852,000.00 $104,638,687,000.00 $80,328,181,000.00
$20,887,571,000.00 $15,700,114,000.00 $15,918,446,000.00 $15,631,167,000.00
$148,931,383,000.00 $152,739,676,000.00 $164,914,074,000.00 $139,080,782,000.00
$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00
2T 2018 3T 2018 4T 2018 1T 2019

$ 146,666,608,000.00 $ 147,767,841,000.00 $ 177,421,564,000.00 $ 151,733,649,000.00
$ 113,160,306,000.00 $ 113,355,401,000.00 $ 136,967,286,000.00 $ 117,236,562,000.00
$ 33,506,302,000.00 $ 34,412,440,000.00 $ 40,454,278,000.00 $ 34,497,087,000.00
$ - $ - $ - $ -
$ 23,063,092,000.00 $ 22,618,137,000.00 $ 24,943,324,000.00 $ 22,228,319,000.00
$ 115,907,000.00 $ 297,874,000.00 $ 295,294,000.00 $ 236,170,000.00
$ 132,424,000.00 $ 281,059,000.00 $ 188,529,000.00 $ 165,749,000.00
$ 10,426,693,000.00 $ 11,811,118,000.00 $ 15,617,719,000.00 $ 12,339,189,000.00
$ 729,117,000.00 $ 521,607,000.00 $ 624,678,000.00 $ 526,443,000.00

$ 528,935,000.00 $ 887,723,000.00 $ 750,562,000.00 $ 1,528,707,000.00
$ - $ - $ - $ -
$ 10,626,875,000.00 $ 11,445,002,000.00 $ 15,491,835,000.00 $ 11,336,925,000.00
$ 2,666,669,000.00 $ 2,763,339,000.00 $ 3,730,005,000.00 $ 2,672,980,000.00

$ 7,960,206,000.00 $ 8,681,663,000.00 $ 11,761,830,000.00 $ 8,663,945,000.00

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Balance General 1T 2018

Total de activos $279,277,046,000.00

Pasivos a largo plazo

Total de capital contable y pasivos $279,277,046,000.00

Estado de Resultados 1T 2018

Ingresos Financieros $ 454,175,000.00

Impuestos a la Utilidad $ 2,947,110,000.00

$30,256,479,000.00 $33,061,176,000.00 $38,829,598,000.00 $29,511,695,000.00

$584,594,000.00 $560,883,000.00 $668,974,000.00 $624,350,000.00

$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00

$106,568,706,000.00 $106,735,700,000.00 $110,861,691,000.00 $118,360,592,000.00

$5,046,392,000.00 $4,963,292,000.00 $4,881,202,000.00 $4,795,689,000.00

$45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00

$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00

2T 2018 3T 2018 4T 2018 1T 2019

$ 729,117,000.00 $ 521,607,000.00 $ 624,678,000.00 $ 526,443,000.00

$ 2,666,669,000.00 $ 2,763,339,000.00 $ 3,730,005,000.00 $ 2,672,980,000.00

Indice de Liquidez Corriente

Balance General 1T 2018

Total de activos $279,277,046,000.00

Pasivos a largo plazo

Total de capital contable y pasivos $279,277,046,000.00

Estado de Resultados 1T 2018

Ingresos Financieros $ 454,175,000.00

Impuestos a la Utilidad $ 2,947,110,000.00

2T 2018 3T 2018 4T 2018 1T 2019

$30,256,479,000.00 $33,061,176,000.00 $38,829,598,000.00 $29,511,695,000.00

$584,594,000.00 $560,883,000.00 $668,974,000.00 $624,350,000.00

$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00

$106,568,706,000.00 $106,735,700,000.00 $110,861,691,000.00 $118,360,592,000.00

$5,046,392,000.00 $4,963,292,000.00 $4,881,202,000.00 $4,795,689,000.00

$45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00 $45,468,428,000.00

$286,762,810,000.00 $292,121,793,000.00 $306,528,833,000.00 $324,943,076,000.00

2T 2018 3T 2018 4T 2018 1T 2019

$ 729,117,000.00 $ 521,607,000.00 $ 624,678,000.00 $ 526,443,000.00

$ 2,666,669,000.00 $ 2,763,339,000.00 $ 3,730,005,000.00 $ 2,672,980,000.00

Total de activos no circulantes $19,020,286,000.00

Total de activos $24,557,337,000.00

Total pasivos $3,547,821,000.00

Total de capital contable y pasivos $24,557,337,000.00

Estado de Resultados 1T 2018

Gastos de Venta $778,230,000.00

Ingresos Financieros $45,125,000.00

Impuestos a la Utilidad $60,212,000.00

Razón de Impuestos 25.90%

Cobertura de Intereses 10.64

Indice de Liquidez Corriente 1.64

2,742,651,000 2,629,364,000 2,601,863,000 2,685,766,000

$19,370,419,000.00 $19,372,789,000.00 $19,806,548,000.00 $21,245,143,000.00

$26,162,986,000.00 $25,420,415,000.00 $26,036,245,000.00 $27,673,233,000.00

$4,374,220,000.00 $3,148,064,000.00 $3,572,326,000.00 $3,647,610,000.00

$4,925,654,000.00 $3,830,849,000.00 $4,033,642,000.00 $5,409,984,000.00

$21,237,332,000.00 $21,589,566,000.00 $22,002,603,000.00 $22,263,249,000.00

$26,162,986,000.00 $25,420,415,000.00 $26,036,245,000.00 $27,673,233,000.00

2T 2018 3T 2018 4T 2018 1T 2019

$867,177,000.00 $908,911,000.00 $ 1,136,800,000.00 $886,876,000.00

$79,338,000.00 $72,315,000.00 $56,621,000.00

$73,583,000.00 $102,623,000.00 $ (138,000,000.00) $52,692,000.00

2T 2018 3T 2018 4T 2018 1T 2019

27.11% 24.96% -37.18% 16.82%

17.92 4.63 4.66 6.96

1.46 1.73 1.60 1.60

Total de activos no circulantes $91,219,526,000.00 $91,010,287,000.00