Investor Presentaiton
In Mexico, the legal income tax rate is 30%. For the other countries, the legal income tax rates are
as follows:
Rate
Costa Rica
30%
Guatemala
31%
Honduras
30%
Nicaragua
El Salvador
30%
30%
14.- EMPLOYEE BENEFITS:
Mexico:
The Company has set up a defined benefits trust fund to cover seniority premiums accruing
to employees. Workers make no contributions to this fund. These obligations are estimated
using the projected unit credit method.
At December 31, 2013 and 2012, an analysis of the Company's assets and liabilities for
seniority premiums and retirement benefits is as follows:
Seniority premiums
December 31,
2013
December 31,
2012
Retirement benefits
December 31, December 31,
2013
2012
The goodwill resulting from the acquisition of Walmart Central America is not deductible
under the Mexican Income Tax Law and thus, it has no effect on the Company's calculation
of deferred taxes.
The Company has tax losses from Walmart Bank that, in conformity with the current
Mexican Income Tax Law, may be carried forward against the taxable income generated in
future years.
An analysis of the Company's available tax loss carryforward at December 31, 2013 is as
follows:
Defined benefit
obligation
Ps.
736,256 Ps.
786,744 Ps.
97,307 Ps.
103,353
Plan assets
Net projected
liability
( 612,821)
603,038)
Ps.
123,435 Ps.
183,706 Ps.
97,307 Ps.
103,353
An analysis of the Company's obligations for seniority premiums and retirement benefits
for the years ended December 31, 2013 and 2012 is as follows:
2013 Financial and
Social Responsibility Report
Year of expiration
Amount
2017
Ps.
124,163
Seniority premiums
December 31,
2018
683,098
2013
December 31,
2012
Retirement benefits
December 31,
2013
December 31,
2012
2019
833,739
2020
811,847
Current-year
service cost
Ps.
107,431 Ps.
86,338 Ps.
6,303 Ps.
4,970
2021
633,663
2022
145,605
Net interest
11,342
6,892
6,522
5,930
Ps.
3,232,115
Cost of
defined benefits Ps.
118,773 Ps.
93,230 Ps.
12,825 Ps.
10,900
Payouts for seniority premiums in Mexico for the year ended December 31, 2013 were
Ps. 61,199 (Ps. 53,113 in 2012).
At December 31, 2013, the plan assets have been invested through the trust as follows:
94% in money market instruments and 6% in mutual funds.
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