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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. 80
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