Investor Presentaiton
REPORT OF INDEPENDENT AUDITORS
TO THE SHAREHOLDERS OF
WAL-MART DE MÉXICO, S.A.B. DE C.V.
We have audited the accompanying consolidated financial statements of Wal-Mart de
México, S.A.B. de C.V. and subsidiaries, which comprise the consolidated statements of
financial position at December 31, 2013 and 2012, and the related consolidated statements
of comprehensive income, changes in equity and cash flows for the years then ended, as
well as a summary of the significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY
FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with the International Financial Reporting Standards
issued by the International Accounting Standards Board, and for such internal control as
management determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
AUDITOR'S RESPONSIBILITY
Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We conducted our audits in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the consolidated financial statements. The procedures selected depend
on the auditor's professional judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to
the preparation and fair presentation of the consolidated financial statements in order
to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
OPINION
In our opinion, the consolidated financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Wal-Mart de México, S.A.B. de
C.V. and subsidiaries at December 31, 2013 and 2012, and their consolidated financial
performance and cash flows for the years then ended, in conformity with the International
Financial Reporting Standards.
Our audit opinion and the accompanying financial statements and footnotes have been
translated from the original Spanish version to English for convenience purposes only.
2013 Financial and
Social Responsibility Report
Mancera, S.C.
A Member Practice of
Ernst & Young Global
Enrique García
Mexico City, February 4, 2014
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