Investor Presentaiton
The Company has entered into property lease agreements with third parties for
compulsory terms ranging from 2 to 15 years.
The Company has also entered into finance leases for the rental of residual water
treatment plants used to meet environmental protection standards. The terms of
these agreements range from 7 to 10 years.
Future rental payments are as follows:
13.- TAXES ON PROFITS:
Through December 31, 2013, the Company and its subsidiaries, except Walmart Bank and
Walmart Central America, have been authorized by the Ministry of Finance and Public
Credit to determine their tax results on a consolidated basis. Beginning January 1, 2014,
each of the companies of WALMEX shall determine and pay income tax on an individual basis.
An analysis of taxes on profits charged to the income statement for the years ended
December 31, 2013 and 2012, is as follows:
Operating leases
Year
(compulsory term)
Finance leases
(minimum payments)
December 31,
2014
Ps.
2015
Ps.
321,429 Ps.
311,318 Ps.
723,059
2013
December 31,
2012
817,880
2016
Ps.
272,739 Ps.
915,406
2017
Ps.
193,867 Ps.
509,273
Current year tax
Deferred tax
Ps.
2018
PS.
130,490 Ps.
439,997
Total
Ps.
9,165,940
350,998
9,516,938 Ps.
Ps.
8,736,951
499,846
9,236,797
2019 and thereafter
PS.
478,282 Ps.
9,622,614
At December 31, 2013, the liability derived from the use of the straight-line method
under operating leases was Ps. 524,784, of which Ps. 25,085 is presented in the current
liabilities line.
Total rent under operating leases charged to the income statement during the years
ended December 31, 2013 and 2012 was Ps. 4,551,209 and Ps. 3,614,455, respectively.
b) Contingent liability
At December 31, 2013 and 2012, the Company recognized a contingent liability for
contingent compensation related to the acquisition of Walmart Central America of
Ps. 1,069,197 and Ps. 1,190,933, respectively, including amounts payable in less than
one year of Ps. 127,674 and Ps. 131,685, respectively. This contingent compensation
represents future payments in shares and in cash.
An analysis of the payments made by the Company in cash and shares in February of
each year to cover the contingent liability payable as part of acquisition is as follows:
2013
2012
Payment in shares
Ps.
Payment in cash
67,159 Ps.
64,526
63,379
60,894
Total payment of
contingent liability
Ps.
131,685 Ps.
124,273
Number of Series
An analysis of the effects of the temporary differences giving rise to deferred tax assets
and liabilities at December 31, 2013 and 2012, is as follows:
Property and equipment
Inventories
Repatriation of earnings
of Walmart Central America
Walmart Bank available
tax loss carryforward
Advance collections
Other long-term liabilities
Other items, net
Total
December 31,
December 31,
2013
Ps.
9,133,637 Ps.
( 663,248)
Ps.
1,238,918
2012
8,200,595
( 787,232)
1,206,647
(1,039,272)
( 846,616)
( 191,539)
( 224,350)
( 239,131)
( 243,378)
1,387,707)
6,851,658 Ps.
( 716,763)
6,588,903
At December 31, 2013, the consolidated effective tax rate is 30.2% (29.0% in 2012). The
difference between the statutory tax rate and the effective tax rate is due basically to the
effects of annual inflation adjustment and other permanent items.
"V" shares issued
2013 Financial and
Social Responsibility Report
1,606,084
1,586,861
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