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MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
MEXICAN STOCK EXCHANGE
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MEXICAN STOCK EXCHANGE

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  • 1. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. BALANCE SHEETS TO SEPTEMBER 30 OF 2008 AND 2007 CONSOLIDATED (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF S CONCEPTS Amount % Amount % s01 TOTAL ASSETS 107,702,435 100 100,776,336 100 s02 CURRENT ASSETS 31,197,590 29 31,945,955 32 s03 CASH AND SHORT-TERM INVESTMENTS 7,407,503 7 7,288,371 7 s04 ACCOUNTS AND NOTES RECEIVABLE (NET) 712,102 1 641,050 1 s05 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 2,475,927 2 2,919,588 3 s06 INVENTORIES 19,970,113 19 20,446,778 20 s07 OTHER CURRENT ASSETS 631,945 1 650,168 1 s08 LONG-TERM 0 0 0 0 s09 ACCOUNTS AND NOTES RECEIVABLE (NET) 0 0 0 0 INVESTMENT IN SHARES OF NON-CONSOLIDATED s10 0 0 0 0 SUBSIDIARIES AND ASSOCIATES s11 OTHER INVESTMENTS 0 0 0 0 s12 PROPERTY, PLANT AND EQUIPMENT (NET) 76,504,845 71 68,830,381 68 s13 LAND AND BUILDINGS 73,221,666 68 65,649,371 65 s14 MACHINERY AND INDUSTRIAL EQUIPMENT 0 0 0 0 s15 OTHER EQUIPMENT 27,841,103 26 24,657,645 24 s16 ACCUMULATED DEPRECIATION 27,631,370 26 24,456,823 24 s17 CONSTRUCTION IN PROGRESS 3,073,446 3 2,980,188 3 OTHER INTANGIBLE ASSETS AND DEFERRED ASSETS s18 0 0 0 0 (NET) s19 OTHER ASSETS 0 0 0 0 s20 TOTAL LIABILITIES 37,663,133 100 38,197,922 100 s21 CURRENT LIABILITIES 29,380,497 78 29,117,296 76 s22 SUPPLIERS 22,526,013 60 23,135,454 61 s23 BANK LOANS 0 0 0 0 s24 STOCK MARKET LOANS 0 0 0 0 s103 OTHER LOANS WITH COST 216,074 1 205,874 1 s25 TAXES PAYABLE 345,006 1 298,768 1 s26 OTHER CURRENT LIABILITIES WITHOUT COST 6,293,404 17 5,477,200 14 s27 LONG-TERM LIABILITIES 3,226,917 9 2,546,914 7 s28 BANK LOANS 0 0 0 0 s29 STOCK MARKET LOANS 0 0 0 0 s30 OTHER LOANS WITH COST 3,226,917 9 2,546,914 7 s31 DEFERRED LIABILITIES 0 0 0 0 s32 OTHER NON CURRENT LIABILITIES WITHOUT COST 5,055,719 13 6,533,712 17 s33 CONSOLIDATED STOCKHOLDERS EQUITY 70,039,302 100 62,578,414 100 s34 MINORITY INTEREST 0 0 0 0 s35 MAJORITY INTEREST 70,039,302 100 62,578,414 100 s36 CONTRIBUTED CAPITAL 22,332,899 32 21,290,305 34 s79 CAPITAL STOCK 23,652,935 34 22,157,552 35 s39 PREMIUM ON ISSUANCE OF SHARES -1,320,036 -2 -867,247 -1 s40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0 s41 EARNED CAPITAL 47,706,403 68 41,288,109 66 s42 RETAINED EARNINGS AND CAPITAL RESERVES 47,706,403 68 41,288,109 66 s44 OTHER ACCUMULATED COMPREHENSIVE RESULT 0 0 0 0 s80 SHARES REPURCHASED 0 0 0 0
  • 2. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. BALANCE SHEETS BREAKDOWN OF MAIN CONCEPTS CONSOLIDATED (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF S CONCEPTS Amount % Amount % s03 CASH AND SHORT-TERM INVESTMENTS 7,407,503 100 7,288,371 100 s46 CASH 95,722 1 56,894 1 s47 SHORT-TERM INVESTMENTS 7,311,781 99 7,231,477 99 s07 OTHER CURRENT ASSETS 631,945 100 650,168 100 s81 DERIVATIVE FINANCIAL INSTRUMENTS 0 0 0 0 s82 DISCONTINUED OPERATIONS 0 0 0 0 s83 OTHER 631,945 100 650,168 100 OTHER INTANGIBLE ASSETS AND DEFERRED ASSETS s18 0 100 0 100 (NET) s48 DEFERRED EXPENSES (NET) 0 0 0 0 s49 GOODWILL 0 0 0 0 s51 OTHER 0 0 0 0 s19 OTHER ASSETS 0 100 0 100 s85 DERIVATIVE FINANCIAL INSTRUMENTS 0 0 0 0 s50 DEFERRED TAXES 0 0 0 0 s104 BENEFITS TO EMPLOYEES 0 0 0 0 s86 DISCONTINUED OPERATIONS 0 0 0 0 s87 OTHER 0 0 0 0 s21 CURRENT LIABILITIES 29,380,497 100 29,117,296 100 s52 FOREIGN CURRENCY LIABILITIES 2,691,298 9 2,631,017 9 s53 MEXICAN PESOS LIABILITIES 26,689,199 91 26,486,279 91 s26 OTHER CURRENT LIABILITIES WITHOUT COST 6,293,404 100 5,477,200 100 s88 DERIVATIVE FINANCIAL INSTRUMENTS 0 0 0 0 s89 INTEREST LIABILITIES 0 0 0 0 s68 PROVISIONS 0 0 0 0 s90 DISCONTINUED OPERATIONS 0 0 0 0 s58 OTHER CURRENT LIABILITIES 6,193,604 98 5,404,617 99 s105 BENEFITS TO EMPLOYEES 99,800 2 72,583 1 s27 LONG-TERM LIABILITIES 3,226,917 100 2,546,914 100 s59 FOREIGN CURRENCY LIABILITIES 0 0 0 0 s60 MEXICAN PESOS LIABILITIES 3,226,917 100 2,546,914 100 s31 DEFERRED LIABILITIES 0 100 0 100 s65 NEGATIVE GOODWILL 0 0 0 0 s67 OTHER 0 0 0 0 s32 OTHER NON CURRENT LIABILITIES WITHOUT COST 5,055,719 100 6,533,712 100 s66 DEFERRED TAXES 4,973,080 98 6,456,024 99 s91 OTHER LIABILITIES IN RESPECT OF SOCIAL INSURANCE 82,639 2 77,688 1 s92 DISCONTINUED OPERATIONS 0 0 0 0 s69 OTHER LIABILITIES 0 0 0 0 s79 CAPITAL STOCK 23,652,935 100 22,157,552 100 s37 CAPITAL STOCK (NOMINAL) 14,507,683 61 12,932,086 58 s38 RESTATEMENT OF CAPITAL STOCK 9,145,252 39 9,225,466 42
  • 3. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. BALANCE SHEETS CONSOLIDATED BREAKDOWN OF MAIN CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF S CONCEPTS Amount % Amount % s42 RETAINED EARNINGS AND CAPITAL RESERVES 47,706,403 100 41,288,109 100 s93 LEGAL RESERVE 4,421,048 9 4,069,052 10 s43 RESERVE FOR REPURCHASE OF SHARES 0 0 0 0 s94 OTHER RESERVES 0 0 0 0 s95 RETAINED EARNINGS 33,532,339 70 27,714,384 67 s45 NET INCOME FOR THE YEAR 9,753,016 20 9,504,673 23 s44 OTHER ACCUMULATED COMPREHENSIVE RESULT 0 100 0 100 s70 ACCUMULATED MONETARY RESULT 0 0 0 0 s71 RESULT FROM HOLDING NON-MONETARY ASSETS 0 0 0 0 CUMULATIVE RESULT FROM FOREIGN CURRENCY s96 0 0 0 0 TRANSLATION CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL 0 0 0 0 s97 INSTRUMENTS s98 CUMULATIVE EFFECT OF DEFERRED INCOME TAXES 0 0 0 0 s100 OTHER 0 0 0 0
  • 4. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. BALANCE SHEETS CONSOLIDATED OTHER CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF S CONCEPTS Amount Amount s72 WORKING CAPITAL 1,817,093 2,828,659 s73 PENSIONS AND SENIORITY PREMIUMS 319,579 276,754 s74 EXECUTIVES (*) 0 0 s75 EMPLOYEES (*) 166,257 155,208 s76 WORKERS (*) 0 0 s77 OUTSTANDING SHARES (*) 8,456,825,523 8,493,155,186 s78 REPURCHASED SHARES (*) 40,725,000 119,185,000 s101 RESTRICTED CASH (1) 0 0 s102 DEBT OF NON CONSOLIDATED COMPANIES 0 0 (*) THESE CONCEPTS ARE STATED IN UNITS
  • 5. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATEMENTS OF INCOME CONSOLIDATED FROM JANUARY THE 1st TO SEPTEMBER 30 OF 2008 AND 2007 (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF R CONCEPTS Amount % Amount % r01 NET SALES 172,248,427 100 157,647,593 100 r02 COST OF SALES 135,218,218 79 123,844,869 79 r03 GROSS PROFIT 37,030,209 21 33,802,724 21 r04 GENERAL EXPENSES 23,972,192 14 21,486,907 14 r05 INCOME (LOSS) AFTER GENERAL EXPENSES 13,058,017 8 12,315,817 8 r08 OTHER INCOME AND (EXPENSE), NET -90,491 0 -111,986 0 r06 COMPREHENSIVE FINANCING RESULT 578,327 0 997,103 1 EQUITY IN NET INCOME OF NON-CONSOLIDATED r12 0 0 0 0 SUBSIDIARIES AND ASSOCIATES r48 NON ORDINARY ITEMS 0 0 0 0 r09 INCOME BEFORE INCOME TAXES 13,545,853 8 13,200,934 8 r10 INCOME TAXES 3,792,837 2 3,696,261 2 r11 INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS 9,753,016 6 9,504,673 6 r14 DISCONTINUED OPERATIONS 0 0 0 0 r18 NET CONSOLIDATED INCOME 9,753,016 6 9,504,673 6 r19 NET INCOME OF MINORITY INTEREST 0 0 0 0 null r20 NET INCOME OF MAJORITY INTEREST 9,753,016 6 9,504,673 6
  • 6. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATEMENTS OF INCOME CONSOLIDATED BREAKDOWN OF MAIN CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF R CONCEPTS Amount % Amount % r01 NET SALES 172,248,427 100 157,647,593 100 r21 DOMESTIC 172,248,427 100 157,647,593 100 r22 FOREIGN 0 0 0 0 r23 TRANSLATED INTO DOLLARS (***) 0 0 0 0 r08 OTHER INCOME AND (EXPENSE), NET -90,491 100 -111,986 100 r49 OTHER INCOME AND (EXPENSE), NET -61,425 68 -73,957 66 r34 EMPLOYEES PROFIT SHARING EXPENSES 29,066 -32 38,029 -34 r35 DEFERRED EMPLOYEES PROFIT SHARING 0 0 0 0 r06 COMPREHENSIVE FINANCING RESULT 578,327 100 997,103 100 r24 INTEREST EXPENSE 0 0 0 0 r42 GAIN (LOSS) ON RESTATEMENT OF UDIS 0 0 0 0 r45 OTHER FINANCE COSTS 112,748 19 101,147 10 r26 INTEREST INCOME 718,951 124 769,447 77 r46 OTHER FINANCIAL PRODUCTS 0 0 0 0 r25 FOREIGN EXCHANGE GAIN (LOSS) (NET) -27,876 -5 5,613 1 r28 RESULT FROM MONETARY POSITION 0 0 323,190 32 r10 INCOME TAXES 3,792,837 100 3,696,261 100 r32 INCOME TAX 4,517,649 119 3,133,547 85 r33 DEFERRED INCOME TAX -724,812 -19 562,714 15 (***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER
  • 7. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATEMENTS OF INCOME CONSOLIDATED OTHER CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF R CONCEPTS Amount Amount r36 TOTAL SALES 1 1 r37 TAX RESULT FOR THE YEAR 0 0 r38 NET SALES (**) 239,577,215 220,753,726 r39 OPERATING INCOME (**) 19,413,077 18,310,083 r40 NET INCOME OF MAJORITY INTEREST (**) 14,477,349 14,053,444 r41 NET CONSOLIDATED INCOME (**) 14,477,349 14,053,444 r47 OPERATIVE DEPRECIATION AND ACCUMULATED 3,075,526 2,740,267 (**) RESTATED INFORMATION OF THE LAST TWELVE MONTHS
  • 8. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. QUARTERLY STATEMENTS OF INCOME CONSOLIDATED FROM JULY1 TO SEPTEMBER 30 OF 2008 (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF CONCEPTS RT Amount % Amount % rt01 NET SALES 57,697,288 100 53,485,236 100 rt02 COST OF SALES 44,994,773 78 41,817,492 78 rt03 GROSS PROFIT 12,702,515 22 11,667,744 22 rt04 GENERAL EXPENSES 8,250,643 14 7,324,136 14 rt05 INCOME (LOSS) AFTER GENERAL EXPENSES 4,451,872 8 4,343,608 8 rt08 OTHER INCOME AND (EXPENSE), NET -84,544 0 -46,630 0 rt06 COMPREHENSIVE FINANCING RESULT 172,956 0 448,171 1 EQUITY IN NET INCOME OF NON-CONSOLIDATED rt12 SUBSIDIARIES AND ASSOCIATES 0 0 0 0 rt48 NON ORDINARY ITEMS 0 0 0 0 rt09 INCOME BEFORE INCOME TAXES 4,540,284 8 4,745,149 9 rt10 INCOME TAXES 1,271,280 2 1,328,641 2 rt11 INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS 3,269,004 6 3,416,508 6 rt14 DISCONTINUED OPERATIONS 0 0 0 0 rt18 NET CONSOLIDATED INCOME 3,269,004 6 3,416,508 6 rt19 NET INCOME OF MINORITY INTEREST 0 0 0 0 rt20 NET INCOME OF MAJORITY INTEREST 3,269,004 6 3,416,508 6
  • 9. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. QUARTERLY STATEMENTS OF INCOME CONSOLIDATED BREAKDOWN OF MAIN CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF CONCEPTS RT Amount % Amount % rt01 NET SALES 57,697,288 100 53,485,236 100 rt21 DOMESTIC 57,697,288 100 53,485,236 100 rt22 FOREIGN 0 0 0 0 rt23 TRANSLATED INTO DOLLARS (***) 0 0 0 0 rt08 OTHER INCOME AND (EXPENSE), NET -84,544 100 -46,630 100 rt49 OTHER INCOME AND (EXPENSE), NET -71,339 84 -33,385 72 rt34 EMPLOYEES PROFIT SHARING EXPENSES 13,205 -16 13,245 -28 rt35 DEFERRED EMPLOYEES PROFIT SHARING 0 0 0 0 rt06 COMPREHENSIVE FINANCING RESULT 172,956 100 448,171 100 rt24 INTEREST EXPENSE 0 0 0 0 rt42 GAIN (LOSS) ON RESTATEMENT OF UDIS 0 0 0 0 rt45 OTHER FINANCE COSTS 20,223 12 35,873 8 rt26 INTEREST INCOME 259,170 150 224,894 50 rt46 OTHER FINANCIAL PRODUCTS 0 0 0 0 rt25 FOREIGN EXCHANGE GAIN (LOSS) (NET) -65,991 -38 3,900 1 rt28 RESULT FROM MONETARY POSITION 0 0 255,250 57 rt10 INCOME TAXES 1,271,280 100 1,328,641 100 rt32 INCOME TAX 1,607,205 126 582,690 44 rt33 DEFERRED INCOME TAX -335,925 -26 745,951 56 (***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER
  • 10. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. QUARTERLY STATEMENTS OF INCOME CONSOLIDATED OTHER CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF CONCEPTS RT Amount Amount OPERATIVE DEPRECIATION AND ACCUMULATED 1,006,942 933,767 rt47 IMPAIRMENT LOSSES
  • 11. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATEMENTS OF CHANGES IN FINANCIAL POSITION CONSOLIDATED FROM JANUARY THE 1st TO SEPTEMBER 30 OF 2008 AND 2007 (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF C CONCEPTS Amount Amount c01 CONSOLIDATED NET INCOME 0 9,504,673 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE c02 0 3,337,417 USING RESOURCES c03 RESOURCES FROM NET INCOME FOR THE YEAR 0 12,842,090 c04 RESOURCES PROVIDED OR USED IN OPERATION 0 -5,265,345 RESOURCES PROVIDED BY (USED FOR) OPERATING c05 0 7,576,745 ACTIVITIES RESOURCES PROVIDED BY (USED FOR) EXTERNAL c06 0 237,427 FINANCING ACTIVITIES RESOURCES PROVIDED BY (USED FOR) INTERNAL c07 0 -7,690,559 FINANCING ACTIVITIES RESOURCES PROVIDED BY (USED FOR) FINANCING c08 0 -7,453,132 ACTIVITIES RESOURCES PROVIDED BY (USED FOR) INVESTMENT c09 0 -8,384,186 ACTIVITIES NET INCREASE (DECREASE) IN CASH AND SHORT-TERM c10 0 -8,260,573 INVESTMENTS CASH AND SHORT-TERM INVESTMENTS AT THE BEGINNING c11 0 15,548,944 OF PERIOD CASH AND SHORT-TERM INVESTMENTS AT THE END OF 0 c12 7,288,371 PERIOD
  • 12. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 STATEMENTS OF CHANGES IN FINANCIAL WAL - MART DE MEXICO, S.A.B. DE C.V. POSITION CONSOLIDATED BREAKDOWN OF MAIN CONCEPTS (Mexican Pesos) Final Printing CURRENT YEAR PREVIOUS YEAR REF C CONCEPTS Amount Amount + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE c02 0 3,337,417 USING RESOURCES c13 + DEPRECIATION AND AMORTIZATION FOR THE YEAR 0 2,740,267 c41 + (-) OTHER ITEMS 0 597,150 c04 RESOURCES PROVIDED OR USED IN OPERATION 0 -5,265,345 c18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 0 397,950 c19 + (-) DECREASE (INCREASE) IN INVENTORIES 0 -2,099,475 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS c20 0 -74,510 RECEIVABLE c21 + (-) INCREASE (DECREASE) IN SUPPLIERS 0 -3,702,528 c22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES 0 213,218 RESOURCES PROVIDED BY (USED FOR) EXTERNAL c06 0 237,427 FINANCING ACTIVITIES c23 + BANK FINANCING 0 0 c24 + STOCK MARKET FINANCING 0 0 c25 + DIVIDEND RECEIVED 0 0 c26 + OTHER FINANCING 0 0 c27 (-) BANK FINANCING AMORTIZATION 0 0 c28 (-) STOCK MARKET FINANCING AMORTIZATION 0 0 c29 (-) OTHER FINANCING AMORTIZATION 0 237,427 c42 + (-) OTHER ITEMS 0 0 RESOURCES PROVIDED BY (USED FOR) INTERNAL c07 0 -7,690,559 FINANCING ACTIVITIES c30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK 0 0 c31 (-) DIVIDENDS PAID 0 -2,297,929 c32 + PREMIUM ON ISSUANCE OF SHARES 0 0 c33 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 c43 + (-) OTHER ITEMS 0 -5,392,630 RESOURCES PROVIDED BY (USED FOR) INVESTMENT c09 0 -8,384,186 ACTIVITIES c34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS 0 0 c35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT 0 -7,676,931 c36 (-) INCREASE IN CONSTRUCTIONS IN PROGRESS 0 0 c37 + SALE OF OTHER PERMANENT INVESTMENTS 0 0 c38 + SALE OF TANGIBLE FIXED ASSETS 0 239,144 c39 + (-) OTHER ITEMS 0 -946,399
  • 13. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD) Final Printing MAIN CONCEPTS (Mexican Pesos) CONSOLIDATED CURRENT YEAR PREVIOUS YEAR REF F CONCEPTS Amount Amount ACTIVITIES OF OPERATION e01 INCOME (LOSS) BEFORE INCOME TAXES 13,545,853 13,200,934 e02 + (-)ITEMS NOT REQUIRING CASH 0 -587,068 e03 + (-)ITEMS RELATED TO INVESTING ACTIVITIES 3,256,152 2,911,424 e04 + (-)ITEMS RELATED TO FINANCING ACTIVITIES 112,748 101,147 e05 CASH FLOW BEFORE INCOME TAX 16,914,753 15,626,437 e06 CASH FLOWPROVIDED OR USED IN OPERATION -4,631,985 -7,783,570 e07 NET CASH FLOWS PROVIDED OF OPERATING ACTIVITIES 12,282,768 7,842,867 INVESTMENT ACTIVITIES e08 NET CASH FLOW FROM INVESTING ACTIVITIES -8,257,959 -8,165,755 e09 FINANCING ACTIVITIES 4,024,809 -322,888 FINANCING ACTIVITIES e10 NET CASH FROM FINANCING ACTIVITIES -5,601,123 -7,937,685 e11 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS -1,576,314 -8,260,573 e12 TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS 0 0 e13 CASH AND CASH EQUIVALENTS AT THE BEGINING OF PERIOD 8,983,817 15,548,944 e14 CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,407,503 7,288,371
  • 14. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD) Final Printing DESGLOSE DE MAIN CONCEPTS (Mexican Pesos) CONSOLIDATED CURRENT YEAR PREVIOUS YEAR REF F CONCEPTS Amount Amount e02 + (-)ITEMS NOT REQUIRING CASH 0 -587,068 e15 +ESTIMATES FOR THE PERIOD 0 0 e16 +PROVISIONS FOR THE PERIOD 0 0 e17 + (-)OTHER UNREALIZED ITEMS 0 -587,068 e03 + (-)ITEMS RELATED TO INVESTING ACTIVITIES 3,256,152 2,911,424 e18 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD 3,075,526 2,740,267 e19 (-) +GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT 67,332 135,674 e20 +IMPAIRMENT LOSS 45,498 35,483 e21 (-) +EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES 0 0 e22 (-)DIVIDENDS RECEIVED 0 0 e23 (-)INTEREST INCOME 0 0 e24 (-)+ OTHER ITEMS 67,796 0 e04 + (-)ITEMS RELATED TO FINANCING ACTIVITIES 112,748 101,147 e25 +ACCRUED INTEREST 112,748 101,147 e26 + (-) OTHER ITEMS 0 0 e06 CASH FLOWPROVIDED OR USED IN OPERATION -4,631,985 -7,783,570 e27 + (-)DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 1,536,709 770,362 e28 + (-)DECREASE (INCREASE) IN INVENTORIES 913,018 -2,123,759 e29 + (-)DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE 23,244 -88,693 e30 + (-)INCREASE (DECREASE) IN SUPPLIERS -2,854,983 -3,175,689 e31 + (-)INCREASE (DECREASE) IN OTHER LIABILITIES 881,133 402,128 e32 + (-) INCOME TAXES PAID OR RETURNED -5,131,106 -3,567,919 e08 NET CASH FLOW FROM INVESTING ACTIVITIES -8,257,959 -8,165,755 e33 -PERMANENT INVESTMENT IN SHARES 0 0 e34 +DISPOSITION OF PERMANENT INVESTMENT IN SHARES 0 0 e35 -INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT -7,749,245 -7,632,764 e36 +SALE OF PROPERTY, PLANT AND EQUIPMENT 90,417 71,790 e37 -INVESTMENT IN INTANGIBLE ASSETS 0 0 e38 +DISPOSITION OF INTANGIBLE ASSETS 0 0 e39 -OTHER PERMANENT INVESTMENTS 0 0 e40 +DISPOSITION OF OTHER PERMANENT INVESTMENTS 0 0 e41 + DIVIDEND RECEIVED 0 0 e42 +INTEREST RECEIVED 0 0 e43 + (-)DECREASE (INCREASE) ADVANCES AND LOANS TO THIRD PARTS 0 0 e44 + (-)OTHER ITEMS -599,131 -604,781 e10 NET CASH FROM FINANCING ACTIVITIES -5,601,123 -7,937,685 e45 +BANK FINANCING 0 0 e46 +STOCK MARKET FINANCING 0 0 e47 +OTHER FINANCING -255,133 -247,126 e48 (-)BANK FINANCING AMORTIZATION 0 0 e49 (-)STOCK MARKET FINANCING AMORTIZATION 0 0 e50 (-)OTHER FINANCING AMORTIZATION 0 0 e51 + (-)INCREASE (DECREASE) IN CAPITAL STOCK 0 0 e52 (-)DIVIDENDS PAID -3,208,108 -2,297,929 e53 +PREMIUM ON ISSUANCE OF SHARES 0 0 e54 +CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 e55 -INTEREST EXPENSE 0 0 e56 -REPURCHASE OF SHARES -2,137,882 -5,392,630 e57 + (-)OTHER ITEMS 0 0 * IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO EXPLAIN IN NOTES.
  • 15. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. DATA PER SHARE CONSOLIDATED Final Printing CURRENT YEAR PREVIOUS YEAR REF D CONCEPTS AMOUNT AMOUNT d01 BASIC PROFIT PER ORDINARY SHARE (**) $ 1.70 $ 1.64 d02 BASIC PROFIT PER PREFERRED SHARE (**) $ 0.00 $ 0.00 d03 DILUTED PROFIT PER ORDINARY SHARE (**) $ 0.00 $ 0.00 EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS d04 $ 1.70 $ 1.64 PER COMMON SHARE (**) DISCONTINUED OPERATIONS EFFECT ON EARNING d05 $ 0.00 $ 0.00 (LOSS) PER SHARE (**) d08 CARRYNG VALUE PER SHARE $ 8.28 $ 7.37 d09 CASH DIVIDEND ACCUMULATED PER SHARE $ 0.59 $ 0.51 d10 DIVIDEND IN SHARES PER SHARE 0.00 shares 0.00 shares d11 MARKET PRICE TO CARRYING VALUE 4.54 times 5.53 times MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE d12 22.06 times 24.89 times (**) MARKET PRICE TO BASIC PROFIT PER PREFERENT d13 0.00 times 0.00 times SHARE (**) (**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
  • 16. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. RATIOS CONSOLIDATED Final Printing REF P CONCEPTS CURRENT YEAR PREVIOUS YEAR YIELD NET CONSOLIDATED INCOME TO NET SALES p01 5.66 % 6.03 % p02 NET CONSOLIDATED INCOME TO STOCKHOLDERS EQUITY (**) 20.67 % 22.46 % p03 NET INCOME TO TOTAL ASSETS (**) 13.44 % 13.95 % p04 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 22.55 % 17.82 % RESULT FROM MONETARY POSITION TO NET CONSOLIDATED p05 0.00 % 3.40 % INCOME ACTIVITY p06 NET SALES TO NET ASSETS (**) 2.22 times 2.19 times p07 NET SALES TO PROPERTY, PLANT AND EQUIPMENT (NET) (**) 3.13 times 3.21 times p08 INVENTORIES TURNOVER (**) 9.56 times 9.31 times p09 ACCOUNTS RECEIVABLE IN DAYS OF SALES 1 days 1 days p10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 0.00 % 0.00 % LEVERAGE p11 TOTAL LIABILITIES TO TOTAL ASSETS 34.97 % 37.90 % p12 TOTAL LIABILITIES TO STOCKHOLDERS EQUITY 0.54 times 0.61 times p13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 7.15 % 6.89 % LONG-TERM LIABILITIES TO PROPERTY, PLANT AND p14 4.22 % 3.70 % EQUIPMENT (NET) p15 INCOME (LOSS) AFTER GENERAL EXPENSES TO INTEREST 0.00 times 0.00 times PAID p14 p16 NET SALES TO TOTAL LIABILITIES (**) 6.36 times 5.78 times LIQUIDITY p17 CURRENT ASSETS TO CURRENT LIABILITIES 1.06 times 1.10 times CURRENT ASSETS LESS INVENTORY TO CURRENT times p18 0.38 times 0.39 LIABILITIES p19 CURRENT ASSETS TO TOTAL LIABILITIES 0.83 times 0.84 times CASH AND SHORT-TERM INVESTMENTS TO CURRENT p20 25.21 % 25.03 % LIABILITIES (**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
  • 17. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE MANAGEMENTÆS DISCUSSION AND ANALYSIS OF C.V. FINANCIAL CONDITION AND RESULTS OF PAGE 1/ 1 OPERATIONS CONSOLIDATED Final Printing NOTE: ALL AMOUNTS AND GROWTH FIGURES INCLUDED IN THIS REPORT ARE IN NOMINAL TERMS. DURING THE JULY-SEPTEMBER 2008 PERIOD, WALMEX TOTAL SALES AMOUNTED TO $57,473 MILLION PESOS, $5,329 MILLION PESOS MORE THAN LAST YEAR; THUS REPRESENTING A 10.2% INCREASE. COMP STORES SALES GREW 3.7% COMPARED TO SAME PERIOD LAST YEAR. THE NUMBER OF CUSTOMERS SERVED DURING THE THIRD QUARTER INCREASED 10.7%, WHILE AVERAGE TICKET DECREASED 0.5%. GROSS MARGIN WAS 22.0%, 20 BASIS POINTS HIGHER THAN IN 2007. IN MONETARY TERMS, GROSS PROFIT WAS 11% HIGHER THAN LAST YEAR. GENERAL EXPENSES REPRESENTED 14.3% OF TOTAL REVENUE, 60 BASIS POINTS HIGHER THAN IN 2007. THE 15% INCREASE VS LAST YEAR WAS ATTRIBUTED TO AN INCREASE IN ENERGY COST, REMODELS AND BANCO WAL-MART. OPERATING INCOME INCREASED 5%, THUS REPRESENTING 7.7% OF TOTAL REVENUES. EBITDA INCREASED 6% VS. LAST YEAR, REPRESENTING 9.5% OF TOTAL REVENUES. NET CONSOLIDATED INCOME FOR THE QUARTER AMOUNTED TO $3,269 MILLION PESOS, 5.7% OF TOTAL REVENUES, AND A DECREASE OF 2% OVER LAST YEAR. AS PART OF OUR EXPANSION PROGRAM FOR THE YEAR, DURING THE THIRD QUARTER WE OPENED 38 UNITS: 3 BODEGA AURRERA, 5 MI BODEGAS AURRERA, 16 BODEGAS AURRERA EXPRESS, 6 WAL-MART SUPERCENTERS, 1 SAM?S CLUB, 2 SUPERAMAS, AND 5 RESTAURANTS, FOR A TOTAL OF 1,104 UNITS IN OPERATION. THE INCREASE IN INSTALLED CAPACITY FOR THE LAST 12 MONTHS WAS 11%. WE ADDED STORES IN 22 NEW CITIES, FOR A TOTAL OF 194 CITIES WITH WALMEX PRESENCE NATIONWIDE. AS OF SEPTEMBER 30, 2008, THE COMPANY?S CASH POSITION AMOUNTED TO $7,407 MILLION PESOS, $228 MILLION PESOS MORE THAN SEPTEMBER LAST YEAR. DURING THE FIRST NINE MONTHS OF THE YEAR WE INVESTED $13,095 MILLION PESOS, INCLUDING $7,749 MILLION PESOS IN FIXED ASSETS, $2,138 MILLION PESOS IN THE REPURCHASE OF 53.7 MILLION SHARES, AND PAID A DIVIDEND OF $3,208 MILLION PESOS. MEXICO CITY, OCTOBER 7, 2008 EDUARDO SOLORZANO PRESIDENT & CEO
  • 18. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 1 / 11 CONSOLIDATED Final Printing NOTE 1 - NEW MEXICAN FINANCIAL REPORTING STANDARDS DURING 2007, THE MEXICAN FINANCIAL REPORTING STANDARDS RESEARCH AND DEVELOPMENT BOARD (CINIF) PUBLISHED FIVE NEW FINANCIAL REPORTING STANDARDS (MEX FRS) WHICH ARE IN FORCE AS OF JANUARY 1ST, 2008. MEX FRS B-10 EFFECTS OF INFLATION PROVIDES THE PARAMETERS FOR RECOGNIZING THE EFFECTS OF INFLATION IN TERMS OF ACCRUED INFLATION FOR THE LAST THREE YEARS. ACCORDING TO ECONOMIC FORECAST FOR THE CURRENT YEAR, ACCRUED INFLATION FOR 2006-2008 WILL NOT EXCEED 26%, AND THEREFORE THE ECONOMIC OUTLOOK IS CONSIDERED NON -INFLATIONARY; AS A RESULT, FINANCIAL INFORMATION FOR 2008 WILL BE PRESENTED IN NOMINAL PESOS. DURING MARCH 2008, CINIF ISSUED AN INTERPRETATION OF MEX FRS B-10, WHICH SPECIFIED THAT FOR COMPARISON PURPOSES, INTERMEDIATE AND ANNUAL FINANCIAL INFORMATION FOR 2007 MUST BE RESTATED IN MEXICAN PESOS WITH PURCHASING POWER AT DECEMBER 31, 2007. SUCH INTERPRETATION IMPLIES THE NEED TO CONTINUE PARTIALLY RESTATING FOR THE PREVIOUS YEAR. IN ORDER TO PROVIDE USERS DATA THEY CAN USE TO THE ASSESS THE OPERATING PERFORMANCE OF THE COMPANY, WHICH STEMS FROM THE FINANCIAL INFORMATION, THE FOLLOWING IS A SUMMARY OF FINANCIAL INFORMATION AT NOMINAL PESOS. CONSOLIDATED STATEMENT OF INCOME NINE-MONTH PERIOD ENDED SEPTEMBER 30, ----------------------------------------- % OF 2008 2007 GROWTH -------------- --------------- ------ NET SALES Ps.171,595,428 Ps. 152,865,312 12 OTHER INCOME 652,999 582,268 12 -------------- --------------- ------ TOTAL REVENUES 172,248,427 153,447,580 12 -------------- --------------- ------ GROSS PROFIT 37,030,209 32,905,254 13 GENERAL EXPENSES ( 23,972,192) (20,915,590) 15 -------------- -------------- ------ OPERATING INCOME 13,058,017 11,989,664 9 OTHER EXPENSES - NET ( 90,491) ( 109,117) (17) COMPREHENSIVE FINANCING RESULT 578,327 972,010 (41) -------------- -------------- ------ INCOME BEFORE INCOME TAX 13,545,853 12,852,557 5 INCOME TAX ( 3,792,837) ( 3,598,716) 5 -------------- -------------- ------ NET INCOME PS. 9,753,016 PS. 9,253,841 5 ============== ============== ======
  • 19. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 2 / 11 CONSOLIDATED Final Printing CONSOLIDATED BALANCES SHEETS SEPTEMBER 30, 2008 2007 --------------- --------------- ASSETS CASH Ps. 7,407,503 Ps. 7,179,247 INVENTORIES 19,970,113 20,140,640 OTHER CURRENT ASSETS 3,819,974 4,147,760 PROPERTY AND EQUIPMENT - NET 76,504,845 67,799,824 --------------- --------------- TOTAL ASSETS Ps. 107,702,435 Ps. 99,267,471 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY SUPPLIERS Ps. 22,526,013 Ps. 22,789,060 OTHER LIABILITIES 15,137,120 14,836,947 --------------- --------------- TOTAL LIABILITIES 37,663,133 37,626,007 SHAREHOLDERS' EQUITY 70,039,302 61,641,464 --------------- --------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Ps. 107,702,435 Ps. 99,267,471 =============== =============== THE STANDARD MEX FRS B-2 CASH FLOW STATEMENT OVERRIDES THE STATEMENT OF CHANGES IN FINANCIAL POSITION AND ESTABLISHES THE FILING OF CASH FLOW STATEMENTS AS A BASIC FINANCIAL STATEMENT. FOR COMPARISON PURPOSES, THE STATEMENT OF CHANGES IN THE FINANCIAL POSITION AT SEPTEMBER 30, 2007 WAS ADAPTED TO THE STRUCTURE OF THE NEW FINANCIAL STATEMENT. THE MEX FRS B-15 FOREIGN CURRENCY TRANSLATION, MEX FRS D-3 EMPLOYEE BENEFITS AND MEX FRS D-4 INCOME TAXES, THERE NO HAVE MATERIAL EFFECT IN WAL-MART DE MEXICO S.A.B. DE C.V. AND SUBSIDIARIES (WALMEX OR THE COMPANY) FINANCIAL INFORMATION. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: THE SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES OBSERVED BY THE COMPANY IN THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS, IN CONFORMITY WITH MEX FRS ARE DESCRIBED BELOW. MEX FRS ARE UNDERSTOOD TO ENCOMPASS THE NEW STANDARDS ISSUED CINIF AND THE BULLETINS ISSUED BY THE ACCOUNTING PRINCIPLES BOARD OF THE MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS THAT HAVE NOT BEEN MODIFIED, REPLACED OR ABOLISHED BY MEX FRS AND THAT WERE TRANSFERRED TO THE CINIF. AS SUCH, ANY OF THE DOCUMENTS COMPRISING MEX FRS WILL HEREINAFTER BE REFERRED TO BY THEIR ORIGINAL NAME OR RATHER, EITHER AS "MEX FRS" OR AS "ACCOUNTING BULLETIN", AS THE CASE MAY BE.
  • 20. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 3 / 11 CONSOLIDATED Final Printing A. THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE STATEMENTS OF WALMEX AND THOSE OF ITS SUBSIDIARIES. ALL RELATED PARTY BALANCES AND TRANSACTIONS WERE ELIMINATED IN THE CONSOLIDATION. B. BASED ON MEX FRS B-10 EFFECTS OF INFLATION, THE COMPANY PRESENTS ITS FINANCIAL INFORMATION IN THOUSAND OF NOMINAL PESOS, IN ACCORDANCE WITH A NON-INFLATIONARY ENVIRONMENT, AND BECAUSE ACCRUED INFLATION IN THE LAST 3 YEARS WAS OF 12.59%. THE FINANCIAL INFORMATION OF THE PREVIOUS YEAR IS PRESENTED IN THOUSAND OF CONSTANT PESOS AT DECEMBER 2007, APPLYING 1.52% FOR INFLATION. THE BALANCE OF RESULT FROM HOLDIHG NOM-MONETARY ASSETS AT DECEMBER 31, 2007 IS RECLASSIFIED TO RETAINED EARNINGS CAPTION. C. IN ORDER TO PROVIDE A BETTER UNDERSTANDING OF THE COMPANY'S BUSINESS PERFORMANCE, THE CONSOLIDATED STATEMENTS OF INCOME WERE PREPARED ON A FUNCTIONAL BASIS, WHICH ALLOWS FOR THE DISCLOSURE OF THE COST OF SALES SEPARATELY FROM OTHER COSTS AND EXPENSES AND OF OPERATING INCOME AS WELL, AS ESTABLISHED UNDER MEX FRS B- 3, STATEMENTS OF INCOME. D. THE BANK'S FINANCIAL STATEMENTS, WHICH ARE INCLUDED IN THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS, WERE PREPARED BASED BOTH ON THE ACCOUNTING CRITERIA ESTABLISHED BY MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (CNBV), AS ISSUED AS PART OF THE GENERAL PROVISIONS FOR CREDIT INSTITUTIONS, AND ON THE MEX FRS ISSUED BY THE CINIF. AT DATE, THERE ARE NO DIFFERENCES BETWEEN THESE TWO SETS OF STANDARDS. E. THE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH THE MEX FRS REQUIRES THE USE OF ESTIMATES IN SOME ITEMS. ACTUAL RESULTS MIGHT DIFFER FROM THESE ESTIMATES. F. CASH AND CASH EQUIVALENTS CONSIST BASICALLY OF BANK DEPOSITS AND HIGHLY LIQUID INVESTMENTS. THESE INVESTMENTS ARE STATED AT COST PLUS ACCRUED INTEREST, SIMILAR TO MARKET VALUE. THE COMPANY HAS NO FINANCIAL INSTRUMENTS (DERIVATIVES). G. THE BALANCE IN THE BANK'S RECEIVABLES PORTFOLIO IS REPRESENTED BY AMOUNTS ACTUALLY GIVEN TO BORROWERS, PLUS UNCOLLECTED EARNED INTEREST. THE PREVENTIVE ALLOWANCE FOR CREDIT RISKS IS PRESENTED NET OF THE PORTFOLIO BALANCES. H. WALMEX RECOGNIZES BAD DEBT RESERVES AT THE TIME THE LEGAL COLLECTION PROCESS BEGINS IN CONFORMITY WITH ITS INTERNAL PROCEDURES. I. INVENTORIES ARE STATED AT AVERAGE COST, DETERMINED LARGELY USING THE RETAIL METHOD. DUE TO THE RAPID TURNOVER OF INVENTORIES, THE COST SO DETERMINED IS CONSIDERED TO BE SIMILAR TO REPLACEMENT COST AT THE BALANCE SHEET DATE, NOT IN EXCESS OF MARKET VALUE. THE BUYING ALLOWANCES ARE CHARGED TO OPERATIONS BASED ON THE TURNOVER OF INVENTORIES THAT GAVE RISE TO THEM. J. PROPERTY AND EQUIPMENT IS RECORDED WITH ITS ACQUISITION COST. FIXED ASSET DEPRECIATION IS COMPUTED USING THE STRAIGHT-LINE METHOD, AT ANNUAL RATES RANGING FROM 3% TO 33%.
  • 21. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 4 / 11 CONSOLIDATED Final Printing K. THE COMPANY CLASSIFIES ITS OPERATING AND CAPITAL LEASES FOR THE RENTAL OF PROPERTY FOLLOWING THE GUIDELINES ESTABLISHED IN ACCOUNTING BULLETIN D-5 LEASES. L. IN CONFORMITY WITH ACCOUNTING BULLETIN C-15, THE COMPANY DETERMINES IMPAIRMENT IN THE VALUE OF ITS LONG-LIVED ASSETS USING THE PRESENT VALUE METHOD, CONSIDERING EACH OF THE COMPANY'S STORES OR RESTAURANTS AS A MINIMUM CASH GENERATING UNIT TO DETERMINE THE VALUE IN USE OF ITS LONG-LIVED ASSETS. M. FOREIGN CURRENCY DENOMINATED MONETARY ASSETS AND LIABILITIES ARE TRANSLATED TO MEXICAN PESOS AT THE PREVAILING EXCHANGE RATE AS OF THE BALANCE SHEET DATE. EXCHANGE DIFFERENCES DETERMINED ARE CHARGED OR CREDITED TO INCOME IN CONFORMITY WITH ACCOUNTING MEX FRS B-15, FOREIGN EXCHANGE CONVERSION. N. LIABILITIES FOR TRADITIONAL DEPOSITS OF THE BANK ARE COMPRISED OF DEMAND DEPOSITS IN DEBIT CARD ACCOUNTS. THESE LIABILITIES ARE RECORDED AT EITHER DEPOSIT COST, PLUS ACCRUED INTEREST. O. LIABILITY PROVISIONS ARE RECOGNIZED WHENEVER THE COMPANY HAS CURRENT OBLIGATIONS DERIVED FROM PAST EVENTS THAT CAN BE REASONABLY ESTIMATED AND THAT WILL MOST LIKELY GIVE RISE TO A FUTURE CASH DISBURSEMENT FOR THEIR SETTLEMENT. P. DEFERRED INCOME TAX IS DETERMINED USING THE ASSET AND LIABILITY METHOD. UNDER THIS METHOD, DEFERRED INCOME TAX IS RECOGNIZED ON ALL TEMPORARY DIFFERENCES IN BALANCE SHEET ACCOUNTS FOR FINANCIAL AND TAX REPORTING PURPOSES, USING THE ENACTED INCOME TAX RATE THAT WILL BE IN EFFECT AT THE TIME THE TEMPORARY DIFFERENCES GIVING RISE TO DEFERRED TAX ASSETS AND LIABILITIES ARE EXPECTED TO BE RECOVERED OR SETTLED, IN CONFORMITY WITH ACCOUNTING MEX FRS D-4 INCOME TAXES. Q. SENIORITY PREMIUMS ACCRUING TO EMPLOYEES UNDER THE MEXICAN LABOR LAW AND TERMINATION PAYMENTS MADE AT THE END OF EMPLOYMENT, EXCEPT WHEN RESULTING FROM CORPORATE RESTRUCTURING, ARE RECOGNIZED AS A COST OF THE YEARS IN WHICH SERVICES ARE RENDERED, BASED ON ACTUARIAL COMPUTATIONS MADE BY AN INDEPENDENT EXPERT, USING THE PROJECTED UNIT-CREDIT METHOD, IN CONFORMITY WITH ACCOUNTING MEX FRS D-3 EMPLOYEE BENEFITS. ALL OTHER PAYMENTS ACCRUING TO EMPLOYEES OR THEIR BENEFICIARIES IN THE EVENT OF SEPARATION OR DEATH, IN TERMS OF THE MEXICAN LABOR LAW, ARE EXPENSED AS INCURRED. EMPLOYEE PROFIT SHARING IS RECOGNIZED TO RESULTS IN THE "OTHER INCOME AND (EXPENSE) - NET" LINE ITEM AND REPRESENTS DEMANDED LIABILITY IN A TERM OF LESS THAN A YEAR, IN ACCORDANCE WITH MEX FRS D-3. R. IN CONFORMITY WITH THE MEXICAN CORPORATIONS ACT, THE COMPANY IS REQUIRED TO APPROPRIATE AT LEAST 5% OF THE NET INCOME OF EACH YEAR TO INCREASE THE LEGAL RESERVE. THIS PRACTICE MUST BE CONTINUED UNTIL THE LEGAL RESERVE REACHES 20% OF CAPITAL STOCK. S. THE EMPLOYEE STOCK OPTION PLAN FUND IS COMPRISED OF WALMEX SHARES PRESENTED AT ACQUISITION COST. THE PLAN IS DESIGNED TO GRANT STOCK OPTIONS TO EXECUTIVES OF THE COMPANIES IN THE GROUP, AS APPROVED BY CNBV.
  • 22. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 5 / 11 CONSOLIDATED Final Printing T. THE PREMIUM ON THE SALE OF SHARES REPRESENTS THE DIFFERENCE BETWEEN THE COST OF THE SHARES, RESTATED BASED ON THE NCPI UNTIL DECEMBER 31, 2007, AND THE VALUE AT WHICH SUCH SHARES WERE ASSIGNED TO EXECUTIVES OF COMPANIES IN THE GROUP, NET OF THE CORRESPONDING INCOME TAX. U. SALES REVENUES ARE RECOGNIZED AT THE TIME CUSTOMER TAKES POSSESSION OF THE PRODUCTS, IN CONFORMITY WITH INTERNATIONAL ACCOUNTING STANDARDS NO. 18, ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, APPLIED ON A SUPPLETORY BASIS. SAM'S CLUB MEMBERSHIP REVENUES ARE DEFERRED OVER THE TWELVE-MONTH TERM OF THE MEMBERSHIP, IN CONFORMITY WITH THE REQUIREMENTS OF STAFF ACCOUNTING BULLETIN NO. 104, REVENUE RECOGNITION IN FINANCIAL STATEMENTS, ISSUED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION, APPLIED ON A SUPPLETORY BASIS. SUCH REVENUES ARE PRESENTED IN NET SALES LIKE OTHER INCOME IN THE STATEMENT OF INCOME. THE BANK'S INTEREST INCOME IS RECOGNIZED IN NET SALES LIKE OTHER INCOME IN THE STATEMENT OF INCOME. V. SEGMENT FINANCIAL INFORMATION HAS BEEN PREPARED USING THE MANAGEMENT APPROACH ESTABLISHED IN ACCOUNTING BULLETIN B-5. NOTE 3 - ACCOUNTS AND NOTES RECEIVABLE (NET) AND OTHER ACCOUNTS AND NOTES RECEIVABLE (NET): THE BALANCE OF THESE ACCOUNTS AT SEPTEMBER 30, 2008 IS PRESENTED NET OF AN ALLOWANCE FOR BAD DEBTS OF PS. $244,620. OTHER ACCOUNTS AND NOTES RECEIVABLE INCLUDE RECOVERABLE TAXES FOR PS. 2,170,320.
  • 23. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 6 / 11 CONSOLIDATED Final Printing NOTE 4 - PROPERTY, PLANT AND EQUIPMENT (NET): AS OF ANALYSIS SEPTEMBER 30, 2008, AN ANALYSIS OF PROPERTY AND EQUIPMENT IS AS FOLLOWS: AMOUNT -------------- LAND Ps. 22,705,439 BUILDINGS, FACILITIES AND LEASEHOLD IMPROVEMENTS 46,464,947 PROPERTY UNDER CAPITAL LEASE 4,051,280 -------------- TOTAL PROPERTY 73,221,666 -------------- FIXTURES AND EQUIPMENT: OWN 27,010,046 UNDER CAPITAL LEASE 831,057 -------------- TOTAL FIXTURE AND EQUIPMENT 27,841,103 -------------- ACCUMULATED DEPRECIATION ( 27,631,370) CONSTRUCTION IN PROGRESS 3,073,446 -------------- PROPERTY AND EQUIPMENT - NET Ps. 76,504,845 ============== NOTE 5 - STOCK MARKET CREDITS: NON APPLY NOTE 6 - CONTINGENT LIABILITY AND COMMITMENTS: AT SEPTEMBER 30, 2008, THERE ARE NOT CONTINGENT LIABILITIES. AT SEPTEMBER 30, 2008, THE COMPANY ENTERED INTO COMMITMENTS FOR THE PURCHASE OF INVENTORY, PROPERTY AND EQUIPMENT AND MAINTENANCE SERVICES FOR PS. 8,098,698. NOTE 7 - LEASES: THE COMPANY HAS ENTERED INTO OPERATING LEASES WITH THIRD PARTIES FOR COMPULSORY TERMS RANGING FROM 2 TO 15 YEARS. RENT PAID UNDER CAPITAL LEASES MAY EITHER BE FIXED OR VARIABLE, DETERMINED BASED ON A PERCENTAGE OF SALES. THE COMPANY HAS ENTERED INTO CAPITAL LEASES FOR THE RENTAL OF REAL ESTATE. SUCH LEASES ARE RECORDED AT THE LESSER OF EITHER THE PRESENT VALUE OF MINIMUM RENTAL PAYMENTS OR THE MARKET VALUE OF THE PROPERTY UNDER LEASE AND ARE AMORTIZED OVER THE USEFUL LIFE OF EACH PROPERTY (UP TO 33 YEARS). THE COMPANY HAS ALSO ENTERED INTO CAPITAL LEASES FOR THE RENTAL OF RESIDUAL WATER TREATMENT PLANTS USED TO MEET ENVIRONMENTAL PROTECTION STANDARDS. THE TERM OF PAYMENT RANGES FROM 4 YEARS TO 10 YEARS.
  • 24. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 7 / 11 CONSOLIDATED Final Printing FUTURE RENTAL PAYMENTS ARE AS FOLLOWS: OPERATING LEASE CAPITAL LEASE TWELVE-MONTH PERIOD (COMPULSORY TERM) (MINIMUM PAYMENTS) ------------------- --------------- ---------------- OCTOBER 2008 - SEPTEMBER 2009 Ps. 163,435 PS. 216,074 OCTOBER 2009 - SEPTEMBER 2010 Ps. 134,073 PS. 192,643 OCTOBER 2010 - SEPTEMBER 2011 Ps. 120,960 Ps. 196,831 OCTOBER 2011 - SEPTEMBER 2012 Ps. 113,531 Ps. 205,895 OCTOBER 2012 - SEPTEMBER 2013 Ps. 112,298 Ps. 195,905 OCTOBER 2013 - AND THEREAFTER Ps. 412,327 Ps.2,435,643 THE TOTAL AMOUNT OF OPERATING LEASES CHARGED TO RESULTS OF OPERATIONS FOR THE NINE- MONTH ENDED ON PERIOD SEPTEMBER 30, 2008 WAS PS. 1,281,704. NOTE 8 - INCOME TAX: THE COMPANY AND ITS SUBSIDIARIES, EXCEPT FOR THE BANK, HAVE BEEN AUTHORIZED BY THE MINISTRY OF FINANCE AND PUBLIC CREDIT TO DETERMINE THEIR TAX RESULTS ON A CONSOLIDATED BASIS. AN ANALYSIS OF TAXES CHARGED TO RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIOD ENDED ON SEPTEMBER 30, 2008 IS AS FOLLOWS: AMOUNT ------------- CURRENT YEAR INCOME TAX Ps. 4,517,649 DEFERRED INCOME TAX ( 724,812) ------------- TOTAL Ps. 3,792,837 ============= AN ANALYSIS OF DEFERRED TAX LIABILITIES (ASSETS) DERIVED FROM TEMPORARY DIFFERENCES IS AS FOLLOWS: AMOUNT ------------- PROPERTY AND EQUIPMENT Ps. 5,493,446 INVENTORIES 781,310 OTHER ITEMS - NET (1,301,676) ------------- TOTAL Ps. 4,973,080 ============= EFFECTIVE TAX RATE IS SIMILAR TO THE 28% RATE MENTIONED IN THE INCOME TAX LAW. ON OCTOBER 1ST, 2008 THE NEW SINGLE RATE BUSINESS TAX (IETU LAW) WAS PUBLISHED IN THE OFFICIAL GAZETTE. THE NEW LAW CAME INTO FORCE AS OF JANUARY 1ST, 2008 AND ANNULLED THE ASSET TAX LAW.
  • 25. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 8 / 11 CONSOLIDATED Final Printing BASED ON ITS TAX FORECAST, THE COMPANY WILL CONTINUE GENERATING INCOME TAX IN SUBSEQUENT YEARS. THE COMPANY'S 2008 INCOME TAX INCLUDES THE PARTIAL TAXATION OF THE INVENTORY HELD AT DECEMBER 31, 2004, SINCE THE COMPANY OPTED TO CONSIDER AS TAXABLE SUCH INVENTORIES OVER A NUMBER OF YEARS, SO AS TO DEDUCT COST OF SALES. THE LAST YEAR OF TAXATION OF THE INVENTORIES WILL BE 2012. AT SEPTEMBER 30, 2008, THE BANK HAS TAX LOSSES OF PS. 245,050 WHICH, IN CONFORMITY WITH THE CURRENT MEXICAN INCOME TAX LAW, MAY BE CARRIED FORWARD AGAINST TAXABLE EARNINGS GENERATED THROUGH 2017. AS A RESULT OF RELATED CHANGES TO MEXICAN TAX LAW, THE COMPANY'S RECOVERABLE ASSET TAX AT SEPTEMBER 30, 2008 MAY BE RECOVERED THROUGH 2017. NOTE 9 - LABOR OBLIGATIONS: THE COMPANY HAS SET UP A DEFINED BENEFITS TRUST FUND TO COVER SENIORITY PREMIUMS ACCRUING TO EMPLOYEES TO WHICH WORKERS MAKE NO CONTRIBUTIONS, ALSO RECOGNIZES THE LIABILITY FOR EMPLOYEE TERMINATION PAYMENTS. BOTH THESE OBLIGATION ARE COMPUTED USING THE PROJECTED UNIT CREDIT METHOD.
  • 26. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 9 / 11 CONSOLIDATED Final Printing NOTE 10 - SHAREHOLDERS' EQUITY: AN ANALYSIS OF NOMINAL VALUE AND RESTATEMENT OF ITEMS THAN INTEGRATE THE SHAREHOLDERS' EQUITY IS AS FOLOWS: NOMINAL VALUE RESTATEMENT TOTAL --------------- --------------- --------------- CAPITAL STOCK PS. 14,507,683 PS. 9,145,252 PS. 23,652,935 =============== ============== =============== SHARES PLAN FUND PS.( 3,310,190) PS.( 288,277) PS.( 3,598,467) PREMIUM ON SALE OF SHARES 816,558 1,461,873 2,278,431 --------------- -------------- ---------------- PREMIUM ON SALE OF SHARES PS.( 2,493,632) PS. 1,173,596 PS.( 1,320,036) =============== ============== =============== LEGAL RESERVE PS. 2,648,426 PS. 1,772,622 PS. 4,421,048 RETAINED EARNINGS 36,822,124 ( 3,289,785) 33,532,339 NET INCOME FOR THE YEAR 9,753,016 - 9,753,016 --------------- -------------- ---------------- RETAINED EARNINGS AND CAPITAL RESERVES PS. 49,223,566 PS.( 1,517,163) PS. 47,706,403 =============== ============== =============== THE RETAINED EARNINGS, IN RESTATEMENT'S COLUMN INCLUDES THE RECLASIFICATION OF THE RESULT FROM HOLDING NOM-MONETARY ASSETS (Ps. 12,515,273). DURING THE NINE-MONTH PERIOD ENDED ON SEPTEMBER 30, 2008, WALMEX REPURCHASED 53,688,400 OF ITS OWN SHARES, OF WHICH 12,963,400 WERE CANCELED AS PER THE RESOLUTION ADOPTED AT THE SHAREHOLDERS' MEETING OF MARCH 12, 2008. AS A RESULT OF THE SHARE REPURCHASES, HISTORICAL CAPITAL STOCK WAS REDUCED BY PS. 88,056. THE DIFFERENCE BETWEEN THE THEORETICAL RESTATED VALUE AND THE REPURCHASE COST OF THE SHARES ACQUIRED WAS APPLIED AGAINST RETAINED EARNINGS. THE EMPLOYEE STOCK OPTION PLAN FUND CONSISTS OF 137,660,722 WALMEX SHARES, OF WHICH 129,007,838 SHARES HAVE BEEN PLACED IN A TRUST CREATED FOR SUCH PURPOSE. ALL EMPLOYEE STOCK OPTIONS ARE GRANTED TO EXECUTIVES OF SUBSIDIARY COMPANIES AT A VALUE THAT IS NOT LESS THAN THE MARKET VALUE ON THE DATE OF GRANT. THE COMPENSATION DERIVED FROM STOCK OPTION OF SHARES IS DETERMINED USING THE BLACK- SCHOLES FINANCIAL VALUATION TECHNIQUE, ACCORDING TO MARKET CONDITIONS AT THE GRANT DATE, IN CONFORMITY WITH THE GUIDELINES OF INTERNATIONAL FINANCIAL REPORTING STANDARDS 2, ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, APPLIED ON A SUPPLEMENTARY BASIS. THE AMOUNT CHARGED TO RESULTS OF OPERATIONS FOR THIS ITEM AGGREGATES PS. 67,796 IN 2008, WHICH REPRESENTS NO FUNDS DISBURSEMENT.
  • 27. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 10 / 11 CONSOLIDATED Final Printing THE AGREEMENTS ADOPTED AND AMOUNTS APPROVED AT GENERAL SHAREHOLDERS' MEETINGS HELD ON MARCH 12, 2008 ARE AS FOLLOWS: 1. APPROVAL OF THE MAXIMUM AMOUNT THE COMPANY WILL USE TO REPURCHASE ITS OWN SHARES OF Ps. 8,000,000. 2. CANCELLATION OF 152,018,400 SERIES "V" SHARES FROM THE REPURCHASE OF SHARES. 3. INCREASE IN THE LEGAL RESERVE OF Ps. 352,135 THROUGH A CHARGE TO RETAINED EARNINGS. 4. A DECLARED DIVIDEND, FOR WHICH SHAREHOLDERS MAY RECEIVE PAYMENT EITHER IN CASH AT Ps. 0.59 PESOS PER SHARE OR IN COMPANY SHARES AT AN EXCHANGE FACTOR DETERMINED BASED ON BOTH THE CLOSING MARKET PRICE OF THE COMPANY'S SHARES ON APRIL 2, 2008 AND THE Ps. 0.59 PESOS PER SHARE. SUCH DIVIDEND WAS PAID ON APRIL 18, 2008. 5. INCREASE IN THE VARIABLE PORTION OF CAPITAL STOCK FOR UP TO Ps. 4,991,590; SUCH INCREASE WILL BE COVERED BY ISSUING A MAXIMUM 178,271,066 COMMON ORDINARY SHARES TO BE USED SOLELY FOR PAYMENT OF THE STOCK DIVIDEND. THOSE SHARES THAT ARE NOT SUBSCRIBED AND DELIVERED TO THE SHAREHOLDERS SHALL BE CANCELED AND THE PROPOSED CAPITAL INCREASE SHALL BE REDUCED PROPORTIONALLY. THE SHAREHOLDERS' DEADLINE FOR DECIDING ON WHETHER TO ACCEPT THE CASH DIVIDEND OR THE STOCK DIVIDEND IN TERMS OF THE RESOLUTION ADOPTED AT THE SHAREHOLDERS' MEETING HELD ON MARCH 12, 2008 EXPIRED ON APRIL 15, 2008. THE COMPANY DELIVERED 37,228,737 NEW SERIES "V" SHARES REPRESENTING AN INCREASE OF PS. 1,693,908, AND CANCELED 141,042,329 UNSUBSCRIBED SHARES. THIS SITUATION GAVE RISE TO A DECREASE IN CAPITAL STOCK OF Ps. 3,297,682. BASED ON THE PRECEDING PARAGRAPH AND PER ARTICLE 112 OF THE MEXICAN CORPOATIONS ACT THAT ESTABLISHES THAT ALL OF AN ENTITY'S SHARES MUST HAVE THE SAME THEORETICAL VALUE, THE CAMPANY RECOMPUTED ITS CAPITAL STOCK BY DETERMINING A FIXED AMOUNT OF Ps. 1,844,173. NOTE 11 - SEGMENT INFORMATION: THE COMPANY'S SEGMENT INFORMATION WAS PREPARED BASED ON A MANAGERIAL APPROACH AND THE CRITERIA ESTABLISHED IN ACCOUNTING BULLETIN B-5. THE "OTHERS" SEGMENT CONSISTS OF DEPARTMENT STORES, RESTAURANTS, REAL ESTATE TRANSACTIONS WITH THIRD PARTIES AND FINANCIAL SERVICES.
  • 28. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. FINANCIAL STATEMENT NOTES DE C.V. PAGE 11 / 11 CONSOLIDATED Final Printing AN ANALYSIS OF SEGMENT INFORMATION FOR THE NINE-MONTH PERIOD ENDED ON SEPTEMBER 30, 2008 IS AS FOLLOWS: INCOME (LOSS) AFTER SEGMENT NET SALES GENERAL EXPENSES ------------ --------------------------- ---------------------------- SELF SERVICE Ps.162,267,970 Ps. 12,128,995 OTHER 9,980,457 929,022 -------------- --------------- CONSOLIDATED Ps.172,248,427 Ps. 13,058,017 ============== =============== THE COMPANY OPERATES IN MEXICO AND MAKES SALES TO THE GENERAL PUBLIC. NOTE 12 - APPROVAL OF FINANCIAL STATEMENTS: THE ACCOMPANYING FINANCIAL STATEMENTS AND THESE NOTES FOR THE NINE-MONTH PERIOD ENDED ON SEPTEMBER 30, 2008, WERE APPROVED BY THE COMPANY'S BOARD DIRECTORS AT A MEETING HELD ON OCTOBER 7, 2008.
  • 29. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. ANALYSIS OF INVESTMENTS IN SHARES CONSOLIDATED SUBSIDIARIES Final Printing COMPANY NAME MAIN ACTIVITIES NUMBER OF SHARES % OWNERSHIP NUEVA WAL-MART GEN MERCHANDISE SALES 881,712 99.99 SUBURBIA DEPARTMENT STORES 274,923 99.99 VIPS RESTAURANTS 439,022 99.99 CORPORATE ENTITIES PROFESIONAL OUTSOURCE 553,638 99.99 REAL ESTATE REAL ESTATE PROJECTS 23,706,432 99.99 RENDERING OR FULL-SERVICE BANCO WAL-MART 798,738 99.99 BANKING MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. ANALYSIS OF INVESTMENTS IN SHARES CONSOLIDATED ASSOCIATES Final Printing TOTAL AMOUNT (Thousands of % Mexican Pesos) COMPANY NAME MAIN ACTIVITIES NUMBER OF SHARES OWNER SHIP ACQUISITION BOOK VALUE COST 0 0.00 0 0 TOTAL INVESTMENT IN ASSOCIATES 0 0 OTHER PERMANENT INVESTMENTS 0 TOTAL 0 NOTES THE COLUMN NUMBER OF SHARES IS EXPRESSED IN THOUSANDS AND CORRESPONDING TO THE SOCIAL PART AND SHARES THAT WAL-MART DE MEXICO, S.A.B. DE C.V. HAS OF THE SUBSIDIARIES; WHICH MAJORITY ARE SOCIEDAD DE RESPONSABILIDAD LIMITADA DE CAPITAL VARIABLE
  • 30. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. CREDITS BREAK DOWN CONSOLIDATED (Mexican Pesos) Final Printing AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) WITH FOREING DATE OF AMORTIZATION CREDIT TYPE / INSTITUTION INTEREST RATE TIME INTERVAL TIME INTERVAL INSTITUTION [1] CONTRACT DATE CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR BANKS FOREIGN TRADE NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 SECURED NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 COMMERCIAL BANKS NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 OTHER NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 TOTAL BANKS 0 0 0 0 0 0 0 0 0 0 0 0
  • 31. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. CREDITS BREAK DOWN CONSOLIDATED (Mexican Pesos) Final Printing AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) WITH FOREING DATE OF AMORTIZATION CREDIT TYPE / INSTITUTION INTEREST RATE TIME INTERVAL TIME INTERVAL INSTITUTION [1] CONTRACT DATE CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR STOCK MARKET LISTED STOCK EXCHANGE UNSECURED NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 SECURED NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 PRIVATE PLACEMENTS UNSECURED NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 SECURED NOT APPLIED 0 0 0 0 0 0 NOT 0 0 0 0 0 0 TOTAL BANKS 0 0 0 0 0 0 0 0 0 0 0 0
  • 32. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. CREDITS BREAK DOWN CONSOLIDATED (Mexican Pesos) Final Printing AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) WITH FOREING DATE OF AMORTIZATION CREDIT TYPE / INSTITUTION TIME INTERVAL TIME INTERVAL INSTITUTION [1] AGREEMENT DATE CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR SUPPLIERS SELF-SERVICE STORE NOT APPLIED 0 19,424,907 0 0 0 0 DEPARTMENT STORE NOT APPLIED 0 580,157 0 0 0 0 RESTAURANTS NOT APPLIED 0 128,708 0 0 0 0 SELF-SERVICE STORE NOT 0 2,185,565 0 0 0 0 DEPARTMENT STORE NOT 0 202,159 0 0 0 0 RESTAURANTS NOT 0 4,517 0 0 0 0 TOTAL SUPPLIERS 0 20,133,772 0 0 0 0 0 2,392,241 0 0 0 0 OTHER LOANS WITH COST (S103 Y S30) OTHER CURRENT LIAB. W/COST NOT APPLIED 0 216,074 192,643 196,831 205,895 2,631,548 OTHER CURRENT LIAB. W/COST NOT 0 0 0 0 0 0 TOTAL 0 216,074 192,643 196,831 205,895 2,631,548 0 0 0 0 0 0 OTHER CURRENT LIABILITIES WITHOUT COST (S26) OTHER CURRENT LIAB. W/O COST NOT APPLIED 0 5,994,347 OTHER CURRENT LIAB. W/O COST 0 299,057 TOTAL 0 5,994,347 0 0 0 0 0 299,057 0 0 0 0 TOTAL 0 26,344,193 192,643 196,831 205,895 2,631,548 0 2,691,298 0 0 0 0
  • 33. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. MONETARY FOREIGN CURRENCY POSITION CONSOLIDATED (Mexican Pesos) Final Printing DOLLARS (1) OTHER CURRENCIES (1) TOTAL THOUSANDS FOREIGN CURRENCY POSITION THOUSANDS OF THOUSANDS OF THOUSANDS OF THOUSANDS OF OF PESOS DOLLARS PESOS DOLLARS PESOS MONETARY ASSETS 38,657 422,674 0 0 422,674 LIABILITIES POSITION 246,142 2,691,298 0 0 2,691,298 SHORT-TERM LIABILITIES POSITION 246,142 2,691,298 0 0 2,691,298 LONG-TERM LIABILITIES POSITION 0 0 0 0 0 NET BALANCE -207,485 -2,268,624 0 0 -2,268,624 NOTES PS. 10.9339 RATE OF EXCHANGE AMERICAN DOLLAR.
  • 34. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. RESULT FROM MONETARY POSITION CONSOLIDATED (Mexican Pesos) Final Printing (ASSET) LIABILITY MONETARY MONETARY MONTHLY MONTHLY PROFIT MONTH MONETARY ASSETS LIABILITIES INFLATION AND (LOSS) POSITION JANUARY 0 0 0 0.00 0 FEBRUARY 0 0 0 0.00 0 MARCH 0 0 0 0.00 0
  • 35. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. DEBT INSTRUMENTS PAGE 1/ 2 CONSOLIDATED Final Printing FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE NON APPLY
  • 36. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. DEBT INSTRUMENTS PAGE 2/ 2 CONSOLIDATED Final Printing ACTUAL SITUATION OF FINANCIAL LIMITED NON APPLY
  • 37. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS CONSOLIDATED Final Printing UTILIZATION PLANT OR CENTER ECONOMIC ACTIVITY PLANT CAPACITY (%) SELF-SERVICE DISCOUNT STORES GENERAL MERCHANDISE SALE, 1,232,296 100.00 SELF-SERVICE WHOLESALES MEMBERSHIP GENERAL MERCHANDISE 650,145 100.00 SELF-SERVICE HYPERMARKETS GENERAL MERCHANDISE SALE, 1,207,495 100.00 SUPERMARKETS GROCERIES SALES AND FRESH 108,664 100.00 APPAREL STORES APPAREL AND ACCESORY SALE 334,757 100.00 RESTAURANTS RESTAURANT-INTERNATIONAL, MEXICAN 83,277 100.00 BANCO WAL-MART RENDERING OF FULL-SERVICE BANKING 1,569 100.00 NOTES THE INSTALLED CAPACIY OF THE REGARDING RESTAURANTS IS EXPRESED IN NUMBER OF SEATS.
  • 38. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. MAIN RAW MATERIALS CONSOLIDATED Final Printing COST DOM. DOMESTIC MAIN SUPPLIERS FOREIGN PRODUCTION SUBST. (%) NON APPLY 0 NOTES
  • 39. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. SALES DISTRIBUTION BY PRODUCT CONSOLIDATED NET SALES/TOTAL SALES Final Printing NET SALES MAIN MARKET MAIN PRODUCTS SHARE (%) VOLUME AMOUNT TRADEMARKS CUSTOMERS DOMESTIC SALES NET SALES 0 171,595,428 0.00 OTHER INCOME 0 652,999 0.00 FOREIGN SALES NON APPLY 0 0 0.00 TOTAL 172,248,427
  • 40. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. SALES DISTRIBUTION BY PRODUCT CONSOLIDATED FOREIGN SALES Final Printing NET SALES MAIN MAIN PRODUCTS DESTINATION VOLUME AMOUNT TRADEMARKS CUSTOMERS EXPORT NON APPLY 0 0 FOREIGN SUBSIDIARIES NON APPLY 0 0 TOTAL 0 NOTES
  • 41. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. PROJECT, AMOUNT EXERCISED AND PROGRESS PAGE 1/ 1 PERCENTAGE CONSOLIDATED Final Printing OUR EXPANSION PROGRAM FOR THE FOLOWING THREE MONTHS INCLUDES THE OPENING OF 65 UNITS, HAVING 47.7% PROGRESS THUS FAR. AS OF SEPTEMBER 30, 2008 PS. 4,372,354 HAVE USED FOR THESE UNITS.
  • 42. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. INFORMATION RELATED TO BULLETIN B-15 PAGE 1/ 1 (FOREIGN CURRENCY TRANSLATION) CONSOLIDATED Final Printing FOREIGN CURRENCY BALANCES ARE TAKEN AT Ps. 10.9339 PESOS PER DOLLAR, AS SHOWN BELLOW: THOUSAND THOUSAND OF DOLLAR OF PESOS ------------ ------------- CURRENT ASSETS US$ 38,657 Ps. 422,674 ============ ============= SUPPLIERS US$ 218,791 Ps. 2,392,241 ============ ============= OTHER CURRENT LIABILITIES US$ 27,351 Ps. 299,057 ============ ============= DURING JUANUARY - SEPTEMBER 2008, THE COMPANY HAD AN EXCHANGE LOSS AMOUNTING TO Ps. 27,876 DERIVED FROM EXCHANGE RATE FLUCTUATIONS.
  • 43. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER: 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. ANALYSIS OF PAID CAPITAL STOCK CONSOLIDATED Final Printing NUMBER OF SHARES CAPITAL STOCK VALID SERIES NOMINAL VALUE COUPON FIXED PORTION VARIABLE PORTION MEXICAN FREE SUBSCRIPTION FIXED VARIABLE V 0.00000 47 1,075,006,074 7,381,819,449 0 8,456,825,523 1,844,173 12,663,510 TOTAL 1,075,006,074 7,381,819,449 0 8,456,825,523 1,844,173 12,663,510 TOTAL NUMBER OF SHARES REPRESENTING THE PAID IN CAPITALSTOCK ON THE DATE OF SENDING THE INFORMATION 8,456,825,523 NOTES AS SEPTEMBER 30, 2008 SERIES "V" SHARES PRICE MARKET WAS Ps. 37.61
  • 44. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. NOTES TO FINANCIAL STATEMENTS CONSOLIDATED Final Printing S39: NOTE 1 - PREMIUM ON SALE OF SHARES --------------------------------------- THE PREMIUM ON SALE OF SHARES LINE THAT APPEARS IN CONSOLIDATED BALANCE SHEETS INCLUDES THE STOCK OPTION PLAN FUND FOR PERSONNEL DURING BOTH YEARS. S58: NOTE 2 - OTHER CURRENT LIABILITIES --------------------------------------- ACCORDING TO MEX FRS D-3 AND FOR COMPARISON PURPOSES, THE PREVIOUS YEAR AMOUNT OF SHORT- TERM LABOR OBLIGATIONS WAS RECLASIFIED TO OTHER CURRENT LIABILITIES. S77: NOTE 3 - CHARACTERISTICS OF THE SHARES -------------------------------------------- WAL-MART DE MEXICO SHARES ARE AT UNEXPRESSIVE NOMINAL VALUE. S80: NOTE 4 - REPURCHASE OF SHARES ---------------------------------- FROM JANUARY 1° TO MARCH 11 THEY WERE REPURCHASED OF ITS OWN SHARES, BY AMOUNT OF PS. 700,857 WITH AFFECTATION TO THE AUTHORIZED AMOUNT IN 2008, IS A FOLLOWS: UTNIL MARCH 11 -------------- REPURCHASE OF SHARES REDUCED CAPITAL STOCK Ps. ( 47,933) REPURCHASE OF SHARES REDUCED OF RETAINED EARNINGS ( 652,924) -------------- TOTAL Ps. ( 700,857) ============== AFTER TO THE SHAREHOLDERS' MEETING HELD ON MARCH 12, 2008, THEY WERE REPURCHASED OF ITS OWN SHARES BY AN AMOUNT OF PS. 1,437,025, AFFECTING TO THE AUTHORIZED AMOUNT IN THIS MEETING THE AVAILABLE BALNCE AS OF SEPTEMBER 30, 2008 IS AS FOLLOWS: AFTER MARCH 12 -------------- AUTHORIZED AMOUNT Ps. 8,000,000 REPURCHASE OF SHARE REDUCED OF CAPITAL STOCK Ps. ( 98,282) REPURCHASE OF SHARES REDUCED OF RETAINED EARNINGS Ps. (1,338,743) -------------- BALANCE AVAILABLE TO REPURCHASE OF SHARES Ps. 6,562,975 ============== R01: NOTE 5 - MEMBERSHIP INCOME ------------------------------------- THE EARNED INCOME IS PRESENTED UNDER A SPECIFIC HEADING AFTER NET SALES IN THE STATEMENTS OF INCOME. THE CURRENT EMISNET PAGE STATEMENT OF INCOME FORMAT, HOWEVER REQUIRES THAT IT IS PRESENTED UNDER THE HEADING OF NET SALES, SUCH AS IN SHOWN IN ANNEX SALES DISTIBUTION BY PRODUCT. (1) EN ESTE ANEXO SE INCLUYE LAS NOTAS CORRESPONDIENTES A LAS CIFRAS DE LOS ESTADOS FINANCIEROS BASICOS, ASI COMO SUS DESGLOSES Y OTROS CONCEPTOS
  • 45. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: WALMEX QUARTER 03 YEAR: 2008 WAL - MART DE MEXICO, S.A.B. DE C.V. NOTES TO FINANCIAL STATEMENTS CONSOLIDATED Final Printing D09: NOTE 6 - DATA PER SHARE. ---------------------------- THE AMOUNT OF LAST YEAR CASH DIVIDEND ACUMULATED PER SHARE IS PRESENTED TO NOMINAL VALUE. P02: NOTE 7 - RATIOS CONSOLIDATED --------------------------------- SINCE THE EMISNET PAGE CANNOT RECORD RESULTS ON A TWELVE MONTH BASIS FOR ITEMS OF THE STATEMENT OF RESULTS AS WELL AS FOR THE FINANCIAL STATEMENT, THE CALCULATIONS ARE THUS INCLUDED ON THOSE BASES AND ARE AS FOLLOW: QUARTER ------------------------ REF CONCEPTS CURRENT PREVIOUS P --------------------------- ------- -------- YIELD ----- p02: NET CONSOLDATED INCOME TO STOCK HOLDERS EQUITY (**) 21.78% 23.02% p03: NET INCOME TO TOTAL ASSETS (**) 13.82% 14.35% ACTIVITY -------- p06: NET SALES TO NET ASSETS (**) 2.29 TIMES 2.25 TIMES p07: NET SALES TO PROPERTY, PLANT AND EQUIPMENT (NET) (**) 3.28 TIMES 3.37 TIMES LEVERAGE -------- p16: NET SALES TO TOTAL LIABILITIES (**) 6.25 TIMES 5.98 TIMES (**) = INFORMATION REGARDING LAST TWELVE MONTHS. E02: NOTE 8 - ITEMS NOT REQUIRING CASH ------------------------------------------------ IN THIS CONCEPT IS PRESENTED THE MONETARY ITEMS' RESTATEMENT FROM OCTOBER TO DECEMBER 2007. (1) EN ESTE ANEXO SE INCLUYE LAS NOTAS CORRESPONDIENTES A LAS CIFRAS DE LOS ESTADOS FINANCIEROS BASICOS, ASI COMO SUS DESGLOSES Y OTROS CONCEPTOS

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