Letter from the Chairman of the Board
To the Shareholders,
Confidence in Mexico is on the rise. Middle-class Mexican families continue to grow in number, as well as in purchasing power. Their level of maturity and sophistication increases every day. It has been Liverpool’s mission to serve this select group of consumers, and we shall continue to do so.
During 2012, we earned revenue in the amount of $66,247 million pesos, which is 12.9% more than the prior year; the Company’s net profits reached $7,198 million pesos. Making an unprecedented effort, we invested $8,365 million to open nine stores and three shopping malls; we attracted 300,000 new credit customers and more importantly, generated 3,900 new direct jobs.
We will continue to channel significant resources into the building of more than 15 projects in 2013, including five stores and three malls that will start up operations during this year. We will also encourage the responsible credit of our cardholders, both current and future. This growth will be financed primarily by the Company’s own internal cash flow, thereby maintaining the traditional levels of indebtedness and the high index of capitalization.
The development of talent continues to be one of our top priorities. We will intensify the programs that identify promising employees, in our quest to prepare them to assume positions of leadership in the future. Innovation and sustainability are always on our mind. We will continue to make our best effort to offer a unique shopping experience to our customers, and we will continue to adapt the Company to the new multi-channel environment that is becoming more and more apparent each day.
We deeply appreciate the trust placed in us by our shareholders, the financial community, and our suppliers and tenants. We wish to thank our personnel for their dedication, and moreover, our customers for their preference, and for whom we shall continue to work arduously, to shorten distances and strengthen ties.
Sincerely,
Max David
Chairman of the Board
March 7, 2013