Report by the Chief Executive Officer
Grupo Carso’s consolidated sales reached $198,455 million pesos in 2023, a growth of 9.3% compared to 2022. Grupo Sanborns and Carso Infraestructura y Construcción reported a growth of 13.3% and 16.0%, respectively. The continued post-pandemic recovery in consumption and the greater volume of private projects as well as of installation projects explain this growth.
In regard to the other subsidiaries, Condumex, Elementia, Fortaleza and Carso Energy; recorded impacts to their income due to the rise in the value of the peso during the year, given the significant proportion these groups have in their exportation and domestic sales in dollars, as well as in the sales of our affiliates abroad.
Grupo Carso’s operating income was $24,393 million, which represents a decrease of 6.1% in respect to the previous year. This decrease is explained mainly by the fact that during 2022 extraordinary one-time income in the amount of $3,810 million pesos was recognized from the valuation of the Elementia and Fortaleza shares. If this factor is ignored, the accumulated operating income of Grupo Carso grew by 10.1% In 2023.
The accumulated EBITDA was $30,930 million, 12.6% greater than in 2022. In the calculation of this indicator, extraordinary items are not considered, nor items that do not imply cash flow, such as the surplus from the appraisal of investment properties.
The controlling net income was $13,519 million pesos.
The comprehensive financing result (RIF) for 2023 was an expenditure of $6,029 million pesos.
The total debt at the end of December of 2023 was $45,750 million. The net debt decreased compared to the previous year,
totaling $29,403 million pesos. The amount of cash and cash equivalents, also in December of 2023, was $16,347 million pesos.
A net debt-to-EBITDA ratio of 0.95 times was recorded, compared to the 1.11 ratio in 2022. The coverage of interest index, measured as a last-twelve-months EBITDA to interest paid was 5.3 times, compared to the 7.2 times of the previous year.
The Company presently has three long-term bonds outstanding:
1) GCARSO23, for $4,500 MM, issued on May 15, 2023, for 3 years;
2) FORTALE 23, for $2,000 MM, issued on Nov 9, 2023, for 3 years, and.
3) ELEMAT 23, for $2,200 MM, issued on Oct 19, 2023, for 3 years
It also has two short-term bonds outstanding:
1) GCARSO 00723, for $2,500 MM, from 21 Dec-23- to 13 Mar-24 al 13-Mar-24
with an 83 day term, and,
2) GCARSO 00823 for $4,000 MM, from 27-Dec-23 to 20-Mar-24 with an 84
day term.
