Key financial information

(Amounts in thousand pesos, except earnings per share, which is shown in pesos, and outstanding shares)	2014	2015	2016	Var 2016 vs 2015
Sales	82,387,858	88,223,816	95,187,635	7.9%
Gross Profit	23,206,133	25,562,314	28,470,025	11.4%
Operating Income	9,089,522	10,329,259	13,725,876	32.9%
EBITDA	10,606,017	12,570,512	14,578,076	16.0%
Controlling Participation in Net Income	5,684,990	6,196,155	9,524,896	53.7%
Earnings per Share (EPS)*	2.48	2.72	4.20	54.6%

Margins
Gross	28.2%	29.0%	29.9%	0.9 pp
Operating	11.0%	11.7%	14.4%	2.7 pp
EBITDA	12.9%	14.2%	15.3%	1.2 pp
Net	6.9%	7.0%	10.0%	3.0 pp

Revenues
Retail	41,202,547	44,413,058	47,593,847	7.2%
Industrial	25,956,926	26,951,014	29,048,773	7.8%
Infrastructure and Construction	14,799,667	16,492,889	18,512,889	12.2%
Energy	786,116	769,319	794,257	3.2%

EBITDA**
Retail	5,027,548	5,707,369	6,465,469	13.3%
Industrial	2,821,982	4,052,744	5,127,274	26.5%
Retail	2,221,607	2,297,009	2,448,779	6.6%
Energy	786,116	769,319	463,993	20.8%

EBITDA Margin
Retail	12.2%	12.9%	13.6%	0.7 pp
Industrial	10.9%	15.0%	17.7%	2.6 pp
Infrastructure and Construction	15.0%	13.9%	13.2%	-0.7 pp
Energy	786,116	769,319	58.4%	8.5 pp

Total Assets	91,710,398	94,184,910	109,556,349	16.3%
Total Liabilities	30,525,037	30,390,542	37,976,185	25.0%
Stockholders’ Equity	61,185,361	63,794,368	71,580,164	12.2%
Compounded Average Outstanding Shares (‘000)	2,289,802	2,281,190	2,268,787	-0.5%

^* EPS: Calculated as Controlling Participation in Net Income divided by the compounded average shares outstanding.
^** EBITDA: Income before income taxes plus depreciation and amortization, interest expense, impairment of machinery and equipment and exploration expenses, and effect on valuation of derivative financial instruments, less interest income, net foreign exchange gain, surplus from appraisals of shopping centers and equity in earnings of associated companies and joint ventures. Conciliation in Note 30 of the Financial Statements.
pp Variation in percentage points.

Construction of the Samalayuca-Sásabe gas pipeline

*Note: A total of $7,589 million pesos were subtracted to the consolidated operating income and EBITDA of 2013 due to the sale of Philip Morris Mexico (PMM) as well as $210 on the valuation of investment properties. In 2014 a total of $210 million pesos were added to the consolidated operating income and EBITDA due to the adjustment on the sale of PMM and $226 were subtracted per the valuation of investment properties. In 2015 the EBITDA does not include the amounts of impairment of machinery and equipment and exploration expenses, nor the surplus from appraisals of shopping centers. In 2016 a total of $1,242 million pesos were substracted per the impairment of fixed assets and the valuation of investment properties.