The consolidated sales of Grupo Carso reached the sum of $181,539 million pesos, an increase of 45.7% in respect to 2021, in which this amount was $124,573 million pesos. This increase was explained mainly by the inclusion of the amounts from a new business named Elementia, which was acquired in May of 2022. Without the inclusion of Elementia, the annual sales were $157,424 million pesos, representing a growth of 26.4%.
By subsidiary, Carso Infraestructura y Construcción contributed 21.4% of the total revenue with an increase of 52.4% in the volumes of its various projects, mainly those related to the installation of pipelines and buildings for the private sector. Grupo Sanborns, which represented 35.7% of the total revenues, increased its earnings by 22.4%, benefitting from a better performance of Sears and Sanborns.
Grupo Condumex showed an improvement in the volume of cables and automotive harnesses, as well as in the exportation of telecom cables, which represented 27.3% of total revenue, while increasing its sales by 12.1%. The Carso Energy division, which represented 2.3% of the company’s total income, grew by 37.4% because of the greater volumes in the two hydroelectric plants in Panama and in the transmission of gas in the Samalayuca-Sásabe pipeline. In addition to the above, Elementia contributed $24,115 million pesos, or 13.3% of the total sales, counted from May of 2022.
The operating income increased by 102.0%, from $12,857 million pesos in 2021 to $25,965 million in 2022. The principal increase in profitability came from Grupo Condumex because of the recognition of the incorporation of Elementia and Fortaleza in this fiscal year (PPA), as well as because of the mix-
THE OPERATING INCOME INCREASED 102.0%, FROM $12,857 MILLION IN 2021 $25,965 MILLION PESOS IN 2022.”
ture of sales and costs, and controlled expenses. Without the inclusion of Elementia, the annual operating income was $23,742 million pesos and a growth of 84.7%. Carso Infraestructura y Construcción improved by 255.4%, showing a favorable comparison versus 2021. Grupo Sanborns improved its profitability by 88.1% from the sales mix within its commercial formats. Carso Energy went from a gain of $1,901 million pesos to $3,002 million pesos.
The accumulated EBITDA totaled $27,478 million pesos, increasing by 74.8%. Without the inclusion of Elementia, the accumulated EBITDA totaled $23,556 million pesos, with a margin of 15.0%. For the calculation of this indicator extraordinary items and items that do not imply a cash flow are not considered, such as the revaluation of investment properties. The EBITDA margin corresponding to 2022 was 15.1%, compared to 12.6% in 2021.
The comprehensive financing result was an expense in the amount of $3,149 million pesos, which was greater than the financing expense of $751 million for the previous year. This was because of the greater net interest paid, added to an Exchange rate loss rather than the Exchange rate gain of the previous year.
Due to the better operating results mentioned above, the net controlling income was $19,062 million pesos in 2022, an increase of 69.0% compared to the net controlling income of 2021, which was $11,282 million pesos.
The total debt increased by 77.2%, going from $24,151 million pesos at the end of December of 2021 to $42,790 million pesos at the end of December 31, 2022. This increase is basically due to the debt of $17,037 million pesos owed by Elementia, incorporated into the Group during the year.
The net debt was in the amount of $30,496 million pesos, compared to a net debt of $12,954 million pesos on December 31 of 2021. The amount of cash and cash equivalents totaled $12,295 million pesos, which includes $3,440 million pesos in cash and cash equivalents from Elementia, compared to $11,198 million pesos at the end of December of 2021. The 12-month net debt to EBITDA ratio was 1.11, compared to 0.71 without including Elementia and 0.82 at the end of 2021.
The Grupo Carso financial statement recorded a 12-month net debt to EBITDA ratio of 1.11, compared to 0.82 in 2021. The coverage of interest, measured as Interest Paid/ EBITDA, was 0.14.
At the present time the Company has two current bond certificates: the GCARSO 20, for $3,500 million pesos, issued on March 13, 2020 with a term of 3 years, and the FORTALE 22, for $2,000 million pesos, issued on May 18 of 2022 with an expiration period of 2 years.
