Consolidated Statements of Cash Flows For the years ended December 31, 2023, 2022 and 2021
(In thousands of Mexican pesos)
| 2023 | 2022 | 2021 | ||
|---|---|---|---|---|
|
Cash flows from operating activities:
|
||||
|
Consolidated net income of the year
|
$13,885,316
|
$20,433,578
|
$12,327,963
|
|
|
Adjustments from:
|
||||
|
Income tax recognized in results
|
5,746,829
|
3,685,952
|
2,604,486
|
|
|
Depreciation and amortization
|
5,863,887 |
5,033,539
|
3,476,297
|
|
|
(Gain) loss on sale of property, plant and
equipment and other assets |
1,903
|
(22,607) |
(14,298)
|
|
|
Impairment of property, plant and equipment
|
783,706
|
420,063 |
89,745
|
|
|
Gain from change in fair value of investment
property |
(170,601)
|
(193,348)
|
(867,066) |
|
|
Equity in profits of associated entities and joint
ventures |
(1,267,708) |
(1,303,405) |
(2,826,115) |
|
|
Stock valuation effect
|
- |
(3,809,962) |
- |
|
|
Interest income
|
(5,903,569) |
(5,174,607) |
(3,662,353) |
|
|
Interest expense
|
5,829,082 |
3,791,729 |
1,684,778 |
|
|
Effect from restatement of employment
obligations |
- |
83,174 |
(78,561) |
|
|
Dividends received from associated entities
measured at fair value |
(1,331,948)
|
(1,309,388) |
(945,220) |
|
|
Other items |
(13,483) |
(65,078) |
(53,322) |
|
|
|
23,423,414 |
21,569,640 |
11,736,334 |
|
|
Items related to operating activities:
|
||||
|
(Increase) decrease in:
|
||||
|
Accounts receivable
|
(10,034,235)
|
(3,734,651) |
(4,179,560)
|
|
|
Interest income
|
3,977,763
|
3,744,734
|
3,075,021 |
|
|
Other accounts receivable
|
148,956 |
(1,311,731) |
368,931 |
|
|
Due from related parties
|
911,650 |
(2,419,070) |
(49,529) |
|
|
Recoverable taxes
|
(457,993) |
1,175,885 |
(100,126) |
|
|
Inventories
|
(699,685)
|
(1,017,963) |
(4,120,611) |
|
|
Prepaid expenses
|
161,968 |
1,206,154 |
(670,869)
|
|
|
Account receivable of the leased asset
|
2,281,803 |
220,040
|
-
|
|
|
Long-term accounts receivable
|
(242,889)
|
(277,317)
|
134,464
|
|
|
Real estate inventories
|
-
|
15,982 |
-
|
|
|
Other assets
|
(380,856) |
(961,219) |
(381,676) |
|
|
(Decrease) increase in:
|
||||
|
Trade accounts payable
|
1,439,019 |
(417,114) |
1,236,946 |
|
|
Accounts payable to related parties
|
772,820 |
52,349 |
126,152 |
|
|
Other accounts payable and accrued liabilities
|
137,130 |
2,830,257 |
550,631 |
|
|
Provisions
|
|
|
|
|
|
Direct employee benefits
|
(2,185,037) |
1,361,610 |
2,386,923 |
|
|
Advances from customers
|
245,184 |
874,066 |
261,143 |
|
|
Other long-term liabilities
|
207,430 |
(1,100,806) |
(2,111,855) |
|
|
Employee retirement benefits
|
(206,008) |
(1,743,574) |
(59,314) |
|
|
Income taxes paid
|
(14,392) |
144,173 |
60,999 |
|
|
Derivative financial instruments
|
(6,921,791) |
(2,872,336) |
(4,588,835) |
|
|
|
53,740 |
(806,578) |
(558,201) |
|
|
Net cash flows from
operating activities |
12,617,991 |
16,532,531 |
3,116,968 |
|
| 2023 | 2022 | 2021 | ||
|---|---|---|---|---|
|
Cash flows from investment activities:
|
||||
|
Acquisition of investments in securities
|
-
|
-
|
(6,581,012)
|
|
|
Sale of investments in securities held-to-maturity
|
-
|
-
|
9,223,181 |
|
|
Purchase of property, plant and equipment
|
(5,550,786)
|
(5,236,120)
|
(1,431,770) |
|
|
Proceeds on disposal of property, plant and
equipment |
120,415 |
74,062 |
86,922
|
|
|
Investment in exploration expenses
|
37,842
|
(387,880) |
(1,011,224) |
|
|
Interest received
|
1,749,649 |
1,345,380 |
569,809 |
|
|
Dividends received
|
1,931,094
|
1,756,796
|
1,953,875 |
|
|
Acquisition of investment properties
|
- |
- |
(6,325) |
|
|
Acquisition of Ideal Panama
|
- |
1,400,515 |
- |
|
|
Contribution and/ or acquisition of the shares of subsidiaries, associated entities and joint ventures |
(1,398,919) |
(7,679,497) |
(410,000) |
|
|
Sale of shares of subsidiary
|
2,000 |
- |
- |
|
|
Sale of shares of associates
|
- |
301,491 |
- |
|
|
Non-controlling participation increment
|
2,732,823
|
- |
- |
|
|
Financial assets at fair value
|
(132,135) |
(104,551) |
- |
|
|
Other movements of participation in associates
|
- |
- |
132,821 |
|
|
Net cash flows (used in) provided by investment activities |
(508,017) |
(8,529,804) |
2,526,277 |
|
|
|
||||
|
Cash flows from financing activities:
|
||||
|
Loans obtained from financial and other
institutions |
89,300,092 |
43,023,117 |
17,410,960 |
|
|
Payment of loans and other long-term debt
contracted with financial institutions |
(86,340,140) |
(41,599,721) |
(17,370,682) |
|
|
Interest paid
|
(5,246,291)
|
(3,261,517) |
(1,258,903) |
|
|
Payment of lease liabilities
|
(2,224,880) |
(1,935,324) |
(1,121,209) |
|
|
Increase in non-controlling interest |
2,732,823 |
- |
- |
|
|
Dividends paid
|
(1,805,606) |
(2,511,761) |
(2,371,302) |
|
|
Repurchase of own shares
|
(318,646) |
(444,412) |
(754,352) |
|
|
Repurchase of shares of subsidiary
|
- |
(8,509) |
(244,942)
|
|
|
|
||||
|
Net cash flows used in financing
activities |
(6,635,471) |
(6,738,127)
|
(5,710,430) |
|
|
|
||||
|
Cash flow adjustments due to exchange rate variances |
(1,422,099) |
(167,599)
|
(499,275)
|
|
|
|
||||
|
Net increase (decrease) in cash and cash
equivalents |
4,052,404
|
1,097,001 |
(566,460) |
|
|
|
||||
|
Cash and cash equivalents at the start of the year |
12,294,643 |
11,197,642 |
11,764,102 |
|
|
|
||||
|
Cash and cash equivalents at the end of the year |
$16,347,047 |
$12,294,643 |
$11,197,642 |
|
The accompanying notes are part of the consolidated financial statements.