The Company’s consolidating condensed financial information for the (i) Company; (ii) its wholly-owned guarantor subsidiary Telcel (on standalone basis), which is a wholly and unconditional guarantor under the Senior Notes; (iii) the combined non-guarantor subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:
Condensed consolidating statements of financial position
| As of December 31, 2016 | ||||||||||||||||||||
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Assets: |
||||||||||||||||||||
|
Cash and cash equivalents |
Ps. | 4,107,645 | Ps. | 1,948,159 | Ps. | 17,162,579 | Ps. | — | Ps. | 23,218,383 | ||||||||||
|
Marketable securities |
11,716,039 | — | 43,141,118 | — | 54,857,157 | |||||||||||||||
|
Accounts receivable, net |
41,086,859 | 23,541,672 | 142,056,406 | (1,347 | ) | 206,683,590 | ||||||||||||||
|
Related parties |
271,373,391 | 14,461,731 | 379,358,127 | (664,452,757 | ) | 740,492 | ||||||||||||||
|
Inventories, net |
323,642 | 10,246,083 | 26,575,972 | (274,405 | ) | 36,871,292 | ||||||||||||||
|
Other current assets |
— | 951,739 | 18,586,354 | — | 19,538,093 | |||||||||||||||
|
Property, plant and equipment, Net |
2,774,540 | 24,124,644 | 674,290,882 | — | 701,190,066 | |||||||||||||||
|
Investments in associated companies |
704,272,725 | 134,150,348 | 59,589,480 | (894,409,069 | ) | 3,603,484 | ||||||||||||||
|
Intangible assets and other non-current assets, net |
11,734,707 | 25,653,093 | 430,951,917 | — | 468,339,717 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total assets |
Ps. | 1,047,389,548 | Ps. | 235,077,469 | Ps. | 1,791,712,835 | Ps. | (1,559,137,578 | ) | Ps. | 1,515,042,274 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Liabilities: |
||||||||||||||||||||
|
Short-term debt and current portion of long-term debt |
Ps. | 57,213,648 | Ps. | — | Ps. | 25,393,611 | Ps. | — | Ps. | 82,607,259 | ||||||||||
|
Current liabilities |
222,336,894 | 178,205,640 | 643,759,333 | (656,905,877 | ) | 387,395,990 | ||||||||||||||
|
Long-term debt |
555,475,368 | — | 69,718,776 | — | 625,194,144 | |||||||||||||||
|
Other non-current liabilities |
3,448,396 | 885,834 | 152,707,752 | (8,220,868 | ) | 148,821,114 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total liabilities |
Ps. | 838,474,306 | Ps. | 179,091,474 | Ps. | 891,579,472 | Ps. | (665,126,745 | ) | Ps. | 1,244,018,507 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Equity attributable to equity holders of the parent |
208,915,242 | 55,985,995 | 714,469,820 | (770,455,814 | ) | 208,915,243 | ||||||||||||||
|
Non-controlling interests |
— | — | 185,663,543 | (123,555,019 | ) | 62,108,524 | ||||||||||||||
|
Total equity |
208,915,242 | 55,985,995 | 900,133,363 | (894,010,833 | ) | 271,023,767 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total liabilities and equity |
Ps. | 1,047,389,548 | Ps. | 235,077,469 | Ps. | 1,791,712,835 | Ps. | (1,559,137,578 | ) | Ps. | 1,515,042,274 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| As of December 31, 2017 | ||||||||||||||||||||
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Assets: |
||||||||||||||||||||
|
Cash and cash equivalents |
Ps. | 7,018,559 | Ps. | 3,553,352 | Ps. | 13,698,562 | Ps. | — | Ps. | 24,270,473 | ||||||||||
|
Marketable securities |
10,303,535 | — | 48,817,141 | — | 59,120,676 | |||||||||||||||
|
Accounts receivable, net |
9,874,652 | 24,064,936 | 167,873,940 | — | 201,813,528 | |||||||||||||||
|
Related parties |
208,240,067 | 957,704 | 503,895,549 | (712,225,090 | ) | 868,230 | ||||||||||||||
|
Inventories, net |
264,649 | 16,700,837 | 21,844,079 | — | 38,809,565 | |||||||||||||||
|
Other current assets |
17,805,747 | 922,245 | (1,375,246 | ) | — | 17,352,746 | ||||||||||||||
|
Property, plant and equipment, Net |
1,996,721 | 24,287,904 | 650,058,573 | — | 676,343,198 | |||||||||||||||
|
Investments in associated companies |
747,771,790 | 35,569,788 | 3,457,152 | (783,063,558 | ) | 3,735,172 | ||||||||||||||
|
Intangible assets and other non-current assets, net |
4,104,268 | 73,557,904 | 386,236,092 | — | 463,898,264 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total assets |
Ps. | 1,007,379,988 | Ps. | 179,614,670 | Ps. | 1,794,505,842 | Ps. | (1,495,288,648 | ) | Ps. | 1,486,211,852 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Liabilities: |
||||||||||||||||||||
|
Short-term debt and current portion of long-term debt |
Ps. | 34,345,398 | Ps. | — | Ps. | 17,400,443 | Ps. | — | Ps. | 51,745,841 | ||||||||||
|
Current liabilities |
161,940,198 | 41,304,845 | 797,880,314 | (639,534,701 | ) | 361,590,656 | ||||||||||||||
|
Long-term debt |
547,728,176 | — | 98,410,882 | — | 646,139,058 | |||||||||||||||
|
Other non-current liabilities |
69,201,904 | 132,728,838 | 40,909,234 | (76,737,196 | ) | 166,102,780 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total liabilities |
Ps. | 813,215,676 | Ps. | 174,033,683 | Ps. | 954,600,873 | Ps. | (716,271,897 | ) | Ps. | 1,225,578,335 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Equity attributable to equity holders of the parent |
194,164,312 | 5,580,987 | 741,988,231 | (747,569,218 | ) | 194,164,312 | ||||||||||||||
|
Non-controlling interests |
— | — | 97,916,738 | (31,447,533 | ) | 66,469,205 | ||||||||||||||
|
Total equity |
194,164,312 | 5,580,987 | 839,904,969 | (779,016,751 | ) | 260,633,517 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total liabilities and equity |
Ps. | 1,007,379,988 | Ps. | 179,614,670 | Ps. | 1,794,505,842 | Ps. | (1,495,288,648 | ) | Ps. | 1,486,211,852 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2015
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Total revenues |
Ps. | 173,615,615 | Ps. | 157,930,068 | Ps. | 743,147,639 | Ps. | (180,955,583 | ) | Ps. | 893,737,739 | |||||||||
|
Total cost and operating expenses |
126,724,721 | 142,902,403 | 663,102,125 | (180,404,671 | ) | 752,324,578 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating income |
46,890,894 | 15,027,665 | 80,045,514 | (550,912 | ) | 141,413,161 | ||||||||||||||
|
Interest (expense) income, net |
(16,668,472 | ) | (9,031,432 | ) | (872,237 | ) | 227,781 | (26,344,360 | ) | |||||||||||
|
Foreign currency exchange (loss) gain, net |
(51,209,235 | ) | (2,060,917 | ) | (25,727,836 | ) | — | (78,997,988 | ) | |||||||||||
|
Other financing cost, net |
14,115,563 | — | 7,380,753 | — | 21,496,316 | |||||||||||||||
|
Income tax |
1,150,992 | 1,747,302 | 16,281,357 | — | 19,179,651 | |||||||||||||||
|
Equity interest in net income of associated companies |
43,077,014 | (4,722,363 | ) | (2,534,350 | ) | (37,246,997 | ) | (1,426,696 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) for year |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 42,010,487 | Ps. | (37,570,128 | ) | Ps. | 36,960,782 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Distribution of the net profit (loss) to: |
||||||||||||||||||||
|
Equity owners of holding company |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 41,711,424 | Ps. | (39,177,075 | ) | Ps. | 35,054,772 | ||||||||
|
Non-controlling interest |
— | — | 299,063 | 1,606,947 | 1,906,010 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 42,010,487 | Ps. | (37,570,128 | ) | Ps. | 36,960,782 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Other comprehensive income (loss) items: |
||||||||||||||||||||
|
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Effect of translation of foreign entities |
Ps. | (34,224,932 | ) | Ps. | (4,664,901 | ) | Ps. | (34,129,089 | ) | Ps. | 37,412,602 | Ps. | (35,606,320 | ) | ||||||
|
Effect of fair value of derivatives, net of deferred taxes |
37,011 | — | 22,482 | (21,998 | ) | 37,495 | ||||||||||||||
|
Items not to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Remeasurement of defined benefit plan, net of income tax effect |
(17,791,354 | ) | — | (10,750,136 | ) | 10,561,072 | (17,980,418 | ) | ||||||||||||
|
Available for sale |
173,540 | — | (169,529 | ) | — | 4,011 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total other comprehensive income items for the period |
(51,805,735 | ) | (4,664,901 | ) | (45,026,272 | ) | 47,951,676 | (53,545,232 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total comprehensive income for the period |
Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (3,015,785 | ) | Ps. | 10,381,548 | Ps. | (16,584,450 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Comprehensive income for the period attributable to: |
||||||||||||||||||||
|
Equity holders of the parent |
Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (10,304,830 | ) | Ps. | 17,504,080 | Ps. | (16,750,963 | ) | ||||||
|
Non-controlling interests |
— | — | 7,289,045 | (7,122,532 | ) | 166,513 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (3,015,785 | ) | Ps. | 10,381,548 | Ps. | (16,584,450 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2016
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Total revenues |
Ps. | 137,236,301 | Ps. | 173,714,225 | Ps. | 857,137,822 | Ps. | (192,675,860 | ) | Ps. | 975,412,488 | |||||||||
|
Total cost and operating expenses |
117,835,634 | 160,949,691 | 778,483,079 | (191,466,226 | ) | 865,802,178 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating income |
19,400,667 | 12,764,534 | 78,654,743 | (1,209,634 | ) | 109,610,310 | ||||||||||||||
|
Interest (expense) income, net |
(12,331,095 | ) | 97,314 | (17,207,855 | ) | (227,781 | ) | (29,669,417 | ) | |||||||||||
|
Foreign currency exchange (loss) gain, net |
(46,625,392 | ) | (5,853,669 | ) | 12,051,654 | — | (40,427,407 | ) | ||||||||||||
|
Other financing cost, net |
(10,475,673 | ) | (11,203,533 | ) | 5,453,365 | — | (16,225,841 | ) | ||||||||||||
|
Income tax |
(7,712,179 | ) | 1,139,631 | 17,971,404 | — | 11,398,856 | ||||||||||||||
|
Equity interest in net income of associated companies |
50,968,741 | (1,342,073 | ) | (6,677,059 | ) | (42,759,659 | ) | 189,950 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) for year |
Ps. | 8,649,427 | Ps. | (6,677,058 | ) | Ps. | 54,303,444 | Ps. | (44,197,074 | ) | Ps. | 12,078,739 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Distribution of the net profit (loss) to: |
||||||||||||||||||||
|
Equity owners of holding company |
8,649,427 | (6,677,058 | ) | 50,049,280 | (43,372,222 | ) | 8,649,427 | |||||||||||||
|
Non-controlling interest |
— | — | 4,254,164 | (824,852 | ) | 3,429,312 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) |
Ps. | 8,649,427 | Ps. | (6,677,058 | ) | Ps. | 54,303,444 | Ps. | (44,197,074 | ) | Ps. | 12,078,739 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Other comprehensive income items: |
||||||||||||||||||||
|
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Effect of translation of foreign entities |
104,178,880 | 755,978 | 108,291,984 | (105,728,134 | ) | 107,498,708 | ||||||||||||||
|
Effect of fair value of derivatives, net of deferred taxes |
48,496 | — | 30,206 | (29,573 | ) | 49,129 | ||||||||||||||
|
Items not to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Remeasurement of defined benefit plan, net of income tax effect |
14,771,770 | (12,300 | ) | 7,477,926 | (7,463,997 | ) | 14,773,399 | |||||||||||||
|
Available for sale |
(6,673,731 | ) | — | (6,673,731 | ) | 6,673,731 | (6,673,731 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total other comprehensive income items for the period |
Ps. | 112,325,415 | Ps. | 743,678 | Ps. | 109,126,385 | Ps. | (106,547,973 | ) | Ps. | 115,647,505 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total comprehensive income for the period |
Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 163,429,829 | Ps. | (150,745,047 | ) | Ps. | 127,726,244 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Comprehensive income for the period attributable to: |
||||||||||||||||||||
|
Equity holders of the parent |
Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 150,900,984 | Ps. | (144,967,604 | ) | Ps. | 120,974,842 | ||||||||
|
Non-controlling interests |
— | — | 12,528,845 | (5,777,443 | ) | 6,751,402 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 163,429,829 | Ps. | (150,745,047 | ) | Ps. | 127,726,244 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2017
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Total revenues |
Ps. | 160,057,511 | Ps. | 170,991,493 | Ps. | 887,951,615 | Ps. | (197,367,084 | ) | Ps. | 1,021,633,535 | |||||||||
|
Total cost and operating expenses |
123,548,341 | 163,152,868 | 832,429,198 | (197,640,175 | ) | 921,490,232 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating income |
36,509,170 | 7,838,625 | 55,522,417 | 273,091 | 100,143,303 | |||||||||||||||
|
Interest (expense) income, net |
(16,779,235 | ) | (12,365,116 | ) | 1,810,523 | (41,305 | ) | (27,375,133 | ) | |||||||||||
|
Foreign currency exchange (loss) gain, net |
(15,223,111 | ) | 1,320,667 | 83,493 | — | (13,818,951 | ) | |||||||||||||
|
Other financing cost, net |
6,775,455 | — | (8,719,215 | ) | — | (1,943,760 | ) | |||||||||||||
|
Income tax |
14,201,399 | 1,386,519 | 9,353,593 | — | 24,941,511 | |||||||||||||||
|
Equity interest in net income of associated companies |
32,245,041 | (8,977,146 | ) | (13,466,845 | ) | (9,709,665 | ) | 91,385 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) for year |
Ps. | 29,325,921 | Ps. | (13,569,489 | ) | Ps. | 25,876,780 | Ps. | (9,477,879 | ) | Ps. | 32,155,333 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Distribution of the net profit (loss) to: |
||||||||||||||||||||
|
Equity owners of holding company |
29,325,921 | (13,569,489 | ) | 21,417,549 | (7,848,060 | ) | 29,325,921 | |||||||||||||
|
Non-controlling interest |
— | — | 4,459,231 | (1,629,819 | ) | 2,829,412 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net profit (loss) |
Ps. | 29,325,921 | Ps. | (13,569,489 | ) | Ps. | 25,876,780 | Ps. | (9,477,879 | ) | Ps. | 32,155,333 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Other comprehensive income items: |
||||||||||||||||||||
|
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Effect of translation of foreign entities |
(21,683,333 | ) | (1,897,936 | ) | (18,309,877 | ) | 23,581,269 | (18,309,877 | ) | |||||||||||
|
Effect of fair value of derivatives, net of deferred taxes |
12,292 | — | 12,292 | (12,292 | ) | 12,292 | ||||||||||||||
|
Items not to be reclassified to profit or loss in subsequent years: |
||||||||||||||||||||
|
Remeasurement of defined benefit plan, net of income tax effect |
(7,075,606 | ) | (8,439 | ) | (7,046,089 | ) | 7,084,045 | (7,046,089 | ) | |||||||||||
|
Available for sale |
622,424 | — | 622,424 | (622,424 | ) | 622,424 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total other comprehensive income items for the period |
Ps. | (28,124,223 | ) | Ps. | (1,906,375 | ) | Ps. | (24,721,250 | ) | Ps. | 30,030,598 | Ps. | (24,721,250 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total comprehensive income for the period |
Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | 1,155,530 | Ps. | 20,552,719 | Ps. | 7,434,083 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Comprehensive income for the period attributable to: |
||||||||||||||||||||
|
Equity holders of the parent |
Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | (5,076,855 | ) | Ps. | 20,552,719 | Ps. | 1,201,698 | ||||||||
|
Non-controlling interests |
— | — | 6,232,385 | — | 6,232,385 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | 1,155,530 | Ps. | 20,552,719 | Ps. | 7,434,083 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2015
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 36,205,763 | Ps. | (787,047 | ) | Ps. | 58,291,845 | Ps. | (37,570,128 | ) | Ps. | 56,140,433 | ||||||||
|
Non-cash items |
(4,256,606 | ) | 20,449,298 | 141,713,565 | 37,246,997 | 195,153,254 | ||||||||||||||
|
Changes in working capital: |
(72,746,155 | ) | (1,580,787 | ) | (13,562,885 | ) | 323,131 | (87,566,696 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) provided by operating activities |
Ps. | (40,796,998 | ) | Ps. | 18,081,464 | Ps. | 186,442,525 | Ps. | — | Ps. | 163,726,991 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
1,498 | (6,894,071 | ) | (121,147,340 | ) | — | (128,039,913 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (3,292,490 | ) | (20,240,336 | ) | — | (23,532,826 | ) | ||||||||||||
|
Dividends received from associates |
74,901,349 | — | — | (73,255,637 | ) | 1,645,712 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
— | — | 27,329 | — | 27,329 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | — | (3,457,153 | ) | — | (3,457,153 | ) | |||||||||||||
|
Partial sale of shares of associate company |
— | — | 633,270 | — | 633,270 | |||||||||||||||
|
Spin of company |
— | (216,626 | ) | 21,216,626 | — | 21,000,000 | ||||||||||||||
|
Investment in associates companies |
(2,213,277 | ) | (1,404,489 | ) | 3,439,801 | — | (177,965 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 72,689,570 | Ps. | (11,807,676 | ) | Ps. | (119,527,803 | ) | Ps. | (73,255,637 | ) | Ps. | (131,901,546 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
50,879,779 | — | 5,083,236 | — | 55,963,015 | |||||||||||||||
|
Acquisition of no controlling interest |
(34,970 | ) | — | (996,079 | ) | — | (1,031,049 | ) | ||||||||||||
|
Interest paid |
(23,379,273 | ) | (6,200,848 | ) | (3,250,311 | ) | — | (32,830,432 | ) | |||||||||||
|
Repurchase of shares and others |
(34,684,520 | ) | — | 241,436 | — | (34,443,084 | ) | |||||||||||||
|
Payment of dividends |
(36,524,317 | ) | — | (74,090,920 | ) | 73,255,637 | (37,359,600 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (503,444 | ) | — | (503,444 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) financing activities |
Ps. | (43,743,301 | ) | Ps. | (6,200,848 | ) | Ps. | (73,516,082 | ) | Ps. | 73,255,637 | Ps. | (50,204,594 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
(11,850,729 | ) | 72,940 | (6,601,360 | ) | — | (18,379,149 | ) | ||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | (2,934,522 | ) | — | (2,934,522 | ) | |||||||||||||
|
Cash and cash equivalents at beginning of the period |
25,654,313 | 1,395,096 | 39,424,294 | — | 66,473,703 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 13,803,584 | Ps. | 1,468,036 | Ps. | 29,888,412 | Ps. | — | Ps. | 45,160,032 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2016
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 937,247 | Ps. | (5,537,427 | ) | Ps. | 28,077,775 | Ps. | — | Ps. | 23,477,595 | |||||||||
|
Non-cash items |
(997,587 | ) | 19,800,396 | 209,821,118 | — | 228,623,927 | ||||||||||||||
|
Changes in working capital: |
74,520,320 | 9,130,768 | (93,359,195 | ) | (6,595,361 | ) | (16,303,468 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by operating activities |
Ps. | 74,459,980 | Ps. | 23,393,737 | Ps. | 144,539,698 | Ps. | (6,595,361 | ) | Ps. | 235,798,054 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
— | (7,860,232 | ) | (130,846,925 | ) | — | (138,707,157 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (4,947,506 | ) | (11,369,232 | ) | — | (16,316,738 | ) | ||||||||||||
|
Dividends received from associates |
21,950 | — | 5,988,938 | (270,796 | ) | 5,740,092 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
20,078 | — | 95,522 | — | 115,600 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | (2,796,254 | ) | (1,823,813 | ) | 2,796,254 | (1,823,813 | ) | ||||||||||||
|
Partial sale of shares of associate company |
756,444 | — | 2,796,254 | (3,552,698 | ) | — | ||||||||||||||
|
Investment in associates companies |
— | 663,203 | (666,690 | ) | — | (3,487 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 798,472 | Ps. | (14,940,789 | ) | Ps. | (135,825,946 | ) | Ps. | (1,027,240 | ) | Ps. | (150,995,503 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
(39,598,698 | ) | — | (21,792,115 | ) | — | (61,390,813 | ) | ||||||||||||
|
Acquisition of no controlling interest |
— | — | (2,280,278 | ) | — | (2,280,278 | ) | |||||||||||||
|
Interest paid |
(24,826,139 | ) | (7,972,827 | ) | (5,922,267 | ) | 6,595,361 | (32,125,872 | ) | |||||||||||
|
Paid-In capital |
— | — | (756,444 | ) | 756,444 | — | ||||||||||||||
|
Sale of shares of subsidiaries |
— | — | 6,323,336 | — | 6,323,336 | |||||||||||||||
|
Repurchase of shares and others |
(7,092,385 | ) | — | 71,138 | — | (7,021,247 | ) | |||||||||||||
|
Payment of dividends |
(13,437,168 | ) | — | (643,585 | ) | 270,796 | (13,809,957 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (351,213 | ) | — | (351,213 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) financing activities |
Ps. | (84,954,390 | ) | Ps. | (7,972,827 | ) | Ps. | (25,351,428 | ) | Ps. | 7,622,601 | Ps. | (110,656,044 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
(9,695,938 | ) | 480,121 | (16,637,676 | ) | — | (25,853,493 | ) | ||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | 3,911,844 | — | 3,911,844 | |||||||||||||||
|
Cash and cash equivalents at beginning of the period |
13,803,584 | 1,468,036 | 29,888,412 | — | 45,160,032 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 4,107,645 | Ps. | 1,948,159 | Ps. | 17,162,579 | Ps. | — | Ps. | 23,218,383 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2017
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 43,527,320 | Ps. | (12,182,970 | ) | Ps. | 35,230,373 | Ps. | (9,477,879 | ) | Ps. | 57,096,844 | ||||||||
|
Non-cash items |
(17,017,287 | ) | 30,000,109 | 171,062,158 | 11,635,563 | 195,680,543 | ||||||||||||||
|
Changes in working capital: |
(18,973,478 | ) | (9,486 | ) | (66,062,629 | ) | 50,040,581 | (35,005,012 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by operating activities |
Ps. | 7,536,555 | Ps. | 17,807,653 | Ps. | 140,229,902 | Ps. | 52,198,265 | Ps. | 217,772,375 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
16,526 | (5,571,410 | ) | (113,630,253 | ) | — | (119,185,137 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (3,053,345 | ) | (14,485,196 | ) | — | (17,538,541 | ) | ||||||||||||
|
Dividends received from associates |
21,465,687 | 970,000 | 2,385,559 | (22,435,687 | ) | 2,385,559 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
— | — | 133,349 | — | 133,349 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | (3,381,505 | ) | (3,497,288 | ) | — | (6,878,793 | ) | ||||||||||||
|
Investment in associates companies |
— | 1,925,898 | — | (1,925,898 | ) | — | ||||||||||||||
|
Sale of associated company |
— | — | 340,040 | — | 340,040 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 21,482,213 | Ps. | (9,110,362 | ) | Ps. | (128,753,789 | ) | Ps. | (24,361,585 | ) | Ps. | (140,743,523 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
13,548,138 | — | 16,382,838 | (57,364,465 | ) | (27,433,489 | ) | |||||||||||||
|
Acquisition of no controlling interest |
— | — | (11,930 | ) | — | (11,930 | ) | |||||||||||||
|
Interest paid |
(24,009,216 | ) | (7,092,098 | ) | (7,187,225 | ) | 7,092,098 | (31,196,441 | ) | |||||||||||
|
Repurchase of shares and others |
(1,240,028 | ) | — | 6,657 | — | (1,233,371 | ) | |||||||||||||
|
Payment of dividends |
(14,406,748 | ) | — | (24,120,329 | ) | 22,435,687 | (16,091,390 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (71,474 | ) | — | (71,474 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows used in financing activities |
Ps. | (26,107,854 | ) | Ps. | (7,092,098 | ) | Ps. | (15,001,463 | ) | Ps. | (27,836,680 | ) | Ps. | (76,038,095 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
2,910,914 | 1,605,193 | (3,525,350 | ) | — | 990,757 | ||||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | 61,333 | — | 61,333 | |||||||||||||||
|
Cash and cash equivalents at beginning of the period |
4,107,645 | 1,948,159 | 17,162,579 | — | 23,218,383 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 7,018,559 | Ps. | 3,553,352 | Ps. | 13,698,562 | Ps. | — | Ps. | 24,270,473 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||