Consolidated statements
of changes in stockholders’ equity

At December 31, 2013 and 2012
(Thousands of pesos)

    Capital
stock		 Retained
earnings		 Capital
reserves		 Total
stockholders' equity
attributable to the
owners of the
holding		 Non controlling
equity		 Total
stockholders'
equity
 
Balances at January 1, 2012 $ 3,374,282 $ 38,941,801 $ 941,489 $ 43,257,572 $ 1,417 $ 43,258,989
 
Comprehensive income
Net income       7,197,700       7,197,700   880   7,198,580
Actuarial Remeasurements of employee benefits       (123,344)       (123,344)   (270)   (123,614)
Valuation of derivative financial instruments   -   -   95,026   95,026   -   95,026
 
Total comprehensive income   -   7,074,356   95,026   7,169,382   610   7,169,992
 
Transactions with owners:
Dividends paid at $0.67 pesos per share   -   (899,271)   -   (899,271)   -   (899,271)
 
Total transactions with stockholders   -   (899,271)   -   (899,271)   -   (899,271)
 
Balances at December 31, 2012   3,374,282   45,116,886   1,036,515   49,527,683   2,027   49,529,710
 
Comprehensive income
Net income       7,701,930       7,701,930   903   7,702,833
Actuarial Remeasurements of employee benefits       67,247       67,247   (581)   66,666
Other movements in equity       52,157       52,157       52,157
Valuation of derivative financial instruments   -   -   66,404   66,404       66,404
 
Total comprehensive income   -   7,821,334   66,404   7,887,738   322   7,888,060
 
Transactions with owners:
Dividends paid at $1.93 pesos per share   -   (2,590,438)   -   (2,590,438)   -   (2,590,438)
 
Total transactions with stockholders   -   (2,590,438)   -   (2,590,438)   -   (2,590,438)
 
Balances at December 31, 2013 $ 3,374,282 $ 50,347,782 $ 1,102,919 $ 54,824,983 $ 2,349 $ 54,827,332

The accompanying notes are an integral part of these consolidated financial statements.