December 31, 2014 and 2013
(Thousands of pesos)
| December 31, | ||||
| 2014 | 2013 | |||
| Operations | ||||
| Profit before income tax | $ | 10,561,539 | $ | 10,400,948 |
| Adjustment from items not implying cash flows: | ||||
| Depreciation and amortization included in costs and expenses | 1,910,298 | 1,700,245 | ||
| Provision for impairment of loan portfolio | 2,161,867 | 1,640,312 | ||
| Share of profit of associates | (495,850) | (510,011) | ||
| (Gain) Loss on sale of investment properties | (4,889) | 45,384 | ||
| (Gain) on sale of property, furniture and equipment | (54,147) | (69,371) | ||
| Net cost for the period of labor obligations | 74,189 | 112,166 | ||
| Interest earned | (4,168,647) | (3,576,015) | ||
| Accrued interest expense | 1,164,789 | 1,088,892 | ||
| 587,610 | 431,602 | |||
| (Increase) decrease in: | ||||
| Interest earned from customers | 3,940,078 | 3,388,167 | ||
| Short - term loan portfolio | (1,748,051) | (5,509,536) | ||
| Inventories | (332,495) | (863,722) | ||
| Value added tax recoverable | (44,145) | (48,473) | ||
| Other accounts receivable | (133,452) | 323,295 | ||
| Income tax recoverable | 814,611 | (611,169) | ||
| Prepaid expenses | (382,561) | (136,483) | ||
| Long - term loan portfolio | (900,749) | (354,980) | ||
| Other long-term accounts receivable | (57,277) | 30,985 | ||
| Deferred income | 83,588 | 60,718 | ||
| Suppliers | 1,495,613 | 1,166,305 | ||
| Creditors | (389,752) | 1,011,299 | ||
| Provisions | 623,120 | (218,907) | ||
| Employee benefits paid | 194,035 | (571,780) | ||
| Tax recovery | 178,518 | 199,555 | ||
| Taxes paid | (2,834,674) | (2,191,361) | ||
| Net cash flows provided by operating activities | 11,655,556 | 6,506,463 | ||
| Investment activities | ||||
| Gain on investments | 201,762 | 181,983 | ||
| Acquisition of property, furniture and equipment | (2,679,676) | (3,802,540) | ||
| Sale of property, furniture and equipment | 43,729 | 50,161 | ||
| Sale of investment properties | 96,195 | 182,274 | ||
| Acquisition of investment property | (1,650,234) | (2,146,941) | ||
| Investment in new IT developments | (640,427) | (595,262) | ||
| Net cash flows provided by investment activities | (4,628,651) | (6,130,325) | ||
| Cash surplus to be used in financing activities | 7,026,905 | 376,138 | ||
| Financing activities | ||||
| Bank Borrowings repaid | - | 2,011,128 | ||
| Bank Borrowings paid | (2,011,128) | - | ||
| Senior notes paid | (4,000,000) | - | ||
| Issurance of senor notes | 4,422,420 | - | ||
| Dividends paid | - | (2,590,438) | ||
| Interest paid | (1,164,789) | (1,088,892) | ||
| Net cash flows provided by financing activities | (2,753,497) | (1,668,202) | ||
| Increase (decrease) in cash and cash equivalents | 4,273,408 | (1,292,064) | ||
| Cash and cash equivalents at beginning of year | 1,663,000 | 2,952,408 | ||
| Exchange loss on cash and cash equivalents | (44,940) | (42,284) | ||
| Cash and cash equivalents at end of year | $ | 5,891,468 | $ | 1,618,060 |
The accompanying notes are an integral part of these consolidated financial statements
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