CONSOLIDATED
Cash Flow Statements
Figures expressed in thousands of pesos
| Year ended on December 31, | |||||
|---|---|---|---|---|---|
| Note | 2021 | 2020 | |||
| Operating activities | |||||
| Profit before income tax | $ | 16,388,434 | $ | 371,403 | |
| Adjustment from items not implying cash flows: | |||||
| Depreciation and amortization | 5,175,344 | 5,194,182 | |||
| Provision for impairment of the loan portfolio | 8 | 1,859,558 | 5,182,681 | ||
| Lease concessions | 18 | (44,334) | (233,232) | ||
| Inventory reserve | 1,042,621 | 922,727 | |||
| Equity in the results of associates | 11.2 | (737,292) | 523,773 | ||
| (Income) cost on sale of property, furniture and equipment |
(54,393) | 708,280 | |||
| Net cost for the period of employee benefits | 17 | 374,102 | 445,754 | ||
| Trading derivative financial instruments | (382,378) | - | |||
| Interest earned | (6,183,850) | (7,322,875) | |||
| Interest expense | 4,649,854 | 4,210,487 | |||
| 5,699,232 | 9,631,777 | ||||
| (Increase) decrease in: | |||||
| Interest earned from customers | 6,297,609 | 7,211,422 | |||
| Loan portfolio | (7,474,188) | 224,196 | |||
| Inventory | (2,687,928) | 942,693 | |||
| Value added tax recoverable | 73,917 | (489,483) | |||
| Other accounts receivable | 1,145,952 | (317,492) | |||
| Prepaid expenses | 138,599 | 330,301 | |||
| Increase (decrease) in: | |||||
| Suppliers | 5,198,171 | 1,709,550 | |||
| Provisions | 870,183 | 704,412 | |||
| Deferred income | 157,538 | (134,066) | |||
| Creditors | 2,504,273 | (1,010,748) | |||
| Employee benefits paid | (494,911) | (196,036) | |||
| Taxes paid | (1,693,951) | (3,955,677) | |||
| Net cash inflow from operating activities | 26,122,930 | 15,022,252 | |||
| Investment activities | |||||
| Capital increase in associates | (226,281) | (129,672) | |||
| Dividends received from associates | 80,081 | - | |||
| Acquisition of property, furniture and equipment | 13 | (4,442,720) | (3,697,145) | ||
| Acquisition of investment property | 12 | (641,313) | (148,515) | ||
| Sale of property, furniture and equipment | 53,143 | 52,296 | |||
| Investment in new information technology developments | 14 | (891,411) | (668,503) | ||
| Net cash outflows from investing activities | (6,068,501) | (4,591,539) | |||
| Cash to be applied in financing activities | 20,054,429 | 10,430,713 | |||
| Financing activities | |||||
| Dividends paid | 20.1 | (3,018,405) | (8) | ||
| Interest paid | 16 | (3,594,599) | (2,961,220) | ||
| Contracted debt | - | 8,500,000 | |||
| Debt paid | 16 | (5,102,565) | (6,500,000) | ||
| Principal of lease payments | 18 | (1,031,671) | (776,716) | ||
| Interest of lease payments | 18 | (1,097,033) | (1,111,336) | ||
| Sale of shares | 20.2 | 206,920 | 546,493 | ||
| Repurchase of shares | 20.2 | - | (566,788) | ||
| Net cash flows from financing activities | (13,637,353) | (2,869,575) | |||
| Increase in cash and cash equivalents | 6,417,076 | 7,561,138 | |||
| Cash and cash equivalents at the beginning of the year | 26,195,936 | 18,959,340 | |||
| Effects of exchange rate changes on cash and cash equivalents | (118,139) | (324,542) | |||
| Cash and cash equivalents at end of year | $ | 32,494,873 | $ | 26,195,936 | |
The accompanying notes are an integral part of these consolidated financial statements