Year ended at december 31, 2022 and 2021
Figures expressed in thousands of pesos
| December 31, | |||||
|---|---|---|---|---|---|
| Note | 2022 | 2021 | |||
| Operating activities | |||||
| Profit before income tax | $ | 23,194,151 | $ | 16,388,434 | |
| Adjustments from items not implying cash flows: | |||||
| Depreciation and amortization | 5,171,085 | 5,175,344 | |||
| Provision for impairment of the loan portfolio | 8 | 1,791,024 | 1,859,558 | ||
| Lease concessions | 19 | (7,186) | (44,334) | ||
| Other dividend income | 15 | (58,957) | - | ||
| Inventory reserve | 1,264,374 | 1,042,621 | |||
| Equity in the results of associates | 11.2 | (376,918) | (737,292) | ||
| Loss (gain) on sale of property, furniture and equipment | 296,121 | (54,393) | |||
| Net cost for the period of employee benefits | 18 | 461,855 | 374,102 | ||
| Trading derivative financial instruments | 535,116 | (382,378) | |||
| Interest earned | (7,792,624) | (6,183,850) | |||
| Interest expense | 3,989,142 | 4,649,854 | |||
| 5,273,032 | 5,699,232 | ||||
| (Increase) decrease in: | |||||
| Interest earned from customers | 7,794,101 | 6,297,609 | |||
| Loan portfolio | (9,764,046) | (7,474,188) | |||
| Inventory | (6,284,742) | (2,687,928) | |||
| Value added tax recoverable | 292,820 | 73,917 | |||
| Other accounts receivable | (180,005) | 1,145,952 | |||
| Prepaid expenses | 212,163 | 138,599 | |||
| Increase (decrease) in: | |||||
| Suppliers | 3,619,968 | 5,198,171 | |||
| Provisions | 986,332 | 870,183 | |||
| Deferred income | 390,927 | 157,538 | |||
| Creditors | 1,443,627 | 2,504,273 | |||
| Employee benefits paid | (344,499) | (494,911) | |||
| Taxes paid | (7,956,667) | (1,693,951) | |||
| Net cash inflow from operating activities | 18,677,162 | 26,122,930 | |||
| Investment activities | |||||
| Capital increase in associates | (1,088,677) | (226,281) | |||
| Invest in financial assets at fair value through other comprehensive incom | 15 | (5,943,333) | - | ||
| Dividends received from financial asset at fair value | 58,957 | - | |||
| Dividends received from associates | - | 80,081 | |||
| Acquisition of property, furniture and equipment | 13 | (5,798,479) | (4,442,720) | ||
| Acquisition of investment property | 12 | (1,540,699) | (641,313) | ||
| Sale of property, furniture and equipment | 74,942 | 53,143 | |||
| Investment in intangibles of definitive useful life | 14 | (532,262) | (891,411) | ||
| Net cash outflows from investing activities | (14,769,551) | (6,068,501) | |||
| Cash to be applied in financing activities | 3,907,611 | 20,054,429 | |||
| Financing activities | |||||
| Dividends paid | 21.1 | (3,287,730) | (3,018,405) | ||
| Interest paid | 17 | (2,885,150) | (3,594,599) | ||
| Debt paid | 17 | (3,400,000) | (5,102,565) | ||
| Principal of lease payments | 19 | (1,098,207) | (1,031,671) | ||
| Interest of lease payments | 19 | (1,137,980) | (1,097,033) | ||
| Sale for shares | 21.2 | 930,659 | 206,920 | ||
| Repurchase of shares | 21.2 | (938,074) | - | ||
| Net cash flows used in financing activities | (11,816,482) | (13,637,353) | |||
| (Decrease) increase in cash and cash equivalents | (7,908,871) | 6,417,076 | |||
| Cash and cash equivalents at the beginning of the year | 32,494,873 | 26,195,936 | |||
| Effects of exchange rate changes on cash and cash equivalents |
(69,748) | (118,139) | |||
| Cash and cash equivalents at the end of the year |
$ | 24,516,254 | $ | 32,494,873 | |
The accompanying notes are an integral part of these consolidated financial statements.