CONSOLIDATED CASH
FLOW STATEMENTS
CONSOLIDATED CASH FLOW STATEMENTS
Year ended December 31, 2024 and 2023
Figures expressed in thousands of pesos
| NOTE | 2024 | 2023 | |||
|---|---|---|---|---|---|
| Operating activities | |||||
| Profit before income tax | $ | 32,124,735 | 26,999,297 | ||
| Adjustments from items not implying cash flows: | |||||
| Depreciation and amortization | 5,703,405 | 5,385,905 | |||
| Provision for impairment of the loan portfolio | 8 | 4,545,492 | 2,889,335 | ||
| Other dividend income | 15 | (220,076) | (209,482) | ||
| Inventory reserve | 1,530,385 | 1,255,149 | |||
| Equity in the results of associates | 11.2 | (86,828) | (507,668) | ||
| ((Profit) loss on sale of property, furniture and equipment and investment property | (74,858) | (621,911) | |||
| Net cost for the period of employee benefits | 19 | 641,580 | 544,467 | ||
| Trading derivative financial instruments | (974,071) | 653,031 | |||
| Interest earned | (11,604,407) | (9,829,929) | |||
| Interest expense | 4,010,147 | 4,067,381 | |||
| 3,470,769 | 3,626,278 | ||||
| (Increase) decrease in: | |||||
| Interest earned from customers | 11,443,929 | 9,710,201 | |||
| Loan portfolio | (11,743,320) | (13,430,772) | |||
| Inventory | (8,331,044) | (1,353,063) | |||
| Value added tax recoverable | (1,044,960) | 303,134 | |||
| Other accounts receivable | (120,292) | (685,393) | |||
| Prepaid expenses | (504,956) | (33,998) | |||
| Other assets | 2.8 | 302,227 | (302,227) | ||
| Increase (decrease) in: | |||||
| Suppliers | 384,403 | 4,648,011 | |||
| Provisions | 412,355 | 767,882 | |||
| Deferred income | 186,263 | 179,126 | |||
| Creditors | 1,475,010 | 2,071,865 | |||
| Employee benefits | (535,916) | (290,762) | |||
| Taxes paid | (8,949,067) | (8,848,980) | |||
| Net cash inflow in operating activities | 18,570,136 | 23,360,599 | |||
| Investment activities | |||||
| Capital increase in associates | 11.2 | (120,277) | (736,769) | ||
| Dividends received from financial asset at fair value | 15 | 220,076 | 209,482 | ||
| Dividends received from associates | 358,816 | 196,000 | |||
| Acquisition of property, furniture and equipment | 13 | (7,889,793) | (7,662,431) | ||
| Acquisition of investment property | 12 | (2,361,029) | (153,563) | ||
| Sale of property, furniture and equipment and investment property | 440,970 | 180,934 | |||
| Investment in intangibles of definitive useful life | 14 | (1,472,715) | (803,256) | ||
| Net cash outflows from investing activities | (10,823,952) | (8,769,603) | |||
| Cash to be applied in financing activities | 7,746,184 | 14,590,996 | |||
| Financing activities | |||||
| Dividends paid | 22.1 | (3,958,247) | (3,502,229) | ||
| Interest paid | 18 | (2,760,278) | (2,813,277) | ||
| Hedging financial instruments received | 10 | 1,952,968 | - | ||
| Debt paid | 18 | 1,952,968 | - | ||
| Principal of lease payments | 20 | (1,418,151) | (1,263,701) | ||
| Interest of lease payments | 20 | (1,327,885) | (1,247,223) | ||
| Sale of own shares | 22.2 | 2,795,160 | 2,738,852 | ||
| Repurchase of shares | 22.2 | (2,799,034) | (2,761,056) | ||
| Net cash flows used in financing activities | (13,416,377) | (8,848,634) | |||
| (Decrease) increase in cash and cash equivalents | (5,670,193) | 5,742,362 | |||
| Cash and cash equivalents at the beginning of the year | 29,807,166 | 24,516,254 | |||
| Effects of exchange rate changes on cash and cash equivalents | 591,206 | (451,450) | |||
| Cash and cash equivalents at the end of the year | $ | 24,728,179 | 29,807,166 |
The accompanying notes are part of these consolidated financial statements.