25. Supplemental Guarantor Information
Condensed Consolidating Financial Information
The following consolidating information presents condensed consolidating statements of financial position as of December 31, 2016 and 2017 and condensed consolidating statements of comprehensive income and cash flows for each of the three years in the period ended December 31, 2017 of the Company and Telcel (the “wholly-owned Guarantor Subsidiary”). The unconsolidated financial statements of América Móvil and Telcel reflect their investments in subsidiaries on the basis of the equity method. These unconsolidated entities are the Guarantors of most of América Móvil’s consolidated obligations. The guarantees of the Guarantor are full and unconditional.
The Company’s consolidating condensed financial information for the (i) Company; (ii) its wholly-owned guarantor subsidiary Telcel (on standalone basis), which is a wholly and unconditional guarantor under the Senior Notes; (iii) the combined non-guarantor subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:
Condensed consolidating statements of financial position
| As of December 31, 2016 | ||||||||||||||||||||
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
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Assets: |
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Cash and cash equivalents |
Ps. | 4,107,645 | Ps. | 1,948,159 | Ps. | 17,162,579 | Ps. | — | Ps. | 23,218,383 | ||||||||||
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Marketable securities |
11,716,039 | — | 43,141,118 | — | 54,857,157 | |||||||||||||||
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Accounts receivable, net |
41,086,859 | 23,541,672 | 142,056,406 | (1,347 | ) | 206,683,590 | ||||||||||||||
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Related parties |
271,373,391 | 14,461,731 | 379,358,127 | (664,452,757 | ) | 740,492 | ||||||||||||||
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Inventories, net |
323,642 | 10,246,083 | 26,575,972 | (274,405 | ) | 36,871,292 | ||||||||||||||
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Other current assets |
— | 951,739 | 18,586,354 | — | 19,538,093 | |||||||||||||||
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Property, plant and equipment, Net |
2,774,540 | 24,124,644 | 674,290,882 | — | 701,190,066 | |||||||||||||||
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Investments in associated companies |
704,272,725 | 134,150,348 | 59,589,480 | (894,409,069 | ) | 3,603,484 | ||||||||||||||
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Intangible assets and other non-current assets, net |
11,734,707 | 25,653,093 | 430,951,917 | — | 468,339,717 | |||||||||||||||
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Total assets |
Ps. | 1,047,389,548 | Ps. | 235,077,469 | Ps. | 1,791,712,835 | Ps. | (1,559,137,578 | ) | Ps. | 1,515,042,274 | |||||||||
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Liabilities: |
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Short-term debt and current portion of long-term debt |
Ps. | 57,213,648 | Ps. | — | Ps. | 25,393,611 | Ps. | — | Ps. | 82,607,259 | ||||||||||
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Current liabilities |
222,336,894 | 178,205,640 | 643,759,333 | (656,905,877 | ) | 387,395,990 | ||||||||||||||
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Long-term debt |
555,475,368 | — | 69,718,776 | — | 625,194,144 | |||||||||||||||
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Other non-current liabilities |
3,448,396 | 885,834 | 152,707,752 | (8,220,868 | ) | 148,821,114 | ||||||||||||||
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Total liabilities |
Ps. | 838,474,306 | Ps. | 179,091,474 | Ps. | 891,579,472 | Ps. | (665,126,745 | ) | Ps. | 1,244,018,507 | |||||||||
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Equity attributable to equity holders of the parent |
208,915,242 | 55,985,995 | 714,469,820 | (770,455,814 | ) | 208,915,243 | ||||||||||||||
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Non-controlling interests |
— | — | 185,663,543 | (123,555,019 | ) | 62,108,524 | ||||||||||||||
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Total equity |
208,915,242 | 55,985,995 | 900,133,363 | (894,010,833 | ) | 271,023,767 | ||||||||||||||
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Total liabilities and equity |
Ps. | 1,047,389,548 | Ps. | 235,077,469 | Ps. | 1,791,712,835 | Ps. | (1,559,137,578 | ) | Ps. | 1,515,042,274 | |||||||||
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| As of December 31, 2017 | ||||||||||||||||||||
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
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Assets: |
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Cash and cash equivalents |
Ps. | 7,018,559 | Ps. | 3,553,352 | Ps. | 13,698,562 | Ps. | — | Ps. | 24,270,473 | ||||||||||
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Marketable securities |
10,303,535 | — | 48,817,141 | — | 59,120,676 | |||||||||||||||
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Accounts receivable, net |
9,874,652 | 24,064,936 | 167,873,940 | — | 201,813,528 | |||||||||||||||
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Related parties |
208,240,067 | 957,704 | 503,895,549 | (712,225,090 | ) | 868,230 | ||||||||||||||
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Inventories, net |
264,649 | 16,700,837 | 21,844,079 | — | 38,809,565 | |||||||||||||||
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Other current assets |
17,805,747 | 922,245 | (1,375,246 | ) | — | 17,352,746 | ||||||||||||||
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Property, plant and equipment, Net |
1,996,721 | 24,287,904 | 650,058,573 | — | 676,343,198 | |||||||||||||||
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Investments in associated companies |
747,771,790 | 35,569,788 | 3,457,152 | (783,063,558 | ) | 3,735,172 | ||||||||||||||
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Intangible assets and other non-current assets, net |
4,104,268 | 73,557,904 | 386,236,092 | — | 463,898,264 | |||||||||||||||
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Total assets |
Ps. | 1,007,379,988 | Ps. | 179,614,670 | Ps. | 1,794,505,842 | Ps. | (1,495,288,648 | ) | Ps. | 1,486,211,852 | |||||||||
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Liabilities: |
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Short-term debt and current portion of long-term debt |
Ps. | 34,345,398 | Ps. | — | Ps. | 17,400,443 | Ps. | — | Ps. | 51,745,841 | ||||||||||
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Current liabilities |
161,940,198 | 41,304,845 | 797,880,314 | (639,534,701 | ) | 361,590,656 | ||||||||||||||
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Long-term debt |
547,728,176 | — | 98,410,882 | — | 646,139,058 | |||||||||||||||
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Other non-current liabilities |
69,201,904 | 132,728,838 | 40,909,234 | (76,737,196 | ) | 166,102,780 | ||||||||||||||
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Total liabilities |
Ps. | 813,215,676 | Ps. | 174,033,683 | Ps. | 954,600,873 | Ps. | (716,271,897 | ) | Ps. | 1,225,578,335 | |||||||||
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Equity attributable to equity holders of the parent |
194,164,312 | 5,580,987 | 741,988,231 | (747,569,218 | ) | 194,164,312 | ||||||||||||||
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Non-controlling interests |
— | — | 97,916,738 | (31,447,533 | ) | 66,469,205 | ||||||||||||||
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Total equity |
194,164,312 | 5,580,987 | 839,904,969 | (779,016,751 | ) | 260,633,517 | ||||||||||||||
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Total liabilities and equity |
Ps. | 1,007,379,988 | Ps. | 179,614,670 | Ps. | 1,794,505,842 | Ps. | (1,495,288,648 | ) | Ps. | 1,486,211,852 | |||||||||
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Condensed consolidating statements of comprehensive income
For the year ended December 31, 2015
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
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Total revenues |
Ps. | 173,615,615 | Ps. | 157,930,068 | Ps. | 743,147,639 | Ps. | (180,955,583 | ) | Ps. | 893,737,739 | |||||||||
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Total cost and operating expenses |
126,724,721 | 142,902,403 | 663,102,125 | (180,404,671 | ) | 752,324,578 | ||||||||||||||
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Operating income |
46,890,894 | 15,027,665 | 80,045,514 | (550,912 | ) | 141,413,161 | ||||||||||||||
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Interest (expense) income, net |
(16,668,472 | ) | (9,031,432 | ) | (872,237 | ) | 227,781 | (26,344,360 | ) | |||||||||||
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Foreign currency exchange (loss) gain, net |
(51,209,235 | ) | (2,060,917 | ) | (25,727,836 | ) | — | (78,997,988 | ) | |||||||||||
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Other financing cost, net |
14,115,563 | — | 7,380,753 | — | 21,496,316 | |||||||||||||||
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Income tax |
1,150,992 | 1,747,302 | 16,281,357 | — | 19,179,651 | |||||||||||||||
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Equity interest in net income of associated companies |
43,077,014 | (4,722,363 | ) | (2,534,350 | ) | (37,246,997 | ) | (1,426,696 | ) | |||||||||||
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Net profit (loss) for year |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 42,010,487 | Ps. | (37,570,128 | ) | Ps. | 36,960,782 | ||||||||
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Distribution of the net profit (loss) to: |
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Equity owners of holding company |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 41,711,424 | Ps. | (39,177,075 | ) | Ps. | 35,054,772 | ||||||||
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Non-controlling interest |
— | — | 299,063 | 1,606,947 | 1,906,010 | |||||||||||||||
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Net profit (loss) |
Ps. | 35,054,772 | Ps. | (2,534,349 | ) | Ps. | 42,010,487 | Ps. | (37,570,128 | ) | Ps. | 36,960,782 | ||||||||
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Other comprehensive income (loss) items: |
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Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
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Effect of translation of foreign entities |
Ps. | (34,224,932 | ) | Ps. | (4,664,901 | ) | Ps. | (34,129,089 | ) | Ps. | 37,412,602 | Ps. | (35,606,320 | ) | ||||||
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Effect of fair value of derivatives, net of deferred taxes |
37,011 | — | 22,482 | (21,998 | ) | 37,495 | ||||||||||||||
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Items not to be reclassified to profit or loss in subsequent years: |
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Remeasurement of defined benefit plan, net of income tax effect |
(17,791,354 | ) | — | (10,750,136 | ) | 10,561,072 | (17,980,418 | ) | ||||||||||||
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Available for sale |
173,540 | — | (169,529 | ) | — | 4,011 | ||||||||||||||
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Total other comprehensive income items for the period |
(51,805,735 | ) | (4,664,901 | ) | (45,026,272 | ) | 47,951,676 | (53,545,232 | ) | |||||||||||
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Total comprehensive income for the period |
Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (3,015,785 | ) | Ps. | 10,381,548 | Ps. | (16,584,450 | ) | ||||||
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Comprehensive income for the period attributable to: |
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Equity holders of the parent |
Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (10,304,830 | ) | Ps. | 17,504,080 | Ps. | (16,750,963 | ) | ||||||
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Non-controlling interests |
— | — | 7,289,045 | (7,122,532 | ) | 166,513 | ||||||||||||||
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| Ps. | (16,750,963 | ) | Ps. | (7,199,250 | ) | Ps. | (3,015,785 | ) | Ps. | 10,381,548 | Ps. | (16,584,450 | ) | |||||||
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Condensed consolidating statements of comprehensive income
For the year ended December 31, 2016
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
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Total revenues |
Ps. | 137,236,301 | Ps. | 173,714,225 | Ps. | 857,137,822 | Ps. | (192,675,860 | ) | Ps. | 975,412,488 | |||||||||
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Total cost and operating expenses |
117,835,634 | 160,949,691 | 778,483,079 | (191,466,226 | ) | 865,802,178 | ||||||||||||||
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Operating income |
19,400,667 | 12,764,534 | 78,654,743 | (1,209,634 | ) | 109,610,310 | ||||||||||||||
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Interest (expense) income, net |
(12,331,095 | ) | 97,314 | (17,207,855 | ) | (227,781 | ) | (29,669,417 | ) | |||||||||||
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Foreign currency exchange (loss) gain, net |
(46,625,392 | ) | (5,853,669 | ) | 12,051,654 | — | (40,427,407 | ) | ||||||||||||
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Other financing cost, net |
(10,475,673 | ) | (11,203,533 | ) | 5,453,365 | — | (16,225,841 | ) | ||||||||||||
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Income tax |
(7,712,179 | ) | 1,139,631 | 17,971,404 | — | 11,398,856 | ||||||||||||||
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Equity interest in net income of associated companies |
50,968,741 | (1,342,073 | ) | (6,677,059 | ) | (42,759,659 | ) | 189,950 | ||||||||||||
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Net profit (loss) for year |
Ps. | 8,649,427 | Ps. | (6,677,058 | ) | Ps. | 54,303,444 | Ps. | (44,197,074 | ) | Ps. | 12,078,739 | ||||||||
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Distribution of the net profit (loss) to: |
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Equity owners of holding company |
8,649,427 | (6,677,058 | ) | 50,049,280 | (43,372,222 | ) | 8,649,427 | |||||||||||||
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Non-controlling interest |
— | — | 4,254,164 | (824,852 | ) | 3,429,312 | ||||||||||||||
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Net profit (loss) |
Ps. | 8,649,427 | Ps. | (6,677,058 | ) | Ps. | 54,303,444 | Ps. | (44,197,074 | ) | Ps. | 12,078,739 | ||||||||
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Other comprehensive income items: |
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Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
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Effect of translation of foreign entities |
104,178,880 | 755,978 | 108,291,984 | (105,728,134 | ) | 107,498,708 | ||||||||||||||
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Effect of fair value of derivatives, net of deferred taxes |
48,496 | — | 30,206 | (29,573 | ) | 49,129 | ||||||||||||||
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Items not to be reclassified to profit or loss in subsequent years: |
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Remeasurement of defined benefit plan, net of income tax effect |
14,771,770 | (12,300 | ) | 7,477,926 | (7,463,997 | ) | 14,773,399 | |||||||||||||
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Available for sale |
(6,673,731 | ) | — | (6,673,731 | ) | 6,673,731 | (6,673,731 | ) | ||||||||||||
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Total other comprehensive income items for the period |
Ps. | 112,325,415 | Ps. | 743,678 | Ps. | 109,126,385 | Ps. | (106,547,973 | ) | Ps. | 115,647,505 | |||||||||
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Total comprehensive income for the period |
Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 163,429,829 | Ps. | (150,745,047 | ) | Ps. | 127,726,244 | ||||||||
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Comprehensive income for the period attributable to: |
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Equity holders of the parent |
Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 150,900,984 | Ps. | (144,967,604 | ) | Ps. | 120,974,842 | ||||||||
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Non-controlling interests |
— | — | 12,528,845 | (5,777,443 | ) | 6,751,402 | ||||||||||||||
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| Ps. | 120,974,842 | Ps. | (5,933,380 | ) | Ps. | 163,429,829 | Ps. | (150,745,047 | ) | Ps. | 127,726,244 | |||||||||
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Condensed consolidating statements of comprehensive income
For the year ended December 31, 2017
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
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Total revenues |
Ps. | 160,057,511 | Ps. | 170,991,493 | Ps. | 887,951,615 | Ps. | (197,367,084 | ) | Ps. | 1,021,633,535 | |||||||||
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Total cost and operating expenses |
123,548,341 | 163,152,868 | 832,429,198 | (197,640,175 | ) | 921,490,232 | ||||||||||||||
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Operating income |
36,509,170 | 7,838,625 | 55,522,417 | 273,091 | 100,143,303 | |||||||||||||||
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Interest (expense) income, net |
(16,779,235 | ) | (12,365,116 | ) | 1,810,523 | (41,305 | ) | (27,375,133 | ) | |||||||||||
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Foreign currency exchange (loss) gain, net |
(15,223,111 | ) | 1,320,667 | 83,493 | — | (13,818,951 | ) | |||||||||||||
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Other financing cost, net |
6,775,455 | — | (8,719,215 | ) | — | (1,943,760 | ) | |||||||||||||
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Income tax |
14,201,399 | 1,386,519 | 9,353,593 | — | 24,941,511 | |||||||||||||||
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Equity interest in net income of associated companies |
32,245,041 | (8,977,146 | ) | (13,466,845 | ) | (9,709,665 | ) | 91,385 | ||||||||||||
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Net profit (loss) for year |
Ps. | 29,325,921 | Ps. | (13,569,489 | ) | Ps. | 25,876,780 | Ps. | (9,477,879 | ) | Ps. | 32,155,333 | ||||||||
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Distribution of the net profit (loss) to: |
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Equity owners of holding company |
29,325,921 | (13,569,489 | ) | 21,417,549 | (7,848,060 | ) | 29,325,921 | |||||||||||||
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Non-controlling interest |
— | — | 4,459,231 | (1,629,819 | ) | 2,829,412 | ||||||||||||||
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Net profit (loss) |
Ps. | 29,325,921 | Ps. | (13,569,489 | ) | Ps. | 25,876,780 | Ps. | (9,477,879 | ) | Ps. | 32,155,333 | ||||||||
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Other comprehensive income items: |
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Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years: |
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Effect of translation of foreign entities |
(21,683,333 | ) | (1,897,936 | ) | (18,309,877 | ) | 23,581,269 | (18,309,877 | ) | |||||||||||
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Effect of fair value of derivatives, net of deferred taxes |
12,292 | — | 12,292 | (12,292 | ) | 12,292 | ||||||||||||||
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Items not to be reclassified to profit or loss in subsequent years: |
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Remeasurement of defined benefit plan, net of income tax effect |
(7,075,606 | ) | (8,439 | ) | (7,046,089 | ) | 7,084,045 | (7,046,089 | ) | |||||||||||
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Available for sale |
622,424 | — | 622,424 | (622,424 | ) | 622,424 | ||||||||||||||
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|
Total other comprehensive income items for the period |
Ps. | (28,124,223 | ) | Ps. | (1,906,375 | ) | Ps. | (24,721,250 | ) | Ps. | 30,030,598 | Ps. | (24,721,250 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total comprehensive income for the period |
Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | 1,155,530 | Ps. | 20,552,719 | Ps. | 7,434,083 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Comprehensive income for the period attributable to: |
||||||||||||||||||||
|
Equity holders of the parent |
Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | (5,076,855 | ) | Ps. | 20,552,719 | Ps. | 1,201,698 | ||||||||
|
Non-controlling interests |
— | — | 6,232,385 | — | 6,232,385 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ps. | 1,201,698 | Ps. | (15,475,864 | ) | Ps. | 1,155,530 | Ps. | 20,552,719 | Ps. | 7,434,083 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2015
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 36,205,763 | Ps. | (787,047 | ) | Ps. | 58,291,845 | Ps. | (37,570,128 | ) | Ps. | 56,140,433 | ||||||||
|
Non-cash items |
(4,256,606 | ) | 20,449,298 | 141,713,565 | 37,246,997 | 195,153,254 | ||||||||||||||
|
Changes in working capital: |
(72,746,155 | ) | (1,580,787 | ) | (13,562,885 | ) | 323,131 | (87,566,696 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) provided by operating activities |
Ps. | (40,796,998 | ) | Ps. | 18,081,464 | Ps. | 186,442,525 | Ps. | — | Ps. | 163,726,991 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
1,498 | (6,894,071 | ) | (121,147,340 | ) | — | (128,039,913 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (3,292,490 | ) | (20,240,336 | ) | — | (23,532,826 | ) | ||||||||||||
|
Dividends received from associates |
74,901,349 | — | — | (73,255,637 | ) | 1,645,712 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
— | — | 27,329 | — | 27,329 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | — | (3,457,153 | ) | — | (3,457,153 | ) | |||||||||||||
|
Partial sale of shares of associate company |
— | — | 633,270 | — | 633,270 | |||||||||||||||
|
Spin of company |
— | (216,626 | ) | 21,216,626 | — | 21,000,000 | ||||||||||||||
|
Investment in associates companies |
(2,213,277 | ) | (1,404,489 | ) | 3,439,801 | — | (177,965 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 72,689,570 | Ps. | (11,807,676 | ) | Ps. | (119,527,803 | ) | Ps. | (73,255,637 | ) | Ps. | (131,901,546 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
50,879,779 | — | 5,083,236 | — | 55,963,015 | |||||||||||||||
|
Acquisition of no controlling interest |
(34,970 | ) | — | (996,079 | ) | — | (1,031,049 | ) | ||||||||||||
|
Interest paid |
(23,379,273 | ) | (6,200,848 | ) | (3,250,311 | ) | — | (32,830,432 | ) | |||||||||||
|
Repurchase of shares and others |
(34,684,520 | ) | — | 241,436 | — | (34,443,084 | ) | |||||||||||||
|
Payment of dividends |
(36,524,317 | ) | — | (74,090,920 | ) | 73,255,637 | (37,359,600 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (503,444 | ) | — | (503,444 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) financing activities |
Ps. | (43,743,301 | ) | Ps. | (6,200,848 | ) | Ps. | (73,516,082 | ) | Ps. | 73,255,637 | Ps. | (50,204,594 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
(11,850,729 | ) | 72,940 | (6,601,360 | ) | — | (18,379,149 | ) | ||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | (2,934,522 | ) | — | (2,934,522 | ) | |||||||||||||
|
Cash and cash equivalents at beginning of the period |
25,654,313 | 1,395,096 | 39,424,294 | — | 66,473,703 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 13,803,584 | Ps. | 1,468,036 | Ps. | 29,888,412 | Ps. | — | Ps. | 45,160,032 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2016
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 937,247 | Ps. | (5,537,427 | ) | Ps. | 28,077,775 | Ps. | — | Ps. | 23,477,595 | |||||||||
|
Non-cash items |
(997,587 | ) | 19,800,396 | 209,821,118 | — | 228,623,927 | ||||||||||||||
|
Changes in working capital: |
74,520,320 | 9,130,768 | (93,359,195 | ) | (6,595,361 | ) | (16,303,468 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by operating activities |
Ps. | 74,459,980 | Ps. | 23,393,737 | Ps. | 144,539,698 | Ps. | (6,595,361 | ) | Ps. | 235,798,054 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
— | (7,860,232 | ) | (130,846,925 | ) | — | (138,707,157 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (4,947,506 | ) | (11,369,232 | ) | — | (16,316,738 | ) | ||||||||||||
|
Dividends received from associates |
21,950 | — | 5,988,938 | (270,796 | ) | 5,740,092 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
20,078 | — | 95,522 | — | 115,600 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | (2,796,254 | ) | (1,823,813 | ) | 2,796,254 | (1,823,813 | ) | ||||||||||||
|
Partial sale of shares of associate company |
756,444 | — | 2,796,254 | (3,552,698 | ) | — | ||||||||||||||
|
Investment in associates companies |
— | 663,203 | (666,690 | ) | — | (3,487 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 798,472 | Ps. | (14,940,789 | ) | Ps. | (135,825,946 | ) | Ps. | (1,027,240 | ) | Ps. | (150,995,503 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
(39,598,698 | ) | — | (21,792,115 | ) | — | (61,390,813 | ) | ||||||||||||
|
Acquisition of no controlling interest |
— | — | (2,280,278 | ) | — | (2,280,278 | ) | |||||||||||||
|
Interest paid |
(24,826,139 | ) | (7,972,827 | ) | (5,922,267 | ) | 6,595,361 | (32,125,872 | ) | |||||||||||
|
Paid-In capital |
— | — | (756,444 | ) | 756,444 | — | ||||||||||||||
|
Sale of shares of subsidiaries |
— | — | 6,323,336 | — | 6,323,336 | |||||||||||||||
|
Repurchase of shares and others |
(7,092,385 | ) | — | 71,138 | — | (7,021,247 | ) | |||||||||||||
|
Payment of dividends |
(13,437,168 | ) | — | (643,585 | ) | 270,796 | (13,809,957 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (351,213 | ) | — | (351,213 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows (used in) financing activities |
Ps. | (84,954,390 | ) | Ps. | (7,972,827 | ) | Ps. | (25,351,428 | ) | Ps. | 7,622,601 | Ps. | (110,656,044 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
(9,695,938 | ) | 480,121 | (16,637,676 | ) | — | (25,853,493 | ) | ||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | 3,911,844 | — | 3,911,844 | |||||||||||||||
|
Cash and cash equivalents at beginning of the period |
13,803,584 | 1,468,036 | 29,888,412 | — | 45,160,032 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 4,107,645 | Ps. | 1,948,159 | Ps. | 17,162,579 | Ps. | — | Ps. | 23,218,383 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Condensed consolidating statements of cash flows
For the year ended December 31, 2017
| Parent | Wholly-owned Guarantor Subsidiary |
Combined non-guarantor Subsidiaries |
Eliminations | Consolidated Total |
||||||||||||||||
|
Operating activities: |
||||||||||||||||||||
|
Profit before taxes |
Ps. | 43,527,320 | Ps. | (12,182,970 | ) | Ps. | 35,230,373 | Ps. | (9,477,879 | ) | Ps. | 57,096,844 | ||||||||
|
Non-cash items |
(17,017,287 | ) | 30,000,109 | 171,062,158 | 11,635,563 | 195,680,543 | ||||||||||||||
|
Changes in working capital: |
(18,973,478 | ) | (9,486 | ) | (66,062,629 | ) | 50,040,581 | (35,005,012 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by operating activities |
Ps. | 7,536,555 | Ps. | 17,807,653 | Ps. | 140,229,902 | Ps. | 52,198,265 | Ps. | 217,772,375 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Investing activities: |
||||||||||||||||||||
|
Purchase of property, plant and equipment |
16,526 | (5,571,410 | ) | (113,630,253 | ) | — | (119,185,137 | ) | ||||||||||||
|
Acquisition of intangibles |
— | (3,053,345 | ) | (14,485,196 | ) | — | (17,538,541 | ) | ||||||||||||
|
Dividends received from associates |
21,465,687 | 970,000 | 2,385,559 | (22,435,687 | ) | 2,385,559 | ||||||||||||||
|
Proceeds from sale of plant, property and equipment |
— | — | 133,349 | — | 133,349 | |||||||||||||||
|
Acquisition of business, net of cash acquired |
— | (3,381,505 | ) | (3,497,288 | ) | — | (6,878,793 | ) | ||||||||||||
|
Investment in associates companies |
— | 1,925,898 | — | (1,925,898 | ) | — | ||||||||||||||
|
Sale of associated company |
— | — | 340,040 | — | 340,040 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows provided by (used in) investing activities |
Ps. | 21,482,213 | Ps. | (9,110,362 | ) | Ps. | (128,753,789 | ) | Ps. | (24,361,585 | ) | Ps. | (140,743,523 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Financing activities: |
||||||||||||||||||||
|
Bank loans, net |
13,548,138 | — | 16,382,838 | (57,364,465 | ) | (27,433,489 | ) | |||||||||||||
|
Acquisition of no controlling interest |
— | — | (11,930 | ) | — | (11,930 | ) | |||||||||||||
|
Interest paid |
(24,009,216 | ) | (7,092,098 | ) | (7,187,225 | ) | 7,092,098 | (31,196,441 | ) | |||||||||||
|
Repurchase of shares and others |
(1,240,028 | ) | — | 6,657 | — | (1,233,371 | ) | |||||||||||||
|
Payment of dividends |
(14,406,748 | ) | — | (24,120,329 | ) | 22,435,687 | (16,091,390 | ) | ||||||||||||
|
Derivative financial instruments |
— | — | (71,474 | ) | — | (71,474 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash flows used in financing activities |
Ps. | (26,107,854 | ) | Ps. | (7,092,098 | ) | Ps. | (15,001,463 | ) | Ps. | (27,836,680 | ) | Ps. | (76,038,095 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net (decrease) increase in cash and cash equivalents |
2,910,914 | 1,605,193 | (3,525,350 | ) | — | 990,757 | ||||||||||||||
|
Adjustment to cash flow for exchange rate differences |
— | — | 61,333 | — | 61,333 | |||||||||||||||
|
Cash and cash equivalents at beginning of the period |
4,107,645 | 1,948,159 | 17,162,579 | — | 23,218,383 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and cash equivalents at end of the period |
Ps. | 7,018,559 | Ps. | 3,553,352 | Ps. | 13,698,562 | Ps. | — | Ps. | 24,270,473 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||