Annual Report 2013- Financial
highlights - Letter from
the Chairman - Letter from
the CEO - The Board of
Directors Report - Board of
Directors - Financial
Section- Independent auditor’s report
- Report of the audit and societary practices committee
- Consolidated balance sheets
- Consolidated statements of comprehensive income, expenses by function
- Consolidated statements of changes in stockholders’ equity
- Consolidated cash flow statements
- Notes to the consolidated financial statements
Consolidated cash flow statements
At December 31, 2013 and 2012
(Thousands of pesos)
| December 31, | ||||
| 2013 | 2012 | |||
| Operations | ||||
| Pre-tax income | $ | 10,400,948 | $ | 9,949,324 |
| Adjustment from items not implying cash flows: | ||||
| Depreciation and amortization included in costs and expenses | 1,700,245 | 1,462,907 | ||
| Provision for impairment of loan portfolio | 1,640,312 | 1,076,930 | ||
| Equity in income of associated companies | (510,011) | (414,941) | ||
| Profit on sale of investment properties | 45,384 | (3,592) | ||
| Profit on sale of property, furniture and equipment | (69,371) | (78,427) | ||
| Net cost for the period of labor obligations | 112,166 | 90,411 | ||
| Interest earned | (3,576,015) | (3,334,932) | ||
| Accrued interest expense | 1,088,892 | 985,129 | ||
| 431,602 | (216,515) | |||
| (Increase) decrease in: | ||||
| Interest earned from customers | 3,388,167 | 3,149,057 | ||
| Short - term loan portfolio | (5,509,536) | (2,663,209) | ||
| Inventory | (863,722) | (449,224) | ||
| Value added tax recoverable | (48,473) | (75,309) | ||
| Other accounts receivable | 323,295 | (75,158) | ||
| Income tax recoverable | (611,169) | (402,997) | ||
| Prepaid expenses | (136,483) | (17,561) | ||
| Long - term loan portfolio | (354,980) | (1,621,104) | ||
| Other long-term accounts receivable | 30,985 | (13,471) | ||
| Deferred income | 60,718 | 141,770 | ||
| Suppliers | 1,166,305 | 704,310 | ||
| Creditors | 1,011,299 | 525,876 | ||
| Taxes paid | (2,191,361) | (2,645,973) | ||
| Provisions | (218,907) | 109,111 | ||
| Employee benefits paid | (571,780) | 9,683 | ||
| Tax recovery | 199,555 | 5,784 | ||
| Net cash flows provided by operating activities | 6,506,463 | 6,414,394 | ||
| Investment activities | ||||
| Return on investments | 181,983 | 200,660 | ||
| Acquisition of property, furniture and equipment | (3,802,540) | (5,284,038) | ||
| Sale of property, furniture and equipment | 50,161 | 116,633 | ||
| Sale of investment properties | 182,274 | 59,555 | ||
| Acquisition of investment property | (2,146,941) | (2,447,588) | ||
| Investment in new IT developments | (595,262) | (830,607) | ||
| Net cash flows provided by investment activities | (6,130,325) | (8,185,385) | ||
| Cash (insufficiency) surplus to be used in financing activities | 376,138 | (1,770,991) | ||
| Financing activities | ||||
| Issuance of unsecured notes | 4,000,000 | |||
| Loans repaid | 2,011,128 | |||
| Dividends paid | (2,590,438) | (899,271) | ||
| Interest paid | (1,088,892) | (985,129) | ||
| Net cash flows provided by financing activities | (1,668,202) | 2,115,600 | ||
| Decrease (increase) in cash and cash equivalents | (1,292,064) | 344,609 | ||
| Cash and cash equivalents at beginning of year | 2,952,408 | 2,681,547 | ||
| Exchange fluctuations of cash | (42,284) | (116,032) | ||
| Cash and cash equivalents at end of year | $ | 1,618,060 | $ | 2,910,124 |
The accompanying notes are an integral part of these consolidated financial statements.