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cash flow statements
Consolidated
El Puerto de Liverpool, S. A. B. de C. V.
and subsidiaries
(Notes 1, 2 and 3)
For the years ended December 31, 2015 and 2014
Amounts expressed in thousands of pesos
| December 31 | ||||||
| Note | 2015 | 2014 | ||||
| Operations | ||||||
| Profit before income tax | $ | 12,476,064 | $ | 10,561,539 | ||
| Adjustment from items not implying cash flows: | ||||||
| Depreciation and amortization included in costs and expenses | 2,215,082 | 1,910,298 | ||||
| Provision for impairment of loan portfolio | 8 | 1,959,842 | 2,161,867 | |||
| Equity in income of associates | 12 | (699,290) | (495,850) | |||
| Gain on sale of investment properties | (58,651) | (4,889) | ||||
| Gain on sale of property, furniture and equipment | (28,712) | (54,147) | ||||
| Net cost for the period of labor obligations | 19 | 18,162 | 183,584 | |||
| Interest earned | (4,445,309) | (4,168,647) | ||||
| Interest expense | 970,015 | 1,164,789 | ||||
| (68,861) | 697,005 | |||||
| (Increase) decrease in: | ||||||
| Interest earned from customers | 4,442,729 | 3,940,078 | ||||
| Short - term loan portfolio | (3,670,142) | (1,748,051) | ||||
| Inventories | 10 | (2,095,467) | (332,495) | |||
| Value added tax recoverable | (232,029) | (44,145) | ||||
| Other accounts receivable | (185,767) | (133,452) | ||||
| Income tax recoverable | - | 814,611 | ||||
| Prepaid expenses | (343,794) | (382,561) | ||||
| Long - term loan portfolio | (336,256) | (900,749) | ||||
| Other long-term accounts receivable | (12,255) | (57,277) | ||||
| Increase (decrease) in: | ||||||
| Suppliers | 2,260,756 | 1,495,613 | ||||
| Provisions | 760,210 | 623,120 | ||||
| Deferred income | 135,938 | 83,588 | ||||
| Creditors | 494,212 | (389,752) | ||||
| Employee benefits paid | 188,188 | 84,640 | ||||
| Tax recovery | 3,784 | 178,518 | ||||
| Taxes paid | (4,748,610) | (2,834,674) | ||||
| Net cash flows provided by operating activities | 9,068,700 | 11,655,556 | ||||
| Investment activities | ||||||
| Gain on investments | 259,016 | 201,761 | ||||
| Acquisition of property, furniture and equipment - Net | 14 | (3,011,333) | (2,679,676) | |||
| Acquisition of investment property - Net | 13 | (1,166,856) | (1,650,234) | |||
| Sale of property, furniture and equipment | 100,855 | 43,729 | ||||
| Sale of investment properties | 193,457 | 96,196 | ||||
| Investment in new IT developments | 15 | (694,894) | (640,427) | |||
| Net cash flows provided by investment activities | (4,319,755) | (4,628,651) | ||||
| Cash surplus to be used in financing activities | 4,748,945 | 7,026,905 | ||||
| Financing activities | ||||||
| Dividends paid | 23.1 | (1,087,179) | - | |||
| Interest paid | (970,015) | (1,164,789) | ||||
| Bank Borrowings paid | - | (2,011,128) | ||||
| Senior Notes paid | - | (4,000,000) | ||||
| surance of senior notes | - | 4,422,420 | ||||
| Net cash flows provided by financing activities | (2,057,194) | (2,753,497) | ||||
| Increase in cash and cash equivalents | 2,691,751 | 4,273,408 | ||||
| Cash and cash equivalents at beginning of year | 5,933,384 | 1,663,000 | ||||
| Exchange loss on cash and cash equivalents | (41,916) | (44,940) | ||||
| Cash and cash equivalents at end of year | $ | 8,583,219 | $ | 5,891,468 | ||
The accompanying notes are an integral part of these consolidated financial statements.