CONSOLIDATED STATEMENTS OF
Changes in Stockholders’ Equity

December 31, 2022 and 2021
Figures expressed in thousands of pesos, except
dividends paid per share

  Note   Capital stock   Retained
earnings		   Capital
reserves		   Total
stockholder’s equity attributable to the controlling
stockholders
   Non-controlling interest   Total
stockholder’s
equity
Balance at January 1, 2021   $ 3,374,282 $ 95,670,435 $ 8,531,932 $ 107,576,649 $ 243,382 $ 107,820,031
                           
Changes in accounting policies on
investment in associates		     -   25,919   -   25,919   -   25,919
Comprehensive income:                          
Net income     -   12,868,176   -   12,868,176   10,083   12,878,259
Remeasurement of the liability for defined benefits - net of income tax     -   (90,866)   -   (90,866)   6,029   (84,837)
Translation effect of investment in associates     -   -   197,076   197,076   -   197,076
Cash flow hedges     -   -   857,445   857,445   -   857,445
Total comprehensive income     -   12,777,310   1,054,521   13,831,831   16,112   13,847,943
                           
Transaction with owners:                          
Decrease in reserve of repurchase of shares 21.2   -   419,397   (419,397)   -   -   -
Repurchase of shares 21.2   -   -   206,920   206,920   -   206,920
Dividends paid ($1.50 pesos per share)     -   (2,013,294)   -   (2,013,294)   -   (2,013,294)
Total transactions with stockholders     -   (1,593,897)   (212,477)   (1,806,374)   -   (1,806,374)
                           
Balance at December 31, 2021     3,374,282   106,879,767   9,373,976   119,628,025   259,494   119,887,519
                           
Changes in accounting policies on investment in associates     -   45,674   -   45,674   -   45,674
Comprehensive income:                          
Net income     -   17,384,903   -   17,384,903   12,336   17,397,239
Financial asset at fair value through other comprehensive income - net of income tax     -   (694,407)   -   (694,407)   -   (694,407)
Remeasurement of the liability for defined benefits - net of income tax     -   (419,962)   -   (419,962)   (96)   (420,058)
Translation effect of investment in associates - net of income tax     -   -   (476,923)   (476,923)   -   (476,923)
Cash flow hedges     -   -   (995,380)   (995,380)   -   (995,380)
Total comprehensive income     -   16,270,534   (1,472,303)   14,798,231   12,240   14,810,471
                           
Transaction with owners:                          
Increase in reserve of repurchase of shares 21.2   -   (2,000,000)   2,000,000   -   -   -
Repurchase of shares - net 21.2   -   -   (7,415)   (7,415)   -   (7,415)
Dividends paid ($1.70 pesos per share)     -   (2,281,733)   -   (2,281,733)       (2,281,733)
Total transactions with stockholders     -   (4,281,733)   1,992,585   (2,289,148)   -   (2,289,148)
                           
Balance at December 31, 2022   $ 3,374,282 $ 118,914,242 $ 9,894,258 $ 132,182,782 $ 271,734 $ 132,454,516

The accompanying notes are an integral part of these consolidated financial statements.