CONSOLIDATED CASH FLOWS STATEMENTS
Year ended December 31, 2025 and 2024
Figures expressed in thousands of pesos
| Note | 2025 | 2024 | |||
|---|---|---|---|---|---|
| Operating activities | |||||
| Profit before income tax | $ | 23,456,676 | $ | 32,124,735 | |
| Adjustments from items not implying cash flows: | |||||
| Depreciation and amortization | 6,345,968 | 5,703,405 | |||
| Provision for impairment of the loan portfolio | 8 | 6,246,575 | 4,545,492 | ||
| Other dividend income | 15 | (182,173) | (220,076) | ||
| Inventory reserve | 1,742,999 | 1,530,385 | |||
| Equity in the results of associates | 11.2 | (164,193) | (86,828) | ||
| (Profit) loss on sale of property, furniture and equipment and investment property | 125,262 | (74,858) | |||
| Net cost for the period of employee benefits | 19 | 701,292 | 641,580 | ||
| Trading derivative financial instruments | (14,340) | (974,071) | |||
| Foreign exchange fluctuation | 105,660 | - | |||
| Interest earned | (13,034,584) | (11,604,407) | |||
| Interest expense | 5,506,826 | 4,010,147 | |||
| 7,379,292 | 3,470,769 | ||||
| (Increase) decrease in: | |||||
| Interest earned from customers | 12,886,690 | 11,443,929 | |||
| Loan portfolio | (13,243,925) | (11,743,320) | |||
| Inventory | (3,953,909) | (8,331,044) | |||
| Value added tax recoverable | 452,569 | (1,044,960) | |||
| Other accounts receivable | (821,459) | (120,292) | |||
| Prepaid expenses | (220,976) | (504,956) | |||
| Other assets | 10 | (803,368) | 302,227 | ||
| Increase (decrease) in: | |||||
| Suppliers | 1,090,115 | 384,403 | |||
| Provisions | 1,483,090 | 412,355 | |||
| Deferred income | (96,208) | 186,263 | |||
| Creditors | 349,178 | 1,475,010 | |||
| Employee benefits | (648,488) | (535,916) | |||
| Taxes paid | (9,708,071) | (8,949,067) | |||
| Net cash inflow in operating activities | 17,601,206 | 18,570,136 | |||
| Investment activities | |||||
| Capital increase in associates | 11.2(1) | (16,561,636) | (120,277) | ||
| Dividends received from financial asset at fair value | 15 | 182,173 | 220,076 | ||
| Dividends received from associates | 11.2 | 160,172 | 358,816 | ||
| Loan granted to related parties | 21 | (7,096,070) | - | ||
| Repayment of loan granted to related parties | 21 | 6,832,200 | - | ||
| Interest collected on loan to related parties | 21 | 263,870 | - | ||
| Acquisition of property, furniture and equipment | 13 | (6,790,322) | (7,889,793) | ||
| Acquisition of investment property | 12 | (2,268,280) | (2,361,029) | ||
| Sale of property, furniture and equipment and investment property | 224,150 | 440,970 | |||
| Investment in intangibles of definitive useful life | 14 | (1,593,964) | (1,472,715) | ||
| Net cash outflows from investing activities | (26,647,707) | (10,823,952) | |||
| Cash to be applied in financing activities | (9,046,501) | 7,746,184 | |||
| Financing activities | |||||
| Dividends paid | 22.1 | (3,958,365) | (3,958,247) | ||
| Interest paid | 18 | (3,256,789) | (2,760,278) | ||
| Issuance of senior notes | 18 | 20,543,000 | - | ||
| Proceeds from hedging financial instruments | 10 | - | 1,952,968 | ||
| Debt repayment | 18 | - | (5,900,910) | ||
| Proceeds from termination of trading derivative | 10 | 275,509 | - | ||
| Payment of lease principal | 20 | (1,628,772) | (1,418,151) | ||
| Payment of lease interest | 20 | (1,374,191) | (1,327,885) | ||
| Sale of treasury shares | 22.2 | 689,965 | 2,795,160 | ||
| Repurchase of treasury shares | 22.2 | (1,114,407) | (2,799,034) | ||
| Net cash flows of financing activities | 10,175,950 | (13,416,377) | |||
| Increase (decrease) in cash and cash equivalents | 1,129,449 | (5,670,193) | |||
| Cash and cash equivalents at the beginning of the year | 24,728,179 | 29,807,166 | |||
| Effects of exchange rate changes on cash and cash equivalents | (592,530) | 591,206 | |||
| Cash and cash equivalents at the end of the year | $ | 25,265,098 | $ | 24,728,179 |
(1) Non-cash transactions for the year ended. See Notes 11 and 15.
The accompanying notes are part of these consolidated financial statements.