Grupo Sanborns, S.A.B. de C.V. and Subsidiaries
(Subsidiary of Grupo Carso, S.A.B. de C.V.)
For the years ended December 31, 2019, 2018 (restated) and 2017 (restated)
(In thousands pesos)
| 2019 | 2018 (restated) |
2017 (restated) |
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|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income for the year | $ | 3,089,599 | $ | 3,933,403 | $ | 4,159,796 |
| Adjustments not requiring (providing) cash: | ||||||
| Income tax recognized in net income | 1,349,506 | 1,445,060 | 1,234,632 | |||
| Depreciation and amortization | 2,163,081 | 2,092,264 | 2,032,413 |
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| Impairment of property | 18,916 | (23,175) | 31,349 |
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| (Gain) loss on sale of property, machinery and equipment | (2,604) | 112,151 | 17,431 | |||
| Provisions | 466 | 3,557 | 23,416 | |||
| Gain arising on changes in fair value of investment properties | (91,718) | (91,652) | (115,955) |
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| Gain on stock purchase | - | - | - | |||
| Interest expense | 703,010 | 630,113 | 604,671 | |||
| Equity in income of associates | (116,825) | (187,088) | (173,293) | |||
| Interest income | (4,271,348) | (4,066,064) | (3,806,082) | |||
| 2,842,083 | 3,848,569 | 4,008,378 | ||||
| Items related to operating activities: | ||||||
| (Increase) decrease in: | ||||||
| Accounts and documents receivable | (206,303) | 306,671 | (511,435) | |||
| Recoverable taxes | (92,371) | (234,618) | (330,832) | |||
| Interest received from operating activities | 3,970,601 | 3,461,938 | 3,577,472 | |||
| Inventories | (190,496) | (1,553,140) | (350,099) | |||
| Prepaid expenses | 3,234 | 76,527 | (13,786) | |||
| Other assets | (74,605) | (63,967) | (43,208) | |||
| Long-term accounts receivable | 89,559 | 154,618 | (113,103) | |||
| Employee benefits | (355,599) | (108,350) | (128,996) | |||
| (Decrease) increase in: | ||||||
| Trade accounts payable | (430,559) | 1,609,533 | 338,912 | |||
| Other accounts payable and accrued liabilities | 2,114,302 | (634,677) | 578,781 | |||
| Due to related parties | (649,593) | 278,795 | 6,203 | |||
| Direct employee benefits | 25,244 | 5,498 | 38,570 | |||
| Income taxes paid | (1,937,696) | (1,607,139) | (1,492,405) | |||
| Net cash flows provided by operating activities | 5,107,801 | 5,540,258 | 5,564,452 | |||
| Cash flows from investing activities: | ||||||
| Purchase of property, machinery and equipment | (895,183) | (1,418,350) | (1,583,697) | |||
| Sales of property, machinery and equipment | 45,199 | 27,501 | 173,830 | |||
| Acquisition of associate shares | (1,134,584) | - | - | |||
| Cash loans to associate | (153,793) | - | - | |||
| Interest received | 68,803 | 81,837 | 35,411 | |||
| Net cash flows used in investing activities | (2,069,558) | (1,309,012) | (1,374,456) | |||
| Cash flows from financing activities: | ||||||
| Repurchase of shares | (81,531) | (300,967) | (424,062) | |||
| Interest paid | (733,819) | (481,944) | (604,671) | |||
| Payments of lease liabilities | (782,154) | (759,141) | (792,818) | |||
| Dividends paid to controlling interest and non-controlling interest | (2,220,758) | (2,136,772) | (2,161,170) | |||
| Net cash flows used in financing activities | (3,818,262) | (3,678,824) | (3,982,721) | |||
| Effects of exchange rate changes on cash and cash equivalents | (7,463) | 635 | 2,970 | |||
| Net decrease in cash and cash equivalents | (787,482) | 553,057 | 210,245 | |||
| Cash and cash equivalents at beginning of the year | 2,477,658 | 1,924,601 | 1,714,356 | |||
| Cash and cash equivalents at end of the year | $ | 1,690,176 | $ | 2,477,658 | $ | 1,924,601 |
See accompanying notes to consolidated financial statements.