For the years ended December 31, 2019, 2018 and 2017
(In Mexican pesos)
| 2019 | 2018 | 2017 | ||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income | $ | 4,104,766,090 | $ | 3,891,797,290 | $ | 5,166,261,356 |
| Adjustments to net income: | ||||||
| (Benefits) income tax from subsidiary | 5,589,422 | 2,625,654 | 232,946 | |||
| Adjustments to fair value of investment property | (563,065,748) | (727,748,087) | (2,520,134,043) | |||
| Advisory fee liquidated by equity instruments | 578,108,176 | 580,061,236 | 486,341,092 | |||
| Employee benefits | 2,099,033 | 1,758,347 | 1,537,498 | |||
| Depreciation of machinery and equipment | 5,704,747 | 2,909,347 | 706,508 | |||
| Amortization of technological platform | 6,062,036 | 5,986,376 | 4,672,030 | |||
| Interest income | (71,060,221) | (80,173,400) | (113,293,979) | |||
| Interest expense | 448,158,512 | 332,969,621 | 130,441,513 | |||
| Profit from derecognition of fixed assets | (4,516,448) | - | - | |||
| Total | 4,511,845,599 | 4,010,186,384 | 3,156,764,921 | |||
| Changes in working capital: | ||||||
| (Increase) decrease in: | ||||||
| Lease receivable and other receivables | (2,203,680) | 43,187,791 | 72,615,999 | |||
| Accounts receivable from related parties | 640,042 | 4,596,270 | 59,339,958 | |||
| Recoverable taxes, mainly Income Taxes | (46,914,756) | (35,294,843) | 118,748,271 | |||
| Increase (decrease) in: | ||||||
| Trade accounts payable and accrued expenses | (15,381,542) | (135,956,300) | 101,422,327 | |||
| Prepaid lease | (4,124,313) | 66,070 | (21,610,741) | |||
| Deferred lease revenue | (265,860,637) | (118,537,516) | 73,543,533 | |||
| Deposits of tenants | 11,141,779 | 31,055,723 | 50,910,358 | |||
| Income tax paid | (26,712,798) | 5,355,945 | 51,781,595 | |||
| Accounts payable to related parties | 14,176,927 | 5,474,293 | (333,297,410) | |||
| Net cash generated in operating activities | $ | 4,176,606,621 | $ | 3,810,133,817 | $ | 3,330,218,811 |
| Cash flows from investing activities | ||||||
| Acquisitions of investment properties | (820,505,715) | (1,641,815,898) | (2,112,519,857) | |||
| Acquisition of technological platform | (302,637) | (5,257,387) | (4,744,578) | |||
| Acquisitions of machinery and equipment | (10,456,141) | (11,355,349) | (9,051,971) | |||
| Sale of land | 11,293,333 | - | 62,953,798 | |||
| Interest received | 71,060,221 | 80,173,400 | 113,293,979 | |||
| Net cash used in investing activities | $ | (748,910,939) | $ | (1,578,255,234) | $ | (1,950,068,629) |
| Cash flows from financing activities: | ||||||
| Loans obtained by third parties | 150,000,000 | - | - | |||
| Debt Payment | (1,000,000,000) | - | - | |||
| Loans obtained (financial liability) | - | - | 2,500,000,000 | |||
| Expenses paid on the issuance of financial liabilities | - | - | (20,928,176) | |||
| Debt commissions | 3,670,073 | - | (2,500,000) | |||
| Capital reimbursements | (1,327,367,790) | (1,567,037,927) | (1,484,054,940) | |||
| Dividends paid | (2,122,657,102) | (1,696,509,187) | (1,414,332,276) | |||
| Capital contributions to Fideicomiso Invex 3381 (Parque Tepeyac) | 94,169,379 | 291,371,976 | - | |||
| Interest paid | (543,762,322) | (539,420,277) | (315,666,538) | |||
| Net cash used in financing activities | $ | (4,745,947,762) | $ | (3,511,595,415) | $ | (737,481,930) |
| Cash, cash equivalents and restricted cash: | ||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (1,318,252,080) | (1,279,716,832) | 642,668,252 | |||
| Cash, cash equivalents and restricted cash at the beginning of period | 1,808,607,828 | 3,088,324,660 | 2,445,656,408 | |||
| Cash, cash equivalents and restricted cash at the end of period | $ | 490,355,748 | $ | 1,808,607,828 | $ | 3,088,324,660 |
| Items that do not generate cash flow: | ||||||
| Advisory fee liquidated by equity instruments (see Note 13) | 578,108,176 | 580,061,236 | 486,341,092 | |||
| Cancellation of CBFI’s Via Vallejo (see Note 1 “relevant events”) | - | (240,768,514) | - | |||
| Cancellation of CBFI’s Toreo (Comercial) (see Note 1 y 7 “Relevant events” and“Investment properties,respectively) | (189,016,204) | - | - | |||
| Issue of CBFI’s Torre Virreyes (see Note 1 y 7 “Relevant events” and“Investment properties, respectively) | 426,737,116 | - | - | |||
| Total items that do not generate cash flow | $ | 815,829,088 | $ | 339,292,722 | $ | 486,341,092 |
