For the years ended December 31, 2020, 2019 and 2018
(In Mexican pesos)
| 2020 | 2019 | 2018 | ||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated profit for the year | $ | 2,644,003,686 | $ | 4,104,766,090 | $ | 3,891,797,290 |
| Adjustments to net profit: | ||||||
| Income tax expense from subsidiary | 2,061,933 | 5,589,422 | 2,625,654 | |||
| Adjustments to fair value of investment properties | (36,033,690) | (563,065,748) | (727,748,087) |
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| Advisory fee liquidated by equity instruments | 586,886,696 | 578,108,176 | 580,061,236 | |||
| Employee benefits | 2,642,966 | 2,099,033 | 1,758,347 | |||
| Depreciation of machinery and equipment | 8,359,371 | 5,704,747 | 2,909,347 | |||
| Lease depreciation right of use | 6,025,016 | - | - | |||
| Amortization of technological platform | 6,062,035 | 6,062,036 | 5,986,376 | |||
| Debt commissions | 2,131,386 | 3,670,073 | - | |||
| Interest income | (20,290,135) | (71,060,221) | (80,173,400) |
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| Interest expense - Net | 345,893,049 | 448,158,512 | 332,969,621 |
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| Profit from derecognition of fixed asset | - | (4,516,448) | - | |||
| Total | 3,547,742,313 | 4,515,515,672 | 4,010,186,384 | |||
| Changes in working capital: | ||||||
| (Increase) decrease in: | ||||||
| Leases receivables and others | (175,451,282) | (2,203,680) | 43,187,791 | |||
| Accounts receivable from related parties | 153,246 | 640,042 | 4,596,270 |
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| Recoverable taxes , mainly value added taxes | (121,613,073) | (46,914,756) | (35,294,843) |
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| Increase (decrease) in: | ||||||
| Trade accounts payable and accrued expenses | 12,400,886 | (15,381,542) | (135,956,300) |
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| Prepaid lease | (8,117,128) | (4,124,313) | 66,070 |
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| Deferred lease revenue | (289,323,539) | (265,860,637) | (118,537,516) |
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| Deposits of tenants | (587,824) | 11,141,779 | 31,055,723 | |||
| Income tax paid | (15,940,022) | (26,712,798) | 5,355,945 | |||
| Accounts payable to related parties | (8,144,889) | 14,176,927 | 5,474,293 | |||
| Net cash generated in operating activities | 2,941,118,688 | 4,180,276,694 | 3,810,133,817 |
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| Cash flows from investing activities | ||||||
| Acquisitions of investment properties | (804,176,468) | (820,505,715) | (1,641,815,898) |
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| Acquisition of technological platform | - | (302,637) | (5,257,387) |
|||
| Acquisitions of machinery and equipment | (5,914,672) | (10,456,141) | (11,355,349) |
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| Proceeds from sale of land | - | 11,293,333 | - | |||
| Interest received | 20,290,135 | 71,060,221 | 80,173,400 |
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| Net cash used in investing activities | (789,801,005) | (748,910,939) | (1,578,255,234) |
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| Cash flows from financing activities: | ||||||
| Loans obtained by third parties | 130,000,000 | 150,000,000 | - | |||
| Loan Payments | (150,000,000) | (1,000,000,000) | - | |||
| Capital reimbursements | (290,805,991) | (1,327,367,790) | (1,567,037,927) | |||
| Re-purchase of CBFIs | (168,090,485) | - | - | |||
| Lease payments | (4,368,444) | - | - | |||
| Interest paid for lease liability | (429,999) | - | - | |||
| Dividends paid | (1,188,303,073) | (2,122,657,102) | (1,696,509,187) | |||
| Capital contributions to Fideicomiso Invex 3381 (Parque Tepeyac) | 356,286,775 | 94,169,379 | 291,371,976 | |||
| Interest paid | (461,669,907) | (543,762,322) | (539,420,277) | |||
| Net cash used in financing activities | $ | (1,777,381,124) | $ | (4,749,617,835) | $ | (3,511,595,415) |
| Cash, cash equivalents and restricted cash: | ||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | 373,936,559 | (1,318,252,080) | (1,279,716,832) |
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| Cash, cash equivalents and restricted cash at the beginning of period | 490,355,748 | 1,808,607,828 | 3,088,324,660 | |||
| Cash, cash equivalents and restricted cash at the end of period | $ | 864,292,307 | $ | 490,355,748 | $ | 1,808,607,828 |
| Items that do not generate cash flow: | ||||||
| Advisory fee liquidated by equity instruments (see Note 13) | 586,886,696 | 578,108,176 | 580,061,236 | |||
| Cancellation of CBFI’s Via Vallejo (see Note 1 “relevant events”) | - | - | (240,768,514) |
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| Cancellation of CBFI’s Toreo (Comercial) (see Note 1 and 7 “Relevant events” and “Investment properties, respectively) | - | (189,016,204) | - | |||
| Issuance of Torre Virreyes CBFI’s (see Note 1 and 7 “Relevant events” and “Investment properties, respectively) | - | 426,737,116 | - | |||
| Total items that do not require cash flow | $ | 586,886,696 | $ | 815,829,088 | $ | 339,292,722 |
See accompanying notes to the consolidated financial statements.
