For the years ended December 31, 2021, 2020 and 2019
(In Mexican pesos)
| 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated profit for the year | $ | 2,804,001,154 | $ | 2,644,003,686 | $ | 4,104,766,090 |
| Adjustments to net profti: | ||||||
| Income tax expense from subsidiary | 3,009,992 | 2,061,933 | 5,589,422 | |||
| Adjustments to fair value of investment properties | (58,669,921) | (36,033,690) | (563,065,748) | |||
| Advisory fee liquidated by equity instruments | 586,263,648 | 586,886,696 | 578,108,176 | |||
| Employee benefits | 2,586,287 | 2,642,966 | 2,099,033 | |||
| Depreciation of machinery and equipment | 8,901,548 | 8,359,372 | 5,704,747 | |||
| Lease depreciation right of use | 4,953,612 | 6,025,016 | - | |||
| Amortization of technological platform | 1,390,006 | 6,062,035 | 6,062,036 | |||
| Debt commissions – line of credit | 2,131,386 | 2,131,386 | 3,670,073 | |||
| Interest income | (16,198,636) | (20,290,135) | (71,060,221) | |||
| Financial expense - Net | 347,189,878 | 341,224,084 | 440,831,609 | |||
| Amortization of debt issuance commissions | 4,668,971 | 4,668,965 | 7,326,903 | |||
| Profit from derecognition of fixed asset | - | - | (4,516,448) | |||
| Total | 3,690,227,925 | 3,547,742,314 | 4,515,515,672 | |||
| Changes in working capital: | ||||||
| (Increase) decrease in: | ||||||
| Leases receivables and others | (34,744,639) | (175,451,282) | (2,203,680) | |||
| Accounts receivable from related parties | - | 153,246 | 640,042 | |||
| Recoverable taxes | (98,569,222) | (121,613,073) | (46,914,756) | |||
| Increase (decrease) in: | ||||||
| Trade accounts payable and accrued expenses | 9,170,856 | 12,400,885 | (15,381,542) | |||
| Prepaid lease | 12,593,904 | (8,117,128) | (4,124,313) | |||
| Deferred lease revenue | (111,785,696) | (289,323,539) | (265,860,637) | |||
| Deposits of tenants | 5,814,130 | (587,824) | 11,141,779 | |||
| Income tax paid | 54,451,008 | (15,940,022) | (26,712,798) | |||
| Accounts payable to related parties | 4,369,845 | (8,144,889) | 14,176,927 | |||
| Net cash generated in operating activities | 3,531,528,111 | 2,941,118,688 | 4,180,276,694 | |||
| Cash flows from investing activities | ||||||
| Acquisitions of investment properties | (868,554,836) | (804,176,468) | (820,505,715) | |||
| Acquisition of technological platform | - | - | (302,637) | |||
| Acquisitions of machinery and equipment | (10,649,425) | (5,914,672) | (10,456,141) | |||
| Proceeds from sale of land | - | - | 11,293,333 | |||
| Interest received | 16,198,636 | 20,290,135 | 71,060,221 | |||
| Net cash used in investing activities | (863,005,625) | (789,801,005) | (748,910,939) | |||
| Cash flows from financing activities: | ||||||
| Loans obtained by third parties | 830,000,000 | 130,000,000 | 150,000,000 | |||
| Loan Payments | (730,000,000) | (150,000,000) | (1,000,000,000) | |||
| Paid expenses for financial liability issuance | (1,524,831) | - | - | |||
| Capital reimbursements | (1,366,161,221) | (290,805,991) | (1,327,367,790) | |||
| Re-purchase of CBFIs | - | (168,090,485) | - | |||
| Lease payments | (3,666,504) | (4,368,444) | - | |||
| Interest paid for lease liability | (2,684,489) | (429,999) | - | |||
| Dividends paid | (1,592,445,141) | (1,188,303,073) | (2,122,657,102) | |||
| Capital contributions of non-controlling interest, Fideicomiso Invex 3381 (Parque Tepeyac) | 473,133,863 | 356,286,775 | 94,169,379 | |||
| Decrease of non-controlling interest, Fideicomiso Invex 3381 | (54,587,049) | - | - | |||
| Interest paid | (473,024,276) | (461,669,907) | (543,762,322) | |||
| Net cash used in financing activities | $ | (2,920,959,648) | $ | (1,777,381,124) | $ | (4,749,617,835) |
| Cash, cash equivalents and restricted cash: | ||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (252,437,162) | 373,936,559 | (1,318,252,080) | |||
| Cash, cash equivalents and restricted cash at the beginning of period | 864,292,307 | 490,355,748 | 1,808,607,828 | |||
| Cash, cash equivalents and restricted cash at the end of period | $ | 611,855,145 | $ | 864,292,307 | $ | 490,355,748 |
| Advisory fee liquidated by equity instruments (see Note16) | 586,263,648 | 586,886,696 | 578,108,176 | |||
| Cancellation of CBFI’s Toreo (Comercial) (see Note 1a and 7 “Relevant events” and “Investment properties, respectively) | - | - | (189,016,204) | |||
| Issuance of Torre Virreyes CBFI’s (see Note 1a and 7 “Relevant events” and “Investment properties, respectively) | - | - | 426,737,116 | |||
| Total items that do not require cash flow | $ | 586,263,648 | $ | 586,886,696 | $ | 815,829,088 |
See accompanying notes to the consolidated financial statements.
