AMERICA MOVIL SAB DE CV/ | CIK:0001129137 | 3

  • Filed: 4/26/2018
  • Entity registrant name: AMERICA MOVIL SAB DE CV/ (CIK: 0001129137)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1129137/000119312518135124/0001193125-18-135124-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1129137/000119312518135124/amx-20171231.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001129137
  • Open this page in separate window: Click
  • ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory

    25. Supplemental Guarantor Information

    Condensed Consolidating Financial Information

    The following consolidating information presents condensed consolidating statements of financial position as of December 31, 2016 and 2017 and condensed consolidating statements of comprehensive income and cash flows for each of the three years in the period ended December 31, 2017 of the Company and Telcel (the “wholly-owned Guarantor Subsidiary”). The unconsolidated financial statements of América Móvil and Telcel reflect their investments in subsidiaries on the basis of the equity method. These unconsolidated entities are the Guarantors of most of América Móvil’s consolidated obligations. The guarantees of the Guarantor are full and unconditional.

     

    The Company’s consolidating condensed financial information for the (i) Company; (ii) its wholly-owned guarantor subsidiary Telcel (on standalone basis), which is a wholly and unconditional guarantor under the Senior Notes; (iii) the combined non-guarantor subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:

    Condensed consolidating statements of financial position

     

        As of December 31, 2016  
        Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Assets:

             

    Cash and cash equivalents

      Ps. 4,107,645     Ps. 1,948,159     Ps. 17,162,579     Ps. —     Ps. 23,218,383  

    Marketable securities

        11,716,039       —         43,141,118       —         54,857,157  

    Accounts receivable, net

        41,086,859       23,541,672       142,056,406       (1,347 )      206,683,590  

    Related parties

        271,373,391       14,461,731       379,358,127       (664,452,757 )      740,492  

    Inventories, net

        323,642       10,246,083       26,575,972       (274,405 )      36,871,292  

    Other current assets

        —         951,739       18,586,354       —         19,538,093  

    Property, plant and equipment, Net

        2,774,540       24,124,644       674,290,882       —         701,190,066  

    Investments in associated companies

        704,272,725       134,150,348       59,589,480       (894,409,069 )      3,603,484  

    Intangible assets and other non-current assets, net

        11,734,707       25,653,093       430,951,917       —         468,339,717  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total assets

      Ps.   1,047,389,548     Ps.   235,077,469     Ps.   1,791,712,835     Ps.  (1,559,137,578 )    Ps.   1,515,042,274  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Liabilities:

             

    Short-term debt and current portion of long-term debt

      Ps. 57,213,648     Ps. —     Ps. 25,393,611     Ps. —     Ps. 82,607,259  

    Current liabilities

        222,336,894       178,205,640       643,759,333       (656,905,877 )      387,395,990  

    Long-term debt

        555,475,368       —         69,718,776       —         625,194,144  

    Other non-current liabilities

        3,448,396       885,834       152,707,752       (8,220,868 )      148,821,114  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total liabilities

      Ps. 838,474,306     Ps. 179,091,474     Ps. 891,579,472     Ps. (665,126,745 )    Ps. 1,244,018,507  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Equity attributable to equity holders of the parent

        208,915,242       55,985,995       714,469,820       (770,455,814 )      208,915,243  

    Non-controlling interests

        —         —         185,663,543       (123,555,019 )      62,108,524  

    Total equity

        208,915,242       55,985,995       900,133,363       (894,010,833 )      271,023,767  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total liabilities and equity

      Ps. 1,047,389,548     Ps. 235,077,469     Ps. 1,791,712,835     Ps.  (1,559,137,578 )    Ps. 1,515,042,274  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

        As of December 31, 2017  
        Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Assets:

             

    Cash and cash equivalents

      Ps. 7,018,559     Ps. 3,553,352     Ps. 13,698,562     Ps. —     Ps. 24,270,473  

    Marketable securities

        10,303,535       —         48,817,141       —         59,120,676  

    Accounts receivable, net

        9,874,652       24,064,936       167,873,940       —         201,813,528  

    Related parties

        208,240,067       957,704       503,895,549       (712,225,090 )      868,230  

    Inventories, net

        264,649       16,700,837       21,844,079       —         38,809,565  

    Other current assets

        17,805,747       922,245       (1,375,246 )      —         17,352,746  

    Property, plant and equipment, Net

        1,996,721       24,287,904       650,058,573       —         676,343,198  

    Investments in associated companies

        747,771,790       35,569,788       3,457,152       (783,063,558 )      3,735,172  

    Intangible assets and other non-current assets, net

        4,104,268       73,557,904       386,236,092       —         463,898,264  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total assets

      Ps.   1,007,379,988     Ps.   179,614,670     Ps.   1,794,505,842     Ps.   (1,495,288,648 )    Ps.   1,486,211,852  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Liabilities:

             

    Short-term debt and current portion of long-term debt

      Ps. 34,345,398     Ps. —     Ps. 17,400,443     Ps. —     Ps. 51,745,841  

    Current liabilities

        161,940,198       41,304,845       797,880,314       (639,534,701 )      361,590,656  

    Long-term debt

        547,728,176       —         98,410,882       —         646,139,058  

    Other non-current liabilities

        69,201,904       132,728,838       40,909,234       (76,737,196 )      166,102,780  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total liabilities

      Ps. 813,215,676     Ps. 174,033,683     Ps. 954,600,873     Ps. (716,271,897 )    Ps. 1,225,578,335  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Equity attributable to equity holders of the parent

        194,164,312       5,580,987       741,988,231       (747,569,218 )      194,164,312  

    Non-controlling interests

        —         —         97,916,738       (31,447,533 )      66,469,205  

    Total equity

        194,164,312       5,580,987       839,904,969       (779,016,751 )      260,633,517  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total liabilities and equity

      Ps. 1,007,379,988     Ps. 179,614,670     Ps. 1,794,505,842     Ps. (1,495,288,648 )    Ps. 1,486,211,852  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of comprehensive income

    For the year ended December 31, 2015

     

         Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Total revenues

       Ps.   173,615,615     Ps.   157,930,068     Ps.   743,147,639     Ps.   (180,955,583 )    Ps.   893,737,739  

    Total cost and operating expenses

         126,724,721       142,902,403       663,102,125       (180,404,671 )      752,324,578  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Operating income

         46,890,894       15,027,665       80,045,514       (550,912 )      141,413,161  

    Interest (expense) income, net

         (16,668,472 )      (9,031,432 )      (872,237 )      227,781       (26,344,360 ) 

    Foreign currency exchange (loss) gain, net

         (51,209,235 )      (2,060,917 )      (25,727,836 )      —         (78,997,988 ) 

    Other financing cost, net

         14,115,563       —         7,380,753       —         21,496,316  

    Income tax

         1,150,992       1,747,302       16,281,357       —         19,179,651  

    Equity interest in net income of associated companies

         43,077,014       (4,722,363 )      (2,534,350 )      (37,246,997 )      (1,426,696 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss) for year

       Ps. 35,054,772     Ps. (2,534,349 )    Ps. 42,010,487     Ps. (37,570,128 )    Ps. 36,960,782  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distribution of the net profit (loss) to:

              

    Equity owners of holding company

       Ps. 35,054,772     Ps. (2,534,349 )    Ps. 41,711,424     Ps. (39,177,075 )    Ps. 35,054,772  

    Non-controlling interest

         —         —         299,063       1,606,947       1,906,010  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss)

       Ps. 35,054,772     Ps. (2,534,349 )    Ps. 42,010,487     Ps. (37,570,128 )    Ps. 36,960,782  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Other comprehensive income (loss) items:

              

    Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:

              

    Effect of translation of foreign entities

       Ps. (34,224,932 )    Ps. (4,664,901 )    Ps. (34,129,089 )    Ps. 37,412,602     Ps. (35,606,320 ) 

    Effect of fair value of derivatives, net of deferred taxes

         37,011       —         22,482       (21,998 )      37,495  

    Items not to be reclassified to profit or loss in subsequent years:

              

    Remeasurement of defined benefit plan, net of income tax effect

         (17,791,354 )      —         (10,750,136 )      10,561,072       (17,980,418 ) 

    Available for sale

         173,540       —         (169,529 )      —         4,011  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total other comprehensive income items for the period

         (51,805,735 )      (4,664,901 )      (45,026,272 )      47,951,676       (53,545,232 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total comprehensive income for the period

       Ps. (16,750,963 )    Ps. (7,199,250 )    Ps. (3,015,785 )    Ps. 10,381,548     Ps. (16,584,450 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Comprehensive income for the period attributable to:

              

    Equity holders of the parent

       Ps. (16,750,963 )    Ps. (7,199,250 )    Ps. (10,304,830 )    Ps. 17,504,080     Ps. (16,750,963 ) 

    Non-controlling interests

         —         —         7,289,045       (7,122,532 )      166,513  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     
       Ps. (16,750,963 )    Ps. (7,199,250 )    Ps. (3,015,785 )    Ps. 10,381,548     Ps. (16,584,450 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of comprehensive income

    For the year ended December 31, 2016

     

         Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Total revenues

       Ps.   137,236,301     Ps.   173,714,225     Ps.   857,137,822     Ps.  (192,675,860 )    Ps.   975,412,488  

    Total cost and operating expenses

         117,835,634       160,949,691       778,483,079       (191,466,226 )      865,802,178  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Operating income

         19,400,667       12,764,534       78,654,743       (1,209,634 )      109,610,310  

    Interest (expense) income, net

         (12,331,095 )      97,314       (17,207,855 )      (227,781 )      (29,669,417 ) 

    Foreign currency exchange (loss) gain, net

         (46,625,392 )      (5,853,669 )      12,051,654       —         (40,427,407 ) 

    Other financing cost, net

         (10,475,673 )      (11,203,533 )      5,453,365       —         (16,225,841 ) 

    Income tax

         (7,712,179 )      1,139,631       17,971,404       —         11,398,856  

    Equity interest in net income of associated companies

         50,968,741       (1,342,073 )      (6,677,059 )      (42,759,659 )      189,950  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss) for year

       Ps. 8,649,427     Ps. (6,677,058 )    Ps. 54,303,444     Ps. (44,197,074 )    Ps. 12,078,739  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distribution of the net profit (loss) to:

              

    Equity owners of holding company

         8,649,427       (6,677,058 )      50,049,280       (43,372,222 )      8,649,427  

    Non-controlling interest

         —         —         4,254,164       (824,852 )      3,429,312  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss)

       Ps. 8,649,427     Ps. (6,677,058 )    Ps. 54,303,444     Ps. (44,197,074 )    Ps. 12,078,739  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Other comprehensive income items:

              

    Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:

              

    Effect of translation of foreign entities

         104,178,880       755,978       108,291,984       (105,728,134 )      107,498,708  

    Effect of fair value of derivatives, net of deferred taxes

         48,496       —         30,206       (29,573 )      49,129  

    Items not to be reclassified to profit or loss in subsequent years:

              

    Remeasurement of defined benefit plan, net of income tax effect

         14,771,770       (12,300 )      7,477,926       (7,463,997 )      14,773,399  

    Available for sale

         (6,673,731 )      —         (6,673,731 )      6,673,731       (6,673,731 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total other comprehensive income items for the period

       Ps. 112,325,415     Ps. 743,678     Ps. 109,126,385     Ps. (106,547,973 )    Ps. 115,647,505  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total comprehensive income for the period

       Ps. 120,974,842     Ps. (5,933,380 )    Ps. 163,429,829     Ps. (150,745,047 )    Ps. 127,726,244  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Comprehensive income for the period attributable to:

              

    Equity holders of the parent

       Ps. 120,974,842     Ps. (5,933,380 )    Ps. 150,900,984     Ps. (144,967,604 )    Ps. 120,974,842  

    Non-controlling interests

         —         —         12,528,845       (5,777,443 )      6,751,402  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     
       Ps. 120,974,842     Ps. (5,933,380 )    Ps. 163,429,829     Ps. (150,745,047 )    Ps. 127,726,244  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of comprehensive income

    For the year ended December 31, 2017

     

        Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Total revenues

      Ps.   160,057,511     Ps.   170,991,493     Ps.   887,951,615     Ps.  (197,367,084 )    Ps.   1,021,633,535  

    Total cost and operating expenses

        123,548,341       163,152,868       832,429,198       (197,640,175 )      921,490,232  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Operating income

        36,509,170       7,838,625       55,522,417       273,091       100,143,303  

    Interest (expense) income, net

        (16,779,235 )      (12,365,116 )      1,810,523       (41,305 )      (27,375,133 ) 

    Foreign currency exchange (loss) gain, net

        (15,223,111 )      1,320,667       83,493       —         (13,818,951 ) 

    Other financing cost, net

        6,775,455       —         (8,719,215 )      —         (1,943,760 ) 

    Income tax

        14,201,399       1,386,519       9,353,593       —         24,941,511  

    Equity interest in net income of associated companies

        32,245,041       (8,977,146 )      (13,466,845 )      (9,709,665 )      91,385  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss) for year

      Ps. 29,325,921     Ps. (13,569,489 )    Ps. 25,876,780     Ps. (9,477,879 )    Ps. 32,155,333  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Distribution of the net profit (loss) to:

             

    Equity owners of holding company

        29,325,921       (13,569,489 )      21,417,549       (7,848,060 )      29,325,921  

    Non-controlling interest

        —         —         4,459,231       (1,629,819 )      2,829,412  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net profit (loss)

      Ps. 29,325,921     Ps. (13,569,489 )    Ps. 25,876,780     Ps. (9,477,879 )    Ps. 32,155,333  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Other comprehensive income items:

             

    Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:

             

    Effect of translation of foreign entities

        (21,683,333 )      (1,897,936 )      (18,309,877 )      23,581,269       (18,309,877 ) 

    Effect of fair value of derivatives, net of deferred taxes

        12,292       —         12,292       (12,292 )      12,292  

    Items not to be reclassified to profit or loss in subsequent years:

             

    Remeasurement of defined benefit plan, net of income tax effect

        (7,075,606 )      (8,439 )      (7,046,089 )      7,084,045       (7,046,089 ) 

    Available for sale

        622,424       —         622,424       (622,424 )      622,424  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total other comprehensive income items for the period

      Ps. (28,124,223 )    Ps. (1,906,375 )    Ps. (24,721,250 )    Ps. 30,030,598     Ps. (24,721,250 ) 
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Total comprehensive income for the period

      Ps. 1,201,698     Ps. (15,475,864 )    Ps. 1,155,530     Ps. 20,552,719     Ps. 7,434,083  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Comprehensive income for the period attributable to:

             

    Equity holders of the parent

      Ps. 1,201,698     Ps. (15,475,864 )    Ps. (5,076,855 )    Ps. 20,552,719     Ps. 1,201,698  

    Non-controlling interests

        —         —         6,232,385       —         6,232,385  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     
      Ps. 1,201,698     Ps. (15,475,864 )    Ps. 1,155,530     Ps. 20,552,719     Ps. 7,434,083  
     

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of cash flows

    For the year ended December 31, 2015

     

         Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Operating activities:

              

    Profit before taxes

       Ps. 36,205,763     Ps. (787,047 )    Ps. 58,291,845     Ps. (37,570,128 )    Ps. 56,140,433  

    Non-cash items

         (4,256,606 )      20,449,298       141,713,565       37,246,997       195,153,254  

    Changes in working capital:

         (72,746,155 )      (1,580,787 )      (13,562,885 )      323,131       (87,566,696 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows (used in) provided by operating activities

       Ps.  (40,796,998 )    Ps. 18,081,464     Ps. 186,442,525     Ps. —     Ps. 163,726,991  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Investing activities:

              

    Purchase of property, plant and equipment

         1,498       (6,894,071 )      (121,147,340 )      —         (128,039,913 ) 

    Acquisition of intangibles

         —         (3,292,490 )      (20,240,336 )      —         (23,532,826 ) 

    Dividends received from associates

         74,901,349       —         —         (73,255,637 )      1,645,712  

    Proceeds from sale of plant, property and equipment

         —         —         27,329       —         27,329  

    Acquisition of business, net of cash acquired

         —         —         (3,457,153 )      —         (3,457,153 ) 

    Partial sale of shares of associate company

         —         —         633,270       —         633,270  

    Spin of company

         —         (216,626 )      21,216,626       —         21,000,000  

    Investment in associates companies

         (2,213,277 )      (1,404,489 )      3,439,801       —         (177,965 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows provided by (used in) investing activities

       Ps. 72,689,570     Ps.  (11,807,676 )    Ps.  (119,527,803 )    Ps.  (73,255,637 )    Ps.  (131,901,546 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Financing activities:

              

    Bank loans, net

         50,879,779       —         5,083,236       —         55,963,015  

    Acquisition of no controlling interest

         (34,970 )      —         (996,079 )      —         (1,031,049 ) 

    Interest paid

         (23,379,273 )      (6,200,848 )      (3,250,311 )      —         (32,830,432 ) 

    Repurchase of shares and others

         (34,684,520 )      —         241,436       —         (34,443,084 ) 

    Payment of dividends

         (36,524,317 )      —         (74,090,920 )      73,255,637       (37,359,600 ) 

    Derivative financial instruments

         —         —         (503,444 )      —         (503,444 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows (used in) financing activities

       Ps. (43,743,301 )    Ps. (6,200,848 )    Ps. (73,516,082 )    Ps. 73,255,637     Ps. (50,204,594 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net (decrease) increase in cash and cash equivalents

         (11,850,729 )      72,940       (6,601,360 )      —         (18,379,149 ) 

    Adjustment to cash flow for exchange rate differences

         —         —         (2,934,522 )      —         (2,934,522 ) 

    Cash and cash equivalents at beginning of the period

         25,654,313       1,395,096       39,424,294       —         66,473,703  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Cash and cash equivalents at end of the period

       Ps. 13,803,584     Ps. 1,468,036     Ps. 29,888,412     Ps. —     Ps. 45,160,032  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of cash flows

    For the year ended December 31, 2016

     

         Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Operating activities:

              

    Profit before taxes

       Ps. 937,247     Ps. (5,537,427 )    Ps. 28,077,775     Ps. —     Ps. 23,477,595  

    Non-cash items

         (997,587 )      19,800,396       209,821,118       —         228,623,927  

    Changes in working capital:

         74,520,320       9,130,768       (93,359,195 )      (6,595,361 )      (16,303,468 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows provided by operating activities

       Ps. 74,459,980     Ps. 23,393,737     Ps. 144,539,698     Ps. (6,595,361 )    Ps. 235,798,054  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Investing activities:

              

    Purchase of property, plant and equipment

         —         (7,860,232 )      (130,846,925 )      —         (138,707,157 ) 

    Acquisition of intangibles

         —         (4,947,506 )      (11,369,232 )      —         (16,316,738 ) 

    Dividends received from associates

         21,950       —         5,988,938       (270,796 )      5,740,092  

    Proceeds from sale of plant, property and equipment

         20,078       —         95,522       —         115,600  

    Acquisition of business, net of cash acquired

         —         (2,796,254 )      (1,823,813 )      2,796,254       (1,823,813 ) 

    Partial sale of shares of associate company

         756,444       —         2,796,254       (3,552,698 )      —    

    Investment in associates companies

         —         663,203       (666,690 )      —         (3,487 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows provided by (used in) investing activities

       Ps. 798,472     Ps.  (14,940,789 )    Ps.  (135,825,946 )    Ps.  (1,027,240 )    Ps.  (150,995,503 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Financing activities:

              

    Bank loans, net

         (39,598,698 )      —         (21,792,115 )      —         (61,390,813 ) 

    Acquisition of no controlling interest

         —         —         (2,280,278 )      —         (2,280,278 ) 

    Interest paid

         (24,826,139 )      (7,972,827 )      (5,922,267 )      6,595,361       (32,125,872 ) 

    Paid-In capital

         —         —         (756,444 )      756,444       —    

    Sale of shares of subsidiaries

         —         —         6,323,336       —         6,323,336  

    Repurchase of shares and others

         (7,092,385 )      —         71,138       —         (7,021,247 ) 

    Payment of dividends

         (13,437,168 )      —         (643,585 )      270,796       (13,809,957 ) 

    Derivative financial instruments

         —         —         (351,213 )      —         (351,213 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows (used in) financing activities

       Ps.  (84,954,390 )    Ps. (7,972,827 )    Ps. (25,351,428 )    Ps. 7,622,601     Ps. (110,656,044 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net (decrease) increase in cash and cash equivalents

         (9,695,938 )      480,121       (16,637,676 )      —         (25,853,493 ) 

    Adjustment to cash flow for exchange rate differences

         —         —         3,911,844       —         3,911,844  

    Cash and cash equivalents at beginning of the period

         13,803,584       1,468,036       29,888,412       —         45,160,032  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Cash and cash equivalents at end of the period

       Ps. 4,107,645     Ps. 1,948,159     Ps. 17,162,579     Ps. —     Ps. 23,218,383  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

     

    Condensed consolidating statements of cash flows

    For the year ended December 31, 2017

     

         Parent     Wholly-owned
    Guarantor
    Subsidiary
        Combined
    non-guarantor
    Subsidiaries
        Eliminations     Consolidated
    Total
     

    Operating activities:

              

    Profit before taxes

       Ps. 43,527,320     Ps.  (12,182,970 )    Ps. 35,230,373     Ps. (9,477,879 )    Ps. 57,096,844  

    Non-cash items

         (17,017,287 )      30,000,109       171,062,158       11,635,563       195,680,543  

    Changes in working capital:

         (18,973,478 )      (9,486 )      (66,062,629 )      50,040,581       (35,005,012 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows provided by operating activities

       Ps. 7,536,555     Ps. 17,807,653     Ps. 140,229,902     Ps. 52,198,265     Ps. 217,772,375  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Investing activities:

              

    Purchase of property, plant and equipment

         16,526       (5,571,410 )      (113,630,253 )      —         (119,185,137 ) 

    Acquisition of intangibles

         —         (3,053,345 )      (14,485,196 )      —         (17,538,541 ) 

    Dividends received from associates

         21,465,687       970,000       2,385,559       (22,435,687 )      2,385,559  

    Proceeds from sale of plant, property and equipment

         —         —         133,349       —         133,349  

    Acquisition of business, net of cash acquired

         —         (3,381,505 )      (3,497,288 )      —         (6,878,793 ) 

    Investment in associates companies

         —         1,925,898       —         (1,925,898 )      —    

    Sale of associated company

         —         —         340,040       —         340,040  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows provided by (used in) investing activities

       Ps. 21,482,213     Ps. (9,110,362 )    Ps.  (128,753,789 )    Ps.  (24,361,585 )    Ps.  (140,743,523 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Financing activities:

              

    Bank loans, net

         13,548,138       —         16,382,838       (57,364,465 )      (27,433,489 ) 

    Acquisition of no controlling interest

         —         —         (11,930 )      —         (11,930 ) 

    Interest paid

         (24,009,216 )      (7,092,098 )      (7,187,225 )      7,092,098       (31,196,441 ) 

    Repurchase of shares and others

         (1,240,028 )      —         6,657       —         (1,233,371 ) 

    Payment of dividends

         (14,406,748 )      —         (24,120,329 )      22,435,687       (16,091,390 ) 

    Derivative financial instruments

         —         —         (71,474 )      —         (71,474 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net cash flows used in financing activities

       Ps.  (26,107,854 )    Ps. (7,092,098 )    Ps. (15,001,463 )    Ps.  (27,836,680 )    Ps. (76,038,095 ) 
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Net (decrease) increase in cash and cash equivalents

         2,910,914       1,605,193       (3,525,350 )      —         990,757  

    Adjustment to cash flow for exchange rate differences

         —         —         61,333       —         61,333  

    Cash and cash equivalents at beginning of the period

         4,107,645       1,948,159       17,162,579       —         23,218,383  
      

     

     

       

     

     

       

     

     

       

     

     

       

     

     

     

    Cash and cash equivalents at end of the period

       Ps. 7,018,559     Ps. 3,553,352     Ps. 13,698,562     Ps. —     Ps. 24,270,473