Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - MXN ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income for the year $ 1,046,738 $ 869,964 $ 1,747,939
Adjustments for:      
Income tax expense 384,384 516,920 814,556
Depreciation and amortization 375,134 287,702 82,122
Accounting effects from changing reporting period (36,400)
Interest expense 820,262 543,321 75,818
Interest income (45,056) (28,689) (25,872)
Loss (gain) on disposal of non-current assets (1,460) 4,758 (478)
Share-based payment expense 4,188 5,991
Movements in non-controlling interest (93) 10,983
Others (4,349) (8,653) (12,974)
Unrealized loss (gain) in valuation of derivative financial instruments 32,591 43,522 (330,315)
Total adjustments 2,612,339 2,245,819 2,314,396
(Increase) decrease in:      
Trade accounts receivable (101,393) 266,640 (21,347)
Trade accounts receivable from related parties (43) 30,246 (24)
Inventory 92,136 171,260 4,893
Prepaid expenses and other assets (84,826) (48,383) 22,894
Increase (decrease) in:      
Accounts payable to suppliers and accrued expenses 423,104 (940,039) (64,699)
Trade accounts payable to related parties (96,859) 97,029
Provisions 3,589 (24,640) (35,537)
Value-added tax payable 28,722 110,231 (26,703)
Statutory employee profit sharing (2,443) 22,798 47,951
Employee benefits (32,606) 21,268 1,722
Income taxes paid (474,941) (542,527) (777,949)
Net cash provided by operating activities 2,366,779 1,409,702 1,465,597
Investing activities:      
Payment of business acquisition net of cash acquired (4,698,463)
Other investment in subsidiaries (1,886) 50
Payments of fixed and intangible assets (131,066) (175,653) (401,736)
Proceeds from disposal of fixed assets 20,682 22,091 12,521
Interest received 45,056 28,689 25,872
Restricted cash 42,915
Net cash used in investing activities (65,328) (4,825,222) (320,378)
Financing activities:      
Proceeds from debt and borrowings 6,498,994 5,818,705 1,520,000
Repayment of borrowings (7,633,715) (1,120,025) (646,716)
Repayment of derivative financial instruments (18,172)
Bond issuance costs (8,355) (88,722) (18,931)
Interest paid on borrowings (652,313) (502,847) (49,123)
Lease payments of principal and interest (123,241) (76,214) (6,899)
Share repurchases (25,321)
Dividends paid (648,735) (949,610) (1,400,000)
Net cash (used in) provided by financing activities (2,567,365) 3,055,966 (619,841)
(Decrease) increase in cash and cash equivalents (265,914) (359,554) 525,378
Cash and cash equivalents at the beginning of year 815,644 1,175,198 649,820
Cash and cash equivalents at the end of year $ 549,730 $ 815,644 $ 1,175,198