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Supplemental Guarantor Information
 9 Months Ended
Sep. 30, 2019
Text block [abstract]  
Supplemental Guarantor Information
Note 24. Supplemental Guarantor Information
Interim Condensed Consolidating Financial Information
The following consolidating information presents condensed consolidating statements of financial position as of September 30, 2019 and December 31, 2018 and condensed consolidating statements of income, other comprehensive income and cash flows for each of the nine month periods ended September 30, 2019 and 2018 of the Company and Propimex, S. de R.L. de C.V., Comercializadora la Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador CIMSA, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Distribuidora y Manufacturera del Valle de Mexico, S. de R.L. de C.V (as successor guarantor of Servicios Integrados Inmuebles del Golfo, S. de R.L. de C.V.) and Yoli de Acapulco, S. de R. L. de C.V. (the Guarantors).
These statements are prepared in accordance with IFRS, as issued by the IASB, with the exception that the subsidiaries are accounted for as investments under the equity method rather than being consolidated. The guarantees of the Guarantors are full and unconditional.
The accounting policies applied in the preparation of the condensed financial statements is the same as those used in the preparation of the consolidated financial statements (see Note
3
).
The Company’s consolidating condensed financial information for the (i) Company; (ii) its 100% owned guarantors subsidiaries (on standalone basis), which are wholly and unconditional guarantors under both prior years debt and current year debt referred to as “Senior Notes” in Note 14; (iii) the combined
non-guarantor
subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:
 
 
  
Parent
 
  
Combined
Wholly-owned

Guarantors
Subsidiaries
 
  
Combined
non-guarantor
Subsidiaries
 
  
Eliminations
 
 
Consolidated
Total
 
 
  
Consolidated Statement of Financial Position
As of September 30, 2019
 
  
 
 
 
 
 
Assets:
  
   
  
   
  
   
  
   
 
   
Current assets:
  
   
  
   
  
   
  
   
 
   
Cash and cash equivalents
  
Ps.
11,058
 
  
Ps.
7,991
 
  
Ps.
11,181
 
  
Ps.
—  
 
 
Ps.
30,230
 
Accounts receivable, net
  
 
20,120
 
  
 
26,830
 
  
 
56,995
 
  
 
(92,985
) 
 
 
10,960
 
Inventories
  
 
—  
 
  
 
1,728
 
  
 
7,929
 
  
 
—  
 
 
 
9,657
 
Recoverable taxes
  
 
232
 
  
 
1,290
 
  
 
6,300
 
  
 
—  
 
 
 
7,822
 
Other current assets
  
 
290
 
  
 
211
 
  
 
2,838
 
  
 
—  
 
 
 
3,339
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total current assets
  
 
31,700
 
  
 
38,050
 
  
 
85,243
 
  
 
(92,985
) 
 
 
62,008
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Non-current
assets:
  
   
  
   
  
   
  
   
 
   
Investments in other entities
  
 
155,036
 
  
 
146,495
 
  
 
3,604
 
  
 
(294,548
) 
 
 
10,587
 
Property, plant and equipment, net
  
 
—  
 
  
 
18,304
 
  
 
41,101
 
  
 
—  
 
 
 
59,405
 
Rights of use assets
  
 
—  
 
  
 
635
 
  
 
723
 
  
 
—  
 
 
 
1,358
 
Intangible assets, net
  
 
28,863
 
  
 
36,620
 
  
 
46,981
 
  
 
—  
 
 
 
112,464
 
Deferred tax assets
  
 
3,923
 
  
 
1,838
 
  
 
3,808
 
  
 
—  
 
 
 
9,569
 
Other
non-current
assets
  
 
22,769
 
  
 
6,214
 
  
 
20,726
 
  
 
(42,400
) 
 
 
7,309
 
Total
non-current
assets
  
 
210,591
 
  
 
210,106
 
  
 
116,943
 
  
 
(336,948
) 
 
 
200,692
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total assets
  
Ps.
242,291
 
  
Ps.
248,156
 
  
Ps.
202,186
 
  
Ps.
(429,933)
 
 
Ps.
 262,700
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Liabilities:
  
   
  
   
  
   
  
   
 
   
Current liabilities:
  
   
  
   
  
   
  
   
 
   
Short-term bank loans and notes payable and current portion of
non-current
debt
  
Ps.
9,814
 
  
Ps.
—  
 
  
Ps.
6,885
 
  
Ps.
—  
 
 
Ps.
16,699
 
Current portionof lease liabilities
  
 
—  
 
  
 
143
 
  
 
328
 
  
 
—  
 
 
 
471
 
Interest Payable
  
 
972
 
  
 
—  
 
  
 
21
 
  
 
—  
 
 
 
993
 
Suppliers
  
 
7
 
  
 
10,566
 
  
 
7,254
 
  
 
(115
) 
 
 
17,712
 
Other current liabilities
  
 
35,669
 
  
 
39,874
 
  
 
37,740
 
  
 
(92,871
) 
 
 
20,412
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total current liabilities
  
 
46,462
 
  
 
50,583
 
  
 
52,228
 
  
 
(92,986
) 
 
 
56,287
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Non-current
liabilities:
  
   
  
   
  
   
  
   
 
   
Long-term debt
  
 
58,708
 
  
 
—  
 
  
 
1,113
 
  
 
—  
 
 
 
59,821
 
Long- lease liabilities
  
 
—  
 
  
 
493
 
  
 
420
 
  
 
—  
 
 
 
913
 
Other
non-current
liabilities
  
 
14,081
 
  
 
36,703
 
  
 
7,594
 
  
 
(42,400
) 
 
 
15,978
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total
non-current
liabilities
  
 
72,789
 
  
 
37,196
 
  
 
9,127
 
  
 
(42,400
) 
 
 
76,712
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total liabilities
  
 
119,251
 
  
 
87,779
 
  
 
61,355
 
  
 
(135,386
) 
 
 
132,999
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Equity:
  
   
  
   
  
   
  
   
 
   
Equity attributable to equity holders of the parent
  
 
123,040
 
  
 
160,377
 
  
 
134,172
 
  
 
(294,547
) 
 
 
123,042
 
Non-controlling
interest in consolidated subsidiaries
  
 
—  
 
  
 
—  
 
  
 
6,659
 
  
 
0
 
 
 
6,659
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total equity
  
 
123,040
 
  
 
160,377
 
  
 
140,831
 
  
 
(294,547
) 
 
 
129,701
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total liabilities and equity
  
Ps.
 242,291
 
  
Ps.
248,156
 
  
Ps.
202,186
 
  
Ps.
(429,933)
 
 
Ps.
262,700
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
  
Parent
 
  
Combined Wholly-
owned Guarantors
Subsidiaries
 
  
Combined
non-guarantor
Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
 
  
Consolidated Statement of Financial Position
As of December 31, 2018
 
 
 
 
 
 
 
Assets:
  
   
  
   
  
   
 
   
 
   
Current assets:
  
   
  
   
  
   
 
   
 
   
Cash and cash equivalents
  
Ps.
16,529
 
  
Ps.
1,025
 
  
Ps.
6,173
 
 
Ps.
—  
 
 
Ps.
23,727
 
Accounts receivable, net
  
 
19,388
 
  
 
31,461
 
  
 
51,028
 
 
 
(87,030
) 
 
 
14,847
 
Inventories
  
 
—  
 
  
 
2,717
 
  
 
7,334
 
 
 
—  
 
 
 
10,051
 
Recoverable taxes
  
 
80
 
  
 
1,870
 
  
 
4,088
 
 
 
—  
 
 
 
6,038
 
Other current assets
  
 
—  
 
  
 
170
 
  
 
2,657
 
 
 
—  
 
 
 
2,827
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total current assets
  
 
35,997
 
  
 
37,243
 
  
 
71,280
 
 
 
(87,030
) 
 
 
57,490
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Non-current
assets:
  
   
  
   
  
   
 
   
 
   
Investments in other entities
  
 
160,014
 
  
 
131,357
 
  
 
3,766
 
 
 
(284,619
) 
 
 
10,518
 
Property, plant and equipment, net
  
 
—  
 
  
 
18,378
 
  
 
43,564
 
 
 
—  
 
 
 
61,942
 
Intangible assets, net
  
 
27,824
 
  
 
36,361
 
  
 
52,619
 
 
 
—  
 
 
 
116,804
 
Deferred tax assets
  
 
3,043
 
  
 
1,807
 
  
 
3,588
 
 
 
—  
 
 
 
8,438
 
Other
non-current
assets
  
 
19,060
 
  
 
6,282
 
  
 
25,149
 
 
 
(41,896
) 
 
 
8,595
 
Total
non-current
assets
  
 
209,941
 
  
 
194,185
 
  
 
128,686
 
 
 
(326,515
) 
 
 
206,297
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total assets
  
Ps.
245,938
 
  
Ps.
231,428
 
  
Ps.
199,966
 
 
Ps.
(413,545)
 
 
Ps.
263,787
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
  
   
  
   
  
   
 
   
 
   
Current liabilities:
  
   
  
   
  
   
 
   
 
   
Short-term bank loans and notes payable and current portion of
non-current
debt
  
Ps.
4,700
 
  
Ps.
—  
 
  
Ps.
6,904
 
 
Ps.
—  
 
 
Ps.
11,604
 
Interest Payable
  
 
477
 
  
 
—  
 
  
 
20
 
 
 
—  
 
 
 
497
 
Suppliers
  
 
11
 
  
 
2,531
 
  
 
17,257
 
 
 
(53
) 
 
 
19,746
 
Other current liabilities
  
 
32,909
 
  
 
82,359
 
  
 
(14,614
) 
 
 
(86,977
) 
 
 
13,677
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
  
 
38,097
 
  
 
84,890
 
  
 
9,567
 
 
 
(87,030
) 
 
 
45,524
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Non-current
liabilities:
  
   
  
   
  
   
 
   
 
   
Bank loans and notes payable
  
 
68,607
 
  
 
—  
 
  
 
1,594
 
 
 
—  
 
 
 
70,201
 
Other
non-current
liabilities
  
 
14,292
 
  
 
670
 
  
 
43,246
 
 
 
(41,896
) 
 
 
16,312
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total
non-current
liabilities
  
 
82,899
 
  
 
670
 
  
 
44,840
 
 
 
(41,896
) 
 
 
86,513
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
  
 
120,996
 
  
 
85,560
 
  
 
54,407
 
 
 
(128,926
) 
 
 
132,037
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Equity:
  
   
  
   
  
   
 
   
 
   
Equity attributable to equity holders of the parent
  
 
124,942
 
  
 
145,868
 
  
 
138,753
 
 
 
(284,619
) 
 
 
124,944
 
Non-controlling
interest in consolidated subsidiaries
  
 
—  
 
  
 
—  
 
  
 
6,806
 
 
 
—  
 
 
 
6,806
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total equity
  
 
124,942
 
  
 
145,868
 
  
 
145,559
 
 
 
(284,619
) 
 
 
131,750
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
  
Ps.
245,938
 
  
Ps.
231,428
 
  
Ps.
199,966
 
 
Ps.
(413,545)
 
 
Ps.
263,787
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Parent
 
 
Combined

Wholly-owned

Guarantors

Subsidiaries
 
  
Combined

non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated

Total
 
 
  
Condensed consolidating income statements:

For the nine-months periods  ended September 30, 2019
 
 
 
 
 
 
 
Total revenues
  
Ps.
1
 
 
Ps.
73,131
 
  
Ps.
113,751
 
 
Ps.
 (44,379
) 
 
Ps.
142,504
 
Cost of goods sold
  
 
18
 
 
 
41,731
 
  
 
74,017
 
 
 
(37,736
) 
 
 
78,030
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Gross profit
  
 
(17
) 
 
 
31,400
 
  
 
39,734
 
 
 
(6,643
) 
 
 
64,474
 
Administrative expenses
  
 
612
 
 
 
2,600
 
  
 
5,730
 
 
 
(2,457
) 
 
 
6,485
 
Selling expenses
  
 
—  
 
 
 
17,553
 
  
 
24,577
 
 
 
(4,186
) 
 
 
37,944
 
Other expenses (income), net
  
 
1
 
 
 
351
 
  
 
617
 
 
 
—  
 
 
 
969
 
Interest expense, net
  
 
3,476
 
 
 
2,858
 
  
 
(2,006
) 
 
 
—  
 
 
 
4,328
 
Foreign exchange loss (gain), net
  
 
(553
) 
 
 
34
 
  
 
685
 
 
 
—  
 
 
 
166
 
Other financing expense (income), net
  
 
—  
 
 
 
—  
 
  
 
72
 
 
 
—  
 
 
 
72
 
Income taxes
  
 
(653
) 
 
 
2,089
 
  
 
2,517
 
 
 
—  
 
 
 
3,953
 
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes
  
 
12,995
 
 
 
9,899
 
  
 
63
 
 
 
(23,052
) 
 
 
(95
) 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated Net income
  
Ps.
10,095
 
 
Ps.
15,814
 
  
Ps.
7,605
 
 
Ps.
 (23,052
) 
 
Ps.
10,462
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Attributable to:
  
   
 
   
  
   
 
   
 
   
Net income attributable to holders of the parent
  
 
10,095
 
 
 
15,814
 
  
 
7,238
 
 
 
(23,052
) 
 
 
10,095
 
Net income attributable to
non-controlling
interest
  
 
—  
 
 
 
—  
 
  
 
367
 
 
 
—  
 
 
 
367
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated Net income
  
Ps.
10,095
 
 
Ps.
15,814
 
  
Ps.
7,605
 
 
Ps.
 (23,052
) 
 
Ps.
10,462
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Parent
 
 
Combined Wholly-
owned
Guarantors
Subsidiaries
 
  
Combined
non-guarantor
Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
 
  
Condensed consolidating income statements:
For the nine-months periods ended September 30, 2018
 
 
 
 
 
 
 
Total revenues
  
Ps.
1
 
 
Ps.
77,484
 
  
Ps.
106,155
 
 
Ps.
(53,063
) 
 
Ps.
130,577
 
Cost of goods sold
  
 
18
 
 
 
49,272
 
  
 
66,375
 
 
 
(45,238
) 
 
 
70,427
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Gross profit
  
 
(17
) 
 
 
28,212
 
  
 
39,780
 
 
 
(7,825
) 
 
 
60,150
 
Administrative expenses
  
 
109
 
 
 
4,105
 
  
 
5,391
 
 
 
(3,663
) 
 
 
5,942
 
Selling expenses
  
 
—  
 
 
 
16,605
 
  
 
23,841
 
 
 
(4,163
) 
 
 
36,283
 
Other expenses (income), net
  
 
1
 
 
 
24
 
  
 
812
 
 
 
—  
 
 
 
837
 
Interest expense, net
  
 
3,157
 
 
 
2,629
 
  
 
(1,028
) 
 
 
1
 
 
 
4,759
 
Foreign exchange loss (gain), net
  
 
(461
) 
 
 
148
 
  
 
261
 
 
 
—  
 
 
 
(52
) 
Other financing expense (income), net
  
 
—  
 
 
 
—  
 
  
 
129
 
 
 
—  
 
 
 
129
 
Income taxes
  
 
(446
) 
 
 
1,085
 
  
 
3,134
 
 
 
—  
 
 
 
3,773
 
Share of the profit (loss) of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes
  
 
10,578
 
 
 
7,258
 
  
 
48
 
 
 
(18,045
) 
 
 
(161
) 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Net income from continuing operations
  
Ps.
8,201
 
 
Ps.
10,874
 
  
Ps.
7,288
 
 
Ps.
(18,045)
 
 
Ps.
8,318
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Net income after tax from discontinued operations
  
Ps.
—  
 
 
Ps.
—  
 
  
 
Ps. 576
 
 
Ps.
—  
 
 
Ps.
576
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated Net income
  
Ps.
8,201
 
 
Ps.
10,874
 
  
Ps.
7,864
 
 
Ps.
(18,045)
 
 
Ps.
8,894
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Attributable to:
  
   
 
   
  
   
 
   
 
   
Equity holders of the parent- continuing
  
 
8,201
 
 
 
10,874
 
  
 
6,847
 
 
 
(18,045
) 
 
 
7,877
 
Equity holders of the parent- discontinued.
  
 
—  
 
 
 
—  
 
  
 
324
 
 
 
—  
 
 
 
324
 
Net income attributable to holders of the parent
  
   
 
   
  
   
 
   
 
   
Non-controlling
interest- continuing
  
 
—  
 
 
 
—  
 
  
 
441
 
 
 
—  
 
 
 
441
 
Non-controlling
interest discountinued
  
 
—  
 
 
 
—  
 
  
 
252
 
 
 
—  
 
 
 
252
 
Net income attributable to
non-controlling
interest
  
   
 
   
  
   
 
   
 
   
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Consolidated Net income
  
Ps.
8,201
 
 
Ps.
10,874
 
  
Ps.
7,864
 
 
Ps.
(18,045)
 
 
Ps.
8,894
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Parent
 
 
Wholly-owned

Guarantors

Subsidiaries
 
 
Combined

non-guarantor

Subsidiaries
 
 
Eliminations
 
  
Consolidated

Total
 
 
  
Condensed consolidating statements of

comprehensive income

For the nine-months periods ended September 30, 2019
 
 
 
 
  
 
 
Consolidated net income
  
Ps.
10,095
 
 
Ps.
15,814
 
 
Ps.
7,605
 
 
Ps.
(23,052)
 
  
Ps.
10,462
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Other comprehensive income, net of taxes:
  
   
 
   
 
   
 
   
  
   
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
  
   
 
   
 
   
 
   
  
   
Valuation of the effective portion of derivative financial instruments, net of taxes
  
 
(472
) 
 
 
390
 
 
 
(782
) 
 
 
390
 
  
 
(474
) 
Exchange differences on translation of foreign operations
  
 
(4,039
) 
 
 
(9,861
) 
 
 
(4,552
) 
 
 
13,900
 
  
 
(4,552
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:
  
 
(4,511
) 
 
 
(9,471
) 
 
 
(5,334
) 
 
 
14,290
 
  
 
(5,026
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Items not to be reclassified to profit or loss in subsequent periods:
  
   
 
   
 
   
 
   
  
   
Other equity instruments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
  
 
—  
 
Remeasurements of the net defined benefit liability, net of taxes
  
 
(48
) 
 
 
61
 
 
 
(471
) 
 
 
410
 
  
 
(48
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Net other comprehensive income not being reclassified to profit or loss in subsequent periods:
  
 
(48
) 
 
 
61
 
 
 
(471
) 
 
 
410
 
  
 
(48
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Total comprehensive (loss) income, net of tax
  
 
(4,559
) 
 
 
(9,410
) 
 
 
(5,805
) 
 
 
14,700
 
  
 
(5,074
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Consolidated comprehensive income for the year, net of tax
  
Ps.
5,536
 
 
Ps.
6,404
 
 
Ps.
1,800
 
 
Ps.
(8,352)
 
  
Ps.
5,388
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Attributable to:
  
   
 
   
 
   
 
   
  
   
Equity holders of the parent
  
Ps.
5,536
 
 
Ps.
6,404
 
 
Ps.
1,947
 
 
Ps.
(8,352)
 
  
Ps.
5,535
 
Non-controlling
interest-
  
 
—  
 
 
 
—  
 
 
 
(147
) 
 
 
—  
 
  
 
(147
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Consolidated comprehensive income for the year, net of tax
  
Ps.
5,536
 
 
Ps.
6,404
 
 
Ps.
1,800
 
 
Ps.
(8,352)
 
  
Ps.
5,388
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
  
Parent
 
 
Combined Wholly-
owned
Guarantors
Subsidiaries
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
 
  
Condensed consolidating statements of
comprehensive income
For the nine-months periods ended September 30, 2018
 
 
 
 
 
 
 
Consolidated net income (loss)
  
Ps.
8,201
 
 
Ps.
10,874
 
 
Ps.
7,864
 
 
Ps.
(18,045
) 
 
Ps.
8,894
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income, net of taxes:
  
   
 
   
 
   
 
   
 
   
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
  
   
 
   
 
   
 
   
 
   
Valuation of the effective portion of derivative financial instruments, net of taxes
  
 
(410
) 
 
 
(517
) 
 
 
1,028
 
 
 
(517
) 
 
 
(416
) 
Exchange differences on translation of foreign operations
  
 
(8,192
) 
 
 
(401
) 
 
 
(13,798
) 
 
 
8,593
 
 
 
(13,798
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net other comprehensive income to be reclassified to profit or loss in subsequent periods:
  
 
(8,602
) 
 
 
(918
) 
 
 
(12,770
) 
 
 
8,076
 
 
 
(14,214
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Items not to be reclassified to profit or loss in subsequent periods:
  
   
 
   
 
   
 
   
 
   
Other equity instruments
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Remeasurements of the net defined benefit liability, net of taxes
  
 
135
 
 
 
(76
) 
 
 
(88
) 
 
 
197
 
 
 
168
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net other comprehensive income not being reclassified to profit or loss in subsequent periods:
  
 
135
 
 
 
(76
) 
 
 
(88
) 
 
 
197
 
 
 
168
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive (loss) income, net of tax
  
 
(8,467
) 
 
Ps.
(994
) 
 
Ps.
(12,858
) 
 
Ps.
8,273
 
 
Ps.
(14,046
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated comprehensive income for the year, net of tax
  
Ps.
(266
) 
 
Ps.
9,880
 
 
Ps.
(4,994
) 
 
Ps.
(9,772
) 
 
Ps.
(5,152
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent- continuing
  
Ps.
(266
) 
 
Ps. 
9,880
 
 
Ps.
(1,344
) 
 
Ps.
(9,772
) 
 
Ps.
(1,502
) 
Equity holders of the parent- discontinued
  
 
—  
 
 
 
—  
 
 
 
(1,450
) 
 
 
—  
 
 
 
(1,450
) 
Non-controlling
interest-continuing
  
 
—  
 
 
 
—  
 
 
 
(1,211
) 
 
 
—  
 
 
 
(1,211
) 
Non-controlling
interest- discontinued
  
 
—  
 
 
 
—  
 
 
 
(989
) 
 
 
—  
 
 
 
(989
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated comprehensive income for the year, net of tax
  
Ps.
(266
) 
 
Ps.
9,880
 
 
Ps.
(4,994
) 
 
Ps.
(9,772
) 
 
Ps.
(5,152
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Parent
 
 
Combined
Wholly-owned

Guarantors

Subsidiaries
 
 
Combined

non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated

Total
 
 
  
Condensed Consolidated Statements of

Cash Flows For the year ended
September 30,2019
 
 
 
 
 
 
 
Cash flows from operating activities:
  
   
 
   
 
   
 
   
 
   
Income before income taxes.
  
Ps.
 9,442
 
 
Ps.
 17,903
 
 
Ps.
 10,122
 
 
Ps.
 (23,052
) 
 
Ps.
 14,415
 
Non-cash
items
  
 
(12,021
) 
 
 
(9,581
) 
 
 
8,986
 
 
 
23,052
 
 
 
10,436
 
Changes in working capital
  
 
(224
) 
 
 
2,447
 
 
 
(1,559
) 
 
 
(132
) 
 
 
532
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from operating activities
  
 
(2,803
) 
 
 
10,769
 
 
 
17,549
 
 
 
(132
) 
 
 
25,383
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
  
   
 
   
 
   
 
   
 
   
Acquisition and mergers, net of cash acquired
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Interest received
  
 
2,204
 
 
 
1,833
 
 
 
4,151
 
 
 
(7,280
) 
 
 
908
 
Acquisition of long-lived assets, net
  
 
—  
 
 
 
(2,442
) 
 
 
(3,946
) 
 
 
—  
 
 
 
(6,388
) 
Acquisition of intangible assets and other investing activities
  
 
(4,148
) 
 
 
53
 
 
 
3,892
 
 
 
—  
 
 
 
(203
) 
Investments in shares
  
 
(52
) 
 
 
(222
) 
 
 
3,815
 
 
 
(3,861
) 
 
 
(320
) 
Dividends received
  
 
11,942
 
 
 
868
 
 
 
1
 
 
 
(12,810
) 
 
 
1
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows used in investing activities
  
 
9,946
 
 
 
90
 
 
 
7,913
 
 
 
(23,951
) 
 
 
(6,002
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
  
   
 
   
 
   
 
   
 
   
Proceeds from borrowings
  
 
9,400
 
 
 
—  
 
 
 
1,471
 
 
 
—  
 
 
 
10,871
 
Repayment of borrowings
  
 
(14,082
) 
 
 
—  
 
 
 
(1,605
) 
 
 
—  
 
 
 
(15,687
) 
Interest paid
  
 
(2,507
) 
 
 
(25
) 
 
 
(7,735
) 
 
 
7,280
 
 
 
(2,987
) 
Interest paid on leases
  
 
—  
 
 
 
(99
) 
 
 
—  
 
 
 
—  
 
 
 
(99
) 
Payments of leases
  
 
—  
 
 
 
(211
) 
 
 
—  
 
 
 
(132
) 
 
 
(343
) 
Dividends paid
  
 
(3,718
) 
 
 
(9,151
) 
 
 
(3,663
) 
 
 
12,810
 
 
 
(3,722
) 
Proceeds from issuing shares
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Other financing activities
  
 
(1,619
) 
 
 
5,605
 
 
 
(8,642
) 
 
 
4,125
 
 
 
(531
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from financing activities
  
 
(12,526
) 
 
 
(3,881
) 
 
 
(20,174
) 
 
 
24,083
 
 
 
(12,498
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
  
 
(5,383
) 
 
 
6,978
 
 
 
5,288
 
 
 
—  
 
 
 
6,883
 
Initial balance of cash and cash equivalents
  
 
16,529
 
 
 
1,026
 
 
 
6,172
 
 
 
—  
 
 
 
23,727
 
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies
  
 
(88
) 
 
 
(13
) 
 
 
(279
) 
 
 
—  
 
 
 
(380
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance of cash and cash equivalents
  
Ps.
11,058
 
 
Ps.
7,991
 
 
Ps.
11,181
 
 
Ps.
—  
 
 
Ps.
30,230
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Parent
 
 
Combined Wholly-
owned
Guarantors
Subsidiaries
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
 
  
Condensed Consolidated Statements of
Cash Flows nine-month period ended
September 30,2018
 
 
 
 
 
 
 
Cash flows from operating activities:
  
   
 
   
 
   
 
   
 
   
Income before income taxes for continuing op.
  
Ps.
 7,755
 
 
Ps.
 11,959
 
 
Ps.
 10,422
 
 
Ps.
 (18,045
) 
 
 
Ps. 12,091
 
Non-cash
items
  
 
(9,488
) 
 
 
(6,568
) 
 
 
10,780
 
 
 
18,045
 
 
 
12,769
 
Changes in working capital
  
 
(46
) 
 
 
(10,476
) 
 
 
4,286
 
 
 
—  
 
 
 
(6,236
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from operating activities for continuing operations
  
 
(1,779
) 
 
 
(5,085
) 
 
 
25,488
 
 
 
—  
 
 
 
18,624
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before taxes for discontinued operations
  
 
—  
 
 
 
—  
 
 
 
1,042
 
 
 
—  
 
 
 
1,042
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operationactivities for discontinued operations
  
 
—  
 
 
 
—  
 
 
 
(112
) 
 
 
—  
 
 
 
(112
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
  
   
 
   
 
   
 
   
 
   
Acquisition and mergers, net of cash acquired
  
 
—  
 
 
 
—  
 
 
 
(5,692
) 
 
 
—  
 
 
 
(5,692
) 
Interest received
  
 
2,199
 
 
 
1,552
 
 
 
3,552
 
 
 
(6,600
) 
 
 
703
 
Acquisition of long-lived assets, net
  
 
—  
 
 
 
(2,301
) 
 
 
(3,565
) 
 
 
—  
 
 
 
(5,866
) 
Acquisition of intangible assets and other investing activities
  
 
5,554
 
 
 
(48
) 
 
 
(6,704
) 
 
 
—  
 
 
 
(1,198
) 
Investments in shares
  
 
(9,474
) 
 
 
(1,832
) 
 
 
(4,260
) 
 
 
15,363
 
 
 
(203
) 
Dividends received
  
 
4,816
 
 
 
512
 
 
 
—  
 
 
 
(5,327
) 
 
 
1
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from investing activities for continuing operations
  
 
3,095
 
 
 
(2,117
) 
 
 
(16,669
) 
 
 
3,436
 
 
 
(12,255
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from investing activities for discontinued operations
  
 
—  
 
 
 
—  
 
 
 
(397
) 
 
 
—  
 
 
 
(397
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
  
   
 
   
 
   
 
   
 
   
Proceeds from borrowings
  
 
10,200
 
 
 
—  
 
 
 
2,766
 
 
 
—  
 
 
 
12,966
 
Repayment of borrowings
  
 
(54
) 
 
 
—  
 
 
 
(4,257
) 
 
 
—  
 
 
 
(4,311
) 
Interest paid
  
 
(2,473
) 
 
 
(25
) 
 
 
(7,113
) 
 
 
6,599
 
 
 
(3,012
) 
Interest paid on leases
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Payments of leases
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
Dividends paid
  
 
(3,529
) 
 
 
(4,434
) 
 
 
(894
) 
 
 
5,328
 
 
 
(3,529
) 
Increase in capital stock
  
 
—  
 
 
 
1,830
 
 
 
—  
 
 
 
(1,830
) 
 
 
—  
 
Other financing activities
  
 
(755
) 
 
 
9,786
 
 
 
4,636
 
 
 
(15,362
) 
 
 
(1,695
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from financing activities in continuing operations
  
 
3,389
 
 
 
7,157
 
 
 
(4,862
) 
 
 
(5,265
) 
 
 
419
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in)/from financing activities
  
 
—  
 
 
 
—  
 
 
 
(138
) 
 
 
—  
 
 
 
(138
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
  
 
4,705
 
 
 
(45
) 
 
 
3,957
 
 
 
(1,829
) 
 
 
6,788
 
Net (decrease) increase in cash and cash equivalents for discontinued operations
  
 
—  
 
 
 
—  
 
 
 
395
 
 
 
—  
 
 
 
395
 
Initial balance of cash and cash equivalents
  
 
7,017
 
 
 
926
 
 
 
10,824
 
 
 
—  
 
 
 
18,767
 
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies
  
 
15
 
 
 
44
 
 
 
(1,617
) 
 
 
—  
 
 
 
(1,558
) 
Cash and cash equivalents at the end of the period discontinued operations
  
 
—  
 
 
 
—  
 
 
 
(5,917
) 
 
 
—  
 
 
 
(5,917
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance of cash and cash equivalents
  
Ps.
 11,737
 
 
Ps.
925
 
 
Ps.
7,642
 
 
Ps.
(1,829)
 
 
Ps.
18,475