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Consolidated Financial Statements



(Thousands of Mexican pesos) December 31
2016 2015
Assets
Current assets:
   Cash and cash equivalents 1,503,578 2,194,323
   Accounts receivables, net 22,773,269 20,163,093
   Collection rights from related parties 800,000 -
   Recoverable taxes 602,327 953,790
   Other accounts receivable 1,770,899 1,845,058
   Inventories 2,553,842 2,452,557
     Total current assets 30,003,915 27,608,821
Non-current assets:
   Restricted cash 311,785 311,785
   Accounts receivables, net 3,119,608 1,715,737
   Collection rights from related parties 4,105,381 4,533,475
   Property, leasehold improvements, and furniture and equipment, net 1,880,989 2,065,452
   Goodwill and intangible assets, net 251,821 276,933
   Guarantee deposits 127,258 118,558
   Other assets 993,981 668,356
   Deferred income tax 1,695,040 1,061,448
      Total non-current assets 12,485,863 10,751,744
      Total assets $42,489,778 $38,360,565
Liabilities and Stockholders’ equity
Current liabilities:
   Demand deposits 17,274,090 14,478,945
   Short-term debt 4,026,018 4,190,162
   Trade accounts payable 1,373,372 1,627,793
   Accounts payable and accrued expenses 1,238,526 1,152,717
  Deferred income from guarantee sales 222,846 206,888
   Income tax payable 36,912 55,922
      Total current liabilities $24,171,764 $21,712,427
Non-current liabilities:
   Time-deposits 3,788,816 3,879,884
 Long-term debt, excluding current installments 5,974,656 4,910,533
   Deferred income from guarantee sales 120,175 102,672
  Employee benefits 119,123 122,135
      Total non-current liabilities 10,002,770 9,015,224
      Total liabilities $34,174,534 $30,727,651
Stockholders’ equity
   Capital stock $1,703,847 $1,704,085
   Additional paid-in capital 3,810,052 3,812,903
   Retained earnings 1,975,230 1,610,942
  Stock repurchase reserve 234,471 233,130
   Cumulative Foreign currency translation adjustment 558,059 240,396
   Total stockholders’ equity attributable to shareholders 8,281,659 7,601,456
   Non-controlling interest 33,585 31,458
     Total stockholders’ equity 8,315,244 7,632,914
Subsequent events 0 0
     Total liabilities and stockholders’ equity $42,489,778 $38,360,565
(Thousands of Mexican pesos) December 31
2016 2015
Net sales $10,823,434 $11,200,909
Interest earned from customers 6,720,295 4,820,666
Total revenues 17,543,729 16,021,575
Cost of sales (9,724,395) (8,966,897)
Gross profit 7,819,334 7,054,678
Selling expenses (4,462,088) (4,216,524)
Administrative expenses (2,588,517) (2,345,399)
Other income, net 225,519 631,669
(6,825,086) (5,930,254)
Operating income 994,248 1,124,424
Financial expenses (1,474,492) (1,216,645)
Financial income 379,617 3,995
Financial results, net (1,094,875) (1,212,650)
(Loss) before income tax (100,627) (88,226)
Income tax 446,701 237,444
Consolidated net income $346,074 $149,218
Net income attributable to:
Controlling interest $343,947 $146,970
Non-controlling interest $2,127 $2,248
Consolidated net income $346,074 $149,218
Basic and diluted earnings per share attributable to controlling interest, in pesos:
Basic and diluted earnings per share attributable to controlling interest, in pesos: $0.61 $0.26
Number of oustanding shares 561,969,112 562,087,912
Weighted averge of ordinary shares 561,987,872 562,301,302
(Thousands of Mexican pesos) December 31
2016 2015
Consolidated net income $346,074 $149,218
Other comprehensive income (loss), net of taxes:
Items that will not be reclassified to statement of income:
Actuarial gains (losses) net of income taxes 20,341 946
Items that will be reclassified to statement of income:
Foreign currency translation adjustment 317,663 225,476
Consolidated comprehensive income $684,078 $375,640
Consolidated comprehensive income attributable to:
Controlling interest $681,951 $373,392
Non-controlling interest 2,127 2,248
Comprehensive income $684,078 $375,640
(Thousands of Mexican pesos)
Capital
stock
Additional
paid-in capital
Retained
earnings
Reserve for
repurchase of
shares
Effects of
foreign currency
translation
Total
stockholders
equity attributable
to shareholders
Total
non-controlling
interest
Total
stockholders
equity
Balances as of December 31, 2014 1,709,173 3,873,961 4,460,419 192,426 14,920 10,250,899 29,210 10,280,109
Other movements, net of income tax - - (2,488,980) - - (2,488,980) - (2,488,980)
Repurchase of shares (5,088) (61,058) - 40,704 - (25,442) - (25,442)
Net income - - 146,970 - - 146,970 2,248 149,218
Other comprehensive income - - 946 - 225,476 226,422 - 226,422
Comprehensive Result - - 147,916 - 225,476 373,392 2,248 375,640
Balances as of December 31, 2015 (Restated) 1,704,085 3,812,903 2,119,355 233,130 240,396 8,109,869 31,458 8,141,327
Other movements, net of income tax - - (508,413) - - (508,413) - (508,413)
Balance as of December 31, 2015 (Restated) 1,704,085 3,812,903 1,610,942 233,130 240,396 7,601,456 31,458 7,632,914
Repurchase of shares (238) (2,851) 1,341 - (1,748) - (1,748)
Net income - - 343,947 - - 343,947 2,127 346,074
Other comprehensive net income - - 20,341 - 317,663 338,004 - 338,004
Total comprehensive income - - 364,288 - 317,663 681,951 2,127 684,078
Balances as of December 31, 2016 1,703,847 3,810,052 1,975,230 234,471 558,059 8,281,659 33,585 8,315,244
(Thousands of Mexican pesos) December 31
2016 2015
Operating Activities
(Loss) before income tax $(100,627) $(88,226)
Depreciation and amortization 416,933 545,551
Allowance for doubtful accounts 1,692,509 1,689,702
Gain (Loss) on sale of property, furniture and equipment (22,131) (53,446)
Estimated liabilities for labor benefits 23,686 19,932
Interest income (7,711) (3,995)
Present value, collection rights (371,906) -
Interest expenses 926,802 754,846
Interest expenses for bank funding 844,184 685,063
Exchange gain and losses, net 1,056,930 775,630
    Cash flows generated by operating activities before changes in working capital and provisions 4,458,669 4,325,057
Accounts receivable (5,707,475) (5,581,389)
Inventories of products for sale (101,285) (331,244)
Accounts receivable 124,552 (1,241,882)
Trade accounts payable (271,628) 331,491
Accounts payable and accrued expenses 117,501 131,339
Interest paid for bank funding (825,094) (678,651)
Income tax paid (59,860) (44,294)
Demand deposits and time deposits 2,684,987 3,600,874
   Net cash flows from operating activities 420,367 511,301
Investing activities
Acquisition of property, furniture and equipment (150,313) (255,844)
Acquisition of intangible assets (19,522) (8,710)
Proceeds from sale of furniture and equipment 27,091 305,890
Interest received 7,711 3,995
Net cash flow (used in) generated by investing activities (135,033) 45,331
Financing activities:
Interest paid (932,620) (734,299)
Proceeds from current and non-current debt 3,721,275 1,212,865
Payments of current and non-current debt (3,784,162) (674,917)
Repurchase of shares, net (1,748) (25,442)
   Net cash flow used in financing activities (997,255) (221,793)
(Decrease) Increase of cash and cash equivalents (711,921) 334,839
Adjustments to cash flow as a result of changes in exchange rates 21,176 1,213
Cash and cash equivalents at the beginning of the year 2,194,323 1,858,271
Cash and cash equivalents at the end of the year $1,503,578 $2,194,323