Consolidated Statements of Cash Flows

For the years ended December 31, 2021, 2020 and 2019
(In thousands of pesos)

		2021		2020		2019
Cash flows from operating activities:
Consolidated net income for the year	$	2,067,559	$	813,811	$	3,089,599
Adjustments not requiring (providing) cash:
Income tax recognized in net income		398,935		260,685		1,349,506
Depreciation and amortization		1,894,762		1,829,322		2,163,081
Impairment of property		89,777		(25,641)		18,916
Disposal cost of property, machinery and equipment		61,365		258,101		-
(Gain) loss on sale of property, machinery and equipment		(1,299)		(3,113)		(2,604)
Provisions		239,421		48,727		466
Gain arising on changes in fair value of investment properti		(33,287)		44,750		(91,718)
Interest expense		533,419		711,502		703,010
Equity in income of associates		4,592		134,331		(116,825)
Interest income		(3,427,392)		(3,856,852)		(4,271,348)
		1,827,852		215,623		2,842,083

Items related to operating activities:
(Increase) decrease in:
Accounts and documents receivable		(655,909)		2,306,591		(206,303)
Recoverable taxes		708,360		1,937		(92,371)
Interest received from operating activities		3,075,020		3,654,537		3,970,601
Inventories		(778,343)		1,984,394		(190,496)
Prepaid expenses		54,211		(20,111)		3,234
Other assets		451,901		(115,144)		(74,605)
Long-term accounts receivable		134,463		190,932		89,559
Employee benefits		(81,011)		(712,472)		(355,599)
(Decrease) increase in:
Trade accounts payable		707,521		(323,129)		(430,559)
Other accounts payable and accrued liabilities		(781,803)		(2,288,229)		2,114,302
Due to related parties		176,828		51,923		(649,593)
Direct employee benefits		138,801		(213,322)		25,244
Income taxes paid		(78,723)		(910,673)		(1,937,696)
Net cash flows provided by operating activities		4,899,168		3,882,765		5,107,801

Cash flows from investing activities:
Purchase of property, machinery and equipment		(368,717)		(466,739)		(895,183)
Sales of property, machinery and equipment		14,730		8,548		45,199
Dividends received from associates		30,520		725,900		-
Acquisition of associate shares		-		(33,272)		(1,134,584)
Cash loans to associate		-		(12,053)		(153,793)
Interest received		169,816		94,985		68,803
Net cash flows used in investing activities		(153,651)		317,369		(2,069,558)

Cash flows from financing activities:
Repurchase of shares		(244,941)		(63,763)		(81,531)
Bank loans		385,000		9,030,000		-
Payments of loans		(385,000)		(9,030,000)		-
Interest paid		(412,302)		(530,098)		(733,819)
Payments of lease liabilities		(794,323)		(810,234)		(782,154)
Dividends paid to controlling interest and non-controlling interest		-		(508,279)		(2,220,758)
Net cash flows used in financing activities		(1,451,566)		(1,912,374)		(3,818,262)
Effects of exchange rate changes on cash and cash equivalents		20,425		12,636		(7,463)
Net decrease in cash and cash equivalents		3,314,376		2,300,396		(787,482)
Cash and cash equivalents at beginning of the year		3,990,572		1,690,176		2,477,658
Cash and cash equivalents at end of the year	$	7,304,948	$	3,990,572	$	1,690,176

See accompanying notes to consolidated financial statements.