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BBB Foods Inc. separate condensed financial information
 12 Months Ended
Dec. 31, 2023
Disclosure of subsidiaries [abstract]  
BBB Foods Inc. separate condensed financial information

Note 22 - BBB Foods Inc. separate condensed financial information

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation S-X-5-04 and 12-04 and concluded that it was applicable for the Company to disclose the financial information for the parent company only. The subsidiaries did not pay any dividend to the Company for the years presented. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments as of December 31, 2023.

Condensed Statements of Financial Position of BBB Foods Inc.

 

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

Ps.

14,988

 

 

Ps.

17,364

 

Accounts receivables from related parties

 

 

 

441

 

 

 

 

505

 

Total current assets

 

Ps.

15,429

 

 

Ps.

17,869

 

Non-current assets:

 

 

 

 

 

 

 

 

Investments in subsidiaries

 

 

 

173,574

 

 

 

 

34,737

 

Total non-current assets

 

Ps.

 

173,574

 

 

Ps.

34,737

 

Total assets

 

Ps.

 

189,003

 

 

Ps.

52,606

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Bonus payable to related parties (Note 13)

 

 

 

43,161

 

 

 

 

—

 

Total current liabilities

 

Ps.

 

43,161

 

 

Ps.

 

—

 

Non-Current liabilities:

 

 

 

 

 

 

 

 

Debt with related parties (Note 13)

 

 

 

4,340,452

 

 

 

 

4,276,058

 

Bonus payable to related parties (Note 13)

 

 

 

0

 

 

 

 

44,528

 

Long-term debt (Note 14)

 

 

 

449,716

 

 

 

 

445,281

 

Total non-current liabilities

 

Ps.

 

4,790,168

 

 

Ps.

4,765,867

 

Total liabilities

 

Ps.

 

4,833,329

 

 

Ps.

4,765,867

 

Stockholders’ equity (Note 16):

 

 

 

 

 

 

 

 

Capital stock

 

 

 

471,282

 

 

 

 

471,282

 

Reserve for share-based payments

 

 

 

851,700

 

 

 

 

467,135

 

Cumulative losses

 

 

 

(5,967,308

)

 

 

 

(5,651,678

)

Total stockholders’ equity

 

Ps.

 

(4,644,326

)

 

Ps.

(4,713,261)

 

Total liabilities and stockholders’ equity

 

Ps.

 

189,003

 

 

Ps.

52,606

 

 

Condensed Statements of Profit or Loss of BBB Foods Inc.

 

 

 

For the year ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Equity method in investments in subsidiaries

 

Ps.

 

(245,727

)

 

Ps.

 

(211,515

)

 

Ps.

 

(149,294

)

Administrative expenses

 

 

 

(433

)

 

 

 

(144

)

 

 

 

(4,681

)

Operating loss

 

 

 

(246,160

)

 

 

 

(211,659

)

 

 

 

(153,975

)



 

 



 

 

 



 

 

 



 

Financial income

 

 

 

262

 

 

 

 

697

 

 

 

 

144

 

Financial costs

 

 

 

(708,538

)

 

 

 

(619,052

)

 

 

 

(540,488

)

Exchange rate fluctuation

 

 

 

638,806

 

 

 

 

264,902

 

 

 

 

(122,354

)

Financial costs – net

 

 

 

(69,470

)

 

 

 

(353,453

)

 

 

 

(662,698

)

Loss before income tax

 

 

 

(315,630

)

 

 

 

(565,110

)

 

 

 

(816,674

)

Income tax expense

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Net loss for the year

 

Ps.

 

(315,630

)

 

Ps.

 

(565,110

)

 

Ps.

 

(816,674

)

 

Condensed Statements of Cash Flows of BBB Foods Inc.

 

 

For the year ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

Ps.

 

(315,630

)

 

Ps.

 

(565,110

)

 

Ps.

 

(816,674

)

Adjustments for:

 

 

 

 

 

 

 

 

 

 

 

 

Equity method in investments in subsidiaries

 

 

 

245,727

 

 

 

 

211,515

 

 

 

 

149,294

 

Interest expense on Promissory Notes

 

 

 

619,779

 

 

 

 

615,592

 

 

 

 

537,411

 

Costs of modification of Promissory Notes

 

 

 

84,236

 

 

 

 

—

 

 

 

 

—

 

Interest on bonus payable to related parties

 

 

 

4,524

 

 

 

 

3,460

 

 

 

 

3,076

 

Exchange fluctuation

 

 

 

(641,076

)

 

 

 

(285,990

)

 

 

 

125,221

 

 

 

 

(2,440

)

 

 

 

(20,533

)

 

 

 

(1,672

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in other current assets

 

 

64

 

 

 

 

32

 

 

 

 

(17

)

Bonus payable to related parties

 

 

 

—

 

 

 

 

11,787

 

 

 

 

4,188

 

Net cash flows provided by operating activities

 

 

 

(2,376

)

 

 

 

(8,714

)

 

 

 

2,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Capital contributions to Investment in subsidiaries

 

 

 

—

 

 

 

 

(135,900

)

 

 

 

(3,184

)

Net cash flows used in investing activities

 

 

 

—

 

 

 

 

(135,900

)

 

 

 

(3,184

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

 

—

 

 

 

 

—

 

 

 

 

149,411

 

Net cash flows used in financing activities

 

 

 

—

 

 

 

 

—

 

 

 

 

149,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

 

2,376

 

 

 

 

(144,614

)

 

 

 

148,726

 

Net foreign exchange difference

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

Cash and cash equivalents at beginning of year

 

 

 

17,364

 

 

 

 

161,978

 

 

 

 

13,252

 

Cash and cash equivalents at end of year

 

Ps.

 

14,988

 

 

Ps.

 

17,364

 

 

Ps.

 

161,978

 

 

Basis of presentation

BBB Foods Inc.’s material accounting policies are the same as the Company´s material accounting policies, except for the investments in subsidiaries.

BBB Foods Inc. values its investment in subsidiaries through the equity method, where the investments are initially recognized at cost and adjusted thereafter to recognize its share of the post-acquisition profits or losses of the subsidiary in profit or loss. Dividends received or receivable from subsidiaries, if any, are recognized as a reduction in the carrying amount of the subsidiary.

Where the BBB Foods Inc. share of losses in accounting the equity method in its subsidiaries equals or exceeds its interest in the subsidiary, it does not recognize further losses, unless it has incurred obligations or made payments on behalf of the subsidiary.