Operative & Financial Results: Fourth Quarter 2014cms.posadas.com/.../Ingles/Quarters_2014/4Q14.pdfing a 41.1% growth in EBITDA vs. 4Q13 published figures.Nevertheless, the Net Debt

O p e r a t i v e & F i n a n c i a l R e s u l t s : F o u r t h Q u a r t e r 2 0 1 4

HOTELES BUSINESS CLASS

FIESTA INN

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Grupo Posadas, S.A.B. de C.V. & SubsidiariesMexico City, February 26, 2015

Information presented with respect to the same quarter of previous year (IFRS):

•EBITDAincomparablebasisgrew41%•Threenewhotelopeningsinthe4Q14toreach127hotelswithmorethan21,000rooms in operation •Pipelineconsiders42newhotelsand30%additionalroomstobeopenduringthenext 15 months•Euro-CommercialPaperissuanceofUS$50million•CashavailableasofDecember31,2014of$1,517million(US$103million)

Investor relations: Gerardo de PrevoisinTel.:(5255)[email protected]

Million pesos as of Var. Var. December31st.20144Q14 % YY% 2014 %YY%TotalRevenues EBIT EBITDA Net Majority Result

As we expected at the end of the previous quarter,

wehadagood4Q14exceedingourguidancerecord-

inga41.1%growth inEBITDAvs.4Q13published

figures.Nevertheless,theNetDebtleverageratiodid

notimproveasexpectedduetothe9.4%deprecia-

tionoftheMXNversustheUSD.

During the 4Q14 System-wide hotel performance

continuedimprovingwithbettermargins.

Our Available Daily Rate(ADR) increased 6.9% oc-

cupancy decreased 1.1 percent points (“pp”) which

resulted in a Revenue Per Available Room (RevPAR)

growthof8.7%,thatrepresentsacontinuedimprov-

inggrowthtrendonaquarterbyquarterbasisforthe

last 11 consecutive quarters.

Urban hotels, which represent 81% of the total

rooms operated, continue to perform better with an

increase inRevPARof8.3%andourcoastalhotels

performedwithaRevPARincreaseof6.8%.

> FinancialHighlights

“During2014weadded18hotelstoourchainofhotels.Simultaneously,wecontinuewithagoodperformanceofourhotelssystem-widewithRevPARgrowthandforthe4Q14weexceededourEBITDAguidanceby7%.”saidJoseCarlosAzcarraga,Posadas’CEO.”

(22.3) na

41.1 na

5,848.3544.7 954.0716.8

(31.6)na

(25.1)na

10012191

1,553.9179.2301.7 15.2

10091612

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As we informed in the previous report, hurricane

Odile hit the city of Los Cabos on September 14,

2014,damagingpartoftheFiestaAmericanaGrand

Los Cabos hotel and the Fiesta Americana Vacation

Club Villas resort. As we anticipated, both facilities

reopenedagainonNovember15,2014.TheProp-

ertyandBusinessInterruptioninsurancecoverage

for both properties operated adequately and the to-

taldeductibleforbothwasUS$1.9million.

Beyondourassetbaseofhotels and refurbishing

hotels, our brand portfolio has also benefited from

the innovation with launches of new brands and

operation models. In 2014 we introduced the new

concept of the Fiesta Americana, a renewal in every

wayfromtheimageandlogotothecommonareas

and rooms. As well as the brand extensions as FI

Hotel&LoftandFIExpressservicesinresponseto

the needs of our customers and our new franchise

business model: GAMMA.

OnDecember2,2014Posadassuccessfullyplaced

the Euro-Commercial Paper issuance (“ECP”) for

USD$50.0millionmaturingonNovember18,2015

with yield of 6.0%, announced on November 27,

2014.Thecompanyreceivedtheproceedsthatwill

be used for corporate purposes and to continue

witharobustcashbalancetomeetouroperating

and capital expenditures needs.

Thenetincomeonthe4Q14wasof$15.2million,

reduced in part as a consequence to the deprecia-

tionof theMXNvs. theUSDof$328million that

was offset by the deferred taxes.

Thecompany-ownedhotellocatedinLaredoTexas

has been recorded in our balance sheet as an asset

available for sale.

OnJanuary15,2015,theCompanypaidonitsma-

turitydate,theoutstandingbalanceofUS$51.7mil-

lionof itsUS$200.0million“9.25%SeniorNotes”

issuedonJanuary15,2010.

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OpeningsLTMNo.ofroomsTypeofcontract

Aperturadehoteles(ÚltimosDoceMeses)No.decuartosTipoTipo

Brands Mexico Total % HotelsRooms%

Live Aqua 1 46 1FiestaAmericanaGrand 2 345 6 FiestaAmericana 5 1,146 18FAVacation 2 501 8FiestaInn 10 1,339 21 GammadeFiestaInn 2 3636 One hotels 20 2,512 40 TOTAL 42 6,252 100

>DevelopmentPlan

AsofDecember31,2014,wecontinuewithanaggressivepipelinecomprisedofexecutedagreementstooper-

ate42newhotelswith6,252rooms.Thisdevelopmentplanrepresentsanincreaseincapacityof30%with

67%ofthesehotelsundertheeconomyandbusinessformatsincludingtheGammabyFiestaInnbrand.These

hotelsrepresentatotalinvestmentofUS$515.1millionandofthese82%willbeinvestedbythirdparties.

Openingsareexpectedtobegininthefirstquarterof2015,andweexpectallofthesetobeoperatingbefore

March2017accordingtocommitmentsmadewiththedifferentpropertyowners.Theaveragelifetooperate

these contacts is over 15 years.

Duringthelasttwelvemonths18hotelswith2,213additionalroomswereopened(including4conversions

to the new format Gamma by Fiesta Inn): Fiesta Inn Mérida, One Ciudad de México Alameda, One Silao, One

GuadalajaraPeriféricoVallarta,OneLaPaz,OneVillahermosaCentro,OneVallartaAeropuerto,GammadeFi-

estaInnMoreliaBeló,OneQuerétaroCentroSur,OneCancúnCentro,GammadeFiestaInnCiudadObregón,

GammadeFiestaInnLeón,GammadeFiestaInnTijuana,FiestaInnQuerétaroCentroSur,TheExplorean

Cozumel,OneMonclova,OneLeónPoliforumyFIPlazaCentral.Firsttimethatweopenedsomanyhotelsin

theLTM

Fiesta Inn MéridaOne Ciudad de México Alameda

One SilaoOne Guadalajara Periférico Vallarta

OneLaPazOne Villahermosa CentroOne Vallarta Aeropuerto

Gamma de Fiesta Inn Morelia Beló One Queretaro Centro Sur

One Cancun CentroGammadeFiestaInnCiudadObregon

Gamma de Fiesta Inn LeónGammadeFiestaInnTijuana

Fiesta Inn Quéretaro Centro SurTheExploreanCozumel

One MonclovaOne León Poliforum

FiestaInnPlazaCentral

1661171261211261101268412612613515914013456661261692,213

ManagedManagedManagedManagedManagedManagedManagedManagedManagedManagedManagedManagedManagedManagedOwnedManagedManagedManaged

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Duringthequarter,revenuesfromthissegmentrepresented48.6%oftheconsolidatedrevenues.TheEBITDA

marginwas20.4%representinga2.5ppimprovementoverthe4Q13.

AhigherADR(AverageDailyRate)of12.0%andamarginaldecreaseof1.7ppinoccupancyresultedina

RevPARincreaseof14.6%.Theaveragenumberofroomsavailableincreasedby3.3%.Thehotelslocatedin

thenorth,centerofMexico,ResortsandUSAoverperformedpreviousyearwhilethehotelsinthegulf/south

andpacificregionunderperformedslightlyversuspreviousyear

Results for urbanhotels showedan improvementwhen comparedwith4Q13;onaveragewith1.6% less

roomsowned,a9.8%increaseinADRanda3.4ppincreaseinoccupancy,resultedinaRevPARimprovement

of15.3%.

Forcomparableeffects,with24.6%moreaveragenumberofroomsavailableforcoastalhotelsduetothe

transferoftheFiestaAmericanaGrand(FAG)LosCaboshoteltotheall-inclusiveformat,beforeDecember31,

2013itwasoperatedbythevacationclubbusinessandrecordedinthisbusinessunit.Thissegmentshowed

anincreaseinADRof14.6%andadecreaseinoccupancyof4.7ppduetoabettermixofrates.Theabove

resultedinaRevPARincreaseof7.2%whencomparedwiththesameperiodofpreviousyear.

> Owned and Leased Hotels

TotalUrbanCoastal %Var.%Var.%Var.

4Q14 (QQ) AverageRooms AvailableDailyRate Occupancy (Var. in pp) RevPAR Accum.

AverageRoomsAvailableDailyRate

Occupancy (Var. in pp)RevPAR

5,6181,23772%884

5,6311,20469%831

3.312.01.714.6

(3.5)11.10.912.6

(1.6)9.83.415.3

(9.5)9.11.311.3

1,2771,58368%1,078

1,2751,51474%1,119

24.614.6(4.7)7.2

24.49.6(2.8)5.6

4,3411,13773%825

4,3561,09968%742

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RevenuefortheManagementbusinessrepresented18.7%oftotalrevenueinthequarter.TheEBIT-

DAmarginof28.9%representeda3.8ppimprovementversus4Q13.Thismargindecreasedasa

consequenceoftheresizingofourtwobusinessesKonexocallcenterandAmpersand(loyaltysolu-

tions).AftertheunderperformanceinroomrevenuesforJune2014,duringthe4Q14thetrendre-

cordedin2014versustheprevioustwoyearswasobservedagain.

Theaveragenumberofroomsoperatedrecordeda13.7%increaseinthequarter,whileSystem-wide

hotelsreporteda6.9%improvementinADR,a1.1ppincreaseinoccupancy,andaRevPARgrowth

of8.7%whichissimilartotherecordedfigurespriortothe2Q14.Byregions,Resorts,North,Center

ofMexicoandGulf/SouthoverperformedpreviousyearwhilethePacificperformancewasthesame

aspreviousyear.Itisworthrecallingthattheremainingaveragelifeofourmanagementcontracts

is over ten years.

System-wideurbanhotelshadanincreaseintheaveragenumberofoperatedroomsof12.3%with

animprovementinADRof5.5%,witha1.7ppdropinoccupancybutachievedaRevPARincrease

by8.3%.It isnoteworthythatthecontracttooperatetheFiestaInnVillahermosahotelwasnot

renewed.

Coastalhotelsrecordeda23.2%increaseintheaveragenumberofavailableroomsafterincluding

theFAGLosCaboshotelonJanuary1,2014,previouslyaccountedforintheVacationClubsegment.

Inaddition,occupancydropped2.6%whileADR,andRevParincreased11.2%and6.8%,respec-

tively.Thegrowthobservedrepresentsabetterrateandoccupancymix.

Includesowned&leasedandmanagedhotels.

>Management

Total Urban Coastal %Var. %Var. %Var.

4Q14 (QQ) AverageRooms AverageDailyRate Occupancy (Var. in pp) RevPAR

Accum.AverageRooms

AverageDailyRate Occupancy (Var. in pp)

RevPAR

19,2481,11566%732

18,4611,10863%703

13.76.91.18.7

9.26.5

(1.0)4.9

16,5741,02366%675

15,8801,01463%635

12.35.51.78.3

8.45.4

(0.9)3.9

2,6741,70364%1,081

2,5811,63368%1,112

23.211.2(2.6)6.8

14.39.3(1.8)6.4

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> Vacation Club & Other

TheVacationClubandOtherbusinesssegmentmainlyincludetheFiestaAmericanaVacationClub(FAVC).

Totalrevenuesforthequarteramountedto34.1%ofthegroup’sconsolidatedrevenuesin4Q14.Thecontri-

butionmarginwas32.6%,10.4pphigherthanthe4Q13marginwhichwaspropelledbyabetterpaceinthe

volumeofvacationclubmembershipsbeingsold.

AsofDecember31,2014,thereceivablesbalancereachedUS$138million,91%underaregularpayment

term–lessthan90days-andwith48,654totalmembersincluding18,339fromtheKiVacprogram.

Attheendof4Q14,thepipelineincludestwonewprojectswith11unitsforTheFrontDoor(TFD)programwith

atotalinvestmentofUS$7.0million,bothwillbeopenedbyDecember2015.Also,thenewFiestaAmericana

VacationClub–Villas-locatedinAcapulcoDiamanteisincludedwithatotalinvestmentofUS$87.3million,

which remains in the evaluation phase.

>EBITDA

In4Q14anEBITDAof$301.7millionwasrecorded,thatcomparesfavorablywiththe$213.8millionrecorded

in4Q13(+41.1%).

Forthelasttwelvemonths,EBITDA(IFRS)was$954.0million(US$64.8millionwithanexchangerate-endof

period-ofMXN$14.7180perUSD).Afteradjustingmainlyseverancepayments,thecomparableEBITDAwould

be$965million,15%higherthanthe$841millionEBITDAthatwouldcorrespondtothe4Q13LTMexcluding

thesaleof14hotelsandtheguarantypaymentonChemuyil.

>CapitalExpenditures

Capitalexpendituresduringthequarterwere$146.3million,70%wasusedformaintenanceandrefurbishing

hotels–mainlytheFiestaInnAeropuertohotelinMexicoCity-and30%relatedtoournewcorporateoffices.

Forthefullyear,thetotalcapexreached$597.5million.

Inadditiontothis,thevacationclubcapexin4Q14was$62.7million,mainlymaintenanceofLosCabosVil-

lasandthefinalphaseoftherefurbishinghotelinCozumel(CozumelDiveResortandTheExploreanCozumel

hotel).For2014,capexreached$154.6million.

Thetotalconsolidatedcapexwas$752.2million.

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> Comprehensive Financial Cost

Concept 4Q14 4Q13 20142013 Interests earned Interests expense Fluctuationsloss(gain) Other expenses (products) Financial expensesTotal

Figuresinthousandsofpesos.

> Net Majority Result

Asaresultoftheaforementioned,anetincomeof$15.2millionforthequarterwasrecordedand$716.8mil-

lion net income for the 2014.

(8,399)100,62315,362(270)11,701119,017

(2,911)110,846328,519

019,004455,459

Attheendofthequarter,consideringtheeffectofIFRS,thenetcoverageratiowas2.4times;2.1

times lower than the observed in the same quarter of the previous year, only 0.5 times lower on a

comparable basis.

Theforeignexchangeunrealizedlosswashigherin4Q14astheMXN/USDdepreciated12.6%when

in4Q13itappreciatedmarginallyversustheimmediatequarterforeachperiod.

(59,304)393,65929,997(53,781)57,711368,282

(22,509)417,669427,934

060,763883,857

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> Financial Position

AsofDecember31,2014thecashbalancewas$1,516.8million(US$103.1million).Thecashonhandatthe

endofJanuary2015was$916.9million(US$62.4million),posttheSeniorNotespayment.

Totalassetsreached$13,317.9million(US$904.9million).

Themainusesofcashduringthequarterwere,amongotheritems:capitalexpenditurespreviouslydescribed

and interests paid.

TotalDebtat theendof thequarterwas$$5,882.3million(US$399.7million),netof issuanceexpenses,

$1,160millionmorethan3Q14asaconsequencetothedepreciationoftheMXNvs.theUSD,whileNetDebt

(IFRS)was$4,359.3million(US$296million),theNetDebttoEBITDAratiowas4.6timesunderIFRS,which

comparesunfavorablyasthisratiowas3.9timesin4Q13.

TheTotalDebtmixunderIFRSattheendofthequarterwasasfollows:24%inshort-term,100%inU.S.

dollarsandwithafixedrate.Theaveragedebtmaturitywas2.3yearsandtherewasnosecureddebtout-

standing.

Asofthereleasedateofthisreport,theexistingcorporateratingsare:

Moody’s:globalscale“B2”withnegativeoutlook.S&P:global“B”withstableoutlook.Fitch:globalIssuer

DefaultRating(IDR)“B”andlocal“BB+(mex)”,bothwithnegativeoutlook.Theratingsforthe“7.875%

SeniorNotesDue2017”were:Moody’s:“B2”/S&P:”B”/Fitch:“B+RR3”.

Incompliancewitharticle4.033.02Frac.VIIIoftheMexicanStockExchangerules,PosadasinformsthatJ.P.

MorganSecuritiesLLC,analyst,[email protected](1-212)834-4066,Bankof

AmericaMerrillLynch,analyst,[email protected](1-646)855-6945andBCPSecurities,

LLC,analyst:[email protected](1-203)6292181providecoveragetoGrupoPosadas.

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>GrupoPosadasasofDecember31,2014

PosadasistheleadinghoteloperatorinMexicothatowns,leasesandmanages127hotelsand 21,094 rooms in the most important and visited urban and coastal destinations in Mexico (99%oftotalrooms)andownsonehotelintheUnitedStates(1%).81%ofroomsareinurbandestinationsand19%incoastal.Posadasoperatesunderthefollowingmainbrands:LiveAqua,FiestaAmericanaGrand,FiestaAmericanaTheExplorean,FiestaAmericanaVaca-tionVillas,FiestaInnandOneHotels.PosadastradesintheMSEsince1992.For further information please visit www.posadas.com

Brand Mexico USA Total Hotels Rooms Hotels Rooms Hotels Rooms

Live Aqua 2 506 2 506FiestaAmericana 17 4,889 17 4,889Fiesta Inn 62 9,091 62 9,091Gamma 4 518 4 518FAVacationVillas 7 1,613 7 1,613

OneHotels 33 4,061 33 4,061Other 1 213 1 203 2 416 Total 12320,891 1 203 127 21,094% 99% 1% 100%

Leased 2,415 rooms

Managed13,862rooms

Owned 4,817rooms

Distributionbyrooms66%

23% 11%

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>IncomeStatement-IFRS (million pesos)

Concept

TotalRevenuesOwned & Leased Hotels

RevenuesDirectcost

Contribution

ManagementRevenuesDirectcost

Contribution

FA Vacation RevenuesDirectcost

Contribution

OtherRevenuesDirectcost

Contribution

Corporate expensesDepreciation/amortization

Asset impairmentOther expenses (revenue)

Other revenuesOperatingProfit

EBITDA

ComprehensivefinancingcostProfitBeforeTaxes&Assoc.Co.Part. in results of Associated Co.

ProfitBeforeTaxesDiscontinuedOperations

Income taxesDeferredtaxes

Net Income before MinorityMinority Interest

Net Majority Income

4Q14

1,553.9

755.7601.6 154.1

289.9206.0 83.9

482.4325.0157.4

0.00.00.0

64.8122.4 0.054.8(25.8)179.2301.7

455.5 0.0 0.2

(276.1)0.895.1 (389.4)

17.42.1 15.2

%

100.0

100.0 79.620.4

100.0 71.128.9

100.0 67.432.6

0.00.00.0

4.2 7.90.0 3.5(1.7)11.5 19.4

29.30.0 0.0 (17.8)

0.1 6.1

(25.1)

1.1 0.1 1.0

20143

5,848.3

2,717.82,265.1 452.7

1,107.9806.5301.4

1,996.71,520.7475.9

0.00.00.0

256.2 409.30.0 45.7(25.8)544.7954.0

883.90.0

(12.6)(351.7)(8.7)169.8

(1,231.1)

718.21.4 716.8

%

100.0

100.0 83.316.7

100.0 72.827.2

100.0 76.223.8

0.00.00.0

4.4 7.00.0 0.8

(0.4)9.316.3

15.1 0.0

(0.2)(6.0)(0.1)2.9

(21.1)

12.30.0 12.3

Var.%%

(31.6)

(43.1)(41.2)(51.0)

(16.0)(11.9)(25.3)

12.4 7.930.0

nanana

3.7(2.6)na

(73.3)nana

(25.1)

140.0 na

159.0 (15.2)

na(68.7)

na

nanana

4Q13

2,000.8

578.6475.0103.6

257.2173.084.1

488.0379.5108.5

0.00.00.0

70.8118.0894.8 9.6 0.0(799.0)213.8

119.0 0.0

(4.9)(922.9)150.6 413.3594.9

(2,081.7)(7.2)(2,074.5)

%

100.0

100.082.117.9

100.0 67.332.7

100.0 77.822.2

0.00.00.0

3.55.9 44.70.5 0.0 (39.9)10.7

5.9 0.0

(0.2)(46.1)7.520.729.7

(104.0) (0.4)(103.7)

Var.%

(22.3)

30.626.748.7

12.719.0 (0.2)

(1.1)(14.4)45.1

0.00.00.0

(8.5)3.8na

469.4 nana

41.1

282.7nana

(70.1)(99.4)(77.0)

na

nanana

%

100.0

100.080.719.3

100.0 69.4 30.6

100.0 79.420.6

100.0 100.3(0.3)

2.9 4.9 10.5 2.0 0.0

(0.5)14.9

4.30.0

(0.1)(4.9)2.1 6.37.3

(20.6)(0.1)(20.5)

2013

8,550.4

4,778.33,854.6923.6

1,319.0915.4 403.6

1,776.01,410.0 366.1

677.0679.0(2.0)

247.2420.1 894.8170.90.0

(41.6)1,273.3

368.30.0

(4.9)(414.7)181.2541.9 620.0

(1,757.8)(4.5)

(1,753.3)

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>ConsolidatedBalanceSheetasofDecember31,2014&2013-IFRS (million pesos)

Concept

ASSETSCurrent

Cash & investments Short term investments

Notes & accounts receivableInventoriesOther assets

Totalcurrentassets

LongTermAccounts and notes receivable

Investments in shares & other investments

Property, plant and equipment, netIntangibleanddeferredassets

OtherNon current assets

TotalAssets

LIABILITIESCurrent

SuppliersBankloans

StockmarketloansOther

Other current liabilitiesTotalcurrentliabilities

LongTermBankloans

StockmarketloansOther liabilities

DeferredtaxliabilitiesandOtherTotalLiabilities

STOCKHOLDERS´EQUITYMajority interestMinority interest

Total

TotalLiabilities&Stockholders’Equity

Dec-13

706.4 525.4 2,250.6 141.8157.23,781.3

1,910.6

275.46,337.6 214.4 0.0 8,738.012,519.4

348.3 0.0 0.0 600.0 808.11,756.4

0.0 4,555.1 692.2 2,127.59,131.2

3,157.8230.43,388.2

12,519.4

%

5.6 4.218.0 1.11.330.2

15.3

2.250.61.7 0.069.8100.0

2.8 0.0 0.04.8 6.514.0

0.036.4 5.517.072.9

25.21.827.1

100.0

Dec-14

997.8 519.12,669.6 321.0 212.0 4,719.4

1,684.2

305.06,267.3 269.4 72.68,525.913,318.0

-

400.1 -

1,447.71,047.52.32,897.5

-4,432.3963.5 915.4 9,208.7

3,890.5218.7 4,109.2

13,318.0

%

7.53.920.0 2.4 1.635.4

12.6

2.347.1 2.0 0.564.0100.0

3.0 0.010.97.9 0.021.8

0.033.37.2 6.969.1

29.2 1.630.9

100.0

Var.%

41.3 (1.2)18.6126.434.824.8

(11.8)

10.8 (1.1) 25.6 na

(2.4) 6.4

14.9(100.0)

na74.6(99.7)65.0

(2.7)39.2(57.0)0.8

23.2 (5.1)21.3

6.4

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>ConsolidatedCashFlowStatement-IFRS (millionpesosfromJanuary1st.toDecember31st,2014&2013)

Concept 20142013

ConsolidatedNetIncomeBeforeTaxes+(-)Itemsnotrequiringcash+(-)Otherunrealizeditems

+(-)EntriesrelatedtoInvestments+Assetimpairment,Depreciationandamortizationfortheyear+(-)Gainorlossonsaleofproperty,plantandequipment+(-)Equityinresultsofassociatesandjointventures

(-)Interestincome+(-)Otheritems

+(-)Itemsrelatedtofinancingactivities+Accruedinterest

+(-)Currencyfluctuations+Derivatives

Cash before taxes Cashflowprovidedorusedinoperation

+(-)Decrease(increase)inaccountsreceivable+(-)Decrease(increase)ininventories

+(-)Decrease(increase)inotheraccountsreceivablesandotherassets+(-)Increase(decrease)insuppliers

+(-)Increase(decrease)inotherliabilities+(-)Incometaxespaidorreturned

NetcashflowsfromoperationNetcashflowfrominvestingactivities

(-)Investmentinintangibles(-)Investmentinproperty,plantandequipment

+Businesssales(-)Interestsreceived+(-)Otheritems

NetcashfromfinancingactivitiesNetcashflows

+Bankfinancing+Stockmarketfinancing

+Otherfinancing,includesmargincalls(-)Bankandstockmarketfinancingamortization

(-)Otherfinancingamortization+(-)Increase(decrease)inequity

(-)Dividendspaid+Premiumonissuanceofshares

+Contributionforfuturecapitalincreases(-)Interestexpense

(-)Repurchaseofshares+(-)Otheritems

Net increase (decrease) in cash and cash equivalentsChanges

CashandcashequivalentsatthebeginingofperiodCash and cash equivalents at the end of period

(351.7)

408.1409.3

12.6 (22.5)8.7

1,004.4 417.7586.8

1,060.8(712.8) (192.6)1.7(274.4)51.8295.9

(595.2)348.0(382.4)

(437.4) 26.2 22.5 6.3(34.4)314.5

740.2

(8.0)11.0

(427.1)

(1.5)

280.111.3706.4997.8

(414.7)

643.71,314.9 (565.2) 4.9

(110.9)

395.4393.723.8

(22.0)624.4 (848.0)(326.8)8.6(178.1)(33.0)(49.6)(268.9)(223.6)771.5

(1,154.2)2,326.376.7(477.2)547.9(1,275.2)(907.2)88.1

(117.1)138.5

(375.7)

(101.9)

(727.3)1.81,431.9706.4