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Alsea, S.A.B. De C.V. and Subsidiaries

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Alsea, S.A.B. De C.V. and Subsidiaries Alsea, S.A.B. de C.V. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2020, 2019 and 2018, and Independent Auditors’ Report Dated April 14, 2021 Alsea, S.A.B. de C.V. and Subsidiaries Independent Auditors’ Report and Consolidated Financial Statements for 2020, 2019 and 2018 Contents Page Independent Auditors' Report 1 Consolidated Statements of Financial Position 5 Consolidated Statements of Income 6 Consolidated Statements of Other Comprehensive Income 7 Consolidated Statements of Changes in Stockholders’ Equity 8 Consolidated Statements of Cash Flows 9 Notes to the Consolidated Financial Statements 11 Galaz, Yamazaki, Ruiz Urquiza, S.C. Paseo de la Reforma 505, piso 28 Colonia Cuauhtémoc 06500 Ciudad de México México Tel: +52 (55) 5080 6000 www.deloitte.com/mx Independent Auditors' Report to the Board of Directors and Stockholders of Alsea, S.A.B. de C.V. Opinion We have audited the accompanying consolidated financial statements of Alsea, S.A.B. de C.V. and Subsidiaries (the Entity), which comprise the consolidated statements of financial position as of December 31, 2020, 2019 and 2018, and the consolidated statements of income, consolidated statements of other comprehensive income, consolidated statements of changes in stockholders’ equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Alsea, S.A.B. de C.V. and subsidiaries as of December 31, 2020, 2019 and 2018, and their consolidated financial performance and their consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board. Basis for Opinion We conducted our audits in accordance with International Standards on Auditing (ISA). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the Code of Ethics issued by the Mexican Institute of Public Accountants (IMCP Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and with the IMCP Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis paragraph As mentioned in Note 1a and 20 to the consolidated financial statements, the declaration of the COVID-19 pandemic that emerged in 2020 had a major impact on the restaurant industry and the Operations of the Entity, affecting the operation of the restaurants and, consequently, the amount of income. This had mainly impacts on operating results, cash generation. In addition, as mentioned in Note 20 to the attached consolidated financial statements, as of December 31, 2020, the entity has to comply with certain covenants, as well as to maintain certain financial ratios related to bank loans, which were met at year-end; However, there are other covenants, as well as financial ratios for the twelve-month period ending December 31, 2021, from which only waivers were obtained by their bank creditors until June 30, 2021, and at year-end the Entity has no certainty they could be complied, as established by IAS 1 Presentation of Financial Statements, indicating the long-term debt shall be classified as current. The amount of this debt was reclassified in the short term in the consolidated statement of financial position amounting to $19,394 million, causing short-term liabilities to significantly exceed short-term assets at that date. On April 5, 2021, the Entity formalized a new negotiation of the conditions of the credit, which establish new debt obligations, which allows the Entity to have certainty about its fulfillment for the twelve-months period ending December 31, 2021. Deloitte se refiere a Deloitte Touche Tohmatsu Limited, sociedad privada de responsabilidad limitada en el Reino Unido, y a su red de firmas miembro, cada una de ellas como una entidad legal única e independiente. Conozca en www.deloitte.com/mx/conozcanos la descripción detallada de la estructura legal de Deloitte Touche Tohmatsu Limited y sus firmas miembro. The Entity has undertaken a series of internal actions to ensure the viability and the success of its operations will depend upon the continuity of the pandemic and the measures taken by different governments with respect to the operation of restaurants, as well as the ability of the management to generate income and liquidity. Our opinion has not been modified in relation to this matter. Key Audit Matters Key audit matters are those which, according to our professional judgment, have the greatest significance for our audit of the consolidated financial statements of the current period. They have been handled within the context of our audit of the consolidated financial statements taken as a whole and the formation of our opinion in this regard. Accordingly, we do not express a separate opinion on these matters. We have decided that the issues described below constitute the key audit matters that must be included in our report. Impairment of Long-Lived Assets The Entity has determined that the smallest cash generating units are its stores. It has developed financial and operating performance indicators for each of its stores and performs an annual study to identify indications of impairment. If necessary, it also performs an impairment analysis according to IAS 36, Impairment of Assets (“IAS 36”), in which discounted future cash flows are calculated to ascertain whether the value of assets has become impaired. However, a risk exists whereby the assumptions utilized by management to calculate future cash flows may not be fair based on current conditions and those prevailing in the foreseeable future. The audit procedures we applied to cover the risk of the impairment of long-lived assets include the following: The application of internal control and substantive tests, in which we performed a detailed review of projected income and expenses and, on this basis, discounted future cash flows. We also verified, according to our knowledge of the business and historical audited information, the regularization of any nonrecurring effect, so as to avoid considering these effects in the projections. We evaluated the fairness of the discount rate utilized by management, for which purpose we requested support from our firm’s experts. The results derived from the application of our audit tests were reasonable. As discussed in Note 4m to the consolidated financial statements, the Entity has recorded an amount of $220,000 (thousand) for impairment as of December 31, 2020. Goodwill and Other Intangible Assets Given the importance of the goodwill balance and continued economic uncertainty, when necessary, it is important to ensure that goodwill is adequately reviewed to identify potential impairment. The determination as to whether the book value of goodwill is recoverable requires the Entity’s management to make significant estimates regarding future cash flows, discount rates and growth based on its opinion regarding future business perspectives. In our capacity as auditors, we have analyzed the assumptions utilized in the impairment model, specifically including cash flow projections, discount rates and long-term rate growth. The key assumptions used to estimate cash flows in the Entity’s impairment tests are those related to the growth of revenues and the operating margin. Our fair value valuation specialists assisted us by preparing an independent evaluation of the discount rates and methodology used to prepare the impairment testing model, together with the utilized market multiple estimates. We also tested the completeness and accuracy of the impairment model. The results of our audit tests were reasonable and we agree that the utilized assumptions, including the discount rate and the goodwill impairment amount recorded for the year, are appropriate. 2 Information Other Than the Consolidated Financial Statements and Independent Auditors’ Report The management is responsible for the other information. The other information includes the information included in the annual report (but does not include the consolidated financial statements, nor our audit report) that the Entity is obliged to prepare in accordance with the General Provisions Applicable to Issuers and other Market Participants of Securities in Mexico. The annual report is expected to be available for our reading after the date of this audit report. Our opinion regarding the consolidated financial statements does not cover the other information and we do not give any assurance in this regard. In relation to our audit of the consolidated financial statements, our responsibility will be to read the annual report and other information, when it is available, and when we do so, consider whether the other information contained therein is materially inconsistent with the consolidated financial statements or our knowledge obtained during the audit, or that appears to contain a material error. If, based on the work we have carried out, we conclude that there is a material error in
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