Consolidated Statements of Cash Flows
For the years ended December 31, 2013 and 2012
(In thousands of Mexican pesos)
2013 | 2012 | |||
---|---|---|---|---|
Operating activities: | ||||
Income before taxes | $ | 994,360 | $ | 1,436,775 |
Adjustment for: | ||||
Depreciation and amortization | 318,657 | 362,443 | ||
Other reserves | 78,759 | 22,308 | ||
Interest income | (13,802) | (30,130) | ||
Interest expense | 341,460 | 506,071 | ||
Exchange loss (gain), net | 27,450 | (280,866) | ||
Disposal of property, plant and equipment | 30,960 | 37,665 | ||
Effect of valuation of derivative financial instruments | 16,987 | 18,275 | ||
1,794,831 | 2,072,541 | |||
Changes in working capital: | ||||
Increase in customers | (9,721) | (14,704) | ||
Increase in inventories and real estate inventories | (176,147) | (88,020) | ||
(Decrease) increase in suppliers | (66,621) | 45,672 | ||
Other liabilities | 46,698 | 37,233 | ||
Income taxes paid | (409,882) | (100,557) | ||
Net cash flows provided by operating activities | 1,179,158 | 1,952,165 | ||
Investing activities: | ||||
Purchase of property, plant and equipment | (423,140) | (184,058) | ||
Interest income | 13,802 | 30,130 | ||
Acquisition of intangible assets | (81,180) | (57,330) | ||
Net cash flows used in investing activities | (490,518) | (211,258) | ||
Financing activities: | ||||
Payments for bank liabilities | (757,776) | (998,691) | ||
Interest paid | (297,012) | (474,959) | ||
Dividens paid | (73,562) | |||
Net cash flows used in financing activities | (1,128,350) | (1,473,650) | ||
Net (decrease) increase in cash and cash equivalents | (439,710) | 267,257 | ||
Cash and cash equivalents at beginning of year | 1,064,900 | 779,928 | ||
Effects from changes in cash value | 1,755 | 17,715 | ||
Cash and cash equivalents at end of the year | $ | 626,945 | $ | 1,064,900 |
See accompanying notes to consolidated financial statements.