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CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2014 and 2013
(In thousands of Mexican pesos)
    2014   2013  
Cash flows from operating activities:
          
Income before taxes $ 962,543 $ 1,037,760  
Adjustment for:          
Depreciation and amortization   331,356   291,771  
Other provisions   83,770   71,396  
Interest income   (24,541)   (13,802)  
Interest expense   296,086   346,455  
Exchange loss, net   331,633   27,287  
Disposal of property, plant and equipment   30,000   30,960  
Effect of valuation of derivative financial instruments       16,987  
    2,010,847   1,808,814  
           
Changes in working capital:          
Increase in customers   (72,377)   (37,019)
  
Increase in inventories and real estate inventories   (115,197)   (157,904)  
Increase (decrease) in suppliers   110,863   (64,124)  
Other liabilities   (157,486)   24,709  
Income taxes paid
   (413,587)   (409,882)  
Operating activities of the discontinued operation   (136,726)   14,566  
Net cash flows provided by operating activities   1,226,337   1,179,160  
Cash flows from investing activities:          
Acquisition of property, plant and equipment   (184,996)   (413,184)  
Interest income   24,541   13,802  
Acquisition of intangible assets   (109,971)   (81,180)  
Investing activities of the discontinued operation   (24,076)   (9,955)  
Net cash flows used in investing activities   (294,502)   (490,517)  
Cash flows from financing activities:          
Payments for bank liabilities   (828,002)   (757,776)  
Interest paid   (288,868)   (297,012)  
Dividends paid   (95,147)   (73,565)  
Other financing activities   (67,959)      
Net cash flows used in financing activities   (1,279,976)   (1,128,353)  
Net decrease in cash and cash equivalents   (348,141)   (439,710)  
Cash and cash equivalents at beginning of year   626,945   1,064,900  
Effects from changes in cash value   11,466   1,755  
Cash and cash equivalents at end of the year $ 290,270 $ 626,945  

See accompanying notes to consolidated financial statements.