CONSOLIDATED STATEMENTS OF
CASH FLOWS

For the years ended December 31, 2015 y 2014
(In thousands of Mexican pesos)

    2015   2014
Cash flows from operating activities        
Income before taxes $ 1,149,694 $ 962,543
Adjustment for:        
Depreciation and amortization   365,950   331,356
Other provisions   143,803   83,770
Interest income   (17,148)   (24,541)
Interest expense   247,203   296,086
Exchange loss, net   399,418   331,633
Disposal of property, plant and equipment   36,000   30,000
    2,324,920   2,010,847
Changes in working capital:        
Increase in customers   (71,754)   (72,377)
Increase in inventories and real estate inventories   (87,271)   (115,197)
Increase in suppliers   165,868   110,863
Other liabilities   (106,829)   (157,486)
Income taxes paid   (225,518)   (413,587)
Operating activities of discontinued operations       (136,726)
Net cash flows provided by operating activities   1,999,416   1,226,337
 
Cash flows from investing activities:        
Acquisition of property, plant and equipment   (926,045)   (184,996)
Interest income   17,148   24,541
Acquisition of intangible assets   (48,882)   (109,971)
Proceeds from sale of business   544,735    
Investing activities of discontinued operations       (24,076)
Net cash flows used in investing activities   (413,044)   (294,502)
 
Cash flows from financing activities:        
Payments for bank liabilities   (237,221)   (828,002)
Interest paid   (205,759)   (288,868)
Dividends paid   (102,791)   (95,147)
Other financing activities       (67,959)
Net cash flows used in financing activities   (545,771)   (1,279,976)
Net increase (decrease) in cash and cash equivalents   1,040,601   (348,141)
Cash and cash equivalents at beginning of year   290,270   626,945
Effects from changes in cash value   40,585   11,466
Cash and cash equivalents at end of the year $ 1,371,456 $ 290,270

See accompanying notes to consolidated financial statements.