Consolidated Statements of Cash Flows
Grupo Lamosa, S.A.B. de C.V. and Subsidiaries
For the years ended December 31, 2016 and 2015 (In thousands of Mexican pesos)
Grupo Lamosa, S.A.B. de C.V. and Subsidiaries
For the years ended December 31, 2016 and 2015 (In thousands of Mexican pesos)

2016 | 2015 | |||
---|---|---|---|---|
Cash flows from operating activities | ||||
Income before taxes | $ | 1,325,828 | $ | 1,149,694 |
Adjustment for: | ||||
Depreciation and amortization | 454,812 | 365,950 | ||
Other provisions | 191,811 | 143,803 | ||
Interest income | (11,745) | (17,148) | ||
Interest expense | 355,115 | 247,203 | ||
Exchange loss, net | 771,973 | 399,418 | ||
Disposal of property, plant and equipment | 36,000 | 36,000 | ||
3,123,794 | 2,324,920 | |||
Changes in working capital: | ||||
Increase in accounts receivable | (169,024) | (71,754) | ||
Increase in inventories and real estate inventories | (7,808) | (87,271) | ||
Increase in trade accounts payable | 243,335 | 165,868 | ||
Other current liabilities | (82,918) | (106,829) | ||
Income taxes paid | (1,313,647) | (225,518) | ||
Net cash flows provided by operating activities | 1,793,732 | 1,999,416 | ||
Cash flows from investing activities: | ||||
Acquisition of property, plant and equipment | (1,620,714) | (926,045) | ||
Interest income | 11,745 | 17,148 | ||
Acquisition of intangible assets | (15,994) | (48,882) | ||
(Acquisitions) proceeds from sale of business | (4,625,595) | 544,735 | ||
Net cash flows used in investing activities | (6,250,558) | (413,044) | ||
Cash flows from financing activities: | ||||
Bank loans | 5,034,650 | - | ||
Payments for bank liabilities and finance lease liability | (836,570) | (237,221) | ||
Interest paid | (312,396) | (205,759) | ||
Dividends paid | (143,826) | (102,791) | ||
Payments for bank liabilities | (135,044) | - | ||
Net cash flows provided by (used in) financing activities | 3,606,814 | (545,771) | ||
Net increase (decrease) in cash and cash equivalents | (850,012) | 1,040,601 | ||
Cash and cash equivalents at beginning of year | 1,371,456 | 290,270 | ||
Effects from changes in cash value | 17,422 | 40,585 | ||
Cash and cash equivalents at end of the year | $ | 538,866 | $ | 1,371,456 |
See accompanying » notes to these consolidated financial statements.

Ing. Federico Toussaint Elosúa
Chief Executive Officer
Ing. Tomás Luis Garza de la Garza
Chief Financial Officer