Grupo Lamosa, S.A.B. de C.V. and Subsidiaries
For the years ended December 31, 2017 and 2016
(In thousands of Mexican pesos)
| NOTES | 2017 | 2016 | |||
|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||
| Income before taxes | $ | 2,348,859 | $ | 1,276,367 | |
| Adjustment for: | |||||
| Depreciation and amortization | 595,200 | 450,568 |
|||
| Other miscellaneous expenses | 195,667 | 191,811 |
|||
| Interest income | (16,819) | (11,745) |
|||
| Interest expense | 689,347 | 355,115 |
|||
| Exchange loss, net | (217,457) | 771,973 |
|||
| Disposal of property, plant and equipment | 24,065 | 36,000 |
|||
| 3,618,862 | 3,070,089 | ||||
| Changes in working capital: | |||||
| Changes in working capital: | (329,139) | (169,024) | |||
| Increase in inventories and real estate inventories | 7,692 | 45,897 | |||
| Increase in trade accounts payable | 126,959 | 243,335 | |||
| Other current liabilities | 123,798 | 54,988 | |||
| Income taxes paid | (1,208,906) | (1,313,647) | |||
| Net cash flows provided by operating activities | 2,339,266 | 1,931,638 | |||
| Cash flows from investing activities: | |||||
| Acquisition of property, plant and equipment | (420,238) | (1,620,714) | |||
| Interest income | 16,650 | 11,745 | |||
| Acquisition of intangible assets | (19,244) | (15,994) | |||
| Business acquisition, net of delivered cash | - | (4,763,501) | |||
| Net cash flows used in investing activities | (422,832) | (6,388,464) | |||
| Cash flows from financing activities: | |||||
| Bank loans | 1,274,639 | 5,034,650 | |||
| Payments for bank liabilities and finance lease liability | (2,236,200) | (836,570) | |||
| Interest paid | (647,153) | (312,396) | |||
| Dividends paid | (217,846) | (143,826) | |||
| Payments for bank liabilities | - | (135,044) | |||
| Net cash flows (used in) provided by financing activities | (1,826,560) | 3,606,814 | |||
| Net increase (decrease) in cash and cash equivalents | 89,874 | (850,012) | |||
| Cash and cash equivalents at beginning of year | 538,866 | 1,371,456 | |||
| Effects from changes in cash value | 84,783 | 17,422 | |||
| Cash and cash equivalents at end of the year | $ | 713,523 | $ | 538,866 |
See accompanying notes to consolidated financial statements.