| NOTES | 2018 | 2017 | |||
|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||
| Income before taxes | $ | 2,083,377 | $ | 2,348,859 | |
| Adjustment for: | |||||
| Depreciation and amortization | 546,344 | 595,200 |
|||
| Other miscellaneous expenses | 141,521 | 195,667 |
|||
| Interest income | (18,529) | (16,819) |
|||
| Interest expense | 625,776 | 689,347 |
|||
| Hyperinflation effects on net monetary position | (31,188) | - | |||
| Exchange loss, net | 72,056 | (217,457) | |||
| Asset impairment of property, plant and equipment | 35,733 | 24,065 |
|||
| 3,455,090 | 3,618,862 | ||||
| Changes in working capital: | |||||
| Increase in accounts receivable | (93,403) | (329,139) | |||
| (Increase) decrease in inventories and real estate inventories | (141,466) | 7,692 | |||
| (Decrease) increase in trade accounts payable | (47,675) | 126,959 | |||
| Other current liabilities | 194,831 | 123,798 | |||
| Income taxes paid | (1,672,854) | (1,208,906) | |||
| Net cash flows provided by operating activities | 1,694,523 | 2,339,266 | |||
| Cash flows from investing activities: | |||||
| Acquisition or property, plant and equipment | (715,317) | (420,238) | |||
| Interest income | 18,515 | 16,650 | |||
| Acquisition of intangible assets | (41,527) | (19,244) | |||
| Net cash flows used in investing activities | (738,329) | (422,832) | |||
| Cash flows from financing activities: | |||||
| Bank loans | 2,336,216 | 1,274,639 | |||
| Payments for bank liabilities and finance lease liability | (2,741,605) | (2,236,200) | |||
| Interest paid | (543,091) | (647,153) | |||
| Dividends paid | (254,112) | (217,846) | |||
| Net cash flows used in financing activities | (1,202,592) | (1,826,560) | |||
| Net increase (decrease) in cash and cash equivalents | (246,398) | 89,874 | |||
| Cash and cash equivalents at beginning of year | 713,523 | 538,866 | |||
| Effects from changes in cash value | (106,995) | 84,783 | |||
| Cash and cash equivalents at end of the year | $ | 360,130 | $ | 713,523 |
See accompanying notes to consolidated financial statements.