Grupo Lamosa, S. A. B. de C. V. and Subsidiaries
For the years ended December 31, 2019 and 2018
(In thousands of Mexican pesos)
| 2019 | 2018 | |||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Income before taxes | $ | 2,320,590 | $ | 2,083,377 |
| Adjustment for: | ||||
| Depreciation and amortization | 672,660 | 546,344 | ||
| Other miscellaneous expenses | 51,097 | 141,521 | ||
| Interest income | (5,403) | (18,529) | ||
| Interest expense | 728,420 | 625,776 | ||
| Hyperinflation effects on net monetary position | (76,358) | (31,188) | ||
| Exchance (income) loss, net | (155,148) | 72,056 | ||
| Asset impairment of property, plant and equipment | 38,658 | 35,733 | ||
| Inflationary effect | (44,508) | (23,632) | ||
| 3,530,008 | 3,431,458 | |||
| Changes in working capital: | ||||
| Increase (decrease) in accounts receivable | 12,464 | (93,403) | ||
| Increase in inventories and real estate inventories | (110,816) | (141,466) | ||
| Decrease in trade accounts payable | (128,260) | (47,675) | ||
| Other current liabilities | 64,571 | 218,463 | ||
| Income taxes paid | (943,549) | (1,672,854) | ||
| Net cash flows provided by operating activities | 2,424,418 | 1,694,523 | ||
| Cash flows from investing activities: | ||||
| Acquisition or property, plant and equipment | (450,827) | (715,317) | ||
| Interest income | 1,904 | 18,515 | ||
| Acquisition of intangible assets | (89,634) | (41,527) | ||
| Net cash flows used in investing activities | (538,557) | (738,329) | ||
| Cash flows from financing activities: | ||||
| Bank loans | 11,320,527 | 2,336,216 | ||
| Payments for bank liabilities and finance lease liability | (11,326,440) | (2,741,605) | ||
| Costs paid to obtain loans and debt issuance | (70,338) | - | ||
| Interest paid | (603,669) | (543,091) | ||
| Purchase of treasury stock | (57,756) | - | ||
| Dividends paid | (279,568) | (254,112) | ||
| Net cash flows used in financing activities | (1,017,244) | (1,202,592) | ||
| Net increase (decrease) in cash and cash equivalents | 868,617 | (246,398) | ||
| Cash and cash equivalents at beginning of year | 360,130 | 713,523 | ||
| Effects from changes in cash value | (1,779) | (106,995) | ||
| Cash and cash equivalents at end of the year | $ | 1,226,968 | $ | 360,130 |
See accompanying notes to consolidated financial statements.
Ing. Federico Toussaint Elosúa
Chief Executive Officer
Ing. Jorge Antonio Touché Zambrano
Chief Financial Officer