CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2012 and 2011
(In thousands of Mexican pesos)

		2012		2011
Cash flows from operating activities:
Consolidated net income	$	8,236,770	$	4,904,488
Adjustments not requiring (providing) cash:
Income tax recognized in earnings		2,967,734		1,894,361
Depreciation		1,345,108		1,326,021
Amortization		86,958		65,616
Gain on sale of property, machinery and equipment		(9,453)		19,134
Equity in income of associated companies		(1,551,698)		(635,717)
Interest income		(294,654)		(490,300)
Interest expense		815,206		775,298
Exchange (gain) loss from financing		(30,270)		331
Other items		(313,158)		696,378
Income from discontinued operations		(5,782)		(291,979)
		11,246,761		8,263,631
Items related to operating activities:
(Increase) decrease in:
Accounts receivable		(1,826,595)		(633,913)
Due from related parties		(608,496)		(104,451)
Inventories		(831,254)		(1,256,715)
Prepaid expenses		(234,693)		124,350
Other assets		(9,290)		1,163,708
Increase (decrease) in:
Trade accounts payable		640,621		1,814,606
Due to related parties		(41,129)		(924,432)
Other liabilities		337,199		551,619
Income taxes paid		(1,680,040)		(2,309,931)
Derivative financial instruments		670,322		165,840
Net cash flows provided by operating activities		7,663,406		6,854,312
Cash flows from investing activities:
Sale of investments securities held for trading, net		7,792		(29,852)
Purchase of property, machinery and equipment		(1,791,312)		(2,773,501)
Proceeds from sale of property, machinery and equipment		451,242		71,562
Purchase of real estate inventories		153,708		(2,500)
Intangible assets		(141,513)		67,374
Interest received		294,654		490,300
Dividends received		347,662		688,679
Long-term accounts receivable		69,399		12,438,870
Sale of shares in associated		8,596		655,981
Acquisition of shares in subsidiaries and associates		(182,625)		(429,500)
Net cash flows from investing activities		(782,397)		11,177,413
Cash flows from financing activities:
Borrowings		13,228,313		10,836,004
Payment of borrowings and long-term debt		(9,552,967)		(24,818,095)
Interest paid		(808,420)		(792,720)
Dividends paid		(2,615,518)		(1,270,821)
Repurchase of stock		(59,594		(354,563)
Acquisition of non-controlling interest		(6,861,907)		-
Net cash flows used in financing activities		(6,670,093)		(16,400,195)
Effects of exchange rate changes on cash and cash equivalents		(114,072)		179,083
Net decrease in cash and cash equivalents		96,844		1,810,613
Cash and cash equivalents at beginning of the year		4,897,894		3,087,281
Cash and cash equivalents at end of the year	$	4,994,738	$	4,897,894

See accompanying notes to consolidated financial statements.