Grupo Carso, S.A.B. de C.V. and Subsidiaries
2014 | 2013 | |||
Cash flows from operating activities: | ||||
Utilidad neta consolidada | $ | 6,774,643 | $ | 14,962,770 |
Adjustments not requiring (providing) cash: | ||||
Income tax recognized in earnings | 2,673,669 | 3,721,708 | ||
Depreciation and amortization | 1,742,190 | 1,632,182 | ||
Gain on sale of property, machinery and equipment and others assets | (31,304) | (1,597) | ||
Derecognition of property, machinery and equipment and Intangible assets | 44,307 | 27,783 | ||
Gain on investment property revaluation | (225,695) | (210,076) | ||
Equity in income of associated companies | (1,414,603) | (1,308,793) | ||
Derivative financial instruments | 42,742 | (27,034) | ||
Interest income | (465,787) | (459,899) | ||
Interest expense | 440,199 | 581,374 | ||
Loss (gain) on disposal of shares of associates | 209,386 | (7,588,664) | ||
Exchange gain from financing | (3,179) | (32,595) | ||
Other items | 131,640 | 168,655 | ||
9,918,208 | 11,465,814 | |||
Items related to operating activities: | ||||
(Increase) decrease in: | ||||
Accounts receivable | 1,788,410 | (2,241,581) | ||
Other accounts receivable | 811,498 | (107,798) | ||
Due from related parties | 1,140,996 | (889,187) | ||
Inventories | 642,414 | 498,514 | ||
Prepaid expenses | 23,632 | 315,048 | ||
Long-term accounts receivable | 11,500 | 23,610 | ||
Real estate inventories | (46,283) | (315,112) | ||
Other assets | 37,568 | 101,561 | ||
Increase (decrease) in: | ||||
Trade accounts payable | (550,191) | (229,560) | ||
Due to related parties | (802,323) | 388,888 | ||
Other liabilities | 360,963 | (767,559) | ||
Provisions | (243,732) | 2,088,567 | ||
Direct employee benefits | 24,307 | 27,905 | ||
Advances from customers | (567,204) | (238,930) | ||
Other long-term liabilities | 370,248 | 464,695 | ||
Employee retirement benefits | (135,764) | 18,365 | ||
Deferred revenue - Net | – | (872) | ||
Income taxes paid | (3,016,004) | (5,097,420) | ||
Derivative financial instruments | (191,655) | (104,545) | ||
Net cash flows provided by operating activities | 9,576,588 | 5,400,403 | ||
Cash flows from investing activities: | ||||
Purchase of investments in securities held for trading | (3,446,267) | (4,564,157) | ||
Sale of investments in securities held for trading | 788,019 | 1,013,038 | ||
Purchase of property, machinery and equipment | (3,114,661) | (2,361,218) | ||
Proceeds from sale of property, machinery and equipment | 175,964 | 68,171 | ||
Intangible assets | (251,156) | (232,805) | ||
Interest received | 465,270 | 459,899 | ||
Dividends received | 678,486 | 761,335 | ||
Purchase of investment property | (470) | – | ||
Derivative financial instruments | 162 | 12,537 | ||
Other | 43,622 | 277,422 | ||
Sale of shares in associates | – | 7,858,665 | ||
Acquisition of shares in subsidiaries and associates | – | (293,922) | ||
Net cash flows (used in) provided by investing activities | (4,661,031) | 2,998,965 | ||
Cash flows from financing activities: | ||||
Borrowings | 5,652,066 | 8,556,225 | ||
Payment of borrowings and long-term debt | (6,811,432) | (14,053,805) | ||
Interest paid | (441,835) | (581,374) | ||
Dividends paid | (2,251,822) | (11,513,922) | ||
Capital stock repurchase | (296,549) | – | ||
Derivative financial instruments | (2,364) | 2,573 | ||
Proceeds from issuance of shares by our subsidiary | – | 11,348,631 | ||
Expenses related to the issuance of shares by our subsidiary | – | (186,761) | ||
Acquisition of non-controlling interest | – | (61,056) | ||
Net cash flows used in financing activities | (4,151,936) | (6,489,489) | ||
Effects of exchange rate changes on cash and cash equivalents | 115,298 | 7,178 | ||
Net decrease in cash and cash equivalents | 878,919 | 1,917,057 | ||
Cash and cash equivalents at beginning of the year | 6,898,520 | 4,981,463 | ||
Cash and cash equivalents at end of the year | $ | 7,777,439 | $ | 6,898,520 |
See accompanying notes to consolidated financial statements.