2015 |
2014 |
2013 |
||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income for the year | $ | 7,504,331 | $ | 6,774,643 | $ | 14,962,770 |
| Adjustments not requiring (providing) cash: | ||||||
| Income tax recognized in earnings | 3,173,352 | 2,673,669 | 3,721,708 | |||
| Depreciation and amortization | 1,843,475 | 1,742,190 | 1,632,182 | |||
| Gain on sale of property, machinery and equipment and others assets | (73,420) | (31,304) | (1,597) | |||
| Derecognition of property, machinery and equipment and intangible assets | 19,180 | 44,307 | 27,783 | |||
| Impairment of property, plant and equipment | 108,252 | - | - | |||
| Impairment of exploration expenses | 534,076 | - | - | |||
| Impairment of goodwill and real state inventories | - | - | 174,644 | |||
| Gain on investment property revaluation | (244,550) | (225,695) | (210,076) | |||
| Equity in income of associates and join ventures | (1,275,577) | (1,414,603) | (1,308,793) | |||
| Derivative financial instruments | (59,374 | 42,742 | (27,034) | |||
| Interest income | (3,404,144) | (465,787) | (459,899) | |||
| Interest expense | 389,795 | 440,199 | 581,374 | |||
| Loss (gain) on disposal of shares of associates | (129,376) | 209,386 | (7,588,664) | |||
| Unrealized exchange gain from financing | - | (3,179) | (32,595) | |||
| Other items | 117,190 | 131,640 | 168,655 | |||
| 8,503,210 | 9,918,208 | 11,465,814 | ||||
| Items related to operating activities: | ||||||
| (Increase) decrease in: | ||||||
| Accounts receivable | (2,036,223) | 1,788,410 | (2,241,581) | |||
| Interest income | 2,920,455 | 2,829,244 | 2,692,086 | |||
| Other accounts receivable | (200,828) | 811,498 | (107,798) | |||
| Due from related parties | (763,537) | 1,140,996 | (889,187) | |||
| Inventories | (134,868) | 642,414 | 498,514 | |||
| Prepaid expenses | 244,316 | 23,632 | 315,048 | |||
| Long-term accounts receivable | 20,583 | 11,500 | 23,610 | |||
| Real estate inventories | 86,398 | (46,283) | (315,112) | |||
| Other assets | (310,777) | 37,568 | 101,561 | |||
| Increase (decrease) in: | ||||||
| Trade accounts payable | (136,224) | (550,191) | (229,560) | |||
| Due to related parties | 673,705 | (802,323) | 388,888 | |||
| Other liabilities | 1,280,026 | 360,963 | (767,559) | |||
| Provisions | (167,588) | (243,732) | 2,088,567 | |||
| Direct employee benefits | 81,400 | 24,307 | 27,905 | |||
| Advances from customers | (699,148) | (567,204) | (238,930) | |||
| Other long-term liabilities | 489,406 | 370,248 | 464,695 | |||
| Employee retirement benefits | 168,779 | (135,764) | 18,365 | |||
| Deferred revenue | – | – | (872) | |||
| Income taxes paid | (3,218,086) | (3,016,004) | (5,097,420) | |||
| Derivative financial instruments | (248,306) | (191,655) | (104,545) | |||
| Net cash flows provided by operating activities | 6,552,693 | 9,576,588 | 5,400,403 | |||
| Cash flows from investing activities: | ||||||
| Purchase of investments in securities held for trading | (2,820,740) | (3,446,267) | (4,564,157) | |||
| Sale of investments in securities held for trading | 6,441,961 | 788,019 | 1,013,038 | |||
| Purchase of property, machinery and equipment | (3,926,325) | (3,114,661) | (2,361,218) | |||
| Proceeds from sale of property, machinery and equipment | 180,037 | 175,964 | 68,171 | |||
| Other assets | (53,162) | (251,156) | (232,805) | |||
| Interest received | 471,501 | 465,270 | 459,899 | |||
| Dividends received | - | 678,486 | 761,335 | |||
| Purchase of investment property | - | (470) | – | |||
| Derivative financial instruments | 23,100 | 162 | 12,537 | |||
| (Refund) proceeds for the sale of shares of PMM | (1,726,525) | - | 7,858,665 | |||
| Acquisition of shares in subsidiaries and associates | 249,984 | – | 7,858,665 | |||
| Other | (285,073) | 43,622 | 277,422 | |||
| Net cash flows (used in) provided by investing activities | (1,445,242) | (4,661,031) | 2,998,965 | |||
| Cash flows from investing activities: | ||||||
| Borrowings | 2,495,665 | 5,652,066 | 8,556,225 | |||
| Payment of borrowings and long-term debt | (2,804,355) | (6,811,432) | (14,053,805) | |||
| Interest paid | (388,912) | (441,835) | (581,374) | |||
| Dividends paid | (2,663,062) | (2,251,822) | (11,513,922) | |||
| Capital stock repurchase | (1,065,718) | (296,549) | – | |||
| Capital stock repurchase from subsidiary | (650,552) | (296,549) | – | |||
| Derivative financial instruments | 37,560 | (2,364) | 2,573 | |||
| Proceeds from issuance of shares by subsidiary | – | – | 11,348,631 | |||
| Expenses related to the issuance of shares by subsidiary | – | – | (186,761) | |||
| Decrease (acquisition) of non-controlling interest | 291,451 | – | (61,056) | |||
| Net cash flows used in financing activities | (4,747,923) | (4,151,936) | (6,489,489) | |||
| Effects of exchange rate changes on cash and cash equivalents | (66,637) | 115,298 | 7,178 | |||
| Net increase in cash and cash equivalents | 292,891 | 878,919 | 1,917,057 | |||
| Cash and cash equivalents at beginning of the year | 7,777,439 | 6,898,520 | 4,981,463 | |||
| Cash and cash equivalents at end of the year | $ | 8,070,330 | $ | 7,777,439 | $ | 6,898,520 |
See accompanying notes to consolidated financial statements