Grupo Carso, S.A.B. de C.V. and Subsidiaries
For the years ended December 31, 2016, 2015 and 2014
(In thousands of Mexican pesos)
2016 |
2015 |
2014 |
||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income for the year | $ | 11,278,371 | $ | 7,504,331 | $ | 6,774,643 |
| Adjustments not requiring (providing) cash: | ||||||
| Income tax recognized in earnings | 5,030,852 | 3,173,352 | 2,673,669 | |||
| Depreciation and amortization | 2,093,893 | 1,843,475 | 1,742,190 | |||
| Gain on sale of property, machinery and equipment and others assets | (12,200) | (73,420) | (31,304) | |||
| Derecognition of property, machinery and equipment and intangible assets | - | 19,180 | 44,307 | |||
| Impairment of property, plant and equipment | (236) | 108,252 | - | |||
| Impairment of exploration expenses | 44,327 | 534,076 | - | |||
| Gain on investment property revaluation | (135,845) | (244,550) | (225,695) | |||
| Gain on brand revaluation | (8,672) | - | - | |||
| Equity in income of associated companies and join ventures | (1,868,484) | (1,275,577) | (1,414,603) | |||
| Derivative financial instruments | (37,909) | (59,374 | 42,742 | |||
| Interest income | (3,560,383) | (3,404,144) | (3,297,044) | |||
| Interest expense | 518,538 | 389,795 | 440,199 | |||
| (Gain) loss on disposal of shares of subsidiary and associated | (1,141,267) | (129,376) | 209,386 | |||
| Unrealized exchange gain from financing | - | - | (3,179) | |||
| Other items | 280,041 | 117,190 | 131,640 | |||
| 12,481,026 | 8,503,210 | 7,086,951 | ||||
| Items related to operating activities: | ||||||
| (Increase) decrease in: | ||||||
| Accounts receivable | (3,427,025) | (2,036,223) | 1,790,423 | |||
| Interest income | 3,140,534 | 2,920,455 | 2,829,244 | |||
| Other accounts receivable | (1,028,507) | (200,828) | 811,498 | |||
| Due from related parties | (246,502) | (763,537) | 1,140,996 | |||
| Inventories | (1,946,213) | (134,868) | 642,414 | |||
| Prepaid expenses | (24,924) | 244,316 | 23,632 | |||
| Long-term accounts receivable | 17,336 | 20,583 | 11,500 | |||
| Real estate inventories | (82,342) | 86,398 | (46,283) | |||
| Other assets | (278,992) | (310,777) | 37,568 | |||
| Increase (decrease) in: | ||||||
| Trade accounts payable | 941,653 | (136,224) | (550,191) | |||
| Due to related parties | 483,388 | 673,705 | (802,323) | |||
| Other liabilities | 506,937 | 1,280,026 | 360,963 | |||
| Provisions | 923,128 | (167,588) | (243,732) | |||
| Direct employee benefits | 122,748 | 81,400 | 24,307 | |||
| Advances from customers | (148,539) | (699,148) | (567,204) | |||
| Other long-term liabilities | 146,657 | 489,406 | 370,248 | |||
| Employee retirement benefits | 107,624 | 168,779 | (135,764) | |||
| Income taxes paid | (4,636,975) | (3,218,086) | (3,016,004) | |||
| Derivative financial instruments | (473,394) | (248,306) | (191,655) | |||
| Net cash flows provided by operating activities | 6,577,618 | 6,552,693 | 9,576,588 | |||
| Cash flows from investing activities: | ||||||
| Purchase of investments in securities held for trading | (3,630,842) | (2,820,740) | (3,446,267 | |||
| Sale of investments in securities held for trading | 4,824,133 | 6,441,961 | 788,019 | |||
| Purchase of property, machinery and equipment | (7,949,201) | (3,926,325) | (3,114,661) | |||
| Proceeds from sale of property, machinery and equipment | 41,711 | 180,037 | 175,964 | |||
| Other assets | (13,413) | (53,162) | (251,156) | |||
| Interest received | 379,700 | 471,501 | 465,270 | |||
| Dividends received | 840,808 | - | 678,486 | |||
| Purchase of investment property | - | - | (470) | |||
| Derivative financial instruments | 3,462 | 23,100 | 162 | |||
| Reimbursement for the sale of shares of Philip Morris Mexico, S.A. de C.V. | - | (1,726,525) | - | |||
| Sale of shares of subsidiaries | - | 249,984 | - | |||
| Acquisition of shares in subsidiaries and associates | (3,929,650) | (285,073) | - | |||
| Other | - | - | 43,622 | |||
| Net cash flows used in investing activities | (9,433,292) | (1,445,242) | (4,661,031) | |||
| Cash flows from financing activities: | ||||||
| Borrowings | 11,671,967 | 2,495,665 | 5,652,066 | |||
| Payment of borrowings and long-term debt | (7,362,424) | (2,804,355) | (6,811,432 | |||
| Interest paid | (518,901) | (388,912) | (441,835) | |||
| Dividends paid | (3,246,915) | (2,663,062) | (2,251,822) | |||
| Capital stock repurchase | (682,139) | (1,065,718) | – | |||
| Capital stock repurchase from subsidiary | (235,891) | (650,552) | (296,549) | |||
| Derivative financial instruments | 18,425 | 37,560 | (2,364) | |||
| Decrease (acquisition) of non-controlling interest | (4,364) | 291,451 | - | |||
| Net cash flows used in financing activities | (360,242) | (4,747,923) | (4,151,936) | |||
| Effects of exchange rate changes on cash and cash equivalents | 3,503 | (66,637) | 115,298 | |||
| Net increase in cash and cash equivalents | (3,212,413) | 292,891 | 878,919 | |||
| Net increase in cash and cash equivalents | 8,070,330 | 7,777,439 | 6,898,520 | |||
| Cash and cash equivalents at end of the year | $ | 4,857,917 | $ | 8,070,330 | $ | 7,777,439 |
See accompanying notes to consolidated financial statements.