Consolidated statements
of cash flows
2017 | 2016 | 2015 | |||
---|---|---|---|---|---|
Cash flows from operating activities: |
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Consolidated net income for the year | $11,448,482 | $11,278,371 | $7,504,331 | ||
Adjustments not requiring (providing) cash: | |||||
Income tax recognized in earnings | 3,331,065 | 5,030,852 | 3,173,352 | ||
Depreciation and amortization | 2,261,993 | 2,093,893 | 1,843,475 | ||
Loss (gain) on sale of property, machinery and equipment and others assets | 3,164 | (12,200) | (73,420) | ||
Derecognition of property, machinery and equipment and intangible assets | – | – | 19,180 | ||
Impairment of property, plant and equipment | 30,228 | (236) | 108,252 | ||
Impairment of exploration expenses | – | 44,327 | 534,076 | ||
Gain on investment property revaluation | (115,955) | (135,845) | (244,550) | ||
Gain on brand revaluation | – | (8,672) | – | ||
Equity in income of associated companies and join ventures | (2,507,468) | (1,868,484) | (1,275,577) | ||
Derivative financial instruments | (9,414) | (37,909) | (59,374) | ||
Interest income | (3,933,023) | (3,560,383) | (3,404,144) | ||
Interest expense | 575,880 | 518,538 | 389,795 | ||
Gain on disposal of shares of subsidiary and associated | (1,246,031) | (1,141,267) | (129,376) | ||
Other items | 367,855 | 280,041 | 117,190 | ||
10,206,776 | 12,481,026 | 8,503,210 | |||
Items related to operating activities: |
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(Increase) decrease in: | |||||
Accounts receivable | (463,061) | (3,427,025) | (2,036,223) | ||
Interest income | 3,588,215 | 3,140,534 | 2,920,455 | ||
Other accounts receivable | (110,538) | (1,028,507) | (200,828) | ||
Due from related parties | (408,009) | (246,502) | (763,537) | ||
Inventories | (742,769) | (1,946,213) | (134,868) | ||
Prepaid expenses | 24,113 | (24,924) | 244,316 | ||
Long-term accounts receivable | 10,143 | 17,336 | 20,583 | ||
Real estate inventories | (38,715) | (82,342) | 86,398 | ||
Other assets | (235,324) | (278,992) | (310,777) | ||
Increase (decrease) in: | |||||
Trade accounts payable | 564,913 | 941,653 | (136,224) | ||
Due to related parties | (477,869) | 483,388 | 673,705 | ||
Other liabilities | 282,526 | 506,937 | 1,280,026 | ||
Provisions | 219,086 | 923,128 | (167,588) | ||
Direct employee benefits | (15,628) | 122,748 | 81,400 | ||
Advances from customers | 112,550 | (148,539) | (699,148) | ||
Other long-term liabilities | 69,626 | 146,657 | 489,406 | ||
Employee retirement benefits | (35,556) | 107,624 | 168,779 | ||
Income taxes paid | (2,976,019) | (4,636,975) | (3,218,086) | ||
Derivative financial instruments | 75,837 | (473,394) | (248,306) | ||
Net cash flows provided by operating activities | 9,650,297 | 6,577,618 | 6,552,693 | ||
Cash flows from investing activities: |
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Purchase of investments in securities held for trading | $(3,403,884) | $(3,630,842) | $(2,820,740) | ||
Sale of investments in securities held for trading | 4,125,216 | 4,824,133 | 6,441,961 | ||
Purchase of property, machinery and equipment | (5,831,354) | (7,949,201) | (3,926,325) | ||
Proceeds from sale of property, machinery and equipment | 203,340 | 41,711 | 180,037 | ||
Other assets | (100,131) | (13,413) | (53,162) | ||
Interest received | 326,085 | 379,700 | 471,501 | ||
Dividends received | 465,125 | 840,808 | – | ||
Derivative financial instruments | (28,137) | 3,462 | 23,100 | ||
Reimbursement for the sale of shares of Philip Morris Mexico, S.A. de C.V. | – | – | (1,726,525) | ||
Sale of shares of subsidiaries | 624,641 | – | 249,984 | ||
Acquisition of shares in subsidiaries and associates | (2,145,335) | (3,929,650) | (285,073) | ||
Net cash flows used in investing activities | (5,764,434) | (9,433,292) | (1,445,242) | ||
Cash flows from financing activities: | |||||
Borrowings | 29,503,548 | 11,671,967 | 2,495,665 | ||
Payment of borrowings and long-term debt | (30,997,986) | (7,362,424) | (2,804,355) | ||
Interest paid | (574,944) | (518,901) | (388,912) |
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Dividends paid | (1,530,681) | (3,246,915) | (2,663,062) |
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Capital stock repurchase | (408,746) | (682,139) | (1,065,718) |
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Capital stock repurchase from subsidiary | (424,063) | (235,891) | (650,552) |
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Derivative financial instruments | 3,752 | 18,425 | 37,560 | ||
Decrease (acquisition) of non-controlling interest | 33,112 | (4,364) | 291,451 | ||
Net cash flows used in financing activities | (4,396,008) | (360,242) | (4,747,923) |
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Effects of exchange rate changes on cash and cash equivalents | (16,407) | 3,503 | (66,637) |
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Net (decrease) increase in cash and cash equivalents | (526,552) | (3,212,413) | 292,891 | ||
Cash and cash equivalents at beginning of the year | 4,857,917 | 8,070,330 | 7,777,439 | ||
Cash and cash equivalents at end of the year | $4,331,365 | $4,857,917 | $8,070,330 |
See accompanying notes to consolidated financial statements.