Consolidated
Statements
| For the years ended December 31, 2016, 2015 and 2014. Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.), except per share amounts. |
2016 (*) | 2016 | 2015 | 2014 | ||||
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: Income before income taxes | $ | 1,701 | Ps. | 35,063 | Ps. | 31,208 | Ps. | 28,883 |
| Adjustments for: | ||||||||
| Non-cash operating expenses | 199 | 4,111 | 2,873 | 209 | ||||
| Depreciation | 586 | 12,076 | 9,761 | 9,029 | ||||
| Amortization | 79 | 1,633 | 1,064 | 985 | ||||
| (Gain) loss on sale of long-lived assets | (8) | (170) | (249) | 7 | ||||
| Loss (gain) on sale of shares | - | 8 | (14) | - | ||||
| Disposal of long-lived assets | 12 | 238 | 416 | 153 | ||||
| Impairment of long-lived assets | - | - | 134 | 145 | ||||
| Share of the profit of associates and joint ventures accounted | ||||||||
| for using the equity method, net of taxes | (316) | (6,507) | (6,045) | (5,139) | ||||
| Interest income | (63) | (1,299) | (1,024) | (862) | ||||
| Interest expense | 468 | 9,646 | 7,777 | 6,701 | ||||
| Foreign exchange (gain) loss, net | (55) | (1,131) | 1,193 | 903 | ||||
| Monetary position (gain) loss, net | (117) | (2,411) | 36 | 319 | ||||
| Market value (gain) on financial instruments | (9) | (186) | (364) | (73) | ||||
| Cash flow from operating activities before changes in operating accounts | 2,477 | 51,071 | 46,766 | 41,260 | ||||
| Accounts receivable and other current assets | (92) | (1,889) | (4,379) | (4,962) | ||||
| Other current financial assets | (68) | (1,395) | 318 | 1,736 | ||||
| Inventories | (239) | (4,936) | (4,330) | (1,122) | ||||
| Derivative financial instruments | 6 | 130 | 441 | 245 | ||||
| Suppliers and other accounts payable | 744 | 15,337 | 6,799 | 8,048 | ||||
| Other long-term liabilities | 47 | 968 | 822 | (2,308) | ||||
| Other current financial liabilities | 128 | 2,642 | (570) | 793 | ||||
| Employee benefits paid | (23) | (476) | (382) | (416) | ||||
| Cash generated from operations | 2,980 | 61,452 | 45,485 | 43,274 | ||||
| Income taxes paid | (549) | (11,321) | (8,743) | (5,910) | ||||
| Net cash generated by operating activities | 2,431 | 50,131 | 36,742 | 37,364 | ||||
| Cash flows from investing activities: | ||||||||
| Acquisition of Grupo Socofar, net of cash acquired (see Note 4) | - | - | (6,890) | - | ||||
| Partial payment of Vonpar, net of cash acquired (see Note 4) | (640) | (13,198) | - | - | ||||
| Other acquisitions, net of cash acquired (see Note 4) | (244) | (5,032) | (5,821) | - | ||||
| Other investments in associates and joint ventures | (106) | (2,189) | (291) | 90 | ||||
| Purchase of investments | (6) | (118) | - | (607) | ||||
| Proceeds from investments | 1 | 20 | 126 | 589 | ||||
| Interest received | 63 | 1,299 | 1,024 | 863 | ||||
| Derivative financial instruments | (11) | (220) | 232 | (25) | ||||
| Dividends received from associates and joint ventures | 159 | 3,276 | 2,394 | 1,801 | ||||
| Property, plant and equipment acquisitions | (926) | (19,083) | (17,485) | (16,985) | ||||
| Proceeds from the sale of property, plant and equipment | 28 | 574 | 630 | 209 | ||||
| Acquisition of intangible assets | (112) | (2,309) | (971) | (706) | ||||
| Investment in other assets | (83) | (1,709) | (1,502) | (796) | ||||
| Collections of other assets | - | 2 | 223 | - | ||||
| Investment in other financial assets | (1) | (23) | (28) | (41) | ||||
| Collection in other financial assets | 3 | 65 | - | - | ||||
| Net cash used in investing activities | (1,875) | (38,645) | (28,359) | (15,608) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from borrowings | 1,292 | 26,629 | 8,422 | 5,354 | ||||
| Payments of bank loans | (265) | (5,458) | (15,520) | (5,721) | ||||
| Interest paid | (265) | (5,470) | (4,563) | (3,984) | ||||
| Derivative financial instruments | (168) | (3,471) | 8,345 | (2,267) | ||||
| Dividends paid | (584) | (12,045) | (10,701) | (3,152) | ||||
| Contributions from non-controlling interest | 43 | 892 | 250 | - | ||||
| Other financing activities | 11 | 220 | 26 | 482 | ||||
| Net cash generated (used in) by financing activities | 64 | 1,297 | (13,741) | (9,288) | ||||
| Increase (decrease) in cash and cash equivalents | 620 | 12,783 | (5,358) | 12,468 | ||||
| Initial balance of cash and cash equivalents | 1,426 | 29,396 | 35,497 | 27,259 | ||||
| Effects of exchange rate changes and inflation effects on cash and cash | ||||||||
| equivalents held in foreign currencies | 71 | 1,458 | (743) | (4,230) | ||||
| Ending balance of cash and cash equivalents | $ | 2,117 | Ps. | 43,637 | Ps. | 29,396 | Ps. | 35,497 |
(*) Convenience translation to U.S. dollars ($) – see Note 2.2.3
The accompanying notes are an integral part of these consolidated statements of cash flow.
