Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Combined Statements of Cash Flows

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Combined Statements of Cash Flows - MXN ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income for the year $ 472,142 $ 299,267 $ 207,674
Adjustments for:      
Income tax expense 232,692 150,179 96,952
Depreciation and amortization of non-current assets and right of use assets 38,394 25,962 24,209
Interest expense recognized in profit or loss 85,429 86,343 118,205
Interest income recognized in profit or loss (7,028) (6,707) (20,754)
Gain on disposal of equipment (11,970) 1,807
Unrealized foreign exchange gain (57,626)
Unrealized loss in valuation of financial derivative instruments 15,680 16,629
Total adjustments 837,309 559,703 370,467
(Increase) decrease in:      
Trade accounts receivable (48,311) (50,843) (28,761)
Trade accounts receivable from related parties (610) 22 135
Inventory (43,348) (160,312) (34,807)
Prepaid expenses and other assets (40,263) (31,329) (9,345)
Increase (decrease) in:      
Accounts payable to suppliers and accrued expenses 101,857 238,927 80,112
Provisions 7,703 (3,496) (1,094)
Value-added tax payable 12,675 (2,909) 4,490
Statutory employee profit sharing 2,290 1,470 (282)
Employee benefits 351 308 184
Income taxes paid (224,207) (213,327) (8,411)
Net cash provided by operating activities 605,446 338,214 372,688
Investing activities:      
Payments for property, plant and equipment (182,625) (21,268) (33,668)
Proceeds from disposal of property, plant and equipment 28,110 368
Interest received 7,028 6,707 1,788
Net cash (used in) provided by investing activities (175,597) 13,549 (31,512)
Financing activities:      
Proceeds from long-term debt 104,500 50,000 589,798
Payments of debt (83,041) (35,085) (743,787)
Interest paid (82,654) (85,159) (142,431)
Restricted cash 22,940 (2,001) (20,087)
Payments of leases (12,325)
Dividends paid (342,955) (235,124)
Payments made to shareholders (97,866)
Net cash used in financing activities (393,535) (405,235) (316,507)
Increase (decrease) in cash and cash equivalents 36,314 (53,472) 24,669
Cash and cash equivalents at the beginning of year 177,383 230,855 206,186
Cash and cash equivalents at the end of year $ 213,697 $ 177,383 $ 230,855