Cemex 1997 Annual Report Download - page 55

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49
Years ended on
December 31
1997 1996
Operating activities
Majority interest net income $ 6,139,959 8,201,755
Charges to operations which did not require
resources (note 17) 4,204,912 3,867,237
Resources provided by operating activities 10,344,871 12,068,992
Change in working capital, excluding effect of acquisitions:
Trade accounts receivable, net (209,916) 1,109,146
Other receivables and other assets 221,029 473,924
Inventories (222,242) (630,984)
Trade accounts payable 574,941 40,522
Other accounts payable and accrued expenses (492,523) (235,663)
Net change in working capital (128,711) 756,945
Net resources provided by operating activities 10,216,160 12,825,937
Financing activities
Proceeds from bank loans (repayments), net (62,849) 4,469,637
Debentures, net (259) (66,076)
Notes payable, net, excluding foreign exchange effect
(note 2E) (3,304,761) (6,349,255)
Investment in subsidiaries (577,262) (53,614)
Dividends paid ——- (1,076,740)
Other financing activities, net (379,713) (742,920)
Acquisition of shares under share repurchase program (956,949) ——-
Issuance of common stock 13,529 2,114,321
Resources used in financing activities (5,268,264) (1,704,647)
Investing activities
Property, machinery and equipment, net (2,701,085) (1,903,785)
Acquisitions, net of cash acquired (749,158) (5,427,408)
Minority interest (823,189) (3,155,731)
Deferred charges (533,302) (322,402)
Other investments and monetary foreign currency effect (502,696) (610,106)
Resources used in investing activities (5,309,430) (11,419,432)
Decrease in cash and temporary investments (361,534) (298,142)
CASH AND TEMPORARY INVESTMENTS AT
BEGINNING OF YEAR 3,430,872 3,729,014
CASH AND TEMPORARY INVESTMENTS
AT END OF YEAR $3,069,338 3,430,872
See accompanying notes to consolidated financial statements.
Consolidated statements of
changes in financial position
(Thousands of constant Mexican pesos as of December 31, 1997)
CEMEX, S.A. DE C.V. AND SUBSIDIARIES