Cemex 1997 Annual Report Download - page 59

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53
Years ended on
December 31
1997 1996
Operating activities
Net income $ 6,139,959 8,201,755
Charges to operations which did not require resources
(note 17) (4,369,030) (4,966,159)
Resources provided by operating activities 1,770,929 3,235,596
Change in working capital:
Other receivables (288,526) (132,872)
Short-term intercompany receivables and payables, net 11,007,489 (5,628,785)
Other accounts payable and accrued expenses (53,082) 99,840
Net change in working capital 10,665,881 (5,661,817)
Net resources provided by (used in)
operating activities 12,436,810 (2,426,221)
Financing activities
Proceeds from bank loans, net 1,388,187 395,318
Debentures, net ——— (27,708)
Notes payable (4,469,739) (8,053,667)
Issuance of common stock 13,529 2,114,321
Acquisition of shares under share repurchase program (956,949) ———
Dividends paid ——— (1,076,740)
Resources used in financing activities (4,024,972) (6,648,476)
Investing activities
Long-term intercompany receivables, net ——— 9,814,661
Investment in subsidiaries (9,341,399) (1,548,273)
Dividends received 578,479 ———
Deferred charges (34,212) (83,010)
Resources (used in) provided by investing activities (8,797,132) 8,183,378
Decrease in cash and temporary investments (385,294) (891,319)
CASH AND TEMPORARY INVESTMENTS AT
BEGINNING OF YEAR 393,858 1,285,177
CASH AND TEMPORARY INVESTMENTS
AT END OF YEAR $8,564 393,858
See accompanying notes to financial statements.
Statements of changes
in financial position
(Thousands of constant Mexican pesos as of December 31, 1997)
CEMEX, S.A. DE C.V.(Parent Company only)