Cemex 1999 Annual Report Download - page 45

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43
See accompanying notes to consolidated financial statements.
YEARS ENDED ON DECEMBER 31,
1999 1998 1997
Operating activities
Majority interest net income $ 9,249,046 7,960,844 7,733,179
Charges to operations which did not
require resources (note 19) 5,345,530 4,427,983 5,296,019
Resources provided by
operating activities 14,594,576 12,388,827 13,029,198
Changes in working capital, excluding
effect of acquisitions:
Trade accounts receivable, net 487,913 (791,613) (264,386)
Other receivables and other assets 104,316 (313,752) 278,383
Inventories 98,610 (517,378) (279,911)
Trade accounts payable 316,333 376,820 724,129
Other accounts payable and
accrued expenses (941,105) 922,575 (620,325)
Net change in working capital 66,067 (323,348) (162,110)
Net resources provided by
operating activities 14,660,643 12,065,479 12,867,088
Financing activities
Proceeds from bank loans
(repayments), net (3,091,260) 3,045,609 (79,157)
Notes payable, net, excluding foreign
exchange effect (note 3E) (4,103,008) (6,967,817) (4,162,293)
Investment by subsidiaries 4,755,010 (2,466,555) (727,052)
Dividends paid (1,887,312) (1,644,422) —
Issuance of common stock from
reinvestment of dividends 1,679,627 1,348,393 —
Issuance of preferred stock by subsidiaries — 2,477,723 —
Other financing activities, net (3,251,700) (424,593) (478,242)
Acquisition of shares under
repurchase program — — (1,205,203)
Issuance of common stock 320,001 9,719 18,025
Resources used in
financing activities (5,578,642) (4,621,943) (6,633,922)
Investing activities
Property, machinery and equipment, net (2,528,317) (3,231,460) (3,401,973)
Acquisitions, net of cash acquired (9,397,230) (2,515,332) (943,553)
Disposal of assets — 2,388,233 —
Minority interest (1,384,455) (857,578) (1,036,793)
Deferred charges (874,901) (40,417) (671,685)
Other investments and monetary
foreign currency effect 4,175,005 (3,020,873) (634,508)
Resources used in
investing activities (10,009,898) (7,277,427) (6,688,512)
(Decrease) increase in cash
and temporary investments (927,897) 166,109 (455,346)
Cash and temporary
investments at beginning
of year 4,031,891 3,865,782 4,321,128
Cash and temporary
investments at end of year $3,103,994 4,031,891 3,865,782
CEMEX, S.A. DE C.V. AND SUBSIDIARIES
(THOUSANDS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 1999)
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION