Cemex 1999 Annual Report Download - page 49

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47
See accompanying notes to financial statements.
YEARS ENDED ON DECEMBER 31,
1999 1998 1997
Operating activities
Net income $ 9,249,046 7,960,844 7,733,179
Charges to operations which did not
require resources (note 19) (7,563,261) (6,063,134) (5,373,899)
Resources provided by
operating activities 1,685,785 1,897,710 2,359,280
Changes in working capital:
Other receivables 611,673 (48,339) (384,383)
Short-term intercompany receivables
and payables, net (7,352,498) (1,655,627) 14,664,480
Other accounts payable and
accrued expenses 89,537 123,478 (70,718)
Net change in working capital (6,651,288) (1,580,488) 14,209,379
Net resources used in
(provided by) operating
activities (4,965,503) 317,222 16,568,659
Financing activities
Proceeds from bank loans
(repayments), net (6,128,138) 6,206,910 1,849,381
Notes payable (544,782) (10,249,545) (5,954,709)
Issuance of common stock 320,001 9,719 18,025
Acquisition of shares under repurchase
program — — (1,205,322)
Dividends paid (1,887,312) (1,644,422) —
Issuance of common stock from
reinvestment of dividends 1,679,627 1,348,393 —
Others 6,740 (117,334) —
Resources used in financing
activities (6,553,864) (4,446,279) (5,292,625)
Investing activities
Long-term intercompany receivables, net (21,469,224) (1,094,801) —
Net change in investment in subsidiaries 22,875,607 5,788,720 (12,514,420)
Dividends received 12,120,746 — 770,666
Deferred charges (2,161,783) (367,391) (45,579)
Resources provided by
(used in) investing activities 11,365,346 4,326,528 (11,789,333)
(Decrease) increase in cash
and temporary investments (154,021) 197,471 (513,299)
Cash and temporary
investments at beginning
of year 208,880 11,409 524,708
Cash and temporary
investments at end of year $54,859 208,880 11,409
CEMEX, S.A. DE C.V. (PARENT COMPANY ONLY)
(THOUSANDS OF CONSTANT MEXICAN PESOS AS OF DECEMBER 31, 1999)
STATEMENTS OF CHANGES IN FINANCIAL POSITION