Cemex 2009 Annual Report Download - page 30

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28
CONSOLIDATED STATEMENTS OF CASH FLOWS
CEMEX, S.A.B. DE C.V. AND SUBSIDIARIES
(Millions of Mexican pesos)
Years ended December 31,
Notes 2009 2008
OPERATING ACTIVITIES
Consolidated net income $ 1,649 2,323
Discontinued operations (4,276) 2,097
Net income from continuing operations 5,925 226
Non-cash items:
Depreciation and amortization of assets 11 and 12 20,313 19,699
Impairment losses 3S 889 21,125
Equity in income of associates 10A (154) (869)
Other expenses (income), net 9,015 (4,728)
Comprehensive financing result 15,106 28,326
Income taxes 16 (10,566) (22,998)
Changes in working capital, excluding income taxes (2,599) 1,299
Net cash flow provided by continuing operations before income taxes 37,929 42,080
Income taxes paid in cash (4,201) (3,625)
Net cash flow provided by continuing operations 33,728 38,455
Net cash flow provided by discontinued operations 1,023 2,817
Net cash flows provided by operating activities 34,751 41,272
INVESTING ACTIVITIES
Property, machinery and equipment, net 11 (6,655) (20,511)
Disposal of subsidiaries and associates, net 10 and 12 21,115 10,845
Intangible assets and other deferred charges 12 (8,440) (1,975)
Long term assets and others, net 186 (1,622)
Net cash flows provided by (used in) investing activities of continuing operations 6,206 (13,263)
Net cash flows used in investing activities of discontinued operations (491) (1,367)
Net cash flows provided by (used in) investing activities 5,715 (14,630)
FINANCING ACTIVITIES
Issuance of common stock 17A 23,953 –
Financial expense paid in cash including coupons on perpetual debentures 17D (14,607) (11,784)
Derivative instruments (8,513) (9,909)
Dividends paid 17A – (215)
Repayment of debt, net 13A (35,812) (3,611)
Non-current liabilities, net (2,795) 1,471
Net cash flows used in financing activities of continuing operations (37,774) (24,048)
Net cash flows provided by financing activities of discontinued operations 628 359
Net cash flows used in financing activities (37,146) (23,689)
Increase in cash and investments of continuing operations 2,160 1,144
Increase in cash and investments of discontinued operations 1,160 1,809
Cash conversion effect, net (2,116) 1,277
Cash and investments at beginning of year 12,900 8,670
CASH AND INVESTMENTS AT END OF YEAR 5 $ 14,104 12,900
Changes in working capital:
Trade receivables, net $ 3,530 3,897
Other accounts receivable and other assets 510 825
Inventories 3,911 (630)
Trade payables (2,422) (2,931)
Other accounts payable and accrued expenses (8,128) 138
Changes in working capital, excluding income taxes $ (2,599) 1,299
The accompanying notes are part of these consolidated financial statements.