Office Depot 2011 Annual Report Download - page 213

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Office Depot de México, S. A. de C. V. and Subsidiaries
(A 50% Owned Subsidiary of Grupo Gigante, S. A. B. de C. V.
and a 50% Owned Affiliate of Office Depot Delaware Overseas Finance 1, LLC)
Consolidated Statements of Cash Flows
For the years ended December 31, 2011, 2010 (Unaudited) and 2009 (Unaudited)
(In thousands of Mexican pesos)
See accompanying notes to consolidated financial statements.
5
2011 2010 2009
(Unaudited) (Unaudited)
O
p
eratin
g
activities:
Income before income taxes
$1,125,198
$1,131,147
$1,097,574
Items related to investin
g
activities:
De
p
reciation and amortization
302,872
262,653
261,897
(Gain) loss on sale of fixed assets
(1,147)
15,520
(1,235)
Interest income
(10,486)
(12,391)
(9,106)
Other
(708)
—
—
Items related to financin
g
activities:
Interest ex
p
ense
21,580
6,684
17,870
1,437,309
1,403,613
1,367,000
Accounts receivable and recoverable taxes
(51,571)
(95,802)
26,639
Other accounts receivable
—
—
(4,459)
Due to/from related
p
arties
(527)
463
131
Inventories
(204,088)
(495,636)
121,389
Pre
p
aid ex
p
enses
17,365
(51,692)
(4,835)
Other assets
—
—
(517)
Trade accounts
p
a
y
able
54,145
208,820
(103,090)
Accrued ex
p
enses
(88,054)
(143,557)
5,220
Income taxes
p
aid
(251,339)
(218,166)
(364,242)
Other liabilities
(20,136)
(17,468)
(21,779)
Net cash
p
rovided b
y
o
p
eratin
g
activities
893,104
590,575
1,021,457
Investin
g
activities:
Purchases of e
q
ui
p
ment and investments in leasehold im
p
rovements
(529,491)
(321,450)
(424,793)
Ac
q
uisition of subsidiaries, net of cash ac
q
uired
—
(178,353)
—
Purchase of trademar
k
—
(10,786)
—
Proceeds from sale of e
q
ui
p
ment
6,321
2,876
5,781
Interest received
10,486
12,391
9,106
Net cash used in investin
g
activities
(512,684)
(495,322)
(409,906)
Financin
g
activities:
Borrowin
g
s from related
p
art
y
400,000
—
—
Banks borrowin
g
s
100,000
100,000
330,000
Re
p
a
y
ments to related
p
art
y
(400,000)
—
—
Re
p
a
y
ments of bank borrowin
g
s
(100,000)
(100,000)
(330,000)
Interest
p
aid
(21,580)
(6,684)
(17,870)
Dividends
p
aid
(600,000)
—
(400,000)
Net cash used in financin
g
activities
(621,580)
(6,684)
(417,870)
Net (decrease) increase in cash and cash e
q
uivalents
(241,160)
88,569
193,681
Effects of inflation on cash flows
—
464
26,378
Effects of exchan
g
e rate chan
g
es on cash flows
150,899
(18,334)
(33,733)
Cash and cash e
q
uivalents at be
g
innin
g
of
y
ear
392,917
322,218
135,892
Cash and cash e
q
uivalents at end of
y
ear
$302,656
$392,917
$322,218