|
Consolidated Statements of Cash Flows |
9 months ended September 30, 2008 |
9 months ended September 30, 2007 |
|
Cash Flows From Operating Activities |
|
|
|
Net income |
381.071 |
135.434 |
| |
|
|
|
Charges (Credits) To Income Not Representing Cash Flows |
|
|
|
Depreciation expense |
83.535 |
71.800 |
|
Amortization of intangible assets |
528 |
531 |
|
Write-offs and accruals |
19.090 |
20.625 |
|
Gain on equity investments in related companies |
-13.497 |
-3.558 |
|
Loss on equity investments in related compañies |
33 |
58 |
|
Amortization of goodwill |
1.669 |
1.698 |
|
Amortization of negative goodwill |
0 |
0 |
|
(Gain) loss on sales of assets |
-4.326 |
-24 |
|
Loss on sales of investments |
0 |
0 |
|
Other credits to income not representing cash flows |
-3.556 |
-590 |
|
Other charges to income not representing cash flows |
172.690 |
92.835 |
|
Foreign currency translation, net |
7.585 |
2.312 |
| |
|
|
|
Net Changes In Operating Assets And Liabilities |
|
|
|
Increase in trade accounts receivable |
-185.802 |
-53.752 |
|
Increase in inventories |
-199.902 |
-25.273 |
|
(Increase) Decrease in other assets |
-11.994 |
-14.120 |
|
(Decrease) Increase in accounts payable |
58.619 |
9.806 |
|
Increase ( Decrease) in interest payable |
990 |
5.343 |
|
Increase (decrease) in net income taxes payable |
-40.705 |
-18.320 |
|
(Decrease) Increase in other accounts payable |
0 |
-5.589 |
|
Increase (decrease) in VAT and taxes payable |
-13.802 |
-6.221 |
|
Minority interest |
7.486 |
2.330 |
| |
|
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
259.712 |
215.325 |
| |
|
|
|
Cash Flows From Financing Activities |
|
|
|
Proceeds from short-term bank financing |
70.239 |
0 |
|
Loans to related companies |
0
|
0
|
|
Bonds payable |
0 |
0 |
|
Payment of dividends |
-115.990 |
-94.999 |
|
Repayment of bank financing |
-50.000 |
-57.090 |
|
Payment of obligations with the public (Bonds payable) |
-3.138 |
-2.566 |
|
Payment of expenses for the issuance and placement of bonds payable |
0 |
0 |
| |
|
|
|
NET CASH USED IN FINANCING ACTIVITIES |
-98.889 |
-154.655 |
| |
|
|
|
Cash Flows From Investing Activities |
|
|
|
Sales of property, plant and equipment |
25.382 |
2.611 |
|
Sales of investments in related companies |
1.688 |
- |
|
Other investing income |
0 |
361 |
|
Additions to property, plant and equipment |
-183.671 |
-123.015 |
|
Capitalized interest |
-7.405 |
-9.400 |
|
Purchase of investments in related companies |
- |
- |
|
Other disbursements |
-565 |
-785 |
| |
|
|
|
NET CASH USED IN INVESTING ACTIVITIES |
-164.571 |
-130.228 |
| |
|
|
|
Effect of inflation on cash and cash equivalents |
547 |
1.125 |
|
Net change in cash and cash equivalents |
-3.201 |
-68.433 |
|
Beginning balance of cash and cash equivalents |
164.213 |
183.943 |
| |
|
|
|
ENDING BALANCE OF CASH AND CASH EQUIVALENTS |
161.012 |
115.510 |