For the years ended December 31, 2012 and 2011
Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.)

    2012 (*)   2012   2011
 
Cash flows from operating activities:
Income before income taxes and share of the profit of associates
and joint ventures accounted for using the equity method
$ 2,124 Ps. 27,530 Ps. 23,552
Adjustments for:
Non-cash operating expenses   258   3,333   1,711
Depreciation   553   7,175   5,694
Amortization   55   715   469
Gain on sale of long-lived assets   (10))   (132)   (95)
Gain on sale of shares   (166)   (2,148)   -
Disposal of long-lived assets   10   133   656
Impairment of long-lived assets   30   384   146
Interest income   (60)   (783)   (1,014)
Interest expenses   193   2,506   2,302
Foreign exchange loss (gain), net   14   176   (1,148)
Monetary position loss (gain), net   1   13   (53)
Market value (gain) loss on financial instruments   (1)   (8)   109
Cash flow from operating activities before changes in working capital and provisions   3,001   38,894   32,329
Accounts receivable and other current assets   (57)   (746)   (2,990)
Other current financial assets   (75)   (977)   (94)
Inventories   (177)   (2,289)   (2,277)
Derivative financial instruments   (1)   (17)   (43)
Suppliers and other accounts payable   296   3,833   1,364
Other long-term liabilities   (1)   (18)   (391)
Other current financial liabilities   25   329   116
Post-employment and other long-term employee benefits   (16)   (209)   (348)
Cash generated from operations   2,995   38,800   27,666
Income taxes paid   (618)   (8,015)   (6,419)
Net cash generated by operating activities   2,377   30,785   21,247
Cash flows from investing activities:
Acquisition of Grupo Tampico, net of cash acquired (see Note 4)   -   -   (2,414)
Acquisition of Grupo CIMSA, net of cash acquired (see Note 4)   -   -   (1,912)
Acquisition of Grupo Fomento Queretano, net of cash acquired (see Note 4)   (86)   (1,114)   -
Disposals of subsidiaries and associates, net of cash   81   1,055   -
Purchase of investments   (217)   (2,808)   (1,351)
Proceeds from investments   195   2,534   68
Interest received   60   777   1,029
Derivative financial instruments   7   94   6
Dividends received from associates and joint ventures   131   1,697   1,661
Long-lived assets acquisitions   (1,145)   (14,844)   (12,046)
Proceeds from the sale of long-lived assets   28   362   535
Acquisition of intangible assets   (34)   (441)   (639)
Other assets   (191)   (2,471)   (2,102)
Other financial assets   40   516   (924)
Net cash used in investing activities $ (1,131) Ps. (14,643) Ps. (18,089)
Cash flows from financing activities:
Proceeds from borrowings $ 1,084 Ps. 14,048 Ps. 6,606
Payments of bank loans   (453)   (5,872)   (3,732)
Interest paids   (168)   (2,172)   (2,020)
Derivative financial instruments   (16)   (209)   (359)
Dividends paid   (709)   (9,186)   (6,625)
Acquisition of non-controlling interests   -   (6)   (115)
Other financing activities   (2)   (21)   (13)
Net cash used in financing activities   (264)   (3,418)   (6,258)
Increase (decrease) in cash and cash equivalents   982   12,724   (3,100)
Initial balance of cash and cash equivalents   1,993   25,841   26,705
Effects of exchange rate changes and inflation effects on
cash and cash equivalents held in foreign currencies
  (158)   (2,044)   2,236
Ending balance of cash and cash equivalents $ 2,817 Ps. 36,521 Ps. 25,841

(*) Convenience translation to U.S. dollars ($) – see Note 2.2.3

The accompanying notes are an integral part of these consolidated statements of cash flow.

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