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Supplemental Guarantor Information | 12 Months Ended
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Dec. 31, 2020
Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Information | Supplemental Guarantor Information Condensed Consolidating Financial Information The following consolidating information presents condensed consolidating statements of financial position as of December 31, 2020 and 2019 and condensed consolidating statements of income, other comprehensive income and cash flows for each of the three years in the period ended December 31, 2020, 2019 and 2018 of the Company and Propimex, S. de R.L. de C.V., Comercializadora la Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador CIMSA, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Distribuidora y Manufacturera del Valle de Mexico, S. de R.L. de C.V (as successor guarantor of Servicios Integrados Inmuebles del Golfo, S. de R.L. de C.V.) and Yoli de Acapulco, S. de R. L. de C.V. (the Guarantors). These statements are prepared in accordance with IFRS, as issued by the IASB, with the exception that the subsidiaries are accounted for as investments under the equity method rather than being consolidated. The guarantees of the Guarantors are full and unconditional. The accounting policies applied in the preparation of the condensed financial statements is the same as those used in the preparation of the consolidated financial statements (see Note 3). The Company’s consolidating condensed financial information for the (i) Company; (ii) its 100% owned guarantors subsidiaries (on standalone basis), which are wholly and unconditional guarantors under both prior years debt and current year debt referred to as “Senior Notes” in Note 19; (iii) the combined non-guarantor subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Consolidated Statement of Financial Position As of December 31, 2020 |  |
Assets |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | Ps. 29,996 | Ps. 4,149 | Ps. 9,352 | Ps. — | Ps. 43,497
Accounts receivable, net | 16,724 | 22,779 | 43,968 | (71,948) | 11,523
Inventories | — | 1,478 | 8,249 | — | 9,727
Recoverable taxes | 113 | 1,141 | 4,217 | — | 5,471
Other current assets | 1 | 727 | 1,494 | — | 2,222
Total current assets | 46,834 | 30,274 | 67,280 | (71,948) | 72,440
Non-current assets: |  |  |  |  |
Investments in other entities | 127,273 | 82,371 | 1,583 | (203,604) | 7,623
Rights of use assets | — | 449 | 829 | — | 1,278
Property, plant and equipment, net | — | 19,403 | 40,057 | — | 59,460
Intangible assets, net | 27,608 | 36,315 | 40,048 | — | 103,971
Deferred tax assets | 3,959 | 2,120 | 5,064 | — | 11,143
Other non-current assets and Other current financial assets | 35,136 | 6,172 | 6,783 | (40,940) | 7,151
Total non-current assets | 193,976 | 146,830 | 94,364 | (244,544) | 190,626
Total assets | Ps. 240,810 | Ps. 177,104 | Ps. 161,644 | Ps. (316,492) | Ps. 263,066
Liabilities |  |  |  |  |
Current liabilities: |  |  |  |  |
Short-term bank loans and notes payable and current portion of non-current debt | Ps. 2,500 | Ps. — | Ps. 2,517 | Ps. — | Ps. 5,017
Current portion of lease liabilities | — | 156 | 404 | — | 560
Interest Payable | 684 | — | 28 | — | 712
Suppliers | 25 | 2,627 | 14,606 | (63) | 17,195
Other current liabilities | 22,647 | 41,766 | 26,832 | (71,884) | 19,361
Total current liabilities | 25,856 | 44,549 | 44,387 | (71,947) | 42,845
Non-current liabilities: |  |  |  |  |
Bank loans and notes payable | 82,097 | — | 364 | — | 82,461
Lease liabilities | — | 296 | 450 | — | 746
Other non-current liabilities | 15,983 | 35,745 | 3,770 | (40,941) | 14,557
Total non-current liabilities | 98,080 | 36,041 | 4,584 | (40,941) | 97,764
Total liabilities | 123,936 | 80,590 | 48,971 | (112,888) | 140,609
Equity: |  |  |  |  |
Equity attributable to equity holders of the parent | 116,874 | 96,514 | 107,090 | (203,604) | 116,874
Non-controlling interest in consolidated subsidiaries | — | — | 5,583 | — | 5,583
Total equity | 116,874 | 96,514 | 112,673 | (203,604) | 122,457
Total liabilities and equity | Ps. 240,810 | Ps. 177,104 | Ps. 161,644 | Ps. (316,492) | Ps. 263,066
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Consolidated Statement of Financial Position As of December 31, 2019 |  |
Assets: |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | Ps. 9,849 | Ps. 4,464 | Ps. 6,178 | Ps. — | Ps. 20,491
Accounts receivable, net | 18,832 | 28,528 | 59,730 | (91,614) | 15,476
Inventories | — | 1,462 | 9,076 | — | 10,538
Recoverable taxes | 189 | 1,474 | 5,904 | — | 7,567
Other current assets | 188 | 522 | 2,014 | — | 2,724
Total current assets | 29,058 | 36,450 | 82,902 | (91,614) | 56,796
Non-current assets: |  |  |  |  |
Investments in other entities | 153,782 | 147,846 | 3,571 | (295,448) | 9,751
Rights of use assets | — | 594 | 788 | — | 1,382
Property, plant and equipment, net | — | 19,130 | 42,057 | — | 61,187
Intangible assets, net | 27,608 | 36,501 | 47,941 | — | 112,050
Deferred tax assets | 4,411 | 2,208 | 3,813 | — | 10,432
Other non-current assets and Other financial assets | 22,697 | 5,742 | 19,663 | (41,861) | 6,241
Total non-current assets | 208,498 | 212,021 | 117,833 | (337,309) | 201,043
Total assets | Ps.237,556 | Ps. 248,471 | Ps. 200,735 | Ps. (428,923) | Ps.257,839
Liabilities: |  |  |  |  |
Current liabilities: |  |  |  |  |
Short-term bank loans and notes payable and current portion of non-current debt | Ps. 9,421 | Ps. — | Ps. 2,064 | Ps. — | Ps. 11,485
Current portion of lease liabilities | — | 143 | 340 | — | 483
Interest Payable | 422 | — | 17 | — | 439
Suppliers | 11 | 3,735 | 16,225 | (139) | 19,832
Other current liabilities | 33,151 | 48,249 | 28,845 | (91,474) | 18,771
Total current liabilities | 43,005 | 52,127 | 47,491 | (91,613) | 51,010
Non-current liabilities: |  |  |  |  |
Bank loans and notes payable | 57,455 | — | 1,037 | — | 58,492
Lease liabilities | — | 452 | 448 | — | 900
Other non-current liabilities | 14,161 | 36,797 | 8,654 | (41,860) | 17,752
Total non-current liabilities | 71,616 | 37,249 | 10,139 | (41,860) | 77,144
Total liabilities | 114,621 | 89,376 | 57,630 | (133,473) | 128,154
Equity: |  |  |  |  |
Equity attributable to equity holders of the parent | 122,935 | 159,095 | 136,354 | (295,450) | 122,934
Non-controlling interest in consolidated subsidiaries | — | — | 6,751 | — | 6,751
Total equity | 122,935 | 159,095 | 143,105 | (295,450) | 129,685
Total liabilities and equity | Ps.237,556 | Ps.248,471 | Ps.200,735 | Ps.(428,923) | Ps.257,839
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating income statements: For the year ended December 31, 2020 |  |
Total revenues | Ps. 1 | Ps. 90,022 | Ps. 145,980 | Ps. (52,388) | 183,615
Cost of goods sold | — | 49,426 | 95,620 | (44,242) | 100,804
Gross profit | 1 | 40,596 | 50,360 | (8,146) | 82,811
Administrative expenses | 531 | 3,087 | 7,843 | (3,570) | 7,891
Selling expenses | — | 21,461 | 31,668 | (4,576) | 48,553
Other expenses (income), net | (7) | 1,354 | 2,264 | — | 3,611
Interest expense, net | 4,445 | 3,171 | (769) | — | 6,847
Foreign exchange (loss) gain, net | (1,593) | 12 | 1,585 | — | 4
Other financing income (expense), net | — | — | 164 | — | 164
Income taxes | 424 | 3,696 | 1,308 | — | 5,428
Share of the profit of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 17,292 | 10,054 | (185) | (27,442) | (281)
Consolidated Net income | Ps. 10,307 | Ps. 17,893 | Ps. 9,610 | Ps. (27,442) | Ps. 10,368
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | 10,307 | 17,893 | 9,549 | (27,442) | 10,307
Non-controlling interest- continuing | — | — | 61 | — | 61
Consolidated Net income | Ps. 10,307 | Ps. 17,893 | Ps. 9,610 | Ps. (27,442) | Ps. 10,368
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating income statements: For the year ended December 31, 2019 |  |
Total revenues | Ps. 2 | Ps. 96,169 | Ps. 155,767 | Ps. (57,467) | Ps. 194,471
Cost of goods sold | — | 54,714 | 101,268 | (49,018) | 106,964
Gross profit | 2 | 41,455 | 54,499 | (8,449) | 87,507
Administrative expenses | 404 | 3,194 | 7,815 | (2,986) | 8,427
Selling expenses | — | 24,308 | 33,265 | (5,463) | 52,110
Other expenses (income), net | 3 | 1,579 | 908 | — | 2,490
Interest expense, net | 4,568 | 3,745 | (2,639) | — | 5,674
Foreign exchange (loss) gain, net | 379 | (80) | (629) | — | (330)
Other financing (expense) income, net | — | — | (67) | — | (67)
Income taxes | (1,105) | 2,536 | 4,217 | — | 5,648
Share of the profit of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 15,590 | 11,676 | 48 | (27,445) | (131)
Consolidated Net income | Ps. 12,101 | Ps. 17,689 | Ps. 10,285 | Ps. (27,445) | Ps. 12,630
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | 12,101 | 17,689 | 9,756 | (27,445) | 12,101
Non-controlling interest- continuing | — | — | 529 | — | 529
Consolidated Net income | Ps. 12,101 | Ps. 17,689 | Ps. 10,285 | Ps. (27,445) | Ps. 12,630
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating income statements: For the year ended December 31, 2018 |  |
Total revenues | Ps. 1 | Ps. 86,736 | Ps. 165,325 | Ps. (69,720) | Ps. 182,342
Cost of goods sold | — | 49,104 | 108,671 | (59,371) | 98,404
Gross profit | 1 | 37,632 | 56,654 | (10,349) | 83,938
Administrative expenses | 135 | 5,403 | 8,054 | (5,593) | 7,999
Selling expenses | — | 22,814 | 31,867 | (4,756) | 49,925
Other expenses (income), net | — | 627 | 1,254 | — | 1,881
Interest expense, net | 4,425 | 3,514 | (1,375) | — | 6,564
Foreign exchange (loss) gain, net | (98) | (91) | (88) | — | (277)
Other financing (expense) income, net | — | — | (102) | — | (102)
Income taxes | (731) | 1,455 | 4,536 | — | 5,260
Share of the profit of subsidiaries, associates and joint ventures accounted for using the equity method, net of taxes | 17,833 | 14,732 | 105 | (32,896) | (226)
Net income from continuing operations | Ps. 13,909 | Ps. 18,460 | Ps. 12,231 | Ps. (32,896) | Ps. 11,704
Net income after tax from discontinued operations | Ps. — | Ps. — | Ps. 3,366 | Ps. — | Ps. 3,366
Consolidated Net income | Ps. 13,909 | Ps. 18,460 | Ps. 15,597 | Ps. (32,896) | Ps. 15,070
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | 13,909 | 18,460 | 11,463 | (32,896) | 10,936
Equity holders of the parent- discountinued. | — | — | 2,975 | — | 2,975
Non-controlling interest- continuing | — | — | 768 | — | 768
Non-controlling interest discontinued | — | — | 391 | — | 391
Consolidated Net income | Ps. 13,909 | Ps. 18,460 | Ps. 15,597 | Ps. (32,896) | Ps. 15,070
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating statements of comprehensive income For the year ended December 31, 2020 |  |
Consolidated net income | Ps. 10,307 | Ps. 17,893 | Ps. 9,610 | Ps. (27,442) | Ps. 10,368
Other comprehensive income, net of taxes: |  |  |  |  |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Valuation of the effective portion of derivative financial instruments, net of taxes | 443 | 393 | 100 | (393) | 543
Exchange differences on translation of foreign operations | (6,283) | 1,485 | (7,543) | 4,798 | (7,543)
Net other comprehensive income to be reclassified to profit or loss in subsequent periods: | (5,840) | 1,878 | (7,443) | 4,405 | (7,000)
Items not to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Loss from equity financial asset classified at FVOCI | — | — | — | — | —
Remeasurements of the net defined benefit liability, net of taxes | (318) | (73) | (318) | 391 | (318)
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (318) | (73) | (318) | 391 | (318)
Total comprehensive (loss) income, net of tax | (6,158) | 1,805 | (7,761) | 4,796 | (7,318)
Consolidated comprehensive income for the year, net of tax | Ps. 4,149 | Ps. 19,698 | Ps. 1,849 | Ps. (22,646) | Ps. 3,050
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | Ps. 4,149 | Ps. 19,698 | Ps. 2,949 | Ps. (22,646) | Ps. 4,150
Non-controlling interest-continuing | — | — | (1,100) | — | (1,100)
Consolidated comprehensive income for the year, net of tax | Ps. 4,149 | Ps. 19,698 | Ps. 1,849 | Ps. (22,646) | Ps. 3,050
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating statements of comprehensive income For the year ended December 31, 2019 |  |
Consolidated net income | Ps. 12,101 | Ps. 17,689 | Ps. 10,285 | Ps. (27,445) | Ps. 12,630
Other comprehensive income, net of taxes: |  |  |  |  |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Valuation of the effective portion of derivative financial instruments, net of taxes | (819) | 157 | (330) | 157 | (835)
Exchange differences on translation of foreign operations | (5,013) | (10,391) | (5,578) | 15,403 | (5,579)
Net other comprehensive income to be reclassified to profit or loss in subsequent periods: | (5,832) | (10,234) | (5,908) | 15,560 | (6,414)
Items not to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Loss from equity financial asset classified at FVOCI | (216) | — | (216) | 216 | (216)
Remeasurements of the net defined benefit liability, net of taxes | (511) | (64) | (899) | 963 | (511)
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (727) | (64) | (1,115) | 1,179 | (727)
Total comprehensive (loss) income, net of tax | (6,559) | (10,298) | (7,023) | 16,739 | (7,141)
Consolidated comprehensive income for the year, net of tax | Ps. 5,542 | Ps. 7,391 | Ps. 3,262 | Ps. (10,706) | Ps. 5,489
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | 5,542 | 7,391 | 3,314 | (10,706) | 5,541
Non-controlling interest-continuing | — | — | (52) | — | (52)
Consolidated comprehensive income for the year, net of tax | Ps. 5,542 | Ps. 7,391 | Ps. 3,262 | Ps. (10,706) | Ps. 5,489
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed consolidating statements of comprehensive income For the year ended December 31, 2018 |  |
Consolidated net income (loss) | Ps. 13,909 | Ps. 18,460 | Ps. 15,597 | Ps. (32,896) | Ps. 15,070
Other comprehensive income, net of taxes: |  |  |  |  |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Valuation of the effective portion of derivative financial instruments, net of taxes | (396) | (1,102) | 2,142 | (1,081) | (437)
Exchange differences on translation of foreign operations | (6,937) | 23,618 | (7,127) | (16,788) | (7,234)
Net other comprehensive income to be reclassified to profit or loss in subsequent periods: | (7,333) | 22,516 | (4,985) | (17,869) | (7,671)
Items not to be reclassified to profit or loss in subsequent periods: |  |  |  |  |
Loss from equity financial asset classified at FVOCI | (1,039) | — | (1,039) | 1,039 | (1,039)
Remeasurements of the net defined benefit liability, net of taxes | 223 | (6) | 101 | (59) | 259
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | (814) | (6) | (940) | 980 | (780)
Total comprehensive (loss) income, net of tax | (8,147) | 22,510 | (5,925) | (16,889) | (8,451)
Consolidated comprehensive income for the year, net of tax | Ps. 5,762 | Ps. 40,970 | Ps. 9,672 | Ps. (49,785) | Ps. 6,619
Attributable to: |  |  |  |  |
Equity holders of the parent- continuing | 5,762 | 40,970 | 7,037 | (49,785) | 3,984
Equity holders of the parent- discontinued | — | — | 2,817 | — | 2,817
Non-controlling interest-continuing | — | — | (421) | — | (421)
Non-controlling interest- discontinued | — | — | 239 | — | 239
Consolidated comprehensive income for the year, net of tax | Ps. 5,762 | Ps. 40,970 | Ps. 9,672 | Ps. (49,785) | Ps. 6,619
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2020 |  |
Cash flows from operating activities: |  |  |  |  |
Income before income taxes for continuing op. | Ps. 10,731 | Ps. 21,590 | Ps. 10,918 | Ps. (27,443) | Ps. 15,796
Non-cash items | (11,264) | (2,190) | 5,699 | 27,443 | 19,688
Changes in working capital | 196 | (2,626) | 1,917 | 176 | (337)
Net cash flows (used in)/from operating activities from continuing operations | (337) | 16,774 | 18,534 | 176 | 35,147
Investing activities: |  |  |  |  |
Interest received | 3,593 | 1,876 | 2,823 | (7,245) | 1,047
Acquisition of long-lived assets, net | — | (3,667) | (5,714) | — | (9,381)
Acquisition of intangible assets and other investing activities | 762 | (180) | (1,196) | — | (614)
Investments in financial assets, net | (3) | (1,549) | 8,623 | (8,647) | (1,576)
Dividends received | 25,567 | 13,830 | 16 | (39,397) | 16
Net cash flows used in investing activities from continuing operations | 29,919 | 10,310 | 4,552 | (55,289) | (10,508)
Financing activities: |  |  |  |  |
Proceeds from borrowings | 59,129 | — | 3,168 | — | 62,297
Repayment of borrowings | (42,051) | — | (3,136) | — | (45,187)
Interest paid | (7,019) | (4,909) | (1,419) | 7,245 | (6,102)
Dividends paid | (10,210) | (17,905) | (21,560) | 39,397 | (10,278)
Interest paid on lease liabilities | — | (104) | (1) | — | (105)
Payments of leases | — | (132) | (265) | (176) | (573)
Other financing activities | (8,811) | (4,159) | 4,688 | 8,647 | 365
Net cash flows (used in)/from financing activities from continuing operations | (8,962) | (27,209) | (18,525) | 55,113 | 417
Net (decrease) increase in cash and cash equivalents | 20,620 | (125) | 4,561 | — | 25,056
Initial balance of cash and cash equivalents | 9,849 | 4,464 | 6,178 | — | 20,491
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (473) | (190) | (1,387) | — | (2,050)
Ending balance of cash and cash equivalents | Ps. 29,996 | Ps. 4,149 | Ps. 9,352 | Ps. — | Ps. 43,497
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2019 |  |
Cash flows from operating activities: |  |  |  |  |
Income before income taxes for continuing op. | Ps. 10,995 | Ps. 20,226 | Ps. 14,502 | Ps. (27,445) | Ps. 18,278
Non-cash items | (13,994) | (9,829) | 12,276 | 27,445 | 15,898
Changes in working capital | (222) | (4,975) | 2,310 | — | (2,887)
Net cash flows (used in)/from operating activities from continuing operations | (3,221) | 5,422 | 29,088 | — | 31,289
Investing activities: |  |  |  |  |
Interest received | 2,957 | 2,460 | 5,446 | (9,633) | 1,230
Acquisition of long-lived assets, net | — | (4,218) | (5,776) | — | (9,994)
Acquisition of intangible assets and other investing activities | (3,693) | 189 | 2,095 | — | (1,409)
Investments in financial assets, net | (86) | (224) | (3,705) | 3,443 | (572)
Dividends received | 15,052 | 868 | 1 | (15,920) | 1
Net cash flows used in investing activities from continuing operations | 14,230 | (925) | (1,939) | (22,110) | (10,744)
Financing activities: |  |  |  |  |
Proceeds from borrowings | 9,400 | — | 1,336 | — | 10,736
Repayment of borrowings | (14,137) | — | (6,323) | — | (20,460)
Interest paid | (4,006) | (31) | (10,278) | 9,633 | (4,682)
Dividends paid | (7,437) | (12,261) | (3,662) | 15,920 | (7,440)
Interest paid on lease liabilities | — | (129) | (125) | 125 | (129)
Payments of leases | — | (105) | (473) | 86 | (492)
Other financing activities | (1,016) | 11,484 | (7,141) | (3,654) | (327)
Net cash flows (used in)/from financing activities from continuing operations | (17,196) | (1,042) | (26,666) | 22,110 | (22,794)
Net (decrease) increase in cash and cash equivalents from continuing operations | (6,187) | 3,455 | 483 | — | (2,249)
Initial balance of cash and cash equivalents | 16,529 | 1,026 | 6,172 | — | 23,727
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (493) | (17) | (477) | — | (987)
Ending balance of cash and cash equivalents | Ps. 9,849 | Ps. 4,464 | Ps. 6,178 | Ps. — | Ps. 20,491
| Parent | Combined Wholly-owned Guarantors Subsidiaries | Combined non-guarantor Subsidiaries | Eliminations | Consolidated Total
| Condensed Consolidated Statements of Cash Flows For the year ended December 31, 2018 |  |
Cash flows from operating activities: |  |  |  |  |
Income before income taxes for continuing op. | Ps. 13,180 | Ps. 19,914 | Ps. 16,766 | Ps. (32,896) | Ps. 16,964
Non-cash items | (15,622) | (7,476) | 8,957 | 32,896 | 18,755
Changes in working capital | (89) | (10,958) | 2,909 | — | (8,138)
Net cash flows (used in)/from operating activities from continuing operations | (2,531) | 1,480 | 28,632 | — | 27,581
Income before taxes from discontinued operations | — | — | 1,308 | — | 1,308
Operating activities from discontinued operations | — | — | 654 | — | 654
Investing activities: |  |  |  |  |
Acquisition and mergers, net of cash acquired | — | — | 1,957 | — | 1,957
Interest received | 2,994 | 2,187 | 4,513 | (8,690) | 1,004
Acquisition of long-lived assets, net | — | (3,506) | (6,012) | — | (9,518)
Acquisition of intangible assets and other investing activities | (10,153) | 6,710 | 2,088 | — | (1,355)
Investments in shares | (9,576) | (1,948) | (23,820) | 34,957 | (387)
Dividends received | 4,816 | — | 8 | (4,816) | 8
Net cash flows (used in)/from investing activities from continuing operations | (11,919) | 3,443 | (21,266) | 21,451 | (8,291)
Net cash flows (used in)/from investing activities from discontinued operations | — | — | (962) | — | (962)
Financing activities: |  |  |  |  |
Proceeds from borrowings | 10,100 | — | 5,326 | — | 15,426
Repayment of borrowings | (9,028) | — | (6,929) | — | (15,957)
Interest paid | (4,189) | (5,487) | (3,998) | 8,690 | (4,984)
Dividends paid | (7,038) | (4,434) | (382) | 4,816 | (7,038)
Proceeds from issuing shares | — | — | — | — | —
Other financing activities | 34,314 | 5,118 | (6,157) | (34,957) | (1,682)
Net cash flows (used in)/from financing activities from continuing operations | 24,159 | (4,803) | (12,140) | (21,451) | (14,235)
Net cash flows (used in)/from financing activities from discontinued operations | — | — | (37) | — | (37)
Net (decrease) increase in cash and cash equivalents from continuing operations | 9,709 | 120 | (4,774) | — | 5,055
Net (decrease) increase in cash and cash equivalents from discontinued operations | — | — | 963 | — | 963
Initial balance of cash and cash equivalents | 7,017 | 926 | 10,824 | — | 18,767
Effects of exchange rate changes and inflation effects on the balance sheet of cash held in foreign currencies | (197) | (20) | (841) | — | (1,058)
Ending balance of cash and cash equivalents | Ps. 16,529 | Ps. 1,026 | Ps. 6,172 | Ps. — | Ps. 23,727

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