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Consolidated Statements of Cash Flows - MXN ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Operating activities |  |  |
Income before income taxes | $ 8,386,544 | $ 5,031,378 | $ 4,013,857
Adjustments for: |  |  |
Gain in business combination (Note 1) | (7,029,200) |  |
Impairment of goodwill (Note 8.1) | 4,719,096 |  |
Depreciation and amortization (Notes 4, 7 and 8) | 1,166,114 | 529,660 | 468,996
Interest income | (245,787) | (184,569) | (155,718)
Interest expense | 618,831 | 126,186 | 101,551
Other comprehensive income from results of joint venture accounted by the equity method (Note 9) | (112,345) | (144,248) | (50,923)
Exchange loss | 95,788 | 719,224 | 536,374
Exchange gain | (262,405) | (384,178) | (252,991)
Working capital variations (excluding assets acquired and liabilities assumed in business combination): |  |  |
Accounts receivable (Note 6) | (51,155) | (45,258) | 30,194
Recoverable taxes and other current assets | 54,030 | 336,485 | 316,609
Other assets | 394,972 |  |
Trade accounts payable and other liabilities (Note 10) | 154,791 | 94,586 | 11,802
Total adjustments to reconcile profit (loss) | 7,889,274 | 6,079,266 | 5,019,751
Income taxes paid (Note 14) | (1,858,139) | (1,569,879) | (1,366,174)
Net cash flows generated from operating activities | 6,031,135 | 4,509,387 | 3,653,577
Investing activities |  |  |
Improvements to assets under concession and acquisition of furniture and equipment (Note 8) | (1,471,418) | (1,814,482) | (2,906,567)
Loans collected from joint venture (Note 9) | 275,376 | 325,693 |
Restricted cash and equivalents (Note 5.1) | (89,361) |  |
Interest received | 259,717 | 122,093 | 90,013
Net cash flows used in investing activities | (4,961,153) | (1,366,696) | (2,816,554)
Financing activities |  |  |
Bank loans received (Note 11) | 8,000,000 |  |
Bank loans paid (Note 11) | (5,339,338) |  |
Interest paid (Note 11) | (628,222) | (106,873) | (97,017)
Long-term debt paid (Note 12) | (102,907) |  |
Dividends paid (Note 13) | (1,848,000) | (1,683,000) | (1,530,000)
Net cash flows generated (used) from financing activities | 81,533 | (1,789,873) | (1,627,017)
Increase (decrease) in cash and cash equivalents | 1,151,515 | 1,352,818 | (789,994)
Cash and cash equivalents at the beginning of the year | 3,497,635 | 2,084,160 | 2,855,362
Exchange gains on cash and cash equivalents | 28,304 | 60,657 | 18,792
Cash and cash equivalents at the end of the year | 4,677,454 | 3,497,635 | 2,084,160
Aerostar [Member] |  |  |
Investing activities |  |  |
Improvements to assets under concession and acquisition of furniture and equipment (Note 8) | (183,386) |  |
Financing activities |  |  |
Cash and cash equivalents at the end of the year | 436,774 |  |
Airplan [Member] |  |  |
Investing activities |  |  |
Improvements to assets under concession and acquisition of furniture and equipment (Note 8) | $ (3,752,081) |  |

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