building a STRONGER foundation - Cemex

Our primary sources and uses of cash during the years ended December 31, 2008, 2009 and 2010 were as follows:
110
2008 2009 2010
(in millions of Pesos)
Operating activities
Controlling interest net income (loss)........................................... 2,323 1,649 (16,489)
Discontinued operations ............................................................... 2,097 (4,276) —
Net income (loss) from continuing operations.............................. 226 5,925 (16,489)
Non-cash items ............................................................................. 40,555 34,603 42,537
Changes in working capital, excluding income taxes ...................
Net cash flows provided by continuing operations before
1,299 (2,599) 100
taxes................................................................................ 42,080 37,929 26,148
Income taxes paid in cash ............................................................. (3,625) (4,201) (4,310)
Net cash flows provided by continuing operations ............. 38,455 33,728 21,838
Net cash flow provided by discontinued operations............ 2,817 1,023 —
Net cash flows provided by operating activities..................
Investing activities
41,272 34,751 21,838
Property, machinery and equipment, net ...................................... (20,511) (6,655) (4,726)
Disposal of subsidiaries and associates, net.................................. 10,845 21,115 1,172
Other investments .........................................................................
Net cash flows (used in) provided by investing activities
(3,597) (8,254) 1,692
of continuing operations.................................................
Net cash flows used in investing activities of
(13,263) 6,206 (1,862)
discontinued operations.................................................. (1,367) (491) —
Net cash flows (used in) provided by investing activities..... (14,630) 5,715 (1,862)
Financing activities
Repayment of debt, net ................................................................. (3,611) (35,812) (9,615)
Financial expense paid in cash including coupons on perpetual
debentures ................................................................................ (11,784) (14,607) (14,968)
Issuance of common stock............................................................ — 23,953 5
Dividends paid.............................................................................. (215) — —
Financing derivative instruments.................................................. (9,909) (8,513) 69
Non-current liabilities and others, net........................................... 1,471 (2,795) 122
Net cash flows used in financing activities of continuing
operations ....................................................................... (24,048) (37,774) (24,387)
Net cash flows provided by financing activities of
discontinued operations.................................................. 359 628 —
Net cash flows used in financing activities ......................... (23,689) (37,146) (24,387)
Conversion effects ........................................................................
Increase (decrease) in cash and investments of continuing
1,277 (2,116) (1,339)
operations................................................................................. 1,144 2,160 (4,411)
Increase in cash and investments of discontinued operations....... 1,809 1,160 —
Cash and investments at beginning of year................................... 8,670 12,900 14,104
Cash and investments at end of year............................................. Ps 12,900 Ps 14,104 Ps 8,354
2010. During 2010, in nominal Peso terms, and including the negative foreign currency effect of our initial balances of cash and
investments generated during the period of approximately Ps1.3 billion, there was a decrease in cash and investments of continuing
operations of approximately Ps4.4 billion. This decrease was generated by net resources used in financing activities of approximately
Ps24.4 billion and by net resources used in investing activities of approximately Ps1.9 billion, partially offset by our net cash flows
provided by operating activities, which after income taxes paid in cash of approximately Ps4.3 billion, amounted to approximately
Ps21.8 billion.