13)

EQUITY ACCOUNTED INVESTEES, OTHER INVESTMENTS AND NON-CURRENT ACCOUNTS RECEIVABLE

13.1)

EQUITY ACCOUNTED INVESTEES

As of December 31, 2017 and 2016, the investments in common shares of associates were as follows:


	Activity		Country		%			2017		2016
Camcem, S.A. de C.V.		Cement		Mexico		40.1	Ps		3,618		3,674
Trinidad Cement Limited		Cement		Trinidad and Tobago		39.5			—		1,689
Concrete Supply Co. LLC		Concrete		United States		40.0			1,192		1,234
Akmenes Cementas AB		Cement		Lithuania		37.8			585		586
ABC Capital, S.A. Institución de Banca Múltiple		Financing		Mexico		33.9			228		474
Lehigh White Cement Company		Cement		United States		24.5			375		334
Société Méridionale de Carrières		Aggregates		France		33.3			367		300
Société d’Exploitation de Carrières		Aggregates		France		50.0			318		257
Cemento Interoceánico S.A. (formerly Industrias Básicas, S.A.)		Cement		Panama		25.0			168		155
Other companies		—		—		—			1,721		1,785

							Ps		8,572		10,488

Out of which:
Book value at acquisition date							Ps		6,957		8,275
Changes in stockholders’ equity							Ps		1,615		2,213

During 2016, the Parent Company participated as shareholder in a share restructuring executed by Camcem, S.A. de C.V. (“Camcem”), indirect parent company of Control Administrativo Mexicano, S.A. de C.V. (“Camsa”) and GCC, aimed to simplify its corporate structure, by means of which, Imin de México, S.A. de C.V., intermediate holding company, Camsa and GCC were merged, prevailing GCC as the surviving entity. As a result of the share restructuring, CEMEX’s 10.3% interest in Camcem and 49% interest in Camsa, both before the restructuring, were exchanged on equivalent basis into a 40.1% interest in Camcem and a 23% interest in GCC, which shares of the latest trade in the MSE (note 12.1).

On January 25, 2017, in a public offering to investors in Mexico conducted through the BMV and in a concurrent private placement to eligible investors outside of Mexico, the Parent Company and GCC announced the offering of up to 76,483,332 shares (all the shares of GCC owned by CEMEX) at a price range of between 95.00 to 115.00 pesos per share, which included 9,976,087 shares available to the underwriters of the offerings pursuant to a 30-day option to purchase such shares granted to them by CEMEX. During 2017, after conclusion of the public offering and the private placement, CEMEX sold approximately 13.53% of the common stock of GCC at a price of 95.00 pesos per share receiving Ps4,094 after deducting commissions and offering expenses, recognizing a gain on sale of Ps1,859 as part of “Financial income and other items, net” in the income statement.

In addition, on September 28, 2017, CEMEX announced the definitive sale to two financial institutions of the remaining 31,483,332 shares of GCC, which represented approximately 9.47% of the equity capital of GCC. Proceeds from the sale were Ps3,012 and generated a gain on sale of Ps1,682 recognized as part of “Financial income and other items, net” in the income statement. CEMEX continues to have an approximate 20% indirect interest in GCC through Camcem.

As mentioned in note 4.1, by means of a public offer and take-over bid through its subsidiary Sierra, and effective as of February 1, 2017, CEMEX acquired a majority ownership interest in TCL’s common stock and assumed control of this entity.

Combined condensed statement of financial position information of CEMEX’s associates as of December 31, 2017 and 2016 is set forth below:


		2017		2016
Current assets	Ps		21,527		21,651
Non-current assets			32,071		41,085

Total assets			53,598		62,736

Current liabilities			10,863		11,612
Non-current liabilities			17,730		22,436

Total liabilities			28,593		34,048

Total net assets	Ps		25,005		28,688

Combined selected information of the statements of operations of CEMEX’s associates in 2017, 2016 and 2015 is set forth below:


		2017		2016		2015
Sales	Ps		28,158		29,791		25,484
Operating earnings			4,458		4,730		3,523
Income before income tax			2,451		3,111		3,350
Net income			1,891		1,860		2,403

The share of equity accounted investees by geographic operating segment in the income statements for 2017, 2016 and 2015 is detailed as follows:


		2017			2016			2015
Mexico	Ps		269			452			330
United States			266			253			92
Europe			108			54			339
Corporate and others			(55	)		(71	)		(24	)

	Ps		588			688			737

13.2)

OTHER INVESTMENTS AND NON-CURRENT ACCOUNTS RECEIVABLE

As of December 31, 2017 and 2016, consolidated other investments and non-current accounts receivable were summarized as follows:


		2017		2016
Non-current portion of valuation of derivative financial instruments	Ps		794		1,900
Non-current accounts receivable and other investments¹			4,612		4,572
Investments available-for-sale²			275		491
Investments held for trading³			77		157

	Ps		5,758		7,120

1	Includes, among other items: a) advances to suppliers of fixed assets of Ps43 in 2017 and Ps52 in 2016. CEMEX recognized impairment losses of non-current accounts receivable in Costa Rica of Ps21 in 2016, and in Egypt and Colombia of Ps71 and Ps22 in 2015, respectively.

2	This line item refers mainly to a strategic investment in CPOs of Axtel, S.A.B. de C.V. (“Axtel”). This investment is recognized as available for sale at fair value and changes in valuation are recorded in other items comprehensive income, net until its disposal.

3	This line item refers to investments in private funds. In 2017 and 2016, no contributions were made to such private funds.