Business Combinations, Discontinued Operations, Sale of Other Disposal Groups and Selected Financial Information by Geographic Operating Segment (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Consolidating Statements of Operations by Geographic Operating Segments

Selected information of the consolidated statements of operations by geographic operating segment for the years ended December 31, 2017, 2016 and 2015 was as follows:


2017		Net sales (including related parties)		Less: Related parties			Net sales		Operating EBITDA			Less: depreciation and amortization		Operating earnings before other expenses, net			Other expenses, net			Financial expense			Other financing items, net
Mexico	Ps		58,442		(1,075	)		57,367		21,215			2,246		18,969			(687	)		(409	)		(534	)
United States			65,536		—			65,536		10,652			6,200		4,452			3,202			(631	)		(177	)
Europe
United Kingdom			20,179		—			20,179		2,763			997		1,766			450			(77	)		(397	)
France			16,162		—			16,162		855			549		306			(129	)		(61	)		18
Germany			10,056		(1,339	)		8,717		743			509		234			(11	)		(14	)		(63	)
Spain			6,870		(990	)		5,880		344			638		(294	)		(711	)		(34	)		12
Poland			5,552		(74	)		5,478		647			361		286			(140	)		(30	)		(8	)
Rest of Europe			9,439		(864	)		8,575		1,463			688		775			(131	)		(24	)		71
South, Central America and the Caribbean (“SAC”)
Colombia¹			10,685		—			10,685		2,166			507		1,659			(642	)		(129	)		(36	)
Panama¹			5,112		(98	)		5,014		2,007			319		1,688			(20	)		(5	)		7
Costa Rica¹			2,805		(379	)		2,426		1,000			99		901			—			(5	)		29
Caribbean TCL³			4,332		(49	)		4,283		1,059			610		449			(139	)		(215	)		(25	)
Rest of SAC¹			11,716		(872	)		10,844		2,602			449		2,153			(1,069	)		(23	)		(12	)
Asia, Middle East and Africa (“AMEA”)
Philippines²			8,296		—			8,296		1,394			528		866			89			(3	)		(24	)
Egypt			3,862		—			3,862		594			299		295			(210	)		(60	)		574
Rest of AMEA			13,516		—			13,516		1,855			363		1,492			(174	)		(28	)		12
Others			22,514		(11,203	)		11,311		(2,796	)		630		(3,426	)		(3,493	)		(17,553	)		4,169

Continuing operations			275,074		(16,943	)		258,131		48,563			15,992		32,571			(3,815	)		(19,301	)		3,616
Discontinued operations			1,550		(1	)		1,549		75			57		18			14			(3	)		—

Total	Ps		276,624		(16,944	)		259,680		48,638			16,049		32,589			(3,801	)		(19,304	)		3,616


2016		Net sales (including related parties)		Less: Related parties			Net sales		Operating EBITDA			Less: depreciation and amortization		Operating earnings before other expenses, net			Other expenses, net			Financial expense			Other financing items, net
Mexico	Ps		53,579		(848	)		52,731		19,256			2,390		16,866			(608	)		(339	)		2,695
United States			66,554		—			66,554		10,973			6,400		4,573			2,919			(487	)		(212	)
Europe
United Kingdom			21,153		—			21,153		3,606			1,047		2,559			711			(63	)		(393	)
France			14,535		—			14,535		669			484		185			(110	)		(53	)		2
Germany			9,572		(1,385	)		8,187		553			464		89			(64	)		(15	)		(85	)
Spain			6,563		(841	)		5,722		814			663		151			(112	)		(37	)		(9	)
Poland			4,799		(88	)		4,711		579			330		249			6			(11	)		123
Rest of Europe			7,935		(541	)		7,394		1,141			660		481			(103	)		(33	)		77
South, Central America and the Caribbean (“SAC”)
Colombia¹			12,415		(1	)		12,414		3,975			489		3,486			(575	)		46			38
Panama¹			4,906		(124	)		4,782		2,170			340		1,830			(7	)		(27	)		5
Costa Rica¹			2,818		(351	)		2,467		1,127			116		1,011			(23	)		(11	)		27
Rest of SAC¹			11,378		(778	)		10,600		2,875			437		2,438			(1,226	)		(28	)		(182	)
Asia, Middle East and Africa (“AMEA”)
Philippines²			9,655		—			9,655		2,687			530		2,157			21			(1	)		(24	)
Egypt			6,950		(5	)		6,945		2,454			539		1,915			(213	)		(78	)		(253	)
Rest of AMEA			11,858		(12	)		11,846		1,617			299		1,318			(112	)		(27	)		27
Others			18,846		(8,597	)		10,249		(2,962	)		803		(3,765	)		(2,174	)		(20,323	)		2,653

Continuing operations			263,516		(13,571	)		249,945		51,534			15,991		35,543			(1,670	)		(21,487	)		4,489
Discontinued operations			9,186		(207	)		8,979		1,232			693		539			(2	)		(10	)		(47	)

Total	Ps		272,702		(13,778	)		258,924		52,766			16,684		36,082			(1,672	)		(21,497	)		4,442


2015		Net sales (including related parties)		Less: Related parties			Net sales		Operating EBITDA			Less: depreciation and amortization		Operating Earnings before other expenses, net			Other expenses, net			Financial expense			Other financing items, net
Mexico	Ps		50,260		(5,648	)		44,612		15,362			2,399		12,963			(684	)		(210	)		915
United States			56,846		(18	)		56,828		7,985			5,629		2,356			234			(437	)		(144	)
Europe
United Kingdom			20,227		—			20,227		2,705			1,004		1,701			(147	)		(95	)		(299	)
France			12,064		—			12,064		670			438		232			(8	)		(48	)		(10	)
Germany			8,285		(1,276	)		7,009		542			389		153			49			(14	)		(61	)
Spain			6,151		(755	)		5,396		1,031			604		427			(735	)		(72	)		(2	)
Poland			4,445		(108	)		4,337		598			295		303			18			(54	)		33
Rest of Europe			7,457		(660	)		6,797		1,110			739		371			(187	)		(23	)		(122	)
South, Central America and the Caribbean (“SAC”)
Colombia¹			11,562		(2	)		11,560		4,041			500		3,541			(88	)		(50	)		(570	)
Panama¹			4,599		(68	)		4,531		1,869			298		1,571			(180	)		(13	)		2
Costa Rica¹			2,658		(229	)		2,429		1,096			102		994			(2	)		(9	)		2
Rest of SAC¹			12,177		(1,988	)		10,189		2,295			445		1,850			(87	)		(22	)		(119	)
Asia, Middle East and Africa (“AMEA”)
Philippines²			8,436		(4	)		8,432		2,206			447		1,759			(12	)		(20	)		19
Egypt			6,923		(5	)		6,918		1,777			536		1,241			(254	)		(115	)		114
Rest of AMEA			9,929		—			9,929		1,250			244		1,006			(53	)		(23	)		(1	)
Others			16,793		(8,752	)		8,041		(3,003	)		589		(3,592	)		(896	)		(18,579	)		(1,090	)

Continuing operations			238,812		(19,513	)		219,299		41,534			14,658		26,876			(3,032	)		(19,784	)		(1,333	)
Discontinued operations			11,944		(56	)		11,888		1,201			978		223			23			(17	)		66

Total	Ps		250,756		(19,569	)		231,187		42,735			15,636		27,099			(3,009	)		(19,801	)		(1,267	)

CEMEX Latam Holdings, S.A. (“CLH”), entity incorporated in Spain, trades its ordinary shares in the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua, El Salvador and Brazil. At year end 2017 and 2016, there is a non-controlling interest in CLH of approximately 26.75% and 26.72%, respectively, of its ordinary shares, excluding shares held in CLH’s treasury (note 20.4).

CEMEX’s operations in the Philippines are conducted through CEMEX Holdings Philippines, Inc. (“CHP”), subsidiary incorporated in the Philippines which since July 2016 trades its ordinary shares in the Philippines Stock Exchange under the symbol CHP. As of December 31, 2017 and 2016, there is a non-controlling interest in CHP of 45.0% of its ordinary shares (note 20.4).

As mentioned in note 4.1, in February 2017, CEMEX’s acquired a controlling interest in TCL, which main operations are located in Trinidad and Tobago (“T&T”), Jamaica and Barbados. TCL shares trade in the T&T stock exchange. As of December 31, 2017, there is a non-controlling interest in TCL of approximately 30.2% of its ordinary shares (note 20.4).

Summary of Balance sheet Information by Geographic Segment

As of December 31, 2017 and 2016, selected statement of financial position information by geographic segment was as follows:


2017		Equity accounted investees		Other segment assets		Total assets		Total liabilities		Net assets by segment			Additions to fixed assets¹
Mexico	Ps		241		71,280		71,521		23,574		47,947			2,133
United States			1,573		266,769		268,342		32,366		235,976			3,498
Europe
United Kingdom			107		34,774		34,881		24,160		10,721			1,010
France			1,055		18,481		19,536		7,360		12,176			372
Germany			85		9,010		9,095		6,848		2,247			441
Spain			—		25,731		25,731		3,543		22,188			553
Poland			9		5,477		5,486		3,086		2,400			230
Rest of Europe			158		16,123		16,281		3,627		12,654			321
South, Central America and the Caribbean
Colombia			—		24,406		24,406		11,307		13,099			1,178
Panama			—		7,232		7,232		1,029		6,203			152
Costa Rica			—		1,869		1,869		646		1,223			42
Caribbean TCL			—		11,004		11,004		4,917		6,087			584
Rest of South, Central America and the Caribbean			31		11,298		11,329		4,366		6,963			357
Asia, Middle East and Africa
Philippines			6		11,548		11,554		2,617		8,937			518
Egypt			1		4,602		4,603		1,776		2,827			418
Rest of Asia, Middle East and Africa			—		13,671		13,671		8,027		5,644			449
Others			5,306		24,356		29,662		217,914		(188,252	)		163

Continuing operations			8,572		557,631		566,203		357,163		209,040			12,419
Assets held for sale and related liabilities (note 12.1)			—		1,378		1,378		—		1,378			—

Total	Ps		8,572		559,009		567,581		357,163		210,418			12,419


2016		Equity accounted investees		Other segment assets		Total assets		Total liabilities		Net assets by segment			Additions to fixed assets¹
Mexico	Ps		490		70,012		70,502		20,752		49,750			1,651
United States			1,587		287,492		289,079		30,118		258,961			3,760
Europe
United Kingdom			104		32,469		32,573		22,914		9,659			599
France			909		16,855		17,764		6,829		10,935			379
Germany			74		8,396		8,470		6,694		1,776			507
Spain			13		27,251		27,264		3,206		24,058			490
Poland			10		5,036		5,046		2,072		2,974			181
Rest of Europe			270		15,345		15,615		3,221		12,394			258
South, Central America and the Caribbean
Colombia			—		26,532		26,532		11,548		14,984			3,633
Panama			—		7,958		7,958		1,144		6,814			126
Costa Rica			—		1,928		1,928		691		1,237			73
Rest of South, Central America and the Caribbean			28		12,517		12,545		4,133		8,412			441
Asia, Middle East and Africa
Philippines			6		12,308		12,314		2,696		9,618			341
Egypt			1		5,512		5,513		2,907		2,606			381
Rest of Asia, Middle East and Africa			—		12,347		12,347		6,994		5,353			394
Others			6,996		26,253		33,249		276,269		(243,020	)		65

Continuing operations			10,488		568,211		578,699		402,188		176,511			13,279
Assets held for sale and related liabilities (note 12.1)			—		21,029		21,029		815		20,214			—

Total	Ps		10,488		589,240		599,728		403,003		196,725			13,279

1	In 2017 and 2016, the column “Additions to fixed assets” includes capital expenditures of Ps9,514 and Ps12,676, respectively (note 14).

Summary of Net Sales by Product and Geographic Segment

Net sales by product and geographic segment for the years ended December 31, 2017, 2016 and 2015 were as follows:


2017		Cement		Concrete		Aggregates		Others		Eliminations			Net sales
Mexico	Ps		42,195		14,672		3,416		11,211		(14,127	)		57,367
United States			27,804		35,400		14,436		6,235		(18,339	)		65,536
Europe
United Kingdom			4,879		7,459		7,758		8,067		(7,984	)		20,179
France			—		13,367		6,373		205		(3,783	)		16,162
Germany			3,595		4,668		2,134		2,335		(4,015	)		8,717
Spain			5,499		944		259		676		(1,498	)		5,880
Poland			3,230		2,532		701		226		(1,211	)		5,478
Rest of Europe			6,236		2,715		1,055		462		(1,893	)		8,575
South, Central America and the Caribbean
Colombia			7,043		4,024		1,224		1,960		(3,566	)		10,685
Panama			3,876		1,725		452		180		(1,219	)		5,014
Costa Rica			2,095		386		122		120		(297	)		2,426
Caribbean TCL			4,097		29		19		215		(77	)		4,283
Rest of South, Central America and the Caribbean			11,412		1,308		268		307		(2,451	)		10,844
Asia, Middle East and Africa
Philippines			8,093		67		159		52		(75	)		8,296
Egypt			3,347		479		16		173		(153	)		3,862
Rest of Asia, Middle East and Africa			928		11,078		2,875		2,148		(3,513	)		13,516
Others			—		—		—		22,515		(11,204	)		11,311

Continuing operations			134,329		100,853		41,267		57,087		(75,405	)		258,131
Discontinued operations			—		525		340		687		(3	)		1,549

Total	Ps		134,329		101,378		41,607		57,774		(75,408	)		259,680


2016		Cement		Concrete		Aggregates		Others		Eliminations			Net sales
Mexico	Ps		37,647		13,664		3,156		11,773		(13,509	)		52,731
United States			28,585		35,843		14,565		7,107		(19,546	)		66,554
Europe
United Kingdom			5,267		7,830		8,195		7,889		(8,028	)		21,153
France			—		11,883		5,640		278		(3,266	)		14,535
Germany			3,416		4,539		2,112		2,262		(4,142	)		8,187
Spain			5,478		823		196		472		(1,247	)		5,722
Poland			2,811		2,237		579		219		(1,135	)		4,711
Rest of Europe			5,286		2,254		911		338		(1,395	)		7,394
South, Central America and the Caribbean
Colombia			8,814		4,522		1,364		1,761		(4,047	)		12,414
Panama			3,794		1,577		413		139		(1,141	)		4,782
Costa Rica			2,144		390		179		126		(372	)		2,467
Rest of South, Central America and the Caribbean			10,998		1,526		322		298		(2,544	)		10,600
Asia, Middle East and Africa
Philippines			9,405		143		164		70		(127	)		9,655
Egypt			6,076		943		26		217		(317	)		6,945
Rest of Asia, Middle East and Africa			961		9,535		2,519		1,379		(2,548	)		11,846
Others			—		—		—		18,851		(8,602	)		10,249

Continuing operations			130,682		97,709		40,341		53,179		(71,966	)		249,945
Discontinued operations			422		1,366		785		6,665		(259	)		8,979

Total	Ps		131,104		99,075		41,126		59,844		(72,225	)		258,924


2015		Cement		Concrete		Aggregates		Others		Eliminations			Net sales
Mexico	Ps		30,384		13,163		2,860		9,956		(11,751	)		44,612
United States			23,358		30,129		11,914		7,994		(16,567	)		56,828
Europe
United Kingdom			4,705		7,729		7,614		7,859		(7,680	)		20,227
France			—		10,026		4,410		224		(2,596	)		12,064
Germany			3,098		3,749		1,790		2,103		(3,731	)		7,009
Spain			5,265		721		150		392		(1,132	)		5,396
Poland			2,630		1,916		489		197		(895	)		4,337
Rest of Europe			5,075		1,945		728		562		(1,513	)		6,797
South, Central America and the Caribbean
Colombia			8,158		4,428		1,329		1,345		(3,700	)		11,560
Panama			3,368		1,424		383		172		(816	)		4,531
Costa Rica			2,092		367		138		109		(277	)		2,429
Rest of South, Central America and the Caribbean			9,633		2,058		376		451		(2,329	)		10,189
Asia, Middle East and Africa
Philippines			8,270		115		96		62		(111	)		8,432
Egypt			6,052		975		36		236		(381	)		6,918
Rest of Asia, Middle East and Africa			880		7,956		1,931		1,115		(1,953	)		9,929
Others			—		—		—		16,811		(8,770	)		8,041

Continuing operations			112,968		86,701		34,244		49,588		(64,202	)		219,299
Discontinued operations			1,046		3,877		1,928		5,474		(437	)		11,888

Total	Ps		114,014		90,578		36,172		55,062		(64,639	)		231,187

Trinidad Cement Limited [member]

Summary of Purchase Price Allocation

As of December 31, 2017, after significantly concluding the allocation of TCL’s fair value to the assets acquired and liabilities assumed, the statement of financial position of TCL at the acquisition date of February 1, 2017 was as follows:


		As of February 1, 2017
Current assets	US$		84
Property, machinery and equipment			331
Intangible assets and other non-current assets (includes goodwill of US$100)			110

Total assets			525

Current liabilities (includes debt of US$47)			122
Non-current liabilities (includes debt of US$97 and deferred tax liabilities of US$19)			154

Total liabilities			276

Net assets	US$		249
Non-controlling interest net assets			70

Controlling interest net assets	US$		179

Croatia [Member]

Summary of Condensed Combined Financial Information of Balance Sheet

As of December 31, 2016, the condensed information of the statement of financial position of the Croatian Operations was as follows:


		2016
Current assets	Ps		573
Property, machinery and equipment, net			3,023
Intangible assets, net and other non-current assets			568

Total assets			4,164

Current liabilities			539
Non-current liabilities			112

Total liabilities			651

Net assets	Ps		3,513

Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations

For the years 2016 and 2015, the condensed information of the income statement of the Croatian Operations was as follows:


		2016			2015
Sales	Ps		1,853			1,892
Cost of sales and operating expenses			(1,629	)		(1,665	)
Other products (expenses), net			(31	)		13
Financial expenses, net and others			(24	)		(35	)

Earnings before income tax			169			205
Income tax			(29	)		(43	)

Net income	Ps		140			162

Pacific Northwest Materials And Concrete Pipe Business [Member] | United States, Bangladesh, Thailand, Austria, and Hungary [member]

Summary of Condensed Combined Financial Information of Balance Sheet

Selected condensed combined financial information of the statement of financial position at this date of such operations was as follows:


		2016
Current assets	Ps		1,146
Property, machinery and equipment, net			4,188
Intangible assets, net and other non-current assets			6,835

Total assets			12,169

Current liabilities			(99	)
Non-current liabilities			(336	)

Total liabilities			(435	)

Net assets	Ps		11,734

Summary of Condensed Combined Information of the Statement of Operations of Discontinued Operations

The following table presents condensed combined information of the statement of operations of CEMEX’s discontinued operations in the Pacific Northwest Materials Business in the United States for the six-months period ended June 30, 2017 and for the years 2016 and 2015; the Concrete Pipe Business operations in the United States for the one-month period ended January 31, 2017 and for the years 2016 and 2015, the operations in Bangladesh and Thailand for the period from January 1 to May 26, 2016 and for the year 2015, and the operations in Austria and Hungary for the ten-month period ended October 31, 2015:


		2017			2016			2015
Sales	Ps		1,549			8,979			11,888
Cost of sales and operating expenses			(1,531	)		(8,440	)		(11,665	)
Other products (expenses), net			14			(2	)		23
Financial expenses, net and others			(3	)		(57	)		49

Earnings before income tax			29			480			295
Income tax			—			(101	)		6

Net income			29			379			301
Net income of non-controlling interest			—			—			(15	)

Net income of controlling interest	Ps		29			379			286

Eagle Materials Inc And Grupo Cementos de Chihuahua SAB De C.V. [member]

Summary of Combined Statement of Operations Information of the Net Assets Sold

For the years 2017, 2016 and 2015, selected combined statement of operations information of the net assets sold to GCC on November 18, 2016 and those to Eagle Materials was as follows:


		2017			2016			2015
Net sales	Ps		86			3,322			3,538
Operating costs and expenses			(71	)		(2,800	)		(2,795	)

Operating earnings before other expenses, net	Ps		15			522			743

Holcim Ltd. [member]

Summary of Purchase Price Allocation

The purchase price allocation of these acquisitions as of January 1, 2015 was as follows:


		Czech Republic		Spain		Total
Current assets	Ps		231		59		290
Property, machinery and equipment			1,419		2,004		3,423
Other non-current assets			270		—		270
Intangible assets			590		2		592

Fair value of assets acquired			2,510		2,065		4,575

Current liabilities			117		57		174
Non-current liabilities			344		114		458

Fair value of liabilities assumed			461		171		632

Fair value of net assets acquired	Ps		2,049		1,894		3,943