4)	BUSINESS COMBINATIONS, DISCONTINUED OPERATIONS, SALE OF OTHER DISPOSAL GROUPS AND SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS

4.1)

BUSINESS COMBINATIONS

On December 5, 2016, through its subsidiary Sierra Trading (“Sierra”), CEMEX presented an offer and take-over bid, which was amended on January 9, 2017 (the “Offer”), to all shareholders of Trinidad Cement Limited (“TCL”), a company publicly listed in Trinidad and Tobago, to acquire up to 132,616,942 ordinary shares in TCL (equivalent to approximately 30.2% of TCL’s common stock). TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL shares deposited in response to the Offer together with Sierra’s then existing 39.5% shareholding in TCL represented approximately 69.8% of the outstanding shares of TCL. The total consideration paid by Sierra for the TCL shares under the Offer was US$86 (Ps1,791). CEMEX started consolidating TCL on February 1, 2017. CEMEX determined a fair value of TCL’s assets as of February 1, 2017 of US$531 (Ps11,061), which considered a price of TT$5.07 per share for the percentage acquired in the Offer and TT$4.15 per share, or the market price before the Offer, for the remaining shares, and US$113 (Ps2,354) of debt assumed, among other effects. The purchase of TCL represented a step acquisition. As a result, the remeasurement of CEMEX’s previous held ownership interest in TCL of 39.5% generated a gain of US$32 (Ps623) in 2017 as part of “Financial income and other items, net.” All convenience translations to pesos above consider an exchange rate of 20.83 pesos per dollar as of February 1, 2017.

After concluding in 2018 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 (include goodwill of US$106)			116

Total assets			531

Current liabilities (includes debt of US$47)			122
Non-current liabilities (includes debt of US$97 and deferred tax liabilities of US$19)			160

Total liabilities			282

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

Controlling interest net assets	US$		179

In addition, in August 2018, a subsidiary of CEMEX in the United Kingdom acquired all the shares of the ready-mix producer Procon Readymix Ltd (“Procon”) for an amount in pounds sterling equivalent to US$22, considering the pound sterling to dollar exchange rate as of August 31, 2018. As of December 31, 2018, based on the preliminary valuation of the fair values of the assets acquired and liabilities assumed, the net assets of Procon amount to US$10 (Ps196) and goodwill was determined in the amount of US$12 (Ps244).

4.2)

DISCONTINUED OPERATIONS

On September 27, 2018, CEMEX concluded the sale of its construction materials operations in Brazil (the “Brazilian Operations”) through the sale to Votorantim Cimentos N/NE S.A. of all the shares of CEMEX’s Brazilian subsidiary Cimento Vencemos Do Amazonas Ltda, consisting of a fluvial cement distribution terminal located in Manaus, Amazonas province, as well as the operation license. The sale price was US$31 (Ps580). CEMEX determined a net gain on sale of US$12 (Ps234), including a withholding tax expense of US$3 and the reclassification of a foreign currency translation loss accrued in equity of US$7 (Ps140). CEMEX’s Brazilian Operations for the period from January 1 to September 27, 2018 and the years 2017 and 2016 were reclassified to the single line item “Discontinued Operations.”

On June 30, 2017, CEMEX concluded the sale of its Pacific Northwest Materials Business consisting of aggregate, asphalt and ready-mix concrete operations in Oregon and Washington to Cadman Materials, Inc., a subsidiary of HeidelbergCement Group, for US$150. CEMEX determined a net gain on disposal of these assets of US$22 (Ps399), which included a proportional allocation of goodwill of US$73 (Ps1,324). Considering the disposal of its Pacific Northwest Materials Business, the operations of that business for the six-month period ending June 30, 2017 and for the year 2016 were reclassified to the single line item “Discontinued Operations.”

On January 31, 2017, CEMEX concluded the sale of its Concrete Reinforced Pipe Manufacturing Business (“Concrete Pipe Business”) in the United States to Quikrete Holdings, Inc. for US$500 plus an additional US$40 contingent consideration based on future performance. CEMEX determined a net gain on disposal of these assets for US$148 (Ps3,083), which included a proportional allocation of goodwill of US$260 (Ps5,369). Considering the disposal of the entire Concrete Pipe Business, its operations for the one-month period ending January 31, 2017 and the year 2016 were reclassified to the single line item “Discontinued Operations.”

On May 26, 2016, CEMEX closed the sale of its operations in Bangladesh and Thailand to Siam City Cement Public Company Ltd. for US$70 (Ps1,450). CEMEX determined a gain on sale of US$24 (Ps424) net of the reclassification of foreign currency translation gains accrued in equity of US$7 (Ps122). The operations in Bangladesh and Thailand for the period from January 1 to May 26, 2016, included in CEMEX’s income statements, were reclassified to the single line item “Discontinued Operations.”

The following table presents condensed combined information of the statement of operations of CEMEX’s discontinued operations in Brazil for the period from January 1 to September 27, 2018 and for the years 2017 and 2016, in the Pacific Northwest Materials Business in the United States for the six-months period ended June 30, 2017 and for the year 2016; the Concrete Pipe Business operations in the United States for the one-month period ended January 31, 2017 and for the year 2016, and the operations in Bangladesh and Thailand for the period from January 1 to May 26, 2016:


		2018			2017			2016
Sales	Ps		503			2,235			9,445
Cost of sales and operating expenses			(495	)		(2,257	)		(8,983	)
Other products (expenses), net			(1	)		14			(3	)
Financial expenses, net and others			(5	)		—			(32	)

Earnings before income tax			2			(8	)		427
Income tax			(6	)		(1	)		(102	)

Result of discontinued operations			(4	)		(9	)		325
Disposal result, withholding taxes and reclassification of currency translation effects			216			3,470			388

Net result of discontinued operations	Ps		212			3,461			713

As of December 31, 2017, the condensed information of the statement of financial position of the Brazilian Operations was as follows:


		2017
Current assets	Ps		148
Property, machinery and equipment, net and other non-current assets			140

Total assets			288

Current liabilities			66
Non-current liabilities			—

Total liabilities			66

Net assets	Ps		222

4.3)

OTHER DISPOSAL GROUPS

As of December 31, 2018, CEMEX is in negotiations for the sale of its ready-mix and aggregates business in the central region of France. The transaction is subject to several customary authorizations and CEMEX expects to conclude this sale in the short-term. The assets and liabilities of this business are presented as assets held for sale and liabilities directly related in the statement of financial position as of December 31, 2018, including a proportional allocation of goodwill related to this reporting segment of US$22 (Ps439).

On November 18, 2016, a subsidiary of CEMEX in the United States closed the sale to an affiliate of Grupo Cementos de Chihuahua, S.A.B. de C.V. (“GCC”) of certain assets consisting of CEMEX’s cement plant in Odessa, Texas, two cement terminals and the building materials business in El Paso, Texas and Las Cruces, New Mexico, for an amount of US$306 (Ps6,340). The Odessa plant had an annual production capacity of approximately 537 thousand metric tons (unaudited). The transfer of control was effective on November 18, 2016. As a result of the sale of these assets, CEMEX recognized in 2016 a gain of US$104 (Ps2,159) as part of “Other expenses, net” in the income statement of 2016, net of an expense for the proportional write-off of goodwill associated to CEMEX’s reporting segment in the United States based on their relative fair values for US$161 (Ps3,340) and the reclassification of proportional foreign currency translation gains associated with these net assets accrued in equity until disposal for US$65 (Ps1,347).

On September 12, 2016, CEMEX announced that one of its subsidiaries in the United States signed a definitive agreement for the sale of its Fairborn, Ohio cement plant and cement terminal in Columbus, Ohio to Eagle Materials Inc. (“Eagle Materials”) for US$400 (Ps8,288). Fairborn plant had an annual production capacity of approximately 730 thousand metric tons (unaudited). On February 10, 2017, CEMEX closed the divestment of these assets, and recognized in 2017 a gain on disposal for US$188 (Ps3,694) as part of “Other expenses, net” in the income statement, net of an expense for the proportional write-off of goodwill associated to CEMEX’s reporting segment in the United States based on their relative fair values for US$211 (Ps4,365).

The operations of the net assets in the central region of France and those sold to GCC and Eagle Materials, mentioned above, did not represent discontinued operations and were consolidated by CEMEX line-by-line in the income statements for the year 2018, 2017 and 2016, until their disposal. In arriving at this conclusion, CEMEX evaluated: a) the Company’s ongoing operations in France and cement operations of its CGUs in Texas and the Mid-West; and b) the relative size of the net assets sold and held for sale in respect to the Company’s remaining overall ongoing operations in France and the United States. Moreover, as a reasonability check, CEMEX measured the materiality of such net assets as a percentage of consolidated net sales, operating earnings before other expenses, net, net income and total assets. The percentage was not material in any case.

For the year 2018, 2017 and 2016, selected combined income statement information of the net assets in the central region of France and those sold to GCC and Eagle Materials, until their disposal, was as follows:


		2018			2017			2016
Net sales	Ps		1,169			1,194			4,544
Operating costs and expenses			(1,205	)		(1,201	)		(4,064	)

Operating earnings (losses) before other expenses, net	Ps		(36	)		(7	)		480

As of December 31, 2018, the condensed balance sheet of the net assets expected to be sold in the central region of France was as follows:


		2018
Current assets	Ps		189
Non-current assets			763

Total assets of the disposal group			952
Current liabilities			211
Non-current liabilities			103

Total liabilities directly related to disposal group			314

Total net assets of disposal group	Ps		638

In addition, on April 28, 2017, CEMEX concluded the sale of its assets and activities related to the ready-mix concrete pumping business in Mexico to Cementos Españoles de Bombeo, S. de R.L., subsidiary in Mexico of Pumping Team S.L.L. (“Pumping Team”), specialist in the supply of ready-mix concrete pumping services based in Spain, for an aggregate price of Ps1,649, which included the sale of fixed assets for Ps309, plus administrative and client and market development services, as well as the lease of facilities in Mexico that CEMEX will supply to Pumping Team over a period of ten years with the possibility to extend for three additional years, for an aggregate initial amount of Ps1,340, which are recognized each period as services are rendered. There is the possibility of a contingent revenue subject to results for up to Ps557 linked to annual metrics beginning in the first year and up to the fifth year of the agreement. For the first year of operation under the agreements from May 2017 to April 2018, CEMEX received Ps25 of this contingent revenue.

4.4)

SELECTED FINANCIAL INFORMATION BY REPORTABLE SEGMENT AND LINE OF BUSINESS

Reportable segments represent the components of CEMEX that engage in business activities from which CEMEX may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s top management to make decisions about resources to be allocated to the segments and assess their performance, and for which discrete financial information is available. CEMEX operates geographically and by business on a regional basis. For the reported periods, the Company’s operations were organized in five geographical regions, each under the supervision of a regional president, as follows: 1) Mexico, 2) United States, 3) Europe, 4) South, Central America and the Caribbean (“SCA&C”), and 5) Asia, Middle East and Africa (“AMEA”). The accounting policies applied to determine the financial information by reportable segment are consistent with those described in note 2.

Considering similar regional and economic characteristics and/or materiality, certain countries have been aggregated and presented as single line items as follows: a) “Rest of Europe” refers mainly to CEMEX’s operations and activities in Croatia, Latvia, Scandinavia and Finland; b) “Rest of South, Central America and the Caribbean” refers mainly to CEMEX’s operations and activities in Puerto Rico, Nicaragua, Jamaica, the Caribbean, Guatemala and El Salvador, excluding the acquired operations of TCL; c) “Caribbean TCL” refers to TCL’s operations mainly in Trinidad and Tobago, Jamaica, Guyana and Barbados; and d) “Rest of Asia, Middle East and Africa” refers mainly to CEMEX’s operations in the United Arab Emirates. The segment “Others” refers to: 1) cement trade maritime operations, 2) Neoris N.V., CEMEX’s subsidiary involved in the business of information technology solutions, 3) the Parent Company, other corporate entities and finance subsidiaries, and 4) other minor subsidiaries with different lines of business.

Selected information of the consolidated income statements by reportable segment for the years 2018, 2017 and 2016, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 13.1, was as follows:


2018		Revenues (including intragroup transactions)		Less: Intragroup transactions			Revenues		Operating EBITDA			Less: Depreciation and amortization		Operating earnings before other expenses, net			Other expenses, net			Financial expense			Other financing items, net
Mexico	Ps		63,543		(1,759	)		61,784		22,204			2,198		20,006			(626	)		(469	)		(29	)
United States			72,345		—			72,345		12,069			5,917		6,152			(362	)		(571	)		(217	)
Europe
United Kingdom			20,431		—			20,431		2,071			1,064		1,007			133			(67	)		(406	)
France			18,308		—			18,308		1,272			577		695			(959	)		(62	)		(3	)
Germany			10,836		(1,450	)		9,386		748			531		217			(152	)		(14	)		(79	)
Spain			7,627		(898	)		6,729		220			662		(442	)		(303	)		(43	)		58
Poland			6,989		(80	)		6,909		783			390		393			8			(4	)		7
Czech Republic			3,796		(31	)		3,765		867			300		567			16			(2	)		(36	)
Rest of Europe			6,365		(869	)		5,496		747			375		372			(447	)		(10	)		(10	)
SCA&C
Colombia¹			10,088		—			10,088		1,845			533		1,312			(251	)		(132	)		(483	)
Panama¹			4,490		(226	)		4,264		1,234			313		921			(52	)		(4	)		3
Costa Rica¹			2,674		(274	)		2,400		873			91		782			(5	)		(2	)		148
Caribbean TCL³			4,893		(99	)		4,794		1,080			375		705			(316	)		(48	)		(28	)
Dominican Republic			4,218		(310	)		3,908		1,153			180		973			(17	)		(7	)		(64	)
Rest of SCA&C¹			7,781		(393	)		7,388		1,427			170		1,257			(128	)		(15	)		70
AMEA
Philippines²			8,612		—			8,612		1,183			523		660			54			(20	)		(50	)
Egypt			4,586		—			4,586		529			303		226			(176	)		(29	)		(70	)
Israel			12,128		—			12,128		1,548			292		1,256			8			(36	)		(8	)
Rest of AMEA			2,263		—			2,263		352			88		264			(4	)		(3	)		(5	)
Others			24,667		(13,396	)		11,271		(2,939	)		1,188		(4,127	)		(2,258	)		(11,059	)		1,298

Continuing operations			296,640		(19,785	)		276,855		49,266			16,070		33,196			(5,837	)		(12,597	)		96
Discontinued operations			503		—			503		11			3		8			(1	)		—			(5	)

Total	Ps		297,143		(19,785	)		277,358		49,277			16,073		33,204			(5,838	)		(12,597	)		91


2017		Revenues (including intragroup transactions)		Less: Intragroup transactions			Revenues		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	)
Czech Republic			3,450		(33	)		3,417		815			333		482			37			44			53
Rest of Europe			5,989		(831	)		5,158		648			355		293			(168	)		(68	)		18
SCA&C
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	)
Dominican Republic			3,913		(339	)		3,574		1,073			191		882			(23	)		(10	)		(5	)
Rest of SCA&C¹			7,803		(533	)		7,270		1,529			258		1,271			(1,046	)		(13	)		(7	)
AMEA
Philippines²			8,296		—			8,296		1,394			528		866			89			(3	)		(24	)
Egypt			3,862		—			3,862		594			299		295			(210	)		(60	)		574
Israel			11,377		—			11,377		1,469			287		1,182			(15	)		3			21
Rest of AMEA			2,139		—			2,139		386			76		310			(159	)		(31	)		(9	)
Others			21,820		(11,203	)		10,617		(2,759	)		626		(3,385	)		(3,493	)		(17,553	)		4,169

Continuing operations			274,380		(16,943	)		257,437		48,600			15,988		32,612			(3,815	)		(19,301	)		3,616
Discontinued operations			2,235		—			2,235		39			61		(22	)		14			—			—

Total		Ps	276,615		(16,943	)		259,672		48,639			16,049		32,590			(3,801	)		(19,301	)		3,616

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
Czech Republic			3,027		(30	)		2,997		622			328		294			(117	)		(4	)		2
Rest of Europe			4,908		(511	)		4,397		519			332		187			14			(29	)		75
SCA&C
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
Dominican Republic			4,223		(525	)		3,698		1,210			199		1,011			(67	)		(6	)		34
Rest of SCA&C¹			7,155		(253	)		6,902		1,665			238		1,427			(1,159	)		(22	)		(216	)
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	)
Israel			9,650		—			9,650		1,346			232		1,114			5			(24	)		6
Rest of AMEA			2,208		(12	)		2,196		271			67		204			(117	)		(3	)		21
Others			18,381		(8,600	)		9,781		(2,891	)		799		(3,690	)		(2,174	)		(20,323	)		2,631

Continuing operations			263,051		(13,574	)		249,477		51,605			15,987		35,618			(1,670	)		(21,487	)		4,467
Discontinued operations			9,652		(207	)		9,445		1,159			697		462			(3	)		(10	)		(22	)

Total	Ps		272,703		(13,781	)		258,922		52,764			16,684		36,080			(1,673	)		(21,497	)		4,445

CEMEX Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, trades its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of CEMEX’s operations in Colombia, Panama, Costa Rica, Guatemala, Nicaragua and El Salvador. At year end 2018 and 2017, 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 mainly conducted through CEMEX Holdings Philippines, Inc. (“CHP”), a Philippine company whose shares trade on the Philippines Stock Exchange. As of December 31, 2018 and 2017, 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, whose shares trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2018 and 2017, there is a non-controlling interest in TCL of approximately 30.2% of its ordinary shares in both years (note 20.4).

Debt by reportable segment is included in note 16. As of December 31, 2018 and 2017, selected statement of financial position information by reportable segment was as follows:


2018		Equity accounted investees		Other segment assets		Total assets		Total liabilities		Net assets by segment			Additions to fixed assets¹
Mexico	Ps		—		68,449		68,449		17,906		50,543			2,285
United States			2,485		267,011		269,496		33,756		235,740			4,611
Europe
United Kingdom			118		32,248		32,366		19,220		13,146			908
France			927		16,316		17,243		7,111		10,132			441
Germany			85		8,350		8,435		6,546		1,889			314
Spain			6		25,134		25,140		2,957		22,183			499
Poland			8		5,523		5,531		2,605		2,926			564
Czech Republic			157		4,195		4,352		1,224		3,128			169
Rest of Europe			—		11,299		11,299		2,250		9,049			226
South, Central America and the Caribbean
Colombia			—		24,514		24,514		8,721		15,793			428
Panama			—		7,156		7,156		1,187		5,969			231
Costa Rica			—		1,640		1,640		580		1,060			61
Caribbean TCL			—		11,230		11,230		4,954		6,276			535
Dominican Republic			—		4,010		4,010		1,182		2,828			150
Rest of South, Central America and the Caribbean			29		6,430		6,459		2,621		3,838			183
Asia, Middle East and Africa
Philippines			6		12,235		12,241		2,929		9,312			544
Egypt			1		4,795		4,796		1,906		2,890			176
Israel			—		9,592		9,592		6,712		2,880			412
Rest of Asia, Middle East and Africa			—		3,991		3,991		1,451		2,540			103
Others			5,670		16,918		22,588		206,963		(184,375	)		129

Continuing operations			9,492		541,036		550,528		332,781		217,747			12,969
Assets held for sale and related liabilities (note 12.1)			29		2,071		2,100		314		1,786			—

Total	Ps		9,521		543,107		552,628		333,095		219,533			12,969


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
Czech Republic			149		4,867		5,016		1,338		3,678			157
Rest of Europe			9		11,256		11,265		2,289		8,976			164
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
Dominican Republic					4,362		4,362		1,132		3,230			172
Rest of South, Central America and the Caribbean			31		6,936		6,967		3,234		3,733			185
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
Israel			—		9,760		9,760		6,838		2,922			391
Rest of Asia, Middle East and Africa			—		3,911		3,911		1,189		2,722			58
Others			5,306		24,466		29,772		218,023		(188,251	)		163

Continuing operations			8,572		557,741		566,313		357,272		209,041			12,419
Assets held for sale and related liabilities (note 12.1)			—		1,378		1,378		—		1,378			—

Total	Ps		8,572		559,119		567,691		357,272		210,419			12,419

1	In 2018 and 2017, the column “Additions to fixed assets” includes capital expenditures of Ps12,141 and Ps9,514, respectively (note 14).

Revenues by line of business and reportable segment for the years ended December 31, 2018, 2017 and 2016 were as follows:


2018		Cement		Concrete		Aggregates		Others		Eliminations			Revenues
Mexico	Ps		44,295		17,277		4,051		12,358		(16,197	)		61,784
United States			30,518		40,249		16,393		7,581		(22,396	)		72,345
Europe
United Kingdom			4,837		7,441		8,139		8,102		(8,088	)		20,431
France			—		15,092		7,321		176		(4,281	)		18,308
Germany			3,608		4,841		2,353		2,732		(4,148	)		9,386
Spain			6,010		1,365		377		609		(1,632	)		6,729
Poland			3,864		3,066		960		299		(1,280	)		6,909
Czech Republic			1,555		2,377		835		362		(1,364	)		3,765
Rest of Europe			5,263		565		221		24		(577	)		5,496
South, Central America and the Caribbean
Colombia			6,792		3,631		1,065		1,769		(3,169	)		10,088
Panama			3,285		1,368		445		355		(1,189	)		4,264
Costa Rica			2,126		427		120		114		(387	)		2,400
Caribbean TCL			4,712		199		91		1,716		(1,924	)		4,794
Dominican Republic			3,441		526		171		470		(700	)		3,908
Rest of South, Central America and the Caribbean			7,668		782		150		122		(1,334	)		7,388
Asia, Middle East and Africa
Philippines			8,549		4		59		43		(43	)		8,612
Egypt			3,993		511		14		225		(157	)		4,586
Israel			—		10,026		3,061		2,127		(3,086	)		12,128
Rest of Asia, Middle East and Africa			943		1,763		—		—		(443	)		2,263
Others			—		—		—		24,667		(13,396	)		11,271

Continuing operations			141,459		111,510		45,826		63,851		(85,791	)		276,855
Discontinued operations			503		—		—		—		—			503

Total	Ps		141,962		111,510		45,826		63,851		(85,791	)		277,358


2017		Cement		Concrete		Aggregates		Others		Eliminations			Revenues
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
Czech Republic			1,287		2,148		880		334		(1,232	)		3,417
Rest of Europe			4,949		567		175		128		(661	)		5,158
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
Dominican Republic			3,193		564		191		117		(491	)		3,574
Rest of South, Central America and the Caribbean			7,534		744		77		190		(1,960	)		6,585
Asia, Middle East and Africa
Philippines			8,093		67		159		52		(75	)		8,296
Egypt			3,347		479		16		173		(153	)		3,862
Israel			—		9,400		2,875		2,146		(3,045	)		11,376
Rest of Asia, Middle East and Africa			928		1,678		—		2		(468	)		2,140
Others			—		—		—		22,505		(11,203	)		11,302

Continuing operations			133,644		100,853		41,267		57,077		(75,404	)		257,437
Discontinued operations			686		525		340		687		(3	)		2,235

Total	Ps		134,330		101,378		41,607		57,764		(75,407	)		259,672


2016		Cement		Concrete		Aggregates		Others		Eliminations			Revenues
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
Czech Republic			1,118		1,871		796		336		(1,124	)		2,997
Rest of Europe			4,168		383		115		2		(271	)		4,397
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
Dominican Republic			3,255		620		210		124		(511	)		3,698
Rest of South, Central America and the Caribbean			7,276		906		112		174		(2,032	)		6,436
Asia, Middle East and Africa
Philippines			9,405		143		164		70		(127	)		9,655
Egypt			6,076		943		26		217		(317	)		6,945
Israel			—		8,016		2,519		1,372		(2,258	)		9,649
Rest of Asia, Middle East and Africa			961		1,519		—		7		(290	)		2,197
Others			—		—		—		18,849		(8,602	)		10,247

Continuing operations			130,215		97,709		40,341		53,177		(71,965	)		249,477
Discontinued operations			889		1,366		785		6,665		(260	)		9,445

Total	Ps		131,104		99,075		41,126		59,842		(72,225	)		258,922