Business Combinations, Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Purchase Price Allocation

The following table presents condensed combined information of the statement of financial position for the assets held for sale in 2021 related to the operating segments in Costa Rica and El Salvador, as mentioned above:


	2021
Current assets	$	29
Non-current assets		48

Total assets held for sale		77
Current liabilities		31
Non-current liabilities		8

Total liabilities directly related to assets held for sale		39

Total net assets held for sale	$	38

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

In addition, the following table presents condensed combined information of the statements of operations of CEMEX’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for years ended December 31, 2021 and 2020; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the years ended December 31, 2021 and 2020; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and for the year ended December 31, 2020; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021 and the year ended December 31, 2020; e) the United Kingdom for the period from January 1 to August 3, 2020 and; f) the United States related to Kosmos assets for the period from January 1 to March 6, 2020.


	2022			2021			2020
Revenues	$	256			354			490
Cost of sales and operating expenses		(225	)		(304	)		(434	)
Other income (expenses), net		(8	)		(42	)		(21	)
Financial expenses, net and others		—			5			2

Earnings before income tax		23			13			37
Income tax		(3	)		(48	)		(92	)

Result of discontinued operations		20			(35	)		(55	)
Net disposal result		304			(4	)		(45	)

Net result of discontinued operations	$	324			(39	)		(100	)

Summary of Consolidating Income Statements by Reportable Segment

Selected information of the consolidated statements of operations by reportable segment for the years 2022, 2021 and 2020, excluding the share of profits of equity accounted investees by reportable segment that is included in the note 14.1, was as follows:


2022	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	$	3,842		(200	)		3,642		1,133			172		961			(69	)		(28	)		32
United States		5,038		(4	)		5,034		762			455		307			(205	)		(55	)		(21	)
EMEAA
United Kingdom		982		—			982		195			60		135			(8	)		(8	)		(8	)
France		781		—			781		63			50		13			1			(10	)		2
Germany		485		(46	)		439		40			28		12			2			(2	)		(3	)
Poland		419		(4	)		415		64			22		42			1			(2	)		4
Spain		382		(36	)		346		6			28		(22	)		(113	)		(2	)		2
Philippines 1		379		—			379		84			37		47			(2	)		18			(9	)
Israel		840		—			840		112			46		66			5			(4	)		—
Rest of EMEAA		707		(1	)		706		116			55		61			(10	)		(4	)		2
SCA&C
Colombia 2		429		—			429		61			24		37			12			(7	)		22
Panama 2		149		(34	)		115		28			16		12			(2	)		—			—
Caribbean TCL 3		302		(8	)		294		74			17		57			(19	)		(4	)		(1	)
Dominican Republic		348		(6	)		342		133			8		125			(1	)		(1	)		(3	)
Rest of SCA&C 2		394		(1	)		393		90			13		77			(2	)		(2	)		(3	)
Others		2,849		(2,409	)		440		(280	)		89		(369	)		(57	)		(290	)		31

Continuing operations		18,326		(2,749	)		15,577		2,681			1,120		1,561			(467	)		(401	)		47
Discontinued operations		256		—			256		39			8		31			(8	)		(4	)		4

Total	$	18,582		(2,749	)		15,833		2,720			1,128		1,592			(475	)		(405	)		51


2021	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	$	3,466		(142	)		3,324		1,164			161		1,003			(43	)		(29	)		2
United States		4,359		(4	)		4,355		778			464		314			(127	)		(47	)		(19	)
EMEAA
United Kingdom		940		—			940		141			69		72			(3	)		(8	)		(17	)
France		863		—			863		93			50		43			(6	)		(11	)		—
Germany		472		(43	)		429		69			28		41			—			(2	)		(2	)
Poland		405		(6	)		399		73			25		48			(4	)		(2	)		1
Spain		359		(25	)		334		(6	)		33		(39	)		(331	)		(3	)		51
Philippines 1		424		—			424		114			40		74			(1	)		17			(2	)
Israel		785		—			785		114			45		69			(1	)		(4	)		2
Rest of EMEAA		618		(5	)		613		87			56		31			(110	)		(3	)		1
SCA&C
Colombia 2		437		—			437		87			26		61			(19	)		(7	)		(12	)
Panama 2		121		(23	)		98		31			16		15			(2	)		—			—
Caribbean TCL 3		280		(7	)		273		65			19		46			(1	)		(6	)		(6	)
Dominican Republic		299		(8	)		291		128			7		121			3			—			(1	)
Rest of SCA&C 2		465		(21	)		444		110			13		97			(5	)		(2	)		(3	)
Others		1,621		(1,251	)		370		(209	)		68		(277	)		568			(551	)		(74	)

Continuing operations		15,914		(1,535	)		14,379		2,839			1,120		1,719			(82	)		(658	)		(79	)
Discontinued operations		354		—			354		66			16		50			(42	)		(5	)		10

Total	$	16,268		(1,535	)		14,733		2,905			1,136		1,769			(124	)		(663	)		(69	)


2020	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	$	2,812		(134	)		2,678		931			148		783			(46	)		(31	)		(4	)
United States		3,994		(1	)		3,993		747			440		307			(1,350	)		(53	)		(20	)
EMEAA
United Kingdom		739		—			739		88			67		21			(73	)		(9	)		(77	)
France		754		—			754		71			48		23			(1	)		(12	)		3
Germany		489		(37	)		452		67			28		39			(3	)		(2	)		(3	)
Poland		377		(7	)		370		74			25		49			(1	)		(2	)		1
Spain		319		(16	)		303		25			39		(14	)		(195	)		(3	)		(9	)
Philippines 1		398		—			398		118			46		72			(1	)		2			2
Israel		754		—			754		115			28		87			—			(4	)		1
Rest of EMEAA		582		(9	)		573		75			56		19			(26	)		(3	)		(22	)
SCA&C
Colombia 2		404		—			404		86			25		61			(14	)		(5	)		(13	)
Panama 2		80		(7	)		73		12			16		(4	)		(19	)		(1	)		1
Caribbean TCL 3		251		(7	)		244		65			22		43			(9	)		(6	)		(8	)
Dominican Republic		229		(11	)		218		84			8		76			(5	)		(1	)		4
Rest of SCA&C 2		393		(3	)		390		100			15		85			(38	)		(2	)		7
Others		796		(470	)		326		(261	)		94		(355	)		18			(641	)		22

Continuing operations		13,371		(702	)		12,669		2,397			1,105		1,292			(1,763	)		(773	)		(115	)
Discontinued operations		505		(15	)		490		76			20		56			(21	)		(4	)		6

Total	$	13,876		(717	)		13,159		2,473			1,125		1,348			(1,784	)		(777	)		(109	)

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, 2022 and 2021, there is a

non-controlling

interest in CHP of 22.10% and 22.16%, respectively, of its ordinary shares (note 21.4).

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, Guatemala and Nicaragua, and until August 31, 2022, of the operations in Costa Rica and El Salvador. At year end 2022 and 2021, there is a

non-controlling

interest in CLH of 4.70% and 7.74%, respectively, of its ordinary shares, excluding shares held in CLH’s treasury (note 21.4).

3	The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2022 and 2021, there is a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4).

Summary of Balance sheet Information by Reportable Segment

Debt by reportable segment is disclosed in note 17.1. As of December 31, 2022 and 2021, selected statement of financial position information by reportable segment was as follows:


2022	Associates and joint ventures		Other segment assets		Total assets		Total liabilities		Net assets by segment			Additions to fixed assets 1
Mexico	$	—		3,846		3,846		1,381		2,465			265
United States		198		12,425		12,623		2,642		9,981			551
EMEAA
United Kingdom		5		1,388		1,393		921		472			74
France		42		910		952		471		481			57
Germany		3		449		452		255		197			33
Poland		—		341		341		119		222			33
Spain		—		616		616		204		412			27
Philippines		—		792		792		155		637			72
Israel		—		771		771		495		276			37
Rest of EMEAA		10		773		783		303		480			55
SCA&C
Colombia		—		742		742		274		468			45
Panama		—		302		302		88		214			19
Caribbean TCL		—		499		499		218		281			16
Dominican Republic		—		232		232		81		151			18
Rest of SCA&C		—		268		268		104		164			20
Others		382		1,385		1,767		7,827		(6,060	)		40

Total		640		25,739		26,379		15,538		10,841			1,362
Assets held for sale and related liabilities (note 13)		—		68		68		—		68			—

Total consolidated	$	640		25,807		26,447		15,538		10,909			1,362


2021	Associates and joint ventures		Other segment assets		Total assets		Total liabilities		Net assets by segment			Additions to fixed assets 1
Mexico	$	—		3,785		3,785		1,513		2,272			190
United States		159		12,651		12,810		2,707		10,103			373
EMEAA
United Kingdom		6		1,585		1,591		1,220		371			94
France		41		952		993		476		517			44
Germany		3		398		401		287		114			29
Poland		1		321		322		126		196			29
Spain		—		704		704		240		464			34
Philippines		—		777		777		153		624			89
Israel		—		776		776		526		250			45
Rest of EMEAA		9		798		807		287		520			66
SCA&C
Colombia		—		962		962		477		485			27
Panama		—		282		282		88		194			9
Caribbean TCL		—		498		498		219		279			22
Dominican Republic		—		192		192		87		105			15
Rest of SCA&C		—		262		262		173		89			15
Others		316		1,031		1,347		7,761		(6,414	)		13

Total		535		25,974		26,509		16,340		10,169			1,094
Assets held for sale and related liabilities (note 13)		—		141		141		39		102			5

Total consolidated	$	535		26,115		26,650		16,379		10,271			1,099

1	In 2022 and 2021, the column “Additions to fixed assets” includes capital expenditures, which comprises acquisitions of property, machinery and equipment as well as additions of assets for the right-of-use, for combined amounts of $1,362 and $1,099, respectively (note 15).

Summary of Revenues by Line of Business and Reportable Segment

Revenues by line of business and reportable segment for the years ended December 31, 2022, 2021 and 2020 were as follows:


2022	Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			Revenues
Mexico	$	2,663		925		261		843		14		(1,064	)		3,642
United States		2,017		2,871		1,202		697		12		(1,765	)		5,034
EMEAA
United Kingdom		312		329		371		206		27		(263	)		982
France		—		622		332		15		—		(188	)		781
Germany		220		186		81		32		71		(151	)		439
Poland		282		160		41		4		1		(73	)		415
Spain		281		99		34		25		—		(93	)		346
Philippines		378		—		—		4		—		(3	)		379
Israel		—		718		213		97		21		(209	)		840
Rest of EMEAA		504		260		48		18		26		(150	)		706
SCA&C
Colombia		296		137		40		62		19		(125	)		429
Panama		119		27		7		13		2		(53	)		115
Caribbean TCL		297		4		6		2		5		(20	)		294
Dominican Republic		285		20		—		46		10		(19	)		342
Rest of SCA&C		360		16		3		22		1		(9	)		393
Others		—		—		—		—		2,851		(2,411	)		440

Continuing operations		8,014		6,374		2,639		2,086		3,060		(6,596	)		15,577
Discontinued operations		113		18		4		3		174		(56	)		256

Total	$	8,127		6,392		2,643		2,089		3,234		(6,652	)		15,833

F-37


2021	Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			Revenues
Mexico	$	2,412		733		208		810		14		(853	)		3,324
United States		1,731		2,479		1,005		558		13		(1,431	)		4,355
EMEAA
United Kingdom		270		311		377		200		53		(271	)		940
France		—		682		397		6		—		(222	)		863
Germany		210		204		65		30		69		(149	)		429
Poland		272		154		38		6		1		(72	)		399
Spain		256		93		31		23		—		(69	)		334
Philippines		423		—		—		4		1		(4	)		424
Israel		—		657		199		89		27		(187	)		785
Rest of EMEAA		423		232		47		14		21		(124	)		613
SCA&C
Colombia		309		130		36		58		21		(117	)		437
Panama		103		16		5		7		1		(34	)		98
Caribbean TCL		271		5		7		4		6		(20	)		273
Dominican Republic		240		16		—		44		8		(17	)		291
Rest of SCA&C		400		20		6		24		1		(7	)		444
Others		—		—		—		—		1,619		(1,249	)		370

Continuing operations		7,320		5,732		2,421		1,877		1,855		(4,826	)		14,379
Discontinued operations		156		23		7		3		174		(9	)		354

Total	$	7,476		5,755		2,428		1,880		2,029		(4,835	)		14,733


2020	Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			Revenues
Mexico	$	2,001		628		172		590		14		(727	)		2,678
United States		1,599		2,255		954		468		13		(1,296	)		3,993
EMEAA
United Kingdom		201		274		314		176		53		(279	)		739
France		—		647		340		—		—		(233	)		754
Germany		210		202		69		31		69		(129	)		452
Poland		244		142		39		6		1		(62	)		370
Spain		233		83		24		18		—		(55	)		303
Philippines		398		—		—		2		1		(3	)		398
Israel		—		623		195		81		27		(172	)		754
Rest of EMEAA		400		220		42		11		21		(121	)		573
SCA&C
Colombia		294		119		34		44		21		(108	)		404
Panama		67		14		4		4		1		(17	)		73
Caribbean TCL		245		5		7		2		6		(21	)		244
Dominican Republic		185		15		5		31		8		(26	)		218
Rest of SCA&C		359		3		6		19		1		2			390
Others		—		—		—		—		802		(476	)		326

Continuing operations		6,436		5,230		2,205		1,483		1,038		(3,723	)		12,669
Discontinued operations		167		90		77		3		201		(48	)		490

Total	$	6,603		5,320		2,282		1,486		1,239		(3,771	)		13,159