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Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Investments In Associates And Joint Ventures, Other Investments And Non-Current Accounts Receivable |
14) | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES, OTHER INVESTMENTS AND NON-CURRENT ACCOUNTS RECEIVABLE
14.1) | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
As of December 31, 2023 and 2022, the investments in common shares of associates and joint ventures, which are accounted under the equity method, were as follows:
Associates |  | Activity |  |  | Country |  |  | % |  |  |  |  |  | 2023 |  |  | 2022 |
Camcem, S.A. de C.V. |  |  | Cement |  |  |  | Mexico |  |  |  | 40.1 |  |  | $ |  |  |  |  | 364 |  |  |  | 306 |
Concrete Supply Co. LLC |  |  | Concrete |  |  |  | United States |  |  |  | 40.0 |  |  |  |  |  |  |  | 103 |  |  |  | 96 |
Lehigh White Cement Company |  |  | Cement |  |  |  | United States |  |  |  | 36.8 |  |  |  |  |  |  |  | 83 |  |  |  | 76 |
Neoris N.V. 1 |  |  | Technology |  |  |  | The Netherlands |  |  |  | 34.8 |  |  |  |  |  |  |  | 69 |  |  |  | 62 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Société d’Exploitation de Carrières |  |  | Aggregates |  |  |  | France |  |  |  | 50.0 |  |  |  |  |  |  |  | 24 |  |  |  | 23 |
Société Méridionale de Carrières |  |  | Aggregates |  |  |  | France |  |  |  | 33.3 |  |  |  |  |  |  |  | 13 |  |  |  | 12 |
Other companies |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 73 |  |  |  | 65 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ |  |  |  |  | 729 |  |  |  | 640 |
Out of which: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition cost |  |  | $ |  |  |  |  | 330 |  |  |  | 302 |
Equity method recognition |  |  |  |  |  |  |  | 399 |  |  |  | 338 |
1 | In connection with the sale of Cemex’s 65% stake in Neoris to Advent described in note 4.2, Cemex’s remaining equity interest in Neoris was remeasured at fair value at the date of loss of control, measured prospectively under the equity method and is presented in the line item of investments in associates and joint ventures.
Combined condensed statement of financial position information of associates and joint ventures as of December 31, 2023 and 2022 is set forth below:
|  |  |  |  | 2023 |  |  | 2022 |
Current assets |  | $ |  |  |  |  | 1,761 |  |  |  | 1,603 |
Non-current assets |  |  |  |  |  |  | 1,877 |  |  |  | 1,699 |
Total assets |  |  |  |  |  |  | 3,638 |  |  |  | 3,302 |
Current liabilities |  |  |  |  |  |  | 468 |  |  |  | 468 |
Non-current liabilities |  |  |  |  |  |  | 850 |  |  |  | 774 |
Total liabilities |  |  |  |  |  |  | 1,318 |  |  |  | 1,242 |
Total net assets |  | $ |  |  |  |  | 2,320 |  |  |  | 2,060 |
Out of the total assets amounts in 2023 and 2022 presented in the table above, Camcem, S.A. de C.V. (“Camcem”), which is the holding company of Grupo Cementos de Chihuahua, S.A.B. de C.V. (“GCC”), represented 76% and 74%, respectively. In addition, out of total liabilities, Camcem represented 77% in 2023 and 78% in 2022. Combined selected information of the statements of income of associates and joint ventures in 2023, 2022 and 2021 is set forth below:
|  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Revenues |  | $ |  |  |  |  | 2,410 |  |  |  | 2,319 |  |  |  | 1,801 |
Operating earnings |  |  |  |  |  |  | 535 |  |  |  | 398 |  |  |  | 312 |
Income before income tax |  |  |  |  |  |  | 394 |  |  |  | 268 |  |  |  | 219 |
Net income |  |  |  |  |  |  | 268 |  |  |  | 186 |  |  |  | 153 |
Out of net income in 2023, 2022 and 2021 from the table above, amounts that Cemex participates and which reflect the share in associates and joint ventures in the Company’s statement of income, Camcem represented 59%, 53% and 49%, respectively. The share of associates and joint ventures by reportable segment in the statements of income for 2023, 2022 and 2021 are detailed as follows:
|  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Mexico |  | $ |  |  |  |  | 65 |  |  |  | 39 |  |  |  | 28 |
United States |  |  |  |  |  |  | 21 |  |  |  | 17 |  |  |  | 18 |
EMEAA |  |  |  |  |  |  | 10 |  |  |  | 8 |  |  |  | 8 |
Corporate and others |  |  |  |  |  |  | 2 |  |  |  | (34 | ) |  |  | – |
|  | $ |  |  |  |  | 98 |  |  |  | 30 |  |  |  | 54 |
As of December 31, 2023 and 2022, Cemex did not have written put options for the acquisition of non-controlling interests.
14.2) | OTHER INVESTMENTS AND NON-CURRENT ACCOUNTS RECEIVABLE
As of December 31, 2023 and 2022, consolidated other investments and non-current accounts receivable were summarized as follows:
|  |  |  |  | 2023 |  |  | 2022 |
Non-current accounts receivable 1 |  | $ |  |  |  |  | 272 |  |  |  | 228 |
Non-current portion of assets from valuation of derivative financial instruments (note 17.4) |  |  |  |  |  |  | 64 |  |  |  | 57 |
Investments in strategic equity securities |  |  |  |  |  |  | 3 |  |  |  | 5 |
Investments at fair value through the statements of income |  |  |  |  |  |  | 1 |  |  |  | 3 |
|  | $ |  |  |  |  | 340 |  |  |  | 293 |
1 | Includes, among other items: a) accounts receivable from investees and joint ventures of $78 in 2023 and $33 in 2022, b) advances to suppliers of fixed assets of $41 in 2023 and $58 in 2022, c) employee prepaid compensation of $8 in 2023 and $12 in 2022, and d) warranty deposits of $24 in 2023 and $21 in 2022.

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