XML 138 R38.htm IDEA: XBRL DOCUMENT

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

12 Months Ended

Dec. 31, 2023

Statement [line items]

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

The following table presents condensed combined information of the statements of income of Cemex’s discontinued operations previously mentioned related to: a) Neoris operations for the period from January 1 to October 25, 2022 and for year ended December 31, 2021; b) Costa Rica and El Salvador for the period from January 1 to August 31, 2022 and for the year ended December 31, 2021; c) Spain related to the white cement business for the period from January 1 to July 9, 2021 and; d) France related to the Rhone Alpes region for the three-month period ended March 31, 2021.


		2022			2021
Revenues	$		256			354
Cost of sales and operating expenses			(225	)		(304	)
Other expenses, net			(8	)		(42	)
Financial expenses, net and others			–			5

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

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

Net result of discontinued operations	$		324			(39	)

Summary of Consolidating Income Statements by Reportable Segment

Selected information of the consolidated statements of income by reportable segment for the years 2023, 2022 and 2021, excluding the share of profits of equity accounted investees by reportable segment that is included in note 14.1, was as follows:


2023		Sales (including intragroup transactions)		Less: Intragroup transactions			External revenues		Operating EBITDA			Less: Depreciation and amortization		Operating earnings (loss) before other expenses, net			Other expenses, net			Financial expense			Other financing items, net
Mexico	$		5,060		(205	)		4,855		1,488			221		1,267			(59	)		(39	)		105
United States			5,338		–			5,338		1,040			483		557			(31	)		(75	)		(30	)
EMEAA
United Kingdom			992		–			992		193			72		121			(6	)		(14	)		(17	)
France			842		–			842		53			54		(1	)		(39	)		(15	)		(1	)
Germany			497		(50	)		447		37			32		5			(3	)		(2	)		(5	)
Poland			467		(1	)		466		72			24		48			1			(2	)		2
Spain			449		(38	)		411		71			31		40			3			(2	)		1
Philippines 1			312		–			312		34			32		2			(2	)		(3	)		1
Israel			794		–			794		90			33		57			5			(6	)		1
Rest of EMEAA			770		(4	)		766		147			48		99			(7	)		(6	)		(6	)
SCA&C
Colombia 2			458		–			458		62			25		37			(19	)		(6	)		(1	)
Panama 2			158		(26	)		132		35			17		18			(2	)		–			–
Caribbean TCL 3			329		(12	)		317		78			20		58			(17	)		(2	)		(2	)
Dominican Republic			378		(18	)		360		139			9		130			(2	)		(1	)		13
Rest of SCA&C 2			414		–			414		90			13		77			(10	)		(2	)		1

Reportable segments								16,904		3,629			1,114		2,515			(188	)		(175	)		62
Other activities 4								484		(282	)		119		(401	)		(77	)		(356	)		(29	)

Consolidated	$							17,388		3,347			1,233		2,114			(265	)		(531	)		33


2022		Sales (including intragroup transactions)		Less: Intragroup transactions			External revenues		Operating EBITDA			Less: Depreciation and amortization		Operating earnings (loss) 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	)

Reportable segments								15,137		2,961			1,031		1,930			(410	)		(111	)		16
Other activities 4								440		(280	)		89		(369	)		(57	)		(394	)		135

Consolidated	$							15,577		2,681			1,120		1,561			(467	)		(505	)		151


2021		Sales (including intragroup transactions)		Less: Intragroup transactions			External revenues		Operating EBITDA			Less: Depreciation and amortization		Operating earnings (loss) 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	)

Reportable segments								14,009		3,048			1,052		1,996			(650	)		(107	)		(5	)
Other activities 4								370		(209	)		68		(277	)		568			(469	)		(156	)

Consolidated	$							14,379		2,839			1,120		1,719			(82	)		(576	)		(161	)

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, 2023 and 2022, there is a

non-controlling

interest in CHP of 10.14% and 22.10%, respectively, of its ordinary shares (note 21.4).

Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded 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. As of December 31, 2023 and 2022, there was a

non-controlling

interest in CLH of 0.50% and 4.70% of its ordinary shares, respectively, 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, 2023 and 2022, there was a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4).

4	In the caption of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities.

Summary of Balance sheet Information by Reportable Segment

Debt by reportable segment is disclosed in note 17.1. As of December 31, 2023 and 2022, the selected statement of financial position information by reportable segment was as follows:


2023		Associates and joint ventures		Other segment assets		Total assets		Total liabilities		Net assets by segment			Capital expenditures 1
Mexico	$		–		5,381		5,381		2,052		3,329			264
United States			216		12,782		12,998		2,770		10,228			521
EMEAA
United Kingdom			6		1,484		1,490		960		530			107
France			41		922		963		467		496			44
Germany			3		506		509		289		220			47
Poland			–		415		415		153		262			44
Spain			–		666		666		212		454			38
Philippines			–		795		795		135		660			85
Israel			–		808		808		507		301			41
Rest of EMEAA			11		852		863		329		534			75
SCA&C
Colombia			–		1,007		1,007		308		699			76
Panama			–		292		292		78		214			13
Caribbean TCL			–		478		478		207		271			18
Dominican Republic			–		233		233		95		138			16
Rest of SCA&C			–		280		280		111		169			25

Reportable segments			277		26,901		27,178		8,673		18,505			1,414
Other activities			452		754		1,206		7,644		(6,438	)		3
Assets held for sale			–		49		49		–		49			–

Total consolidated	$		729		27,704		28,433		16,317		12,116			1,417


2022		Associates and joint ventures		Other segment assets		Total assets		Total liabilities		Net assets by segment			Capital expenditures 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

Reportable segments			258		24,354		24,612		7,711		16,901			1,322
Other activities			382		1,385		1,767		7,827		(6,060	)		40
Assets held for sale			–		68		68		–		68			–

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

1	Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use incurred during the respective period (notes 15.1 and 15.2) and exclude increases related to asset retirement obligations (note 18.2).

Summary of Revenues by Line of Business and Reportable Segment

Revenues including intragroup transactions and external customers by line of business and reportable segment for the years ended December 31, 2023, 2022 and 2021, were as follows:


2023		Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			External revenues
Mexico	$		3,378		1,397		399		1,163		13		(1,495	)		4,855
United States			1,988		3,070		1,347		694		14		(1,775	)		5,338
EMEAA
United Kingdom			315		344		376		201		22		(266	)		992
France			–		656		356		17		–		(187	)		842
Germany			227		171		91		38		62		(142	)		447
Poland			331		169		44		6		–		(84	)		466
Spain			326		119		41		25		–		(100	)		411
Philippines			311		–		–		3		1		(3	)		312
Israel			–		662		200		116		2		(186	)		794
Rest of EMEAA			551		288		52		17		23		(165	)		766
SCA&C
Colombia			316		163		48		54		22		(145	)		458
Panama			128		30		9		12		4		(51	)		132
Caribbean TCL			316		5		8		1		4		(17	)		317
Dominican Republic			301		24		–		60		10		(35	)		360
Rest of SCA&C			373		18		5		28		1		(11	)		414

Reportable segments			8,861		7,116		2,976		2,435		178		(4,662	)		16,904
Other activities			–		–		–		–		484		–			484

Consolidated	$															17,388


2022		Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			External 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

Reportable segments			8,014		6,374		2,639		2,086		209		(4,185	)		15,137
Other activities			–		–		–		–		440		–			440

Consolidated	$															15,577


2021		Cement		Concrete		Aggregates		Urbanization solutions		Others		Eliminations			External 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

Reportable segments			7,320		5,732		2,421		1,877		236		(3,577	)		14,009
Other activities			–		–		–		–		370		–			370

Consolidated	$															14,379