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:
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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 |
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Mexico |
Ps | 58,442 | (1,075 | ) | 57,367 | 21,215 | 2,246 | 18,969 | (687 | ) | (409 | ) | (534 | ) | ||||||||||||||||||||||||||
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United States |
65,536 | — | 65,536 | 10,652 | 6,200 | 4,452 | 3,202 | (631 | ) | (177 | ) | |||||||||||||||||||||||||||||
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Europe |
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United Kingdom |
20,179 | — | 20,179 | 2,763 | 997 | 1,766 | 450 | (77 | ) | (397 | ) | |||||||||||||||||||||||||||||
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France |
16,162 | — | 16,162 | 855 | 549 | 306 | (129 | ) | (61 | ) | 18 | |||||||||||||||||||||||||||||
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Germany |
10,056 | (1,339 | ) | 8,717 | 743 | 509 | 234 | (11 | ) | (14 | ) | (63 | ) | |||||||||||||||||||||||||||
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Spain |
6,870 | (990 | ) | 5,880 | 344 | 638 | (294 | ) | (711 | ) | (34 | ) | 12 | |||||||||||||||||||||||||||
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Poland |
5,552 | (74 | ) | 5,478 | 647 | 361 | 286 | (140 | ) | (30 | ) | (8 | ) | |||||||||||||||||||||||||||
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Rest of Europe |
9,439 | (864 | ) | 8,575 | 1,463 | 688 | 775 | (131 | ) | (24 | ) | 71 | ||||||||||||||||||||||||||||
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South, Central America and the Caribbean (“SAC”) |
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Colombia1 |
10,685 | — | 10,685 | 2,166 | 507 | 1,659 | (642 | ) | (129 | ) | (36 | ) | ||||||||||||||||||||||||||||
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Panama1 |
5,112 | (98 | ) | 5,014 | 2,007 | 319 | 1,688 | (20 | ) | (5 | ) | 7 | ||||||||||||||||||||||||||||
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Costa Rica1 |
2,805 | (379 | ) | 2,426 | 1,000 | 99 | 901 | — | (5 | ) | 29 | |||||||||||||||||||||||||||||
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Caribbean TCL3 |
4,332 | (49 | ) | 4,283 | 1,059 | 610 | 449 | (139 | ) | (215 | ) | (25 | ) | |||||||||||||||||||||||||||
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Rest of SAC1 |
11,716 | (872 | ) | 10,844 | 2,602 | 449 | 2,153 | (1,069 | ) | (23 | ) | (12 | ) | |||||||||||||||||||||||||||
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Asia, Middle East and Africa (“AMEA”) |
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Philippines2 |
8,296 | — | 8,296 | 1,394 | 528 | 866 | 89 | (3 | ) | (24 | ) | |||||||||||||||||||||||||||||
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Egypt |
3,862 | — | 3,862 | 594 | 299 | 295 | (210 | ) | (60 | ) | 574 | |||||||||||||||||||||||||||||
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Rest of AMEA |
13,516 | — | 13,516 | 1,855 | 363 | 1,492 | (174 | ) | (28 | ) | 12 | |||||||||||||||||||||||||||||
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Others |
22,514 | (11,203 | ) | 11,311 | (2,796 | ) | 630 | (3,426 | ) | (3,493 | ) | (17,553 | ) | 4,169 | ||||||||||||||||||||||||||
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Continuing operations |
275,074 | (16,943 | ) | 258,131 | 48,563 | 15,992 | 32,571 | (3,815 | ) | (19,301 | ) | 3,616 | ||||||||||||||||||||||||||||
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Discontinued operations |
1,550 | (1 | ) | 1,549 | 75 | 57 | 18 | 14 | (3 | ) | — | |||||||||||||||||||||||||||||
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Total |
Ps | 276,624 | (16,944 | ) | 259,680 | 48,638 | 16,049 | 32,589 | (3,801 | ) | (19,304 | ) | 3,616 | |||||||||||||||||||||||||||
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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 |
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Mexico |
Ps | 53,579 | (848 | ) | 52,731 | 19,256 | 2,390 | 16,866 | (608 | ) | (339 | ) | 2,695 | |||||||||||||||||||||||||||
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United States |
66,554 | — | 66,554 | 10,973 | 6,400 | 4,573 | 2,919 | (487 | ) | (212 | ) | |||||||||||||||||||||||||||||
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Europe |
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United Kingdom |
21,153 | — | 21,153 | 3,606 | 1,047 | 2,559 | 711 | (63 | ) | (393 | ) | |||||||||||||||||||||||||||||
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France |
14,535 | — | 14,535 | 669 | 484 | 185 | (110 | ) | (53 | ) | 2 | |||||||||||||||||||||||||||||
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Germany |
9,572 | (1,385 | ) | 8,187 | 553 | 464 | 89 | (64 | ) | (15 | ) | (85 | ) | |||||||||||||||||||||||||||
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Spain |
6,563 | (841 | ) | 5,722 | 814 | 663 | 151 | (112 | ) | (37 | ) | (9 | ) | |||||||||||||||||||||||||||
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Poland |
4,799 | (88 | ) | 4,711 | 579 | 330 | 249 | 6 | (11 | ) | 123 | |||||||||||||||||||||||||||||
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Rest of Europe |
7,935 | (541 | ) | 7,394 | 1,141 | 660 | 481 | (103 | ) | (33 | ) | 77 | ||||||||||||||||||||||||||||
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South, Central America and the Caribbean (“SAC”) |
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Colombia1 |
12,415 | (1 | ) | 12,414 | 3,975 | 489 | 3,486 | (575 | ) | 46 | 38 | |||||||||||||||||||||||||||||
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Panama1 |
4,906 | (124 | ) | 4,782 | 2,170 | 340 | 1,830 | (7 | ) | (27 | ) | 5 | ||||||||||||||||||||||||||||
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Costa Rica1 |
2,818 | (351 | ) | 2,467 | 1,127 | 116 | 1,011 | (23 | ) | (11 | ) | 27 | ||||||||||||||||||||||||||||
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Rest of SAC1 |
11,378 | (778 | ) | 10,600 | 2,875 | 437 | 2,438 | (1,226 | ) | (28 | ) | (182 | ) | |||||||||||||||||||||||||||
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Asia, Middle East and Africa (“AMEA”) |
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Philippines2 |
9,655 | — | 9,655 | 2,687 | 530 | 2,157 | 21 | (1 | ) | (24 | ) | |||||||||||||||||||||||||||||
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Egypt |
6,950 | (5 | ) | 6,945 | 2,454 | 539 | 1,915 | (213 | ) | (78 | ) | (253 | ) | |||||||||||||||||||||||||||
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Rest of AMEA |
11,858 | (12 | ) | 11,846 | 1,617 | 299 | 1,318 | (112 | ) | (27 | ) | 27 | ||||||||||||||||||||||||||||
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Others |
18,846 | (8,597 | ) | 10,249 | (2,962 | ) | 803 | (3,765 | ) | (2,174 | ) | (20,323 | ) | 2,653 | ||||||||||||||||||||||||||
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Continuing operations |
263,516 | (13,571 | ) | 249,945 | 51,534 | 15,991 | 35,543 | (1,670 | ) | (21,487 | ) | 4,489 | ||||||||||||||||||||||||||||
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Discontinued operations |
9,186 | (207 | ) | 8,979 | 1,232 | 693 | 539 | (2 | ) | (10 | ) | (47 | ) | |||||||||||||||||||||||||||
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Total |
Ps | 272,702 | (13,778 | ) | 258,924 | 52,766 | 16,684 | 36,082 | (1,672 | ) | (21,497 | ) | 4,442 | |||||||||||||||||||||||||||
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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 |
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Mexico |
Ps | 50,260 | (5,648 | ) | 44,612 | 15,362 | 2,399 | 12,963 | (684 | ) | (210 | ) | 915 | |||||||||||||||||||||||||||
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United States |
56,846 | (18 | ) | 56,828 | 7,985 | 5,629 | 2,356 | 234 | (437 | ) | (144 | ) | ||||||||||||||||||||||||||||
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Europe |
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United Kingdom |
20,227 | — | 20,227 | 2,705 | 1,004 | 1,701 | (147 | ) | (95 | ) | (299 | ) | ||||||||||||||||||||||||||||
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France |
12,064 | — | 12,064 | 670 | 438 | 232 | (8 | ) | (48 | ) | (10 | ) | ||||||||||||||||||||||||||||
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Germany |
8,285 | (1,276 | ) | 7,009 | 542 | 389 | 153 | 49 | (14 | ) | (61 | ) | ||||||||||||||||||||||||||||
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Spain |
6,151 | (755 | ) | 5,396 | 1,031 | 604 | 427 | (735 | ) | (72 | ) | (2 | ) | |||||||||||||||||||||||||||
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Poland |
4,445 | (108 | ) | 4,337 | 598 | 295 | 303 | 18 | (54 | ) | 33 | |||||||||||||||||||||||||||||
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Rest of Europe |
7,457 | (660 | ) | 6,797 | 1,110 | 739 | 371 | (187 | ) | (23 | ) | (122 | ) | |||||||||||||||||||||||||||
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South, Central America and the Caribbean (“SAC”) |
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Colombia1 |
11,562 | (2 | ) | 11,560 | 4,041 | 500 | 3,541 | (88 | ) | (50 | ) | (570 | ) | |||||||||||||||||||||||||||
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Panama1 |
4,599 | (68 | ) | 4,531 | 1,869 | 298 | 1,571 | (180 | ) | (13 | ) | 2 | ||||||||||||||||||||||||||||
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Costa Rica1 |
2,658 | (229 | ) | 2,429 | 1,096 | 102 | 994 | (2 | ) | (9 | ) | 2 | ||||||||||||||||||||||||||||
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Rest of SAC1 |
12,177 | (1,988 | ) | 10,189 | 2,295 | 445 | 1,850 | (87 | ) | (22 | ) | (119 | ) | |||||||||||||||||||||||||||
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Asia, Middle East and Africa (“AMEA”) |
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Philippines2 |
8,436 | (4 | ) | 8,432 | 2,206 | 447 | 1,759 | (12 | ) | (20 | ) | 19 | ||||||||||||||||||||||||||||
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Egypt |
6,923 | (5 | ) | 6,918 | 1,777 | 536 | 1,241 | (254 | ) | (115 | ) | 114 | ||||||||||||||||||||||||||||
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Rest of AMEA |
9,929 | — | 9,929 | 1,250 | 244 | 1,006 | (53 | ) | (23 | ) | (1 | ) | ||||||||||||||||||||||||||||
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Others |
16,793 | (8,752 | ) | 8,041 | (3,003 | ) | 589 | (3,592 | ) | (896 | ) | (18,579 | ) | (1,090 | ) | |||||||||||||||||||||||||
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Continuing operations |
238,812 | (19,513 | ) | 219,299 | 41,534 | 14,658 | 26,876 | (3,032 | ) | (19,784 | ) | (1,333 | ) | |||||||||||||||||||||||||||
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Discontinued operations |
11,944 | (56 | ) | 11,888 | 1,201 | 978 | 223 | 23 | (17 | ) | 66 | |||||||||||||||||||||||||||||
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Total |
Ps | 250,756 | (19,569 | ) | 231,187 | 42,735 | 15,636 | 27,099 | (3,009 | ) | (19,801 | ) | (1,267 | ) | ||||||||||||||||||||||||||
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| 1 | 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). |
| 2 | 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). |
| 3 | 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). |