For the years ended December 31, 2017, 2016 and 2015, the translation effects of foreign subsidiaries included in the statements of comprehensive income were as follows:
| 2017 | 2016 | 2015 | ||||||||||||||
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Foreign currency translation result1 |
Ps | (3,116 | ) | 20,648 | 12,869 | |||||||||||
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Foreign exchange fluctuations from debt2 |
(4,160 | ) | 1,367 | 908 | ||||||||||||
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Foreign exchange fluctuations from intercompany balances3 |
(2,243 | ) | (10,385 | ) | (5,801 | ) | ||||||||||
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| Ps | (9,519 | ) | 11,630 | 7,976 | ||||||||||||
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| 1 | These effects refer to the result from the translation of the financial statements of foreign subsidiaries and include the changes in fair value of foreign exchange forward contracts designated as hedge of a net investment (note 16.4). |
| 2 | Generated by foreign exchange fluctuations over a notional amount of debt in CEMEX, S.A.B. de C.V., associated with the acquisition of foreign subsidiaries and designated as a hedge of the net investment in foreign subsidiaries (note 2.4). |
| 3 | Refers to foreign exchange fluctuations arising from balances with related parties in foreign currencies that are of a long-term investment nature considering that their liquidation is not anticipated in the foreseeable future and foreign exchange fluctuations over a notional amount of debt of a subsidiary of CEMEX España identified and designated as a hedge of the net investment in foreign subsidiaries. |