Cemex 1999 Annual Report Download - page 61

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59
As of December 31, 1999, the Company and its subsidiaries have the following lines of credit, both committed and
subject to the bank’s availability, at annual interest rates ranging from 5.4% to 12.8%, in accordance with the
negotiated currency:
LINE OF CREDIT AVAILABLE
Euro medium-term Notes (US dollars 1,250 million) $ 11,887,500 8,180,312
European commercial paper (US dollars 600 million) 5,706,000 4,117,830
US commercial paper (US dollars 250 million) 2,377,500 2,377,500
Current line of credit (US dollars 250 million) 2,377,500 2,377,500
Lines of credit of foreign subsidiaries 5,450,086 3,603,728
Other lines of credit from Mexican banks 5,376,839 4,503,688
Other lines of credit from foreign banks 4,203,831 2,292,348
$ 37,379,256 27,452,906
At December 31, 1999 and 1998 in the consolidated balance sheets there are current liabilities amounting to US dollars
226 and 168 million, respectively, classified as long-term debt due to the ability and intention of the Company to
refinance such indebtedness with the available amounts of the long-term lines of credit.
As of December 31, 1999, the Company established deposits in trusts amounting to US dollars 120 million ($1,141.2
million), such deposits are committed to the repayment of short-term and long-term debt, US dollars 30 million in
short-term and US dollars 90 million in long-term, to repay part of the Yankee Bond’ purchase offer (see note 23).
These deposits have been offset for presentation purposes.
Certain credit agreements are guaranteed by the Company and/or some of its subsidiaries and contain restrictive
covenants that limit the sale of assets, maintain control of the shares of certain subsidiaries, establish liens and require
the Company to comply with certain financial ratios. When a default event has occurred, the Company has obtained
the respective waivers.
12.- BALANCES AND TRANSACTIONS WITH RELATED PARTIES
The most important balances receivable and payable from and to affiliated companies as of December 31, 1999 and
1998 are the following:
PARENT COMPANY 1999
ASSETS LIABILITIES
SHORT-TERM LONG-TERM SHORT-TERM
Cemex México, S.A. de C.V. $ 87,603 22,564,025 —
Centro Distribuidor de Cemento, S.A. de C.V. 417,219 — —
Aviación Comercial de América, S.A. de C.V. 97,573 — —
Sunbelt Trading, S.A. 40,244 — —
Cemex Concretos, S.A. de C.V. 27,413 — —
Empresas Tolteca de México, S.A. de C.V. 3,444 — —
Proambiente, S.A. de C.V. 795 — —
Petrocemex, S.A. de C.V. — — 2,872,090
Beeston Investments Holdings Limited — — 76,755
Cemex Central, S.A. de C.V. — — 22,451
Productora de Bolsas de Papel, S.A. de C.V. — — 232
Others 184 — 60
$ 674,475 22,564,025 2,971,588
PARENT COMPANY 1998
ASSETS LIABILITIES
SHORT-TERM LONG-TERM SHORT-TERM
Sunbelt Enterprises $ — 1,094,801 1,212,920
Centro Distribuidor de Cemento, S.A. de C.V. 922,092 — —
Cemex Control, S.A. de C.V. 402,818 — —
Badenoch Corporation 128,366 — —
Aviación Comercial de América, S.A. de C.V. 105,962 — —
Concretos de Alta Calidad y Agregados, S.A. de C.V 32,197 — —
Concreto y Precolados, S.A. 17,118 — —
Cementos Mexicanos, S.A. de C.V. 1,790 — —
Proambiente, S.A. de C.V. 1,274 — —
Cemex México, S.A. de C.V. — — 9,960,339
Petrocemex, S.A. de C.V. — — 71,534
Productora de Bolsas de Papel, S.A. de C.V. — — 16,927
Others 761 — 269
$ 1,612,378 1,094,801 11,261,989