Cemex 2009 Annual Report Download - page 50

48
Net sales by sector and geographic segment – continued.
2007 Cement Concrete Aggregates Others Eliminations Net sales
North America 1
Mexico $ 29,221 13,618 1,128 6,745 (9,714) 40,998
United States 20,476 22,675 10,674 12,230 (11,448) 54,607
Europe 2
Spain 16,007 6,873 1,561 6,379 (7,244) 23,576
United Kingdom 4,366 9,289 7,503 8,695 (7,422) 22,431
Rest of Europe 12,531 25,663 9,499 6,695 (8,632) 45,756
Central and South America and the Caribbean 3
Venezuela 5,106 2,179 246 321 (1,029) 6,823
Colombia 4,313 2,223 385 1,209 (2,101) 6,029
Rest of Central and South America and the Caribbean 8,551 2,674 139 506 (1,875) 9,995
Africa and Middle East 4
Egypt 3,430 294 – 32 (33) 3,723
Rest of Africa and Middle East 4,142 – 774 (250) 4,666
Asia 5
Philippines 3,173 – – – (405) 2,768
Rest of Asia 720 1,026 151 247 (76) 2,068
Others 6 – – – 17,872 (13,160) 4,712
Total $ 107,894 90,656 31,286 61,705 (63,389) 228,152
Footnotes to the geographic segment tables presented above:
1 In 2007, “United States” includes Rinker’s operations in that country for the period from July 1 to December 31, 2007.
2 For the reported periods, the segment “Rest of Europe” refers primarily to operations in Germany, France, Ireland, the Czech Republic, Austria, Poland, Croatia, Hungary and Latvia.
3 For the reported periods, the segment “Rest of Central and South America and the Caribbean” includes CEMEX’s operations in Costa Rica, Panama, Puerto Rico, the
Dominican Republic, Nicaragua, other countries in the Caribbean, Guatemala, and small ready-mix concrete operations in Jamaica and Argentina. As mentioned in note
12A, in August 2008 the Government of Venezuela nationalized CEMEX’s operations in that country, therefore, operations reported in 2008 refer to the seven-month period
ended July 31, 2008.
4 The segment “Rest of Africa and Middle East” includes the operations in the United Arab Emirates and Israel.
5 For the reported periods, the segment “Rest of Asia” includes the operations in Thailand, Bangladesh, China and Malaysia, and, in 2007, Rinker’s operations in China for the
period from July 1 to December 31, 2007.
6 These segments refer to: 1) cement trade maritime operations, 2) the subsidiary involved in the development of information technology solutions (Neoris, N.V.), 3) the Parent
Company and other corporate entities, and 4) other minor subsidiaries with different lines of business.
7 In 2008, the amounts of “Total assets” and “Total liabilities” presented in this table are not directly comparable to the total amounts presented in the corresponding captions
of the consolidated balance sheet, due to the presentation of the Australia operations as a discontinued operation.
4B) Discontinued operations
On October 1, 2009, after all the agreed upon conditions precedent were satisfied, CEMEX completed the sale of its Australian operations to a subsidiary
of Holcim Ltd. for approximately 2,020 million Australian dollars (approximately US$1,700). The assets divested consisted of 249 ready-mix concrete
plants, 83 aggregate quarries and 16 concrete pipe plants. The sale also included CEMEX’s 25% interest in Cement Australia, which assets include
four cement plants, one grinding mill and several works under construction, with an aggregate cement production capacity of 5.1 million tons. As
a result of this significant divestiture, the assets and liabilities associated with the Australian operations are presented in the balance sheet as
of December 31, 2008 as “Discontinued operations” in the corresponding captions within current or non-current assets and liabilities, as the case may be.
Likewise, Australian operations included in the income statements for the years ended December 31, 2009, 2008 and 2007, were reclassified to the single
line item of “Discontinued operations,” which includes in 2009, a loss on sale, net of income tax, and the reclassification of foreign currency translation
effects accrued in equity for an aggregate amount of approximately $5,901 (US$446). The 2009 loss on the sale of CEMEX’s Australian assets includes an
expense of approximately $1,310 (US$99) resulting from the reclassification to the income statements of foreign currency translation effects accrued in
equity until the moment of sale, as well as an income tax benefit of approximately $2,528 (US$191).
Selected condensed balance sheet information of discontinued operations of CEMEX in Australia as of September 30, 2009 and December 31, 2008 was as
follows:
(unaudited)
September 30, December 31,
2009 2008
Current assets $ 6,027 4,672
Investment in associates 2,870 2,307
Property, machinery and equipment, net 13,343 11,577
Goodwill 8,657 7,067
Intangible assets, net 3,885 3,082
Other non-current assets 850 824
Total assets from discontinued operations 35,632 29,529
Short-term debt 1,634 1
Other current liabilities 2,634 2,554
Long-term debt 140 19
Other non-current liabilities 2,324 1,425
Total liabilities from discontinued operations 6,732 3,999
Net assets from discontinued operations $ 28,900 25,530