Cemex 2012 Annual Report Download - page 146
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Notes to the
financial
statements
146
< previous I contents I next >
11) Balances and transactions with related parties
As of December 31, 2012 and 2011, the main accounts receivable and payable with related parties, are the following:
Assets Liabilities
2012 Short-term Long-term Short-term Long-term
CEMEX México, S.A. de C.V. $ – 6,942 2,649 –
CEMEX Research Group AG. 72 – – –
CEMEX Latam Holdings S.A. 58 – – –
Construction Funding Corporation – – 17,198 15,188
CEMEX Central, S.A. de C.V. – – 323 –
TEG Energía, S.A. de C.V. – – – 626
Others 147 – – –
$ 277 6,942 20,170 15,814
Assets Liabilities
2011 Short-term Long-term Short-term Long-term
CEMEX México, S.A. de C.V. $ – 13,943 1,275 –
Centro Distribuidor de Cemento, S.A. de C.V. 269 – – –
CEMEX International Finance Co. – – 9,393 16,500
CEMEX Central, S.A. de C.V. – – 281 –
TEG Energía, S.A. de C.V. – – – 646
Others 401 – 53 –
$ 670 13,943 11,002 17,146
The main operations of CEMEX, S.A.B. de C.V. with related parties for the years ended December 31, 2012, 2011 and 2010 are
as follows:
2012 2011 2010
Rental income $ 335 336 370
License fees 907 978 814
Financial expenses (1,527) (1,856) (3,293)
Management service expenses (951) (764) (1,046)
Financial income 780 1,512 2,689
Results from financial instrument (12) (903) (61)
Other expenses, net 75 (598) (1,168)
Balances and operations between CEMEX, S.A.B. de C.V. and the aliated companies result mainly from: (i) the acquisition or sale
of shares of subsidiaries within the group; (ii) billing of administrative services, rents, rights to use of brands and commercial
names, royalties and other services rendered between aliated companies; and (iii) loans between aliated companies. The
transactions between aliated companies are conducted at arm’s length.
The balance receivable from CEMEX México is related to a loan that accrues TIIE plus 129 base points. The balance payable to TEG
Energía, S.A. de C.V., corresponds to the measurement of the interest rate swap contract related to energy projects for a nominal
value of US$15 which is due in September 2022. The balance payable to subsidiaries accrued interest under market conditions.
12) Income taxes
12A) Income taxes for the period
The income taxes of CEMEX, S.A.B. de C.V. for the years ended December 31, 2012, 2011 and 2010 include the following:
2012 2011 2010
Current income tax $ (437) (41) 2,554
Deferred income tax (1,272) (427) (5,508)
$ (1,709) (468) (2,954)
CEMEX, S.A.B. de C.V. has consolidated tax losses of approximately $8,248, which were generated in 2011 by its Mexican
operations and which can be amortized, restated for inflation, against taxable income in the succeeding ten years.