Cemex 2012 Annual Report Download - page 66

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Notes to the
consolidated
financial
statements
66
< previous I contents I next >
13) Investments in associates, other investments and non-current accounts receivable
13A) Investments in associates
As of December 31, 2012 and 2011, the main investments in shares of associates were as follows:
Activity Country % 2012 2011
Control Administrativo Mexicano, S.A. de C.V. Cement Mexico 49.0 $ 4,471 4,566
Camcem, S.A. de C.V. Cement Mexico 10.3 476 486
AB Akmenés cementas Cement Lithuania 33.9 399 391
ABC Capital, S.A. Institución de Banca Múltiple 1 Financing Mexico 49.0 369 371
Trinidad Cement Ltd Cement Trinidad 20.0 252 548
Société Méridionale de Carrières Aggregates France 33.3 213 253
Société d’Exploitation de Carrières Aggregates France 50.0 172 202
Lehigh White Cement Company Cement United States 24.5 162 160
Industrias Básicas, S.A Cement Panama 25.0 121 129
Société des Ciments Antillais Cement French Antilles 26.0 70 136
Other companies – – – 1,274 1,291
$ 7,979 8,533
Out of which:
Book value at acquisition date $ 2,420 2,627
Changes in stockholders’ equity $ 5,559 5,906
1 Formerly ABC Capital, S.A. de C.V.S.O.F.O.M. until October 2, 2011.
As of December 31, 2012 and 2011, there were no put options outstanding for the purchase of non-controlling interests and/or
investments in associates.
In April 2010, CEMEX announced its plans to contribute up to US$100 million for a non-controlling interest in a vehicle originally
named Blue Rock Cement Holdings S.A. which is now named TRG Blue Rock HBM Holdings S.à.r.l. (“Blue Rock -TRG”) that would
invest in the cement and related industries. Blue Rock-TRG is managed by The Rohatyn Group and BK Cement Ltd. Depending
on funds raised from third-party investors and the availability of financing, Blue Rock - TRG may decide to invest in different
assets in the cement industry and/or related industries and/or enter into operating contracts providing for CEMEX’s assistance in
the development, building and operation of the invested assets, if any. As of December 31, 2012, different projects were being
considered but CEMEX did not have any investment in Blue Rock - TRG.
Equity in net income (loss) of associates by geographic operating segment in 2012, 2011 and 2010 is detailed as follows:
2012 2011 2010
Mexico $ 92 (53) 32
United States 343 (204) (648)
Northern Europe 157 146 78
Mediterranean (90) (8) (3)
Corporate and Others 226 (215) 54
$ 728 (334) (487)