Cemex 2012 Annual Report Download - page 76

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Notes to the
consolidated
financial
statements
76
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In addition, as mentioned above, CEMEX performed a reasonableness test of the estimated value in use by performing a sensitivity
analysis on key cash flow assumptions, and estimated the recoverable amount by using the method of multiples of Operating
EBITDA.
Based on the above, considering economic assumptions that were verified for reasonableness with information generated by
external sources, to the extent available, the value in use of the CEMEX’s operating segment in the United States exceeded the
respective carrying amount for goodwill impairment test purposes as of December 31, 2012 and 2011. The additional sensitivity
analyses were as follows:
Excess of value in use over carrying amount 2012 2011
Basic test US$ 3,933 4,114
Sensitivity to plus 1 percent point in discount rate 1,390 1,335
Sensitivity to minus 1 percent point in long-term growth 2,574 2,493
Excess of multiples of Operating EBITDA over carrying amount 1,106 781
As of December 31, 2012 and 2011, CEMEX considers that its combination of discount rate and long-term growth rate applied in
the base model for its group of CGUs in the United States to which goodwill has been allocated reflect the particular risk factors
existing as of the date of analysis.
16) Financial instruments
16A) Short-term and long-term debt
As of December 31, 2012 and 2011, CEMEX’s consolidated debt summarized by interest rates, currencies and type of instrument,
was as follows:
2012 2011
Short-term Long-term Total Short-term Long-term Total
Floating rate debt $ 81 62,664 62,745 $ 2,997 106,943 109,940
Fixed rate debt 515 114,875 115,390 1,676 96,855 98,531
$ 596 177,539 178,135 $ 4,673 203,798 208,471
Effective rate 1
Floating rate 5.5% 5.2% 5.0% 5.3%
Fixed rate 4.7% 9.0% 10.5% 8.4%
2012 2011
Eective Eective
Currency Short-term Long-term Total rate
1 Short-term Long-term Total rate
1
Dollars $ 486 144,582 145,068 7.8% $ 310 156,055 156,365 6.9%
Euros 46 30,461 30,507 5.9% 93 44,357 44,450 5.9%
Pesos 15 2,392 2,407 8.8% 4,268 3,268 7,536 9.5%
Other currencies 49 104 153 4.6% 2 118 120 5.8%
$ 596 177,539 178,135 $ 4,673 203,798 208,471
1 Represents the weighted average effective interest rate.