Notes to consolidated financial statements
For the years ended December 31, 2011 and 2010 (as adjusted)
(In thousands of Mexican pesos ($) and thousands of U.S. dollars (US$))

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18. Discontinued operations

As discussed in Note 1, in December 31, 2010, the Company spun off its mining and real estate assets. In addition, the Company decided to sell the shares in its subsidiaries Hubard y Bourlon, S.A. de C.V., Ingenieria HB, S.A. de C.V., Selmec Equipos Industriales, S.A. de C.V. and CILSA Panamá, S.A. Therefore, in the balance sheet as of December 31, 2010, the assets and liabilities of those subsidiaries are classified as held for sale and included within short term and long-term assets and liabilities from discontinued operations.

The balance sheets at December 31, 2011 and 2010 (as adjusted) of the spun-off subsidiaries and / or disposed, are summarized as follows:

		2011		2010
Current assets:
Cash and cash equivalents	$	7,029	$	201,078
Accounts receivable – Net		-		8,999
Inventories – Net		1,077		389,177
Other accounts receivables		2,669		347,800
Total current assets		10,775		947,054
Property, machinery and equipment		-		165,487
Other assets		-		226,873
Total long term assets		-		392,360
Total assets	$	10,775	$	1,339,414
Current liabilities:
Short-term debt	$	-	$	218,498
Trade accounts payable		-		431,58
Accrued expenses, taxes and others		-		374,798
Total current liabilities		-		1,024,879
Long-term debt		-		-
Deferred income taxes		-		6,022
Other long-term liabilities		-		9,200
Total long-term liabilities		-		15,222
Total liabilities	$	-	$	1,040,101

Furthermore, the income statements for the year of the spun-off sector sales to date are presented separately in the consolidated statement of income as discontinued operations.

The following are relevant income statement figures of the discontinued subsidiaries, for the period they were held. Such amounts correspond to the real estate and mining subsidiaries, Hubard y Bourlon, S.A. de C.V., Ingenieria HB, S.A. de C.V., Selmec Equipos Industriales, S.A. de C.V. and CILSA Panamá, S.A. to December 31, 2011 and 2010:

		2011		2010
Net sales	$	12,151	$	12,100,920
Costs and expenses		24,360		6,761,852
Operating expenses		898		1,004,671
Other expenses , net (1)		175,684		(172,888)
Net comprehensive financing result		(36)		(845,013)
Equity in income of associated companies		-		120,410
Income before taxes		162,541		3,436,906
Income taxes		(11,827)		842,066
Income of discontinued operations		174,368		2,594,840
Non-controlling interest		-		325,698
Net income of discontinued operations	$	174,368	$	2,269,142

⁽¹⁾ Includes accounting profit on shares sales of $92,040 for Hubard y Bourlon, S.A. de C.V, an accounting loss of ($69) for Ingeniería HB, S.A. de C.V., an accounting profit of $78,228 for Selmec Equipos Industriales, S.A. de C.V. and an accountin profit of $51,390 for Cilsa Panamá, S.A.