FEMSA
COMERCIO – FUEL DIVISION
FEMSA COMERCIO – FUEL DIVISION
|
Financial Summary for the First Nine Months
|
(Millions of Ps. except same-stations sales)
|
|
|
Comparable
|
|
|
Reported
|
|
|
|
2019
|
|
|
2018
|
|
|
Var.*
|
|
|
2018
|
|
Same-station sales (thousands of Ps.)
|
|
|
7,503
|
|
|
|
7,790
|
|
|
|
(3.7
|
)%
|
|
|
7,790
|
|
Revenues
|
|
|
35,616
|
|
|
|
34,300
|
|
|
|
3.8
|
%
|
|
|
34,300
|
|
Income from Operations
|
|
|
922
|
|
|
|
744
|
|
|
|
23.9
|
%
|
|
|
352
|
|
Income from Operations Margin (%)
|
|
|
2.6
|
|
|
|
2.2
|
|
|
|
40 bps
|
|
|
|
1.0
|
|
Operative Cash Flow (EBITDA)
|
|
|
1,634
|
|
|
|
1,321
|
|
|
|
23.7
|
%
|
|
|
470
|
|
Operative Cash Flow (EBITDA) Margin (%)
|
|
|
4.6
|
|
|
|
3.9
|
|
|
|
70 bps
|
|
|
|
1.4
|
|
*vs. Comparable Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
increased 3.8%. Same-station sales decreased at an average of 3.7%, reflecting an 8.0% increase in the average price per liter
offset by a decrease of 10.8% in the average volume.
Gross profit
reached 10.0% of total revenues.
Income
from operations amounted to 2.6% of total revenues. Operating expenses increased 24.6% to Ps. 2,640 million.
coca-cola
femsa
Coca-Cola FEMSA’s financial
results and discussion thereof are incorporated by reference from Coca-Cola FEMSA’s press release, which is attached to
this press release or may be accessed by visiting http://www.coca-colafemsa.com
October 28, 2019
|
|
8
|
|
·
|
On August 6, 2019, FEMSA announced that it had reached an agreement to enter into a 50-50 Joint
Venture with Raízen. Through this agreement, FEMSA Comercio will acquire a 50% interest in Raízen Conveniências.
The full Enterprise Value of Raízen Conveniências for the purpose of this transaction is R$1,122 Million, free of
any debt or cash, and FEMSA Comercio’s 50% interest is therefore valued at R$561 Million. Raízen itself is a 50-50
Joint Venture between Cosan and Shell. Raízen currently operates more than 6,200 Shell service stations in Brazil, and approximately
one thousand of them have a Select brand convenience store today. The stores are franchised or licensed by Raízen to independent
operators. The Joint Venture agreement is limited to the convenience store business and excludes the fuel service station operations.
The transaction has been approved by the relevant authorities, and it is expected to close during the fourth quarter of 2019.
|
|
·
|
On September 26, 2019, FEMSA announced that it had signed a non-binding Memorandum of Understanding
(“MOU”) to acquire a minority stake in privately-held Jetro Restaurant Depot (“JRD”). The MOU also contemplates
that FEMSA and JRD will enter into a Joint Venture to take JRD’s business model to Mexico and other Latin American markets.
The amount of FEMSA’s investment as per the MOU is US$750 million. The transaction is subject to customary regulatory approvals
and is expected to close during the fourth quarter of 2019.
|
CONFERENCE CALL INFORMATION:
|
Our
Third Quarter 2019 Conference Call will be held on: Monday, October 28, 2019, 11:00 AM Eastern Time (9:00 AM Mexico City Time).
To participate in the conference call, please dial: Domestic US: (800) 289 0438; International: +1 (323) 794 2423; Conference
Id: 1233207. The conference call will be webcast live through streaming audio. For details please visit www.femsa.com/investor.
|
If
you are unable to participate live, the conference call audio will be available on http://ir.FEMSA.com/results.cfm.
|
FEMSA is a company that creates economic
and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which
it operates. It participates in the retail industry through FEMSA Comercio, comprising a Proximity Division operating OXXO, a small-format
store chain, a Health Division, which includes drugstores and related activities, and a Fuel Division, which operates the OXXO
GAS chain of retail service stations. In the beverage industry, it participates through Coca-Cola FEMSA, a public bottler of Coca-Cola
products; and in the beer industry, as a shareholder of HEINEKEN, a brewer with operations in over 70 countries. Additionally,
through its Strategic Businesses unit, it provides logistics, point-of-sale refrigeration solutions and plastics solutions to FEMSA's
business units and third-party clients. Through its business units, FEMSA has more than 295,000 employees in 13 countries. FEMSA
is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange
Sustainability Index, among other indexes that evaluate is sustainability performance.
The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon buying rate for Mexican pesos as published by the Federal Reserve Bank of New York on September 30, 2019, which was 19.7420 Mexican pesos per US dollar.
|
October 28, 2019
|
|
9
|
FORWARD-LOOKING STATEMENTS
This report may contain certain forward-looking
statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking
statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future
events and uncertainties, which could materially impact our actual performance.
Eight
pages of tables and Coca-Cola FEMSA’s press release to follow
October 28, 2019
|
|
10
|
FEMSA
Consolidated
Income Statement
Millions
of Pesos
|
|
For the third quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
Total revenues
|
|
|
130,470
|
|
|
|
100.0
|
|
|
|
118,371
|
|
|
|
100.0
|
|
|
|
10.2
|
|
|
|
8.1
|
|
|
|
118,371
|
|
|
|
100.0
|
|
|
|
10.2
|
|
|
|
8.1
|
|
Cost of sales
|
|
|
81,587
|
|
|
|
62.5
|
|
|
|
75,020
|
|
|
|
63.4
|
|
|
|
8.8
|
|
|
|
|
|
|
|
75,066
|
|
|
|
63.4
|
|
|
|
8.7
|
|
|
|
|
|
Gross profit
|
|
|
48,883
|
|
|
|
37.5
|
|
|
|
43,351
|
|
|
|
36.6
|
|
|
|
12.8
|
|
|
|
|
|
|
|
43,305
|
|
|
|
36.6
|
|
|
|
12.9
|
|
|
|
|
|
Administrative expenses
|
|
|
5,392
|
|
|
|
4.1
|
|
|
|
4,411
|
|
|
|
3.7
|
|
|
|
22.2
|
|
|
|
|
|
|
|
4,458
|
|
|
|
3.8
|
|
|
|
21.0
|
|
|
|
|
|
Selling expenses
|
|
|
30,757
|
|
|
|
23.6
|
|
|
|
27,949
|
|
|
|
23.7
|
|
|
|
10.0
|
|
|
|
|
|
|
|
28,563
|
|
|
|
24.2
|
|
|
|
7.7
|
|
|
|
|
|
Other operating expenses (income), net (1)
|
|
|
102
|
|
|
|
0.1
|
|
|
|
292
|
|
|
|
0.2
|
|
|
|
(65.1
|
)
|
|
|
|
|
|
|
292
|
|
|
|
0.2
|
|
|
|
(65.1
|
)
|
|
|
|
|
Income from operations(2)
|
|
|
12,632
|
|
|
|
9.7
|
|
|
|
10,699
|
|
|
|
9.0
|
|
|
|
18.1
|
|
|
|
17.7
|
|
|
|
9,992
|
|
|
|
8.4
|
|
|
|
26.4
|
|
|
|
26.1
|
|
Other non-operating expenses (income)
|
|
|
402
|
|
|
|
|
|
|
|
391
|
|
|
|
|
|
|
|
2.8
|
|
|
|
|
|
|
|
391
|
|
|
|
|
|
|
|
2.8
|
|
|
|
|
|
Interest expense
|
|
|
3,514
|
|
|
|
|
|
|
|
3,402
|
|
|
|
|
|
|
|
3.3
|
|
|
|
|
|
|
|
2,334
|
|
|
|
|
|
|
|
50.6
|
|
|
|
|
|
Interest income
|
|
|
943
|
|
|
|
|
|
|
|
748
|
|
|
|
|
|
|
|
26.1
|
|
|
|
|
|
|
|
748
|
|
|
|
|
|
|
|
26.1
|
|
|
|
|
|
Interest expense, net
|
|
|
2,571
|
|
|
|
|
|
|
|
2,654
|
|
|
|
|
|
|
|
(3.1
|
)
|
|
|
|
|
|
|
1,586
|
|
|
|
|
|
|
|
62.1
|
|
|
|
|
|
Foreign exchange loss (gain)
|
|
|
(1,613
|
)
|
|
|
|
|
|
|
3,304
|
|
|
|
|
|
|
|
(148.8
|
)
|
|
|
|
|
|
|
3,310
|
|
|
|
|
|
|
|
(148.7
|
)
|
|
|
|
|
Other financial expenses (income), net.
|
|
|
51
|
|
|
|
|
|
|
|
(166
|
)
|
|
|
|
|
|
|
(130.7
|
)
|
|
|
|
|
|
|
(166
|
)
|
|
|
|
|
|
|
(130.7
|
)
|
|
|
|
|
Financing expenses, net
|
|
|
1,009
|
|
|
|
|
|
|
|
5,792
|
|
|
|
|
|
|
|
(82.6
|
)
|
|
|
|
|
|
|
4,730
|
|
|
|
|
|
|
|
(78.7
|
)
|
|
|
|
|
Income before income tax and participation in associates results
|
|
|
11,221
|
|
|
|
|
|
|
|
4,516
|
|
|
|
|
|
|
|
148.4
|
|
|
|
|
|
|
|
4,871
|
|
|
|
|
|
|
|
130.4
|
|
|
|
|
|
Income tax
|
|
|
3,391
|
|
|
|
|
|
|
|
1,741
|
|
|
|
|
|
|
|
94.8
|
|
|
|
|
|
|
|
1,784
|
|
|
|
|
|
|
|
90.1
|
|
|
|
|
|
Participation in associates results(3)
|
|
|
1,783
|
|
|
|
|
|
|
|
3,101
|
|
|
|
|
|
|
|
(42.5
|
)
|
|
|
|
|
|
|
3,101
|
|
|
|
|
|
|
|
(42.5
|
)
|
|
|
|
|
Net income from continuing operations
|
|
|
9,613
|
|
|
|
|
|
|
|
5,877
|
|
|
|
|
|
|
|
63.6
|
|
|
|
|
|
|
|
6,188
|
|
|
|
|
|
|
|
55.3
|
|
|
|
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
410
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
410
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
Net consolidated income
|
|
|
9,613
|
|
|
|
|
|
|
|
6,286
|
|
|
|
|
|
|
|
52.9
|
|
|
|
|
|
|
|
6,598
|
|
|
|
|
|
|
|
45.7
|
|
|
|
|
|
Net majority income
|
|
|
7,274
|
|
|
|
|
|
|
|
4,380
|
|
|
|
|
|
|
|
66.1
|
|
|
|
|
|
|
|
4,693
|
|
|
|
|
|
|
|
55.0
|
|
|
|
|
|
Net minority income
|
|
|
2,339
|
|
|
|
|
|
|
|
1,906
|
|
|
|
|
|
|
|
22.7
|
|
|
|
|
|
|
|
1,906
|
|
|
|
|
|
|
|
22.7
|
|
|
|
|
|
Operative Cash Flow & CAPEX
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
Income from operations
|
|
|
12,632
|
|
|
|
9.7
|
|
|
|
10,699
|
|
|
|
9.0
|
|
|
|
18.1
|
|
|
|
17.7
|
|
|
|
9,992
|
|
|
|
8.4
|
|
|
|
26.4
|
|
|
|
26.1
|
|
Depreciation
|
|
|
6,045
|
|
|
|
4.6
|
|
|
|
5,682
|
|
|
|
4.8
|
|
|
|
6.4
|
|
|
|
|
|
|
|
3,803
|
|
|
|
3.2
|
|
|
|
59.0
|
|
|
|
|
|
Amortization & other non-cash charges
|
|
|
1,099
|
|
|
|
0.9
|
|
|
|
1,251
|
|
|
|
1.1
|
|
|
|
(12.2
|
)
|
|
|
|
|
|
|
1,251
|
|
|
|
1.1
|
|
|
|
(12.2
|
)
|
|
|
|
|
Operative Cash Flow (EBITDA)
|
|
|
19,776
|
|
|
|
15.2
|
|
|
|
17,632
|
|
|
|
14.9
|
|
|
|
12.2
|
|
|
|
10.7
|
|
|
|
15,046
|
|
|
|
12.7
|
|
|
|
31.4
|
|
|
|
29.8
|
|
CAPEX
|
|
|
6,776
|
|
|
|
|
|
|
|
6,650
|
|
|
|
|
|
|
|
1.9
|
|
|
|
|
|
|
|
6,650
|
|
|
|
|
|
|
|
1.9
|
|
|
|
|
|
(A) Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th, 2019.
(B) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.
(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.
(2) Income from operations = gross profit - administrative and selling expenses - other operating expenses (income), net.
(3) Mainly represents the equity method participation in Heineken´s results, net.
October 28, 2019
|
|
11
|
FEMSA
Consolidated Income Statement
Millions of Pesos
|
|
For the nine months of:
|
|
|
|
|
|
|
|
|
|
Comparable(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
Total revenues
|
|
|
374,190
|
|
|
|
100.0
|
|
|
|
343,038
|
|
|
|
100.0
|
|
|
|
9.1
|
|
|
|
6.8
|
|
|
|
343,038
|
|
|
|
100.0
|
|
|
|
9.1
|
|
|
|
6.8
|
|
Cost of sales
|
|
|
234,806
|
|
|
|
62.8
|
|
|
|
217,491
|
|
|
|
63.4
|
|
|
|
8.0
|
|
|
|
|
|
|
|
217,603
|
|
|
|
63.4
|
|
|
|
7.9
|
|
|
|
|
|
Gross profit
|
|
|
139,384
|
|
|
|
37.2
|
|
|
|
125,547
|
|
|
|
36.6
|
|
|
|
11.0
|
|
|
|
|
|
|
|
125,435
|
|
|
|
36.6
|
|
|
|
11.1
|
|
|
|
|
|
Administrative expenses
|
|
|
14,871
|
|
|
|
4.0
|
|
|
|
12,823
|
|
|
|
3.7
|
|
|
|
16.0
|
|
|
|
|
|
|
|
12,892
|
|
|
|
3.8
|
|
|
|
15.4
|
|
|
|
|
|
Selling expenses
|
|
|
89,549
|
|
|
|
23.8
|
|
|
|
81,432
|
|
|
|
23.8
|
|
|
|
10.0
|
|
|
|
|
|
|
|
83,168
|
|
|
|
24.2
|
|
|
|
7.7
|
|
|
|
|
|
Other operating expenses (income), net (1)
|
|
|
1,439
|
|
|
|
0.4
|
|
|
|
1,069
|
|
|
|
0.3
|
|
|
|
34.6
|
|
|
|
|
|
|
|
1,069
|
|
|
|
0.3
|
|
|
|
34.6
|
|
|
|
|
|
Income from operations(2)
|
|
|
33,525
|
|
|
|
9.0
|
|
|
|
30,223
|
|
|
|
8.8
|
|
|
|
10.9
|
|
|
|
9.5
|
|
|
|
28,306
|
|
|
|
8.3
|
|
|
|
18.4
|
|
|
|
16.9
|
|
Other non-operating expenses (income)
|
|
|
667
|
|
|
|
|
|
|
|
995
|
|
|
|
|
|
|
|
(33.0
|
)
|
|
|
|
|
|
|
995
|
|
|
|
|
|
|
|
(33.0
|
)
|
|
|
|
|
Interest expense
|
|
|
10,458
|
|
|
|
|
|
|
|
10,354
|
|
|
|
|
|
|
|
1.0
|
|
|
|
|
|
|
|
7,152
|
|
|
|
|
|
|
|
46.2
|
|
|
|
|
|
Interest income
|
|
|
2,462
|
|
|
|
|
|
|
|
2,002
|
|
|
|
|
|
|
|
23.0
|
|
|
|
|
|
|
|
2,002
|
|
|
|
|
|
|
|
23.0
|
|
|
|
|
|
Interest expense, net
|
|
|
7,996
|
|
|
|
|
|
|
|
8,352
|
|
|
|
|
|
|
|
(4.3
|
)
|
|
|
|
|
|
|
5,150
|
|
|
|
|
|
|
|
55.3
|
|
|
|
|
|
Foreign exchange loss (gain)
|
|
|
270
|
|
|
|
|
|
|
|
2,636
|
|
|
|
|
|
|
|
(89.8
|
)
|
|
|
|
|
|
|
2,649
|
|
|
|
|
|
|
|
(89.8
|
)
|
|
|
|
|
Other financial expenses (income), net.
|
|
|
66
|
|
|
|
|
|
|
|
160
|
|
|
|
|
|
|
|
(58.8
|
)
|
|
|
|
|
|
|
160
|
|
|
|
|
|
|
|
(58.8
|
)
|
|
|
|
|
Financing expenses, net
|
|
|
8,332
|
|
|
|
|
|
|
|
11,148
|
|
|
|
|
|
|
|
(25.3
|
)
|
|
|
|
|
|
|
7,959
|
|
|
|
|
|
|
|
4.7
|
|
|
|
|
|
Income before income tax and participation in associates results
|
|
|
24,526
|
|
|
|
|
|
|
|
18,079
|
|
|
|
|
|
|
|
35.7
|
|
|
|
|
|
|
|
19,352
|
|
|
|
|
|
|
|
26.7
|
|
|
|
|
|
Income tax
|
|
|
7,494
|
|
|
|
|
|
|
|
6,141
|
|
|
|
|
|
|
|
22.0
|
|
|
|
|
|
|
|
6,498
|
|
|
|
|
|
|
|
15.3
|
|
|
|
|
|
Participation in associates results(3)
|
|
|
4,930
|
|
|
|
|
|
|
|
5,163
|
|
|
|
|
|
|
|
(4.5
|
)
|
|
|
|
|
|
|
5,163
|
|
|
|
|
|
|
|
(4.5
|
)
|
|
|
|
|
Net income from continuing operations
|
|
|
21,962
|
|
|
|
|
|
|
|
17,102
|
|
|
|
|
|
|
|
28.4
|
|
|
|
|
|
|
|
18,017
|
|
|
|
|
|
|
|
21.9
|
|
|
|
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
576
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
576
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
Net consolidated income
|
|
|
21,962
|
|
|
|
|
|
|
|
17,678
|
|
|
|
|
|
|
|
24.2
|
|
|
|
|
|
|
|
18,593
|
|
|
|
|
|
|
|
18.1
|
|
|
|
|
|
Net majority income
|
|
|
15,896
|
|
|
|
|
|
|
|
12,381
|
|
|
|
|
|
|
|
28.4
|
|
|
|
|
|
|
|
13,230
|
|
|
|
|
|
|
|
20.2
|
|
|
|
|
|
Net minority income
|
|
|
6,066
|
|
|
|
|
|
|
|
5,297
|
|
|
|
|
|
|
|
14.5
|
|
|
|
|
|
|
|
5,363
|
|
|
|
|
|
|
|
13.1
|
|
|
|
|
|
Operative Cash Flow & CAPEX
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.(B)
|
|
Income from operations
|
|
|
33,525
|
|
|
|
9.0
|
|
|
|
30,223
|
|
|
|
8.8
|
|
|
|
10.9
|
|
|
|
9.5
|
|
|
|
28,306
|
|
|
|
8.3
|
|
|
|
18.4
|
|
|
|
16.9
|
|
Depreciation
|
|
|
17,387
|
|
|
|
4.6
|
|
|
|
16,348
|
|
|
|
4.8
|
|
|
|
6.4
|
|
|
|
|
|
|
|
10,738
|
|
|
|
3.1
|
|
|
|
61.9
|
|
|
|
|
|
Amortization & other non-cash charges
|
|
|
3,383
|
|
|
|
0.9
|
|
|
|
2,957
|
|
|
|
0.8
|
|
|
|
14.4
|
|
|
|
|
|
|
|
2,957
|
|
|
|
0.8
|
|
|
|
14.4
|
|
|
|
|
|
Operative Cash Flow (EBITDA)
|
|
|
54,296
|
|
|
|
14.5
|
|
|
|
49,527
|
|
|
|
14.4
|
|
|
|
9.6
|
|
|
|
7.5
|
|
|
|
42,001
|
|
|
|
12.2
|
|
|
|
29.3
|
|
|
|
26.8
|
|
CAPEX
|
|
|
16,944
|
|
|
|
|
|
|
|
16,533
|
|
|
|
|
|
|
|
2.5
|
|
|
|
|
|
|
|
16,533
|
|
|
|
|
|
|
|
2.5
|
|
|
|
|
|
(A) Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th, 2019.
(B) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.
(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.
(2) Income from operations = gross profit - administrative and selling expenses - other operating expenses (income), net.
(3) Mainly represents the equity method participation in Heineken´s results, net.
October 28, 2019
|
|
12
|
FEMSA
Consolidated
Balance Sheet
Millions of Pesos
ASSETS
|
|
Sep-19
|
|
|
Dic-18
|
|
|
% Inc.
|
|
Cash and cash equivalents
|
|
|
97,851
|
|
|
|
62,047
|
|
|
|
57.7
|
|
Investments
|
|
|
14,661
|
|
|
|
30,924
|
|
|
|
(52.6
|
)
|
Accounts receivable
|
|
|
25,171
|
|
|
|
28,164
|
|
|
|
(10.6
|
)
|
Inventories
|
|
|
36,140
|
|
|
|
35,686
|
|
|
|
1.3
|
|
Other current assets
|
|
|
23,113
|
|
|
|
20,786
|
|
|
|
11.2
|
|
Total current assets
|
|
|
196,936
|
|
|
|
177,607
|
|
|
|
10.9
|
|
Investments in shares
|
|
|
94,181
|
|
|
|
94,315
|
|
|
|
(0.1
|
)
|
Property, plant and equipment, net
|
|
|
111,155
|
|
|
|
108,602
|
|
|
|
2.4
|
|
Right of use
|
|
|
51,068
|
|
|
|
-
|
|
|
|
N.S.
|
|
Intangible assets (1)
|
|
|
144,106
|
|
|
|
145,610
|
|
|
|
(1.0
|
)
|
Other assets
|
|
|
42,090
|
|
|
|
50,247
|
|
|
|
(16.2
|
)
|
TOTAL ASSETS
|
|
|
639,536
|
|
|
|
576,381
|
|
|
|
11.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS´ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
3,690
|
|
|
|
2,436
|
|
|
|
51.5
|
|
Current maturities of long-term debt
|
|
|
17,716
|
|
|
|
11,238
|
|
|
|
57.6
|
|
Interest payable
|
|
|
1,543
|
|
|
|
964
|
|
|
|
60.1
|
|
Current maturities of long-term leases
|
|
|
6,268
|
|
|
|
-
|
|
|
|
N.S.
|
|
Operating liabilities
|
|
|
100,346
|
|
|
|
86,826
|
|
|
|
15.6
|
|
Total current liabilities
|
|
|
129,563
|
|
|
|
101,464
|
|
|
|
27.7
|
|
Long-term debt (2)
|
|
|
96,310
|
|
|
|
108,161
|
|
|
|
(11.0
|
)
|
Long-term leases
|
|
|
46,432
|
|
|
|
-
|
|
|
|
N.S.
|
|
Laboral obligations
|
|
|
4,876
|
|
|
|
4,699
|
|
|
|
3.8
|
|
Other liabilities
|
|
|
25,409
|
|
|
|
26,515
|
|
|
|
(4.2
|
)
|
Total liabilities
|
|
|
302,590
|
|
|
|
240,839
|
|
|
|
25.6
|
|
Total stockholders’ equity
|
|
|
336,946
|
|
|
|
335,542
|
|
|
|
0.4
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
639,536
|
|
|
|
576,381
|
|
|
|
11.0
|
|
|
|
September 30, 2019
|
|
DEBT MIX (2)
|
|
% of Total
|
|
|
Average Rate
|
|
Denominated in:
|
|
|
|
|
|
|
|
|
Mexican pesos
|
|
|
52.8
|
%
|
|
|
8.1
|
%
|
U.S. Dollars
|
|
|
7.4
|
%
|
|
|
4.6
|
%
|
Euros
|
|
|
18.5
|
%
|
|
|
1.8
|
%
|
Colombian pesos
|
|
|
1.3
|
%
|
|
|
5.4
|
%
|
Argentine pesos
|
|
|
0.1
|
%
|
|
|
65.9
|
%
|
Brazilian reais
|
|
|
14.8
|
%
|
|
|
8.3
|
%
|
Chilean pesos
|
|
|
3.9
|
%
|
|
|
4.6
|
%
|
Uruguayan Pesos
|
|
|
1.1
|
%
|
|
|
9.7
|
%
|
Total debt
|
|
|
100.0
|
%
|
|
|
6.6
|
%
|
Fixed rate (2)
|
|
|
88.3
|
%
|
|
|
|
|
Variable rate (2)
|
|
|
11.7
|
%
|
|
|
|
|
DEBT MATURITY PROFILE
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024+
|
|
%
of Total Debt
|
|
|
3.8
|
%
|
|
|
10.1
|
%
|
|
|
4.4
|
%
|
|
|
2.2
|
%
|
|
|
22.1
|
%
|
|
|
57.5
|
%
|
(1) Includes mainly the intangible assets generated by acquisitions.
(2) Includes the effect of derivative financial instruments on long-term debt.
October 28, 2019
|
|
13
|
FEMSA Comercio
- Proximity Division
Results of Operations
Millions of Pesos
|
|
For
the third quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
Total revenues
|
|
|
48,429
|
|
|
|
100.0
|
|
|
|
43,967
|
|
|
|
100.0
|
|
|
|
10.1
|
|
|
|
43,967
|
|
|
|
100.0
|
|
|
|
10.1
|
|
Cost of sales
|
|
|
29,046
|
|
|
|
60.0
|
|
|
|
26,917
|
|
|
|
61.2
|
|
|
|
7.9
|
|
|
|
26,917
|
|
|
|
61.2
|
|
|
|
7.9
|
|
Gross
profit
|
|
|
19,383
|
|
|
|
40.0
|
|
|
|
17,050
|
|
|
|
38.8
|
|
|
|
13.7
|
|
|
|
17,050
|
|
|
|
38.8
|
|
|
|
13.7
|
|
Administrative expenses
|
|
|
1,189
|
|
|
|
2.5
|
|
|
|
1,044
|
|
|
|
2.4
|
|
|
|
13.9
|
|
|
|
1,046
|
|
|
|
2.4
|
|
|
|
13.7
|
|
Selling expenses
|
|
|
13,710
|
|
|
|
28.3
|
|
|
|
11,903
|
|
|
|
27.0
|
|
|
|
15.2
|
|
|
|
12,325
|
|
|
|
28.0
|
|
|
|
11.2
|
|
Other operating expenses (income),
net
|
|
|
71
|
|
|
|
0.1
|
|
|
|
69
|
|
|
|
0.2
|
|
|
|
2.9
|
|
|
|
69
|
|
|
|
0.2
|
|
|
|
2.9
|
|
Income
from operations
|
|
|
4,413
|
|
|
|
9.1
|
|
|
|
4,034
|
|
|
|
9.2
|
|
|
|
9.4
|
|
|
|
3,610
|
|
|
|
8.2
|
|
|
|
22.2
|
|
Depreciation
|
|
|
2,392
|
|
|
|
4.9
|
|
|
|
2,166
|
|
|
|
4.9
|
|
|
|
10.4
|
|
|
|
1,262
|
|
|
|
2.9
|
|
|
|
89.5
|
|
Amortization
& other non-cash charges
|
|
|
164
|
|
|
|
0.4
|
|
|
|
125
|
|
|
|
0.3
|
|
|
|
31.2
|
|
|
|
125
|
|
|
|
0.3
|
|
|
|
31.2
|
|
Operative cash flow
|
|
|
6,969
|
|
|
|
14.4
|
|
|
|
6,325
|
|
|
|
14.4
|
|
|
|
10.2
|
|
|
|
4,997
|
|
|
|
11.4
|
|
|
|
39.5
|
|
CAPEX
|
|
|
3,003
|
|
|
|
|
|
|
|
2,654
|
|
|
|
|
|
|
|
13.2
|
|
|
|
2,654
|
|
|
|
|
|
|
|
13.2
|
|
Information of OXXO Stores
Total stores
|
|
|
18,840
|
|
|
|
|
|
|
|
17,478
|
|
|
|
|
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new convenience stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
232
|
|
|
|
|
|
|
|
182
|
|
|
|
|
|
|
|
27.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
841
|
|
|
|
|
|
|
|
901
|
|
|
|
|
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
1,362
|
|
|
|
|
|
|
|
1,430
|
|
|
|
|
|
|
|
(4.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
824.0
|
|
|
|
|
|
|
|
784.7
|
|
|
|
|
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic (thousands of transactions)
|
|
|
22.6
|
|
|
|
|
|
|
|
23.0
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Ticket
(pesos)
|
|
|
36.4
|
|
|
|
|
|
|
|
34.2
|
|
|
|
|
|
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA Comercio - Proximity Division
Results of Operations
Millions of Pesos
|
|
For
the nine months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
Total revenues
|
|
|
136,870
|
|
|
|
100.0
|
|
|
|
124,101
|
|
|
|
100.0
|
|
|
|
10.3
|
|
|
|
10.0
|
|
|
|
124,101
|
|
|
|
100.0
|
|
|
|
10.3
|
|
|
|
10.0
|
|
Cost of sales
|
|
|
82,852
|
|
|
|
60.5
|
|
|
|
77,482
|
|
|
|
62.4
|
|
|
|
6.9
|
|
|
|
|
|
|
|
77,482
|
|
|
|
62.4
|
|
|
|
6.9
|
|
|
|
|
|
Gross
profit
|
|
|
54,018
|
|
|
|
39.5
|
|
|
|
46,619
|
|
|
|
37.6
|
|
|
|
15.9
|
|
|
|
|
|
|
|
46,619
|
|
|
|
37.6
|
|
|
|
15.9
|
|
|
|
|
|
Administrative expenses
|
|
|
3,272
|
|
|
|
2.4
|
|
|
|
2,772
|
|
|
|
2.2
|
|
|
|
18.0
|
|
|
|
|
|
|
|
2,777
|
|
|
|
2.2
|
|
|
|
17.8
|
|
|
|
|
|
Selling expenses
|
|
|
38,858
|
|
|
|
28.5
|
|
|
|
33,231
|
|
|
|
26.8
|
|
|
|
16.9
|
|
|
|
|
|
|
|
34,460
|
|
|
|
27.8
|
|
|
|
12.8
|
|
|
|
|
|
Other
operating expenses (income), net
|
|
|
194
|
|
|
|
0.1
|
|
|
|
213
|
|
|
|
0.2
|
|
|
|
(9.0
|
)
|
|
|
|
|
|
|
213
|
|
|
|
0.2
|
|
|
|
(8.9
|
)
|
|
|
|
|
Income
from operations
|
|
|
11,694
|
|
|
|
8.5
|
|
|
|
10,403
|
|
|
|
8.4
|
|
|
|
12.4
|
|
|
|
11.4
|
|
|
|
9,169
|
|
|
|
7.4
|
|
|
|
27.5
|
|
|
|
26.4
|
|
Depreciation
|
|
|
6,909
|
|
|
|
5.0
|
|
|
|
6,176
|
|
|
|
5.0
|
|
|
|
11.9
|
|
|
|
|
|
|
|
3,522
|
|
|
|
2.8
|
|
|
|
96.2
|
|
|
|
|
|
Amortization
& other non-cash charges
|
|
|
447
|
|
|
|
0.4
|
|
|
|
364
|
|
|
|
0.3
|
|
|
|
22.9
|
|
|
|
|
|
|
|
364
|
|
|
|
0.3
|
|
|
|
22.8
|
|
|
|
|
|
Operative cash flow
|
|
|
19,050
|
|
|
|
13.9
|
|
|
|
16,943
|
|
|
|
13.7
|
|
|
|
12.4
|
|
|
|
11.2
|
|
|
|
13,055
|
|
|
|
10.5
|
|
|
|
45.9
|
|
|
|
44.3
|
|
CAPEX
|
|
|
7,508
|
|
|
|
|
|
|
|
6,525
|
|
|
|
|
|
|
|
15.1
|
|
|
|
|
|
|
|
6,525
|
|
|
|
|
|
|
|
15.1
|
|
|
|
|
|
Information of OXXO Stores
Total stores
|
|
|
18,840
|
|
|
|
|
|
|
|
17,478
|
|
|
|
|
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new convenience stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
232
|
|
|
|
|
|
|
|
182
|
|
|
|
|
|
|
|
27.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
841
|
|
|
|
|
|
|
|
901
|
|
|
|
|
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
1,362
|
|
|
|
|
|
|
|
1,430
|
|
|
|
|
|
|
|
(4.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
792.0
|
|
|
|
|
|
|
|
755.1
|
|
|
|
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic (thousands of transactions)
|
|
|
22.3
|
|
|
|
|
|
|
|
22.4
|
|
|
|
|
|
|
|
(0.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ticket
(pesos)
|
|
|
35.6
|
|
|
|
|
|
|
|
33.7
|
|
|
|
|
|
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Unaudited consolidated financial information.
For more detail please refer to our Press Release published on april 5th, 2019.
(B) Organic basis (% Org.) Excludes the effects of
significant mergers and acquisitions in the last twelve months.
(1) Monthly average information per store, considering
same stores with more than twelve months of operations, income from services are included.
October 28, 2019
|
|
14
|
FEMSA
Comercio - Health Division
Results
of Operations
Millions
of Pesos
|
|
For
the third quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
Total
revenues
|
|
|
15,909
|
|
|
|
100.0
|
|
|
|
12,562
|
|
|
|
100.0
|
|
|
|
26.6
|
|
|
|
6.2
|
|
|
|
12,562
|
|
|
|
100.0
|
|
|
|
26.6
|
|
|
|
6.2
|
|
Cost
of sales
|
|
|
11,233
|
|
|
|
70.6
|
|
|
|
8,750
|
|
|
|
69.7
|
|
|
|
28.4
|
|
|
|
|
|
|
|
8,750
|
|
|
|
69.7
|
|
|
|
28.4
|
|
|
|
|
|
Gross
profit
|
|
|
4,676
|
|
|
|
29.4
|
|
|
|
3,812
|
|
|
|
30.3
|
|
|
|
22.7
|
|
|
|
|
|
|
|
3,812
|
|
|
|
30.3
|
|
|
|
22.7
|
|
|
|
|
|
Administrative
expenses
|
|
|
725
|
|
|
|
4.6
|
|
|
|
514
|
|
|
|
4.1
|
|
|
|
41.1
|
|
|
|
|
|
|
|
514
|
|
|
|
4.1
|
|
|
|
41.1
|
|
|
|
|
|
Selling
expenses
|
|
|
3,253
|
|
|
|
20.4
|
|
|
|
2,680
|
|
|
|
21.3
|
|
|
|
21.4
|
|
|
|
|
|
|
|
2,732
|
|
|
|
21.7
|
|
|
|
19.1
|
|
|
|
|
|
Other
operating expenses (income), net
|
|
|
51
|
|
|
|
0.3
|
|
|
|
26
|
|
|
|
0.2
|
|
|
|
96.2
|
|
|
|
|
|
|
|
26
|
|
|
|
0.2
|
|
|
|
96.2
|
|
|
|
|
|
Income
from operations
|
|
|
647
|
|
|
|
4.1
|
|
|
|
592
|
|
|
|
4.7
|
|
|
|
9.4
|
|
|
|
3.7
|
|
|
|
540
|
|
|
|
4.3
|
|
|
|
19.8
|
|
|
|
13.5
|
|
Depreciation
|
|
|
817
|
|
|
|
5.1
|
|
|
|
605
|
|
|
|
4.8
|
|
|
|
34.9
|
|
|
|
|
|
|
|
169
|
|
|
|
1.3
|
|
|
|
N.S.
|
|
|
|
|
|
Amortization
& other non-cash charges
|
|
|
75
|
|
|
|
0.5
|
|
|
|
80
|
|
|
|
0.7
|
|
|
|
(6.3
|
)
|
|
|
|
|
|
|
80
|
|
|
|
0.7
|
|
|
|
(6.3
|
)
|
|
|
|
|
Operative
cash flow
|
|
|
1,539
|
|
|
|
9.7
|
|
|
|
1,277
|
|
|
|
10.2
|
|
|
|
20.5
|
|
|
|
0.9
|
|
|
|
789
|
|
|
|
6.3
|
|
|
|
95.1
|
|
|
|
63.3
|
|
CAPEX
|
|
|
411
|
|
|
|
|
|
|
|
376
|
|
|
|
|
|
|
|
9.3
|
|
|
|
|
|
|
|
376
|
|
|
|
|
|
|
|
9.3
|
|
|
|
|
|
Information
of Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Stores(1)
|
|
|
3,130
|
|
|
|
|
|
|
|
2,303
|
|
|
|
|
|
|
|
35.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
new stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs.
Last quarter
|
|
|
69
|
|
|
|
|
|
|
|
52
|
|
|
|
|
|
|
|
32.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
769
|
|
|
|
|
|
|
|
78
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
827
|
|
|
|
|
|
|
|
125
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store
data: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
1,399.2
|
|
|
|
|
|
|
|
1,409.6
|
|
|
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA
Comercio - Health Division
Results
of Operations
Millions
of Pesos
|
|
For
the nine months of:
|
|
|
|
|
|
|
|
|
|
Comparable(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
Total
revenues
|
|
|
43,913
|
|
|
|
100.0
|
|
|
|
38,396
|
|
|
|
100.0
|
|
|
|
14.4
|
|
|
|
2.8
|
|
|
|
38,396
|
|
|
|
100.0
|
|
|
|
14.4
|
|
|
|
2.8
|
|
Cost
of sales
|
|
|
31,035
|
|
|
|
70.7
|
|
|
|
26,795
|
|
|
|
69.8
|
|
|
|
15.8
|
|
|
|
|
|
|
|
26,795
|
|
|
|
69.8
|
|
|
|
15.8
|
|
|
|
|
|
Gross
profit
|
|
|
12,878
|
|
|
|
29.3
|
|
|
|
11,601
|
|
|
|
30.2
|
|
|
|
11.0
|
|
|
|
|
|
|
|
11,601
|
|
|
|
30.2
|
|
|
|
11.0
|
|
|
|
|
|
Administrative
expenses
|
|
|
1,965
|
|
|
|
4.5
|
|
|
|
1,514
|
|
|
|
3.9
|
|
|
|
29.8
|
|
|
|
|
|
|
|
1,514
|
|
|
|
3.9
|
|
|
|
29.8
|
|
|
|
|
|
Selling
expenses
|
|
|
9,181
|
|
|
|
20.9
|
|
|
|
8,413
|
|
|
|
21.9
|
|
|
|
9.1
|
|
|
|
|
|
|
|
8,564
|
|
|
|
22.3
|
|
|
|
7.2
|
|
|
|
|
|
Other
operating expenses (income), net
|
|
|
105
|
|
|
|
0.2
|
|
|
|
69
|
|
|
|
0.2
|
|
|
|
52.2
|
|
|
|
|
|
|
|
69
|
|
|
|
0.2
|
|
|
|
52.2
|
|
|
|
|
|
Income
from operations
|
|
|
1,627
|
|
|
|
3.7
|
|
|
|
1,605
|
|
|
|
4.2
|
|
|
|
1.4
|
|
|
|
(3.5
|
)
|
|
|
1,454
|
|
|
|
3.8
|
|
|
|
11.9
|
|
|
|
6.6
|
|
Depreciation
|
|
|
2,057
|
|
|
|
4.7
|
|
|
|
1,791
|
|
|
|
4.7
|
|
|
|
14.9
|
|
|
|
|
|
|
|
500
|
|
|
|
1.3
|
|
|
|
N.S.
|
|
|
|
|
|
Amortization
& other non-cash charges
|
|
|
228
|
|
|
|
0.5
|
|
|
|
252
|
|
|
|
0.6
|
|
|
|
(9.5
|
)
|
|
|
|
|
|
|
252
|
|
|
|
0.6
|
|
|
|
(9.5
|
)
|
|
|
|
|
Operative
cash flow
|
|
|
3,912
|
|
|
|
8.9
|
|
|
|
3,648
|
|
|
|
9.5
|
|
|
|
7.2
|
|
|
|
(2.0
|
)
|
|
|
2,206
|
|
|
|
5.7
|
|
|
|
77.3
|
|
|
|
62.0
|
|
CAPEX
|
|
|
1,006
|
|
|
|
|
|
|
|
956
|
|
|
|
|
|
|
|
5.2
|
|
|
|
|
|
|
|
956
|
|
|
|
|
|
|
|
5.2
|
|
|
|
|
|
Information
of Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Stores(1)
|
|
|
3,130
|
|
|
|
|
|
|
|
2,303
|
|
|
|
|
|
|
|
35.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
new stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs.
Last quarter
|
|
|
69
|
|
|
|
|
|
|
|
52
|
|
|
|
|
|
|
|
32.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
769
|
|
|
|
|
|
|
|
78
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
827
|
|
|
|
|
|
|
|
125
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store
data: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
1,461.4
|
|
|
|
|
|
|
|
1,472.2
|
|
|
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th,
2019.
(B)
Organic basis (% Org.) Excludes the effects of significant mergers and acquisitions in the last twelve months.
(1)
Includes GPF Adquisition
(2)
Monthly average information per store, considering same stores with more than twelve months of all the operations of FEMSA
Comercio - Health Division.
October 28, 2019
|
|
15
|
FEMSA
Comercio - Fuel Division
Results
of Operations
Millions
of Pesos
|
|
For
the third quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
Total
revenues
|
|
|
12,348
|
|
|
|
100.0
|
|
|
|
12,196
|
|
|
|
100.0
|
|
|
|
1.2
|
|
|
|
12,196
|
|
|
|
100.0
|
|
|
|
1.2
|
|
Cost
of sales
|
|
|
11,110
|
|
|
|
90.0
|
|
|
|
11,136
|
|
|
|
91.3
|
|
|
|
(0.2
|
)
|
|
|
11,136
|
|
|
|
91.3
|
|
|
|
(0.2
|
)
|
Gross
profit
|
|
|
1,238
|
|
|
|
10.0
|
|
|
|
1,060
|
|
|
|
8.7
|
|
|
|
16.8
|
|
|
|
1,060
|
|
|
|
8.7
|
|
|
|
16.8
|
|
Administrative
expenses
|
|
|
60
|
|
|
|
0.5
|
|
|
|
42
|
|
|
|
0.3
|
|
|
|
44.6
|
|
|
|
42
|
|
|
|
0.3
|
|
|
|
42.9
|
|
Selling
expenses
|
|
|
848
|
|
|
|
6.8
|
|
|
|
750
|
|
|
|
6.2
|
|
|
|
13.1
|
|
|
|
884
|
|
|
|
7.3
|
|
|
|
(4.1
|
)
|
Other
operating expenses (income), net
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
N.S.
|
|
|
|
1
|
|
|
|
-
|
|
|
|
N.S.
|
|
Income
from operations
|
|
|
331
|
|
|
|
2.7
|
|
|
|
268
|
|
|
|
2.2
|
|
|
|
23.7
|
|
|
|
133
|
|
|
|
1.1
|
|
|
|
148.9
|
|
Depreciation
|
|
|
215
|
|
|
|
1.7
|
|
|
|
193
|
|
|
|
1.6
|
|
|
|
11.7
|
|
|
|
36
|
|
|
|
0.3
|
|
|
|
N.S.
|
|
Amortization
& other non-cash charges
|
|
|
5
|
|
|
|
0.1
|
|
|
|
6
|
|
|
|
-
|
|
|
|
(16.7
|
)
|
|
|
6
|
|
|
|
-
|
|
|
|
(16.7
|
)
|
Operative
cash flow
|
|
|
551
|
|
|
|
4.5
|
|
|
|
466
|
|
|
|
3.8
|
|
|
|
18.2
|
|
|
|
175
|
|
|
|
1.4
|
|
|
|
N.S.
|
|
CAPEX
|
|
|
184
|
|
|
|
|
|
|
|
123
|
|
|
|
|
|
|
|
49.3
|
|
|
|
123
|
|
|
|
|
|
|
|
49.3
|
|
Information
of OXXO GAS Service Stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
service stations
|
|
|
541
|
|
|
|
|
|
|
|
519
|
|
|
|
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
new service stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs.
Last quarter
|
|
|
0
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
2
|
|
|
|
|
|
|
|
67
|
|
|
|
|
|
|
|
(97.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
22
|
|
|
|
|
|
|
|
122
|
|
|
|
|
|
|
|
(82.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(million of liters) total stations
|
|
|
693
|
|
|
|
|
|
|
|
711
|
|
|
|
|
|
|
|
(2.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-stations
data: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
7,591.3
|
|
|
|
|
|
|
|
7,898.2
|
|
|
|
|
|
|
|
(3.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousands of liters)
|
|
|
428.0
|
|
|
|
|
|
|
|
460.6
|
|
|
|
|
|
|
|
(7.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
price per liter
|
|
|
17.7
|
|
|
|
|
|
|
|
17.1
|
|
|
|
|
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA
Comercio - Fuel Division
Results
of Operations
Millions
of Pesos
|
|
For
the nine months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
Total
revenues
|
|
|
35,616
|
|
|
|
100.0
|
|
|
|
34,300
|
|
|
|
100.0
|
|
|
|
3.8
|
|
|
|
34,300
|
|
|
|
100.0
|
|
|
|
3.8
|
|
Cost
of sales
|
|
|
32,054
|
|
|
|
90.0
|
|
|
|
31,437
|
|
|
|
91.7
|
|
|
|
2.0
|
|
|
|
31,437
|
|
|
|
91.7
|
|
|
|
2.0
|
|
Gross
profit
|
|
|
3,562
|
|
|
|
10.0
|
|
|
|
2,863
|
|
|
|
8.3
|
|
|
|
24.4
|
|
|
|
2,863
|
|
|
|
8.3
|
|
|
|
24.4
|
|
Administrative
expenses
|
|
|
151
|
|
|
|
0.4
|
|
|
|
153
|
|
|
|
0.4
|
|
|
|
(1.0
|
)
|
|
|
154
|
|
|
|
0.4
|
|
|
|
(1.9
|
)
|
Selling
expenses
|
|
|
2,420
|
|
|
|
6.8
|
|
|
|
1,963
|
|
|
|
5.7
|
|
|
|
23.3
|
|
|
|
2,354
|
|
|
|
6.9
|
|
|
|
2.8
|
|
Other
operating expenses (income), net
|
|
|
69
|
|
|
|
0.2
|
|
|
|
3
|
|
|
|
-
|
|
|
|
N.S.
|
|
|
|
3
|
|
|
|
-
|
|
|
|
N.S.
|
|
Income
from operations
|
|
|
922
|
|
|
|
2.6
|
|
|
|
744
|
|
|
|
2.2
|
|
|
|
23.9
|
|
|
|
352
|
|
|
|
1.0
|
|
|
|
161.9
|
|
Depreciation
|
|
|
626
|
|
|
|
1.8
|
|
|
|
558
|
|
|
|
1.6
|
|
|
|
12.3
|
|
|
|
99
|
|
|
|
0.3
|
|
|
|
N.S.
|
|
Amortization
& other non-cash charges
|
|
|
86
|
|
|
|
0.2
|
|
|
|
19
|
|
|
|
0.1
|
|
|
|
N.S.
|
|
|
|
19
|
|
|
|
0.1
|
|
|
|
N.S.
|
|
Operative
cash flow
|
|
|
1,634
|
|
|
|
4.6
|
|
|
|
1,321
|
|
|
|
3.9
|
|
|
|
23.7
|
|
|
|
470
|
|
|
|
1.4
|
|
|
|
N.S.
|
|
CAPEX
|
|
|
428
|
|
|
|
|
|
|
|
316
|
|
|
|
|
|
|
|
35.4
|
|
|
|
316
|
|
|
|
|
|
|
|
35.4
|
|
Information
of OXXO GAS Service Stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
service stations
|
|
|
541
|
|
|
|
|
|
|
|
519
|
|
|
|
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
new service stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs.
Last quarter
|
|
|
0
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
2
|
|
|
|
|
|
|
|
67
|
|
|
|
|
|
|
|
(97.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
22
|
|
|
|
|
|
|
|
122
|
|
|
|
|
|
|
|
(82.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(million of liters) total stations
|
|
|
2,007
|
|
|
|
|
|
|
|
2,093
|
|
|
|
|
|
|
|
(4.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-stations
data: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
7,502.9
|
|
|
|
|
|
|
|
7,790.4
|
|
|
|
|
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
(thousands of liters)
|
|
|
424.1
|
|
|
|
|
|
|
|
475.5
|
|
|
|
|
|
|
|
(10.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
price per liter
|
|
|
17.7
|
|
|
|
|
|
|
|
16.4
|
|
|
|
|
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th,
2019.
(1)
Monthly average information per station, considering same stations with more than twelve months of operations.
October 28, 2019
|
|
16
|
Coca-Cola
FEMSA
Results
of Operations
Millions
of Pesos
|
|
For
the third quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
2018
|
|
|
%
Integral
|
|
|
%
Var.
|
|
Total revenues
|
|
|
48,699
|
|
|
|
100.0
|
|
|
|
44,148
|
|
|
|
100.0
|
|
|
|
10.3
|
|
|
|
44,148
|
|
|
|
100.0
|
|
|
|
10.3
|
|
Cost of sales
|
|
|
27,032
|
|
|
|
55.5
|
|
|
|
23,909
|
|
|
|
54.2
|
|
|
|
13.1
|
|
|
|
23,911
|
|
|
|
54.2
|
|
|
|
13.1
|
|
Gross
profit
|
|
|
21,667
|
|
|
|
44.5
|
|
|
|
20,239
|
|
|
|
45.8
|
|
|
|
7.1
|
|
|
|
20,237
|
|
|
|
45.8
|
|
|
|
7.1
|
|
Administrative expenses
|
|
|
2,138
|
|
|
|
4.4
|
|
|
|
2,058
|
|
|
|
4.7
|
|
|
|
3.9
|
|
|
|
2,061
|
|
|
|
4.7
|
|
|
|
3.7
|
|
Selling expenses
|
|
|
12,564
|
|
|
|
25.8
|
|
|
|
12,186
|
|
|
|
27.5
|
|
|
|
3.1
|
|
|
|
12,195
|
|
|
|
27.5
|
|
|
|
3.0
|
|
Other
operating expenses (income), net
|
|
|
(48
|
)
|
|
|
(0.1
|
)
|
|
|
203
|
|
|
|
0.5
|
|
|
|
(123.6
|
)
|
|
|
203
|
|
|
|
0.5
|
|
|
|
(123.6
|
)
|
Income
from operations
|
|
|
7,013
|
|
|
|
14.4
|
|
|
|
5,792
|
|
|
|
13.1
|
|
|
|
21.1
|
|
|
|
5,777
|
|
|
|
13.1
|
|
|
|
21.4
|
|
Depreciation
|
|
|
2,251
|
|
|
|
4.6
|
|
|
|
2,334
|
|
|
|
5.3
|
|
|
|
(3.5
|
)
|
|
|
2,190
|
|
|
|
5.0
|
|
|
|
2.8
|
|
Amortization
& other non-cash charges
|
|
|
805
|
|
|
|
1.7
|
|
|
|
524
|
|
|
|
1.2
|
|
|
|
53.8
|
|
|
|
524
|
|
|
|
1.1
|
|
|
|
53.6
|
|
Operative cash flow
|
|
|
10,069
|
|
|
|
20.7
|
|
|
|
8,648
|
|
|
|
19.6
|
|
|
|
16.4
|
|
|
|
8,492
|
|
|
|
19.2
|
|
|
|
18.6
|
|
CAPEX
|
|
|
2,772
|
|
|
|
|
|
|
|
3,103
|
|
|
|
|
|
|
|
(10.7
|
)
|
|
|
3,103
|
|
|
|
|
|
|
|
(10.7
|
)
|
Sales
volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of
unit cases)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico and Central America
|
|
|
535.7
|
|
|
|
63.6
|
|
|
|
534.1
|
|
|
|
63.7
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
111.2
|
|
|
|
13.2
|
|
|
|
120.2
|
|
|
|
14.3
|
|
|
|
(7.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
195.2
|
|
|
|
23.2
|
|
|
|
184.9
|
|
|
|
22.0
|
|
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
842.1
|
|
|
|
100.0
|
|
|
|
839.2
|
|
|
|
100.0
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th, 2019.
Coca-Cola
FEMSA
Results
of Operations
Millions
of Pesos
|
|
For
the nine months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
|
2018
|
|
|
%
Integral
|
|
|
%
Var.
|
|
|
%
Org.(B)
|
|
Total revenues
|
|
|
142,504
|
|
|
|
100.0
|
|
|
|
130,577
|
|
|
|
100.0
|
|
|
|
9.1
|
|
|
|
6.8
|
|
|
|
130,577
|
|
|
|
100.0
|
|
|
|
9.1
|
|
|
|
6.8
|
|
Cost of sales
|
|
|
78,030
|
|
|
|
54.8
|
|
|
|
70,421
|
|
|
|
53.9
|
|
|
|
10.8
|
|
|
|
|
|
|
|
70,427
|
|
|
|
53.9
|
|
|
|
10.8
|
|
|
|
|
|
Gross profit
|
|
|
64,473
|
|
|
|
45.2
|
|
|
|
60,156
|
|
|
|
46.1
|
|
|
|
7.2
|
|
|
|
|
|
|
|
60,150
|
|
|
|
46.1
|
|
|
|
7.2
|
|
|
|
|
|
Administrative expenses
|
|
|
6,485
|
|
|
|
4.6
|
|
|
|
5,935
|
|
|
|
4.5
|
|
|
|
9.3
|
|
|
|
|
|
|
|
5,942
|
|
|
|
4.6
|
|
|
|
9.1
|
|
|
|
|
|
Selling expenses
|
|
|
37,943
|
|
|
|
26.5
|
|
|
|
36,256
|
|
|
|
27.9
|
|
|
|
4.7
|
|
|
|
|
|
|
|
36,283
|
|
|
|
27.8
|
|
|
|
4.6
|
|
|
|
|
|
Other operating
expenses (income), net
|
|
|
1,004
|
|
|
|
0.7
|
|
|
|
822
|
|
|
|
0.6
|
|
|
|
22.1
|
|
|
|
|
|
|
|
822
|
|
|
|
0.6
|
|
|
|
22.1
|
|
|
|
|
|
Income from operations
|
|
|
19,041
|
|
|
|
13.4
|
|
|
|
17,143
|
|
|
|
13.1
|
|
|
|
11.1
|
|
|
|
9.6
|
|
|
|
17,103
|
|
|
|
13.1
|
|
|
|
11.3
|
|
|
|
9.9
|
|
Depreciation
|
|
|
6,699
|
|
|
|
4.7
|
|
|
|
6,629
|
|
|
|
5.1
|
|
|
|
1.1
|
|
|
|
|
|
|
|
6,178
|
|
|
|
4.7
|
|
|
|
8.4
|
|
|
|
|
|
Amortization &
other non-cash charges
|
|
|
1,986
|
|
|
|
1.4
|
|
|
|
1,627
|
|
|
|
1.3
|
|
|
|
22.1
|
|
|
|
|
|
|
|
1,627
|
|
|
|
1.3
|
|
|
|
22.1
|
|
|
|
|
|
Operative cash flow
|
|
|
27,726
|
|
|
|
19.5
|
|
|
|
25,400
|
|
|
|
19.5
|
|
|
|
9.2
|
|
|
|
7.2
|
|
|
|
24,909
|
|
|
|
19.1
|
|
|
|
11.3
|
|
|
|
9.3
|
|
CAPEX
|
|
|
6,681
|
|
|
|
|
|
|
|
7,120
|
|
|
|
|
|
|
|
(6.2
|
)
|
|
|
|
|
|
|
7,120
|
|
|
|
|
|
|
|
(6.2
|
)
|
|
|
|
|
Sales
volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of
unit cases)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico and Central America
|
|
|
1,568.4
|
|
|
|
63.3
|
|
|
|
1,561.2
|
|
|
|
63.7
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
320.0
|
|
|
|
12.9
|
|
|
|
338.4
|
|
|
|
13.8
|
|
|
|
(5.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
590.9
|
|
|
|
23.8
|
|
|
|
550.5
|
|
|
|
22.5
|
|
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,479.3
|
|
|
|
100.0
|
|
|
|
2,450.1
|
|
|
|
100.0
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Unaudited consolidated financial information. For more detail please refer to our Press Release published on april 5th, 2019.
(B) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.
October 28, 2019
|
|
17
|
FEMSA
Macroeconomic Information
|
|
Inflation
|
|
|
End-of-period
Exchange Rates
|
|
|
|
3Q
2019
|
|
|
LTM(1)
Sep-19
|
|
|
Sep-19
|
|
|
Dic-18
|
|
|
|
|
|
|
|
|
|
Per
USD
|
|
|
Per
MXN
|
|
|
Per
USD
|
|
|
Per
MXN
|
|
Mexico
|
|
|
0.70
|
%
|
|
|
2.55
|
%
|
|
|
19.64
|
|
|
|
1.0000
|
|
|
|
19.68
|
|
|
|
1.0000
|
|
Colombia
|
|
|
0.35
|
%
|
|
|
3.72
|
%
|
|
|
3,462.01
|
|
|
|
0.0057
|
|
|
|
3,249.75
|
|
|
|
0.0061
|
|
Brazil
|
|
|
0.29
|
%
|
|
|
3.64
|
%
|
|
|
4.16
|
|
|
|
4.7153
|
|
|
|
3.87
|
|
|
|
5.0797
|
|
Argentina
|
|
|
10.07
|
%
|
|
|
54.58
|
%
|
|
|
57.59
|
|
|
|
0.3410
|
|
|
|
37.70
|
|
|
|
0.5221
|
|
Chile
|
|
|
0.05
|
%
|
|
|
2.60
|
%
|
|
|
725.68
|
|
|
|
0.0271
|
|
|
|
695.69
|
|
|
|
0.0283
|
|
Euro Zone
|
|
|
-0.16
|
%
|
|
|
1.21
|
%
|
|
|
0.91
|
|
|
|
21.5278
|
|
|
|
0.87
|
|
|
|
22.5383
|
|
(1) LTM = Last twelve months.
October 28, 2019
|
|
18
|
Coca-Cola
FEMSA Announces Results for Third Quarter and First Nine Months of 2019
Mexico City, October 25,
2019, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOF UBL, NYSE: KOF) (“Coca-Cola FEMSA,” “KOF” or the “Company”),
the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the third quarter and the first nine
months of 2019.
THIRD QUARTER
OPERATIONAL AND FINANCIAL HIGHLIGHTS
·
|
Volumes increased in Brazil and Central America, while remaining stable in Mexico; transactions
outperformed volumes in Argentina and Brazil.
|
·
|
Revenues increased 10.3%, while comparable revenues grew 11.6%. Solid pricing, revenue management
initiatives across our operations, volume growth in Brazil and Central America, and extraordinary other operating revenues related
to tax reclaims in Brazil were partially offset by unfavorable currency translation effects mainly from the Argentine and Colombian
Peso.
|
·
|
Operating income increased 21.4%, while comparable operating income increased 22.8%. A favorable
price mix, stable raw material prices, operating expense efficiencies, and extraordinary tax effects in Brazil were partially offset
by higher concentrate costs and the depreciation of all of our operating currencies as applied to our U.S. dollar-denominated raw
material costs.
|
·
|
Earnings per share1 were Ps. 0.24 (Earnings per unit were Ps. 1.92 and per ADS were
Ps. 19.17).
|
FINANCIAL
SUMMARY FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2019
Change vs. same period of last year
|
|
|
|
|
Total
Revenues
|
|
Gross
Profit
|
|
Operating
Income
|
|
Majority
Net Income
|
|
|
|
|
|
3Q
2019
|
|
YTD
2019
|
|
3Q
2019
|
|
YTD
2019
|
|
3Q
2019
|
|
YTD
2019
|
|
3Q
2019
|
|
YTD
2019
|
|
|
|
Consolidated
|
|
|
10.3%
|
|
9.1%
|
|
7.1%
|
|
7.2%
|
|
21.4%
|
|
11.3%
|
|
23.3%
|
|
23.1%
|
As
Reported (2)
|
|
|
Mexico
& Central America
|
|
|
8.0%
|
|
9.7%
|
|
6.5%
|
|
9.5%
|
|
9.2%
|
|
14.5%
|
|
|
|
|
|
|
|
South
America
|
|
|
13.6%
|
|
8.4%
|
|
7.9%
|
|
3.8%
|
|
43.9%
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
11.6%
|
|
11.0%
|
|
7.6%
|
|
8.8%
|
|
22.8%
|
|
15.6%
|
|
|
|
|
Comparable
(3)
|
|
|
Mexico
& Central America
|
|
|
7.9%
|
|
8.2%
|
|
6.4%
|
|
8.0%
|
|
9.1%
|
|
13.5%
|
|
|
|
|
|
|
|
South
America
|
|
|
17.4%
|
|
15.7%
|
|
9.9%
|
|
10.4%
|
|
49.5%
|
|
19.4%
|
|
|
|
|
John Santa Maria, Coca-Cola
FEMSA’s CEO, commented:
“I am encouraged by our
positive operating performance across our divisions. In Mexico and Central America, our solid top-line growth was underscored by
our resilient Mexico operation—where our affordability, portfolio innovation, and commercial initiatives are enabling us
to drive price mix improvements—coupled with solid volume growth in Central America, driven by our improved route to market.
In South America, I am pleased by the turnaround of our Brazilian operation, which continues to post solid volume performance,
as it builds on two years of continuous growth. This is driven by our relentless focus on our consumers, resulting in market share
gains across key categories. In addition, our Colombia operation’s single-serve affordability strategy is gaining traction
as we focus on the profitability of our portfolio.
Moreover, we were selected for
the Dow Jones Sustainability Emerging Markets Index, reaffirming our commitment and challenging us to continue evolving our sustainability
strategy.
As we approach the final stretch
of the year, we are encouraged that our fundamental transformation has a long runway, which commits us to working extensively to
continue delivering value for all of our stakeholders.”
(1)
|
Quarterly earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted
to give effect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as a KOF
UBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8.
Each ADS represents 10 KOF UBL Units.
|
(2)
|
According to IFRS 5, figures for 2018 do not include the Philippines as it is presented as a
discontinued operation as of January 1, 2018.
|
(3)
|
Please refer to page 9 for our definition of “comparable” and a description of the factors affecting the comparability
of our financial and operating performance.
|
|
Page 19 of 34
|
|
RECENT DEVELOPMENTS
|
·
|
Following a favorable decision from Brazilian tax authorities, Coca-Cola FEMSA has been entitled
to reclaim tax payments made in prior years in Brazil, resulting in an extraordinary positive effect on its third-quarter results,
affecting mainly other operating revenues and other operating expenses, net. The total net amount of extraordinary tax effects
in Brazil in the operating income is Ps. 1,139 million for the period.
|
|
|
|
|
·
|
On October 19, 2019, Coca-Cola FEMSA announced its inclusion in the Dow Jones Sustainability Emerging
Markets Index for the seventh consecutive year and its inclusion in the Dow Jones Sustainability MILA Pacific Alliance Index for
the third consecutive year, confirming its sustainability commitment and leadership.
|
|
|
|
|
·
|
On November 1, 2019, Coca-Cola FEMSA will pay the second installment of the 2018 dividend approved
for Ps. 0.4425 per share (equivalent to Ps. 3.54 per unit).
|
|
|
|
|
·
|
As of November 2019, Maria Dyla Castro, who has served as Investor Relations Director at Coca-Cola
FEMSA since October 2016, took on new responsibilities as Director of Global Business Services for the Finance area.
|
|
|
Jorge Collazo, who has been
Investor Relations Manager since October 2016 and has worked in the company since 2014, has been appointed the new Head of Investor
Relations.
|
CONFERENCE
CALL INFORMATION
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 20 of 34
|
|
CONSOLIDATED
THIRD-QUARTER RESULTS
CONSOLIDATED
THIRD QUARTER RESULTS
|
|
As
Reported (1)
|
|
Comparable
(2)
|
Expressed in millions of Mexican pesos
|
|
3Q 2019
|
|
3Q 2018
|
|
Δ%
|
|
Δ%
|
Total revenues
|
|
48,699
|
|
44,148
|
|
10.3%
|
|
11.6%
|
Gross profit
|
|
21,667
|
|
20,237
|
|
7.1%
|
|
7.6%
|
Operating income
|
|
7,013
|
|
5,777
|
|
21.4%
|
|
22.8%
|
Operating cash flow (3)
|
|
10,069
|
|
8,492
|
|
18.6%
|
|
21.2%
|
Volume
increased 0.3% to 842.1 million unit cases, driven mainly by 5.6% growth in Brazil, 2.8% growth in Central America, and stable
performance in Mexico, partially offset by volume declines in Argentina, Colombia, and Uruguay. On a comparable basis, total volumes
increased 1.4%.
Total
revenues increased 10.3% to Ps. 48,699 million. This figure includes extraordinary other operating revenues related to an
entitlement to reclaim tax payments in Brazil. Our revenues were driven mainly by healthy pricing in Mexico, Brazil, and Colombia,
revenue management initiatives across our territories, volume growth in Brazil and Central America, and a favorable mix effect
driven by transactions growing ahead of volumes mainly in Brazil. These factors were partially offset by the negative translation
effect resulting from the depreciation of the Argentine Peso, the Colombian Peso, the Uruguayan Peso, and the Nicaraguan Cordoba
as compared to the Mexican Peso, combined with volume declines in Argentina, Colombia, and Uruguay. On a comparable basis, total
revenues would have increased 11.6%.
Gross
profit increased 7.1% to Ps. 21,667 million, and gross margin contracted 130 basis points to 44.5%. Lower packaging prices,
stable sweetener prices mainly in Brazil, and a favorable currency hedging position in most of our operations were offset by:
i) higher concentrate costs in Mexico; ii) higher concentrate costs in Brazil, related to the reduction of tax credits on concentrate
purchased from the Manaus Free Trade Zone; and iii) the depreciation in the average exchange rate of most of our operating currencies
as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit increased 7.6%.
(1)
|
According
to IFRS 5, figures from 2018 do not include the Philippines as it is presented as a discontinued
operation as of January 1, 2018.
|
(2)
|
Please
refer to page 9 for our definition of “comparable” and a description of the
factors affecting the comparability of our financial and operating performance.
|
(3)
|
Operating
cash flow = operating income + depreciation + amortization & other operating non-cash
charges.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 21 of 34
|
|
Operating income increased
21.4% to Ps. 7,013 million, and operating margin expanded 130 basis points to 14.4%. This increase was driven mainly by operating
expense efficiencies and tax reclaims in Brazil, partially offset by restructuring severance payments of Ps. 367 million related
to our efficiency program and other tax-related provisions. The total net amount of extraordinary tax effects in Brazil this quarter
is Ps. 1,139 million. On a comparable basis, operating income increased 22.8%.
Comprehensive financing result
recorded an expense of Ps. 1,430 million, compared to an expense of Ps. 1,322 million in the same period of 2018. This increase
was driven mainly by a market value loss in financial instruments recognized during the quarter. This effect was partially offset
by a reduction in our interest expense, net, as compared to the same period of 2018 and a foreign exchange gain—as our cash
exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso during the third quarter of 2019.
Income tax as a percentage
of income before taxes was 25.9% as compared to 31.4% during the same period of the previous year. This decrease was driven mainly
by the increase in the relative weight of our Mexico operation´s profits in our consolidated results, which have a lower
tax rate, coupled with certain tax efficiencies across our operations.
Net income attributable to
equity holders of the company reached Ps. 4,027 million as compared to Ps. 3,266 million during the same period of the previous
year. Earnings per share1 were Ps. 0.24 (Earnings per unit were Ps. 1.92, and earnings per ADS were Ps. 19.17.).
(1)
|
Quarterly earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted
to give effect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as a KOF
UBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8.
Each ADS represents 10 KOF UBL Units.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 22 of 34
|
|
CONSOLIDATED FIRST NINE
MONTHS RESULTS
CONSOLIDATED FIRST NINE MONTHS RESULTS
|
|
As Reported (1)
|
|
|
Comparable (2)
|
|
Expressed in millions of Mexican pesos
|
|
YTD 2019
|
|
|
YTD 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
142,504
|
|
|
|
130,577
|
|
|
|
9.1
|
%
|
|
|
11.0
|
%
|
Gross profit
|
|
|
64,473
|
|
|
|
60,150
|
|
|
|
7.2
|
%
|
|
|
8.8
|
%
|
Operating income
|
|
|
19,041
|
|
|
|
17,103
|
|
|
|
11.3
|
%
|
|
|
15.6
|
%
|
Operating cash flow (3)
|
|
|
27,726
|
|
|
|
24,909
|
|
|
|
11.3
|
%
|
|
|
14.0
|
%
|
Volume increased 1.2% to 2,479.3
million unit cases in the first nine months of 2019 as compared to the same period of 2018, driven mainly by solid growth in Brazil
and the consolidation of acquired territories in Guatemala and Uruguay, partially offset by volume declines in Argentina, Colombia,
and Mexico. On a comparable basis, total volumes increased 0.9%.
Total revenues increased 9.1% to
Ps. 142,504 million in the first nine months of 2019 as compared to the same period of 2018. This figure includes extraordinary
other operating revenues related to an entitlement to reclaim tax payments in Brazil. Total revenues were driven mainly by healthy
pricing, revenue management initiatives across our territories, volume growth in Brazil, the consolidation of recently acquired
territories in Guatemala and Uruguay, and a favorable mix effect driven by transactions growing ahead of volumes in Argentina,
Brazil, and Central America. These factors were partially offset by the negative translation effect resulting from the depreciation
of all of our operating currencies as compared to the Mexican Peso, combined with volume declines in Argentina, Colombia, and
Mexico. On a comparable basis, total revenues increased 11.0%.
Gross profit increased 7.2% to
Ps. 64,473 million in the first nine months of 2019 as compared to the same period of 2018, and gross margin contracted 90 basis
points to 45.2%. More stable sweetener and PET prices were offset by: i) higher concentrate costs in Mexico; ii) higher concentrate
costs in Brazil, related to the reduction of tax credits on concentrate purchased from the Manaus Free Trade Zone; and iii) the
depreciation in the average exchange rate of all of our operating currencies as applied to our U.S. dollar-denominated raw material
costs. On a comparable basis, gross profit increased 8.8%.
(1)
|
According to IFRS 5, figures from 2018 do not include the Philippines as it is presented as
a discontinued operation as of January 1, 2018.
|
(2)
|
Please refer to page 9 for our definition of “comparable” and a description of the
factors affecting the comparability of our financial and operating performance.
|
(3)
|
Operating cash flow = operating income + depreciation + amortization & other operating non-cash
charges.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 23 of 34
|
|
Operating income increased 11.3%
to Ps. 19,041 million in the first nine months of 2019 as compared to the same period of 2018, and operating margin expanded 30
basis points to 13.4%. This increase was driven mainly by operating expense efficiencies and tax reclaims in Brazil, partially
offset by restructuring severance payments of Ps. 1,068 million related to our efficiency program and other tax-related provisions.
On a comparable basis, operating income increased 15.6%.
Comprehensive financing result
recorded an expense of Ps. 4,566 million during the first nine months of 2019 compared to an expense of Ps. 4,837 million in the
same period of 2018. For this period, we had a reduction in our interest expense, net, as compared to the same period of 2018,
a foreign exchange loss—as our cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican
Peso during the first nine months of 2019—and a reduction in other financial expenses.
Income tax as a percentage of income
before taxes was 27.4% as compared to 31.2 % during the first nine months of the previous year. This decrease was driven mainly
by the increase in the relative weight of our Mexico operation´s profits in our consolidated results, which have a lower
tax rate, coupled with certain tax efficiencies across our operations.
Net income attributable to equity holders
of the company reached Ps. 10,095 million in the first nine months of 2019 as compared to Ps. 8,201 million during the same
period of the previous year. Earnings per share1 were Ps. 0.60 (Earnings per unit were Ps. 4.81, and earnings per ADS
were Ps. 48.05.).
(1)
|
Earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted to give
effect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as each KOF UBL
Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each
ADS represents 10 KOF UBL Units.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 24 of 34
|
|
MEXICO
& CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS
(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)
|
|
MEXICO & CENTRAL AMERICA DIVISION RESULTS
|
|
As
Reported (1)
|
|
|
Comparable
(2)
|
|
Expressed in millions of Mexican pesos
|
|
3Q 2019
|
|
|
3Q 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
28,166
|
|
|
|
26,069
|
|
|
|
8.0
|
%
|
|
|
7.9
|
%
|
Gross profit
|
|
|
13,388
|
|
|
|
12,566
|
|
|
|
6.5
|
%
|
|
|
6.4
|
%
|
Operating income
|
|
|
4,095
|
|
|
|
3,750
|
|
|
|
9.2
|
%
|
|
|
9.1
|
%
|
Operating
cash flow (3)
|
|
|
5,922
|
|
|
|
5,402
|
|
|
|
9.6
|
%
|
|
|
9.5
|
%
|
Volume increased 0.3%
to 535.7 million unit cases, driven by solid volume growth in Guatemala and Costa Rica and stable performance in Mexico, partially
offset by volume declines in Nicaragua and Panama.
Total revenues increased
8.0% to Ps. 28,166 million, driven by pricing ahead of inflation in Mexico, coupled with volume growth in Guatemala and Costa
Rica and stable volumes in Mexico. These effects were partially offset by volume declines in Nicaragua and Panama and a slightly
unfavorable mix driven by volumes outperforming transactions. On a comparable basis, total revenues increased 7.9%.
Gross profit increased
6.5% to Ps. 13,388 million, and gross profit margin contracted 70 basis points to 47.5% driven mainly by our pricing initiatives
and lower PET costs. These factors were partially offset by higher concentrate costs in Mexico and an unfavorable currency hedging
position. On a comparable basis, gross profit increased 6.4%.
Operating income increased
9.2% to Ps. 4,095 million in the third quarter of 2019, and operating income margin expanded 10 basis points to 14.5% during the
period, driven mainly by operating expense efficiencies offset by restructuring severance payments of Ps. 207 million related
to our efficiency program. On a comparable basis, operating income increased 9.1%.
(1)
|
According to IFRS 5, figures from 2018 do not include the Philippines as it is presented as
a discontinued operation as of January 1, 2018.
|
(2)
|
Please refer to page 9 for our definition of “comparable” and a description of the
factors affecting the comparability of our financial and operating performance.
|
(3)
|
Operating cash flow = operating income + depreciation
+ amortization & other operating non-cash charges.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 25 of 34
|
|
SOUTH AMERICA DIVISION
THIRD QUARTER RESULTS
(Brazil, Argentina, Colombia, and Uruguay)
|
|
SOUTH
AMERICA DIVISION RESULTS
|
|
As
Reported (1)
|
|
|
Comparable
(2)
|
|
Expressed in millions of Mexican pesos
|
|
3Q 2019
|
|
|
3Q 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
20,533
|
|
|
|
18,079
|
|
|
|
13.6
|
%
|
|
|
17.4
|
%
|
Gross profit
|
|
|
8,279
|
|
|
|
7,671
|
|
|
|
7.9
|
%
|
|
|
9.9
|
%
|
Operating income
|
|
|
2,918
|
|
|
|
2,028
|
|
|
|
43.9
|
%
|
|
|
49.5
|
%
|
Operating
cash flow (3)
|
|
|
4,147
|
|
|
|
3,090
|
|
|
|
34.2
|
%
|
|
|
44.4
|
%
|
Volume increased 0.4%
to 306.4 million unit cases, driven by strong volume growth of 5.6% in Brazil, partially offset by volume declines in Argentina,
Colombia, and Uruguay. On a comparable basis, volume grew 3.7%.
Total revenues increased
13.6% to Ps. 20,533 million. This figure includes extraordinary other operating revenues related to an entitlement to reclaim
tax payments in Brazil. Revenues were driven mainly by strong volume growth in Brazil, pricing ahead of inflation in Brazil, and
a favorable mix effect driven by transactions outperforming volumes in Argentina and Brazil. These factors were partially offset
by volume contractions in Argentina, Colombia, and Uruguay, coupled with an unfavorable currency translation effect resulting
from the depreciation of the Argentine Peso, Colombian Peso, and Uruguayan Peso as compared to the Mexican Peso. On a comparable
basis, total revenues increased 17.4%.
Gross profit increased
7.9% to Ps. 8,279 million, and gross profit margin contracted 210 basis points to 40.3%. This is a result of our revenue management
initiatives, a favorable currency hedging position, combined with lower PET prices in the division, and lower sweetener prices
mainly in Brazil. These factors were partially offset by higher concentrate costs in Brazil related to the reduction of tax credits
on concentrate purchased from the Manaus free trade zone, and the depreciation of the average exchange rate of all our local currencies
in the division as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit increased 9.9%.
Operating income increased
43.9% to Ps. 2,918 million in the third quarter of 2019, resulting in a margin expansion of 300 basis points to 14.2%. This result
includes operating expense efficiencies and tax reclaims in Brazil, partially offset by a decline in Argentina´s top line
and restructuring severance payments of Ps. 160 million related to our efficiency program and other tax-related provisions. The
total net amount of extraordinary tax effects in Brazil this quarter is Ps. 1,139 million. On a comparable basis, operating income
increased 49.5%.
(1)
|
According to IFRS 5, figures from 2018 do not include the Philippines as it is presented as
a discontinued operation as of January 1, 2018.
|
(2)
|
Please refer to page 9 for our definition of “comparable” and a description of the
factors affecting the comparability of our financial and operating performance.
|
(3)
|
Operating cash flow = operating income + depreciation
+ amortization & other operating non-cash charges.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 26 of 34
|
|
DEFINITIONS
Volume
is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when
applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished
beverage product.
Transactions
refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are
sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz.
serving.
Operating
income is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating
expenses, net + operative equity method (gain) loss in associates.”
Operating
cash flow is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating
non-cash charges.”
Earnings
per share are equal to “Earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted
to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as each KOF
UBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by
8. Each ADS represents 10 KOF UBL Units.
COMPARABILITY
In
an effort to provide our readers with a more useful representation of our company's underlying financial and operating performance,
we are including the term “Comparable.” This means, with respect to a year-over-year comparison, the change of a given
measure excluding the effects of: (i) mergers, acquisitions, and divestitures, including acquisitions made in Guatemala and Uruguay
as of May and July 2018, respectively; (ii) translation effects resulting from exchange rate movements; and (iii) the results
of hyperinflationary subsidiaries in both periods: Argentina’s results from 2019 and 2018. In preparing this measure, management
has used its best judgment, estimates, and assumptions in order to maintain comparability. The relation between our reported and
comparable figures is described in the following chart:
*Reported
2018 figures reflect the Philippines as a discontinued operation.
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 27 of 34
|
|
ABOUT
THE COMPANY
Stock listing information: Mexican
Stock Exchange, Ticker: KOF UBL | NYSE (ADS), Ticker: KOF | Ratio of KOF UBL to KOF = 10:1
Coca-Cola
FEMSA files reports, including annual reports and other information with the U.S. Securities and Exchange Commission, or the “SEC,”
and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant to the rules and regulations of
the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available
to the public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.bmv.com.mx,
and our website at www.coca-colafemsa.com.
Coca-Cola FEMSA, S.A.B. de C.V.
is the largest Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages
of The Coca-Cola Company, offering a wide portfolio of 131 brands to a population of more than 257 million. With over 83 thousand
employees, the Company markets and sells approximately 3.3 billion unit cases through close to 2 million points of sale a year.
Operating 49 manufacturing plants and 275 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and
environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability
Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock
Exchange’s IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories
in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela
through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com
ADDITIONAL
INFORMATION
All of the financial information
presented in this report was prepared under International Financial Reporting Standards (IFRS).
This news release may contain
forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates
by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available
data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control,
which could materially impact the Company’s actual performance. References herein to “US$” are to United States
dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader.
These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollars amounts
or could be converted into U.S. dollars at the rate indicated.
(6 pages of tables to follow)
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 28 of 34
|
|
COCA-COLA
FEMSA
CONSOLIDATED
INCOME STATEMENT
Millions
of Pesos (1)
|
|
For
the Third Quarter of:
|
|
|
For
the First Nine Months of:
|
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
(4)
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (8)
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
(4)
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (8)
|
|
Transactions
(million transactions)
|
|
|
5,037.8
|
|
|
|
|
|
|
|
4,973.1
|
|
|
|
|
|
|
|
1.3
|
%
|
|
|
2.1
|
%
|
|
|
14,888.0
|
|
|
|
|
|
|
|
14,539.0
|
|
|
|
|
|
|
|
2.4
|
%
|
|
|
1.5
|
%
|
Volume
(million unit cases)
|
|
|
842.1
|
|
|
|
|
|
|
|
839.2
|
|
|
|
|
|
|
|
0.3
|
%
|
|
|
1.4
|
%
|
|
|
2,479.3
|
|
|
|
|
|
|
|
2,450.1
|
|
|
|
|
|
|
|
1.2
|
%
|
|
|
0.9
|
%
|
Average
price per unit case
|
|
|
52.09
|
|
|
|
|
|
|
|
48.95
|
|
|
|
|
|
|
|
6.4
|
%
|
|
|
|
|
|
|
52.32
|
|
|
|
|
|
|
|
49.34
|
|
|
|
|
|
|
|
6.0
|
%
|
|
|
|
|
Net
revenues
|
|
|
47,294
|
|
|
|
|
|
|
|
44,012
|
|
|
|
|
|
|
|
7.5
|
%
|
|
|
|
|
|
|
140,571
|
|
|
|
|
|
|
|
130,252
|
|
|
|
|
|
|
|
7.9
|
%
|
|
|
|
|
Other
operating revenues
|
|
|
1,404
|
|
|
|
|
|
|
|
136
|
|
|
|
|
|
|
|
929.6
|
%
|
|
|
|
|
|
|
1,933
|
|
|
|
|
|
|
|
325
|
|
|
|
|
|
|
|
494.5
|
%
|
|
|
|
|
Total
revenues (2)
|
|
|
48,699
|
|
|
|
100.0
|
%
|
|
|
44,148
|
|
|
|
100.0
|
%
|
|
|
10.3
|
%
|
|
|
11.6
|
%
|
|
|
142,504
|
|
|
|
100.0
|
%
|
|
|
130,577
|
|
|
|
100.0
|
%
|
|
|
9.1
|
%
|
|
|
11.0
|
%
|
Cost
of goods sold
|
|
|
27,032
|
|
|
|
55.5
|
%
|
|
|
23,911
|
|
|
|
54.2
|
%
|
|
|
13.0
|
%
|
|
|
|
|
|
|
78,030
|
|
|
|
54.8
|
%
|
|
|
70,427
|
|
|
|
53.9
|
%
|
|
|
10.8
|
%
|
|
|
|
|
Gross
profit
|
|
|
21,667
|
|
|
|
44.5
|
%
|
|
|
20,237
|
|
|
|
45.8
|
%
|
|
|
7.1
|
%
|
|
|
7.6
|
%
|
|
|
64,473
|
|
|
|
45.2
|
%
|
|
|
60,150
|
|
|
|
46.1
|
%
|
|
|
7.2
|
%
|
|
|
8.8
|
%
|
Operating
expenses
|
|
|
14,703
|
|
|
|
30.2
|
%
|
|
|
14,256
|
|
|
|
32.3
|
%
|
|
|
3.1
|
%
|
|
|
|
|
|
|
44,429
|
|
|
|
31.2
|
%
|
|
|
42,225
|
|
|
|
32.3
|
%
|
|
|
5.2
|
%
|
|
|
|
|
Other
operative expenses, net
|
|
|
(63
|
)
|
|
|
-0.1
|
%
|
|
|
118
|
|
|
|
0.3
|
%
|
|
|
NA
|
|
|
|
|
|
|
|
895
|
|
|
|
0.6
|
%
|
|
|
621
|
|
|
|
0.5
|
%
|
|
|
44.1
|
%
|
|
|
|
|
Operative
equity method (gain) loss in associates(3)
|
|
|
15
|
|
|
|
0.0
|
%
|
|
|
85
|
|
|
|
0.2
|
%
|
|
|
-82.6
|
%
|
|
|
|
|
|
|
109
|
|
|
|
0.1
|
%
|
|
|
201
|
|
|
|
0.2
|
%
|
|
|
-45.6
|
%
|
|
|
|
|
Operating
income (6)
|
|
|
7,013
|
|
|
|
14.4
|
%
|
|
|
5,777
|
|
|
|
13.1
|
%
|
|
|
21.4
|
%
|
|
|
22.8
|
%
|
|
|
19,041
|
|
|
|
13.4
|
%
|
|
|
17,103
|
|
|
|
13.1
|
%
|
|
|
11.3
|
%
|
|
|
15.6
|
%
|
Other
non operative expenses, net
|
|
|
2
|
|
|
|
0.0
|
%
|
|
|
95
|
|
|
|
0.2
|
%
|
|
|
NA
|
|
|
|
|
|
|
|
75
|
|
|
|
0.1
|
%
|
|
|
216
|
|
|
|
0.2
|
%
|
|
|
-65.4
|
%
|
|
|
|
|
Non
Operative equity method (gain) loss in associates (5)
|
|
|
16
|
|
|
|
0.0
|
%
|
|
|
(34
|
)
|
|
|
-0.1
|
%
|
|
|
NA
|
|
|
|
|
|
|
|
(14
|
)
|
|
|
0.0
|
%
|
|
|
(40
|
)
|
|
|
0.0
|
%
|
|
|
NA
|
|
|
|
|
|
Interest
expense
|
|
|
1,786
|
|
|
|
|
|
|
|
1,834
|
|
|
|
|
|
|
|
-2.6
|
%
|
|
|
|
|
|
|
5,235
|
|
|
|
|
|
|
|
5,461
|
|
|
|
|
|
|
|
-4.1
|
%
|
|
|
|
|
Interest
income
|
|
|
365
|
|
|
|
|
|
|
|
276
|
|
|
|
|
|
|
|
32.3
|
%
|
|
|
|
|
|
|
907
|
|
|
|
|
|
|
|
702
|
|
|
|
|
|
|
|
29.3
|
%
|
|
|
|
|
Interest
expense, net
|
|
|
1,421
|
|
|
|
|
|
|
|
1,558
|
|
|
|
|
|
|
|
-8.8
|
%
|
|
|
|
|
|
|
4,328
|
|
|
|
|
|
|
|
4,759
|
|
|
|
|
|
|
|
-9.1
|
%
|
|
|
|
|
Foreign
exchange loss (gain)
|
|
|
(38
|
)
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
166
|
|
|
|
|
|
|
|
(51
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Loss
(gain) on monetary position in inflationary subsidiries
|
|
|
(103
|
)
|
|
|
|
|
|
|
(117
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
(78
|
)
|
|
|
|
|
|
|
(117
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Market
value (gain) loss on financial instruments
|
|
|
150
|
|
|
|
|
|
|
|
(59
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
150
|
|
|
|
|
|
|
|
246
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Comprehensive
financing result
|
|
|
1,430
|
|
|
|
|
|
|
|
1,322
|
|
|
|
|
|
|
|
8.1
|
%
|
|
|
|
|
|
|
4,566
|
|
|
|
|
|
|
|
4,837
|
|
|
|
|
|
|
|
-5.6
|
%
|
|
|
|
|
Income
before taxes
|
|
|
5,564
|
|
|
|
|
|
|
|
4,394
|
|
|
|
|
|
|
|
26.6
|
%
|
|
|
|
|
|
|
14,415
|
|
|
|
|
|
|
|
12,091
|
|
|
|
|
|
|
|
19.2
|
%
|
|
|
|
|
Income
taxes
|
|
|
1,439
|
|
|
|
|
|
|
|
1,382
|
|
|
|
|
|
|
|
4.2
|
%
|
|
|
|
|
|
|
3,953
|
|
|
|
|
|
|
|
3,773
|
|
|
|
|
|
|
|
4.8
|
%
|
|
|
|
|
Result
of discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
410
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
576
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Consolidated
net income
|
|
|
4,125
|
|
|
|
|
|
|
|
3,422
|
|
|
|
|
|
|
|
20.5
|
%
|
|
|
|
|
|
|
10,462
|
|
|
|
|
|
|
|
8,894
|
|
|
|
|
|
|
|
17.6
|
%
|
|
|
|
|
Net
income attributable to equity holders of the company
|
|
|
4,027
|
|
|
|
8.3
|
%
|
|
|
3,266
|
|
|
|
7.4
|
%
|
|
|
23.3
|
%
|
|
|
|
|
|
|
10,095
|
|
|
|
7.1
|
%
|
|
|
8,201
|
|
|
|
6.3
|
%
|
|
|
23.1
|
%
|
|
|
|
|
Non-controlling
interest
|
|
|
98
|
|
|
|
0.2
|
%
|
|
|
156
|
|
|
|
0.4
|
%
|
|
|
-37.0
|
%
|
|
|
|
|
|
|
367
|
|
|
|
0.3
|
%
|
|
|
693
|
|
|
|
0.5
|
%
|
|
|
-47.0
|
%
|
|
|
|
|
Operating
Cash Flow & CAPEX
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
(4)
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (8)
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
(4)
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (8)
|
|
Operating
income (6)
|
|
|
7,013
|
|
|
|
14.4
|
%
|
|
|
5,777
|
|
|
|
13.1
|
%
|
|
|
21.4
|
%
|
|
|
|
|
|
|
19,041
|
|
|
|
13.4
|
%
|
|
|
17,103
|
|
|
|
13.1
|
%
|
|
|
11.3
|
%
|
|
|
|
|
Depreciation
|
|
|
2,251
|
|
|
|
|
|
|
|
2,190
|
|
|
|
|
|
|
|
2.8
|
%
|
|
|
|
|
|
|
6,699
|
|
|
|
|
|
|
|
6,178
|
|
|
|
|
|
|
|
8.4
|
%
|
|
|
|
|
Amortization
and other operative non-cash charges
|
|
|
805
|
|
|
|
|
|
|
|
524
|
|
|
|
|
|
|
|
53.6
|
%
|
|
|
|
|
|
|
1,986
|
|
|
|
|
|
|
|
1,627
|
|
|
|
|
|
|
|
22.0
|
%
|
|
|
|
|
Operating
cash flow (6)(7)
|
|
|
10,069
|
|
|
|
20.7
|
%
|
|
|
8,492
|
|
|
|
19.2
|
%
|
|
|
18.6
|
%
|
|
|
21.2
|
%
|
|
|
27,726
|
|
|
|
19.5
|
%
|
|
|
24,909
|
|
|
|
19.1
|
%
|
|
|
11.3
|
%
|
|
|
14.0
|
%
|
CAPEX
|
|
|
2,772
|
|
|
|
|
|
|
|
3,103
|
|
|
|
|
|
|
|
-10.7
|
|
|
|
|
|
|
|
6,681
|
|
|
|
|
|
|
|
7,120
|
|
|
|
|
|
|
|
-6.2
|
|
|
|
|
|
(1)
Except volume and average price per unit case figures.
(2)
Please refer to pages 14 and 15 for revenue breakdown.
(3)
Includes equity method in Jugos del Valle, Leao Alimentos, and Estrella Azul, among others.
(4)
According to IFRS 5, figures from 2018 do not include the Philippines as it is presented as a discontinued operation as
of January 1, 2018.
(5)
Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER and KSP Participacoes, among others.
(6)
The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.
(7)
Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.
(8)
Please refer to page 9 for our definition of “comparable” and a description of the factors affecting the comparability
of our financial and operating performance.
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 29 of 34
|
|
MEXICO
& CENTRAL AMERICA DIVISION
RESULTS
OF OPERATIONS
Millions
of Pesos (1)
|
|
For
the Third Quarter of:
|
|
|
For
the First Nine Months of:
|
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (6)
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (6)
|
|
Transactions
(million transactions)
|
|
|
2,946.3
|
|
|
|
|
|
|
|
2,953.8
|
|
|
|
|
|
|
|
-0.3
|
%
|
|
|
-0.3
|
%
|
|
|
8,695.3
|
|
|
|
|
|
|
|
8,700.0
|
|
|
|
|
|
|
|
-0.1
|
%
|
|
|
-1.8
|
%
|
Volume
(million unit cases)
|
|
|
535.7
|
|
|
|
|
|
|
|
534.1
|
|
|
|
|
|
|
|
0.3
|
%
|
|
|
0.3
|
%
|
|
|
1,568.4
|
|
|
|
|
|
|
|
1,561.2
|
|
|
|
|
|
|
|
0.5
|
%
|
|
|
-0.8
|
%
|
Average
price per unit case
|
|
|
52.53
|
|
|
|
|
|
|
|
48.78
|
|
|
|
|
|
|
|
7.7
|
%
|
|
|
|
|
|
|
52.24
|
|
|
|
|
|
|
|
47.85
|
|
|
|
|
|
|
|
9.2
|
%
|
|
|
|
|
Net
revenues
|
|
|
28,144
|
|
|
|
|
|
|
|
26,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,933
|
|
|
|
|
|
|
|
74,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating revenues
|
|
|
22
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues (2)
|
|
|
28,166
|
|
|
|
100.0
|
%
|
|
|
26,069
|
|
|
|
100.0
|
%
|
|
|
8.0
|
%
|
|
|
7.9
|
%
|
|
|
81,996
|
|
|
|
100.0
|
%
|
|
|
74,738
|
|
|
|
100.0
|
%
|
|
|
9.7
|
%
|
|
|
8.2
|
%
|
Cost
of goods sold
|
|
|
14,778
|
|
|
|
52.5
|
%
|
|
|
13,503
|
|
|
|
51.8
|
%
|
|
|
|
|
|
|
|
|
|
|
42,662
|
|
|
|
52.0
|
%
|
|
|
38,808
|
|
|
|
51.9
|
%
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
13,388
|
|
|
|
47.5
|
%
|
|
|
12,566
|
|
|
|
48.2
|
%
|
|
|
6.5
|
%
|
|
|
6.4
|
%
|
|
|
39,334
|
|
|
|
48.0
|
%
|
|
|
35,930
|
|
|
|
48.1
|
%
|
|
|
9.5
|
%
|
|
|
8.0
|
%
|
Operating
expenses
|
|
|
8,949
|
|
|
|
31.8
|
%
|
|
|
8,748
|
|
|
|
33.6
|
%
|
|
|
|
|
|
|
|
|
|
|
26,634
|
|
|
|
32.5
|
%
|
|
|
25,334
|
|
|
|
33.9
|
%
|
|
|
|
|
|
|
|
|
Other
operative expenses, net
|
|
|
300
|
|
|
|
1.1
|
%
|
|
|
(31
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
834
|
|
|
|
1.0
|
%
|
|
|
141
|
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
Operative
equity method (gain) loss in associates (3)
|
|
|
45
|
|
|
|
0.2
|
%
|
|
|
99
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
168
|
|
|
|
0.2
|
%
|
|
|
243
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
Operating
income (4)
|
|
|
4,095
|
|
|
|
14.5
|
%
|
|
|
3,750
|
|
|
|
14.4
|
%
|
|
|
9.2
|
%
|
|
|
9.1
|
%
|
|
|
11,698
|
|
|
|
14.3
|
%
|
|
|
10,212
|
|
|
|
13.7
|
%
|
|
|
14.5
|
%
|
|
|
13.5
|
%
|
Depreciation,
amortization & other operating non-cash charges
|
|
|
1,827
|
|
|
|
6.5
|
%
|
|
|
1,653
|
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
5,281
|
|
|
|
6.4
|
%
|
|
|
4,900
|
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
Operating
cash flow (4)(5)
|
|
|
5,922
|
|
|
|
21.0
|
%
|
|
|
5,402
|
|
|
|
20.7
|
%
|
|
|
9.6
|
%
|
|
|
9.5
|
%
|
|
|
16,979
|
|
|
|
20.7
|
%
|
|
|
15,112
|
|
|
|
20.2
|
%
|
|
|
12.4
|
%
|
|
|
11.0
|
%
|
(1)
Except volume and average price per unit case figures.
(2)
Please refer to pages 14 and 15 for revenue breakdown.
(3)
Includes equity method in Jugos del Valle and Estrella Azul, among others.
(4)
The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.
(5)
Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.
(6)
Please refer to page 9 for our definition of “comparable” and a description of the factors affecting the comparability
of our financial and operating performance.
SOUTH
AMERICA DIVISION
RESULTS
OF OPERATIONS
Millions
of Pesos (1)
|
|
For
the Third Quarter of:
|
|
|
For
the First Nine Months of:
|
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (6)
|
|
|
2019
|
|
|
%
of Rev.
|
|
|
2018
|
|
|
%
of Rev.
|
|
|
Δ%
Reported
|
|
|
Δ%
Comparable (6)
|
|
Transactions
(million transactions)
|
|
|
2,091.4
|
|
|
|
|
|
|
|
2,019.3
|
|
|
|
|
|
|
|
3.6
|
%
|
|
|
5.9
|
%
|
|
|
6,192.6
|
|
|
|
|
|
|
|
5,838.9
|
|
|
|
|
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
Volume
(million unit cases)
|
|
|
306.4
|
|
|
|
|
|
|
|
305.1
|
|
|
|
|
|
|
|
0.4
|
%
|
|
|
3.7
|
%
|
|
|
910.9
|
|
|
|
|
|
|
|
888.9
|
|
|
|
|
|
|
|
2.5
|
%
|
|
|
4.5
|
%
|
Average
price per unit case
|
|
|
51.31
|
|
|
|
|
|
|
|
49.25
|
|
|
|
|
|
|
|
4.2
|
%
|
|
|
|
|
|
|
52.47
|
|
|
|
|
|
|
|
51.96
|
|
|
|
|
|
|
|
1.0
|
%
|
|
|
|
|
Net
revenues
|
|
|
19,151
|
|
|
|
|
|
|
|
17,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,638
|
|
|
|
|
|
|
|
55,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating revenues
|
|
|
1,382
|
|
|
|
|
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,869
|
|
|
|
|
|
|
|
295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues (2)
|
|
|
20,533
|
|
|
|
100.0
|
%
|
|
|
18,079
|
|
|
|
100.0
|
%
|
|
|
13.6
|
%
|
|
|
17.4
|
%
|
|
|
60,507
|
|
|
|
100.0
|
%
|
|
|
55,839
|
|
|
|
100.0
|
%
|
|
|
8.4
|
%
|
|
|
15.7
|
%
|
Cost
of goods sold
|
|
|
12,254
|
|
|
|
59.7
|
%
|
|
|
10,408
|
|
|
|
57.6
|
%
|
|
|
|
|
|
|
|
|
|
|
35,369
|
|
|
|
58.5
|
%
|
|
|
31,619
|
|
|
|
56.6
|
%
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
8,279
|
|
|
|
40.3
|
%
|
|
|
7,671
|
|
|
|
42.4
|
%
|
|
|
7.9
|
%
|
|
|
9.9
|
%
|
|
|
25,139
|
|
|
|
41.5
|
%
|
|
|
24,220
|
|
|
|
43.4
|
%
|
|
|
3.8
|
%
|
|
|
10.4
|
%
|
Operating
expenses
|
|
|
5,754
|
|
|
|
28.0
|
%
|
|
|
5,507
|
|
|
|
30.5
|
%
|
|
|
|
|
|
|
|
|
|
|
17,794
|
|
|
|
29.4
|
%
|
|
|
16,891
|
|
|
|
30.3
|
%
|
|
|
|
|
|
|
|
|
Other
operative expenses, net
|
|
|
(363
|
)
|
|
|
-1.8
|
%
|
|
|
150
|
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
60
|
|
|
|
0.1
|
%
|
|
|
480
|
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
Operative
equity method (gain) loss in associates (3)
|
|
|
(30
|
)
|
|
|
-0.1
|
%
|
|
|
(14
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
(58
|
)
|
|
|
-0.1
|
%
|
|
|
(42
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
Operating
income (4)
|
|
|
2,918
|
|
|
|
14.2
|
%
|
|
|
2,028
|
|
|
|
11.2
|
%
|
|
|
43.9
|
%
|
|
|
49.5
|
%
|
|
|
7,343
|
|
|
|
12.1
|
%
|
|
|
6,891
|
|
|
|
12.3
|
%
|
|
|
6.6
|
%
|
|
|
19.4
|
%
|
Depreciation,
amortization & other operating non-cash charges
|
|
|
1,229
|
|
|
|
6.0
|
%
|
|
|
1,062
|
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
3,404
|
|
|
|
5.6
|
%
|
|
|
2,906
|
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
Operating
cash flow (4)(5)
|
|
|
4,147
|
|
|
|
20.2
|
%
|
|
|
3,090
|
|
|
|
17.1
|
%
|
|
|
34.2
|
%
|
|
|
44.4
|
%
|
|
|
10,747
|
|
|
|
17.8
|
%
|
|
|
9,797
|
|
|
|
17.5
|
%
|
|
|
9.7
|
%
|
|
|
19.6
|
%
|
(1)
|
Except
volume and average price per unit case figures.
|
(2)
|
Please
refer to pages 14 and 15 for revenue breakdown.
|
(3)
|
Includes
equity method in Leao Alimentos and Verde Campo, among others.
|
(4)
|
The
operating income and operating cash flow lines are presented as non-GAAP measures for
the convenience of the reader.
|
(5)
|
Operating
cash flow = operating income + depreciation, amortization & other operating non-cash
charges.
|
(6)
|
Please
refer to page 9 for our definition of “comparable” and a description of the
factors affecting the comparability of our financial and operating performance.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 30 of 34
|
|
COCA-COLA
FEMSA
CONSOLIDATED
BALANCE SHEET
Millions
of Pesos
|
|
Sep-19
|
|
|
Dec-18
|
|
|
% Var.
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
30,230
|
|
|
|
23,727
|
|
|
|
27
|
%
|
Total accounts receivable
|
|
|
10,951
|
|
|
|
14,847
|
|
|
|
-26
|
%
|
Inventories
|
|
|
9,658
|
|
|
|
10,051
|
|
|
|
-4
|
%
|
Other current assets
|
|
|
11,170
|
|
|
|
8,865
|
|
|
|
26
|
%
|
Total current assets
|
|
|
62,008
|
|
|
|
57,490
|
|
|
|
8
|
%
|
Non-Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
106,184
|
|
|
|
106,259
|
|
|
|
0
|
%
|
Accumulated depreciation
|
|
|
(46,779
|
)
|
|
|
(44,316
|
)
|
|
|
6
|
%
|
Total property, plant and equipment, net
|
|
|
59,406
|
|
|
|
61,942
|
|
|
|
-4
|
%
|
Right of use assets
|
|
|
1,357
|
|
|
|
-
|
|
|
|
NA
|
|
Investment in shares
|
|
|
10,587
|
|
|
|
10,518
|
|
|
|
1
|
%
|
Intangible assets and other assets
|
|
|
112,464
|
|
|
|
116,804
|
|
|
|
-4
|
%
|
Other non-current assets
|
|
|
16,875
|
|
|
|
17,033
|
|
|
|
-1
|
%
|
Total Assets
|
|
|
262,697
|
|
|
|
263,788
|
|
|
|
-0.4
|
%
|
|
|
Sep-19
|
|
|
Dec-18
|
|
|
% Var.
|
|
Liabilities & Equity
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank loans and notes payable
|
|
|
16,699
|
|
|
|
11,604
|
|
|
|
44
|
%
|
Suppliers
|
|
|
17,712
|
|
|
|
19,746
|
|
|
|
-10
|
%
|
Short-term leasing Liabilities
|
|
|
471
|
|
|
|
-
|
|
|
|
|
|
Other current liabilities
|
|
|
21,405
|
|
|
|
14,174
|
|
|
|
51
|
%
|
Total current liabilities
|
|
|
56,286
|
|
|
|
45,524
|
|
|
|
24
|
%
|
Non-Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank loans and notes payable
|
|
|
59,834
|
|
|
|
70,201
|
|
|
|
-15
|
%
|
Long Term Leasing Liabilities
|
|
|
913
|
|
|
|
-
|
|
|
|
|
|
Other long-term liabilities
|
|
|
15,964
|
|
|
|
16,313
|
|
|
|
-2
|
%
|
Total liabilities
|
|
|
132,997
|
|
|
|
132,037
|
|
|
|
1
|
%
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
6,659
|
|
|
|
6,807
|
|
|
|
-2
|
%
|
Total controlling interest
|
|
|
123,041
|
|
|
|
124,943
|
|
|
|
-2
|
%
|
Total equity
|
|
|
129,700
|
|
|
|
131,750
|
|
|
|
-2
|
%
|
Total Liabilities and Equity
|
|
|
262,697
|
|
|
|
263,788
|
|
|
|
-0.4
|
%
|
|
|
September 30, 2019
|
|
Debt Mix
|
|
% Total Debt (1)
|
|
|
% Interest Rate
Floating (1) (2)
|
|
|
Average
Rate
|
|
Currency
|
|
|
|
|
|
|
|
|
|
Mexican Pesos
|
|
|
64.2
|
%
|
|
|
26.5
|
%
|
|
|
8.4
|
%
|
U.S. Dollars
|
|
|
9.2
|
%
|
|
|
0.0
|
%
|
|
|
3.9
|
%
|
Colombian Pesos
|
|
|
1.6
|
%
|
|
|
100.0
|
%
|
|
|
5.2
|
%
|
Brazilian Reals
|
|
|
23.0
|
%
|
|
|
1.9
|
%
|
|
|
8.3
|
%
|
Uruguayan Pesos
|
|
|
1.8
|
%
|
|
|
0.0
|
%
|
|
|
9.7
|
%
|
Argentine Pesos
|
|
|
0.2
|
%
|
|
|
20.0
|
%
|
|
|
65.9
|
%
|
Total Debt
|
|
|
100
|
%
|
|
|
12.2
|
%
|
|
|
8.1
|
%
|
(1) After giving effect
to cross- currency swaps.
(2) Calculated by weighting
each year´s outstanding debt balance mix.
Financial Ratios
|
|
LTM 2019
|
|
|
FY 2018
|
|
|
Δ%
|
|
Net debt including effect of hedges (1)(3)
|
|
|
44,455
|
|
|
|
56,934
|
|
|
|
-6.5
|
%
|
Net debt including effect of hedges / Operating cash flow (1)(3)
|
|
|
1.17
|
|
|
|
1.61
|
|
|
|
|
|
Operating cash flow/ Interest expense, net (1)
|
|
|
6.41
|
|
|
|
5.40
|
|
|
|
|
|
Capitalization (2)
|
|
|
40.4
|
%
|
|
|
40.5
|
%
|
|
|
|
|
(1) Net debt = total debt
- cash
(2) Total debt / (long-term
debt + shareholders' equity)
(3) After giving effect
to cross-currency swaps.
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 31 of 34
|
|
COCA-COLA FEMSA
QUARTERLY- VOLUME,
TRANSACTIONS & REVENUES
Volume
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q
2019
|
|
|
|
3Q 2018 (3)
|
|
|
|
YoY
|
|
|
|
|
Sparkling
|
|
|
|
Water
(1)
|
|
|
|
Bulk
(2)
|
|
|
|
Stills
|
|
|
|
Total
|
|
|
|
Sparkling
|
|
|
|
Water
(1)
|
|
|
|
Bulk
(2)
|
|
|
|
Stills
|
|
|
|
Total
|
|
|
|
Δ
%
|
|
Mexico
|
|
|
351.8
|
|
|
|
23.3
|
|
|
|
72.8
|
|
|
|
29.6
|
|
|
|
477.5
|
|
|
|
349.1
|
|
|
|
25.9
|
|
|
|
72.0
|
|
|
|
30.6
|
|
|
|
477.6
|
|
|
|
0.0
|
%
|
Central America
|
|
|
50.1
|
|
|
|
2.9
|
|
|
|
0.1
|
|
|
|
5.1
|
|
|
|
58.2
|
|
|
|
48.4
|
|
|
|
2.7
|
|
|
|
0.1
|
|
|
|
5.3
|
|
|
|
56.6
|
|
|
|
2.8
|
%
|
Mexico and Central America
|
|
|
401.9
|
|
|
|
26.2
|
|
|
|
73.0
|
|
|
|
34.6
|
|
|
|
535.7
|
|
|
|
397.5
|
|
|
|
28.6
|
|
|
|
72.1
|
|
|
|
35.9
|
|
|
|
534.1
|
|
|
|
0.3
|
%
|
Colombia
|
|
|
53.4
|
|
|
|
6.6
|
|
|
|
5.0
|
|
|
|
3.9
|
|
|
|
68.9
|
|
|
|
53.3
|
|
|
|
6.7
|
|
|
|
5.1
|
|
|
|
4.4
|
|
|
|
69.5
|
|
|
|
-0.8
|
%
|
Brazil
|
|
|
170.3
|
|
|
|
11.2
|
|
|
|
1.8
|
|
|
|
11.9
|
|
|
|
195.2
|
|
|
|
162.3
|
|
|
|
10.0
|
|
|
|
1.6
|
|
|
|
11.0
|
|
|
|
184.9
|
|
|
|
5.6
|
%
|
Argentina
|
|
|
26.7
|
|
|
|
3.2
|
|
|
|
0.9
|
|
|
|
2.2
|
|
|
|
33.0
|
|
|
|
34.1
|
|
|
|
3.9
|
|
|
|
0.9
|
|
|
|
2.5
|
|
|
|
41.4
|
|
|
|
-20.2
|
%
|
Uruguay
|
|
|
8.5
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
9.3
|
|
|
|
8.7
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
0.0
|
|
|
|
9.4
|
|
|
|
-0.8
|
%
|
South America
|
|
|
258.9
|
|
|
|
21.7
|
|
|
|
7.8
|
|
|
|
18.0
|
|
|
|
306.4
|
|
|
|
258.4
|
|
|
|
21.1
|
|
|
|
7.6
|
|
|
|
18.0
|
|
|
|
305.1
|
|
|
|
0.4
|
%
|
TOTAL
|
|
|
660.8
|
|
|
|
47.9
|
|
|
|
80.7
|
|
|
|
52.7
|
|
|
|
842.1
|
|
|
|
656.0
|
|
|
|
49.7
|
|
|
|
79.7
|
|
|
|
53.8
|
|
|
|
839.2
|
|
|
|
0.3
|
%
|
(1)
Excludes water presentations larger than 5.0 Lt ; includes flavored water.
(2)
Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water
Transactions
|
|
|
3Q
2019
|
|
|
|
3Q
2018 (3)
|
|
YoY
|
|
|
|
Sparkling
|
|
|
|
Water
|
|
|
|
|
|
|
|
Stills
|
|
|
|
Total
|
|
|
|
Sparkling
|
|
|
|
Water
|
|
|
|
|
|
|
|
Stills
|
|
|
Total
|
|
Δ %
|
Mexico
|
|
|
2,061.0
|
|
|
|
150.6
|
|
|
|
|
|
|
|
249.2
|
|
|
|
2,460.9
|
|
|
|
2,042.4
|
|
|
|
192.6
|
|
|
|
|
|
|
|
242.2
|
|
|
2,477.2
|
|
-0.7%
|
Central America
|
|
|
404.1
|
|
|
|
22.7
|
|
|
|
|
|
|
|
58.7
|
|
|
|
485.4
|
|
|
|
393.0
|
|
|
|
20.9
|
|
|
|
|
|
|
|
62.7
|
|
|
476.6
|
|
1.8%
|
Mexico and Central America
|
|
|
2,465.1
|
|
|
|
173.3
|
|
|
|
|
|
|
|
307.9
|
|
|
|
2,946.3
|
|
|
|
2,435.5
|
|
|
|
213.5
|
|
|
|
|
|
|
|
304.9
|
|
|
2,953.8
|
|
-0.3%
|
Colombia
|
|
|
385.7
|
|
|
|
87.2
|
|
|
|
|
|
|
|
43.4
|
|
|
|
516.3
|
|
|
|
384.9
|
|
|
|
95.3
|
|
|
|
|
|
|
|
46.8
|
|
|
526.9
|
|
-2.0%
|
Brazil
|
|
|
1,114.1
|
|
|
|
100.6
|
|
|
|
|
|
|
|
126.6
|
|
|
|
1,341.2
|
|
|
|
1,019.2
|
|
|
|
89.5
|
|
|
|
|
|
|
|
114.6
|
|
|
1,223.4
|
|
9.6%
|
Argentina
|
|
|
150.2
|
|
|
|
20.3
|
|
|
|
|
|
|
|
16.2
|
|
|
|
186.7
|
|
|
|
180.6
|
|
|
|
21.9
|
|
|
|
|
|
|
|
18.8
|
|
|
221.4
|
|
-15.7%
|
Uruguay
|
|
|
43.2
|
|
|
|
3.0
|
|
|
|
|
|
|
|
0.9
|
|
|
|
47.2
|
|
|
|
44.3
|
|
|
|
2.7
|
|
|
|
|
|
|
|
0.6
|
|
|
47.6
|
|
-0.8%
|
South America
|
|
|
1,693.2
|
|
|
|
211.1
|
|
|
|
|
|
|
|
187.1
|
|
|
|
2,091.4
|
|
|
|
1,629.0
|
|
|
|
209.5
|
|
|
|
|
|
|
|
180.8
|
|
|
2,019.3
|
|
3.6%
|
TOTAL
|
|
|
4,158.3
|
|
|
|
384.4
|
|
|
|
|
|
|
|
495.1
|
|
|
|
5,037.8
|
|
|
|
4,064.5
|
|
|
|
423.0
|
|
|
|
|
|
|
|
485.7
|
|
|
4,973.1
|
|
1.3%
|
Revenues
Expressed
in million Mexican Pesos
|
|
3Q
2019
|
|
|
3Q
2018 (3)
|
|
|
Δ
%
|
|
Mexico
|
|
|
23,702
|
|
|
|
21,909
|
|
|
|
8.2
|
%
|
Central America
|
|
|
4,464
|
|
|
|
4,160
|
|
|
|
7.3
|
%
|
Mexico and Central America
|
|
|
28,166
|
|
|
|
26,069
|
|
|
|
8.0
|
%
|
Colombia
|
|
|
3,479
|
|
|
|
3,697
|
|
|
|
-5.9
|
%
|
Brazil (4)
|
|
|
14,808
|
|
|
|
11,924
|
|
|
|
24.2
|
%
|
Argentina
|
|
|
1,484
|
|
|
|
1,671
|
|
|
|
-11.2
|
%
|
Uruguay
|
|
|
762
|
|
|
|
788
|
|
|
|
-3.3
|
%
|
South America
|
|
|
20,533
|
|
|
|
18,079
|
|
|
|
13.6
|
%
|
TOTAL
|
|
|
48,699
|
|
|
|
44,148
|
|
|
|
10.3
|
%
|
(3) Volume, transactions and revenues for 3Q 2018 are re-presented
excluding the Philippines.
(4) Brazil includes beer revenues of
Ps.3,428.3 million for the third quarter of 2019 and Ps. 2,928.8 million for the same period of the previous year.
(1)
|
Volume is expressed in unit cases. Unit case refers
to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume
of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.
|
(2)
|
Transactions refers to the number of single units
(e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except
for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 32 of 34
|
|
COCA-COLA
FEMSA
YTD
- VOLUME, TRANSACTIONS & REVENUES
Volume
|
|
|
YTD
2019
|
|
|
|
YTD
2018 (3)
|
|
|
|
YoY
|
|
|
|
|
Sparkling
|
|
|
|
Water
(1)
|
|
|
|
Bulk
(2)
|
|
|
|
Stills
|
|
|
|
Total
|
|
|
|
Sparkling
|
|
|
|
Water
(1)
|
|
|
|
Bulk
(2)
|
|
|
|
Stills
|
|
|
|
Total
|
|
|
|
Δ%
|
|
Mexico
|
|
|
1,013.4
|
|
|
|
73.5
|
|
|
|
216.5
|
|
|
|
90.2
|
|
|
|
1,393.6
|
|
|
|
1,020.1
|
|
|
|
80.1
|
|
|
|
214.8
|
|
|
|
91.2
|
|
|
|
1,406.2
|
|
|
|
-0.9
|
%
|
Central America
|
|
|
149.7
|
|
|
|
9.1
|
|
|
|
0.5
|
|
|
|
15.6
|
|
|
|
174.8
|
|
|
|
130.8
|
|
|
|
8.3
|
|
|
|
0.5
|
|
|
|
15.5
|
|
|
|
155.0
|
|
|
|
12.8
|
%
|
Mexico and Central America
|
|
|
1,163.1
|
|
|
|
82.6
|
|
|
|
216.9
|
|
|
|
105.8
|
|
|
|
1,568.4
|
|
|
|
1,150.9
|
|
|
|
88.4
|
|
|
|
215.3
|
|
|
|
106.7
|
|
|
|
1,561.2
|
|
|
|
0.5
|
%
|
Colombia
|
|
|
147.7
|
|
|
|
18.7
|
|
|
|
14.4
|
|
|
|
10.7
|
|
|
|
191.4
|
|
|
|
151.0
|
|
|
|
19.4
|
|
|
|
14.9
|
|
|
|
12.7
|
|
|
|
197.9
|
|
|
|
-3.3
|
%
|
Brazil
|
|
|
513.4
|
|
|
|
35.7
|
|
|
|
5.7
|
|
|
|
36.0
|
|
|
|
590.9
|
|
|
|
481.7
|
|
|
|
31.6
|
|
|
|
5.2
|
|
|
|
31.9
|
|
|
|
550.5
|
|
|
|
7.3
|
%
|
Argentina
|
|
|
79.6
|
|
|
|
10.1
|
|
|
|
2.8
|
|
|
|
6.7
|
|
|
|
99.3
|
|
|
|
105.9
|
|
|
|
12.8
|
|
|
|
3.4
|
|
|
|
9.0
|
|
|
|
131.1
|
|
|
|
-24.2
|
%
|
Uruguay
|
|
|
26.7
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
0.2
|
|
|
|
29.3
|
|
|
|
8.7
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
0.0
|
|
|
|
9.4
|
|
|
|
212.0
|
%
|
South America
|
|
|
767.3
|
|
|
|
66.9
|
|
|
|
23.0
|
|
|
|
53.7
|
|
|
|
910.9
|
|
|
|
747.3
|
|
|
|
64.5
|
|
|
|
23.5
|
|
|
|
53.7
|
|
|
|
888.9
|
|
|
|
2.5
|
%
|
TOTAL
|
|
|
1,930.4
|
|
|
|
149.5
|
|
|
|
239.9
|
|
|
|
159.5
|
|
|
|
2,479.3
|
|
|
|
1,898.1
|
|
|
|
152.8
|
|
|
|
238.8
|
|
|
|
160.4
|
|
|
|
2,450.1
|
|
|
|
1.2
|
%
|
(1) Excludes water presentations larger than 5.0 Lt; includes flavored water.
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water
Transactions
|
|
YTD
2019
|
|
|
YTD
2018 (3)
|
|
|
YoY
|
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Δ
%
|
|
Mexico
|
|
|
6,001.1
|
|
|
|
544.4
|
|
|
|
698.3
|
|
|
|
7,243.8
|
|
|
|
6,083.7
|
|
|
|
586.7
|
|
|
|
733.7
|
|
|
|
7,404.1
|
|
|
|
-2.2
|
%
|
Central America
|
|
|
1,201.3
|
|
|
|
70.4
|
|
|
|
179.8
|
|
|
|
1,451.5
|
|
|
|
1,048.6
|
|
|
|
60.5
|
|
|
|
186.7
|
|
|
|
1,295.9
|
|
|
|
12.0
|
%
|
Mexico and Central America
|
|
|
7,202.4
|
|
|
|
614.8
|
|
|
|
878.1
|
|
|
|
8,695.3
|
|
|
|
7,132.3
|
|
|
|
647.3
|
|
|
|
920.5
|
|
|
|
8,700.0
|
|
|
|
-0.1
|
%
|
Colombia
|
|
|
1,071.9
|
|
|
|
249.8
|
|
|
|
116.9
|
|
|
|
1,438.6
|
|
|
|
1,107.2
|
|
|
|
262.9
|
|
|
|
137.1
|
|
|
|
1,507.3
|
|
|
|
-4.6
|
%
|
Brazil
|
|
|
3,342.8
|
|
|
|
317.0
|
|
|
|
374.1
|
|
|
|
4,033.8
|
|
|
|
2,979.5
|
|
|
|
280.1
|
|
|
|
338.0
|
|
|
|
3,597.6
|
|
|
|
12.1
|
%
|
Argentina
|
|
|
457.6
|
|
|
|
63.3
|
|
|
|
49.5
|
|
|
|
570.4
|
|
|
|
554.5
|
|
|
|
69.9
|
|
|
|
62.1
|
|
|
|
686.5
|
|
|
|
-16.9
|
%
|
Uruguay
|
|
|
137.1
|
|
|
|
10.3
|
|
|
|
2.5
|
|
|
|
149.8
|
|
|
|
44.3
|
|
|
|
2.7
|
|
|
|
0.6
|
|
|
|
47.6
|
|
|
|
214.7
|
%
|
South America
|
|
|
5,009.4
|
|
|
|
640.3
|
|
|
|
542.9
|
|
|
|
6,192.6
|
|
|
|
4,685.6
|
|
|
|
615.7
|
|
|
|
537.7
|
|
|
|
5,838.9
|
|
|
|
6.1
|
%
|
TOTAL
|
|
|
12,211.8
|
|
|
|
1,255.2
|
|
|
|
1,421.0
|
|
|
|
14,888.0
|
|
|
|
11,817.9
|
|
|
|
1,262.9
|
|
|
|
1,458.2
|
|
|
|
14,539.0
|
|
|
|
2.4
|
%
|
Revenues
Expressed in million Mexican Pesos
|
|
YTD
2019
|
|
|
YTD
2018 (3)
|
|
|
Δ %
|
|
Mexico
|
|
|
68,750
|
|
|
|
63,430
|
|
|
|
8.4
|
%
|
Central America
|
|
|
13,246
|
|
|
|
11,308
|
|
|
|
17.1
|
%
|
Mexico and Central America
|
|
|
81,996
|
|
|
|
74,738
|
|
|
|
9.7
|
%
|
Colombia
|
|
|
9,888
|
|
|
|
10,790
|
|
|
|
-8.4
|
%
|
Brazil (4)
|
|
|
43,586
|
|
|
|
39,090
|
|
|
|
11.5
|
%
|
Argentina
|
|
|
4,619
|
|
|
|
5,172
|
|
|
|
-10.7
|
%
|
Uruguay
|
|
|
2,415
|
|
|
|
788
|
|
|
|
206.6
|
%
|
South America
|
|
|
60,507
|
|
|
|
55,839
|
|
|
|
8.4
|
%
|
TOTAL
|
|
|
142,504
|
|
|
|
130,577
|
|
|
|
9.1
|
%
|
(3) Volume, transactions and revenues for Year to date are re-presented excluding the Philippines.
(4) Brazil includes beer revenues of Ps. 10,848.2 million for the first nine months of 2019 and Ps. 9,357.9 million for the same period of the previous year.
|
(1)
|
Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product
(24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is
required to produce 192 ounces of finished beverage product.
|
|
(2)
|
Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of
their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple
transactions based on a standard 12 oz. serving.
|
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 33 of 34
|
|
COCA-COLA FEMSA
MACROECONOMIC INFORMATION
|
|
|
|
|
|
|
|
|
|
Inflation
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
LTM
|
|
|
|
3Q19
|
|
|
|
YTD
|
|
Mexico
|
|
|
2.55
|
%
|
|
|
0.70
|
%
|
|
|
0.61
|
%
|
Colombia
|
|
|
3.72
|
%
|
|
|
0.35
|
%
|
|
|
3.12
|
%
|
Brazil
|
|
|
3.64
|
%
|
|
|
0.29
|
%
|
|
|
2.65
|
%
|
Argentina
|
|
|
54.58
|
%
|
|
|
10.07
|
%
|
|
|
35.18
|
%
|
Costa Rica
|
|
|
2.82
|
%
|
|
|
0.68
|
%
|
|
|
1.50
|
%
|
Panama
|
|
|
-0.94
|
%
|
|
|
-0.74
|
%
|
|
|
-0.06
|
%
|
Guatemala
|
|
|
1.67
|
%
|
|
|
-1.22
|
%
|
|
|
1.34
|
%
|
Nicaragua
|
|
|
6.52
|
%
|
|
|
-0.39
|
%
|
|
|
4.00
|
%
|
Uruguay
|
|
|
7.99
|
%
|
|
|
2.80
|
%
|
|
|
7.95
|
%
|
(1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country.
Average
Exchange Rates for each period (2)
|
|
Quarterly Exchange
Rate
(Local Currency per USD)
|
|
|
Quarterly Exchange
Rate
(Local Currency per USD)
|
|
|
|
3Q19
|
|
|
3Q18
|
|
|
Δ
%
|
|
|
YTD
19
|
|
|
YTD
18
|
|
|
Δ
%
|
|
Mexico
|
|
|
19.42
|
|
|
|
18.98
|
|
|
|
2.3
|
%
|
|
|
19.25
|
|
|
|
19.04
|
|
|
|
1.1
|
%
|
Colombia
|
|
|
3,339.68
|
|
|
|
2,960.28
|
|
|
|
12.8
|
%
|
|
|
3,237.95
|
|
|
|
2,886.98
|
|
|
|
12.2
|
%
|
Brazil
|
|
|
3.97
|
|
|
|
3.96
|
|
|
|
0.4
|
%
|
|
|
3.89
|
|
|
|
3.60
|
|
|
|
7.9
|
%
|
Argentina
|
|
|
50.53
|
|
|
|
32.09
|
|
|
|
57.5
|
%
|
|
|
44.53
|
|
|
|
25.11
|
|
|
|
77.4
|
%
|
Costa Rica
|
|
|
577.77
|
|
|
|
574.59
|
|
|
|
0.6
|
%
|
|
|
594.57
|
|
|
|
571.86
|
|
|
|
4.0
|
%
|
Panama
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
Guatemala
|
|
|
7.68
|
|
|
|
7.55
|
|
|
|
1.8
|
%
|
|
|
7.69
|
|
|
|
7.45
|
|
|
|
3.2
|
%
|
Nicaragua
|
|
|
33.33
|
|
|
|
31.74
|
|
|
|
5.0
|
%
|
|
|
32.93
|
|
|
|
31.36
|
|
|
|
5.0
|
%
|
Uruguay
|
|
|
35.82
|
|
|
|
31.78
|
|
|
|
12.7
|
%
|
|
|
34.50
|
|
|
|
30.10
|
|
|
|
14.6
|
%
|
End-of-period
Exchange Rates
|
|
|
Closing
Exchange Rate
(Local Currency per USD)
|
|
|
|
Closing
Exchange Rate
(Local Currency per USD)
|
|
|
|
|
Sep-19
|
|
|
|
Sep-18
|
|
|
|
Δ
%
|
|
|
|
Jun-19
|
|
|
|
Jun-18
|
|
|
|
Δ
%
|
|
Mexico
|
|
|
19.64
|
|
|
|
18.81
|
|
|
|
4.4
|
%
|
|
|
19.17
|
|
|
|
19.86
|
|
|
|
-3.5
|
%
|
Colombia
|
|
|
3,462.01
|
|
|
|
2,972.18
|
|
|
|
16.5
|
%
|
|
|
3,205.67
|
|
|
|
2,930.80
|
|
|
|
9.4
|
%
|
Brazil
|
|
|
4.16
|
|
|
|
4.00
|
|
|
|
4.0
|
%
|
|
|
3.83
|
|
|
|
3.86
|
|
|
|
-0.6
|
%
|
Argentina
|
|
|
57.59
|
|
|
|
41.25
|
|
|
|
39.6
|
%
|
|
|
42.46
|
|
|
|
28.85
|
|
|
|
47.2
|
%
|
Costa Rica
|
|
|
583.88
|
|
|
|
585.80
|
|
|
|
-0.3
|
%
|
|
|
583.64
|
|
|
|
570.08
|
|
|
|
2.4
|
%
|
Panama
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
Guatemala
|
|
|
7.74
|
|
|
|
7.70
|
|
|
|
0.4
|
%
|
|
|
7.71
|
|
|
|
7.49
|
|
|
|
2.9
|
%
|
Nicaragua
|
|
|
33.53
|
|
|
|
31.94
|
|
|
|
5.0
|
%
|
|
|
33.12
|
|
|
|
31.55
|
|
|
|
5.0
|
%
|
Uruguay
|
|
|
36.94
|
|
|
|
33.21
|
|
|
|
11.2
|
%
|
|
|
32.39
|
|
|
|
28.76
|
|
|
|
12.6
|
%
|
(2) Average exchange rate for each period computed with the average exchange rate of each month.
Coca-Cola FEMSA Reports 3Q2019 Results
October 25, 2019
|
Page 34 of 34
|
|
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the
registrant has duly caused this report to
be signed on its behalf of the
undersigned, thereunto duly authorized.
|
FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.
|
|
|
|
|
By:
|
/s/ Gerardo Estrada Attolini
|
|
|
Gerardo Estrada Attolini
|
|
|
Director of Corporate Finance
|
|
|
|
Date: October 28, 2019
|
|
|
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