UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of October 2023
Commission File Number 1-12260
COCA-COLA FEMSA, S.A.B.
de C.V.
(Translation
of registrant’s name into English)
United Mexican States
(Jurisdiction
of incorporation or organization)
Calle Mario Pani No. 100,
Santa Fe Cuajimalpa,
Cuajimalpa de Morelos,
05348, Ciudad de México,
México
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
Yes No
X
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Yes No
X
Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No
X
If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with
Rule
12g3-2(b): 82-__.
Mexico City, October 25, 2023, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, 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 of 2023.
| · | Operating income growth 15.3% |
| · | Majority net income growth 23.0% |
| · | Earnings per share1 were Ps. 0.32. (Earnings per unit were Ps.
2.56 and per ADS were Ps. 25.61.) |
| · | Achieved more than 946 thousand monthly active buyers on Juntos+, our omnichannel
B2B platform |
|
FIRST NINE MONTHS HIGHLIGHTS |
| · | Operating income growth 13.0% |
| · | Majority net income growth 19.1% |
| · | Earnings per share1 were Ps. 0.85. (Earnings per unit were Ps.
6.77 and per ADS were Ps. 67.66.) |
| · | Achieved more than US$1.7 billion in digital revenues through Juntos+ |
| FINANCIAL SUMMARY FOR THE THIRD QUARTER RESULTS |
| Change vs. same period of last year |
| |
|
Total Revenues |
|
Gross Profit |
|
Operating Income |
|
Majority Net Income |
| |
|
3Q23 |
YTD 2023 |
|
3Q23 |
YTD 2023 |
|
3Q23 |
YTD 2023 |
|
3Q23 |
YTD 2023 |
| As Reported |
Consolidated |
10.1% |
9.2% |
|
13.6% |
10.9% |
|
15.3% |
13.0% |
|
23.0% |
19.1% |
| Mexico & Central America |
15.5% |
14.9% |
|
17.9% |
14.9% |
|
19.2% |
11.5% |
|
|
|
| South America |
2.2% |
1.2% |
|
6.5% |
4.0% |
|
6.7% |
16.6% |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Comparable (2) |
Consolidated |
19.2% |
19.2% |
|
22.9% |
20.5% |
|
24.1% |
21.0% |
|
|
|
| Mexico & Central America |
18.2% |
17.0% |
|
20.5% |
16.8% |
|
22.5% |
13.5% |
|
|
|
| South America |
21.0% |
23.0% |
|
27.4% |
28.2% |
|
28.1% |
44.7% |
|
|
|
Ian Craig,
Coca-Cola FEMSA’s CEO, commented:
“We are pleased to report solid
third quarter results. Our strategic focus on growth has enabled us to build and sustain strong momentum, delivering a quarterly volume
increase of 11.6% year on year. This performance includes growth across all of our operations, with double-digit growth in Mexico, Guatemala,
Colombia, Uruguay, Costa Rica, and Nicaragua. Notably, on a currency neutral basis, our top-line increased 19.2%, and our operating income
increased 24.1%, underscoring the resilience of our company.
As we deliver on our growing the
core strategic priority, we continue increasing investments in both manufacturing and distribution capacity to debottleneck our infrastructure
and unlock growth. We continue accelerating the rollout of our omnichannel B2B platform, Juntos+, which now serves 946 thousand monthly
active buyers and have completed the rollout of our app version 4.0 in Brazil.
We have confidence that Coca-Cola
FEMSA’s team execution of our strategy, is setting us on a path towards long-term sustainable growth and value creation.”
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million
shares outstanding. For the convenience of the reader, as a KOFUBL 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 KOFUBL Units. |
| (2) | Please refer to page 10 for our definition of “comparable” and a description of the factors
affecting the comparability of our financial and operating performance.
|
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 2 of 17 |
RECENT
DEVELOPMENTS
| · | On September 14, 2023, Coca-Cola FEMSA commemorated the 30th anniversary
of its initial public offering and trading of its shares on the Mexican Stock Exchange (“BMV”) and the New York Stock Exchange
(“NYSE”). Since 1993, The Coca-Cola Company has maintained a significant interest in the capital stock of Coca-Cola FEMSA
which in time has helped its growth from a Mexico-based bottler to extend its footprint to other countries and become the largest Coca-Cola
bottler in the world in terms of sales volume. |
| · | On November 3, 2023, Coca-Cola FEMSA will pay the second installment of
the ordinary dividend approved for Ps. 0.3625 per share, for a total cash distribution of Ps. 6,092 million. |
CONFERENCE
CALL INFORMATION
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 3 of 17 |
CONSOLIDATED
third QUARTER RESULTS
| CONSOLIDATED THIRD QUARTER RESULTS |
| |
|
|
|
|
|
|
| |
|
As Reported |
|
Comparable (1) |
| Expressed in millions of Mexican pesos |
|
3Q 2023 |
3Q 2022 |
Δ% |
|
Δ% |
| Total revenues |
|
62,853 |
57,093 |
10.1% |
|
19.2% |
| Gross profit |
|
28,848 |
25,392 |
13.6% |
|
22.9% |
| Operating income |
|
8,460 |
7,335 |
15.3% |
|
24.1% |
| Adj. EBITDA (2) |
|
11,830 |
10,626 |
11.3% |
|
20.5% |
Volume
increased 11.6% to 1,033.1 million unit cases, driven by volume growth in all of our territories, including double-digit volume growth
in Mexico, Guatemala, Costa Rica, Nicaragua, Colombia, and Uruguay. Excluding the acquisition of the Cristal bulk water business in Mexico,
total volume would have increased 9.8%.
Total
revenues increased 10.1% to Ps. 62,853 million. This increase was driven mainly by volume growth, partially offset by unfavorable
currency translation effects from most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues
increased 19.2%.
Gross
profit increased 13.6% to Ps. 28,848 million, and gross margin expanded 140 basis points to 45.9%. This expansion was driven
mainly by our top-line growth, easing packaging costs, and the appreciation of most of our operating currencies as applied to our U.S
dollar-denominated raw material costs. These effects were partially offset by higher sweetener costs across our territories. Excluding
currency translation effects, gross profit increased 22.9%.
Operating
income increased 15.3% to Ps. 8,460 million, and operating margin expanded 70 basis points to 13.5%. This expansion was driven
mainly by a solid top-line performance, easing packaging costs, and the appreciation of most of our operating currencies as applied to
our U.S. dollar denominated raw material costs. These effects were partially offset by an increase in sweeteners, fixed costs, and expenses
such as labor, marketing, and maintenance. Excluding currency translation effects, operating income increased 24.1%.
| (1) | | Please refer to page 10 for our definition of “comparable” and a description
of the factors affecting the comparability of our financial and operating performance. |
| (2) | | Adjusted EBITDA = operating income + depreciation + amortization & other operating
non-cash charges. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 4 of 17 |
Comprehensive
financing result recorded an expense of Ps. 552 million, compared to an expense of Ps. 682 million in the previous year. This
decrease was driven mainly by a foreign exchange gain of Ps. 322 million as compared to a gain of Ps. 40 million, as our net cash exposure
in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and other operating currencies as compared to the previous
quarter.
Additionally, we recorded a gain
of Ps. 95 million in financial instruments as compared to a loss of Ps. 157 million during the previous year, driven mainly by a decrease
in interest rates in Brazil.
These effects were partially offset
by an increase in our interest expense, net. This quarter we recorded a higher interest expense of Ps. 1,707 million as compared to an
expense of Ps. 1,339 million during the previous year, as a result of the tender offer completed during the third quarter of 2022 which
lowered our comparison base. This increase in interest expense was partially offset by an increase in our interest income, driven by higher
interest rates.
Finally, we recognized a lower
gain in monetary position in inflationary subsidiaries of Ps. 17 million, as compared to a gain of Ps. 124 million during the same period
of the previous year.
Income
tax as a percentage of income before taxes was 29.6% as compared to 33.5% during the same period of 2022. This decrease was
driven mainly by favorable inflationary adjustments in Mexico and deferred taxes.
Net
income attributable to equity holders of the company was Ps. 5,380 million as compared to Ps. 4,374 million during the same
period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive
financing result. Earnings per share1 were Ps. 0.32 (Earnings per unit were Ps. 2.56 and per ADS were Ps. 25.61.).
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million
shares outstanding. For the convenience of the reader, as a KOFUBL 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 KOFUBL Units. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 5 of 17 |
CONSOLIDATED
FIRST nine months RESULTS
| CONSOLIDATED FIRST NINE MONTHS RESULTS |
| |
|
|
|
|
|
|
| |
|
As Reported |
|
Comparable (1) |
| Expressed in millions of Mexican pesos |
|
YTD 2023 |
YTD 2022 |
Δ% |
|
Δ% |
| Total revenues |
|
181,376 |
166,042 |
9.2% |
|
19.2% |
| Gross profit |
|
81,451 |
73,469 |
10.9% |
|
20.5% |
| Operating income |
|
24,716 |
21,881 |
13.0% |
|
21.0% |
| Adj. EBITDA (2) |
|
33,737 |
31,151 |
8.3% |
|
17.3% |
Volume
increased 8.4% to 2,991.6 million unit cases, driven by volume growth in all of our territories, including strong performances in Mexico,
Brazil, and Guatemala. Excluding the acquisition of the Cristal bulk water business in Mexico, total volume increased 6.5%.
Total
revenues increased 9.2% to Ps. 181,376 million. Volume growth, revenue management initiatives, and favorable mix effects drove
this increase. These factors were partially offset by unfavorable currency translation effects from most of our operating currencies into
Mexican Pesos. Excluding currency translation effects, total revenues increased 19.2%.
Gross
profit increased 10.9% to Ps. 81,451 million, and gross margin expanded 70 basis points to 44.9%. This gross profit increase
was driven mainly by our top-line growth, easing packaging costs, and favorable raw material hedging initiatives. These effects were partially
offset by higher sweetener costs across our territories. Excluding currency translation effects, gross profit increased 20.5%.
Operating
income increased 13.0% to Ps. 24,716 million, and operating margin expanded 40 basis points to 13.6%. This growth was driven
mainly by a solid top-line performance and an operating foreign exchange gain in Mexico as a result of the appreciation of the Mexican
Peso. These effects were partially offset by an increase in raw material costs, mainly sweeteners, coupled with an increase in operating
expenses such as labor, marketing, and maintenance. Excluding currency translation effects, operating income increased 21.0%.
| (1) | Please refer to page 10 for our definition of “comparable” and a description of the factors
affecting the comparability of our financial and operating performance. |
| (2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.
|
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 6 of 17 |
Comprehensive
financing result recorded an expense of Ps. 3,329 million, compared to an expense of Ps. 3,438 million in the previous year.
This slight decrease was driven mainly by a gain in financial instruments of Ps. 80 million as compared to a loss of Ps. 738 million during
the same period of the previous year. This was driven mainly by a market value loss recorded during the first quarter of 2022, partially
offset by a market value gain recognized during the second quarter of 2022. In accordance with IFRS 9, as of the second quarter of 2022,
we are recognizing the hedging gain or loss on the debt instrument that is being hedged using interest rate derivatives.
In addition, we recorded a decrease
in our interest expense, net of 9.2% mainly as a result of a gain in our interest income that was driven by an increase in interest rates.
Additionally, we recorded a decrease in our interest expense, as a result of the tender offer completed during the third quarter of 2022,
which reduced our baseline.
These effects were partially offset
by a higher foreign exchange loss of Ps. 739 million as compared to a loss of Ps. 46 million during the first nine months of the previous
year, mainly as our net cash exposure in U.S. dollars was negatively impacted by the appreciation of the Mexican Peso. In addition, we
recorded a lower gain in monetary position in inflationary subsidiaries of Ps. 134 million as compared to a gain of Ps. 434 million during
the same period of the previous year.
Income
tax as a percentage of income before taxes was 29.6% as compared to 33.5% during the same period of 2022. This decrease was
driven mainly by favorable inflationary effects in Mexico and deferred taxes.
Net
income attributable to equity holders of the company increased 19.1% to reach Ps. 14,213 million during the first nine months
of 2023, as compared to Ps. 11,931 million during the same period of the previous year. This increase was driven mainly by operating income
growth. Earnings per share1 were Ps. 0.85 (Earnings per unit were Ps. 6.77 and per ADS were Ps. 67.66.).
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million
shares outstanding. For the convenience of the reader, as a KOFUBL 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 KOFUBL Units. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 7 of 17 |
MEXICO
& CENTRAL AMERICA DIVISION third QUARTER RESULTS
(Mexico, Guatemala, Costa Rica, Panama,
and Nicaragua)
| MEXICO & CENTRAL AMERICA DIVISION RESULTS |
| |
|
|
|
|
|
|
| |
|
As Reported |
|
Comparable (1) |
| Expressed in millions of Mexican pesos |
|
3Q 2023 |
3Q 2022 |
Δ% |
|
Δ% |
| Total revenues |
|
39,035 |
33,799 |
15.5% |
|
18.2% |
| Gross profit |
|
18,689 |
15,855 |
17.9% |
|
20.5% |
| Operating income |
|
6,032 |
5,059 |
19.2% |
|
22.5% |
| Adj. EBITDA (2) |
|
8,182 |
7,171 |
14.1% |
|
17.0% |
Volume
increased 13.9%, driven by double-digit growth in Mexico, Guatemala, Costa Rica, and Nicaragua. These volumes include the integration
of the Cristal bulk water business, excluding this effect, volume increased 11.0% in the division and 9.7% in Mexico.
Total
revenues increased 15.5% to Ps. 39,035 million, driven by volume growth, partially offset by unfavorable currency translation
effects from most of our operating currencies in Central America. Excluding currency translation effects, total revenues increased 18.2%.
Gross
profit increased 17.9% to Ps. 18,689 million, and gross margin expanded 100 basis points to 47.9%. This margin expansion was
driven mainly by our top-line growth, easing packaging costs, and the appreciation of the Mexican Peso as applied to our U.S. dollar-denominated
raw material costs. These effects were partially offset by an increase in sweeteners costs. Excluding currency translation effects, gross
profit increased 20.5%.
Operating
income increased 19.2% to Ps. 6,032 million, and operating margin expanded 50 basis points to 15.5%, driven mainly by our top-line
and gross profit growth. These effects were partially offset by an increase in operating expenses such as labor and maintenance. Excluding
currency translation effects, operating income increased 22.5%.
| (1) | | Please refer to page 10 for our definition of “comparable” and a description
of the factors affecting the comparability of our financial and operating performance. |
| (2) | | Adjusted EBITDA = operating income + depreciation + amortization & other operating
non-cash charges. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 8 of 17 |
SOUTH
AMERICA DIVISION third QUARTER RESULTS
(Brazil, Argentina, Colombia, and
Uruguay)
| SOUTH AMERICA DIVISION RESULTS |
| |
|
|
|
|
|
|
| |
|
As Reported |
|
Comparable (1) |
| Expressed in millions of Mexican pesos |
|
3Q 2023 |
3Q 2022 |
Δ% |
|
Δ% |
| Total revenues |
|
23,818 |
23,294 |
2.2% |
|
21.0% |
| Gross profit |
|
10,159 |
9,537 |
6.5% |
|
27.4% |
| Operating income |
|
2,428 |
2,275 |
6.7% |
|
28.1% |
| Adj. EBITDA (2) |
|
3,647 |
3,455 |
5.6% |
|
29.1% |
Volume
increased 8.1%, driven by growth across all of our territories in the division with a solid performance in Brazil, Colombia, and Uruguay,
coupled with a slight volume growth in Argentina.
Total
revenues increased 2.2% to Ps. 23,818 million. This increase was driven mainly by volume growth, offset by unfavorable currency
translation effects of all of our operating currencies in the division into Mexican Pesos. Excluding currency translation effects, total
revenues increased 21.0%.
Gross
profit increased 6.5% to Ps. 10,159 million, and gross margin expanded 180 basis points to 42.7%. This increase was driven
mainly by our top-line growth, easing packaging costs, and the appreciation of most of our operating currencies as compared to the U.S.
dollar. These effects were partially offset by increases in sweeteners and the depreciation of the Argentine Peso as applied to our U.S.
dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 27.4%.
Operating
income increased 6.7% to Ps. 2,428 million, resulting in an operating margin expansion of 40 basis points to 10.2%. This increase
was driven mainly by operating expense efficiencies and an increase in operating leverage resulting from volume growth. These effects
were partially offset by higher labor and freight expenses. Excluding currency translation effects, operating income increased 28.1%.
| (1) | | Please refer to page 10 for our definition of “comparable” and a description
of the factors affecting the comparability of our financial and operating performance. |
| (2) | | Adjusted EBITDA = operating income + depreciation + amortization & other operating
non-cash charges. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 9 of 17 |
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.”
Adjusted
EBITDA is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating
non-cash charges.”
Earnings
per share are equal to “quarterly 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 a KOFUBL
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 KOFUBL Units.
COMPARABILITY
Our “comparable” term
means, with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions,
and divestitures, in this case the acquisition of CVI in Brazil, integrated as of February 2022; and (ii) translation effects resulting
from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to
maintain comparability.
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 10 of 17 |
ABOUT
THE COMPANY
Stock listing information: Mexican
Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL 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 266 million. With over 80 thousand
employees, the Company markets and sells approximately 3.5 billion unit cases through 2 million points of sale a year. Operating 49 manufacturing
plants and 260 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. dollar amounts or could be converted
into U.S. dollars at the rate indicated.
(6 pages of tables to follow)
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 11 of 17 |
| COCA-COLA FEMSA |
| CONSOLIDATED INCOME STATEMENT |
| Millions of Pesos (1) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Third Quarter of: |
|
For the First Nine Months of: |
| |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (7) |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (7) |
| Transactions (million transactions) |
|
6,048.6 |
|
5,507.3 |
|
9.8% |
9.8% |
|
17,548.7 |
|
16,327.4 |
|
7.5% |
7.4% |
| Volume (million unit cases) |
|
1,033.1 |
|
925.8 |
|
11.6% |
11.6% |
|
2,991.6 |
|
2,759.9 |
|
8.4% |
8.3% |
| Average price per unit case |
|
58.87 |
|
60.15 |
|
-2.1% |
|
|
58.72 |
|
58.65 |
|
0.1% |
|
| Net revenues |
|
62,612 |
|
57,017 |
|
9.8% |
|
|
180,780 |
|
165,723 |
|
9.1% |
|
| Other operating revenues |
|
241 |
|
77 |
|
213.6% |
|
|
596 |
|
319 |
|
86.8% |
|
| Total revenues (2) |
|
62,853 |
100.0% |
57,093 |
100.0% |
10.1% |
19.2% |
|
181,376 |
100.0% |
166,042 |
100.0% |
9.2% |
19.2% |
| Cost of goods sold |
|
34,005 |
54.1% |
31,702 |
55.5% |
7.3% |
|
|
99,925 |
55.1% |
92,573 |
55.8% |
7.9% |
|
| Gross profit |
|
28,848 |
45.9% |
25,392 |
44.5% |
13.6% |
22.9% |
|
81,451 |
44.9% |
73,469 |
44.2% |
10.9% |
20.5% |
| Operating expenses |
|
19,970 |
31.8% |
17,933 |
31.4% |
11.4% |
|
|
56,500 |
31.2% |
51,290 |
30.9% |
10.2% |
|
| Other operative expenses, net |
|
500 |
0.8% |
167 |
0.3% |
200.0% |
|
|
421 |
0.2% |
451 |
0.3% |
-6.7% |
|
| Operative equity method (gain) loss in associates(3) |
|
(82) |
-0.1% |
(43) |
-0.1% |
91.3% |
|
|
(187) |
-0.1% |
(152) |
-0.1% |
22.5% |
|
| Operating income (5) |
|
8,460 |
13.5% |
7,335 |
12.8% |
15.3% |
24.1% |
|
24,716 |
13.6% |
21,881 |
13.2% |
13.0% |
21.0% |
| Other non operative expenses, net |
|
138 |
0.2% |
94 |
0.2% |
46.5% |
|
|
484 |
0.3% |
343 |
0.2% |
40.9% |
|
| Non Operative equity method (gain) loss in associates (4) |
|
(16) |
0.0% |
(113) |
-0.2% |
-85.6% |
|
|
149 |
0.1% |
(141) |
-0.1% |
-205.5% |
|
| Interest expense |
|
1,707 |
|
1,339 |
|
27.5% |
|
|
5,382 |
|
4,694 |
|
14.6% |
|
| Interest income |
|
721 |
|
649 |
|
11.1% |
|
|
2,578 |
|
1,606 |
|
60.5% |
|
| Interest expense, net |
|
986 |
|
690 |
|
42.9% |
|
|
2,804 |
|
3,088 |
|
-9.2% |
|
| Foreign exchange loss (gain) |
|
(322) |
|
(40) |
|
696.8% |
|
|
739 |
|
46 |
|
1518.8% |
|
| Loss (gain) on monetary position in inflationary subsidiaries |
|
(17) |
|
(124) |
|
-86.3% |
|
|
(134) |
|
(434) |
|
-69.1% |
|
| Market value (gain) loss on financial instruments |
|
(95) |
|
157 |
|
-160.4% |
|
|
(80) |
|
738 |
|
-110.8% |
|
| Comprehensive financing result |
|
552 |
|
682 |
|
-19.0% |
|
|
3,329 |
|
3,438 |
|
-3.2% |
|
| Income before taxes |
|
7,786 |
|
6,671 |
|
16.7% |
|
|
20,754 |
|
18,241 |
|
13.8% |
|
| Income taxes |
|
2,273 |
|
2,166 |
|
4.9% |
|
|
6,128 |
|
5,972 |
|
2.6% |
|
| Result of discontinued operations |
|
- |
|
- |
|
NA |
|
|
- |
|
- |
|
NA |
|
| Consolidated net income |
|
5,513 |
|
4,505 |
|
22.4% |
|
|
14,627 |
|
12,269 |
|
19.2% |
|
| Net income attributable to equity holders of the company |
|
5,380 |
8.6% |
4,374 |
7.7% |
23.0% |
33.9% |
|
14,213 |
7.8% |
11,931 |
7.2% |
19.1% |
30.2% |
| Non-controlling interest |
|
133 |
0.2% |
131 |
0.2% |
1.4% |
|
|
414 |
0.2% |
339 |
0.2% |
22.1% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adj. EBITDA & CAPEX |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (7) |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (7) |
| Operating income (5) |
|
8,460 |
13.5% |
7,335 |
12.8% |
15.3% |
24.1% |
|
24,716 |
13.6% |
21,881 |
13.2% |
13.0% |
21.0% |
| Depreciation |
|
2,468 |
|
2,515 |
|
-1.9% |
|
|
7,179 |
|
7,287 |
|
-1.5% |
|
| Amortization and other operative non-cash charges |
|
902 |
|
777 |
|
16.1% |
|
|
1,841 |
|
1,983 |
|
-7.2% |
|
| Adj. EBITDA (5)(6) |
|
11,830 |
18.8% |
10,626 |
18.6% |
11.3% |
20.5% |
|
33,737 |
18.6% |
31,151 |
18.8% |
8.3% |
17.3% |
| CAPEX(8) |
|
4,976 |
|
4,026 |
|
23.6% |
|
|
11,713 |
|
11,191 |
|
4.7% |
|
(1)
Except volume and average price per unit case figures.
(2)
Please refer to page 15 for revenue breakdown.
(3)
Includes equity method in Jugos del Valle and Leão Alimentos, among others.
(4)
Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.
(5)
The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
(6)
Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
(7)
Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability
of our financial and operating performance.
(8)
As of September 30, 2023, the investment in fixed assets effectively paid is equivalent to Ps. 11,792 million.
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 12 of 17 |
| MEXICO & CENTRAL AMERICA DIVISION |
| RESULTS OF OPERATIONS |
| Millions of Pesos (1) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Third Quarter of: |
|
For the First Nine Months of: |
| |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (6) |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (6) |
| Transactions (million transactions) |
|
3,232.8 |
|
2,937.1 |
|
10.1% |
10.1% |
|
9,363.2 |
|
8,712.0 |
|
7.5% |
7.5% |
| Volume (million unit cases) |
|
633.2 |
|
555.8 |
|
13.9% |
13.9% |
|
1,813.9 |
|
1,640.5 |
|
10.6% |
10.6% |
| Average price per unit case |
|
61.28 |
|
60.80 |
|
0.8% |
|
|
61.36 |
|
59.24 |
|
3.6% |
|
| Net revenues |
|
39,024 |
|
33,791 |
|
|
|
|
111,717 |
|
97,184 |
|
|
|
| Other operating revenues |
|
11 |
|
8 |
|
|
|
|
23 |
|
25 |
|
|
|
| Total Revenues (2) |
|
39,035 |
100.0% |
33,799 |
100.0% |
15.5% |
18.2% |
|
111,740 |
100.0% |
97,209 |
100.0% |
14.9% |
17.0% |
| Cost of goods sold |
|
20,346 |
52.1% |
17,945 |
53.1% |
|
|
|
58,497 |
52.4% |
50,853 |
52.3% |
|
|
| Gross profit |
|
18,689 |
47.9% |
15,855 |
46.9% |
17.9% |
20.5% |
|
53,243 |
47.6% |
46,356 |
47.7% |
14.9% |
16.8% |
| Operating expenses |
|
12,370 |
31.7% |
10,710 |
31.7% |
|
|
|
35,680 |
0.3 |
30,378 |
0.3 |
|
|
| Other operative expenses, net |
|
344 |
0.9% |
121 |
0.4% |
|
|
|
132 |
0.1% |
355 |
0.4% |
|
|
| Operative equity method (gain) loss in associates (3) |
|
(57) |
-0.1% |
(36) |
-0.1% |
|
|
|
(121) |
-0.1% |
(112) |
-0.1% |
|
|
| Operating income (4) |
|
6,032 |
15.5% |
5,059 |
15.0% |
19.2% |
22.5% |
|
17,552 |
15.7% |
15,736 |
16.2% |
11.5% |
11.5% |
| Depreciation, amortization & other operating non-cash charges |
|
2,151 |
5.5% |
2,111 |
6.2% |
|
|
|
5,566 |
5.0% |
5,690 |
5.9% |
|
|
| Adj. EBITDA (4)(5) |
|
8,182 |
21.0% |
7,171 |
21.2% |
14.1% |
17.0% |
|
23,118 |
20.7% |
21,426 |
22.0% |
7.9% |
7.9% |
(1)
Except volume and average price per unit case figures.
(2)
Please refer to page 15 for revenue breakdown.
(3)
Includes equity method in Jugos del Valle, among others.
(4)
The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.
(5)
Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.
(6)
Please refer to page 10 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: |
| |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (6) |
|
2023 |
% of Rev. |
2022 |
% of Rev. |
Δ% Reported |
Δ% Comparable (6) |
| Transactions (million transactions) |
|
2,815.8 |
|
2,570.2 |
|
9.6% |
9.6% |
|
8,185.5 |
|
7,615.4 |
|
7.5% |
7.2% |
| Volume (million unit cases) |
|
399.9 |
|
370.0 |
|
8.1% |
8.1% |
|
1,177.7 |
|
1,119.4 |
|
5.2% |
4.9% |
| Average price per unit case |
|
55.05 |
|
59.18 |
|
-7.0% |
|
|
54.65 |
|
57.78 |
|
-5.4% |
|
| Net revenues |
|
23,588 |
|
23,225 |
|
|
|
|
69,063 |
|
68,539 |
|
|
|
| Other operating revenues |
|
230 |
|
69 |
|
|
|
|
573 |
|
293 |
|
|
|
| Total Revenues (2) |
|
23,818 |
100.0% |
23,294 |
100.0% |
2.2% |
21.0% |
|
69,636 |
100.0% |
68,833 |
100.0% |
1.2% |
23.0% |
| Cost of goods sold |
|
13,659 |
57.3% |
13,757 |
59.1% |
|
|
|
41,428 |
59.5% |
41,720 |
60.6% |
|
|
| Gross profit |
|
10,159 |
42.7% |
9,537 |
40.9% |
6.5% |
27.4% |
|
28,208 |
40.5% |
27,113 |
39.4% |
4.0% |
28.2% |
| Operating expenses |
|
7,600 |
31.9% |
7,223 |
31.0% |
|
|
|
20,820 |
29.9% |
20,912 |
30.4% |
|
|
| Other operative expenses, net |
|
156 |
0.7% |
46 |
0.2% |
|
|
|
289 |
0.4% |
96 |
0.1% |
|
|
| Operative equity method (gain) loss in associates (3) |
|
(25) |
-0.1% |
(7) |
0.0% |
|
|
|
(66) |
-0.1% |
(40) |
-0.1% |
|
|
| Operating income (4) |
|
2,428 |
10.2% |
2,275 |
9.8% |
6.7% |
28.1% |
|
7,165 |
10.3% |
6,145 |
8.9% |
16.6% |
44.7% |
| Depreciation, amortization & other operating non-cash charges |
|
1,220 |
5.1% |
1,180 |
5.1% |
|
|
|
3,454 |
5.0% |
3,580 |
5.2% |
|
|
| Adj. EBITDA (4)(5) |
|
3,647 |
15.3% |
3,455 |
14.8% |
5.6% |
29.1% |
|
10,619 |
15.2% |
9,724 |
14.1% |
9.2% |
38.0% |
| (1) | Except volume and average price per unit case figures. |
| (2) | Please refer to page 15 for revenue breakdown. |
| (3) | Includes equity method in Leão Alimentos, among others. |
| (4) | The operating income and Adjusted EBITDA lines are presented as non-GAAP
measures for the convenience of the reader. |
| (5) | Adjusted EBITDA = operating income + depreciation, amortization &
other operating non-cash charges. |
| (6) | Please refer to page 10 for our definition of “comparable”
and a description of the factors affecting the comparability of our financial and operating performance.
|
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 13 of 17 |
| COCA-COLA FEMSA |
| CONSOLIDATED BALANCE SHEET |
| Millions of Pesos |
| |
|
|
|
|
|
|
|
|
|
|
| Assets |
|
Sep-23 |
Dec-22 |
% Var. |
|
Liabilities & Equity |
|
Sep-23 |
Dec-22 |
% Var. |
| Current Assets |
|
|
|
|
|
Current Liabilities |
|
|
|
|
| Cash, cash equivalents and marketable securities |
|
|
|
|
|
Short-term bank loans and notes payable |
|
38 |
8,524 |
-100% |
| |
38,544 |
40,277 |
-4% |
|
Suppliers |
|
24,452 |
26,834 |
-9% |
| Total accounts receivable |
|
14,292 |
16,318 |
-12% |
|
Short-term leasing Liabilities |
|
609 |
472 |
29% |
| Inventories |
|
11,591 |
11,888 |
-2% |
|
Other current liabilities |
|
33,847 |
22,129 |
53% |
| Other current assets |
|
8,329 |
10,729 |
-22% |
|
Total current liabilities |
|
58,947 |
57,959 |
2% |
| Total current assets |
|
72,756 |
79,211 |
-8% |
|
Non-Current Liabilities |
|
|
|
|
| Non-Current Assets |
|
|
|
|
|
Long-term bank loans and notes payable |
|
66,123 |
70,146 |
-6% |
| Property, plant and equipment |
|
130,010 |
125,293 |
4% |
|
Long Term Leasing Liabilities |
|
1,615 |
1,663 |
-3% |
| Accumulated depreciation |
|
(56,024) |
(54,088) |
4% |
|
Other long-term liabilities |
|
17,107 |
16,351 |
5% |
| Total property, plant and equipment, net |
|
73,986 |
71,205 |
4% |
|
Total liabilities |
|
143,791 |
146,119 |
-2% |
| Right of use assets |
|
2,119 |
2,069 |
2% |
|
Equity |
|
|
|
|
| Investment in shares |
|
8,664 |
8,452 |
3% |
|
Non-controlling interest |
|
6,597 |
6,491 |
2% |
| Intangible assets and other assets |
|
101,241 |
103,122 |
-2% |
|
Total controlling interest |
|
124,228 |
125,384 |
-1% |
| Other non-current assets |
|
15,851 |
13,936 |
14% |
|
Total equity |
|
130,825 |
131,876 |
-1% |
| Total Assets |
|
274,616 |
277,995 |
-1% |
|
Total Liabilities and Equity |
|
274,616 |
277,995 |
-1% |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, 2023 |
|
|
|
|
|
|
| Debt Mix |
|
% Total Debt (1) |
% Interest Rate Floating (1) (2) |
Average Rate |
|
Debt Maturity Profile |
| Currency |
|
|
|
|
|
 |
| Mexican Pesos |
|
62.4% |
7.2% |
8.7% |
|
| U.S. Dollars |
|
16.7% |
37.4% |
4.8% |
|
| Colombian Pesos |
|
1.3% |
0.0% |
6.3% |
|
| Brazilian Reals |
|
19.5% |
74.6% |
10.3% |
|
| Total Debt |
|
100% |
25.4% |
8.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
| (1) After giving effect to cross- currency swaps. |
| (2) Calculated by weighting each year´s outstanding debt balance mix. |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Financial Ratios |
|
3Q 2023 |
FY 2022 |
Δ% |
|
|
|
|
|
|
| Net debt including effect of hedges (1)(3) |
|
29,580 |
38,104 |
-22.4% |
|
|
|
|
|
|
| Net debt including effect of hedges / Adj.EBITDA (1)(3) |
|
0.65 |
0.89 |
|
|
|
|
|
|
|
| Adj. EBITDA/ Interest expense, net (1) |
|
12.03 |
10.34 |
|
|
|
|
|
|
|
| Capitalization (2) |
|
33.6% |
38.9% |
|
|
|
|
|
|
|
| (1) Net debt = total debt - cash |
| (2) Total debt / (total debt + shareholders' equity) |
| (3) After giving effect to cross-currency swaps. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 14 of 17 |
| COCA-COLA FEMSA |
| QUARTERLY- VOLUME, TRANSACTIONS & REVENUES |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Volume |
| |
|
3Q 2023 |
|
3Q 2022 |
|
YoY |
| |
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Δ % |
| Mexico (3) |
|
377.2 |
31.8 |
98.7 |
37.5 |
545.3 |
|
344.8 |
26.8 |
76.4 |
34.0 |
481.9 |
|
13.1% |
| Guatemala |
|
41.3 |
2.1 |
- |
2.3 |
45.7 |
|
34.1 |
0.6 |
- |
2.3 |
36.9 |
|
23.9% |
| CAM South |
|
34.3 |
1.3 |
0.8 |
5.7 |
42.2 |
|
29.7 |
1.7 |
0.2 |
5.3 |
36.9 |
|
14.3% |
| Mexico and Central America |
|
452.8 |
35.3 |
99.6 |
45.5 |
633.2 |
|
408.6 |
29.1 |
76.6 |
41.5 |
555.8 |
|
13.9% |
| Colombia |
|
68.6 |
11.0 |
3.7 |
7.7 |
91.0 |
|
61.8 |
8.8 |
3.2 |
7.1 |
80.8 |
|
12.6% |
| Brazil (4) |
|
214.1 |
18.2 |
2.4 |
21.2 |
255.9 |
|
204.1 |
14.6 |
2.0 |
18.2 |
238.9 |
|
7.1% |
| Argentina |
|
31.5 |
4.7 |
1.4 |
3.4 |
41.0 |
|
32.3 |
3.6 |
0.8 |
3.2 |
39.9 |
|
2.6% |
| Uruguay |
|
9.4 |
2.1 |
- |
0.5 |
12.0 |
|
8.8 |
1.2 |
- |
0.4 |
10.3 |
|
15.7% |
| South America |
|
323.6 |
35.9 |
7.5 |
32.8 |
399.9 |
|
307.0 |
28.2 |
6.0 |
28.8 |
370.0 |
|
8.1% |
| TOTAL |
|
776.5 |
71.2 |
107.1 |
78.4 |
1,033.1 |
|
715.6 |
57.3 |
82.5 |
70.4 |
925.8 |
|
11.6% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| (3) Includes 16.6 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
3Q 2023 |
|
3Q 2022 |
|
YoY |
| |
|
Sparkling |
Water |
Stills |
Total |
|
Sparkling |
Water |
Stills |
Total |
|
Δ % |
| Mexico (3) |
|
2,067.6 |
225.8 |
260.4 |
2,553.7 |
|
1,920.9 |
188.6 |
239.7 |
2,349.2 |
|
8.7% |
| Guatemala |
|
313.4 |
14.8 |
24.0 |
352.2 |
|
266.2 |
4.7 |
34.8 |
305.8 |
|
15.2% |
| CAM South |
|
254.1 |
13.1 |
59.7 |
326.9 |
|
222.4 |
11.8 |
47.9 |
282.1 |
|
15.9% |
| Mexico and Central America |
|
2,635.1 |
253.7 |
344.0 |
3,232.8 |
|
2,409.5 |
205.1 |
322.5 |
2,937.1 |
|
10.1% |
| Colombia |
|
508.2 |
115.4 |
77.1 |
700.7 |
|
458.5 |
93.8 |
75.8 |
628.1 |
|
11.6% |
| Brazil (4) |
|
1,433.2 |
158.4 |
239.5 |
1,831.1 |
|
1,334.8 |
130.4 |
203.2 |
1,668.4 |
|
9.7% |
| Argentina |
|
165.6 |
30.8 |
31.9 |
228.2 |
|
171.5 |
24.3 |
27.8 |
223.6 |
|
2.1% |
| Uruguay |
|
44.0 |
7.6 |
4.2 |
55.8 |
|
42.2 |
4.6 |
3.3 |
50.1 |
|
11.5% |
| South America |
|
2,151.0 |
312.2 |
352.6 |
2,815.8 |
|
2,007.1 |
253.1 |
310.0 |
2,570.2 |
|
9.6% |
| TOTAL |
|
4,786.0 |
565.9 |
696.7 |
6,048.6 |
|
4,416.6 |
458.2 |
632.5 |
5,507.3 |
|
9.8% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expressed in million Mexican Pesos |
|
3Q 2023 |
3Q 2022 |
Δ % |
|
|
|
|
|
|
|
|
|
|
| Mexico |
|
32,378 |
27,797 |
16.5% |
|
|
|
|
|
|
|
|
|
|
| Guatemala |
|
3,331 |
3,083 |
8.0% |
|
|
|
|
|
|
|
|
|
|
| CAM South |
|
3,327 |
2,920 |
13.9% |
|
|
|
|
|
|
|
|
|
|
| Mexico and Central America |
|
39,035 |
33,799 |
15.5% |
|
|
|
|
|
|
|
|
|
|
| Colombia |
|
4,801 |
4,372 |
9.8% |
|
|
|
|
|
|
|
|
|
|
| Brazil (5) |
|
15,760 |
15,281 |
3.1% |
|
|
|
|
|
|
|
|
|
|
| Argentina |
|
2,245 |
2,691 |
-16.6% |
|
|
|
|
|
|
|
|
|
|
| Uruguay |
|
1,012 |
950 |
6.6% |
|
|
|
|
|
|
|
|
|
|
| South America |
|
23,818 |
23,294 |
2.2% |
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
62,853 |
57,093 |
10.1% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4) Volume and transactions in Brazil do not include beer |
| (5) Brazil includes beer revenues of Ps. 1,421.6 million for the third quarter of 2023 and Ps.1,325.2 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 3Q23 Results October 25, 2023 | Page 15 of 17 |
| COCA-COLA FEMSA |
| YTD- VOLUME, TRANSACTIONS & REVENUES |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Volume |
| |
|
YTD 2023 |
|
YTD 2022 |
|
YoY |
| |
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Δ % |
| Mexico (3) |
|
1,062.7 |
95.3 |
290.7 |
110.8 |
1,559.5 |
|
1,013.5 |
79.4 |
225.8 |
101.5 |
1,420.2 |
|
9.8% |
| Guatemala |
|
117.1 |
5.7 |
- |
6.9 |
129.8 |
|
97.7 |
3.7 |
- |
6.6 |
108.0 |
|
20.1% |
| CAM South |
|
100.8 |
4.8 |
1.9 |
17.1 |
124.6 |
|
91.5 |
4.7 |
0.6 |
15.4 |
112.3 |
|
10.9% |
| Mexico and Central America |
|
1,280.6 |
105.8 |
292.6 |
134.9 |
1,813.9 |
|
1,202.7 |
87.8 |
226.4 |
123.6 |
1,640.5 |
|
10.6% |
| Colombia |
|
193.9 |
29.1 |
10.5 |
22.3 |
255.7 |
|
188.5 |
24.9 |
9.1 |
22.1 |
244.7 |
|
4.5% |
| Brazil (4) |
|
636.0 |
52.8 |
7.0 |
61.4 |
757.2 |
|
604.6 |
46.2 |
7.9 |
61.8 |
720.5 |
|
5.1% |
| Argentina |
|
97.3 |
14.5 |
3.9 |
11.9 |
127.6 |
|
98.3 |
11.1 |
2.7 |
10.3 |
122.3 |
|
4.3% |
| Uruguay |
|
28.6 |
7.1 |
- |
1.6 |
37.3 |
|
26.9 |
4.0 |
- |
1.0 |
31.9 |
|
16.8% |
| South America |
|
955.7 |
103.4 |
21.4 |
97.1 |
1,177.7 |
|
918.3 |
86.1 |
19.7 |
95.2 |
1,119.4 |
|
5.2% |
| TOTAL |
|
2,236.3 |
209.2 |
314.1 |
232.0 |
2,991.6 |
|
2,121.1 |
174.0 |
246.1 |
218.8 |
2,759.9 |
|
8.4% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| (3) Includes 49.2 million unit cases corresponding to the acquisition of Cristal from Embotelladoras Bepensa |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
YTD 2023 |
|
YTD 2022 |
|
YoY |
| |
|
Sparkling |
Water |
Stills |
Total |
|
Sparkling |
Water |
Stills |
Total |
|
Δ % |
| Mexico (3) |
|
5,935.0 |
675.7 |
783.1 |
7,393.8 |
|
5,681.0 |
559.7 |
727.8 |
6,968.5 |
|
6.1% |
| Guatemala |
|
886.3 |
43.7 |
70.3 |
1,000.3 |
|
765.8 |
27.4 |
64.9 |
858.1 |
|
16.6% |
| CAM South |
|
745.3 |
40.6 |
183.2 |
969.1 |
|
673.3 |
36.8 |
175.2 |
885.3 |
|
9.5% |
| Mexico and Central America |
|
7,566.6 |
760.0 |
1,036.5 |
9,363.2 |
|
7,120.1 |
624.0 |
968.0 |
8,712.0 |
|
7.5% |
| Colombia |
|
1,429.1 |
305.2 |
234.1 |
1,968.4 |
|
1,353.0 |
267.3 |
237.5 |
1,857.8 |
|
6.0% |
| Brazil (4) |
|
4,182.7 |
463.8 |
689.0 |
5,335.5 |
|
3,899.2 |
404.0 |
629.8 |
4,933.0 |
|
8.2% |
| Argentina |
|
507.3 |
94.2 |
104.9 |
706.3 |
|
511.7 |
71.8 |
85.0 |
668.6 |
|
5.6% |
| Uruguay |
|
135.7 |
26.0 |
13.8 |
175.4 |
|
131.3 |
15.3 |
9.4 |
156.0 |
|
12.4% |
| South America |
|
6,254.6 |
889.2 |
1,041.8 |
8,185.6 |
|
5,895.2 |
758.5 |
961.7 |
7,615.4 |
|
7.5% |
| TOTAL |
|
13,821.3 |
1,649.2 |
2,078.3 |
17,548.8 |
|
13,015.3 |
1,382.4 |
1,929.7 |
16,327.4 |
|
7.5% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expressed in million Mexican Pesos |
|
YTD 2023 |
YTD 2022 |
Δ % |
|
|
|
|
|
|
|
|
|
|
| Mexico |
|
91,906 |
79,524 |
15.6% |
|
|
|
|
|
|
|
|
|
|
| Guatemala |
|
9,664 |
8,929 |
8.2% |
|
|
|
|
|
|
|
|
|
|
| CAM South |
|
10,171 |
8,756 |
16.2% |
|
|
|
|
|
|
|
|
|
|
| Mexico and Central America |
|
111,740 |
97,209 |
14.9% |
|
|
|
|
|
|
|
|
|
|
| Colombia |
|
12,585 |
13,233 |
-4.9% |
|
|
|
|
|
|
|
|
|
|
| Brazil (5) |
|
46,838 |
44,651 |
4.9% |
|
|
|
|
|
|
|
|
|
|
| Argentina |
|
7,102 |
8,154 |
-12.9% |
|
|
|
|
|
|
|
|
|
|
| Uruguay |
|
3,110 |
2,795 |
11.3% |
|
|
|
|
|
|
|
|
|
|
| South America |
|
69,636 |
68,833 |
1.2% |
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
181,376 |
166,042 |
9.2% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4) Volume and transactions in Brazil do not include beer |
| (5) Brazil includes beer revenues of Ps. 4,382.5 million for the first six months of 2023 and Ps. 3,857.5 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 3Q23 Results October 25, 2023 | Page 16 of 17 |
| COCA-COLA FEMSA |
| MACROECONOMIC INFORMATION |
| |
|
|
|
|
|
|
|
|
| Inflation (1) |
|
|
|
|
|
| |
|
LTM |
3Q23 |
YTD |
|
|
|
|
| Mexico |
|
4.44% |
1.57% |
2.86% |
|
|
|
|
| Colombia |
|
11.49% |
1.46% |
7.81% |
|
|
|
|
| Brasil |
|
4.43% |
0.26% |
3.65% |
|
|
|
|
| Argentina |
|
128.90% |
28.97% |
93.58% |
|
|
|
|
| Costa Rica |
|
-3.22% |
-0.89% |
-2.02% |
|
|
|
|
| Panama |
|
2.17% |
0.10% |
1.92% |
|
|
|
|
| Guatemala |
|
4.19% |
0.95% |
3.07% |
|
|
|
|
| Nicaragua |
|
7.58% |
1.31% |
4.56% |
|
|
|
|
| Uruguay |
|
4.07% |
-0.64% |
3.95% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (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) |
|
Year to Date Exchange Rate (Local Currency per USD) |
| |
|
3Q23 |
3Q22 |
Δ % |
|
YTD 23 |
YTD 22 |
Δ % |
| México |
|
17.06 |
20.24 |
-15.7% |
|
17.83 |
20.27 |
-12.0% |
| Colombia |
|
4,047.64 |
4,386.03 |
-7.7% |
|
4,410.88 |
4,072.13 |
8.3% |
| Brasil |
|
4.88 |
5.25 |
-7.0% |
|
5.01 |
5.13 |
-2.4% |
| Argentina |
|
312.85 |
135.80 |
130.4% |
|
245.82 |
120.11 |
104.7% |
| Costa Rica |
|
543.28 |
664.64 |
-18.3% |
|
551.67 |
662.97 |
-16.8% |
| Panama |
|
1.00 |
1.00 |
0.0% |
|
1.00 |
1.00 |
0.0% |
| Guatemala |
|
7.86 |
7.76 |
1.3% |
|
7.83 |
7.71 |
1.5% |
| Nicaragua |
|
36.49 |
35.96 |
1.5% |
|
36.40 |
35.79 |
1.7% |
| Uruguay |
|
37.96 |
40.83 |
-7.0% |
|
38.58 |
41.57 |
-7.2% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| End-of-period Exchange Rates |
| |
|
Closing Exchange Rate (Local Currency per USD) |
|
Closing Exchange Rate (Local Currency per USD) |
| |
|
Sep-23 |
Sep-22 |
Δ % |
|
Jun-23 |
Jun-22 |
Δ % |
| México |
|
17.62 |
20.31 |
-13.2% |
|
17.07 |
19.98 |
-14.6% |
| Colombia |
|
4,053.76 |
4,532.07 |
-10.6% |
|
4,191.28 |
4,127.47 |
1.5% |
| Brasil |
|
5.01 |
5.41 |
-7.4% |
|
4.82 |
5.24 |
-8.0% |
| Argentina |
|
349.95 |
147.32 |
137.5% |
|
256.70 |
125.23 |
105.0% |
| Costa Rica |
|
542.35 |
632.72 |
-14.3% |
|
549.48 |
692.25 |
-20.6% |
| Panama |
|
1.00 |
1.00 |
0.0% |
|
1.00 |
1.00 |
0.0% |
| Guatemala |
|
7.86 |
7.88 |
-0.3% |
|
7.85 |
7.76 |
1.2% |
| Nicaragua |
|
36.53 |
36.05 |
1.3% |
|
36.44 |
35.87 |
1.6% |
| Uruguay |
|
38.56 |
41.74 |
-7.6% |
|
37.41 |
39.86 |
-6.2% |
| |
|
|
|
|
|
|
|
|
| (2) Average exchange rate for each period computed with the average exchange rate of each month. |
| | |
Coca-Cola FEMSA Reports 3Q23 Results October 25, 2023 | Page 17 of 17 |
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
by the undersigned, thereunto duly authorized.
| |
|
| |
COCA-COLA FEMSA, S.A.B. DE C.V. |
| |
By: /s/ Gerardo Cruz Celaya |
| |
Gerardo Cruz Celaya
Chief Financial Officer |
| |
|
| Date: October 24, 2023 |
|
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