FEMSA
COMERCIO – FUEL DIVISION
FEMSA COMERCIO – FUEL DIVISION
|
Financial Summary for the First Six Months
|
(Millions of Ps. except same-stations sales)
|
|
|
|
|
|
Comparable
|
|
|
|
|
|
Reported
|
|
|
|
2019
|
|
|
2018
|
|
|
Var.*
|
|
|
2018
|
|
Same-station sales (thousands of Ps.)
|
|
|
7,455
|
|
|
|
7,732
|
|
|
|
(3.6
|
)%
|
|
|
7,732
|
|
Revenues
|
|
|
23,268
|
|
|
|
22,104
|
|
|
|
5.3
|
%
|
|
|
22,104
|
|
Income from Operations
|
|
|
591
|
|
|
|
476
|
|
|
|
24.0
|
%
|
|
|
219
|
|
Income from Operations Margin (%)
|
|
|
2.5
|
|
|
|
2.2
|
|
|
|
30 bps
|
|
|
|
1.0
|
|
Operative Cash Flow (EBITDA)
|
|
|
1,082
|
|
|
|
855
|
|
|
|
26.5
|
%
|
|
|
296
|
|
Operative Cash Flow (EBITDA) Margin (%)
|
|
|
4.7
|
|
|
|
3.9
|
|
|
|
80 bps
|
|
|
|
1.3
|
|
Total revenues
increased 5.3%. Same-station sales decreased at an average of 3.6%, reflecting a 10.5% increase in the average price
per liter offset by a decrease of 12.7% in the average volume.
Gross profit
reached 10.0% of total revenues.
Income from
operations
amounted to 2.5% of total revenues. Operating expenses increased 30.6% to Ps. 1,733 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 www.coca-colafemsa.com.
|
·
|
On April 30, 2019, FEMSA announced that FEMSA Comercio through its majority-owned subsidiary Socofar,
had successfully completed the acquisition of Corporación GPF (“GPF”). GPF is a leading drugstore operator based
in Quito, Ecuador, with almost 90 years of solid trajectory, operating more than 620 points of sale nationwide mainly under the
Fybeca and SanaSana banners. This transaction represents a new building block of FEMSA Comercio’s drugstore strategy in South
America, following its successful acquisition of a controlling stake in the drugstore and distribution platform of Chile-based
Socofar in 2015. This announcement marked another important step for FEMSA Comercio as it brings its considerable retail expertise
and Socofar’s deep industry knowledge to the Ecuadorian market and its more than 16 million consumers. GPF is a strong local
operator with attractive growth prospects, and it will help Socofar as it continues to build a robust base from which to expand
further in the region.
|
July 25, 2019
|
|
9
|
CONFERENCE CALL INFORMATION:
|
Our
Second Quarter 2019 Conference Call will be held on: Friday, July 26, 2019, 9:30 AM Eastern Time (8:30 AM Mexico City Time).
To participate in the conference call, please dial: Domestic US: (866) 548 4713; International: +1 (323) 794 2093; Conference
Id: 3218306. 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 June 28, 2019, which was 19.2089 Mexican pesos per US dollar.
|
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
July 25, 2019
|
|
10
|
FEMSA
|
Consolidated Income Statement
|
Millions of Pesos
|
|
|
For the second quarter
of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As
Reported
(B)
|
|
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.
(C)
|
|
|
2018
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.
(C)
|
|
Total revenues
|
|
|
128,213
|
|
|
|
100.0
|
|
|
|
117,191
|
|
|
|
100.0
|
|
|
|
9.4
|
|
|
|
6.7
|
|
|
|
117,191
|
|
|
|
100.0
|
|
|
|
9.4
|
|
|
|
6.7
|
|
Cost of sales
|
|
|
80,317
|
|
|
|
62.6
|
|
|
|
73,533
|
|
|
|
62.7
|
|
|
|
9.2
|
|
|
|
|
|
|
|
73,568
|
|
|
|
62.8
|
|
|
|
9.2
|
|
|
|
|
|
Gross profit
|
|
|
47,896
|
|
|
|
37.4
|
|
|
|
43,658
|
|
|
|
37.3
|
|
|
|
9.7
|
|
|
|
|
|
|
|
43,623
|
|
|
|
37.2
|
|
|
|
9.8
|
|
|
|
|
|
Administrative expenses
|
|
|
4,810
|
|
|
|
3.8
|
|
|
|
4,541
|
|
|
|
3.9
|
|
|
|
5.9
|
|
|
|
|
|
|
|
4,521
|
|
|
|
3.9
|
|
|
|
6.4
|
|
|
|
|
|
Selling expenses
|
|
|
30,203
|
|
|
|
23.6
|
|
|
|
27,502
|
|
|
|
23.5
|
|
|
|
9.8
|
|
|
|
|
|
|
|
28,100
|
|
|
|
23.9
|
|
|
|
7.5
|
|
|
|
|
|
Other operating expenses (income),
net
(1)
|
|
|
947
|
|
|
|
0.7
|
|
|
|
594
|
|
|
|
0.5
|
|
|
|
59.5
|
|
|
|
|
|
|
|
594
|
|
|
|
0.5
|
|
|
|
59.5
|
|
|
|
|
|
Income from operations
(2)
|
|
|
11,936
|
|
|
|
9.3
|
|
|
|
11,020
|
|
|
|
9.4
|
|
|
|
8.3
|
|
|
|
6.6
|
|
|
|
10,409
|
|
|
|
8.9
|
|
|
|
14.7
|
|
|
|
12.9
|
|
Other non-operating expenses (income)
|
|
|
12
|
|
|
|
|
|
|
|
415
|
|
|
|
|
|
|
|
(97.1
|
)
|
|
|
|
|
|
|
415
|
|
|
|
|
|
|
|
(97.1
|
)
|
|
|
|
|
Interest expense
|
|
|
3,493
|
|
|
|
|
|
|
|
3,361
|
|
|
|
|
|
|
|
3.9
|
|
|
|
|
|
|
|
2,289
|
|
|
|
|
|
|
|
52.6
|
|
|
|
|
|
Interest income
|
|
|
781
|
|
|
|
|
|
|
|
524
|
|
|
|
|
|
|
|
49.1
|
|
|
|
|
|
|
|
524
|
|
|
|
|
|
|
|
49.1
|
|
|
|
|
|
Interest expense, net
|
|
|
2,712
|
|
|
|
|
|
|
|
2,837
|
|
|
|
|
|
|
|
(4.4
|
)
|
|
|
|
|
|
|
1,765
|
|
|
|
|
|
|
|
53.7
|
|
|
|
|
|
Foreign exchange
loss (gain)
|
|
|
695
|
|
|
|
|
|
|
|
(5,625
|
)
|
|
|
|
|
|
|
(112.4
|
)
|
|
|
|
|
|
|
(5,627
|
)
|
|
|
|
|
|
|
(112.4
|
)
|
|
|
|
|
Financing expenses, net
|
|
|
3,445
|
|
|
|
|
|
|
|
(2,718
|
)
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
(3,792
|
)
|
|
|
|
|
|
|
(190.9
|
)
|
|
|
|
|
Income before income tax and participation in associates results
|
|
|
8,479
|
|
|
|
|
|
|
|
13,323
|
|
|
|
|
|
|
|
(36.4
|
)
|
|
|
|
|
|
|
13,786
|
|
|
|
|
|
|
|
(38.5
|
)
|
|
|
|
|
Income tax
|
|
|
2,174
|
|
|
|
|
|
|
|
4,160
|
|
|
|
|
|
|
|
(47.7
|
)
|
|
|
|
|
|
|
4,315
|
|
|
|
|
|
|
|
(49.6
|
)
|
|
|
|
|
Participation in associates results
(3)
|
|
|
1,442
|
|
|
|
|
|
|
|
1,191
|
|
|
|
|
|
|
|
21.1
|
|
|
|
|
|
|
|
1,191
|
|
|
|
|
|
|
|
21.1
|
|
|
|
|
|
Net income from continuing operations
|
|
|
7,747
|
|
|
|
|
|
|
|
10,355
|
|
|
|
|
|
|
|
(25.2
|
)
|
|
|
|
|
|
|
10,662
|
|
|
|
|
|
|
|
(27.3
|
)
|
|
|
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
115
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
115
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
Net consolidated income
|
|
|
7,747
|
|
|
|
|
|
|
|
10,469
|
|
|
|
|
|
|
|
(26.0
|
)
|
|
|
|
|
|
|
10,777
|
|
|
|
|
|
|
|
(28.1
|
)
|
|
|
|
|
Net majority income
|
|
|
5,636
|
|
|
|
|
|
|
|
8,488
|
|
|
|
|
|
|
|
(33.6
|
)
|
|
|
|
|
|
|
8,796
|
|
|
|
|
|
|
|
(35.9
|
)
|
|
|
|
|
Net minority income
|
|
|
2,111
|
|
|
|
|
|
|
|
1,981
|
|
|
|
|
|
|
|
6.6
|
|
|
|
|
|
|
|
1,981
|
|
|
|
|
|
|
|
6.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operative Cash Flow & CAPEX
|
|
2019
|
|
|
% of rev.
|
|
|
2018
(B)
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
(B)
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Income from operations
|
|
|
11,936
|
|
|
|
9.3
|
|
|
|
11,020
|
|
|
|
9.4
|
|
|
|
8.3
|
|
|
|
6.6
|
|
|
|
10,409
|
|
|
|
8.9
|
|
|
|
14.7
|
|
|
|
12.9
|
|
Depreciation
|
|
|
5,705
|
|
|
|
4.4
|
|
|
|
5,429
|
|
|
|
4.6
|
|
|
|
5.1
|
|
|
|
|
|
|
|
3,547
|
|
|
|
3.0
|
|
|
|
60.9
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
1,341
|
|
|
|
1.1
|
|
|
|
1,003
|
|
|
|
0.9
|
|
|
|
33.6
|
|
|
|
|
|
|
|
1,003
|
|
|
|
0.9
|
|
|
|
33.6
|
|
|
|
|
|
Operative Cash Flow (EBITDA)
|
|
|
18,982
|
|
|
|
14.8
|
|
|
|
17,453
|
|
|
|
14.9
|
|
|
|
8.8
|
|
|
|
6.6
|
|
|
|
14,959
|
|
|
|
12.8
|
|
|
|
26.9
|
|
|
|
24.3
|
|
CAPEX
|
|
|
6,130
|
|
|
|
|
|
|
|
6,029
|
|
|
|
|
|
|
|
1.7
|
|
|
|
|
|
|
|
6,029
|
|
|
|
|
|
|
|
1.7
|
|
|
|
|
|
|
(A)
|
Unaudited consolidated financial information. For more
detail please refer to our Press Release published on april 5th, 2019.
|
|
(B)
|
Amounts reported as of June 30, 2018, adjusted for the
discontinued operations of Coca-Cola FEMSA Philippines.
|
|
(C)
|
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.
|
July 25, 2019
|
|
11
|
FEMSA
|
Consolidated Income Statement
|
Millions of Pesos
|
|
|
For
the six months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
(B)
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Total revenues
|
|
|
244,371
|
|
|
|
100.0
|
|
|
|
226,939
|
|
|
|
100.0
|
|
|
|
7.7
|
|
|
|
5.4
|
|
|
|
226,939
|
|
|
|
100.0
|
|
|
|
7.7
|
|
|
|
5.4
|
|
Cost of sales
|
|
|
153,579
|
|
|
|
62.8
|
|
|
|
143,586
|
|
|
|
63.3
|
|
|
|
7.0
|
|
|
|
|
|
|
|
143,652
|
|
|
|
63.3
|
|
|
|
6.9
|
|
|
|
|
|
Gross profit
|
|
|
90,792
|
|
|
|
37.2
|
|
|
|
83,353
|
|
|
|
36.7
|
|
|
|
8.9
|
|
|
|
|
|
|
|
83,287
|
|
|
|
36.7
|
|
|
|
9.0
|
|
|
|
|
|
Administrative expenses
|
|
|
9,519
|
|
|
|
3.9
|
|
|
|
8,491
|
|
|
|
3.7
|
|
|
|
12.1
|
|
|
|
|
|
|
|
8,513
|
|
|
|
3.8
|
|
|
|
11.8
|
|
|
|
|
|
Selling expenses
|
|
|
58,992
|
|
|
|
24.1
|
|
|
|
54,126
|
|
|
|
23.9
|
|
|
|
9.0
|
|
|
|
|
|
|
|
55,299
|
|
|
|
24.4
|
|
|
|
6.7
|
|
|
|
|
|
Other operating expenses (income),
net
(1)
|
|
|
1,349
|
|
|
|
0.6
|
|
|
|
775
|
|
|
|
0.3
|
|
|
|
74.1
|
|
|
|
|
|
|
|
775
|
|
|
|
0.3
|
|
|
|
74.1
|
|
|
|
|
|
Income from operations
(2)
|
|
|
20,932
|
|
|
|
8.6
|
|
|
|
19,961
|
|
|
|
8.8
|
|
|
|
4.9
|
|
|
|
2.9
|
|
|
|
18,701
|
|
|
|
8.2
|
|
|
|
11.9
|
|
|
|
9.8
|
|
Other non-operating expenses (income)
|
|
|
265
|
|
|
|
|
|
|
|
603
|
|
|
|
|
|
|
|
(56.1
|
)
|
|
|
|
|
|
|
603
|
|
|
|
|
|
|
|
(56.1
|
)
|
|
|
|
|
Interest expense
|
|
|
6,970
|
|
|
|
|
|
|
|
7,013
|
|
|
|
|
|
|
|
(0.6
|
)
|
|
|
|
|
|
|
4,878
|
|
|
|
|
|
|
|
42.9
|
|
|
|
|
|
Interest income
|
|
|
1,528
|
|
|
|
|
|
|
|
1,254
|
|
|
|
|
|
|
|
21.9
|
|
|
|
|
|
|
|
1,254
|
|
|
|
|
|
|
|
21.9
|
|
|
|
|
|
Interest expense, net
|
|
|
5,442
|
|
|
|
|
|
|
|
5,759
|
|
|
|
|
|
|
|
(5.5
|
)
|
|
|
|
|
|
|
3,625
|
|
|
|
|
|
|
|
50.1
|
|
|
|
|
|
Foreign exchange
loss (gain)
|
|
|
1,879
|
|
|
|
|
|
|
|
(708
|
)
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
(701
|
)
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
Financing expenses, net
|
|
|
7,339
|
|
|
|
|
|
|
|
5,377
|
|
|
|
|
|
|
|
36.5
|
|
|
|
|
|
|
|
3,250
|
|
|
|
|
|
|
|
125.8
|
|
|
|
|
|
Income before income tax and participation in associates results
|
|
|
13,328
|
|
|
|
|
|
|
|
13,981
|
|
|
|
|
|
|
|
(4.7
|
)
|
|
|
|
|
|
|
14,847
|
|
|
|
|
|
|
|
(10.2
|
)
|
|
|
|
|
Income tax
|
|
|
4,109
|
|
|
|
|
|
|
|
4,508
|
|
|
|
|
|
|
|
(8.8
|
)
|
|
|
|
|
|
|
4,821
|
|
|
|
|
|
|
|
(14.8
|
)
|
|
|
|
|
Participation in associates results
(3)
|
|
|
2,386
|
|
|
|
|
|
|
|
2,062
|
|
|
|
|
|
|
|
15.7
|
|
|
|
|
|
|
|
2,062
|
|
|
|
|
|
|
|
15.7
|
|
|
|
|
|
Net income from continuing operations
|
|
|
11,605
|
|
|
|
|
|
|
|
11,536
|
|
|
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
12,088
|
|
|
|
|
|
|
|
(4.0
|
)
|
|
|
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
166
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
|
|
166
|
|
|
|
|
|
|
|
(100.0
|
)
|
|
|
|
|
Net consolidated income
|
|
|
11,605
|
|
|
|
|
|
|
|
11,702
|
|
|
|
|
|
|
|
(0.8
|
)
|
|
|
|
|
|
|
12,254
|
|
|
|
|
|
|
|
(5.3
|
)
|
|
|
|
|
Net majority income
|
|
|
7,878
|
|
|
|
|
|
|
|
8,256
|
|
|
|
|
|
|
|
(4.6
|
)
|
|
|
|
|
|
|
8,797
|
|
|
|
|
|
|
|
(10.4
|
)
|
|
|
|
|
Net minority income
|
|
|
3,727
|
|
|
|
|
|
|
|
3,446
|
|
|
|
|
|
|
|
8.2
|
|
|
|
|
|
|
|
3,457
|
|
|
|
|
|
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operative
Cash Flow & CAPEX
|
|
2019
|
|
|
%
of rev.
|
|
|
2018
(B)
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.
(C)
|
|
|
2018
(B)
|
|
|
%
of rev.
|
|
|
%
Var.
|
|
|
%
Org.
(C)
|
|
Income from operations
|
|
|
20,932
|
|
|
|
8.6
|
|
|
|
19,961
|
|
|
|
8.8
|
|
|
|
4.9
|
|
|
|
2.9
|
|
|
|
18,701
|
|
|
|
8.2
|
|
|
|
11.9
|
|
|
|
9.8
|
|
Depreciation
|
|
|
11,394
|
|
|
|
4.7
|
|
|
|
10,726
|
|
|
|
4.7
|
|
|
|
6.2
|
|
|
|
|
|
|
|
6,995
|
|
|
|
3.1
|
|
|
|
62.9
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
2,302
|
|
|
|
0.9
|
|
|
|
1,729
|
|
|
|
0.8
|
|
|
|
33.2
|
|
|
|
|
|
|
|
1,729
|
|
|
|
0.8
|
|
|
|
33.2
|
|
|
|
|
|
Operative Cash Flow (EBITDA)
|
|
|
34,628
|
|
|
|
14.2
|
|
|
|
32,416
|
|
|
|
14.3
|
|
|
|
6.8
|
|
|
|
4.3
|
|
|
|
27,424
|
|
|
|
12.1
|
|
|
|
26.3
|
|
|
|
23.3
|
|
CAPEX
|
|
|
10,220
|
|
|
|
|
|
|
|
9,867
|
|
|
|
|
|
|
|
3.6
|
|
|
|
|
|
|
|
9,867
|
|
|
|
|
|
|
|
3.6
|
|
|
|
|
|
(A)
Unaudited consolidated financial information. For
more detail please refer to our Press Release published on april 5th, 2019.
(B)
Amounts reported as of June 30, 2018, adjusted for
the discontinued operations of Coca-Cola FEMSA Philippines.
(C)
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.
July 25, 2019
|
|
12
|
FEMSA
|
Consolidated Balance Sheet
|
Millions of Pesos
|
ASSETS
|
|
Jun-19
|
|
|
Dic-18
|
|
|
% Inc.
|
|
Cash and cash equivalents
|
|
|
70,472
|
|
|
|
62,047
|
|
|
|
13.6
|
|
Investments
|
|
|
21,340
|
|
|
|
30,924
|
|
|
|
(31.0
|
)
|
Accounts receivable
|
|
|
26,222
|
|
|
|
28,164
|
|
|
|
(6.9
|
)
|
Inventories
|
|
|
37,438
|
|
|
|
35,686
|
|
|
|
4.9
|
|
Other current assets
|
|
|
21,884
|
|
|
|
20,786
|
|
|
|
5.3
|
|
Total current assets
|
|
|
177,356
|
|
|
|
177,607
|
|
|
|
(0.1
|
)
|
Investments in shares
|
|
|
92,060
|
|
|
|
94,315
|
|
|
|
(2.4
|
)
|
Property, plant and equipment, net
|
|
|
110,750
|
|
|
|
108,602
|
|
|
|
2.0
|
|
Right of use
|
|
|
50,307
|
|
|
|
-
|
|
|
|
N.S.
|
|
Intangible assets
(1)
|
|
|
148,116
|
|
|
|
145,610
|
|
|
|
1.7
|
|
Other assets
|
|
|
50,629
|
|
|
|
50,247
|
|
|
|
0.8
|
|
TOTAL ASSETS
|
|
|
629,218
|
|
|
|
576,381
|
|
|
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS´ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
3,866
|
|
|
|
2,436
|
|
|
|
58.7
|
|
Current maturities of long-term debt
|
|
|
16,494
|
|
|
|
11,238
|
|
|
|
46.8
|
|
Interest payable
|
|
|
747
|
|
|
|
964
|
|
|
|
(22.5
|
)
|
Current maturities of long-term leases
|
|
|
5,919
|
|
|
|
-
|
|
|
|
N.S.
|
|
Operating liabilities
|
|
|
99,808
|
|
|
|
86,826
|
|
|
|
15.0
|
|
Total current liabilities
|
|
|
126,834
|
|
|
|
101,464
|
|
|
|
25.0
|
|
Long-term debt
(2)
|
|
|
96,565
|
|
|
|
108,161
|
|
|
|
(10.7
|
)
|
Long-term leases
|
|
|
45,426
|
|
|
|
-
|
|
|
|
N.S.
|
|
Laboral obligations
|
|
|
4,744
|
|
|
|
4,699
|
|
|
|
1.0
|
|
Other liabilities
|
|
|
25,884
|
|
|
|
26,515
|
|
|
|
(2.4
|
)
|
Total liabilities
|
|
|
299,453
|
|
|
|
240,839
|
|
|
|
24.3
|
|
Total stockholders’ equity
|
|
|
329,765
|
|
|
|
335,542
|
|
|
|
(1.7
|
)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
629,218
|
|
|
|
576,381
|
|
|
|
9.2
|
|
|
|
June 30, 2019
|
|
DEBT MIX
(2)
|
|
% of Total
|
|
|
Average Rate
|
|
Denominated in:
|
|
|
|
|
|
|
|
|
Mexican pesos
|
|
|
49.1
|
%
|
|
|
8.1
|
%
|
U.S. Dollars
|
|
|
7.2
|
%
|
|
|
4.7
|
%
|
Euros
|
|
|
18.7
|
%
|
|
|
1.8
|
%
|
Colombian pesos
|
|
|
1.4
|
%
|
|
|
5.7
|
%
|
Argentine pesos
|
|
|
0.2
|
%
|
|
|
65.5
|
%
|
Brazilian reais
|
|
|
18.7
|
%
|
|
|
7.8
|
%
|
Chilean pesos
|
|
|
3.7
|
%
|
|
|
5.3
|
%
|
Uruguayan Pesos
|
|
|
1.0
|
%
|
|
|
10.0
|
%
|
Total debt
|
|
|
100.0
|
%
|
|
|
6.63
|
%
|
|
|
|
|
|
|
|
|
|
Fixed rate
(2)
|
|
|
91.6
|
%
|
|
|
|
|
Variable rate
(2)
|
|
|
8.4
|
%
|
|
|
|
|
DEBT MATURITY PROFILE
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024+
|
|
% of Total Debt
|
|
|
5.1
|
%
|
|
|
9.9
|
%
|
|
|
11.1
|
%
|
|
|
2.2
|
%
|
|
|
22.4
|
%
|
|
|
49.4
|
%
|
|
(1)
|
Includes mainly the intangible assets generated by acquisitions.
|
|
(2)
|
Includes the effect of derivative financial instruments
on long-term debt.
|
July 25, 2019
|
|
13
|
FEMSA Comercio - Proximity Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For the second quarter
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
|
|
|
As Reported
(B)
|
|
|
|
2019
(A)
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Total revenues
|
|
|
47,190
|
|
|
|
100.0
|
|
|
|
42,387
|
|
|
|
100.0
|
|
|
|
11.3
|
|
|
|
11.0
|
|
|
|
42,387
|
|
|
|
100.0
|
|
|
|
11.3
|
|
|
|
11.0
|
|
Cost of sales
|
|
|
28,408
|
|
|
|
60.2
|
|
|
|
26,279
|
|
|
|
62.0
|
|
|
|
8.1
|
|
|
|
|
|
|
|
26,279
|
|
|
|
62.0
|
|
|
|
8.1
|
|
|
|
|
|
Gross profit
|
|
|
18,782
|
|
|
|
39.8
|
|
|
|
16,108
|
|
|
|
38.0
|
|
|
|
16.6
|
|
|
|
|
|
|
|
16,108
|
|
|
|
38.0
|
|
|
|
16.6
|
|
|
|
|
|
Administrative expenses
|
|
|
1,081
|
|
|
|
2.3
|
|
|
|
884
|
|
|
|
2.1
|
|
|
|
22.3
|
|
|
|
|
|
|
|
885
|
|
|
|
2.1
|
|
|
|
22.1
|
|
|
|
|
|
Selling expenses
|
|
|
12,994
|
|
|
|
27.5
|
|
|
|
11,130
|
|
|
|
26.2
|
|
|
|
16.7
|
|
|
|
|
|
|
|
11,540
|
|
|
|
27.2
|
|
|
|
12.6
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
74
|
|
|
|
0.2
|
|
|
|
80
|
|
|
|
0.2
|
|
|
|
(7.0
|
)
|
|
|
|
|
|
|
80
|
|
|
|
0.2
|
|
|
|
(7.0
|
)
|
|
|
|
|
Income from operations
|
|
|
4,633
|
|
|
|
9.8
|
|
|
|
4,014
|
|
|
|
9.5
|
|
|
|
15.4
|
|
|
|
14.2
|
|
|
|
3,603
|
|
|
|
8.5
|
|
|
|
28.6
|
|
|
|
27.2
|
|
Depreciation
|
|
|
2,291
|
|
|
|
4.9
|
|
|
|
2,028
|
|
|
|
4.8
|
|
|
|
13.0
|
|
|
|
|
|
|
|
1,144
|
|
|
|
2.7
|
|
|
|
100.3
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
143
|
|
|
|
0.3
|
|
|
|
129
|
|
|
|
0.3
|
|
|
|
10.5
|
|
|
|
|
|
|
|
129
|
|
|
|
0.3
|
|
|
|
10.5
|
|
|
|
|
|
Operative cash flow
|
|
|
7,067
|
|
|
|
15.0
|
|
|
|
6,172
|
|
|
|
14.6
|
|
|
|
14.5
|
|
|
|
12.9
|
|
|
|
4,876
|
|
|
|
11.5
|
|
|
|
44.9
|
|
|
|
42.9
|
|
CAPEX
|
|
|
2,670
|
|
|
|
|
|
|
|
2,394
|
|
|
|
|
|
|
|
11.5
|
|
|
|
|
|
|
|
2,394
|
|
|
|
-
|
|
|
|
11.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of
OXXO Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores
|
|
|
18,608
|
|
|
|
|
|
|
|
17,296
|
|
|
|
|
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new convenience stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
375
|
|
|
|
|
|
|
|
479
|
|
|
|
|
|
|
|
(21.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
609
|
|
|
|
|
|
|
|
719
|
|
|
|
|
|
|
|
(15.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
1,312
|
|
|
|
|
|
|
|
1,483
|
|
|
|
|
|
|
|
(11.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
822.2
|
|
|
|
|
|
|
|
773.8
|
|
|
|
|
|
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic (thousands of transactions)
|
|
|
22.7
|
|
|
|
|
|
|
|
22.9
|
|
|
|
|
|
|
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ticket (pesos)
|
|
|
36.3
|
|
|
|
|
|
|
|
33.7
|
|
|
|
|
|
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA Comercio - Proximity Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For
the six months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
|
|
|
As Reported
(B)
|
|
|
|
2019
(A)
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Total revenues
|
|
|
88,440
|
|
|
|
100.0
|
|
|
|
80,134
|
|
|
|
100.0
|
|
|
|
10.4
|
|
|
|
9.9
|
|
|
|
80,134
|
|
|
|
100.0
|
|
|
|
10.4
|
|
|
|
9.9
|
|
Cost of sales
|
|
|
53,804
|
|
|
|
60.8
|
|
|
|
50,565
|
|
|
|
63.1
|
|
|
|
6.4
|
|
|
|
|
|
|
|
50,565
|
|
|
|
63.1
|
|
|
|
6.4
|
|
|
|
|
|
Gross profit
|
|
|
34,636
|
|
|
|
39.2
|
|
|
|
29,569
|
|
|
|
36.9
|
|
|
|
17.1
|
|
|
|
|
|
|
|
29,569
|
|
|
|
36.9
|
|
|
|
17.1
|
|
|
|
|
|
Administrative expenses
|
|
|
2,083
|
|
|
|
2.4
|
|
|
|
1,728
|
|
|
|
2.2
|
|
|
|
20.6
|
|
|
|
|
|
|
|
1,730
|
|
|
|
2.2
|
|
|
|
20.4
|
|
|
|
|
|
Selling expenses
|
|
|
25,149
|
|
|
|
28.5
|
|
|
|
21,328
|
|
|
|
26.6
|
|
|
|
17.9
|
|
|
|
|
|
|
|
22,135
|
|
|
|
27.6
|
|
|
|
13.6
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
123
|
|
|
|
0.1
|
|
|
|
144
|
|
|
|
0.2
|
|
|
|
(14.8
|
)
|
|
|
|
|
|
|
144
|
|
|
|
0.2
|
|
|
|
(14.8
|
)
|
|
|
|
|
Income from operations
|
|
|
7,281
|
|
|
|
8.2
|
|
|
|
6,368
|
|
|
|
7.9
|
|
|
|
14.3
|
|
|
|
12.7
|
|
|
|
5,559
|
|
|
|
6.9
|
|
|
|
31.0
|
|
|
|
29.1
|
|
Depreciation
|
|
|
4,517
|
|
|
|
5.1
|
|
|
|
4,010
|
|
|
|
5.0
|
|
|
|
12.6
|
|
|
|
|
|
|
|
2,260
|
|
|
|
2.8
|
|
|
|
99.9
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
283
|
|
|
|
0.4
|
|
|
|
242
|
|
|
|
0.4
|
|
|
|
17.0
|
|
|
|
|
|
|
|
242
|
|
|
|
0.4
|
|
|
|
17.0
|
|
|
|
|
|
Operative cash flow
|
|
|
12,081
|
|
|
|
13.7
|
|
|
|
10,620
|
|
|
|
13.3
|
|
|
|
13.8
|
|
|
|
11.7
|
|
|
|
8,060
|
|
|
|
10.1
|
|
|
|
49.9
|
|
|
|
47.2
|
|
CAPEX
|
|
|
4,505
|
|
|
|
|
|
|
|
3,870
|
|
|
|
|
|
|
|
16.3
|
|
|
|
|
|
|
|
3,870
|
|
|
|
|
|
|
|
16.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of
OXXO Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores
|
|
|
18,608
|
|
|
|
|
|
|
|
17,296
|
|
|
|
|
|
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new convenience stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
375
|
|
|
|
|
|
|
|
479
|
|
|
|
|
|
|
|
(21.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
609
|
|
|
|
|
|
|
|
719
|
|
|
|
|
|
|
|
(15.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
1,312
|
|
|
|
|
|
|
|
1,483
|
|
|
|
|
|
|
|
(11.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
775.6
|
|
|
|
|
|
|
|
739.9
|
|
|
|
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic (thousands of transactions)
|
|
|
22.1
|
|
|
|
|
|
|
|
22.1
|
|
|
|
|
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ticket (pesos)
|
|
|
35.1
|
|
|
|
|
|
|
|
33.5
|
|
|
|
|
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Unaudited consolidated financial information. For more
detail please refer to our Press Release published on april 5th, 2019.
|
|
(B)
|
Amounts reported as of June 30, 2018, adjusted to reflect
the change from Comercial Division to Proximity Division implemented since September, 2018.
|
|
(C)
|
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.
|
July 25, 2019
|
|
14
|
FEMSA Comercio - Health Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For the second quarter
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(B)
|
|
Total revenues
|
|
|
15,246
|
|
|
|
100.0
|
|
|
|
13,380
|
|
|
|
100.0
|
|
|
|
13.9
|
|
|
|
0.1
|
|
|
|
13,380
|
|
|
|
100.0
|
|
|
|
13.9
|
|
|
|
0.1
|
|
Cost of sales
|
|
|
10,705
|
|
|
|
70.2
|
|
|
|
9,287
|
|
|
|
69.4
|
|
|
|
15.3
|
|
|
|
|
|
|
|
9,287
|
|
|
|
69.4
|
|
|
|
15.3
|
|
|
|
|
|
Gross profit
|
|
|
4,541
|
|
|
|
29.8
|
|
|
|
4,093
|
|
|
|
30.6
|
|
|
|
10.9
|
|
|
|
|
|
|
|
4,093
|
|
|
|
30.6
|
|
|
|
10.9
|
|
|
|
|
|
Administrative expenses
|
|
|
719
|
|
|
|
4.7
|
|
|
|
514
|
|
|
|
3.8
|
|
|
|
39.9
|
|
|
|
|
|
|
|
514
|
|
|
|
3.8
|
|
|
|
39.9
|
|
|
|
|
|
Selling expenses
|
|
|
3,117
|
|
|
|
20.4
|
|
|
|
2,873
|
|
|
|
21.5
|
|
|
|
8.5
|
|
|
|
|
|
|
|
2,923
|
|
|
|
21.9
|
|
|
|
6.6
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
41
|
|
|
|
0.3
|
|
|
|
22
|
|
|
|
0.2
|
|
|
|
86.4
|
|
|
|
|
|
|
|
22
|
|
|
|
0.2
|
|
|
|
86.4
|
|
|
|
|
|
Income from operations
|
|
|
664
|
|
|
|
4.4
|
|
|
|
684
|
|
|
|
5.1
|
|
|
|
(3.0
|
)
|
|
|
(9.3
|
)
|
|
|
634
|
|
|
|
4.7
|
|
|
|
4.7
|
|
|
|
(2.1
|
)
|
Depreciation
|
|
|
642
|
|
|
|
4.2
|
|
|
|
596
|
|
|
|
4.5
|
|
|
|
7.7
|
|
|
|
|
|
|
|
166
|
|
|
|
1.2
|
|
|
|
N.S.
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
73
|
|
|
|
0.4
|
|
|
|
86
|
|
|
|
0.6
|
|
|
|
(15.1
|
)
|
|
|
|
|
|
|
86
|
|
|
|
0.7
|
|
|
|
(15.1
|
)
|
|
|
|
|
Operative cash flow
|
|
|
1,379
|
|
|
|
9.0
|
|
|
|
1,366
|
|
|
|
10.2
|
|
|
|
0.9
|
|
|
|
(5.5
|
)
|
|
|
886
|
|
|
|
6.6
|
|
|
|
55.6
|
|
|
|
45.7
|
|
CAPEX
|
|
|
304
|
|
|
|
|
|
|
|
229
|
|
|
|
|
|
|
|
32.8
|
|
|
|
|
|
|
|
229
|
|
|
|
-
|
|
|
|
32.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores
|
|
|
3,061
|
|
|
|
|
|
|
|
2,251
|
|
|
|
|
|
|
|
36.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
677
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
700
|
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
810
|
|
|
|
|
|
|
|
97
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
1,476.6
|
|
|
|
|
|
|
|
1,516.4
|
|
|
|
|
|
|
|
-2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA Comercio - Health Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For
the six months of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(B)
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(B)
|
|
Total revenues
|
|
|
28,004
|
|
|
|
100.0
|
|
|
|
25,834
|
|
|
|
100.0
|
|
|
|
8.4
|
|
|
|
1.2
|
|
|
|
25,834
|
|
|
|
100.0
|
|
|
|
8.4
|
|
|
|
1.2
|
|
Cost of sales
|
|
|
19,802
|
|
|
|
70.7
|
|
|
|
18,045
|
|
|
|
69.8
|
|
|
|
9.7
|
|
|
|
|
|
|
|
18,045
|
|
|
|
69.8
|
|
|
|
9.7
|
|
|
|
|
|
Gross profit
|
|
|
8,202
|
|
|
|
29.3
|
|
|
|
7,789
|
|
|
|
30.2
|
|
|
|
5.3
|
|
|
|
|
|
|
|
7,789
|
|
|
|
30.2
|
|
|
|
5.3
|
|
|
|
|
|
Administrative expenses
|
|
|
1,240
|
|
|
|
4.4
|
|
|
|
999
|
|
|
|
3.9
|
|
|
|
24.1
|
|
|
|
|
|
|
|
999
|
|
|
|
3.9
|
|
|
|
24.1
|
|
|
|
|
|
Selling expenses
|
|
|
5,928
|
|
|
|
21.2
|
|
|
|
5,734
|
|
|
|
22.2
|
|
|
|
3.4
|
|
|
|
|
|
|
|
5,833
|
|
|
|
22.6
|
|
|
|
1.6
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
54
|
|
|
|
0.2
|
|
|
|
43
|
|
|
|
0.2
|
|
|
|
25.6
|
|
|
|
|
|
|
|
43
|
|
|
|
0.2
|
|
|
|
25.6
|
|
|
|
|
|
Income from operations
|
|
|
980
|
|
|
|
3.5
|
|
|
|
1,013
|
|
|
|
3.9
|
|
|
|
(3.3
|
)
|
|
|
(7.6
|
)
|
|
|
914
|
|
|
|
3.5
|
|
|
|
7.2
|
|
|
|
2.5
|
|
Depreciation
|
|
|
1,240
|
|
|
|
4.4
|
|
|
|
1,186
|
|
|
|
4.6
|
|
|
|
4.5
|
|
|
|
|
|
|
|
332
|
|
|
|
1.3
|
|
|
|
N.S.
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
154
|
|
|
|
0.6
|
|
|
|
171
|
|
|
|
0.7
|
|
|
|
(9.9
|
)
|
|
|
|
|
|
|
171
|
|
|
|
0.7
|
|
|
|
(9.9
|
)
|
|
|
|
|
Operative cash flow
|
|
|
2,374
|
|
|
|
8.5
|
|
|
|
2,371
|
|
|
|
9.2
|
|
|
|
0.1
|
|
|
|
(3.6
|
)
|
|
|
1,417
|
|
|
|
5.5
|
|
|
|
67.5
|
|
|
|
61.3
|
|
CAPEX
|
|
|
595
|
|
|
|
|
|
|
|
580
|
|
|
|
|
|
|
|
2.6
|
|
|
|
|
|
|
|
580
|
|
|
|
-
|
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores
|
|
|
3,061
|
|
|
|
|
|
|
|
2,251
|
|
|
|
|
|
|
|
36.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new stores:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
677
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
700
|
|
|
|
|
|
|
|
26
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
810
|
|
|
|
|
|
|
|
97
|
|
|
|
|
|
|
|
N.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands
of pesos)
|
|
|
1,494.0
|
|
|
|
|
|
|
|
1,504.9
|
|
|
|
|
|
|
|
-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)
|
Monthly average information per store, considering same
stores with more than twelve months of all the operations of FEMSA Comercio - Health Division.
|
July 25, 2019
|
|
15
|
FEMSA Comercio - Fuel Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For
the second quarter of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
Total revenues
|
|
|
12,415
|
|
|
|
100.0
|
|
|
|
11,511
|
|
|
|
100.0
|
|
|
|
7.8
|
|
|
|
11,511
|
|
|
|
100.0
|
|
|
|
7.8
|
|
Cost of sales
|
|
|
11,196
|
|
|
|
90.2
|
|
|
|
10,595
|
|
|
|
92.0
|
|
|
|
5.7
|
|
|
|
10,595
|
|
|
|
92.0
|
|
|
|
5.7
|
|
Gross profit
|
|
|
1,219
|
|
|
|
9.8
|
|
|
|
916
|
|
|
|
8.0
|
|
|
|
33.1
|
|
|
|
916
|
|
|
|
8.0
|
|
|
|
33.1
|
|
Administrative expenses
|
|
|
49
|
|
|
|
0.4
|
|
|
|
61
|
|
|
|
0.5
|
|
|
|
(19.0
|
)
|
|
|
61
|
|
|
|
0.5
|
|
|
|
(19.7
|
)
|
Selling expenses
|
|
|
834
|
|
|
|
6.7
|
|
|
|
640
|
|
|
|
5.6
|
|
|
|
30.3
|
|
|
|
771
|
|
|
|
6.8
|
|
|
|
8.2
|
|
Other operating expenses (income),
net
|
|
|
53
|
|
|
|
0.4
|
|
|
|
2
|
|
|
|
-
|
|
|
|
N.S.
|
|
|
|
2
|
|
|
|
-
|
|
|
|
N.S.
|
|
Income from operations
|
|
|
283
|
|
|
|
2.3
|
|
|
|
213
|
|
|
|
1.9
|
|
|
|
32.6
|
|
|
|
82
|
|
|
|
0.7
|
|
|
|
N.S.
|
|
Depreciation
|
|
|
208
|
|
|
|
1.7
|
|
|
|
186
|
|
|
|
1.6
|
|
|
|
12.0
|
|
|
|
32
|
|
|
|
0.3
|
|
|
|
N.S.
|
|
Amortization & other non-cash
charges
|
|
|
56
|
|
|
|
0.4
|
|
|
|
8
|
|
|
|
-
|
|
|
|
N.S.
|
|
|
|
8
|
|
|
|
0.1
|
|
|
|
N.S.
|
|
Operative cash flow
|
|
|
547
|
|
|
|
4.4
|
|
|
|
407
|
|
|
|
3.5
|
|
|
|
34.3
|
|
|
|
122
|
|
|
|
1.1
|
|
|
|
N.S.
|
|
CAPEX
|
|
|
122
|
|
|
|
|
|
|
|
129
|
|
|
|
|
|
|
|
(5.8
|
)
|
|
|
129
|
|
|
|
|
|
|
|
(5.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of OXXO GAS Service Stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service stations
|
|
|
541
|
|
|
|
|
|
|
|
499
|
|
|
|
|
|
|
|
8.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new service stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
1
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
(96.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
2
|
|
|
|
|
|
|
|
47
|
|
|
|
|
|
|
|
(95.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
42
|
|
|
|
|
|
|
|
109
|
|
|
|
|
|
|
|
(61.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (million of liters) total stations
|
|
|
698
|
|
|
|
|
|
|
|
708
|
|
|
|
|
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-stations data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
7,817.7
|
|
|
|
|
|
|
|
7,817.9
|
|
|
|
|
|
|
|
(0.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (thousands of liters)
|
|
|
440.5
|
|
|
|
|
|
|
|
480.9
|
|
|
|
|
|
|
|
(8.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average price per liter
|
|
|
17.7
|
|
|
|
|
|
|
|
16.3
|
|
|
|
|
|
|
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEMSA Comercio - Fuel Division
|
Results of Operations
|
Millions of Pesos
|
|
|
For the six months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
Total revenues
|
|
|
23,268
|
|
|
|
100.0
|
|
|
|
22,104
|
|
|
|
100.0
|
|
|
|
5.3
|
|
|
|
22,104
|
|
|
|
100.0
|
|
|
|
5.3
|
|
Cost of sales
|
|
|
20,944
|
|
|
|
90.0
|
|
|
|
20,301
|
|
|
|
91.8
|
|
|
|
3.2
|
|
|
|
20,301
|
|
|
|
91.8
|
|
|
|
3.2
|
|
Gross profit
|
|
|
2,324
|
|
|
|
10.0
|
|
|
|
1,803
|
|
|
|
8.2
|
|
|
|
28.9
|
|
|
|
1,803
|
|
|
|
8.2
|
|
|
|
28.9
|
|
Administrative expenses
|
|
|
92
|
|
|
|
0.4
|
|
|
|
112
|
|
|
|
0.5
|
|
|
|
(17.9
|
)
|
|
|
113
|
|
|
|
0.5
|
|
|
|
(18.6
|
)
|
Selling expenses
|
|
|
1,571
|
|
|
|
6.8
|
|
|
|
1,212
|
|
|
|
5.5
|
|
|
|
29.7
|
|
|
|
1,468
|
|
|
|
6.7
|
|
|
|
7.0
|
|
Other operating expenses (income),
net
|
|
|
70
|
|
|
|
0.3
|
|
|
|
3
|
|
|
|
-
|
|
|
|
N.S.
|
|
|
|
3
|
|
|
|
-
|
|
|
|
N.S.
|
|
Income from operations
|
|
|
591
|
|
|
|
2.5
|
|
|
|
476
|
|
|
|
2.2
|
|
|
|
24.0
|
|
|
|
219
|
|
|
|
1.0
|
|
|
|
169.9
|
|
Depreciation
|
|
|
411
|
|
|
|
1.8
|
|
|
|
364
|
|
|
|
1.6
|
|
|
|
12.9
|
|
|
|
62
|
|
|
|
0.3
|
|
|
|
N.S.
|
|
Amortization & other non-cash
charges
|
|
|
80
|
|
|
|
0.4
|
|
|
|
15
|
|
|
|
0.1
|
|
|
|
N.S.
|
|
|
|
15
|
|
|
|
-
|
|
|
|
N.S.
|
|
Operative cash flow
|
|
|
1,082
|
|
|
|
4.7
|
|
|
|
855
|
|
|
|
3.9
|
|
|
|
26.5
|
|
|
|
296
|
|
|
|
1.3
|
|
|
|
N.S.
|
|
CAPEX
|
|
|
244
|
|
|
|
|
|
|
|
193
|
|
|
|
|
|
|
|
26.6
|
|
|
|
193
|
|
|
|
|
|
|
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information of OXXO GAS Service Stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total service stations
|
|
|
541.0
|
|
|
|
|
|
|
|
499.0
|
|
|
|
|
|
|
|
8.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new service stations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. Last quarter
|
|
|
1
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
(96.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
2
|
|
|
|
|
|
|
|
47
|
|
|
|
|
|
|
|
(95.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Last-twelve-months
|
|
|
42
|
|
|
|
|
|
|
|
109
|
|
|
|
|
|
|
|
(61.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (million of liters) total stations
|
|
|
1,314
|
|
|
|
|
|
|
|
1,382
|
|
|
|
|
|
|
|
(4.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-stations data:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales (thousands of pesos)
|
|
|
7,455.1
|
|
|
|
|
|
|
|
7,732.2
|
|
|
|
|
|
|
|
(3.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (thousands of liters)
|
|
|
422.0
|
|
|
|
|
|
|
|
483.5
|
|
|
|
|
|
|
|
(12.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average price per liter
|
|
|
17.7
|
|
|
|
|
|
|
|
16.0
|
|
|
|
|
|
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
July 25, 2019
|
|
16
|
Coca-Cola FEMSA
|
Results of Operations
|
Millions of Pesos
|
|
|
For the second quarter
of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
(B)
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
|
|
|
% Integral
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Total revenues
|
|
|
47,978
|
|
|
|
100.0
|
|
|
|
44,569
|
|
|
|
100.0
|
|
|
|
7.6
|
|
|
|
5.1
|
|
|
|
44,569
|
|
|
|
100.0
|
|
|
|
7.6
|
|
|
|
5.1
|
|
Cost of sales
|
|
|
25,876
|
|
|
|
53.9
|
|
|
|
23,710
|
|
|
|
53.2
|
|
|
|
9.1
|
|
|
|
|
|
|
|
23,712
|
|
|
|
53.2
|
|
|
|
9.1
|
|
|
|
|
|
Gross profit
|
|
|
22,102
|
|
|
|
46.1
|
|
|
|
20,859
|
|
|
|
46.8
|
|
|
|
6.0
|
|
|
|
|
|
|
|
20,857
|
|
|
|
46.8
|
|
|
|
6.0
|
|
|
|
|
|
Administrative expenses
|
|
|
2,172
|
|
|
|
4.5
|
|
|
|
2,054
|
|
|
|
4.6
|
|
|
|
5.7
|
|
|
|
|
|
|
|
2,057
|
|
|
|
4.6
|
|
|
|
5.6
|
|
|
|
|
|
Selling expenses
|
|
|
12,864
|
|
|
|
26.9
|
|
|
|
12,302
|
|
|
|
27.6
|
|
|
|
4.6
|
|
|
|
|
|
|
|
12,312
|
|
|
|
27.6
|
|
|
|
4.5
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
728
|
|
|
|
1.5
|
|
|
|
537
|
|
|
|
1.2
|
|
|
|
35.6
|
|
|
|
|
|
|
|
537
|
|
|
|
1.2
|
|
|
|
35.6
|
|
|
|
|
|
Income from operations
|
|
|
6,338
|
|
|
|
13.2
|
|
|
|
5,967
|
|
|
|
13.4
|
|
|
|
6.2
|
|
|
|
4.7
|
|
|
|
5,952
|
|
|
|
13.4
|
|
|
|
6.5
|
|
|
|
4.9
|
|
Depreciation
|
|
|
2,214
|
|
|
|
4.6
|
|
|
|
2,217
|
|
|
|
5.0
|
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
2,066
|
|
|
|
4.6
|
|
|
|
7.2
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
627
|
|
|
|
1.3
|
|
|
|
709
|
|
|
|
1.6
|
|
|
|
(11.6
|
)
|
|
|
|
|
|
|
708
|
|
|
|
1.6
|
|
|
|
(11.5
|
)
|
|
|
|
|
Operative cash flow
|
|
|
9,180
|
|
|
|
19.1
|
|
|
|
8,892
|
|
|
|
20.0
|
|
|
|
3.2
|
|
|
|
1.0
|
|
|
|
8,726
|
|
|
|
19.6
|
|
|
|
5.2
|
|
|
|
2.9
|
|
CAPEX
|
|
|
2,407
|
|
|
|
|
|
|
|
2,404
|
|
|
|
|
|
|
|
0.1
|
|
|
|
|
|
|
|
2,404
|
|
|
|
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of unit cases)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico and Central America
|
|
|
554.7
|
|
|
|
66.0
|
|
|
|
552.2
|
|
|
|
67.1
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
103.1
|
|
|
|
12.3
|
|
|
|
99.9
|
|
|
|
12.1
|
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
183.1
|
|
|
|
21.8
|
|
|
|
170.8
|
|
|
|
20.8
|
|
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
840.9
|
|
|
|
100.0
|
|
|
|
822.9
|
|
|
|
100.0
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coca-Cola FEMSA
|
Results of Operations
|
Millions of Pesos
|
|
|
For
the six months of:
|
|
|
|
|
|
|
|
|
|
Comparable
(A)
|
|
|
As Reported
(B)
|
|
|
|
2019
|
|
|
% of rev.
|
|
|
2018
|
|
|
% of rev.
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
|
2018
|
|
|
% Integral
|
|
|
% Var.
|
|
|
% Org.
(C)
|
|
Total revenues
|
|
|
94,444
|
|
|
|
100.0
|
|
|
|
88,692
|
|
|
|
100.0
|
|
|
|
6.5
|
|
|
|
3.1
|
|
|
|
88,692
|
|
|
|
100.0
|
|
|
|
6.5
|
|
|
|
3.1
|
|
Cost of sales
|
|
|
51,349
|
|
|
|
54.4
|
|
|
|
47,615
|
|
|
|
53.7
|
|
|
|
7.8
|
|
|
|
|
|
|
|
47,619
|
|
|
|
53.7
|
|
|
|
7.8
|
|
|
|
|
|
Gross profit
|
|
|
43,095
|
|
|
|
45.6
|
|
|
|
41,077
|
|
|
|
46.3
|
|
|
|
4.9
|
|
|
|
|
|
|
|
41,073
|
|
|
|
46.3
|
|
|
|
4.9
|
|
|
|
|
|
Administrative expenses
|
|
|
4,385
|
|
|
|
4.6
|
|
|
|
4,273
|
|
|
|
4.8
|
|
|
|
2.6
|
|
|
|
|
|
|
|
3,956
|
|
|
|
4.5
|
|
|
|
10.9
|
|
|
|
|
|
Selling expenses
|
|
|
25,577
|
|
|
|
27.1
|
|
|
|
24,442
|
|
|
|
27.6
|
|
|
|
4.6
|
|
|
|
|
|
|
|
24,784
|
|
|
|
27.9
|
|
|
|
3.2
|
|
|
|
|
|
Other operating expenses (income),
net
|
|
|
1,063
|
|
|
|
1.1
|
|
|
|
616
|
|
|
|
0.7
|
|
|
|
72.4
|
|
|
|
|
|
|
|
616
|
|
|
|
0.7
|
|
|
|
72.6
|
|
|
|
|
|
Income from operations
|
|
|
12,070
|
|
|
|
12.8
|
|
|
|
11,746
|
|
|
|
13.2
|
|
|
|
2.8
|
|
|
|
0.7
|
|
|
|
11,718
|
|
|
|
13.2
|
|
|
|
3.0
|
|
|
|
0.9
|
|
Depreciation
|
|
|
4,493
|
|
|
|
4.8
|
|
|
|
4,354
|
|
|
|
4.9
|
|
|
|
3.2
|
|
|
|
|
|
|
|
4,049
|
|
|
|
4.6
|
|
|
|
11.0
|
|
|
|
|
|
Amortization & other non-cash
charges
|
|
|
1,192
|
|
|
|
1.2
|
|
|
|
1,126
|
|
|
|
1.3
|
|
|
|
5.9
|
|
|
|
|
|
|
|
1,125
|
|
|
|
1.2
|
|
|
|
6.0
|
|
|
|
|
|
Operative cash flow
|
|
|
17,756
|
|
|
|
18.8
|
|
|
|
17,226
|
|
|
|
19.4
|
|
|
|
3.1
|
|
|
|
0.2
|
|
|
|
16,891
|
|
|
|
19.0
|
|
|
|
5.1
|
|
|
|
2.2
|
|
CAPEX
|
|
|
3,961
|
|
|
|
|
|
|
|
4,016
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
4,016
|
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions of unit cases)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico and Central America
|
|
|
1,032.7
|
|
|
|
63.1
|
|
|
|
1,027.1
|
|
|
|
63.8
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
208.8
|
|
|
|
12.8
|
|
|
|
218.2
|
|
|
|
13.5
|
|
|
|
(4.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
|
|
395.7
|
|
|
|
24.2
|
|
|
|
365.6
|
|
|
|
22.7
|
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,637.1
|
|
|
|
100.0
|
|
|
|
1,610.9
|
|
|
|
100.0
|
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Unaudited consolidated financial information. For more
detail please refer to our Press Release published on april 5th, 2019.
|
|
(B)
|
Amounts reported as of June 30, 2018, adjusted for the
discontinued operations of Coca-Cola FEMSA Philippines.
|
|
(C)
|
Organic basis (% Org.) excludes the effects of significant
mergers and acquisitions in the last twelve months.
|
July 25, 2019
|
|
17
|
FEMSA
|
Macroeconomic Information
|
|
|
Inflation
|
|
|
End-of-period Exchange Rates
|
|
|
|
2Q 2019
|
|
|
LTM
(1)
Jun-19
|
|
|
Jun-19
|
|
|
Dic-18
|
|
|
|
|
|
|
|
|
|
Per USD
|
|
|
Per MXN
|
|
|
Per USD
|
|
|
Per MXN
|
|
México
|
|
|
-0.08
|
%
|
|
|
3.52
|
%
|
|
|
19.17
|
|
|
|
1.0000
|
|
|
|
19.68
|
|
|
|
1.0000
|
|
Colombia
|
|
|
2.76
|
%
|
|
|
2.88
|
%
|
|
|
3,205.67
|
|
|
|
0.0060
|
|
|
|
3,249.75
|
|
|
|
0.0061
|
|
Venezuela
|
|
|
2318.90
|
%
|
|
|
931193.84
|
%
|
|
|
6,733.29
|
|
|
|
0.0028
|
|
|
|
638.18
|
|
|
|
0.0308
|
|
Brasil
|
|
|
2.35
|
%
|
|
|
4.00
|
%
|
|
|
3.83
|
|
|
|
5.0020
|
|
|
|
3.87
|
|
|
|
5.0797
|
|
Argentina
|
|
|
22.81
|
%
|
|
|
53.26
|
%
|
|
|
42.46
|
|
|
|
0.4514
|
|
|
|
37.70
|
|
|
|
0.5221
|
|
Chile
|
|
|
2.11
|
%
|
|
|
2.21
|
%
|
|
|
679.86
|
|
|
|
0.0282
|
|
|
|
695.69
|
|
|
|
0.0283
|
|
Zona Euro
|
|
|
1.04
|
%
|
|
|
1.43
|
%
|
|
|
0.88
|
|
|
|
21.8643
|
|
|
|
0.87
|
|
|
|
22.5383
|
|
|
(1)
|
LTM = Last twelve months.
|
July 25, 2019
|
|
18
|
Coca-Cola
FEMSA Announces Results For Second Quarter and First Six Months Of 2019
Mexico City, July 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 second quarter and the first six months
of 2019.
SECOND QUARTER
OPERATIONAL AND FINANCIAL HIGHLIGHTS
|
·
|
Volumes increased in Brazil, Central America and Colombia; transactions outperformed volumes in
Argentina and Brazil.
|
|
·
|
Revenues increased 7.6%, while comparable revenues grew 11.6%. Solid pricing, revenue management
initiatives across our operations and volume growth in Brazil, Central America and Colombia were partially offset by unfavorable
currency translation effects from all of our operating currencies.
|
|
·
|
Operating income increased 6.5%, while comparable operating income increased 13.8%. Favorable price
mix effect, more stable raw material prices, and operating expense efficiencies, were partially offset by higher concentrate costs,
the depreciation of most of our operating currencies as applied to our U.S. dollar denominated raw material costs, and restructuring
severances for Ps. 512 million in Argentina, Central America, Colombia, and Mexico related to our efficiency initiatives to create
a leaner and more agile organization.
|
|
·
|
Earnings per share
1
were Ps. 0.21 (Earnings per unit were Ps. 1.66 and per ADS were
Ps. 16.60).
|
FINANCIAL SUMMARY FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2019
|
Change vs. same period of last year
|
|
|
|
|
Total Revenues
|
|
|
Gross Profit
|
|
|
Operating Income
|
|
|
Majority Net Income
|
|
|
|
|
|
2Q
2019
|
|
|
YTD
2019
|
|
|
2Q
2019
|
|
|
YTD
2019
|
|
|
2Q
2019
|
|
|
YTD
2019
|
|
|
2Q
2019
|
|
|
YTD
2019
|
|
|
|
Consolidated
|
|
|
7.6
|
%
|
|
|
6.5
|
%
|
|
|
6.0
|
%
|
|
|
4.9
|
%
|
|
|
6.5
|
%
|
|
|
3.0
|
%
|
|
|
25.4
|
%
|
|
|
17.2
|
%
|
As Reported
(2)
|
|
Mexico & Central America
|
|
|
9.9
|
%
|
|
|
10.6
|
%
|
|
|
10.0
|
%
|
|
|
11.1
|
%
|
|
|
19.1
|
%
|
|
|
17.6
|
%
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
4.4
|
%
|
|
|
1.5
|
%
|
|
|
(0.5
|
%)
|
|
|
(3.2
|
%)
|
|
|
(15.8
|
%)
|
|
|
(15.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
11.6
|
%
|
|
|
10.8
|
%
|
|
|
10.1
|
%
|
|
|
9.5
|
%
|
|
|
13.8
|
%
|
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
Comparable
(3)
|
|
Mexico & Central America
|
|
|
9.2
|
%
|
|
|
8.3
|
%
|
|
|
9.3
|
%
|
|
|
8.8
|
%
|
|
|
18.6
|
%
|
|
|
16.1
|
%
|
|
|
|
|
|
|
|
|
|
|
South America
|
|
|
15.9
|
%
|
|
|
14.7
|
%
|
|
|
11.8
|
%
|
|
|
10.6
|
%
|
|
|
2.4
|
%
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
John Santa
Maria, Coca-Cola FEMSA’s CEO, commented:
“Our second quarter results show continuous
progress and positive momentum. Despite prevailing external volatility and currency headwinds, our consolidated revenues grew 7.6%
while our comparable revenues grew 11.6%. Importantly, our majority net income grew 25.4%, reflecting our progress to transform
Coca-Cola FEMSA into a stronger and more resilient business. In Mexico and Central America, we continue to report healthy top-and-bottom
line growth. In South America, we continue to see strong top-line performance driven mainly by strong volumes in Brazil, better-than-expected
volume performance in Colombia and signs of stabilization in Argentina —encouraging trends as we move into the second half
of the year.
Finally, as part of our commitment to drive
agility and efficiency across our organization, we started the rollout of a set of initiatives during the first half of the year
to create a leaner, more agile organization that is fully focused on its consumers. We expect that these efforts, which will be
rolled out to all of our operations throughout the coming months, combined with ongoing digitalization, will provide us with the
required flexibility to continue driving growth in our business.”
|
(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 35
|
|
RECENT DEVELOPMENTS
|
·
|
On May 3, 2019, Coca-Cola FEMSA paid the first installment of the 2018 dividend in the amount of
Ps. 0.4425 per share.
|
CONFERENCE
CALL INFORMATION
Coca-Cola FEMSA Reports 2Q2019 Results
July 25, 2019
|
Page
20
of 34
|
|
CONSOLIDATED
SECOND QUARTER RESULTS
CONSOLIDATED SECOND QUARTER RESULTS
|
|
As Reported
(1)
|
|
|
Comparable
(2)
|
|
Expressed in millions of Mexican pesos
|
|
2Q 2019
|
|
|
2Q 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
47,978
|
|
|
|
44,569
|
|
|
|
7.6
|
%
|
|
|
11.6
|
%
|
Gross profit
|
|
|
22,102
|
|
|
|
20,857
|
|
|
|
6.0
|
%
|
|
|
10.1
|
%
|
Operating income
|
|
|
6,338
|
|
|
|
5,952
|
|
|
|
6.5
|
%
|
|
|
13.8
|
%
|
Operating cash flow
(3)
|
|
|
9,180
|
|
|
|
8,726
|
|
|
|
5.2
|
%
|
|
|
9.2
|
%
|
Volume
increased 2.2% to 840.9 million
unit cases, driven mainly by 7.2% growth in Brazil, slight growth in Colombia and the consolidation of recently acquired territories
in Guatemala and Uruguay; partially offset by volume declines in Mexico and Argentina. On a comparable basis, total volumes increased
1.3%.
Total revenues
increased 7.6% to Ps.
47,978 million, driven mainly by price increases above inflation and revenue management initiatives across our territories, volume
growth in Brazil, Central America and Colombia, the consolidation of recently acquired territories in Guatemala and Uruguay and
a favorable mix effect driven by transactions growing ahead of volumes in Argentina and Brazil. 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 decline in Argentina and Mexico. On a comparable basis, total revenues increased 11.6%.
Gross profit
increased 6.0% to Ps. 22,102
million and gross margin contracted 70 basis points to 46.1%. More stable sweetener and packaging 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; iii) an unfavorable currency hedging position in most of our operations; and iv) 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 10.1%.
Operating income
increased 6.5% to Ps.
6,338 million, and operating margin contracted 20 basis points to 13.2%. This increase was driven mainly by operating expense efficiencies
and freight efficiencies in Brazil and Mexico; effects that were partially offset by restructuring severance in Argentina, Central
America, Colombia, and Mexico. On a comparable basis, operating income increased 13.8%.
|
(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 2Q2019 Results
July 25, 2019
|
Page
21
of 34
|
|
Comprehensive financing result
recorded
an expense of Ps. 1,559 million, compared to an expense of Ps. 1,438 million in the same period of 2018. This quarter 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 second quarter of 2019—and a reduction
in other financial expenses.
Income tax
as a percentage of income
before taxes was 24.7% as compared to 30.7% 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 and ongoing efforts to reduce non-deductible items across our operations.
Net income attributable to equity holders
of the company
reached Ps. 3,487 million as compared to Ps. 2,781 million during the same period of the previous year. Earnings
per share
1
were Ps. 0.21 (Earnings per unit were Ps. 1.66 and earnings per ADS were Ps. 16.60).
|
(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 2Q2019 Results
July 25, 2019
|
Page
22
of 34
|
|
CONSOLIDATED
FIRST SIX MONTHS RESULTS
CONSOLIDATED FIRST SIX MONTHS RESULTS
|
|
As Reported
(1)
|
|
|
Comparable
(2)
|
|
Expressed in millions of Mexican pesos
|
|
YTD 2019
|
|
|
YTD 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
94,444
|
|
|
|
88,692
|
|
|
|
6.5
|
%
|
|
|
10.8
|
%
|
Gross profit
|
|
|
43,095
|
|
|
|
41,073
|
|
|
|
4.9
|
%
|
|
|
9.5
|
%
|
Operating income
|
|
|
12,070
|
|
|
|
11,718
|
|
|
|
3.0
|
%
|
|
|
11.7
|
%
|
Operating cash flow
(3)
|
|
|
17,756
|
|
|
|
16,891
|
|
|
|
5.1
|
%
|
|
|
10.1
|
%
|
Volume
increased 1.6% to 1,637.1 million
unit cases in the first six months of 2019 as compared to the same period of 2018, driven mainly by 8.2% growth in Brazil, and
the consolidation of recently acquired territories in Guatemala and Uruguay, partially offset by volume declines in the rest of
our operations. On a comparable basis, total volumes increased 0.7%.
Total revenues
increased 6.5% to Ps.
94,444 million in the first six months of 2019 as compared to the same period of 2018, driven mainly by price increases above inflation
and 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 and Brazil. 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 10.8%.
Gross profit
increased 4.9% to Ps. 43,095
million in the first six months of 2019 as compared to the same period of 2018, and gross margin contracted 70 basis points to
45.6%. Lower sweetener 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; iii) higher PET prices during the first
quarter of 2019 across most of our operations; and iv) 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 9.5%.
Operating income
increased 3.0% to Ps.
12,070 million in the first six months of 2019 as compared to the same period of 2018, and operating margin contracted 40 basis
points to 12.8%. This increase was driven mainly by operating expense efficiencies, and freight efficiencies in Brazil and Mexico;
effects that were partially offset by restructuring severance of Ps. 701 million in Argentina, Central America, Colombia, and Mexico.
On a comparable basis, operating income increased 11.7%.
|
(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 2Q2019 Results
July 25, 2019
|
Page
23
of 34
|
|
Comprehensive financing result
recorded
an expense of Ps. 3,153 million during the first six months of 2019 compared to an expense of Ps. 3,539 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
six months of 2019—and a reduction in other financial expenses.
Income tax
as a percentage of income
before taxes was 28.4% as compared to 31.0% during the first six 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 and ongoing efforts to reduce non-deductible items across our operations.
Net income attributable to equity holders
of the company
reached Ps. 6,088 million in the first six months of 2019 as compared to Ps. 5,195 million during the same period
of the previous year. Earnings per share
1
were Ps. 0.56 (Earnings per unit were Ps. 28.98 and earnings per ADS were
Ps. 12.33).
|
(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 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 2Q2019 Results
July 25, 2019
|
Page
24
of 34
|
|
MEXICO &
CENTRAL AMERICA DIVISION SECOND 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
|
|
2Q 2019
|
|
|
2Q 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
29,008
|
|
|
|
26,392
|
|
|
|
9.9
|
%
|
|
|
9.2
|
%
|
Gross profit
|
|
|
14,166
|
|
|
|
12,881
|
|
|
|
10.0
|
%
|
|
|
9.3
|
%
|
Operating income
|
|
|
4,527
|
|
|
|
3,800
|
|
|
|
19.1
|
%
|
|
|
18.6
|
%
|
Operating cash flow
(3)
|
|
|
6,285
|
|
|
|
5,614
|
|
|
|
12.0
|
%
|
|
|
11.4
|
%
|
Volume
increased 0.5% to 554.7 million
unit cases, driven by the consolidation of recently acquired territories in Guatemala and volume growth in Costa Rica, Panama and
organic volume in Guatemala, partially offset by volume decline in Mexico and Nicaragua. On a comparable basis, volume decreased
0.5%.
Total revenues
increased 9.9% to Ps.
29,008 million, driven by pricing ahead of inflation across the division, volume growth in Costa Rica, Panama and organic volume
growth in Guatemala, and the consolidation of recently acquired territories in Guatemala as of May 1, 2018. These effects were
partially offset by volume declines in Mexico and Nicaragua and a slightly unfavorable mix driven by volumes outperforming transactions.
On a comparable basis, total revenues increased 9.2%.
Gross profit
increased 10.0% to Ps.
14,166 million and gross profit margin remained flat at 48.8% driven mainly by our pricing initiatives and lower sweetener and
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 9.3%.
Operating income
increased 19.1% to
Ps. 4,527 million in the second quarter of 2019, and operating income margin expanded 120 basis points to 15.6% during the period
driven mainly by operating expense efficiencies and lower freight in Mexico, partially offset by restructuring severances of Ps.
436 million in the division. On a comparable basis, operating income increased 18.6%.
|
(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 2Q2019 Results
July 25, 2019
|
Page
25
of 34
|
|
SOUTH AMERICA
DIVISION SECOND QUARTER RESULTS
(Brazil, Argentina, Colombia, and Uruguay)
SOUTH AMERICA DIVISION RESULTS
|
|
As Reported
(1)
|
|
|
Comparable
(2)
|
|
Expressed in millions of Mexican pesos
|
|
2Q 2019
|
|
|
2Q 2018
|
|
|
Δ%
|
|
|
Δ%
|
|
Total revenues
|
|
|
18,970
|
|
|
|
18,177
|
|
|
|
4.4
|
%
|
|
|
15.9
|
%
|
Gross profit
|
|
|
7,937
|
|
|
|
7,976
|
|
|
|
(0.5
|
%)
|
|
|
11.8
|
%
|
Operating income
|
|
|
1,811
|
|
|
|
2,152
|
|
|
|
(15.8
|
%)
|
|
|
2.4
|
%
|
Operating cash flow
(3)
|
|
|
2,895
|
|
|
|
3,112
|
|
|
|
(7.0
|
%)
|
|
|
4.1
|
%
|
Volume
increased 5.7% to 286.2 million
unit cases, driven by volume growth of 7.2% in Brazil, 0.6% in Colombia, and the consolidation of the recently acquired territory
in Uruguay partially offset by a volume decline in Argentina. On a comparable basis, volume grew 5.4%.
Total revenues
increased 4.4% to Ps.
18,970 million, driven mainly by strong volume growth in Brazil, pricing ahead or in line with inflation in the division, a favorable
mix effect driven by transactions outperforming volumes in Argentina and Brazil, and the consolidation of the recently acquired
territory in Uruguay as of July 1, 2018. These factors were partially offset by a volume contraction in Argentina, coupled with
an unfavorable currency translation effect resulting from the depreciation of all our local currencies in the division as compared
to the Mexican Peso. On a comparable basis
,
total revenues increased 15.9%.
Gross profit
decreased 0.5% to Ps. 7,937
million, and gross profit margin contracted 210 basis points to 41.8%. This is a result of 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. These factors were
partially offset by our pricing initiatives, lower sweetener and PET prices. On a comparable basis, gross profit increased 11.8%.
Operating income
decreased 15.8% to
Ps. 1,812 million in the second quarter of 2019, resulting in a margin contraction of 230 basis points to 9.5% driven mainly by
a decline in Argentina´s top line and restructuring severances of Ps. 76 million in Argentina and Colombia, partially offset
by freight efficiencies in Brazil and expense control in the division. On a comparable basis, operating income increased 2.4%.
|
(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 2Q2019 Results
July 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
“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 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 2Q2019 Results
July 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.
(5 pages of tables to follow)
Coca-Cola FEMSA Reports 2Q2019 Results
July 25, 2019
|
Page
28
of 34
|
|
COCA-COLA FEMSA
CONSOLIDATED INCOME STATEMENT
Millions of Pesos
(1)
|
|
For the Second Quarter
of:
|
|
|
For the First Six 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)
|
|
|
5,012.5
|
|
|
|
|
|
|
|
4,880.4
|
|
|
|
|
|
|
|
2.7
|
%
|
|
|
1.4
|
%
|
|
|
9,850.2
|
|
|
|
|
|
|
|
9,565.9
|
|
|
|
|
|
|
|
3.0
|
%
|
|
|
1.2
|
%
|
Volume (million unit cases)
|
|
|
840.9
|
|
|
|
|
|
|
|
823.0
|
|
|
|
|
|
|
|
2.2
|
%
|
|
|
1.3
|
%
|
|
|
1,637.1
|
|
|
|
|
|
|
|
1,610.9
|
|
|
|
|
|
|
|
1.6
|
%
|
|
|
0.7
|
%
|
Average price per unit case
|
|
|
52.82
|
|
|
|
|
|
|
|
50.58
|
|
|
|
|
|
|
|
4.4
|
%
|
|
|
|
|
|
|
52.83
|
|
|
|
|
|
|
|
50.93
|
|
|
|
|
|
|
|
3.7
|
%
|
|
|
|
|
Net revenues
|
|
|
47,672
|
|
|
|
|
|
|
|
44,468
|
|
|
|
|
|
|
|
7.2
|
%
|
|
|
|
|
|
|
93,909
|
|
|
|
|
|
|
|
88,473
|
|
|
|
|
|
|
|
6.1
|
%
|
|
|
|
|
Other operating revenues
|
|
|
306
|
|
|
|
|
|
|
|
101
|
|
|
|
|
|
|
|
202.1
|
%
|
|
|
|
|
|
|
535
|
|
|
|
|
|
|
|
218
|
|
|
|
|
|
|
|
145.1
|
%
|
|
|
|
|
Total revenues
(2)
|
|
|
47,978
|
|
|
|
100.0
|
%
|
|
|
44,569
|
|
|
|
100.0
|
%
|
|
|
7.6
|
%
|
|
|
11.6
|
%
|
|
|
94,444
|
|
|
|
100.0
|
%
|
|
|
88,692
|
|
|
|
100.0
|
%
|
|
|
6.5
|
%
|
|
|
10.8
|
%
|
Cost of goods sold
|
|
|
25,876
|
|
|
|
53.9
|
%
|
|
|
23,712
|
|
|
|
53.2
|
%
|
|
|
9.1
|
%
|
|
|
|
|
|
|
51,349
|
|
|
|
54.4
|
%
|
|
|
47,619
|
|
|
|
53.7
|
%
|
|
|
7.8
|
%
|
|
|
|
|
Gross profit
|
|
|
22,102
|
|
|
|
46.1
|
%
|
|
|
20,857
|
|
|
|
46.8
|
%
|
|
|
6.0
|
%
|
|
|
10.1
|
%
|
|
|
43,095
|
|
|
|
45.6
|
%
|
|
|
41,073
|
|
|
|
46.3
|
%
|
|
|
4.9
|
%
|
|
|
9.5
|
%
|
Operating expenses
|
|
|
15,036
|
|
|
|
31.3
|
%
|
|
|
14,368
|
|
|
|
32.2
|
%
|
|
|
4.7
|
%
|
|
|
|
|
|
|
29,963
|
|
|
|
31.7
|
%
|
|
|
28,738
|
|
|
|
32.4
|
%
|
|
|
4.3
|
%
|
|
|
|
|
Other operative expenses, net
|
|
|
655
|
|
|
|
1.4
|
%
|
|
|
470
|
|
|
|
1.1
|
%
|
|
|
39.4
|
%
|
|
|
|
|
|
|
968
|
|
|
|
1.0
|
%
|
|
|
501
|
|
|
|
0.6
|
%
|
|
|
93.3
|
%
|
|
|
|
|
Operative equity method (gain) loss
in associates
(3)
|
|
|
73
|
|
|
|
0.2
|
%
|
|
|
67
|
|
|
|
0.2
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
95
|
|
|
|
0.1
|
%
|
|
|
116
|
|
|
|
0.1
|
%
|
|
|
-18.4
|
%
|
|
|
|
|
Operating
income
(6)
|
|
|
6,338
|
|
|
|
13.2
|
%
|
|
|
5,952
|
|
|
|
13.4
|
%
|
|
|
6.5
|
%
|
|
|
13.8
|
%
|
|
|
12,070
|
|
|
|
12.8
|
%
|
|
|
11,718
|
|
|
|
13.2
|
%
|
|
|
3.0
|
%
|
|
|
11.7
|
%
|
Other non operative expenses, net
|
|
|
(3
|
)
|
|
|
0.0
|
%
|
|
|
59
|
|
|
|
0.1
|
%
|
|
|
NA
|
|
|
|
|
|
|
|
73
|
|
|
|
0.1
|
%
|
|
|
121
|
|
|
|
0.1
|
%
|
|
|
-39.8
|
%
|
|
|
|
|
Non Operative equity method (gain)
loss in associates
(5)
|
|
|
3
|
|
|
|
0.0
|
%
|
|
|
(18
|
)
|
|
|
0.0
|
%
|
|
|
NA
|
|
|
|
|
|
|
|
(31
|
)
|
|
|
0.0
|
%
|
|
|
(6
|
)
|
|
|
0.0
|
%
|
|
|
399.5
|
%
|
|
|
|
|
Interest expense
|
|
|
1,732
|
|
|
|
|
|
|
|
1,679
|
|
|
|
|
|
|
|
3.2
|
%
|
|
|
|
|
|
|
3,475
|
|
|
|
|
|
|
|
3,688
|
|
|
|
|
|
|
|
-5.8
|
%
|
|
|
|
|
Interest income
|
|
|
300
|
|
|
|
|
|
|
|
50
|
|
|
|
|
|
|
|
505.2
|
%
|
|
|
|
|
|
|
551
|
|
|
|
|
|
|
|
426
|
|
|
|
|
|
|
|
29.4
|
%
|
|
|
|
|
Interest expense, net
|
|
|
1,433
|
|
|
|
|
|
|
|
1,629
|
|
|
|
|
|
|
|
-12.1
|
%
|
|
|
|
|
|
|
2,924
|
|
|
|
|
|
|
|
3,262
|
|
|
|
|
|
|
|
-10.4
|
%
|
|
|
|
|
Foreign exchange loss (gain)
|
|
|
91
|
|
|
|
|
|
|
|
(251
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
199
|
|
|
|
|
|
|
|
(29
|
)
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Loss (gain) on monetary position in inflationary
subsidiries
|
|
|
36
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Market value (gain)
loss on financial instruments
|
|
|
(0
|
)
|
|
|
|
|
|
|
59
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
(0
|
)
|
|
|
|
|
|
|
305
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Comprehensive financing result
|
|
|
1,559
|
|
|
|
|
|
|
|
1,438
|
|
|
|
|
|
|
|
8.4
|
%
|
|
|
|
|
|
|
3,153
|
|
|
|
|
|
|
|
3,539
|
|
|
|
|
|
|
|
-10.9
|
%
|
|
|
|
|
Income before taxes
|
|
|
4,779
|
|
|
|
|
|
|
|
4,473
|
|
|
|
|
|
|
|
6.8
|
%
|
|
|
|
|
|
|
8,875
|
|
|
|
|
|
|
|
8,065
|
|
|
|
|
|
|
|
10.0
|
%
|
|
|
|
|
Income taxes
|
|
|
1,181
|
|
|
|
|
|
|
|
1,397
|
|
|
|
|
|
|
|
-15.5
|
%
|
|
|
|
|
|
|
2,519
|
|
|
|
|
|
|
|
2,499
|
|
|
|
|
|
|
|
0.8
|
%
|
|
|
|
|
Result of discontinued operations
|
|
|
-
|
|
|
|
|
|
|
|
115
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
166
|
|
|
|
|
|
|
|
NA
|
|
|
|
|
|
Consolidated net income
|
|
|
3,598
|
|
|
|
|
|
|
|
3,191
|
|
|
|
|
|
|
|
12.7
|
%
|
|
|
|
|
|
|
6,357
|
|
|
|
|
|
|
|
5,732
|
|
|
|
|
|
|
|
10.9
|
%
|
|
|
|
|
Net income attributable
to equity holders of the company
|
|
|
3,487
|
|
|
|
7.3
|
%
|
|
|
2,781
|
|
|
|
6.2
|
%
|
|
|
25.4
|
%
|
|
|
|
|
|
|
6,088
|
|
|
|
6.4
|
%
|
|
|
5,195
|
|
|
|
5.9
|
%
|
|
|
17.2
|
%
|
|
|
|
|
Non-controlling interest
|
|
|
111
|
|
|
|
0.2
|
%
|
|
|
410
|
|
|
|
0.9
|
%
|
|
|
-73.0
|
%
|
|
|
|
|
|
|
269
|
|
|
|
0.3
|
%
|
|
|
537
|
|
|
|
0.6
|
%
|
|
|
-49.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
6,338
|
|
|
|
13.2
|
%
|
|
|
5,952
|
|
|
|
13.4
|
%
|
|
|
6.5
|
%
|
|
|
|
|
|
|
12,070
|
|
|
|
12.8
|
%
|
|
|
11,718
|
|
|
|
13.2
|
%
|
|
|
3.0
|
%
|
|
|
|
|
Depreciation
|
|
|
2,218
|
|
|
|
|
|
|
|
2,065
|
|
|
|
|
|
|
|
7.4
|
%
|
|
|
|
|
|
|
4,493
|
|
|
|
|
|
|
|
4,048
|
|
|
|
|
|
|
|
11.0
|
%
|
|
|
|
|
Amortization and other operative
non-cash charges
|
|
|
625
|
|
|
|
|
|
|
|
709
|
|
|
|
|
|
|
|
-12.0
|
%
|
|
|
|
|
|
|
1,193
|
|
|
|
|
|
|
|
1,125
|
|
|
|
|
|
|
|
6.0
|
%
|
|
|
|
|
Operating
cash flow
(6)(7)
|
|
|
9,180
|
|
|
|
19.1
|
%
|
|
|
8,726
|
|
|
|
19.6
|
%
|
|
|
5.2
|
%
|
|
|
9.2
|
%
|
|
|
17,756
|
|
|
|
18.8
|
%
|
|
|
16,891
|
|
|
|
19.0
|
%
|
|
|
5.1
|
%
|
|
|
10.1
|
%
|
CAPEX
|
|
|
2,407
|
|
|
|
|
|
|
|
2,404
|
|
|
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
3,961
|
|
|
|
|
|
|
|
4,016
|
|
|
|
|
|
|
|
-1.4
|
%
|
|
|
|
|
|
(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, 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 2Q2019 Results
July 25, 2019
|
Page
29
of 34
|
|
MEXICO & CENTRAL AMERICA DIVISION
RESULTS OF OPERATIONS
Millions of Pesos
(1)
|
|
For the Second Quarter
of:
|
|
|
For the First Six 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)
|
|
|
3,060.6
|
|
|
|
|
|
|
|
3,072.2
|
|
|
|
|
|
|
|
-0.4
|
%
|
|
|
-1.8
|
%
|
|
|
5,749.0
|
|
|
|
|
|
|
|
5,746.2
|
|
|
|
|
|
|
|
0.0
|
%
|
|
|
-2.6
|
%
|
Volume (million unit cases)
|
|
|
554.7
|
|
|
|
|
|
|
|
552.2
|
|
|
|
|
|
|
|
0.5
|
%
|
|
|
-0.5
|
%
|
|
|
1,032.7
|
|
|
|
|
|
|
|
1,027.1
|
|
|
|
|
|
|
|
0.5
|
%
|
|
|
-1.3
|
%
|
Average price per unit case
|
|
|
52.28
|
|
|
|
|
|
|
|
47.78
|
|
|
|
|
|
|
|
9.4
|
%
|
|
|
|
|
|
|
52.09
|
|
|
|
|
|
|
|
47.37
|
|
|
|
|
|
|
|
10.0
|
%
|
|
|
|
|
Net revenues
|
|
|
29,001
|
|
|
|
|
|
|
|
26,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,789
|
|
|
|
|
|
|
|
48,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating revenues
|
|
|
7
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
(2)
|
|
|
29,008
|
|
|
|
100.0
|
%
|
|
|
26,392
|
|
|
|
100.0
|
%
|
|
|
9.9
|
%
|
|
|
9.2
|
%
|
|
|
53,831
|
|
|
|
100.0
|
%
|
|
|
48,669
|
|
|
|
100.0
|
%
|
|
|
10.6
|
%
|
|
|
8.3
|
%
|
Cost of goods sold
|
|
|
14,842
|
|
|
|
51.2
|
%
|
|
|
13,511
|
|
|
|
51.2
|
%
|
|
|
|
|
|
|
|
|
|
|
27,884
|
|
|
|
51.8
|
%
|
|
|
25,305
|
|
|
|
52.0
|
%
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
14,166
|
|
|
|
48.8
|
%
|
|
|
12,881
|
|
|
|
48.8
|
%
|
|
|
10.0
|
%
|
|
|
9.3
|
%
|
|
|
25,946
|
|
|
|
48.2
|
%
|
|
|
23,365
|
|
|
|
48.0
|
%
|
|
|
11.1
|
%
|
|
|
8.8
|
%
|
Operating expenses
|
|
|
9,130
|
|
|
|
31.5
|
%
|
|
|
8,719
|
|
|
|
33.0
|
%
|
|
|
|
|
|
|
|
|
|
|
17,686
|
|
|
|
32.9
|
%
|
|
|
16,585
|
|
|
|
34.1
|
%
|
|
|
|
|
|
|
|
|
Other operative expenses, net
|
|
|
422
|
|
|
|
1.5
|
%
|
|
|
276
|
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
535
|
|
|
|
1.0
|
%
|
|
|
172
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
Operative equity method (gain) loss
in associates
(3)
|
|
|
87
|
|
|
|
0.3
|
%
|
|
|
85
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
123
|
|
|
|
0.2
|
%
|
|
|
144
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
Operating
income
(4)
|
|
|
4,527
|
|
|
|
15.6
|
%
|
|
|
3,800
|
|
|
|
14.4
|
%
|
|
|
19.1
|
%
|
|
|
18.6
|
%
|
|
|
7,603
|
|
|
|
14.1
|
%
|
|
|
6,463
|
|
|
|
13.3
|
%
|
|
|
17.6
|
%
|
|
|
16.1
|
%
|
Depreciation, amortization &
other operating non-cash charges
|
|
|
1,758
|
|
|
|
6.1
|
%
|
|
|
1,814
|
|
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
3,454
|
|
|
|
6.4
|
%
|
|
|
3,247
|
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
Operating
cash flow
(4)(5)
|
|
|
6,285
|
|
|
|
21.7
|
%
|
|
|
5,614
|
|
|
|
21.3
|
%
|
|
|
12.0
|
%
|
|
|
11.4
|
%
|
|
|
11,057
|
|
|
|
20.5
|
%
|
|
|
9,710
|
|
|
|
20.0
|
%
|
|
|
13.9
|
%
|
|
|
11.8
|
%
|
|
(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, 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 Second Quarter
of:
|
|
|
For the First Six 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)
|
|
|
1,951.8
|
|
|
|
|
|
|
|
1,808.2
|
|
|
|
|
|
|
|
7.9
|
%
|
|
|
7.6
|
%
|
|
|
4,101.2
|
|
|
|
|
|
|
|
3,819.7
|
|
|
|
|
|
|
|
7.4
|
%
|
|
|
7.8
|
%
|
Volume (million unit cases)
|
|
|
286.2
|
|
|
|
|
|
|
|
270.8
|
|
|
|
|
|
|
|
5.7
|
%
|
|
|
5.4
|
%
|
|
|
604.5
|
|
|
|
|
|
|
|
583.8
|
|
|
|
|
|
|
|
3.5
|
%
|
|
|
4.9
|
%
|
Average price per unit case
|
|
|
53.88
|
|
|
|
|
|
|
|
56.29
|
|
|
|
|
|
|
|
-4.3
|
%
|
|
|
|
|
|
|
54.10
|
|
|
|
|
|
|
|
57.20
|
|
|
|
|
|
|
|
-5.4
|
%
|
|
|
|
|
Net revenues
|
|
|
18,671
|
|
|
|
|
|
|
|
18,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,120
|
|
|
|
|
|
|
|
39,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating revenues
|
|
|
299
|
|
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
493
|
|
|
|
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
(2)
|
|
|
18,970
|
|
|
|
100.0
|
%
|
|
|
18,177
|
|
|
|
100.0
|
%
|
|
|
4.4
|
%
|
|
|
15.9
|
%
|
|
|
40,614
|
|
|
|
100.0
|
%
|
|
|
40,022
|
|
|
|
100.0
|
%
|
|
|
1.5
|
%
|
|
|
14.7
|
%
|
Cost of goods sold
|
|
|
11,034
|
|
|
|
58.2
|
%
|
|
|
10,201
|
|
|
|
56.1
|
%
|
|
|
|
|
|
|
|
|
|
|
23,465
|
|
|
|
57.8
|
%
|
|
|
22,314
|
|
|
|
55.8
|
%
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,937
|
|
|
|
41.8
|
%
|
|
|
7,976
|
|
|
|
43.9
|
%
|
|
|
-0.5
|
%
|
|
|
11.8
|
%
|
|
|
17,149
|
|
|
|
42.2
|
%
|
|
|
17,708
|
|
|
|
44.2
|
%
|
|
|
-3.2
|
%
|
|
|
10.6
|
%
|
Operating expenses
|
|
|
5,906
|
|
|
|
31.1
|
%
|
|
|
5,649
|
|
|
|
31.1
|
%
|
|
|
|
|
|
|
|
|
|
|
12,277
|
|
|
|
30.2
|
%
|
|
|
12,153
|
|
|
|
30.4
|
%
|
|
|
|
|
|
|
|
|
Other operative expenses, net
|
|
|
233
|
|
|
|
1.2
|
%
|
|
|
194
|
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
433
|
|
|
|
1.1
|
%
|
|
|
329
|
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
Operative equity method (gain) loss
in associates
(3)
|
|
|
(14
|
)
|
|
|
-0.1
|
%
|
|
|
(18
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
(29
|
)
|
|
|
-0.1
|
%
|
|
|
(28
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
|
|
|
|
Operating
income
(4)
|
|
|
1,811
|
|
|
|
9.5
|
%
|
|
|
2,152
|
|
|
|
11.8
|
%
|
|
|
-15.8
|
%
|
|
|
2.4
|
%
|
|
|
4,467
|
|
|
|
11.0
|
%
|
|
|
5,255
|
|
|
|
13.1
|
%
|
|
|
-15.0
|
%
|
|
|
4.1
|
%
|
Depreciation, amortization &
other operating non-cash charges
|
|
|
1,084
|
|
|
|
5.7
|
%
|
|
|
961
|
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
2,232
|
|
|
|
5.5
|
%
|
|
|
1,925
|
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
Operating
cash flow
(4)(5)
|
|
|
2,895
|
|
|
|
15.3
|
%
|
|
|
3,112
|
|
|
|
17.1
|
%
|
|
|
-7.0
|
%
|
|
|
4.1
|
%
|
|
|
6,699
|
|
|
|
16.5
|
%
|
|
|
7,181
|
|
|
|
17.9
|
%
|
|
|
-6.7
|
%
|
|
|
6.9
|
%
|
|
(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, 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 2Q2019 Results
July 25, 2019
|
Page
30
of 34
|
|
COCA-COLA FEMSA
CONSOLIDATED BALANCE SHEET
Millions of Pesos
Assets
|
|
Jun-19
|
|
|
Dec-18
|
|
|
% Var.
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
23,486
|
|
|
|
23,727
|
|
|
|
-1
|
%
|
Total accounts receivable
|
|
|
11,530
|
|
|
|
14,847
|
|
|
|
-22
|
%
|
Inventories
|
|
|
10,020
|
|
|
|
10,051
|
|
|
|
0
|
%
|
Other current assets
|
|
|
8,900
|
|
|
|
8,865
|
|
|
|
0
|
%
|
Total current assets
|
|
|
53,936
|
|
|
|
57,490
|
|
|
|
-6
|
%
|
Non-Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
106,874
|
|
|
|
106,259
|
|
|
|
1
|
%
|
Accumulated depreciation
|
|
|
(46,393
|
)
|
|
|
(44,316
|
)
|
|
|
5
|
%
|
Total property, plant and equipment, net
|
|
|
60,481
|
|
|
|
61,942
|
|
|
|
-2
|
%
|
Right of use assets
|
|
|
1,552
|
|
|
|
-
|
|
|
|
NA
|
|
Investment in shares
|
|
|
10,618
|
|
|
|
10,518
|
|
|
|
1
|
%
|
Intangible assets and other assets
|
|
|
115,709
|
|
|
|
116,804
|
|
|
|
-1
|
%
|
Other non-current assets
|
|
|
17,434
|
|
|
|
17,033
|
|
|
|
2
|
%
|
Total Assets
|
|
|
259,730
|
|
|
|
263,788
|
|
|
|
-2
|
%
|
|
|
June 30, 2019
|
|
Debt Mix
|
|
% Total Debt
(1)
|
|
|
% Interest Rate
Floating
(1) (2)
|
|
|
Average
Rate
|
|
Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican Pesos
|
|
|
58.5
|
%
|
|
|
10.9
|
%
|
|
|
8.4
|
%
|
U.S. Dollars
|
|
|
8.9
|
%
|
|
|
0.0
|
%
|
|
|
3.9
|
%
|
Colombian Pesos
|
|
|
1.7
|
%
|
|
|
100.0
|
%
|
|
|
5.5
|
%
|
Brazilian Reals
|
|
|
29.0
|
%
|
|
|
1.7
|
%
|
|
|
7.8
|
%
|
Uruguayan Pesos
|
|
|
1.6
|
%
|
|
|
0.0
|
%
|
|
|
10.0
|
%
|
Argentine Pesos
|
|
|
0.3
|
%
|
|
|
20.0
|
%
|
|
|
65.5
|
%
|
Total Debt
|
|
|
100
|
%
|
|
|
4.6
|
%
|
|
|
8.0
|
%
|
|
(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)
|
|
|
51,670
|
|
|
|
56,934
|
|
|
|
-9.2
|
%
|
Net debt including effect of hedges / Operating cash flow
(1)(3)
|
|
|
1.39
|
|
|
|
1.61
|
|
|
|
|
|
Operating cash flow/ Interest expense, net
(1)
|
|
|
6.07
|
|
|
|
5.40
|
|
|
|
|
|
Capitalization
(2)
|
|
|
40.2
|
%
|
|
|
40.5
|
%
|
|
|
|
|
|
(1)
|
Net debt = total debt – cash
|
|
(2)
|
Total debt / (long-term debt + shareholders' equity)
|
|
(3)
|
After giving effect to cross-currency swaps.
|
Liabilities & Equity
|
|
Jun-19
|
|
|
Dec-18
|
|
|
% Var.
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank loans and notes payable
|
|
|
16,726
|
|
|
|
11,604
|
|
|
|
44
|
%
|
Suppliers
|
|
|
15,993
|
|
|
|
19,746
|
|
|
|
-19
|
%
|
Short-term leasing Liabilities
|
|
|
487
|
|
|
|
-
|
|
|
|
|
|
Other current liabilities
|
|
|
20,142
|
|
|
|
14,174
|
|
|
|
42
|
%
|
Total current liabilities
|
|
|
53,347
|
|
|
|
45,524
|
|
|
|
17
|
%
|
Non-Current Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank loans and notes payable
|
|
|
58,863
|
|
|
|
70,201
|
|
|
|
-16
|
%
|
Long Term Leasing Liabilities
|
|
|
1,076
|
|
|
|
-
|
|
|
|
|
|
Other long-term liabilities
|
|
|
17,254
|
|
|
|
16,313
|
|
|
|
6
|
%
|
Total liabilities
|
|
|
130,540
|
|
|
|
132,037
|
|
|
|
-1
|
%
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
6,942
|
|
|
|
6,807
|
|
|
|
2
|
%
|
Total controlling interest
|
|
|
122,248
|
|
|
|
124,943
|
|
|
|
-2
|
%
|
Total equity
|
|
|
129,190
|
|
|
|
131,750
|
|
|
|
-2
|
%
|
Total Liabilities and Equity
|
|
|
259,730
|
|
|
|
263,788
|
|
|
|
-2
|
%
|
Coca-Cola FEMSA Reports 2Q2019 Results
July 25, 2019
|
Page
31
of 34
|
|
COCA-COLA FEMSA
QUARTERLY- VOLUME, TRANSACTIONS &
REVENUES
Volume
|
|
2Q 2019
|
|
|
2Q 2018
(3)
|
|
|
YoY
|
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
(2)
|
|
|
Stills
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
(2)
|
|
|
Stills
|
|
|
Total
|
|
|
Δ %
|
|
Mexico
|
|
|
357.1
|
|
|
|
28.3
|
|
|
|
77.6
|
|
|
|
31.5
|
|
|
|
494.5
|
|
|
|
360.9
|
|
|
|
29.0
|
|
|
|
76.4
|
|
|
|
32.4
|
|
|
|
498.7
|
|
|
|
-0.8
|
%
|
Central America
|
|
|
51.6
|
|
|
|
3.2
|
|
|
|
0.1
|
|
|
|
5.4
|
|
|
|
60.2
|
|
|
|
45.5
|
|
|
|
2.6
|
|
|
|
0.1
|
|
|
|
5.2
|
|
|
|
53.5
|
|
|
|
12.6
|
%
|
Mexico and Central America
|
|
|
408.7
|
|
|
|
31.4
|
|
|
|
77.8
|
|
|
|
36.8
|
|
|
|
554.7
|
|
|
|
406.4
|
|
|
|
31.6
|
|
|
|
76.5
|
|
|
|
37.7
|
|
|
|
552.2
|
|
|
|
0.5
|
%
|
Colombia
|
|
|
48.6
|
|
|
|
5.8
|
|
|
|
4.6
|
|
|
|
3.2
|
|
|
|
62.2
|
|
|
|
47.3
|
|
|
|
5.9
|
|
|
|
4.7
|
|
|
|
3.9
|
|
|
|
61.8
|
|
|
|
0.6
|
%
|
Brazil
|
|
|
157.9
|
|
|
|
10.4
|
|
|
|
1.6
|
|
|
|
13.1
|
|
|
|
183.1
|
|
|
|
150.0
|
|
|
|
9.7
|
|
|
|
1.6
|
|
|
|
9.6
|
|
|
|
170.8
|
|
|
|
7.2
|
%
|
Argentina
|
|
|
25.5
|
|
|
|
3.1
|
|
|
|
0.9
|
|
|
|
2.0
|
|
|
|
31.6
|
|
|
|
31.0
|
|
|
|
3.6
|
|
|
|
1.0
|
|
|
|
2.5
|
|
|
|
38.1
|
|
|
|
-17.2
|
%
|
Uruguay
|
|
|
8.6
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
9.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
NA
|
|
South America
|
|
|
240.6
|
|
|
|
20.0
|
|
|
|
7.1
|
|
|
|
18.4
|
|
|
|
286.2
|
|
|
|
228.3
|
|
|
|
19.2
|
|
|
|
7.3
|
|
|
|
16.0
|
|
|
|
270.8
|
|
|
|
5.7
|
%
|
TOTAL
|
|
|
649.3
|
|
|
|
51.5
|
|
|
|
84.8
|
|
|
|
55.2
|
|
|
|
840.9
|
|
|
|
634.6
|
|
|
|
50.8
|
|
|
|
83.8
|
|
|
|
53.7
|
|
|
|
823.0
|
|
|
|
2.2
|
%
|
|
(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
|
|
2Q 2019
|
|
|
2Q 2018
(3)
|
|
|
YoY
|
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Δ %
|
|
Mexico
|
|
|
2,112.7
|
|
|
|
181.6
|
|
|
|
265.6
|
|
|
|
2,559.8
|
|
|
|
2,154.8
|
|
|
|
211.5
|
|
|
|
261.2
|
|
|
|
2,627.5
|
|
|
|
-2.6
|
%
|
Central America
|
|
|
414.2
|
|
|
|
24.5
|
|
|
|
62.1
|
|
|
|
500.8
|
|
|
|
364.9
|
|
|
|
16.0
|
|
|
|
63.7
|
|
|
|
444.7
|
|
|
|
12.6
|
%
|
Mexico and Central America
|
|
|
2,526.9
|
|
|
|
206.1
|
|
|
|
327.7
|
|
|
|
3,060.6
|
|
|
|
2,519.8
|
|
|
|
227.5
|
|
|
|
325.0
|
|
|
|
3,072.2
|
|
|
|
-0.4
|
%
|
Colombia
|
|
|
352.8
|
|
|
|
77.8
|
|
|
|
33.9
|
|
|
|
464.5
|
|
|
|
348.0
|
|
|
|
82.2
|
|
|
|
44.4
|
|
|
|
474.5
|
|
|
|
-2.1
|
%
|
Brazil
|
|
|
1,047.8
|
|
|
|
91.6
|
|
|
|
117.5
|
|
|
|
1,256.9
|
|
|
|
936.1
|
|
|
|
82.2
|
|
|
|
107.2
|
|
|
|
1,125.5
|
|
|
|
11.7
|
%
|
Argentina
|
|
|
147.4
|
|
|
|
19.5
|
|
|
|
15.9
|
|
|
|
182.8
|
|
|
|
169.5
|
|
|
|
20.5
|
|
|
|
18.1
|
|
|
|
208.2
|
|
|
|
-12.2
|
%
|
Uruguay
|
|
|
43.8
|
|
|
|
3.0
|
|
|
|
0.8
|
|
|
|
47.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
1,591.7
|
|
|
|
191.9
|
|
|
|
168.2
|
|
|
|
1,951.8
|
|
|
|
1,453.6
|
|
|
|
184.9
|
|
|
|
169.7
|
|
|
|
1,808.2
|
|
|
|
7.9
|
%
|
TOTAL
|
|
|
4,118.6
|
|
|
|
398.0
|
|
|
|
495.8
|
|
|
|
5,012.5
|
|
|
|
3,973.3
|
|
|
|
412.4
|
|
|
|
494.7
|
|
|
|
4,880.4
|
|
|
|
2.7
|
%
|
Revenues
Expressed in million Mexican Pesos
|
|
2Q 2019
|
|
|
2Q 2018
(3)
|
|
|
Δ %
|
|
Mexico
|
|
|
24,474
|
|
|
|
22,437
|
|
|
|
9.1
|
%
|
Central America
|
|
|
4,534
|
|
|
|
3,955
|
|
|
|
14.6
|
%
|
Mexico and Central America
|
|
|
29,008
|
|
|
|
26,392
|
|
|
|
9.9
|
%
|
Colombia
|
|
|
3,220
|
|
|
|
3,493
|
|
|
|
-7.8
|
%
|
Brazil
(4)
|
|
|
13,265
|
|
|
|
12,318
|
|
|
|
7.7
|
%
|
Argentina
|
|
|
1,731
|
|
|
|
2,366
|
|
|
|
-26.8
|
%
|
Uruguay
|
|
|
754
|
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
18,970
|
|
|
|
18,177
|
|
|
|
4.4
|
%
|
TOTAL
|
|
|
47,978
|
|
|
|
44,569
|
|
|
|
7.6
|
%
|
|
(3)
|
Volume, transactions and revenues for 2Q 2018 are re-presented
excluding the Philippines.
|
|
(4)
|
Brazil includes beer revenues of Ps.3,253.3 million
for the second quarter of 2019 and Ps. 2,842.6 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
fountain which represents multiple transactions based on a standard 12 oz. serving.
|
Coca-Cola FEMSA Reports 2Q2019 Results
July 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
|
|
|
661.6
|
|
|
|
50.2
|
|
|
|
143.6
|
|
|
|
60.7
|
|
|
|
916.1
|
|
|
|
671.0
|
|
|
|
54.2
|
|
|
|
142.9
|
|
|
|
60.6
|
|
|
|
928.7
|
|
|
|
-1.4
|
%
|
Central America
|
|
|
99.7
|
|
|
|
6.2
|
|
|
|
0.3
|
|
|
|
10.4
|
|
|
|
116.6
|
|
|
|
82.3
|
|
|
|
5.5
|
|
|
|
0.3
|
|
|
|
10.2
|
|
|
|
98.4
|
|
|
|
18.5
|
%
|
Mexico and Central America
|
|
|
761.3
|
|
|
|
56.4
|
|
|
|
144.0
|
|
|
|
71.1
|
|
|
|
1,032.7
|
|
|
|
753.3
|
|
|
|
59.7
|
|
|
|
143.2
|
|
|
|
70.8
|
|
|
|
1,027.1
|
|
|
|
0.5
|
%
|
Colombia
|
|
|
94.3
|
|
|
|
12.1
|
|
|
|
9.3
|
|
|
|
6.8
|
|
|
|
122.5
|
|
|
|
97.7
|
|
|
|
12.8
|
|
|
|
9.8
|
|
|
|
8.2
|
|
|
|
128.5
|
|
|
|
-4.6
|
%
|
Brazil
|
|
|
342.6
|
|
|
|
24.9
|
|
|
|
4.0
|
|
|
|
24.0
|
|
|
|
395.5
|
|
|
|
319.3
|
|
|
|
22.1
|
|
|
|
3.6
|
|
|
|
20.6
|
|
|
|
365.6
|
|
|
|
8.2
|
%
|
Argentina
|
|
|
52.9
|
|
|
|
6.9
|
|
|
|
1.9
|
|
|
|
4.6
|
|
|
|
66.3
|
|
|
|
71.8
|
|
|
|
8.9
|
|
|
|
2.5
|
|
|
|
6.5
|
|
|
|
89.7
|
|
|
|
-26.1
|
%
|
Uruguay
|
|
|
18.2
|
|
|
|
1.7
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
20.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
NA
|
|
South America
|
|
|
508.0
|
|
|
|
45.6
|
|
|
|
15.2
|
|
|
|
35.5
|
|
|
|
604.3
|
|
|
|
488.8
|
|
|
|
43.8
|
|
|
|
15.9
|
|
|
|
35.3
|
|
|
|
583.8
|
|
|
|
3.5
|
%
|
TOTAL
|
|
|
1,269.2
|
|
|
|
102.0
|
|
|
|
159.2
|
|
|
|
106.6
|
|
|
|
1,637.0
|
|
|
|
1,242.1
|
|
|
|
103.5
|
|
|
|
159.1
|
|
|
|
106.1
|
|
|
|
1,610.9
|
|
|
|
1.6
|
%
|
|
(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
|
Transactions
|
|
YTD 2019
|
|
|
YTD 2018
(3)
|
|
|
YoY
|
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
|
|
|
Stills
|
|
|
Total
|
|
|
Δ %
|
|
Mexico
|
|
|
3,940.1
|
|
|
|
371.2
|
|
|
|
471.6
|
|
|
|
4,782.9
|
|
|
|
4,041.3
|
|
|
|
394.1
|
|
|
|
491.6
|
|
|
|
4,927.0
|
|
|
|
-2.9
|
%
|
Central America
|
|
|
797.3
|
|
|
|
47.7
|
|
|
|
121.1
|
|
|
|
966.1
|
|
|
|
659.8
|
|
|
|
32.2
|
|
|
|
127.2
|
|
|
|
819.2
|
|
|
|
17.9
|
%
|
Mexico and Central America
|
|
|
4,737.4
|
|
|
|
418.9
|
|
|
|
592.8
|
|
|
|
5,749.0
|
|
|
|
4,701.1
|
|
|
|
426.4
|
|
|
|
618.8
|
|
|
|
5,746.2
|
|
|
|
0.0
|
%
|
Colombia
|
|
|
686.2
|
|
|
|
162.6
|
|
|
|
73.5
|
|
|
|
922.3
|
|
|
|
722.4
|
|
|
|
167.6
|
|
|
|
90.3
|
|
|
|
980.4
|
|
|
|
-5.9
|
%
|
Brazil
|
|
|
2,228.7
|
|
|
|
216.4
|
|
|
|
247.5
|
|
|
|
2,692.6
|
|
|
|
1,960.3
|
|
|
|
190.6
|
|
|
|
223.3
|
|
|
|
2,374.2
|
|
|
|
13.4
|
%
|
Argentina
|
|
|
307.4
|
|
|
|
43.0
|
|
|
|
33.3
|
|
|
|
383.7
|
|
|
|
373.9
|
|
|
|
48.0
|
|
|
|
43.2
|
|
|
|
465.1
|
|
|
|
-17.5
|
%
|
Uruguay
|
|
|
93.9
|
|
|
|
7.2
|
|
|
|
1.5
|
|
|
|
102.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
3,316.2
|
|
|
|
429.2
|
|
|
|
355.8
|
|
|
|
4,101.2
|
|
|
|
6,763.2
|
|
|
|
837.5
|
|
|
|
764.4
|
|
|
|
8,365.1
|
|
|
|
-51.0
|
%
|
TOTAL
|
|
|
8,053.6
|
|
|
|
848.1
|
|
|
|
948.5
|
|
|
|
9,850.2
|
|
|
|
11,464.3
|
|
|
|
1,263.9
|
|
|
|
1,383.1
|
|
|
|
14,111.3
|
|
|
|
-30.2
|
%
|
Revenues
Expressed in million Mexican Pesos
|
|
YTD 2019
|
|
|
YTD 2018
(3)
|
|
|
Δ %
|
|
Mexico
|
|
|
45,049
|
|
|
|
41,521
|
|
|
|
8.5
|
%
|
Central America
|
|
|
8,782
|
|
|
|
7,148
|
|
|
|
22.9
|
%
|
Mexico and Central America
|
|
|
53,831
|
|
|
|
48,669
|
|
|
|
10.6
|
%
|
Colombia
|
|
|
6,409
|
|
|
|
7,093
|
|
|
|
-9.6
|
%
|
Brazil
(4)
|
|
|
28,778
|
|
|
|
27,166
|
|
|
|
5.9
|
%
|
Argentina
|
|
|
3,774
|
|
|
|
5,763
|
|
|
|
-34.5
|
%
|
Uruguay
|
|
|
1,653
|
|
|
|
-
|
|
|
|
-
|
|
South America
|
|
|
40,614
|
|
|
|
40,022
|
|
|
|
1.5
|
%
|
TOTAL
|
|
|
94,444
|
|
|
|
88,692
|
|
|
|
6.5
|
%
|
|
(3)
|
Volume, transactions and revenues for Year to date are
re-presented excluding the Philippines.
|
|
(4)
|
Brazil includes beer revenues of Ps. 7,419.9 million
for the first six months of 2019 and Ps. 6,429.1 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
fountain which represents multiple transactions based on a standard 12 oz. serving.
|
Coca-Cola FEMSA Reports 2Q2019 Results
July 25, 2019
|
Page
33
of 34
|
|
COCA-COLA FEMSA
MACROECONOMIC INFORMATION
Inflation
(1)
|
|
|
|
|
|
|
|
|
|
|
|
LTM
|
|
|
2Q19
|
|
|
YTD
|
|
Mexico
|
|
|
4.15
|
%
|
|
|
-0.11
|
%
|
|
|
-0.08
|
%
|
Colombia
|
|
|
3.37
|
%
|
|
|
0.99
|
%
|
|
|
2.76
|
%
|
Brazil
|
|
|
4.38
|
%
|
|
|
1.15
|
%
|
|
|
2.35
|
%
|
Argentina
|
|
|
58.81
|
%
|
|
|
10.84
|
%
|
|
|
22.81
|
%
|
Costa Rica
|
|
|
2.57
|
%
|
|
|
0.60
|
%
|
|
|
0.82
|
%
|
Panama
|
|
|
0.08
|
%
|
|
|
0.78
|
%
|
|
|
0.69
|
%
|
Guatemala
|
|
|
4.32
|
%
|
|
|
0.95
|
%
|
|
|
2.60
|
%
|
Nicaragua
|
|
|
6.30
|
%
|
|
|
4.10
|
%
|
|
|
4.40
|
%
|
Uruguay
|
|
|
7.28
|
%
|
|
|
0.80
|
%
|
|
|
5.01
|
%
|
|
(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)
|
|
|
|
2Q19
|
|
|
2Q18
|
|
|
Δ %
|
|
|
YTD 19
|
|
|
YTD 18
|
|
|
Δ %
|
|
Mexico
|
|
|
19.12
|
|
|
|
19.37
|
|
|
|
-1.3
|
%
|
|
|
19.17
|
|
|
|
19.07
|
|
|
|
0.6
|
%
|
Colombia
|
|
|
3,239.81
|
|
|
|
2,840.31
|
|
|
|
14.1
|
%
|
|
|
3,187.08
|
|
|
|
2,850.34
|
|
|
|
11.8
|
%
|
Brazil
|
|
|
3.92
|
|
|
|
3.61
|
|
|
|
8.6
|
%
|
|
|
3.84
|
|
|
|
3.43
|
|
|
|
12.2
|
%
|
Argentina
|
|
|
43.96
|
|
|
|
23.53
|
|
|
|
86.8
|
%
|
|
|
41.53
|
|
|
|
21.62
|
|
|
|
92.1
|
%
|
Costa Rica
|
|
|
595.98
|
|
|
|
569.03
|
|
|
|
4.7
|
%
|
|
|
602.97
|
|
|
|
570.49
|
|
|
|
5.7
|
%
|
Panama
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
Guatemala
|
|
|
7.67
|
|
|
|
7.44
|
|
|
|
3.1
|
%
|
|
|
7.70
|
|
|
|
7.40
|
|
|
|
3.9
|
%
|
Nicaragua
|
|
|
32.92
|
|
|
|
31.36
|
|
|
|
5.0
|
%
|
|
|
32.73
|
|
|
|
31.17
|
|
|
|
5.0
|
%
|
Uruguay
|
|
|
34.85
|
|
|
|
30.07
|
|
|
|
15.9
|
%
|
|
|
33.84
|
|
|
|
29.27
|
|
|
|
15.6
|
%
|
End-of-period Exchange Rates
|
|
Closing Exchange Rate
(Local Currency per USD)
|
|
|
Closing Exchange Rate
(Local Currency per USD)
|
|
|
|
Jun-19
|
|
|
Jun-18
|
|
|
Δ %
|
|
|
Mar-19
|
|
|
Mar-18
|
|
|
Δ %
|
|
Mexico
|
|
|
19.17
|
|
|
|
19.86
|
|
|
|
-3.5
|
%
|
|
|
19.38
|
|
|
|
18.34
|
|
|
|
5.6
|
%
|
Colombia
|
|
|
3,205.67
|
|
|
|
2,930.80
|
|
|
|
9.4
|
%
|
|
|
3,174.79
|
|
|
|
2,780.47
|
|
|
|
14.2
|
%
|
Brazil
|
|
|
3.83
|
|
|
|
3.86
|
|
|
|
-0.6
|
%
|
|
|
3.90
|
|
|
|
3.32
|
|
|
|
17.2
|
%
|
Argentina
|
|
|
42.46
|
|
|
|
28.85
|
|
|
|
47.2
|
%
|
|
|
43.35
|
|
|
|
20.15
|
|
|
|
115.1
|
%
|
Costa Rica
|
|
|
583.64
|
|
|
|
570.08
|
|
|
|
2.4
|
%
|
|
|
602.36
|
|
|
|
569.31
|
|
|
|
5.8
|
%
|
Panama
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
0.0
|
%
|
Guatemala
|
|
|
7.71
|
|
|
|
7.49
|
|
|
|
2.9
|
%
|
|
|
7.68
|
|
|
|
7.40
|
|
|
|
3.8
|
%
|
Nicaragua
|
|
|
33.12
|
|
|
|
31.55
|
|
|
|
5.0
|
%
|
|
|
32.72
|
|
|
|
31.16
|
|
|
|
5.0
|
%
|
Uruguay
|
|
|
35.18
|
|
|
|
31.47
|
|
|
|
11.8
|
%
|
|
|
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 2Q2019 Results
July 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: July 25, 2019
Fomento Economico Mexica... (PK) (USOTC:FMXUF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fomento Economico Mexica... (PK) (USOTC:FMXUF)
Historical Stock Chart
From Jul 2023 to Jul 2024