ANNUAL REPORT
2019

    ESPAÑOL

FINANCIAL SUMMARY

Amounts expressed in millions of Mexican pesos (Ps.) as of December 31, 2019.

Income Statement
 2019 1 2018 20172 2016 2015
Net sales   Ps. 504,059   Ps. 468,894   Ps. 439,239   Ps. 398,622   Ps. 310,849
Total revenues   506,711   469,744   439,932   399,507   311,589
Cost of goods sold   315,230   294,574   277,842   251,303   188,410
Gross profit   191,481   175,170   162,090   148,204   123,179
Operating expenses   144,329   133,594   121,828   110,777   89,444
Income from operations 3   47,152   41,576   40,262   37,427   33,735
Other non-operating expenses (income), net   1,573   874   1,285   4,208   954
Financing expenses, net   13,492   7,380   3,302   4,619   7,618
Income before income taxes and share of the profit of equity accounted investees   32,087   33,322   35,674   28,600   25,163
Income taxes   10,476   10,169   10,213   7,888   7,932
Share of the profit of equity accounted investees, net of taxes   6,437   6,560   8,021   6,463   6,045
Net income from continuing operations   28,048   29,713   33,480   27,175   23,276
Net income from discontinuing operations2   -   3,366   3,726   -   -
Consolidated net income   28,048   33,079   37,206   27,175   23,276
Controlling Interest   20,699   23,990   42,408   21,140   17,683
Non-Controlling Interest   7,349   9,089   (5,202)   6,035   5,593
Financial ratios (%)                    
Gross margin   37.8%   37.3%   36.8%   37.1%   39.5%
Operating margin   9.3%   8.9%       9.4%   10.8%
Consolidated net income   5.5%   6.3%   7.6%   6.8%   7.5%
Other information                    
Depreciation   23,344   14,698   13,799   12,076   9,761
Amortization and other non cash charges to income from operations   4,944   4,184   4,104   5,484   3,130
Operative Cash Flow (EBITDA)   75,440   60,458   58,165   54,987   46,626
Capital expenditures 4   25,579   24,266   23,486   22,155   18,885
  1. Starting on January 1st 2019, the Company adopted IFRS16 “Leases” accounting rule using the modified retrospective method under which the comparative information was not restated.
  2. The consolidated income statement of 2017 was revised for the discontinued operations of Coca-Cola FEMSA.
  3. Company’s key performance indicator.
  4. Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.

 

Balance Sheet
 20191 2018 20172 2016 2015
Assets                    
Current assets   Ps. 172,579   Ps. 177,607   Ps. 181,188   Ps. 117,951   Ps. 86,723
Equity accounted investees   97,470   94,315   96,097   128,601   111,731
Property, plant and equipment, net 3   114,513   108,602   116,712   102,223   80,296
Intangible assets,net   146,562   145,610   154,093   153,268   108,341
Right-of-use assets   52,684   -   -   -   -
Other assets, net   53,733               22,241
Total assets   637,541   576,381   588,541   545,623   409,332
Liabilities                    
Short-term bank loans and current portion of long-term bank loans and notes payable   16,204   13,674   13,590   7,281   5,895
Current maturities of long-term leases   7,387   -   -   -   -
Other current liabilities   112,943   87,790   91,432   79,008   59,451
Long-term bank loans and notes payable   101,747   114,990   117,758   131,967   85,969
Long-term lease liabilities   47,292   -   -   -   -
Employee benefits   6,347   4,699   5,373   4,447   4,229
Deferred tax liabilities   6,946   5,886   6,133   11,037   6,230
Other non-current liabilities   12,924   13,800   17,343   25,713   5,702
Total liabilites   311,790   240,839   251,629   259,453   167,476
Total equity   325,751   335,542   336,912   286,170   241,856
Controlling interest   251,989   257,053   250,291   211,904   181,524
Non-controlling interest   73,762   78,489   86,621   74,266   60,332
Financial ratios (%)                    
Liquidity   1.336   1.750   1.725   1.367   1.327
Leverage   0.957   0.718   0.747   0.907   0.692
Capitalization   0.28   0.29   0.29   0.33   0.28
Data per share                    
Controlling interest book value 4   14.085   14.368   13.990   11.844   10.146
Net controlling interest income 5   1.157   1.341   2.370   1.182   0.988
Dividends paid 6                    
Series B shares   0.483   0.460   0.431   0.417   0.366
Series D shares   0.604   0.575   0.538   0.521   0.458
Number of employees 7   314,656   297,073   295,027   266,144   246,158
Number of outstanding shares 8   17,891.13   17,891.13   17,891.13   17,891.13   17,891.13
  1. Starting on January 1st 2019, the Company adopted IFRS16 “Leases” accounting rule using the modified retrospective method under which the comparative information was not restated.
  2. The consolidated income statement of 2017 was revised for the discontinued operations of Coca-Cola FEMSA.
  3. Includes bottles and cases.
  4. Controlling interest divided by the total number of shares outstanding at the end of each period.
  5. Net controlling interest income divided by the total number of shares outstanding at the end of the each period.
  6. Expressed in nominal pesos of each period.
  7. Includes incremental employees resulting from mergers & acquisitions made during the period.
  8. Total number of shares outstanding at the end of each period expressed in millions.