SEC Form 6-K filed by Coca Cola Femsa S.A.B. de C.V.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of July 2024
Commission File Number 1-12260
COCA-COLA FEMSA, S.A.B. de C.V.
(Translation of registrant’s name into English)
United Mexican States
(Jurisdiction of incorporation or organization)
Calle Mario Pani No. 100,
Santa Fe Cuajimalpa,
Cuajimalpa de Morelos,
05348, Ciudad de México,
México
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
Yes No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Yes No X
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82-__.
Mexico City, July 19, 2024, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the second quarter of 2024.
|
SECOND QUARTER HIGHLIGHTS |
| · | Volume growth 7.5% |
| · | Revenue growth 13.1% |
| · | Operating income growth 13.8% |
| · | Majority net income growth 13.8% |
| · | Earnings per share1 were Ps. 0.33. (Earnings per unit were Ps. 2.67 and per ADS were Ps. 26.69.) |
| · | More than half of our customer base are now digital buyers. Completed rollout of Juntos+ v. 4.0 in Mexico and Brazil |
|
FIRST SIX MONTHS HIGHLIGHTS |
| · | Volume growth 7.5% |
| · | Revenue growth 12.7% |
| · | Operating income growth 13.0% |
| · | Majority net income growth 19.9% |
| · | Earnings per share1 were Ps. 0.63. (Earnings per unit were Ps. 5.04 and per ADS were Ps. 50.45.) |
| FINANCIAL SUMMARY FOR THE SECOND QUARTER RESULTS | ||||||||||||
| Change vs. same period of last year | ||||||||||||
| Total Revenues | Gross Profit | Operating Income | Majority Net Income | |||||||||
| 2Q24 | YTD 2024 | 2Q24 | YTD 2024 | 2Q24 | YTD 2024 | 2Q24 | YTD 2024 | |||||
| As Reported | Consolidated | 13.1% | 12.7% | 17.2% | 15.0% | 13.8% | 13.0% | 13.8% | 19.9% | |||
| Mexico & Central America | 15.3% | 14.0% | 17.8% | 15.3% | 12.0% | 12.6% | ||||||
| South America | 9.2% | 10.5% | 16.0% | 14.5% | 19.6% | 13.9% | ||||||
| Comparable (2) | Consolidated | 17.9% | 18.0% | 22.0% | 20.4% | 17.5% | 18.1% | |||||
| Mexico & Central America | 15.6% | 14.9% | 18.1% | 16.1% | 12.3% | 13.5% | ||||||
| South America | 22.3% | 23.3% | 31.4% | 29.7% | 36.3% | 30.7% | ||||||
Ian Craig, Coca-Cola FEMSA’s CEO, commented:
"As we close a positive first half of the year, I am encouraged by the progress we are making in implementing a long-term sustainable growth model. For the second quarter, we delivered solid volume growth in Mexico, Central America, and Brazil, achieving double-digit consolidated revenue and operating income growth. We also continued progressing towards becoming our customers’ preferred commercial platform, completing the rollout of Juntos+ version 4.0 in Mexico and Brazil, while beginning its implementation in Guatemala, Panama, and Colombia. This version features advanced analytics and a more user-friendly interface. Now more than half of our total customer base are digital buyers.
Last May, our resilience and ability to respond to challenges was put to the test by the severe flooding that impacted the south of Brazil. I want to take a moment to express our heartfelt support to all of the people affected by this flooding and to recognize the leadership and swift actions taken by our team to ensure the wellbeing of our Brazilian collaborators as well as their families and to provide effective community support while also mitigating operational disruptions.
Looking ahead, our priorities for the year remain clear: continue building on the growth momentum of our core business, take Juntos+ to the next level, continue developing our customer-centric culture, and implementing initiatives to foster a sustainable future.”
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units. |
| (2) | Please refer to page 10 for our definition of “comparable” and a description of the factors
affecting the comparability of our financial and operating performance. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 2 of 17 |
RECENT DEVELOPMENTS
| · | On May 10, 2024, Coca-Cola FEMSA announced the suspension of operations at its Porto Alegre plant, resulting from the floods that impacted the southern state of Rio Grande do Sul in Brazil. The Company, working together with FEMSA, The Coca-Cola Company, and the rest of the Coca-Cola System in Brazil, focused its efforts on providing support and ensuring the safety and wellbeing of its employees and their families, as well as providing support to local communities as the top priority. In addition, the Company implemented initiatives to mitigate operating disruptions, such as sourcing finished product from surrounding territories and setting up alternative sales and distribution networks to serve its customers. The Company has now completed site cleaning and is working towards a gradual reopening of this facility. |
| · | On July 16, 2024, Coca-Cola FEMSA paid the second installment of the ordinary dividend approved for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million. |
| · | On July 19, 2024, Coca-Cola FEMSA and FEMSA announced their inclusion in the FTSE4Good Emerging Markets Latin America Index for the ninth consecutive year. This recognition underscores both companies’ sustainability performance. |
CONFERENCE CALL INFORMATION
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 3 of 17 |
CONSOLIDATED SECOND QUARTER RESULTS
| CONSOLIDATED SECOND QUARTER RESULTS | ||||||
| As Reported | Comparable (1) | |||||
| Expressed in millions of Mexican pesos | 2Q 2024 | 2Q 2023 | Δ% | Δ% | ||
| Total revenues | 69,456 | 61,428 | 13.1% | 17.9% | ||
| Gross profit | 31,961 | 27,267 | 17.2% | 22.0% | ||
| Operating income | 9,746 | 8,562 | 13.8% | 17.5% | ||
| Adj. EBITDA (2) | 13,922 | 11,439 | 21.7% | 27.0% | ||
Volume increased 7.5% to 1,095.8 million unit cases, driven by volume growth in most of our territories, including a strong performance in Mexico, Brazil, Guatemala, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.
Total revenues increased 13.1% to Ps. 69,456 million. This increase was driven mainly by solid volume growth, partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 17.9%.
Gross profit increased 17.2% to Ps. 31,961 million, and gross margin increased 160 basis points to 46.0%. This expansion was driven mainly by our top-line growth, coupled with favorable packaging costs and favorable hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 22.0%
Operating income increased 13.8% to Ps. 9,746 million, and operating margin increased 10 basis points to 14.0%. This resilient margin performance was driven mainly by operating leverage and operating expense efficiencies, offsetting a non-cash operating foreign exchange loss driven by the depreciation of the Mexican Peso, increases in operating expenses such as labor, freight, and maintenance, and non-recurring expenses related to the flooding in the South of Brazil. Excluding currency translation effects, operating income increased 17.5%.
| (1) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| (2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 4 of 17 |
Comprehensive financing result recorded an expense of Ps. 885 million, compared to an expense of Ps. 1,377 million in the previous year. This decrease was driven mainly by a foreign exchange gain of Ps. 177 million as compared to a loss of Ps. 437 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real.
In addition, we recognized a gain of Ps. 61 million in financial instruments as compared to a loss of Ps. 68 million as compared to the same period of the previous year related to an increase in the long-term interest rates in Brazil.
These effects were partially offset by higher interest expenses, net, of Ps. 1,157 million as compared to Ps. 935 million in the same period of the previous year, mainly as a result of (i) lower interest income, and (ii) a slight increase in our interest expense.
Additionally, we recorded a lower gain in monetary positions in inflationary subsidiaries as compared to the same period of the previous year.
Income tax as a percentage of income before taxes was 34.9% as compared to 27.2% during the same period of 2023. This increase was driven mainly by inflationary effects, deferred taxes, and the recognition of a one-time effect related to previous acquisitions in Brazil.
Net income attributable to equity holders of the company was Ps. 5,608 million as compared to Ps. 4,926 million during the same period of the previous year. This increase was driven mainly by operating income growth and a decrease in our comprehensive financing result that was partially offset by an increase in our effective tax rate. Earnings per share1 were Ps. 0.33 (Earnings per unit were Ps. 2.67 and per ADS were Ps. 26.69.).
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 5 of 17 |
CONSOLIDATED FIRST six months RESULTS
| CONSOLIDATED FIRST SIX MONTHS RESULTS | ||||||
| As Reported | Comparable (1) | |||||
| Expressed in millions of Mexican pesos | YTD 2024 | YTD 2023 | Δ% | Δ% | ||
| Total revenues | 133,685 | 118,641 | 12.7% | 18.0% | ||
| Gross profit | 60,561 | 52,657 | 15.0% | 20.4% | ||
| Operating income | 18,380 | 16,269 | 13.0% | 18.1% | ||
| Adj. EBITDA (2) | 25,949 | 21,930 | 18.3% | 24.6% | ||
Volume increased 7.5% to 2,104.4 million unit cases, driven by volume growth in most of our territories, including a strong performance in Mexico, Brazil, Colombia, Guatemala, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.
Total revenues increased 12.7% to Ps. 133,685 million. This increase was driven mainly by solid volume growth, partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 18.0%.
Gross profit increased 15.0% to Ps. 60,561 million, and gross margin expanded 90 basis points to 45.3%. This gross profit increase was driven mainly by our top-line growth, coupled with favorable packaging costs and hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 20.4%.
Operating income increased 13.0% to Ps. 18,380 million, and operating margin remained flat at 13.7%. This stable margin performance was driven by i) increases in operating expenses such as labor, freight, and maintenance, ii) a tough comparison base that included a non-cash operating foreign exchange gain in Mexico, as compared to a loss during the second quarter of this year, and iii) non-recurring expenses related to the flooding in the South of Brazil. These effects were offset by top-line growth and operating expense efficiencies. Excluding currency translation effects, operating income increased 18.1%.
| (1) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| (2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 6 of 17 |
Comprehensive financing result recorded an expense of Ps. 2,080 million, compared to an expense of Ps. 2,774 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 204 million as compared to a loss of Ps. 1,066 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real during the first six months of 2024.
Additionally, we recorded a gain of Ps. 15 million in financial instruments as compared to a loss of Ps. 15 million as compared to the same period of the previous year.
In addition, we recognized an interest expense of Ps. 3,648 million as compared to an expense of Ps. 3,678 million in the same period of the previous year, mainly as a result of a lower interest expense related to the maturity of a Mexican Peso denominated bond, partially offset by new financing in Mexico and Argentina.
These effects were partially offset by a lower interest income of Ps. 1,307 million as compared to Ps. 1,866 million during the same period of the previous year, mainly as a result of a decrease in interest rates in Brazil and Mexico. Additionally, we recorded a lower gain in monetary positions in inflationary subsidiaries of Ps. 42 million, as compared to a gain of Ps. 120 million during the same period of the previous year.
Income tax as a percentage of income before taxes was 32.9% as compared to 29.6% during the same period of 2023. This increase was driven mainly by inflationary effects and deferred taxes.
Net income attributable to equity holders of the company increased 19.8% to reach Ps. 10,598 million during the first six months of 2024, as compared to Ps. 8,837 million during the same period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. Earnings per share1 were Ps. 0.63 (Earnings per unit were Ps. 5.04 and per ADS were Ps. 50.45.).
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 7 of 17 |
MEXICO & CENTRAL AMERICA DIVISION SECOND QUARTER RESULTS
(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)
| MEXICO & CENTRAL AMERICA DIVISION RESULTS | ||||||
| As Reported | Comparable (1) | |||||
| Expressed in millions of Mexican pesos | 2Q 2024 | 2Q 2023 | Δ% | Δ% | ||
| Total revenues | 45,067 | 39,088 | 15.3% | 15.6% | ||
| Gross profit | 21,948 | 18,635 | 17.8% | 18.1% | ||
| Operating income | 7,291 | 6,509 | 12.0% | 12.3% | ||
| Adj. EBITDA (2) | 9,882 | 8,229 | 20.1% | 20.4% | ||
Volume increased 8.1% driven by growth across our territories in the division. Mexico volumes grew 7.9%, volumes in Guatemala grew 12.6%, and volumes in Central America South grew 6.2%.
Total revenues increased 15.3% to Ps. 45,067 million, driven mainly by volume growth. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in Central America. Excluding currency translation effects, total revenues increased 15.6%.
Gross profit increased 17.8% to Ps. 21,948 million, and gross margin expanded 100 basis points to 48.7%. This margin expansion was driven mainly by our top-line growth, favorable packaging costs, and hedging initiatives. These effects were partially offset by an increase in sweetener costs. Excluding currency translation effects, gross profit increased 18.1%.
Operating income increased 12.0% to Ps. 7,291 million, and operating margin contracted 50 basis points to 16.2%. This growth was driven mainly by our top-line growth and expense efficiencies. These effects were partially offset by a non-cash operating foreign exchange loss driven by the depreciation of the Mexican Peso, coupled with increases in operating expenses such as labor, freight, and maintenance. Excluding currency translation effects, operating income increased 12.3%.
| (1) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| (2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 8 of 17 |
SOUTH AMERICA DIVISION SECOND QUARTER RESULTS
(Brazil, Argentina, Colombia, and Uruguay)
| SOUTH AMERICA DIVISION RESULTS | ||||||
| As Reported | Comparable (1) | |||||
| Expressed in millions of Mexican pesos | 2Q 2024 | 2Q 2023 | Δ% | Δ% | ||
| Total revenues | 24,389 | 22,341 | 9.2% | 22.3% | ||
| Gross profit | 10,014 | 8,632 | 16.0% | 31.4% | ||
| Operating income | 2,455 | 2,053 | 19.6% | 36.3% | ||
| Adj. EBITDA (2) | 4,040 | 3,209 | 25.9% | 46.5% | ||
Volume increased 6.5%, driven mainly by 12.1% growth in Brazil and 1.0% growth in Colombia. This growth was partially offset by a 9.9% decline in Argentina and a 12.1% decline in Uruguay.
Total revenues increased 9.2% to Ps. 24,389 million. This increase was driven mainly by volume growth, partially offset by unfavorable currency translation effects from most of our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 22.3%.
Gross profit increased 16.0% to Ps. 10,014 million, and gross margin expanded 250 basis points to 41.1%. This increase was driven mainly by our top-line growth, declining packaging costs, and favorable hedging strategies. This growth was partially offset by increases in sweeteners costs and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Excluding currency translation effects, gross profit increased 31.4%.
Operating income increased 19.6% to Ps. 2,455 million in the second quarter of 2024, resulting in an operating margin expansion of 90 basis points to 10.1%. This increase was driven mainly by operating leverage resulting from top-line growth, partially offset by higher fixed costs and expenses; non-recurring expenses related to the flooding in the South of Brazil; and the top-line contraction from Argentina. Excluding currency translation effects, operating income increased 36.3%.
| (1) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| (2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 9 of 17 |
DEFINITIONS
Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.
Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.
Operating income is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”
Adjusted EBITDA is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”
Earnings per share are equal to “quarterly earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.
COMPARABILITY
Our “comparable” term means, with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions, and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions in order to maintain comparability.
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 10 of 17 |
ABOUT THE COMPANY
Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1
Coca-Cola FEMSA, S.A.B. de C.V. is the largest franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio to more than 272 million consumers. With over 104,000 employees, the company markets and sells approximately 4 billion unit cases through more than 2.1 million points of sale a year. Operating 56 manufacturing plants and 252 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 Index MILA Pacific Alliance, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations encompass certain territories in Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com
ADDITIONAL INFORMATION
All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).
This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.
(6 pages of tables to follow)
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 11 of 17 |
| For the Second Quarter of: | For the First Six Months of: | |||||||||||||
| 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | |||
| Transactions (million transactions) | 6,372.8 | 5,933.0 | 7.4% | 7.4% | 12,330.8 | 11,500.2 | 7.2% | 7.2% | ||||||
| Volume (million unit cases) | 1,095.8 | 1,018.9 | 7.5% | 7.5% | 2,104.4 | 1,958.5 | 7.5% | 7.5% | ||||||
| Average price per unit case | 61.89 | 58.31 | 6.1% | 61.77 | 58.70 | 5.2% | ||||||||
| Net revenues | 69,297 | 61,283 | 13.1% | 133,359 | 118,285 | 12.7% | ||||||||
| Other operating revenues | 159 | 145 | 9.6% | 326 | 356 | -8.4% | ||||||||
| Total revenues (2) | 69,456 | 100.0% | 61,428 | 100.0% | 13.1% | 17.9% | 133,685 | 100.0% | 118,641 | 100.0% | 12.7% | 18.0% | ||
| Cost of goods sold | 37,495 | 54.0% | 34,161 | 55.6% | 9.8% | 73,124 | 54.7% | 65,984 | 55.6% | 10.8% | ||||
| Gross profit | 31,961 | 46.0% | 27,267 | 44.4% | 17.2% | 22.0% | 60,561 | 45.3% | 52,657 | 44.4% | 15.0% | 20.4% | ||
| Operating expenses | 21,621 | 31.1% | 18,796 | 30.6% | 15.0% | 41,438 | 31.0% | 36,571 | 30.8% | 13.3% | ||||
| Other operative expenses, net | 672 | 1.0% | (46) | NA | NA | 864 | 0.6% | (78) | NA | NA | ||||
| Operative equity method (gain) loss in associates(3) | (78) | NA | (44) | NA | 77.2% | (122) | NA | (105) | NA | 16.1% | ||||
| Operating income (5) | 9,746 | 14.0% | 8,562 | 13.9% | 13.8% | 17.5% | 18,380 | 13.7% | 16,269 | 13.7% | 13.0% | 18.1% | ||
| Other non operative expenses, net | 63 | 0.1% | 228 | 0.4% | -72.2% | (27) | 0.0% | 351 | 0.3% | -107.6% | ||||
| Non Operative equity method (gain) loss in associates (4) | 45 | 0.1% | 31 | 0.1% | NA | 58 | 0.0% | 165 | 0.1% | NA | ||||
| Interest expense | 1,836 | 1,769 | 3.7% | 3,648 | 3,678 | -0.8% | ||||||||
| Interest income | 678 | 834 | -18.7% | 1,307 | 1,866 | -29.9% | ||||||||
| Interest expense, net | 1,157 | 935 | 23.8% | 2,341 | 1,812 | 29.2% | ||||||||
| Foreign exchange loss (gain) | (177) | 437 | NA | (204) | 1,066 | -119.1% | ||||||||
| Loss (gain) on monetary position in inflationary subsidiaries | (34) | (63) | -46.0% | (42) | (120) | -64.9% | ||||||||
| Market value (gain) loss on financial instruments | (61) | 68 | NA | (15) | 15 | NA | ||||||||
| Comprehensive financing result | 885 | 1,377 | -35.7% | 2,080 | 2,774 | -25.0% | ||||||||
| Income before taxes | 8,752 | 6,926 | 26.4% | 16,269 | 12,978 | 25.4% | ||||||||
| Income taxes | 3,044 | 1,881 | 61.8% | 5,329 | 3,860 | 38.1% | ||||||||
| Result of discontinued operations | - | - | NA | - | - | NA | ||||||||
| Consolidated net income | 5,709 | 5,045 | 13.2% | 10,941 | 9,118 | 20.0% | ||||||||
| Net income attributable to equity holders of the company | 5,608 | 8.1% | 4,926 | 8.0% | 13.8% | 18.7% | 10,598 | 7.9% | 8,837 | 7.4% | 19.9% | 26.1% | ||
| Non-controlling interest | 101 | 0.1% | 119 | 0.2% | NA | 342 | 0.3% | 281 | 0.2% | 21.8% | ||||
| Adj. EBITDA & CAPEX | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | ||
| Operating income (5) | 9,746 | 14.0% | 8,562 | 13.9% | 13.8% | 17.5% | 18,380 | 13.7% | 16,269 | 13.7% | 13.0% | 18.1% | ||
| Depreciation | 2,657 | 2,397 | 10.8% | 5,219 | 4,717 | 10.7% | ||||||||
| Amortization and other operative non-cash charges | 1,519 | 480 | 216.7% | 2,349 | 945 | 148.7% | ||||||||
| Adj. EBITDA (5)(6) | 13,922 | 20.0% | 11,439 | 18.6% | 21.7% | 27.0% | 25,949 | 19.4% | 21,930 | 18.5% | 18.3% | 24.6% | ||
| CAPEX(8) | 5,512 | 4,252 | 29.6% | 8,693 | 6,749 | 28.8% | ||||||||
| (1) | Except volume and average price per unit case figures. |
| (2) | Please refer to page 15 and 16 for revenue breakdown. |
| (3) | Includes equity method in Jugos del Valle and Leão Alimentos, among others. |
| (4) | Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others. |
| (5) | The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader. |
| (6) | Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges. |
| (7) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| (8) | As of June 30, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 9,422 million. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 12 of 17 |
| MEXICO & CENTRAL AMERICA DIVISION | ||||||||||||||
| RESULTS OF OPERATIONS | ||||||||||||||
| Millions of Pesos (1) | ||||||||||||||
| For the Second Quarter of: | For the First Six Months of: | |||||||||||||
| 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | |||
| Transactions (million transactions) | 3,565.3 | 3,303.6 | 7.9% | 7.9% | 6,584.4 | 6,130.4 | 7.4% | 7.4% | ||||||
| Volume (million unit cases) | 695.6 | 643.3 | 8.1% | 8.1% | 1,275.4 | 1,180.7 | 8.0% | 8.0% | ||||||
| Average price per unit case | 64.48 | 60.44 | 6.7% | 64.68 | 61.40 | 5.3% | ||||||||
| Net revenues | 45,078 | 39,081 | 82,922 | 72,693 | ||||||||||
| Other operating revenues | (11) | 6 | (11) | 12 | ||||||||||
| Total Revenues (2) | 45,067 | 100.0% | 39,088 | 100.0% | 15.3% | 15.6% | 82,911 | 100.0% | 72,705 | 100.0% | 14.0% | 14.9% | ||
| Cost of goods sold | 23,119 | 51.3% | 20,452 | 52.3% | 43,075 | 52.0% | 38,151 | 52.5% | ||||||
| Gross profit | 21,947.5 | 48.7% | 18,635.4 | 47.7% | 17.8% | 18.1% | 39,835.6 | 48.0% | 34,554.2 | 47.5% | 15.3% | 16.1% | ||
| Operating expenses | 14,240.6 | 31.6% | 12,251.8 | 31.3% | 26,354.4 | 31.8% | 23,310.5 | 32.1% | ||||||
| Other operative expenses, net | 478 | 1.1% | (101) | NA | 597 | 0.7% | (212) | NA | ||||||
| Operative equity method (gain) loss in associates (3) | (62) | NA | (24) | NA | (88) | NA | (64) | NA | ||||||
| Operating income (4) | 7,291 | 16.2% | 6,509 | 16.7% | 12.0% | 12.3% | 12,972 | 15.6% | 11,520 | 15.8% | 12.6% | 12.6% | ||
| Depreciation, amortization & other operating non-cash charges | 2,591 | 5.8% | 1,720 | 4.4% | 4,654 | 5.6% | 3,415 | 4.7% | ||||||
| Adj. EBITDA (4)(5) | 9,882 | 21.9% | 8,229 | 21.1% | 20.1% | 20.4% | 17,626 | 21.3% | 14,935 | 20.5% | 18.0% | 18.0% | ||
| (1) | Except volume and average price per unit case figures. |
| (2) | Please refer to page 15 and 16 for revenue breakdown. |
| (3) | Includes equity method in Jugos del Valle, among others. |
| (4) | The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader. |
| (5) | Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges. |
| (6) | Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
| For the Second Quarter of: | For the First Six Months of: | |||||||||||||
| 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | |||
| Transactions (million transactions) | 2,807.5 | 2,629.4 | 6.8% | 6.8% | 5,746.4 | 5,369.8 | 7.0% | 7.0% | ||||||
| Volume (million unit cases) | 400.2 | 375.7 | 6.5% | 6.5% | 829.0 | 777.9 | 6.6% | 6.6% | ||||||
| Average price per unit case | 57.39 | 54.66 | 5.0% | 57.29 | 54.60 | 4.9% | ||||||||
| Net revenues | 24,219 | 22,202 | 50,437 | 45,592 | ||||||||||
| Other operating revenues | 171 | 139 | 337 | 344 | ||||||||||
| Total Revenues (2) | 24,389 | 100.0% | 22,341 | 100.0% | 9.2% | 22.3% | 50,774 | 100.0% | 45,936 | 100.0% | 10.5% | 23.3% | ||
| Cost of goods sold | 14,375 | 58.9% | 13,709 | 61.4% | 30,049 | 59.2% | 27,833 | 60.6% | ||||||
| Gross profit | 10,014 | 41.1% | 8,632 | 38.6% | 16.0% | 31.4% | 20,725 | 40.8% | 18,103 | 39.4% | 14.5% | 29.7% | ||
| Operating expenses | 7,380 | 30.3% | 6,544 | 29.3% | 15,083 | 29.7% | 13,261 | 28.9% | ||||||
| Other operative expenses, net | 195 | 0.8% | 55 | 0.2% | 267 | 0.5% | 134 | 0.3% | ||||||
| Operative equity method (gain) loss in associates (3) | (16) | NA | (20) | NA | (34) | NA | (41) | NA | ||||||
| Operating income (4) | 2,455.3 | 10.1% | 2,053.2 | 9.2% | 19.6% | 36.3% | 5,408.2 | 10.7% | 4,748.7 | 10.3% | 13.9% | 30.7% | ||
| Depreciation, amortization & other operating non-cash charges | 1,585 | 6.5% | 1,156 | 5.2% | 2,915 | 5.7% | 2,246 | 4.9% | ||||||
| Adj. EBITDA (4)(5) | 4,040 | 16.6% | 3,209 | 14.4% | 25.9% | 46.5% | 8,323 | 16.4% | 6,995 | 15.2% | 19.0% | 38.4% | ||
| (1) | Except volume and average price per unit case figures. |
| (2) | Please refer to page 15 and 16 for revenue breakdown. |
| (3) | Includes equity method in Leão Alimentos, among others. |
| (4) | The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader. |
| (5) | Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges. |
| (6) | Please refer to page 10 for our definition
of “comparable” and a description of the factors affecting the comparability of our financial and operating performance. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 13 of 17 |
| COCA-COLA FEMSA | ||||||||||
| CONSOLIDATED BALANCE SHEET | ||||||||||
| Millions of Pesos | ||||||||||
| Assets | Jun-24 | Dec-23 | % Var. | Liabilities & Equity | Jun-24 | Dec-23 | % Var. | |||
| Current Assets | Current Liabilities | |||||||||
| Cash, cash equivalents and marketable securities | Short-term bank loans and notes payable | 622 | 140 | 345% | ||||||
| 38,271 | 31,060 | 23% | Suppliers | 25,653 | 27,351 | -6% | ||||
| Total accounts receivable | 16,803 | 17,749 | -5% | Short-term leasing Liabilities | 756 | 752 | 1% | |||
| Inventories | 12,413 | 11,880 | 4% | Other current liabilities | 38,782 | 26,673 | 45% | |||
| Other current assets | 7,290 | 7,049 | 3% | Total current liabilities | 65,813 | 54,916 | 20% | |||
| Total current assets | 74,777 | 67,738 | 10% | Non-Current Liabilities | - | - | ||||
| Non-Current Assets | - | - | Long-term bank loans and notes payable | 67,929 | 65,074 | 4% | ||||
| Property, plant and equipment | 142,619 | 133,406 | 7% | Long Term Leasing Liabilities | 2,138 | 1,769 | 21% | |||
| Accumulated depreciation | (58,855) | (54,676) | 8% | Other long-term liabilities | 17,255 | 18,056 | -4% | |||
| Total property, plant and equipment, net | 83,764 | 78,730 | 6% | Total liabilities | 153,136 | 139,815 | 10% | |||
| Right of use assets | 2,738 | 2,388 | 15% | Equity | - | - | ||||
| Investment in shares | 9,458 | 9,246 | 2% | Non-controlling interest | 6,751 | 6,680 | 1% | |||
| Intangible assets and other assets | 100,283 | 101,162 | -1% | Total controlling interest | 128,141 | 127,025 | 1% | |||
| Other non-current assets | 17,007 | 14,256 | 19% | Total equity | 134,892 | 133,705 | 1% | |||
| Total Assets | 288,028 | 273,520 | 5% | Total Liabilities and Equity | 288,028 | 273,520 | 5% | |||
| June 30, 2024 | ||||||||||
| Debt Mix | % Total Debt (1) | % Interest Rate Floating (1) (2) | Average Rate | Debt Maturity Profile | ||||||
| Currency |  | |||||||||
| Mexican Pesos | 60.9% | 3.7% | 8.8% | |||||||
| U.S. Dollars | 17.1% | 53.2% | 4.6% | |||||||
| Colombian Pesos | 1.3% | 0.0% | 6.3% | |||||||
| Brazilian Reals | 20.0% | 18.8% | 9.2% | |||||||
| Argentine Pesos | 0.7% | 0.0% | 50.8% | |||||||
| Total Debt | 100% | 22.8% | 8.4% | |||||||
| (1) After giving effect to cross- currency swaps. | ||||||||||
| (2) Calculated by weighting each year´s outstanding debt balance mix. | ||||||||||
| Financial Ratios | 2Q 2024 | FY 2023 | Δ% | |||||||
| Net debt including effect of hedges (1)(3) | 31,218 | 37,794 | -17.4% | |||||||
| Net debt including effect of hedges / Adj. EBITDA (1)(3) | 0.62 | 0.81 | ||||||||
| Adj. EBITDA/ Interest expense, net (1) | 11.09 | 11.86 | ||||||||
| Capitalization (2) | 33.8% | 32.8% | ||||||||
| (1) Net debt = total debt - cash | ||||||||||
| (2) Total debt / (total debt + shareholders' equity) | ||||||||||
| (3) After giving effect to cross-currency swaps. | ||||||||||
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 14 of 17 |
| QUARTERLY- VOLUME, TRANSACTIONS & REVENUES | ||||||||||||||
| Volume | ||||||||||||||
| 2Q 2024 | 2Q 2023 | YoY | ||||||||||||
| Sparkling | Water (1) | Bulk (2) | Stills | Total | Sparkling | Water (1) | Bulk (2) | Stills | Total | Δ % | ||||
| Mexico | 402.3 | 44.1 | 108.1 | 45.0 | 599.5 | 375.9 | 37.0 | 104.4 | 38.1 | 555.5 | 7.9% | |||
| Guatemala | 45.2 | 2.8 | - | 2.6 | 50.5 | 40.5 | 2.0 | - | 2.3 | 44.8 | 12.6% | |||
| CAM South | 37.4 | 1.5 | 1.0 | 5.7 | 45.6 | 34.9 | 1.7 | 0.6 | 5.7 | 43.0 | 6.2% | |||
| Mexico and Central America | 484.8 | 48.3 | 109.1 | 53.3 | 695.6 | 451.3 | 40.7 | 105.1 | 46.2 | 643.3 | 8.1% | |||
| Colombia | 64.5 | 9.4 | 4.0 | 7.1 | 85.0 | 63.9 | 9.3 | 3.5 | 7.5 | 84.2 | 1.0% | |||
| Brazil (3) | 224.0 | 18.9 | 2.4 | 24.2 | 269.4 | 203.5 | 15.2 | 2.0 | 19.7 | 240.4 | 12.1% | |||
| Argentina | 26.8 | 4.2 | 1.7 | 2.5 | 35.1 | 30.0 | 4.3 | 1.1 | 3.6 | 39.0 | -9.9% | |||
| Uruguay | 8.7 | 1.4 | - | 0.6 | 10.7 | 8.8 | 2.9 | - | 0.5 | 12.2 | -12.1% | |||
| South America | 324.0 | 33.8 | 8.1 | 34.3 | 400.2 | 306.1 | 31.8 | 6.5 | 31.2 | 375.7 | 6.5% | |||
| TOTAL | 808.8 | 82.2 | 117.2 | 87.7 | 1,095.8 | 757.5 | 72.5 | 111.6 | 77.4 | 1,018.9 | 7.5% | |||
| (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 2024 | 2Q 2023 | YoY | ||||||||||||
| Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | ||||||
| Mexico | 2,230.1 | 297.6 | 313.2 | 2,840.9 | 2,102.2 | 258.6 | 268.0 | 2,628.9 | 8.1% | |||||
| Guatemala | 334.4 | 19.0 | 27.0 | 380.4 | 305.7 | 15.6 | 23.6 | 344.9 | 10.3% | |||||
| CAM South | 271.2 | 15.0 | 57.9 | 344.1 | 255.5 | 14.2 | 60.1 | 329.8 | 4.3% | |||||
| Mexico and Central America | 2,835.7 | 331.5 | 398.1 | 3,565.3 | 2,663.5 | 288.4 | 351.7 | 3,303.6 | 7.9% | |||||
| Colombia | 475.2 | 95.7 | 58.7 | 629.6 | 472.7 | 98.3 | 79.4 | 650.4 | -3.2% | |||||
| Brazil (3) | 1,498.6 | 163.5 | 277.3 | 1,939.4 | 1,346.4 | 135.2 | 223.3 | 1,704.9 | 13.8% | |||||
| Argentina | 138.0 | 26.1 | 21.9 | 185.9 | 158.4 | 28.6 | 31.6 | 218.5 | -14.9% | |||||
| Uruguay | 42.2 | 5.5 | 4.7 | 52.5 | 41.4 | 10.4 | 3.9 | 55.6 | -5.7% | |||||
| South America | 2,154.0 | 290.7 | 362.7 | 2,807.5 | 2,018.8 | 272.4 | 338.2 | 2,629.4 | 6.8% | |||||
| TOTAL | 4,989.7 | 622.2 | 760.8 | 6,372.8 | 4,682.3 | 560.8 | 689.9 | 5,933.0 | 7.4% | |||||
| Revenues | ||||||||||||||
| Expressed in million Mexican Pesos | 2Q 2024 | 2Q 2023 | Δ % | |||||||||||
| Mexico | 37,474 | 32,299 | 16.0% | |||||||||||
| Guatemala | 3,846 | 3,316 | 16.0% | |||||||||||
| CAM South | 3,746 | 3,473 | 7.9% | |||||||||||
| Mexico and Central America | 45,067 | 39,088 | 15.3% | |||||||||||
| Colombia | 4,785 | 4,041 | 18.4% | |||||||||||
| Brazil (4) | 16,443 | 15,109 | 8.8% | |||||||||||
| Argentina | 2,154 | 2,220 | -3.0% | |||||||||||
| Uruguay | 1,007 | 971 | 3.8% | |||||||||||
| South America | 24,389 | 22,341 | 9.2% | |||||||||||
| TOTAL | 69,456 | 61,428 | 13.1% | |||||||||||
| (3) Volume and transactions in Brazil do not include beer | ||||||||||||||
| (4) Brazil includes beer revenues of Ps. 1,033.1 million for the second quarter of 2024 and Ps. 1,511.3 million for the same period of the previous year. | ||||||||||||||
| (1) | Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product. |
| (2) | Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 15 of 17 |
| COCA-COLA FEMSA | ||||||||||||||
| YTD- VOLUME, TRANSACTIONS & REVENUES | ||||||||||||||
| Volume | ||||||||||||||
| YTD 2024 | YTD 2023 | YoY | ||||||||||||
| Sparkling | Water (1) | Bulk (2) | Stills | Total | Sparkling | Water (1) | Bulk (2) | Stills | Total | Δ % | ||||
| Mexico | 734.7 | 75.4 | 197.9 | 81.8 | 1,089.8 | 685.4 | 63.4 | 192.0 | 73.4 | 1,014.2 | 7.5% | |||
| Guatemala | 86.5 | 5.1 | - | 4.8 | 96.4 | 75.8 | 3.6 | - | 4.6 | 84.0 | 14.7% | |||
| CAM South | 73.0 | 3.1 | 2.0 | 11.2 | 89.2 | 66.5 | 3.5 | 1.0 | 11.3 | 82.4 | 8.3% | |||
| Mexico and Central America | 894.2 | 83.6 | 199.9 | 97.7 | 1,275.4 | 827.8 | 70.5 | 193.1 | 89.3 | 1,180.7 | 8.0% | |||
| Colombia | 130.5 | 19.9 | 8.1 | 14.7 | 173.3 | 125.2 | 18.1 | 6.8 | 14.5 | 164.6 | 5.2% | |||
| Brazil (3) | 464.1 | 39.6 | 5.1 | 48.7 | 557.6 | 421.8 | 34.6 | 4.7 | 40.2 | 501.3 | 11.2% | |||
| Argentina | 56.2 | 9.3 | 3.7 | 5.5 | 74.8 | 65.9 | 9.8 | 2.5 | 8.5 | 86.7 | -13.7% | |||
| Uruguay | 18.8 | 3.3 | - | 1.3 | 23.3 | 19.1 | 5.0 | - | 1.1 | 25.3 | -7.7% | |||
| South America | 669.6 | 72.2 | 16.9 | 70.3 | 829.0 | 632.1 | 67.5 | 13.9 | 64.3 | 777.9 | 6.6% | |||
| TOTAL | 1,563.8 | 155.7 | 216.9 | 168.0 | 2,104.4 | 1,459.8 | 138.1 | 207.0 | 153.6 | 1,958.5 | 7.5% | |||
| (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 2024 | YTD 2023 | YoY | ||||||||||||
| Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | ||||||
| Mexico | 4,097.6 | 516.5 | 573.8 | 5,187.9 | 3,867.4 | 449.9 | 522.7 | 4,840.0 | 7.2% | |||||
| Guatemala | 642.1 | 34.7 | 49.9 | 726.7 | 573.0 | 28.9 | 46.3 | 648.2 | 12.1% | |||||
| CAM South | 527.5 | 30.2 | 112.2 | 669.9 | 491.2 | 27.5 | 123.5 | 642.2 | 4.3% | |||||
| Mexico and Central America | 5,267.2 | 581.4 | 735.9 | 6,584.4 | 4,931.6 | 506.3 | 692.5 | 6,130.4 | 7.4% | |||||
| Colombia | 954.4 | 204.8 | 124.2 | 1,283.4 | 920.8 | 189.8 | 157.0 | 1,267.7 | 1.2% | |||||
| Brazil (3) | 3,059.1 | 343.6 | 551.8 | 3,954.4 | 2,749.5 | 305.4 | 449.5 | 3,504.4 | 12.8% | |||||
| Argentina | 286.6 | 58.4 | 48.6 | 393.6 | 341.7 | 63.4 | 73.0 | 478.1 | -17.7% | |||||
| Uruguay | 91.0 | 12.7 | 11.2 | 114.9 | 91.6 | 18.3 | 9.6 | 119.5 | -3.9% | |||||
| South America | 4,391.2 | 619.4 | 735.8 | 5,746.4 | 4,103.7 | 577.0 | 689.1 | 5,369.8 | 7.0% | |||||
| TOTAL | 9,658.3 | 1,200.8 | 1,471.6 | 12,330.8 | 9,035.2 | 1,083.3 | 1,381.6 | 11,500.2 | 7.2% | |||||
| Revenues | ||||||||||||||
| Expressed in million Mexican Pesos | YTD 2024 | YTD 2023 | Δ % | |||||||||||
| Mexico | 68,328 | 59,528 | 14.8% | |||||||||||
| Guatemala | 7,244 | 6,333 | 14.4% | |||||||||||
| CAM South | 7,338 | 6,844 | 7.2% | |||||||||||
| Mexico and Central America | 82,911 | 72,705 | 14.0% | |||||||||||
| Colombia | 9,668 | 7,784 | 24.2% | |||||||||||
| Brazil (4) | 34,279 | 31,078 | 10.3% | |||||||||||
| Argentina | 4,730 | 4,975 | -4.9% | |||||||||||
| Uruguay | 2,096 | 2,098 | -0.1% | |||||||||||
| South America | 50,774 | 45,936 | 10.5% | |||||||||||
| TOTAL | 133,685 | 118,641 | 12.7% | |||||||||||
| (3) Volume and transactions in Brazil do not include beer | ||||||||||||||
| (4) Brazil includes beer revenues of Ps. 2,529.1 million for the first six months of 2024 and Ps. 2,961.0 million for the same period of the previous year. | ||||||||||||||
| (1) | Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product. |
| (2) | Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving. |
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 16 of 17 |
| COCA-COLA FEMSA | ||||||||
| MACROECONOMIC INFORMATION | ||||||||
| Inflation (1) | ||||||||
| LTM | 2Q24 | YTD | ||||||
| Mexico | 4.78% | 0.59% | 1.38% | |||||
| Colombia | 6.91% | 1.51% | 3.96% | |||||
| Brasil | 3.69% | 0.94% | 2.46% | |||||
| Argentina | 274.07% | 15.59% | 80.30% | |||||
| Costa Rica | -0.52% | 0.01% | 0.12% | |||||
| Panama | 1.19% | 0.42% | 1.09% | |||||
| Guatemala | 3.25% | 0.69% | 1.19% | |||||
| Nicaragua | 5.38% | 2.10% | 2.99% | |||||
| Uruguay | 3.95% | 0.79% | 3.47% | |||||
| (1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country. | ||||||||
| Average Exchange Rates for each period (2) | ||||||||
| Quarterly Exchange Rate (Local Currency per USD) | Year to Date Exchange Rate (Local Currency per USD) | |||||||
| 2Q24 | 2Q32 | Δ % | YTD 24 | YTD 23 | Δ % | |||
| México | 17.21 | 17.72 | -2.9% | 17.10 | 18.21 | -6.1% | ||
| Colombia | 3,928.59 | 4,426.37 | -11.2% | 3,924.42 | 4,592.50 | -14.5% | ||
| Brasil | 5.22 | 4.95 | 5.4% | 5.09 | 5.07 | 0.2% | ||
| Argentina | 886.47 | 232.18 | 281.8% | 860.46 | 212.30 | 305.3% | ||
| Costa Rica | 516.43 | 544.44 | -5.1% | 516.72 | 555.87 | -7.0% | ||
| Panama | 1.00 | 1.00 | -79.8% | 1.00 | 1.00 | -80.3% | ||
| Guatemala | 7.77 | 7.82 | -0.6% | 7.79 | 7.82 | -0.4% | ||
| Nicaragua | 36.62 | 36.40 | 0.6% | 36.62 | 36.35 | 0.8% | ||
| Uruguay | 38.75 | 38.61 | 0.4% | 38.82 | 38.89 | -0.2% | ||
| End-of-period Exchange Rates | ||||||||
| Closing Exchange Rate (Local Currency per USD) | Closing Exchange Rate (Local Currency per USD) | |||||||
| Jun-24 | Jun-23 | Δ % | Mar-24 | Mar-23 | Δ % | |||
| México | 18.38 | 17.07 | 7.6% | 16.68 | 18.11 | -7.9% | ||
| Colombia | 4,148.04 | 4,191.28 | -1.0% | 3,842.30 | 4,627.27 | -17.0% | ||
| Brasil | 5.56 | 4.82 | 15.3% | 5.00 | 5.08 | -1.7% | ||
| Argentina | 912.00 | 256.70 | 255.3% | 858.00 | 209.01 | 310.5% | ||
| Costa Rica | 528.80 | 549.48 | -3.8% | 506.60 | 545.95 | -7.2% | ||
| Panama | 1.00 | 1.00 | 0.0% | 1.00 | 1.00 | 0.0% | ||
| Guatemala | 7.77 | 7.85 | -1.0% | 7.79 | 7.80 | -0.1% | ||
| Nicaragua | 36.62 | 36.44 | 0.5% | 36.62 | 36.35 | 0.8% | ||
| Uruguay | 39.99 | 37.41 | 6.9% | 37.55 | 38.65 | -2.8% | ||
| (2) Average exchange rate for each period computed with the average exchange rate of each month. | ||||||||
Coca-Cola FEMSA Reports 2Q24 Results July 19, 2024 | Page 17 of 17 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| COCA-COLA FEMSA, S.A.B. DE C.V. | |
| By: /s/ Gerardo Cruz Celaya | |
|
Gerardo Cruz Celaya Chief Financial Officer | |
| Date: July 18, 2024 |