Financial Statements 4Q24 Final Version 1
Financial Statements 4Q24 Final Version 1
327472.704
15,874.85
CONSOLIDATED FOURTH QUARTER RESULTS
As Reported
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023
Total revenues 75,528 66,078
Gross profit 35,695 30,475
Operating income 12,092 9,674
Adj. EBITDA (2) 16,104 13,149
As Reported
Expressed in millions of Mexican pesos FY 2024 FY 2023
Total revenues 279,793 245,088
Gross profit 128,736 110,860
Operating income 40,141 34,180
Adj. EBITDA (2) 56,205 46,418
As Reported
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023
Total revenues 41,540 37,622
Gross profit 20,255 18,422
Operating income 6,947 5,618
Adj. EBITDA (2) 9,531 7,704
As Reported
Expressed in millions of Mexican pesos 4Q 2024 4Q 2023
Total revenues 33,988 28,456
Gross profit 15,439 12,054
Operating income 5,145 4,056
Adj. EBITDA (2) 6,572 5,444
4Q 2024 4Q 2023
FY 2024 FY 2023
UARTER RESULTS
YEAR RESULTS
A DIVISION RESULTS
ION RESULTS
Currency
Mexican Pesos 59.1% 3.7% 8.7%
U.S. Dollars 18.3% 53.2% 4.2%
Colombian Pesos 2.4% 15.5% 8.1%
Brazilian Reals 19.2% 18.8% 9.8%
Argentine Pesos 0.9% 0.0% 50.1%
Total Debt 100% 23.9% 8.4%
(1)
After giving effect to cross- currency swaps.
(2)
Calculated by weighting each year´s outstanding debt balance mix.
12.51 11.86
Adj. EBITDA/ Interest expense, net (1)
Capitalization (2) 33.3% 32.8%
(1)
Net debt = total debt - cash
(2)
Total debt / (total debt + shareholders' equity)
(3)
After giving effect to cross-currency swaps.
Dec-23
140
27,351
752
26,673
54,916
-
65,074
1,769
18,056
139,815
-
6,680
127,025
133,705
273,520
FEMSA Comercio - Retail Division
Results of Operations
Millions of Pesos
#REF! #REF!
#REF! % of rev. #REF! % of rev. % Var. #REF! % of rev. #REF! % of rev. % Var.
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CAPEX #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
(A)
Organic basis (% Org.) Excludes the effects of significant mergers and acquisitions in the last twelve month
(1)
Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.
COCA-COLA FEMSA
CONSOLIDATED INCOME STATEMENT
Millions of Pesos (1)
Adj. EBITDA & CAPEX 2024 % of Rev. 2023 % of Rev. Δ% Reported Δ% Comparable (7)
(A)
The Philippines is presented as a discontinued operation as of January 1, 2018, and the consolidated income statements presented herein are re-presented as if the Philippines had been
discontinued from February 2017, date of the consolidation
of said operation.
(B)
Organic basis (% Org.) Excludes the effects of significant mergers and acquisitions in the last twelve month and the results of Coca-Cola FEMSA Venezuela in 2017.
(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.
(4)
Total current assets / total current liabilities.
(5)
Income from operations + depreciation + amortization & other / interest expense, net.
(6)
Total liabilities / total stockholders' equity.
(7)
Total debt / long-term debt + stockholders' equity.
Total debt = short-term bank loans + current maturities of long-term debt + long-term bank loans.
MEXICO & CENTRAL AMERICA DIVISION
RESULTS OF OPERATIONS
Millions of Pesos (1)
Δ% Δ% Comparable
2024 % of Rev. 2023 % of Rev. Reported (6)
(1)
Except volume and average price per unit case figures.
(2)
Quarter information: Includes total revenues of Ps. 20,921 million from our Mexican operation for the fourht quarter of 2018 and 20,044 for the same period of the previous year
(2)
Accumulated information: Includes total revenues of Ps. 84,352 million from our Mexican operation for the full year 2018 and 79,850 for the same period of the previous year
(3)
Includes equity method for jugos del Valle, Estrella azul, among others.
(4)
The operating income and operative cash flow lines are presented as non-gaap measures for the convenience of the reader.
SOUTH AMERICA DIVISION
RESULTS OF OPERATIONS
Millions of Pesos (1)
(1)
Except volume and average price per unit case figures.
Sales volume and average price per unit case exclude beer results.
(2)
Quarter information: Includes total revenues of Ps. 17,433 million from our Brazilian operation, Ps. 3,790 million from our Colombian operation, and Ps. 2,381 million from
(3)
Argentine operation for the fourth quarter of 2018; and Ps. 17,017 million from our Brazilian operation, Ps. 3,708 from our Colombian operation, and Ps. 4,290 million from o
Argentine operation for the same period of the previous year. Total Revenues includes Beer revenues in Brazil of Ps. 4,491 million for the fourth quarter of 2018 and Ps. 3,91
for the same period of the previous year.
Full year information: Includes total revenues of Ps. 56,523 million from our Brazilian operation, Ps. 14,580 million from our Colombian operation, and Ps. 9,152 million from
(3)
Argentine operation for the period of 2018; and Ps. 56,518 million from our Brazilian operation, Ps. 14,222 from our Colombian operation, and Ps. 13,869 million from our Arg
operation for the same period of the previous year. Total Revenues includes Beer revenues in Brazil of Ps. 13,849 million for the full year 2018 and Ps. 12,608 million for the s
period of the previous year.
(4)
Includes equity method in Leao Alimentos, Verde Campo, among others.
(5)
The operating income and operative cash flow lines are presented as non-gaap measures for the convenience of the reader.
(6)
Operative cash flow = operating income + depreciation, amortization & other operative non-cash charges.
Comparable means, with respect to a year-over-year comparison, the change in a given measure excluding the effects of (i) mergers, acquisitions and divestitures, (ii) trans
(7)
effects resulting from exchange rate movements (iii) the results of hyperinflationary economies in both periods, and (iv).
AMERICA DIVISION
TS OF OPERATIONS
Millions of Pesos (1)
Δ% Δ% Comparable Δ% Δ% Comparable
Reported (6)
2024 % of Rev. 2023 % of Rev. Reported (6)
Inflation (1)
(1)
Source: inflation estimated by the company based on historic publications from the Central Bank of each country.
(2)
Average exchange rate for each period computed with the average exchange rate of each month.
COCA-COLA FEMSA
QUARTERLY- VOLUME, TRANSACTIONS
Volume
4Q 2024
Sparkling Water (1)
Bulk (2) Stills
Mexico 346.9 29.1 84.9 36.6
Guatemala 43.2 1.5 - 2.6
CAM South 37.5 1.9 0.9 4.6
Mexico and Central America 427.6 32.5 85.8 43.8
Colombia 71.4 10.0 3.7 6.6
Brazil (3)
274.5 24.6 2.8 27.7
Argentina 39.0 7.1 1.9 4.6
Uruguay 12.4 2.1 - 1.1
South America 397.4 43.8 8.4 40.0
TOTAL 824.9 76.3 94.2 83.7
(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
4Q 2024
Sparkling Water Stills
Mexico 1,937.0 208.6 259.2
Guatemala 317.9 14.0 20.6
CAM South 269.5 12.6 52.4
Mexico and Central America 2,524.3 235.2 332.2
Colombia 511.0 101.4 49.4
Brazil (3)
1,821.5 213.9 314.3
Argentina 189.1 40.9 37.0
Uruguay 57.7 8.3 9.1
South America 2,579.3 364.4 409.8
TOTAL 5,103.6 599.6 742.0
Revenues
Expressed in million Mexican Pesos 4Q 2024 4Q 2023 Δ%
Mexico 33,078 30,709 7.7%
Guatemala 4,123 3,353 23.0%
CAM South 4,339 3,560 21.9%
Mexico and Central America 41,540 37,622 10.4%
Colombia 6,145 5,094 20.6%
Brazil (4) 22,099 20,125 9.8%
Argentina 3,996 1,932 106.8%
Uruguay 1,748 1,305 33.9%
South America 33,988 28,456 19.4%
TOTAL 75,528 66,078 14.3%
(3)
Volume and transactions in Brazil do not include beer
(4)
Brazil includes beer revenues of Ps. 1,571.7 million for the fourth quarter of 2024 and Ps. 1,734.2 million for the same period of the previo
COCA-COLA FEMSA
OLUME, TRANSACTIONS & REVENUES
4Q 2023 YoY
Total Sparkling Water(1)
Bulk(2)
Stills Total Δ%
497.4 346.1 26.4 85.8 35.1 493.4 0.8%
47.2 40.5 1.3 - 2.7 44.4 6.4%
44.9 35.5 2.0 0.9 4.7 43.1 4.2%
589.6 422.1 29.7 86.7 42.5 580.9 1.5%
91.6 70.9 10.2 3.5 7.4 91.9 -0.3%
329.6 266.4 22.4 3.2 26.0 318.0 3.7%
52.6 37.8 6.6 1.9 4.8 51.1 2.9%
15.7 12.0 1.7 - 0.8 14.4 8.9%
489.5 387.0 40.8 8.5 39.0 475.3 3.0%
1,079.1 809.1 70.5 95.2 81.5 1,056.2 2.2%
4Q 2023 YoY
Total Sparkling Water Stills Total Δ%
2,404.7 1,900.7 190.7 243.8 2,335.2 3.0%
352.5 293.4 12.9 21.9 328.2 7.4%
334.5 251.1 13.2 54.0 318.3 5.1%
3,091.7 2,445.2 216.9 319.7 2,981.7 3.7%
661.7 513.5 106.6 68.2 688.2 -3.9%
2,349.8 1,705.0 191.3 292.1 2,188.3 7.4%
267.0 182.6 41.0 44.5 268.1 -0.4%
75.1 55.0 6.6 6.5 68.2 10.1%
3,353.5 2,456.1 345.5 411.2 3,212.9 4.4%
6,445.3 4,901.3 562.4 730.9 6,194.6 4.0%
million for the same period of the previous year.
vOLUME (1)
Argentina Uruguay
5% 1%
Mexico 497.4
Guatemala 47.2
Brazil (3)
CAM South 44.9 31% Mexico
46%
Colombia 91.6216
Brazil (3) 329.6000
Argentina 52.5617
Uruguay 15.6981
Colombia
8% CAM South
Guatemala
4% 4%
Transactions (2)
Argentina Uruguay
4% 1%
Mexico
37%
0.37
Brazil (3)
Mexico 2,404.7 36%
Guatemala 352.5
CAM South 334.5
Colombia 661.7214
Brazil (3) 2,349.7692
Argentina 266.9789 Guatemala
5%
Uruguay 75.0575 Colombia CAM South
10% 5%
6,445.2584
vOLUMEn (1)
Uruguay
5% 1%
México 421.6
Centroaméri 56.4
Argentina
Mexico Colombia 60.3865 31% México
46% 46%
Brasil 212.4240
Argentina 34.7119
Uruguay 10.5839
Brasil
ala 8%
Colombia Centroamérica
4% 4%
s (2)
TRANSACCIONES (2)
Mexico
37% Uruguay
1%
México 2,223.1 4%
Centroaméri 465.3
Colombia 457.7892
México
Brasil 1,435.6856 37%
Centroamérica
5%
Brasil Colombia
10% 5%
(1)
México
46%
Centroamérica
4%
ES (2)
México
37%
Centroamérica
5%
Colombia
5%
COCA-COLA FEMSA
YTD- VOLUME, TRANSACTIONS & R
Volume
YTD 2024
Sparkling Water (1)
Bulk (2) Stills
Mexico 1,454.8 136.1 375.2 158.2
Guatemala 174.0 9.0 - 9.7
CAM South 145.6 6.3 3.8 21.3
Mexico and Central America 1,774.3 151.5 379.0 189.3
Colombia 267.9 40.4 15.6 28.4
Brazil (3)
966.1 83.3 10.2 99.7
Argentina 126.4 21.4 7.1 13.4
Uruguay 40.6 6.9 - 3.2
South America 1,400.9 152.1 32.9 144.7
TOTAL 3,175.3 303.5 411.9 333.9
(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
Sparkling Water Stills
Mexico 8,071.4 948.3 1,112.2
Guatemala 1,299.1 65.0 95.4
CAM South 1,058.5 56.3 220.5
Mexico and Central America 10,428.9 1,069.6 1,428.1
Colombia 1,951.1 412.9 228.8
Brazil (3)
6,428.1 725.8 1,132.2
Argentina 634.6 129.4 113.4
Uruguay 193.3 26.9 26.1
South America 9,207.1 1,295.0 1,500.5
TOTAL 19,636.0 2,364.6 2,928.6
Revenues
Expressed in million Mexican Pesos YTD 2024 YTD 2023 Δ%
Mexico 135,906 122,615 10.8%
Guatemala 15,524 13,016 19.3%
CAM South 15,566 13,731 13.4%
Mexico and Central America 166,996 149,362 11.8%
Colombia 20,994 17,680 18.7%
Brazil (4) 74,126 66,963 10.7%
Argentina 12,557 6,668 88.3%
Uruguay 5,119 4,415 15.9%
South America 112,797 95,726 17.8%
TOTAL 279,793 245,088 14.2%
(3)
Volume and transactions in Brazil do not include beer
(4)
Brazil includes beer revenues of Ps. 5,276.1 million for the full year of 2024 and Ps. 6,116.7 million for the same period of the previous yea
COCA-COLA FEMSA
ME, TRANSACTIONS & REVENUES
Mexico 2,124.3
Brazil (3)
Guatemala 192.8 27%
CAM South 177.0
Colombia 352.3475 Mexico
50%
Brazil (3) 1,159.2574
Argentina 168.2803
Uruguay 50.6872
Colombia
8%
CAM South
4%Guatemala
5%
Transactions (2)
ArgentinaUruguay
4% 1%
Mexico
Brazil (3)
0.41 33%
41%
Mexico 10,131.9
Guatemala 1,459.5
CAM South 1,335.2
Colombia 2,592.8452
Brazil (3) 8,286.1735
Argentina 877.3826
Colombia Guatemala
Uruguay 246.2330 10% CAM South 6%
5%
24,929.2142
3.59757088
vOLUMEn (1)
Uruguay
4% 1%
México 421.6
Centroaméri 56.4 Argentina
27%
Colombia 60.3865
Mexico Brasil 212.4240 México
50% 50%
Argentina 34.7119
Uruguay 10.5839
Brasil
8%
Colombia
Centroamérica
4%
5%
s (2)
TRANSACCIONES (2)
Mexico Uruguay
41% México 2,223.1 4% 1%
Centroaméri 465.3
Colombia 457.7892
Brasil 1,435.6856 Argentina
México
41%
33%
Argentina 203.9815
Uruguay 54.9943
4,840.8592
Guatemala
h 6%
Brasil Centroamérica
10% Colombia 6%
5%
(1)
México
50%
ES (2)
México
41%
Centroamérica
a 6%