UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of October 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, October 25, 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 third quarter
of 2024.
| · | Operating income growth 13.9% |
| · | Majority net income growth 8.9% |
| · | Earnings per share1 were Ps. 0.35. (Earnings per unit were Ps.
2.79 and per ADS were Ps. 27.89.) |
| · | Initiated pilot of a new salesforce automation tool, Juntos+ Advisor, with
encouraging results in Brazil |
FIRST NINE MONTHS HIGHLIGHTS |
| · | Operating income growth 13.4% |
| · | Majority net income growth 15.7% |
| · | Earnings per share1 were Ps. 0.98. (Earnings per unit were Ps.
7.83 and per ADS were Ps. 78.28.)x |
FINANCIAL SUMMARY FOR THE THIRD QUARTER RESULTS |
Change vs. same period of last year |
|
|
Total Revenues |
|
Gross Profit |
|
Operating Income |
|
Majority Net Income |
|
|
3Q24 |
YTD 2024 |
|
3Q24 |
YTD 2024 |
|
3Q24 |
YTD 2024 |
|
3Q24 |
YTD 2024 |
As Reported |
Consolidated |
10.7% |
12.4% |
|
11.3% |
14.0% |
|
13.9% |
13.4% |
|
8.9% |
15.7% |
Mexico & Central America |
9.0% |
12.3% |
|
10.7% |
13.7% |
|
11.3% |
12.1% |
|
|
|
South America |
13.6% |
12.6% |
|
12.2% |
14.7% |
|
20.6% |
16.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable (2) |
Consolidated |
11.3% |
15.7% |
|
11.5% |
17.2% |
|
13.6% |
16.3% |
|
|
|
Mexico & Central America |
6.7% |
12.0% |
|
8.4% |
13.4% |
|
9.1% |
12.0% |
|
|
|
South America |
19.5% |
22.0% |
|
17.4% |
24.9% |
|
25.7% |
28.1% |
|
|
|
Ian Craig,
Coca-Cola FEMSA’s CEO, commented:
“Our third-quarter results
underscore the resilience of our business and the strategic execution that drives Coca-Cola FEMSA forward. Despite unfavorable weather
conditions in Mexico, our consolidated volumes remained resilient, driven mainly by the solid growth achieved in Brazil and Guatemala.
At the same time, our team’s focus on growing the core business and driving cost and expense efficiencies enabled our revenues and
operating income to grow by double digits.
On the B2B front, we continued deploying
Juntos+, which now reaches 1.2 million monthly active buyers across Latin America. Additionally, we initiated the pilot of our new salesforce
automation tool, Juntos+ Advisor, with encouraging results. Juntos + Advisor leverages advanced AI models, empowering our salesforce to
help our clients reach their full potential and significantly improving our customer’s omnichannel experience. Finally, we are progressively
adding the necessary production and distribution capacity across key markets to enable future growth and deliver long-term value for all
our stakeholders.
Moreover, we express our sincere
support to all the people impacted by Hurricane John in the state of Guerrero during the quarter. Our team has worked tirelessly in providing
support to our employees, their families, and the affected communities. We are also encouraged that the reopening of our plant in Porto
Alegre is progressing according to plan; we resumed operations in our distribution center, while bottling operations will gradually begin
as of the fourth quarter.”
| (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 3Q24 Results October 25, 2024 | Page 2 of 17 |
RECENT
DEVELOPMENTS
| · | On September 5, the Company announced that it achieved the sustainability
performance target contemplated in its sustainability-linked bonds by achieving a water use efficiency ratio of 1.36 liters per liter
of beverage produced, and that such compliance has been confirmed by an external and independent verifier. As a result, Coca-Cola FEMSA
confirms that the calculation of the interest rate applicable to the sustainability-linked bonds as of the interest period beginning on
September 19, 2024, will not incur any modifications. |
| · | Coca-Cola FEMSA mobilized efforts to support the communities affected by
Hurricane John in the state of Guerrero, Mexico. As part of its commitment to aid in the recovery of the region, the Company coordinated
with local authorities to provide humanitarian relief, including donations of water, food, and essential supplies to the most impacted
areas. Coca-Cola FEMSA also deployed two water purification trucks, which have delivered almost 50 thousand liters of drinkable water,
equivalent to 2.4 thousand water jugs, ensuring access to clean water for those in need. These efforts underscore the Company’s
dedication to supporting both its employees and the broader community in this challenging time. |
| · | After the announcement of the temporary closure of its facility in Porto
Alegre due to the flooding that affected Rio Grande do Sul, Brazil last May, Coca-Cola FEMSA announced that plans to reopen the facility
continue progressing according to expectations. The distribution center resumed operations as of October, initially at partial capacity.
Production facilities are expected to gradually restart during the fourth quarter. Furthermore, the Company continues to offer support
to its employees, their families, its customers, and the community. |
| · | On October 15, 2024, Coca-Cola FEMSA paid the third installment of the ordinary
dividend approved for Ps. 0.19 per share, for a total cash distribution of Ps. 3,193.26 million. On December 9, 2024, Coca-Cola FEMSA
will pay the fourth and final installment of this dividend. |
CONFERENCE
CALL INFORMATION
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 3 of 17 |
CONSOLIDATED
THIRD QUARTER RESULTS
CONSOLIDATED THIRD QUARTER RESULTS |
|
|
|
|
|
|
|
|
|
As Reported |
|
Comparable (1) |
Expressed in millions of Mexican pesos |
|
3Q 2024 |
3Q 2023 |
Δ% |
|
Δ% |
Total revenues |
|
69,601 |
62,853 |
10.7% |
|
11.3% |
Gross profit |
|
32,094 |
28,848 |
11.3% |
|
11.5% |
Operating income |
|
9,638 |
8,460 |
13.9% |
|
13.6% |
Adj. EBITDA (2) |
|
14,001 |
11,830 |
18.4% |
|
19.3% |
Volume
increased 0.8% to 1,041.1 million unit cases, driven by volume growth in our Brazil, Guatemala, and Central America South territories,
coupled with stable volume performance in Argentina. This increase was partially offset by volume declines in Mexico, Colombia, and Uruguay.
Total
revenues increased 10.7% to Ps. 69,601 million. This increase was driven mainly by our revenue management initiatives and favorable
mix effects. Excluding currency translation effects, total revenues increased 11.3%.
Gross
profit increased 11.3% to Ps. 32,094 million, and gross margin increased 20 basis points to 46.1%. This expansion was driven
mainly by our top-line growth, coupled with easing raw material costs and favorable hedging initiatives. These effects were partially
offset by an increase in purchases of finished product in Brazil, higher fixed costs and the depreciation of the Argentine Peso. Excluding
currency translation effects, gross profit increased 11.5%.
Operating
income increased 13.9% to Ps. 9,638 million, and operating margin increased 30 basis points to 13.8%. This margin expansion
was driven mainly by operating expense efficiencies and favorable mix effects that mitigated margin pressures related to higher operating
expenses such as labor, marketing, freight, and maintenance. In addition, we recognized one-time income of Ps. 339 million for the quarter
related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023. Excluding currency translation effects, operating
income increased 13.6%.
| (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 3Q24 Results October 25, 2024 | Page 4 of 17 |
Comprehensive
financing result recorded an expense of Ps. 823 million, compared to an expense of Ps. 552 million in the previous year. This
increase was driven mainly by a lower foreign exchange gain of Ps. 49 million in the third quarter of 2024 as compared to a gain of Ps.
322 million in the same period of the previous year. In addition, we recognized higher interest expense, net, of Ps. 1,059 million as
compared to Ps. 986 million in the same period of the previous year, mainly because of new debt in Argentina and an increase in interest
rates in our floating debt.
These effects were partially offset
by a higher 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 31.5% as compared to 29.6% during the same period of 2023. This increase was
driven mainly by deferred taxes.
Net
income attributable to equity holders of the company was Ps. 5,858 million as compared to Ps. 5,380 million during the same
period of the previous year. This increase was driven mainly by operating income growth, partially offset by an increase in our comprehensive
financing result and in income taxes. Earnings per share1 were Ps. 0.35 (Earnings per unit were Ps. 2.79 and per ADS were Ps.
27.89.).
| (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 3Q24 Results October 25, 2024 | Page 5 of 17 |
CONSOLIDATED
FIRST NINE months RESULTS
CONSOLIDATED FIRST NINE MONTHS RESULTS |
|
|
|
|
|
|
|
|
|
As Reported |
|
Comparable (1) |
Expressed in millions of Mexican pesos |
|
YTD 2024 |
YTD 2023 |
Δ% |
|
Δ% |
Total revenues |
|
203,873 |
181,376 |
12.4% |
|
15.7% |
Gross profit |
|
92,886 |
81,451 |
14.0% |
|
17.2% |
Operating income |
|
28,037 |
24,716 |
13.4% |
|
16.3% |
Adj. EBITDA (2) |
|
40,044 |
33,737 |
18.7% |
|
22.6% |
Volume
increased 5.1% to 3,145.6 million unit cases, driven by volume growth in most of our territories, including Mexico, Brazil, Guatemala,
Colombia, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.
Total
revenues increased 12.4% to Ps. 203,873 million. This increase was driven mainly by our solid volume growth and revenue management
initiatives. These effects were partially offset by unfavorable currency translation effects of most of our operating currencies into
Mexican Pesos. Excluding currency translation effects, total revenues increased 15.7%.
Gross
profit increased 14.0% to Ps. 92,886 million, and gross margin expanded 70 basis points to 45.6%. 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 17.2%.
Operating
income increased 13.4% to Ps. 28,037 million, and operating margin increased 20 basis points to 13.8%. This increase was driven
by top-line growth and operating expense efficiencies. These effects were partially offset by increases in operating expenses such as
labor, freight, and maintenance, coupled with a tough comparison base that included a non-cash operating foreign exchange gain in Mexico,
as compared to a loss this year. Excluding currency translation effects, operating income increased 16.3%.
| (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 3Q24 Results October 25, 2024 | Page 6 of 17 |
Comprehensive
financing result recorded an expense of Ps. 2,918 million, compared to an expense of Ps. 3,329 million in the previous year.
This decrease is explained mainly by a foreign exchange gain of Ps. 249 million as compared to a loss of Ps. 739 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 nine
months of 2024.
These effects were partially offset
by an increase in our interest expense, net, of Ps. 3,415 million as compared to an expense of Ps. 2,804 million in the same period of
the previous year, mainly because of an increase in our debt in Argentina partially offset by a reduction in our interest income and the
maturity of a Mexican peso denominated bond.
Income
tax as a percentage of income before taxes was 32.5% as compared to 29.6% during the same period of 2023. This increase was
driven mainly by deferred taxes.
Net
income attributable to equity holders of the company increased 15.7% to reach Ps. 16,445 million during the first nine months
of 2024, as compared to Ps. 14,213 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. These effects were partially offset by higher income taxes. Earnings
per share1 were Ps. 0.98 (Earnings per unit were Ps. 7.83 and per ADS were Ps. 78.28.).
| (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 3Q24 Results October 25, 2024 | Page 7 of 17 |
MEXICO
& CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS
(Mexico, Guatemala, Costa Rica, Panama,
and Nicaragua)
MEXICO & CENTRAL AMERICA DIVISION RESULTS |
|
|
|
|
|
|
|
|
|
As Reported |
|
Comparable (1) |
Expressed in millions of Mexican pesos |
|
3Q 2024 |
3Q 2023 |
Δ% |
|
Δ% |
Total revenues |
|
42,546 |
39,035 |
9.0% |
|
6.7% |
Gross profit |
|
20,691 |
18,689 |
10.7% |
|
8.4% |
Operating income |
|
6,711 |
6,032 |
11.3% |
|
9.1% |
Adj. EBITDA (2) |
|
9,411 |
8,182 |
15.0% |
|
12.7% |
Volume
decreased 0.7% driven by a 1.5% decline in Mexico mainly because of unfavorable weather conditions, partially offset by a 7.5% increase
in Guatemala and a 1.5% increase in our Central America South territories.
Total
revenues increased 9.0% to Ps. 42,546 million, driven mainly by revenue management initiatives and the favorable translation
effect from most of our operating currencies into Mexican Pesos. These effects were partially offset by a slight volume decline. Excluding
currency translation effects, total revenues increased 6.7%.
Gross
profit increased 10.7% to Ps. 20,691 million, and gross margin expanded 70 basis points to 48.6%. This margin expansion was
driven mainly by our top-line growth, easing sweetener and packaging costs, coupled with favorable hedging initiatives. These effects
were partially offset by higher fixed costs. Excluding currency translation effects, gross profit increased 8.4%.
Operating
income increased 11.3% to Ps. 6,711 million, and operating margin increased 30 basis points to 15.8%. This increase was driven
mainly by our top-line growth, favorable mix, and operating expense efficiencies that mitigated margin pressures related to higher operating
expenses such as labor, marketing, freight, and maintenance, coupled with an operating foreign exchange loss. In addition, this quarter
we recognized one-time income of Ps. 339 million related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023.
Excluding currency translation effects, operating income increased 9.1%.
| (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 3Q24 Results October 25, 2024 | Page 8 of 17 |
SOUTH
AMERICA DIVISION THIRD QUARTER RESULTS
(Brazil, Argentina, Colombia, and
Uruguay)
SOUTH AMERICA DIVISION RESULTS |
|
|
|
|
|
|
|
|
|
As Reported |
|
Comparable (1) |
Expressed in millions of Mexican pesos |
|
3Q 2024 |
3Q 2023 |
Δ% |
|
Δ% |
Total revenues |
|
27,056 |
23,818 |
13.6% |
|
19.5% |
Gross profit |
|
11,403 |
10,159 |
12.2% |
|
17.4% |
Operating income |
|
2,927 |
2,428 |
20.6% |
|
25.7% |
Adj. EBITDA (2) |
|
4,590 |
3,647 |
25.8% |
|
35.5% |
Volume
increased 3.1% to 412.1 million unit cases, driven mainly by a 6.3% volume growth in Brazil and stable performance in Argentina. These
effects were partially offset by volume declines of 4.0% in Colombia and 2.6% in Uruguay.
Total
revenues increased 13.6% to Ps. 27,056 million. This increase was driven mainly by volume growth, coupled with revenue management
initiatives. These effects were 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 19.5%.
Gross
profit increased 12.2% to Ps. 11,403 million, and gross margin contracted 60 basis points to 42.1%. This contraction was driven
mainly by increases in sweetener costs, purchases of finished products, and the depreciation of most of our operating currencies as applied
to our U.S. dollar-denominated raw material costs. These effects were partially offset by our top-line growth, declining packaging costs,
and favorable hedging strategies. Excluding currency translation effects, gross profit increased 17.4%.
Operating
income increased 20.6% to Ps. 2,927 million, resulting in an operating margin expansion of 60 basis points to 10.8%. This increase
was driven mainly by operating leverage resulting from top-line growth and cost and expense control initiatives. These effects were partially
offset by higher fixed costs and expenses such as freight, labor, and the top-line contraction from Argentina. Excluding currency translation
effects, operating income increased 25.7%.
| (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 3Q24 Results October 25, 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 to maintain comparability.
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 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 its stakeholders across the value chain.
The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, 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 3Q24 Results October 25, 2024 | Page 11 of 17 |
COCA-COLA FEMSA |
CONSOLIDATED INCOME STATEMENT |
Millions of Pesos (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Third Quarter of: |
|
For the First Nine Months of: |
|
|
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) |
|
6,153.2 |
|
6,048.6 |
|
1.7% |
1.7% |
|
18,484.0 |
|
17,548.7 |
|
5.3% |
5.3% |
Volume (million unit cases) |
|
1,041.1 |
|
1,033.1 |
|
0.8% |
0.8% |
|
3,145.6 |
|
2,991.6 |
|
5.1% |
5.1% |
Average price per unit case |
|
64.93 |
|
58.87 |
|
10.3% |
|
|
63.00 |
|
58.72 |
|
7.3% |
|
Net revenues |
|
69,399 |
|
62,612 |
|
10.8% |
|
|
203,342 |
|
180,780 |
|
12.5% |
|
Other operating revenues |
|
203 |
|
241 |
|
-15.9% |
|
|
532 |
|
596 |
|
-10.7% |
|
Total revenues (2) |
|
69,601 |
100.0% |
62,853 |
100.0% |
10.7% |
11.3% |
|
203,873 |
100.0% |
181,376 |
100.0% |
12.4% |
15.7% |
Cost of goods sold |
|
37,507 |
53.9% |
34,005 |
54.1% |
10.3% |
|
|
110,987 |
54.4% |
99,925 |
55.1% |
11.1% |
|
Gross profit |
|
32,094 |
46.1% |
28,848 |
45.9% |
11.3% |
11.5% |
|
92,886 |
45.6% |
81,451 |
44.9% |
14.0% |
17.2% |
Operating expenses |
|
22,425 |
32.2% |
19,970 |
31.8% |
12.3% |
|
|
64,076 |
31.4% |
56,500 |
31.2% |
13.4% |
|
Other operative expenses, net |
|
76 |
0.1% |
500 |
0.8% |
-84.8% |
|
|
940 |
0.5% |
421 |
0.2% |
123.4% |
|
Operative equity method (gain) loss in associates(3) |
|
(45) |
-0.1% |
(82) |
-0.1% |
-45.3% |
|
|
(166) |
-0.1% |
(187) |
-0.1% |
-10.8% |
|
Operating income (5) |
|
9,638 |
13.8% |
8,460 |
13.5% |
13.9% |
13.6% |
|
28,037 |
13.8% |
24,716 |
13.6% |
13.4% |
16.3% |
Other non operative expenses, net |
|
94 |
0.1% |
138 |
0.2% |
-32.0% |
|
|
67 |
0.0% |
484 |
0.3% |
-86.2% |
|
Non Operative equity method (gain) loss in associates (4) |
|
(133) |
-0.2% |
(16) |
0.0% |
718.7% |
|
|
(75) |
0.0% |
149 |
0.1% |
NA |
|
Interest expense |
|
1,909 |
|
1,707 |
|
11.8% |
|
|
5,580 |
|
5,382 |
|
3.7% |
|
Interest income |
|
850 |
|
721 |
|
17.9% |
|
|
2,165 |
|
2,578 |
|
-16.0% |
|
Interest expense, net |
|
1,059 |
|
986 |
|
7.3% |
|
|
3,415 |
|
2,804 |
|
21.8% |
|
Foreign exchange loss (gain) |
|
(49) |
|
(322) |
|
-84.8% |
|
|
(249) |
|
739 |
|
-133.7% |
|
Loss (gain) on monetary position in inflationary subsidiaries |
|
(100) |
|
(17) |
|
486.5% |
|
|
(147) |
|
(134) |
|
10.0% |
|
Market value (gain) loss on financial instruments |
|
(86) |
|
(95) |
|
-9.1% |
|
|
(101) |
|
(80) |
|
26.6% |
|
Comprehensive financing result |
|
823 |
|
552 |
|
49.0% |
|
|
2,918 |
|
3,329 |
|
-12.4% |
|
Income before taxes |
|
8,854 |
|
7,786 |
|
13.7% |
|
|
25,127 |
|
20,754 |
|
21.1% |
|
Income taxes |
|
2,731 |
|
2,273 |
|
20.2% |
|
|
8,074 |
|
6,128 |
|
31.8% |
|
Result of discontinued operations |
|
- |
|
- |
|
NA |
|
|
- |
|
- |
|
NA |
|
Consolidated net income |
|
6,123 |
|
5,513 |
|
11.1% |
|
|
17,052 |
|
14,627 |
|
16.6% |
|
Net income attributable to equity holders of the company |
|
5,858 |
8.4% |
5,380 |
8.6% |
8.9% |
7.9% |
|
16,445 |
8.1% |
14,213 |
7.8% |
15.7% |
18.7% |
Non-controlling interest |
|
265 |
0.4% |
133 |
0.2% |
99.4% |
|
|
607 |
0.3% |
414 |
0.2% |
46.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
9,638 |
13.8% |
8,460 |
13.5% |
13.9% |
13.6% |
|
28,037 |
13.8% |
24,716 |
13.6% |
13.4% |
16.3% |
Depreciation |
|
2,858 |
|
2,468 |
|
15.8% |
|
|
8,110 |
|
7,179 |
|
13.0% |
|
Amortization and other operative non-cash charges |
|
1,504 |
|
902 |
|
66.8% |
|
|
3,897 |
|
1,841 |
|
111.7% |
|
Adj. EBITDA (5)(6) |
|
14,001 |
20.1% |
11,830 |
18.8% |
18.4% |
19.3% |
|
40,044 |
19.6% |
33,737 |
18.6% |
18.7% |
22.6% |
CAPEX(8) |
|
6,945 |
|
4,976 |
|
39.6% |
|
|
15,638 |
|
11,713 |
|
33.5% |
|
(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 September 30, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 15,717 million.
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 12 of 17 |
MEXICO & CENTRAL AMERICA DIVISION |
RESULTS OF OPERATIONS |
Millions of Pesos (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Third Quarter of: |
|
For the First Nine Months of: |
|
|
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) |
|
3,250.4 |
|
3,232.8 |
|
0.5% |
0.5% |
|
9,834.9 |
|
9,363.2 |
|
5.0% |
5.0% |
Volume (million unit cases) |
|
629.0 |
|
633.2 |
|
-0.7% |
-0.7% |
|
1,904.5 |
|
1,813.9 |
|
5.0% |
5.0% |
Average price per unit case |
|
67.16 |
|
61.28 |
|
9.6% |
|
|
65.50 |
|
61.36 |
|
6.7% |
|
Net revenues |
|
42,533 |
|
39,024 |
|
|
|
|
125,455 |
|
111,717 |
|
|
|
Other operating revenues |
|
13 |
|
11 |
|
|
|
|
1 |
|
23 |
|
|
|
Total Revenues (2) |
|
42,546 |
100.0% |
39,035 |
100.0% |
9.0% |
6.7% |
|
125,456 |
100.0% |
111,740 |
100.0% |
12.3% |
12.0% |
Cost of goods sold |
|
21,855 |
51.4% |
20,346 |
52.1% |
|
|
|
64,930 |
51.8% |
58,497 |
52.4% |
|
|
Gross profit |
|
20,690.8 |
48.6% |
18,688.8 |
47.9% |
10.7% |
8.4% |
|
60,526.4 |
48.2% |
53,243.0 |
47.6% |
13.7% |
13.4% |
Operating expenses |
|
13,971.0 |
32.8% |
12,369.9 |
31.7% |
|
|
|
40,325.4 |
32.1% |
35,680.3 |
31.9% |
|
|
Other operative expenses, net |
|
36 |
0.1% |
344 |
-0.1% |
|
|
|
633 |
0.5% |
132 |
0.1% |
|
|
Operative equity method (gain) loss in associates (3) |
|
(27) |
-0.1% |
(57) |
-0.1% |
|
|
|
(115) |
-0.1% |
(121) |
-0.1% |
|
|
Operating income (4) |
|
6,711 |
15.8% |
6,032 |
15.5% |
11.3% |
9.1% |
|
19,683 |
15.7% |
17,552 |
15.7% |
12.1% |
12.0% |
Depreciation, amortization & other operating non-cash charges |
|
2,700 |
6.3% |
2,151 |
5.5% |
|
|
|
7,354 |
5.9% |
5,566 |
5.0% |
|
|
Adj. EBITDA (4)(5) |
|
9,411 |
22.1% |
8,182 |
21.0% |
15.0% |
12.7% |
|
27,037 |
21.6% |
23,118 |
20.7% |
17.0% |
16.7% |
(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.
SOUTH AMERICA DIVISION |
RESULTS OF OPERATIONS |
Millions of Pesos (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Third Quarter of: |
|
For the First Nine 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) |
|
2,902.7 |
|
2,815.8 |
|
3.1% |
3.1% |
|
8,649.1 |
|
8,185.6 |
|
5.7% |
5.7% |
Volume (million unit cases) |
|
412.1 |
|
399.9 |
|
3.1% |
3.1% |
|
1,241.1 |
|
1,177.7 |
|
5.4% |
5.4% |
Average price per unit case |
|
61.52 |
|
55.05 |
|
11.8% |
|
|
59.16 |
|
54.65 |
|
8.3% |
|
Net revenues |
|
26,865 |
|
23,588 |
|
|
|
|
77,886 |
|
69,063 |
|
|
|
Other operating revenues |
|
190 |
|
230 |
|
|
|
|
531 |
|
573 |
|
|
|
Total Revenues (2) |
|
27,056 |
100.0% |
23,818 |
100.0% |
13.6% |
19.5% |
|
78,417 |
100.0% |
69,636 |
100.0% |
12.6% |
22.0% |
Cost of goods sold |
|
15,652 |
57.9% |
13,659 |
57.3% |
|
|
|
46,057 |
58.7% |
41,428 |
59.5% |
|
|
Gross profit |
|
11,403 |
42.1% |
10,159 |
42.7% |
12.2% |
17.4% |
|
32,360 |
41.3% |
28,208 |
40.5% |
14.7% |
24.9% |
Operating expenses |
|
8,454 |
31.2% |
7,600 |
31.9% |
|
|
|
23,751 |
30.3% |
20,820 |
29.9% |
|
|
Other operative expenses, net |
|
40 |
0.1% |
156 |
0.7% |
|
|
|
307 |
0.4% |
289 |
0.4% |
|
|
Operative equity method (gain) loss in associates (3) |
|
(18) |
-0.1% |
(25) |
-0.1% |
|
|
|
(52) |
-0.1% |
(66) |
-0.1% |
|
|
Operating income (4) |
|
2,927.4 |
10.8% |
2,427.7 |
10.2% |
20.6% |
25.7% |
|
8,353.6 |
10.7% |
7,164.5 |
10.3% |
16.6% |
28.1% |
Depreciation, amortization & other operating non-cash charges |
|
1,663 |
6.1% |
1,220 |
5.1% |
|
|
|
4,653 |
5.9% |
3,454 |
5.0% |
|
|
Adj. EBITDA (4)(5) |
|
4,590 |
17.0% |
3,647 |
15.3% |
25.8% |
35.5% |
|
13,007 |
16.6% |
10,619 |
15.2% |
22.5% |
36.9% |
| (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 3Q24 Results October 25, 2024 | Page 13 of 17 |
COCA-COLA FEMSA |
CONSOLIDATED BALANCE SHEET |
Millions of Pesos |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
Sep-24 |
Dec-23 |
% Var. |
|
Liabilities & Equity |
|
Sep-24 |
Dec-23 |
% Var. |
Current Assets |
|
|
|
|
|
Current Liabilities |
|
|
|
|
Cash, cash equivalents and marketable securities |
|
|
|
|
|
Short-term bank loans and notes payable |
|
2,557 |
140 |
1726% |
|
41,493 |
31,060 |
34% |
|
Suppliers |
|
30,966 |
27,351 |
13% |
Total accounts receivable |
|
16,600 |
17,749 |
-6% |
|
Short-term leasing Liabilities |
|
818 |
752 |
9% |
Inventories |
|
13,973 |
11,880 |
18% |
|
Other current liabilities |
|
36,533 |
26,673 |
37% |
Other current assets |
|
8,674 |
7,049 |
23% |
|
Total current liabilities |
|
70,873 |
54,916 |
29% |
Total current assets |
|
80,740 |
67,738 |
19% |
|
Non-Current Liabilities |
|
- |
- |
|
Non-Current Assets |
|
- |
- |
|
|
Long-term bank loans and notes payable |
|
69,325 |
65,074 |
7% |
Property, plant and equipment |
|
153,835 |
133,406 |
15% |
|
Long Term Leasing Liabilities |
|
2,205 |
1,769 |
25% |
Accumulated depreciation |
|
(62,358) |
(54,676) |
14% |
|
Other long-term liabilities |
|
17,674 |
18,056 |
-2% |
Total property, plant and equipment, net |
|
91,478 |
78,730 |
16% |
|
Total liabilities |
|
160,076 |
139,815 |
14% |
Right of use assets |
|
2,815 |
2,388 |
18% |
|
Equity |
|
- |
- |
|
Investment in shares |
|
10,105 |
9,246 |
9% |
|
Non-controlling interest |
|
7,545 |
6,680 |
13% |
Intangible assets and other assets |
|
103,904 |
101,162 |
3% |
|
Total controlling interest |
|
140,303 |
127,025 |
10% |
Other non-current assets |
|
18,882 |
14,256 |
32% |
|
Total equity |
|
147,848 |
133,705 |
11% |
Total Assets |
|
307,924 |
273,520 |
13% |
|
Total Liabilities and Equity |
|
307,924 |
273,520 |
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep 30, 2024 |
|
|
|
|
|
|
Debt Mix |
|
% Total Debt (1) |
% Interest Rate Floating (1) (2) |
Average Rate |
|
Debt Maturity Profile |
Currency |
|
|
|
|
|
|
|
|
|
|
Mexican Pesos |
|
58.9% |
3.7% |
8.7% |
|
|
U.S. Dollars |
|
17.7% |
53.2% |
4.2% |
|
Colombian Pesos |
|
1.4% |
0.0% |
6.3% |
|
Brazilian Reals |
|
21.1% |
18.8% |
9.3% |
|
Argentine Pesos |
|
0.9% |
0.0% |
50.1% |
|
Total Debt |
|
100% |
23.4% |
8.4% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) After giving effect to cross- currency swaps. |
(2) Calculated by weighting each year´s outstanding debt balance mix. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Ratios |
|
3Q 2024 |
FY 2024 |
Δ% |
|
|
|
|
|
|
Net debt including effect of hedges (1)(3) |
|
30,307 |
37,794 |
-19.8% |
|
|
|
|
|
|
Net debt including effect of hedges / Adj. EBITDA (1)(3) |
|
0.57 |
0.81 |
|
|
|
|
|
|
|
Adj. EBITDA/ Interest expense, net (1) |
|
11.73 |
11.86 |
|
|
|
|
|
|
|
Capitalization (2) |
|
33.1% |
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 3Q24 Results October 25, 2024 | Page 14 of 17 |
COCA-COLA FEMSA |
QUARTERLY- VOLUME, TRANSACTIONS & REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume |
|
|
3Q 2024 |
|
3Q 2023 |
|
YoY |
|
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Sparkling |
Water (1) |
Bulk (2) |
Stills |
Total |
|
Δ % |
Mexico |
|
373.1 |
31.7 |
92.3 |
39.9 |
537.0 |
|
377.2 |
31.8 |
98.7 |
37.5 |
545.3 |
|
-1.5% |
Guatemala |
|
44.4 |
2.5 |
- |
2.3 |
49.2 |
|
41.3 |
2.1 |
- |
2.3 |
45.7 |
|
7.5% |
CAM South |
|
35.0 |
1.3 |
0.9 |
5.5 |
42.8 |
|
34.3 |
1.3 |
0.8 |
5.7 |
42.2 |
|
1.5% |
Mexico and Central America |
|
452.6 |
35.4 |
93.3 |
47.8 |
629.0 |
|
452.8 |
35.3 |
99.6 |
45.5 |
633.2 |
|
-0.7% |
Colombia |
|
66.0 |
10.5 |
3.9 |
7.1 |
87.4 |
|
68.6 |
11.0 |
3.7 |
7.7 |
91.0 |
|
-4.0% |
Brazil (3) |
|
227.5 |
19.1 |
2.2 |
23.2 |
272.0 |
|
214.1 |
18.2 |
2.4 |
21.2 |
255.9 |
|
6.3% |
Argentina |
|
31.1 |
5.0 |
1.5 |
3.3 |
40.9 |
|
31.5 |
4.7 |
1.4 |
3.4 |
41.0 |
|
0.0% |
Uruguay |
|
9.4 |
1.5 |
- |
0.7 |
11.7 |
|
9.4 |
2.1 |
- |
0.5 |
12.0 |
|
-2.6% |
South America |
|
334.0 |
36.1 |
7.6 |
34.4 |
412.1 |
|
323.6 |
35.9 |
7.5 |
32.8 |
399.9 |
|
3.1% |
TOTAL |
|
786.5 |
71.5 |
100.9 |
82.2 |
1,041.1 |
|
776.5 |
71.2 |
107.1 |
78.4 |
1,033.1 |
|
0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q 2024 |
|
3Q 2023 |
|
YoY |
|
|
Sparkling |
Water |
Stills |
Total |
|
Sparkling |
Water |
Stills |
Total |
|
Δ % |
Mexico |
|
2,036.8 |
223.2 |
279.2 |
2,539.2 |
|
2,067.6 |
225.8 |
260.4 |
2,553.7 |
|
-0.6% |
Guatemala |
|
339.1 |
16.3 |
24.9 |
380.3 |
|
313.4 |
14.8 |
24.0 |
352.2 |
|
8.0% |
CAM South |
|
261.5 |
13.4 |
55.9 |
330.8 |
|
254.1 |
13.1 |
59.7 |
326.9 |
|
1.2% |
Mexico and Central America |
|
2,637.4 |
253.0 |
360.0 |
3,250.4 |
|
2,635.1 |
253.7 |
344.0 |
3,232.8 |
|
0.5% |
Colombia |
|
485.7 |
106.8 |
55.2 |
647.7 |
|
508.2 |
115.4 |
77.1 |
700.7 |
|
-7.6% |
Brazil (3) |
|
1,547.5 |
168.4 |
266.1 |
1,982.0 |
|
1,433.2 |
158.4 |
239.5 |
1,831.1 |
|
8.2% |
Argentina |
|
158.8 |
30.1 |
27.8 |
216.8 |
|
165.6 |
30.8 |
31.9 |
228.2 |
|
-5.0% |
Uruguay |
|
44.6 |
5.9 |
5.8 |
56.3 |
|
44.0 |
7.6 |
4.2 |
55.8 |
|
0.7% |
South America |
|
2,236.6 |
311.2 |
355.0 |
2,902.7 |
|
2,151.0 |
312.2 |
352.6 |
2,815.8 |
|
3.1% |
TOTAL |
|
4,874.0 |
564.1 |
715.0 |
6,153.2 |
|
4,786.0 |
565.9 |
696.7 |
6,048.6 |
|
1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expressed in million Mexican Pesos |
|
3Q 2024 |
3Q 2023 |
Δ % |
|
|
|
|
|
|
|
|
|
|
Mexico |
|
34,500 |
32,378 |
6.6% |
|
|
|
|
|
|
|
|
|
|
Guatemala |
|
4,157 |
3,331 |
24.8% |
|
|
|
|
|
|
|
|
|
|
CAM South |
|
3,889 |
3,327 |
16.9% |
|
|
|
|
|
|
|
|
|
|
Mexico and Central America |
|
42,546 |
39,035 |
9.0% |
|
|
|
|
|
|
|
|
|
|
Colombia |
|
5,181 |
4,801 |
7.9% |
|
|
|
|
|
|
|
|
|
|
Brazil (4) |
|
17,747 |
15,760 |
12.6% |
|
|
|
|
|
|
|
|
|
|
Argentina |
|
2,852 |
2,245 |
27.1% |
|
|
|
|
|
|
|
|
|
|
Uruguay |
|
1,275 |
1,012 |
26.0% |
|
|
|
|
|
|
|
|
|
|
South America |
|
27,056 |
23,818 |
13.6% |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
69,601 |
62,853 |
10.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Volume and transactions in Brazil do not include beer |
(4) Brazil includes beer revenues of Ps. 1,175.3 million for the third quarter of 2024 and Ps. 1,421.6 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 soda fountains, which represent
multiple transactions based on a standard 12 oz. serving. |
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 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 |
|
1,107.9 |
107.0 |
290.3 |
121.7 |
1,626.8 |
|
1,062.7 |
95.3 |
290.7 |
110.8 |
1,559.5 |
|
4.3% |
Guatemala |
|
130.8 |
7.6 |
- |
7.1 |
145.5 |
|
117.1 |
5.7 |
- |
6.9 |
129.8 |
|
12.1% |
CAM South |
|
108.0 |
4.4 |
2.9 |
16.7 |
132.1 |
|
100.8 |
4.8 |
1.9 |
17.1 |
124.6 |
|
6.0% |
Mexico and Central America |
|
1,346.8 |
119.0 |
293.2 |
145.5 |
1,904.5 |
|
1,280.6 |
105.8 |
292.6 |
134.9 |
1,813.9 |
|
5.0% |
Colombia |
|
196.5 |
30.4 |
12.0 |
21.8 |
260.7 |
|
193.9 |
29.1 |
10.5 |
22.3 |
255.7 |
|
2.0% |
Brazil (3) |
|
691.6 |
58.7 |
7.4 |
72.0 |
829.7 |
|
636.0 |
52.8 |
7.0 |
61.4 |
757.2 |
|
9.6% |
Argentina |
|
87.3 |
14.3 |
5.2 |
8.9 |
115.7 |
|
97.3 |
14.5 |
3.9 |
11.9 |
127.6 |
|
-9.3% |
Uruguay |
|
28.1 |
4.8 |
- |
2.0 |
35.0 |
|
28.6 |
7.1 |
- |
1.6 |
37.3 |
|
-6.1% |
South America |
|
1,003.6 |
108.3 |
24.5 |
104.7 |
1,241.1 |
|
955.7 |
103.4 |
21.4 |
97.1 |
1,177.7 |
|
5.4% |
TOTAL |
|
2,350.3 |
227.3 |
317.7 |
250.2 |
3,145.6 |
|
2,236.3 |
209.2 |
314.1 |
232.0 |
2,991.6 |
|
5.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
6,134.4 |
739.7 |
853.0 |
7,727.1 |
|
5,935.0 |
675.7 |
783.1 |
7,393.8 |
|
4.5% |
Guatemala |
|
981.2 |
51.1 |
74.8 |
1,107.0 |
|
886.3 |
43.7 |
70.3 |
1,000.3 |
|
10.7% |
CAM South |
|
789.0 |
43.6 |
168.1 |
1,000.7 |
|
745.3 |
40.6 |
183.2 |
969.1 |
|
3.3% |
Mexico and Central America |
|
7,904.6 |
834.4 |
1,095.9 |
9,834.8 |
|
7,566.6 |
760.0 |
1,036.5 |
9,363.2 |
|
5.0% |
Colombia |
|
1,440.1 |
311.5 |
179.5 |
1,931.1 |
|
1,429.1 |
305.2 |
234.1 |
1,968.4 |
|
-1.9% |
Brazil (3) |
|
4,606.6 |
511.9 |
817.9 |
5,936.4 |
|
4,182.7 |
463.8 |
689.0 |
5,335.5 |
|
11.3% |
Argentina |
|
445.5 |
88.5 |
76.4 |
610.4 |
|
507.3 |
94.2 |
104.9 |
706.3 |
|
-13.6% |
Uruguay |
|
135.6 |
18.6 |
17.0 |
171.2 |
|
135.7 |
26.0 |
13.8 |
175.4 |
|
-2.4% |
South America |
|
6,627.8 |
930.6 |
1,090.7 |
8,649.1 |
|
6,254.6 |
889.2 |
1,041.8 |
8,185.6 |
|
5.7% |
TOTAL |
|
14,532.4 |
1,764.9 |
2,186.6 |
18,484.0 |
|
13,821.3 |
1,649.2 |
2,078.3 |
17,548.8 |
|
5.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expressed in million Mexican Pesos |
|
YTD 2024 |
YTD 2023 |
Δ % |
|
|
|
|
|
|
|
|
|
|
Mexico |
|
102,828 |
91,906 |
11.9% |
|
|
|
|
|
|
|
|
|
|
Guatemala |
|
11,401 |
9,664 |
18.0% |
|
|
|
|
|
|
|
|
|
|
CAM South |
|
11,227 |
10,171 |
10.4% |
|
|
|
|
|
|
|
|
|
|
Mexico and Central America |
|
125,456 |
111,740 |
12.3% |
|
|
|
|
|
|
|
|
|
|
Colombia |
|
14,850 |
12,585 |
18.0% |
|
|
|
|
|
|
|
|
|
|
Brazil (4) |
|
52,027 |
46,838 |
11.1% |
|
|
|
|
|
|
|
|
|
|
Argentina |
|
8,169 |
7,102 |
15.0% |
|
|
|
|
|
|
|
|
|
|
Uruguay |
|
3,371 |
3,110 |
8.4% |
|
|
|
|
|
|
|
|
|
|
South America |
|
78,417 |
69,636 |
12.6% |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
203,873 |
181,376 |
12.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Volume and transactions in Brazil do not include beer |
(4) Brazil includes beer revenues of Ps. 3,704.4 million for the first nine months of 2024 and Ps. 4,382.5 million for the same period of the previous year. |
| (1) | Volume is expressed in unit cases. Unit case refers to 192 ounces of finished
beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate
that is required to produce 192 ounces of finished beverage product. |
| (2) | Transactions refers to the number of single units (e.g., a can or a bottle)
sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent
multiple transactions based on a standard 12 oz. serving. |
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 16 of 17 |
COCA-COLA FEMSA |
MACROECONOMIC INFORMATION |
|
|
|
|
|
|
|
|
|
Inflation (1) |
|
|
|
|
|
|
|
LTM |
3Q24 |
YTD |
|
|
|
|
Mexico |
|
4.66% |
1.46% |
2.86% |
|
|
|
|
Colombia |
|
6.04% |
0.64% |
4.62% |
|
|
|
|
Brasil |
|
3.93% |
0.49% |
2.96% |
|
|
|
|
Argentina |
|
224.74% |
11.96% |
101.87% |
|
|
|
|
Costa Rica |
|
0.63% |
0.25% |
0.37% |
|
|
|
|
Panama |
|
0.36% |
-0.72% |
0.36% |
|
|
|
|
Guatemala |
|
3.38% |
1.08% |
2.28% |
|
|
|
|
Nicaragua |
|
3.97% |
-0.05% |
2.94% |
|
|
|
|
Uruguay |
|
5.46% |
0.80% |
4.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
3Q24 |
3Q23 |
Δ % |
|
YTD 24 |
YTD 23 |
Δ % |
México |
|
18.92 |
17.06 |
10.9% |
|
17.71 |
17.83 |
-0.7% |
Colombia |
|
4,097.21 |
4,047.64 |
1.2% |
|
3,982.02 |
4,410.88 |
-9.7% |
Brasil |
|
5.55 |
4.88 |
13.6% |
|
5.24 |
5.01 |
4.6% |
Argentina |
|
942.75 |
312.85 |
201.3% |
|
887.89 |
245.82 |
261.2% |
Costa Rica |
|
525.66 |
543.28 |
-3.2% |
|
519.70 |
551.67 |
-5.8% |
Panama |
|
1.00 |
1.00 |
0.0% |
|
1.00 |
1.00 |
0.0% |
Guatemala |
|
7.74 |
7.86 |
-1.5% |
|
7.77 |
7.83 |
-0.8% |
Nicaragua |
|
36.62 |
36.49 |
0.4% |
|
36.62 |
36.40 |
0.6% |
Uruguay |
|
40.53 |
37.96 |
6.8% |
|
39.39 |
38.58 |
2.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End-of-period Exchange Rates |
|
|
Closing Exchange Rate (Local Currency per USD) |
|
Closing Exchange Rate (Local Currency per USD) |
|
|
Sep-24 |
Sep-23 |
Δ % |
|
Jun-24 |
Jun-23 |
Δ % |
México |
|
19.63 |
17.62 |
11.4% |
|
18.38 |
17.07 |
7.6% |
Colombia |
|
4,164.21 |
4,053.76 |
2.7% |
|
4,148.04 |
4,191.28 |
-1.0% |
Brasil |
|
5.45 |
5.01 |
8.8% |
|
5.56 |
4.82 |
15.3% |
Argentina |
|
970.50 |
349.95 |
177.3% |
|
912.00 |
256.70 |
255.3% |
Costa Rica |
|
522.87 |
542.35 |
-3.6% |
|
528.80 |
549.48 |
-3.8% |
Panama |
|
1.00 |
1.00 |
0.0% |
|
1.00 |
1.00 |
0.0% |
Guatemala |
|
7.72 |
7.86 |
-1.7% |
|
7.77 |
7.85 |
-1.0% |
Nicaragua |
|
36.62 |
36.53 |
0.3% |
|
36.62 |
36.44 |
0.5% |
Uruguay |
|
41.64 |
38.56 |
8.0% |
|
39.99 |
37.41 |
6.9% |
|
|
|
|
|
|
|
|
|
(2) Average exchange rate for each period computed with the average exchange rate of each month. |
| |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 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: October 24, 2024 |
|
Coca Cola Femsa SAB de CV (PK) (USOTC:COCSF)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Coca Cola Femsa SAB de CV (PK) (USOTC:COCSF)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024