6-K
Coca Cola Femsa Sab De CV (KOF)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16 UNDER
THESECURITIES EXCHANGE ACT OF 1934
For the month of February 2022
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-__.
Coca-Cola FEMSA AnnouncesFourth Quarter and Full Year 2021 Results
Mexico City, February 24, 2022, Coca-ColaFEMSA, S.A.B. de C.V. (BMV: KOF UBL, NYSE: KOF) (“Coca-Cola FEMSA,” “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces its results for the fourth quarter and the full year of 2021.
FOURTH QUARTER OPERATIONALAND FINANCIAL HIGHLIGHTS
| · | Consolidated volumes increased 5.4%, driven mainly by volume growth in<br>Mexico, Central America, Colombia, Argentina, and Uruguay, partially offset by a slight volume decline in Brazil. Total volumes increased<br>6.9% versus our 2019 baseline. |
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| · | Total revenues increased 8.5%, while comparable revenues increased 10.5%,<br>driven by our pricing initiatives, volume growth, and favorable price-mix effects. This increase was partially offset by a decline in<br>beer revenues related to the partial transition of the beer portfolio in Brazil. Total revenues increased 3.0% versus the same period<br>of 2019. |
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| · | Operating income increased 7.6%, while comparable operating income increased<br>8.0%, driven mainly by an increase in our top-line and favorable hedging initiatives, coupled with the resumption of the recognition of<br>tax credits in Brazil related to the Manaus Free Trade Zone. These effects were partially offset by unfavorable raw material prices and<br>the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Operating income increased<br>22.1% as compared to the same period of 2019. |
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| · | Majority net income increased 82.8%, driven mainly by solid operating results,<br>coupled with the one-time recognition of a favorable deferred tax credit in Brazil and a decrease in comprehensive financial result during<br>the quarter. |
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FULL YEAR OPERATIONALAND FINANCIAL HIGHLIGHTS
| · | Total volumes increased 5.3%, driven by a recovery in all of our countries<br>as a result of solid execution, coupled with economic reopening and increased mobility across our markets. Total volumes increased 2.6%<br>versus our 2019 baseline. | ||||||||
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| · | Total revenues increased 6.1%, while comparable revenues increased 11.1%,<br>driven by volume growth, our pricing initiatives, and favorable price-mix effects, partially offset by a decline in beer revenues related<br>to the partial transition of the beer portfolio in Brazil. Total revenues remained flat versus 2019. | ||||||||
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| · | Operating income increased 8.6%, while comparable operating income increased<br>11.8%. This increase was driven mainly by an increase in our gross profit and favorable hedging initiatives, coupled with the resumption<br>of the recognition of tax credits in Brazil related to the Manaus Free Trade Zone. These effects were partially offset by an increase<br>in raw material prices and the normalization of certain operating expenses. As compared to 2019, our operating income increased 7.8%. | ||||||||
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| ^·^ | Earnings per share^1^ were Ps. 0.93 (Earnings per unit were Ps. 7.48,<br>and per ADS were Ps. 74.77.). | ||||||||
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| FINANCIAL SUMMARY FOR THE FOURTH QUARTER AND FULL YEAR OF 2021 | |||||||||
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| Change vs. same period of last year | |||||||||
| Total Revenues | Gross Profit | Operating Income | Majority Net Income | ||||||
| 4Q 2021 | FY 2021 | 4Q 2021 | FY 2021 | 4Q 2021 | FY 2021 | 4Q 2021 | FY 2021 | ||
| As Reported | Consolidated | 8.5% | 6.1% | 9.3% | 7.0% | 7.6% | 8.6% | 82.8% | 52.4% |
| Mexico & Central America | 13.7% | 8.4% | 9.1% | 8.4% | 2.6% | 8.1% | |||
| South America | 2.0% | 2.8% | 9.6% | 4.4% | 18.6% | 9.5% | |||
| Comparable ^(2)^ | Consolidated | 10.5% | 11.1% | 11.0% | 11.3% | 8.0% | 11.8% | ||
| Mexico & Central America | 13.7% | 9.7% | 9.1% | 9.6% | 2.4% | 8.9% | |||
| South America | 6.4% | 13.1% | 14.2% | 14.7% | 20.6% | 18.7% |
John Santa Maria, Coca-Cola FEMSA’sCEO, commented:
“Our full-year 2021 results reflect our business’s resilience and our ability to deliver accelerated results. Driven by the unwavering commitment of our teams to execute the right strategies across our markets, our volumes increased in all of our territories, resulting in consolidated volume growth of 5.3% year on year and 2.6% versus 2019. Notably, our revenues and our operating income grew 6.1% and 8.6%, respectively, for an operating income margin expansion of 30 basis points—all in the face of a dynamic raw material and supply chain environment.
Moreover, we achieved significant strategic milestones during the year; we strengthened our partnership with The Coca-Cola Company, accelerated the rollout of our digital capabilities, and capitalized on value-enhancing acquisition opportunities. Looking ahead, we are confident that we have the right vision and strategy to continue transforming our company and delivering sustainable long-term value for many years to come.”
| (1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) forall periods are adjusted to give effect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of thereader, as a KOF UBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multipliedby 8. Each ADS represents 10 KOF UBL Units. |
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| (2) | Please refer to page 9 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance. |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
RECENT DEVELOPMENTS
| · | On November 3, 2021, Coca-Cola FEMSA paid the second installment of the<br>2020 dividend approved for Ps. 0.63 per share (equivalent to Ps. 5.04 per unit). |
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| · | On December 17, 2021, Coca-Cola FEMSA, S.A.B. de C.V announced that its<br>Brazilian subsidiary Spal Industria Brasileira de Bebidas S.A. (“Spal”) reached an agreement to acquire 100% of Brazilian<br>Coca-Cola bottler, CVI Refrigerantes Ltda. (“CVI”). The parties agreed to an all-cash transaction for an enterprise value<br>of R$632.5 million. The transaction was successfully closed on January 24, 2022. With the acquisition of CVI, Coca-Cola FEMSA bolsters<br>its leadership position in the region to reach 52% of the Coca-Cola System’s volume in Brazil. The Company adds to its operation<br>one bottling facility and three distribution centers that serve more than 13 thousand points of sale and more than 2.8 million consumers. |
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| · | On January 25, 2022, Coca-cola FEMSA announced the construction of a new<br>recycling plant together with ALPLA México, S.A. de C.V. (“ALPLA”), known as “PLANETA” (Planta<br>Nueva Ecologia de Tabasco), to bolster the circular economy in the south and southeast regions of Mexico. The plant will be built<br>in the state of Tabasco and will have a joint investment between Coca-Cola FEMSA and ALPLA of more than US$60 million. The plant is expected<br>to start operations during the first quarter of 2023. |
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| · | On February 8, 2022, Coca-Cola FEMSA announced that it became the only Mexico-based<br>company in the beverage sector to be included in the S&P Global Sustainability Yearbook 2022 for the second consecutive year due to<br>its high performance in the S&P Global Corporate Sustainability Assessment (CSA). The Company was ranked within the top 15% of leading<br>companies in sustainability under S&P Global’s proprietary annual evaluation of the environmental, social, economic, and corporate<br>governance dimensions of more than 7,000 companies around the world. |
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CONFERENCE CALL INFORMATION
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
CONSOLIDATED FOURTH QUARTERRESULTS
| CONSOLIDATED FOURTH QUARTER RESULTS | ||||
|---|---|---|---|---|
| As Reported | Comparable ^(1)^ | |||
| Expressed in millions of Mexican pesos | 4Q 2021 | 4Q 2020 | Δ% | Δ% |
| Total revenues | 53,273 | 49,116 | 8.5% | 10.5% |
| Gross profit | 23,985 | 21,939 | 9.3% | 11.0% |
| Operating income | 7,778 | 7,229 | 7.6% | 8.0% |
| Operating cash flow ^(2)^ | 10,648 | 9,998 | 6.5% | 7.5% |
Volumeincreased 5.4% to 951.3 million unit cases, driven mainly by volume growth in Mexico, Central America, Colombia, Argentina and Uruguay. This increase was partially offset by a slight volume decline in Brazil. Consolidated volume increased 6.9% versus our 2019 baseline.
Totalrevenues increased 8.5% to Ps. 53,273 million. This increase was driven mainly by our pricing initiatives, coupled with favorable price-mix effects and volume growth. These effects were partially offset by unfavorable currency translation effects from some of our operating currencies into Mexican Pesos and a decline in beer revenues related to the partial transition of the beer portfolio in Brazil. On a comparable basis, total revenues would have increased 10.5%. Total revenues increased 3.0% versus the same period of 2019.
Grossprofit increased 9.3% to Ps. 23,985 million, and gross margin expanded 30 basis points to 45.0%. This increase was driven mainly by our raw material hedging strategies, coupled with revenue management initiatives and the resumption of tax credits on concentrate purchased from the Manaus Free Trade Zone in Brazil. These effects were partially offset by the depreciation in the average exchange rate of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs and higher concentrate costs in Mexico. On a comparable basis, gross profit would have increased 11.0%. Gross profit increased 4.6% versus the fourth quarter of 2019.
Operatingincome increased 7.6% to Ps. 7,778 million, and operating margin contracted 10 basis points to 14.6%. This operating income increase was driven mainly by favorable top-line performance, partially offset by the normalization of certain operating expenses such as labor, and maintenance related to the reopening and increased mobility across our operations. On a comparable basis, operating income would have increased 8.0%. Our operating income increased 22.1% versus our 2019 baseline.
| ^(1)^ | Please refer to page 9 for our definition of “comparable” and a description of the factorsaffecting the comparability of our financial and operating performance. |
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^(2)^Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
Comprehensivefinancing result recorded an expense of Ps. 748 million, compared to an expense of Ps. 1,777 million in the same period of 2020.
This quarter, the Company had a reduction in interest expense, net, as compared to the same period of 2020, as we recognized an increase in our interest income related to an increase in interest rates in Brazil. This decrease was partially offset by an increase in interest expenses.
Moreover, we recorded a foreign exchange gain of Ps. 79 million as compared to a foreign exchange loss of Ps. 346 million recorded during the same period of 2020, as our cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real during the quarter.
In addition, the Company recorded a gain of Ps. 269 million in monetary position in inflationary subsidiaries as compared to a gain of Ps. 123 million during the same period of 2020. Finally, we recorded a gain in financial instruments of Ps. 131 million, driven mainly by a market value gain recognized during this quarter, as compared to a loss of Ps. 214 million recorded during the same period of 2020.
Incometax as a percentage of income before taxes was 14.1% as compared to 36.3% during the same period of the previous year. This decrease was driven mainly by the one-time effect of the recognition of a favorable deferred tax credit in Brazil and the unfavorable deferred tax adjustments in Mexico that impacted the same period of 2020.
Netincome attributable to equity holders of the company reached Ps. 5,809 million as compared to Ps. 3,177 million during the same period of the previous year, driven mainly by a lower consolidated tax rate, coupled with a decrease in comprehensive financial results and solid operating results. Earnings per share^1^ were Ps. 0.35 (Earnings per unit were Ps. 2.77, and earnings per ADS were Ps. 27.65.).
| ^(1)^ | Quarterly earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted to giveeffect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as a KOF UBL Unit is comprisedof 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. |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
CONSOLIDATED FULL YEARRESULTS
| CONSOLIDATED FULL YEAR RESULTS | ||||
|---|---|---|---|---|
| As Reported | Comparable ^(1)^ | |||
| Expressed in millions of Mexican pesos | FY 2021 | FY 2020 | Δ% | Δ% |
| Total revenues | 194,804 | 183,615 | 6.1% | 11.1% |
| Gross profit | 88,598 | 82,811 | 7.0% | 11.3% |
| Operating income | 27,402 | 25,243 | 8.6% | 11.8% |
| Operating cash flow ^(2)^ | 38,849 | 37,345 | 4.0% | 7.8% |
Volumeincreased 5.3% to 3,457.9 million unit cases in the full year of 2021 as compared to the same period of 2020, driven by volume growth across all of our operations resulting from our solid execution, coupled with gradual recoveries and increases in mobility. Consolidated volume increased 2.6% as compared to our 2019 baseline.
Totalrevenues increased 6.1% to Ps. 194,804 million in the full year of 2021 as compared to the same period of 2020, driven by volume growth, our pricing initiatives, and favorable price-mix effects. This increase was partially offset by unfavorable currency translation effects resulting from the depreciation of all of our operating currencies into Mexican Pesos, and a decline in beer revenues related to the partial transition of the beer portfolio in Brazil. In addition, during the same period of 2020, we recorded non-recurring other operating revenues related to an entitlement to reclaim tax payments in Brazil. On a comparable basis, total revenues would have increased 11.1%. Total revenues increased 0.2% versus 2019.
Grossprofit increased 7.0% to Ps. 88,598 million in the full year of 2021 as compared to the same period of 2020, and gross margin expanded 40 basis points to 45.5%. Favorable price-mix effects, our raw material hedging strategies, and the positive effect of the resumption of tax credits on concentrate purchased from the Manaus Free Trade Zone in Brazil were partially offset by: i) higher raw material prices; ii) higher concentrate costs in Mexico; iii) and the depreciation in the average exchange rate of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit would have increased 11.3%. Gross profit increased 1.2% versus 2019.
| ^(1)^ | Please refer to page 9 for our definition of “comparable” and a description of the factorsaffecting the comparability of our financial and operating performance. |
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| ^(2)^ | Operating cash flow = operating income + depreciation + amortization & other operating non-cashcharges. |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
Operatingincome increased 8.6% to Ps. 27,402 million in the full year of 2021 as compared to the same period of 2020, and operating margin expanded 30 basis points to 14.1%. This increase was mainly driven by a solid gross profit performance partially offset by the normalization of certain operating expenses such as marketing, labor, and maintenance related to increases in mobility across our operations. On a comparable basis, operating income would have increased 11.8%. Our operating income increased 7.8% versus our 2019 baseline.
Comprehensivefinancing result recorded an expense of Ps. 4,219 million during the full year of 2021 compared to an expense of Ps. 6,678 million in the same period of 2020.
Interest expense, net, recorded a decrease during the year, driven mainly by a one-time interest expense related to our successful debt refinancing initiatives during the first quarter of 2020, coupled with the re-payment of short-term financings and the re-payment of a Mexican Peso-denominated bond. These short-term financings were a preventive measure to reinforce the Company’s cash position in the face of the uncertainties driven by the COVID-19 pandemic.
Moreover, we recorded a foreign exchange gain of Ps. 227 million as compared to a foreign exchange gain of Ps. 4 million recorded during the same period of 2020, as our cash exposure to U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real.
In addition, we recognized a gain in monetary position in inflationary subsidiaries of Ps. 734 million as compared to a gain of Ps. 376 million recorded during the same period of 2020.
Finally, we recorded a gain in financial instruments of Ps. 80 million, driven mainly by a market value gain recognized during this year as compared to a loss of Ps. 212 million.
Incometax as a percentage of income before taxes was 28.9% as compared to 33.8% for the previous year. This decrease was driven by the one-time effect of a favorable deferred tax credit in Brazil recognized in 2021, and deferred tax adjustments in Mexico that were recognized during the fourth quarter of 2020.
Netincome attributable to equity holders of the company reached Ps. 15,708 million in the full year of 2021 as compared to Ps. 10,307 million during the same period of the previous year. Earnings per share^1^ were Ps. 0.93 (Earnings per unit were Ps. 7.48, and earnings per ADS were Ps. 74.77.).
| ^(1)^ | Earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted to give effectto the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as each KOF UBL Unit is comprisedof 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. |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
MEXICO & CENTRAL AMERICADIVISION FOURTH QUARTER RESULTS
| (Mexico, Guatemala, Costa Rica, Panama,<br>and Nicaragua) |
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| MEXICO & CENTRAL AMERICA DIVISION RESULTS | ||||
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| As Reported | Comparable ^(1)^ | |||
| Expressed in millions of Mexican pesos | 4Q 2021 | 4Q 2020 | Δ% | Δ% |
| Total revenues | 30,792 | 27,073 | 13.7% | 13.7% |
| Gross profit | 14,918 | 13,670 | 9.1% | 9.1% |
| Operating income | 5,083 | 4,956 | 2.6% | 2.4% |
| Operating cash flow ^(2)^ | 6,835 | 6,612 | 3.4% | 3.3% |
Volume increased 7.4% to 531.8 million unit cases, driven mainly by strong volume growth in Mexico, 14.1% volume growth in Guatemala, and 19.8% volume growth in Central America South, as a result of economic reopening and mobility increases across our territories. Volume increased 4.9% versus our 2019 baseline.
Totalrevenues increased 13.7% to Ps. 30,792 million, driven mainly by volume growth and favorable price-mix effects, coupled with pricing and revenue management initiatives. On a comparable basis, total revenues would have also increased 13.7%. Total revenues grew 13.0% versus the same period of 2019.
Grossprofit increased 9.1% to Ps. 14,918 million, and gross margin contracted 210 basis points to 48.4%. This margin decrease was driven mainly by an increase in raw material costs, higher concentrate costs in Mexico, and the depreciation in the average exchange rate of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by our raw material hedging strategies and favorable price-mix effects. On a comparable basis, gross profit would have also increased 9.1%. Gross profit increased 14.3% versus our 2019 baseline.
Operatingincome increased 2.6% to Ps. 5,083 million in the fourth quarter of 2021, and operating margin contracted 180 basis points to 16.5% during the period. This effect was driven mainly by the normalization of certain operating expenses such as labor and maintenance as compared to the same period of 2020, partially offset by certain operating expense efficiencies. On a comparable basis, operating income would have increased 2.4%. Our operating income increased 44.2% versus our 2019 baseline.
| ^(1)^ | Please refer to page 9 for our definition of “comparable” and a description of the factorsaffecting the comparability of our financial and operating performance. |
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^(2)^Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
SOUTH AMERICADIVISION FOURTH QUARTER RESULTS
| (Brazil, Argentina, Colombia, and<br>Uruguay) |
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| SOUTH AMERICA DIVISION RESULTS | ||||
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| As Reported | Comparable ^(1)^ | |||
| Expressed in millions of Mexican pesos | 4Q 2021 | 4Q 2020 | Δ% | Δ% |
| Total revenues | 22,481 | 22,043 | 2.0% | 6.4% |
| Gross profit | 9,066 | 8,269 | 9.6% | 14.2% |
| Operating income | 2,695 | 2,273 | 18.6% | 20.6% |
| Operating cash flow ^(2)^ | 3,813 | 3,385 | 12.6% | 15.9% |
^^
^^
Volume increased 3.0% to 419.6 million unit cases, driven mainly by 16.2% volume growth in Colombia, 5.8% in Argentina, and 7.2% in Uruguay. This increase was partially offset by a slight volume decline of 1.2% in Brazil. Volume increased 9.6% versus our 2019 baseline.
Totalrevenues increased 2.0% to Ps. 22,481 million, driven by volume growth and pricing and revenue management initiatives, coupled with favorable price-mix effects. This increase was partially offset by a reduction in beer revenues as a result of the partial transition of our beer portfolio in Brazil, coupled with unfavorable currency translation effects resulting from the depreciation of most of our operating currencies in the division as compared to the Mexican Peso. On a comparable basis**,** total revenues would have increased 6.4%. Total revenues declined 8.2% versus the same period of 2019.
Grossprofit increased 9.6% to Ps. 9,066 million, and gross margin expanded 280 basis points to 40.3%, driven mainly by favorable price-mix effects, our raw material hedging strategies, and lower concentrate costs in Brazil related to the resumption of tax credits on concentrate purchased from the Manaus Free Trade Zone. This increase was partially offset by the depreciation of the average exchange rate of all our operating currencies in the division as applied to our U.S. dollar-denominated raw material costs. On a comparable basis, gross profit would have increased 14.2%. Gross profit decreased 8.2% versus our 2019 baseline
Operatingincome increased 18.6% to Ps. 2,695 million in the fourth quarter of 2021, resulting in a margin expansion of 170 basis points to 12.0%. This increase was driven mainly by higher gross profit and an increase in operating leverage resulting from volume growth, partially offset by the transition of our beer portfolio in Brazil. On a comparable basis, operating income would have increased 20.6%. Operating income decreased 5.4% versus our 2019 baseline.
| ^(1)^ | Please refer to page 9 for our definition of “comparable” and a description of the factorsaffecting the comparability of our financial and operating performance. |
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^(2)^Operating cash flow = operating income + depreciation + amortization & other operating non-cash charges.
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
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.
Operatingincome is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”
Operatingcash flow is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”
Earningsper share are equal to “Earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as each KOF UBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOF UBL Units.
COMPARABILITY
In an effort to provide our readers with a more useful representation of our company's underlying financial and operating performance, as of the first quarter 2020, we adjusted our methodology to calculate our comparable figures, no longer excluding hyperinflationary operations. Due to this change, 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.
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
ABOUTTHE COMPANY ****
Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1
Coca-Cola FEMSA files reports, including annual reports and other information with the U.S. Securities and Exchange Commission, or the “SEC,” and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.
Coca-Cola FEMSA, S.A.B. de C.V. is the largest Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio of 129 brands to a population of more than 265 million. With over 80 thousand employees, the Company markets and sells approximately 3.3 billion unit cases through close to 2 million points of sale a year. Operating 49 manufacturing plants and 268 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock Exchange’s IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com.
ADDITIONALINFORMATION
All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).
This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated.
(6 pages of tables to follow)
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| COCA-COLA FEMSA | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED INCOME STATEMENT | ||||||||||||
| Millions of Pesos ^(1)^ | ||||||||||||
| For the Fourth Quarter of: | For Full Year: | |||||||||||
| 2021 | % of Rev. | 2020 | % of Rev. | Δ% Reported | Δ% Comparable ^(7)^ | 2021 | % of Rev. | 2020 | % of Rev. | Δ% Reported | Δ% Comparable ^(7)^ | |
| Transactions (million transactions) | 5,564.3 | 4,924.5 | 13.0% | 13.0% | 19,490.9 | 17,397.7 | 12.0% | 12.0% | ||||
| Volume (million unit cases)^^ | 951.3 | 902.181 | 5.4% | 5.4% | 3,457.8 | 3,284.3 | 5.3% | 5.3% | ||||
| Average price per unit case | 54.31 | 49.83 | 9.0% | 52.99 | 50.63 | 4.7% | ||||||
| Net revenues | 53,092 | 49,022 | 8.3% | 193,899 | 181,520 | 6.8% | ||||||
| Other operating revenues | 181 | 93 | 93.3% | 905 | 2,095 | -56.8% | ||||||
| Total revenues ^(2)^ | 53,273 | 100.0% | 49,116 | 100.0% | 8.5% | 10.5% | 194,804 | 100.0% | 183,615 | 100.0% | 6.1% | 11.1% |
| Cost of goods sold | 29,288 | 55.0% | 27,177 | 55.3% | 7.8% | 106,206 | 54.5% | 100,804 | 54.9% | 5.4% | ||
| Gross profit | 23,985 | 45.0% | 21,939 | 44.7% | 9.3% | 11.0% | 88,598 | 45.5% | 82,811 | 45.1% | 7.0% | 11.3% |
| Operating expenses | 15,905 | 29.9% | 14,375 | 29.3% | 10.6% | 60,721 | 31.2% | 56,444 | 30.7% | 7.6% | ||
| Other operative expenses, net | 323 | 0.6% | 230 | 0.5% | 40.4% | 560 | 0.3% | 748 | 0.4% | -25.2% | ||
| Operative equity method (gain) loss in associates^(3)^ | (20) | 0.0% | 105 | 0.2% | NA | (85) | 0.0% | 375 | 0.2% | NA | ||
| Operating income ^(5)^ | 7,778 | 14.6% | 7,229 | 14.7% | 7.6% | 8.0% | 27,402 | 14.1% | 25,243 | 13.7% | 8.6% | 11.8% |
| Other non operative expenses, net | 30 | 0.1% | 59 | 0.1% | NA | 247 | 0.1% | 2,862 | 1.6% | NA | ||
| Non Operative equity method (gain) loss in associates ^(4)^ | (54) | -0.1% | 18 | 0.0% | NA | (3) | 0.0% | (94) | -0.1% | NA | ||
| Interest expense | 1,592 | 1,543 | 3.2% | 6,192 | 7,894 | -21.6% | ||||||
| Interest income | 365 | 203 | 79.9% | 932 | 1,048 | -11.1% | ||||||
| Interest expense, net | 1,227 | 1,340 | -8.4% | 5,260 | 6,845 | -23.2% | ||||||
| Foreign exchange loss (gain) | (79) | 346 | NA | (227) | (4) | NA | ||||||
| Loss (gain) on monetary position in inflationary subsidiries | (270) | (123) | 118.3% | (734) | (376) | 95.4% | ||||||
| Market value (gain) loss on financial instruments | (131) | 214 | -161.1% | (80) | 212 | NA | ||||||
| Comprehensive financing result | 748 | 1,777 | -57.9% | 4,219 | 6,678 | -36.8% | ||||||
| Income before taxes | 7,053 | 5,375 | 31.2% | 22,940 | 15,796 | 45.2% | ||||||
| Income taxes | 978 | 1,997 | -51.0% | 6,609 | 5,428 | 21.7% | ||||||
| Result of discontinued operations | - | - | NA | - | - | NA | ||||||
| Consolidated net income | 6,076 | 3,378 | 79.9% | 16,331 | 10,368 | 57.5% | ||||||
| Net income attributable to equity holders of the company | 5,809 | 10.9% | 3,177 | 6.5% | 82.8% | 15,708 | 8.1% | 10,307 | 5.6% | 52.4% | ||
| Non-controlling interest | 267 | 0.5% | 201 | 0.4% | NA | 623 | 0.3% | 61 | 0.0% | NA | ||
| Operating Cash Flow & CAPEX | 2021 | % of Rev. | 2020 | % of Rev. | Δ% Reported | Δ% Comparable ^(7)^ | 2021 | % of Rev. | 2020 | % of Rev. | Δ% Reported | Δ% Comparable ^(7)^ |
| Operating income ^(5)^ | 7,778 | 14.6% | 7,229 | 14.7% | 7.6% | 27,402 | 14.1% | 25,243 | 13.7% | 8.6% | ||
| Depreciation | 2,277 | 2,204 | 3.3% | 8,946 | 9,011 | -0.7% | ||||||
| Amortization and other operative non-cash charges | 593 | 565 | 5.0% | 2,501 | 3,091 | -19.1% | ||||||
| Operating cash flow ^(5)(6)^ | 10,648 | 20.0% | 9,998 | 20.4% | 6.5% | 7.5% | 38,849 | 19.9% | 37,345 | 20.3% | 4.0% | 7.8% |
| CAPEX | 5,681 | 4,118 | 38.0% | 13,865 | 10,354 | 33.9% |
^(1)^Except volume and average price per unit case figures.
^(2)^Please refer to page 14 and 15 for revenue breakdown.
^(3)^Includes equity method in Jugos del Valle, Leão Alimentos, and Estrella Azul, among others.
^(4)^Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.
^(5)^The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.
^(6)^Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.
^(7)^Please refer to page 9 for our definition of “comparable” and a description of the factors affecting the comparabilityof our financial and operating performance.
^(8)^For the full year total CAPEX effectively paid was Ps. 9,989 million pesos.
| Page 11 of 16 |
|---|
Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| MEXICO & CENTRAL AMERICA DIVISION | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RESULTS OF OPERATIONS | ||||||||||||
| Millions of Pesos ^(1)^ | ||||||||||||
| For the Fourth Quarter of: | For Full Year: | |||||||||||
| 2021 | % of Rev. | 2020 | % of Rev. | Δ%<br><br> Reported | Δ%<br><br> Comparable ^(6)^ | 2021 | % of Rev. | 2020 | % of Rev. | Δ%<br><br> Reported | Δ% <br><br>Comparable ^(6)^ | |
| Transactions (million transactions) | 2,816.4 | 2,486.6 | 13.3% | 13.3% | 10,610.0 | 9,838.4 | 7.8% | 7.8% | ||||
| Volume (million unit cases)^^ | 531.8 | 495.0 | 7.4% | 7.4% | 2,057.9 | 1,991.7 | 3.3% | 3.3% | ||||
| Average price per unit case | 57.85 | 54.63 | 5.9% | 56.24 | 53.57 | 5.0% | ||||||
| Net revenues | 30,765 | 27,041 | 115,731 | 106,704 | ||||||||
| Other operating revenues | 26 | 32 | 63 | 79 | ||||||||
| Total Revenues ^(2)^ | 30,792 | 100.0% | 27,073 | 100.0% | 13.7% | 13.7% | 115,794 | 100.0% | 106,783 | 100.0% | 8.4% | 9.7% |
| Cost of goods sold | 15,873 | 51.6% | 13,403 | 49.5% | 58,428 | 50.5% | 53,877 | 50.5% | ||||
| Gross profit | 14,918 | 48.4% | 13,670 | 50.5% | 9.1% | 9.1% | 57,366 | 49.5% | 52,906 | 49.5% | 8.4% | 9.6% |
| Operating expenses | 9,666 | 31.4% | 8,584 | 31.7% | 38,049 | 32.9% | 34,629 | 32.4% | ||||
| Other operative expenses, net | 203 | 0.7% | 56 | 0.2% | 615 | 0.5% | 666 | 0.6% | ||||
| Operative equity method (gain) loss in associates ^(3)^ | (34) | -0.1% | 74 | 0.3% | (140) | -0.1% | 188 | 0.2% | ||||
| Operating income ^(4)^ | 5,083 | 16.5% | 4,956 | 18.3% | 2.6% | 2.4% | 18,841 | 16.3% | 17,423 | 16.3% | 8.1% | 8.9% |
| Depreciation, amortization & other operating non-cash charges | 1,753 | 5.7% | 1,656 | 6.1% | 7,040 | 6.1% | 7,451 | 7.0% | ||||
| Operating cash flow ^(4)(5)^ | 6,835 | 22.2% | 6,612 | 24.4% | 3.4% | 3.3% | 25,881 | 22.4% | 24,873 | 23.3% | 4.1% | 5.1% |
^(1)^Except volume and average price per unit case figures.
^(2)^Please refer to page 14 and 15 for revenue breakdown.
^(3)^Includes equity method in Jugos del Valle and Estrella Azul, among others.
^(4)^The operating income and operating cash flow lines are presented as non-GAAP measures for the convenience of the reader.
^(5)^Operating cash flow = operating income + depreciation, amortization & other operating non-cash charges.
^(6)^Please refer to page 9 for our definition of “comparable” and a description of the factors affecting the comparabilityof our financial and operating performance.
| SOUTH AMERICA DIVISION | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RESULTS OF OPERATIONS | ||||||||||||
| Millions of Pesos ^(1)^ | ||||||||||||
| For the Fourth Quarter of: | For Full Year: | |||||||||||
| 2021 | % of Rev. | 2020 | % of Rev. | Δ%<br><br> Reported | Δ%<br><br> Comparable ^(6)^ | 2021 | % of Rev. | 2020 | % of Rev. | Δ%<br><br> Reported | Δ% <br><br>Comparable ^(6)^ | |
| Transactions (million transactions) | 2,747.9 | 2,438.0 | 12.7% | 12.7% | 8,880.9 | 7,559.2 | 17.5% | 17.5% | ||||
| Volume (million unit cases)^^ | 419.6 | 407.2 | 3.0% | 3.0% | 1,400.0 | 1,292.7 | 8.3% | 8.3% | ||||
| Average price per unit case | 49.81 | 44.00 | 13.2% | 48.21 | 46.09 | 4.6% | ||||||
| Net revenues | 22,327 | 21,981 | 78,168 | 74,815 | ||||||||
| Other operating revenues | 154 | 62 | 841 | 2,016 | ||||||||
| Total Revenues ^(2)^ | 22,481 | 100.0% | 22,043 | 100.0% | 2.0% | 6.4% | 79,010 | 100.0% | 76,831 | 100.0% | 2.8% | 13.1% |
| Cost of goods sold | 13,415 | 59.7% | 13,774 | 62.5% | 47,778 | 60.5% | 46,927 | 61.1% | ||||
| Gross profit | 9,066 | 40.3% | 8,269 | 37.5% | 9.6% | 14.2% | 31,232 | 39.5% | 29,905 | 38.9% | 4.4% | 14.7% |
| Operating expenses | 6,238 | 27.7% | 5,791 | 26.3% | 22,671 | 28.7% | 21,815 | 28.4% | ||||
| Other operative expenses, net | 119 | 0.5% | 174 | 0.8% | (56) | -0.1% | 82 | 0.1% | ||||
| Operative equity method (gain) loss in associates ^(3)^ | 14 | 0.1% | 31 | 0.1% | 55 | 0.1% | 188 | 0.2% | ||||
| Operating income ^(4)^ | 2,695 | 12.0% | 2,273 | 10.3% | 18.6% | 20.6% | 8,561 | 10.8% | 7,820 | 10.2% | 9.5% | 18.7% |
| Depreciation, amortization & other operating non-cash charges | 1,118 | 5.0% | 1,113 | 5.0% | 4,407 | 5.6% | 4,652 | 6.1% | ||||
| Operating cash flow ^(4)(5)^ | 3,813 | 17.0% | 3,385 | 15.4% | 12.6% | 15.9% | 12,968 | 16.4% | 12,472 | 16.2% | 4.0% | 13.6% |
| ^(1)^ | Except volume and average price per unit case figures. | |||||||||||
| --- | --- | |||||||||||
| ^(2)^ | Please refer to page 14 and 15 for revenue breakdown. | |||||||||||
| --- | --- | |||||||||||
| ^(3)^ | Includes equity method in Leão Alimentos and Verde Campo, amongothers. | |||||||||||
| --- | --- | |||||||||||
| ^(4)^ | The operating income and operating cash flow lines are presented as non-GAAPmeasures for the convenience of the reader. | |||||||||||
| --- | --- | |||||||||||
| ^(5)^ | Operating cash flow = operating income + depreciation, amortization &other operating non-cash charges. | |||||||||||
| --- | --- | |||||||||||
| ^(6)^ | Please refer to page 9 for our definition of “comparable”and a description of the factors affecting the comparability of our financial and operating performance. | |||||||||||
| --- | --- | |||||||||||
| Page 12 of 16 | ||||||||||||
| --- |
Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| COCA-COLA FEMSA | |||||||
|---|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEET | |||||||
| Millions of Pesos | |||||||
| Assets | Dec-21 | Dec-20 | % Var. | Liabilities & Equity | Dec-21 | Dec-20 | % Var. |
| Current Assets | Current Liabilities | ||||||
| Cash, cash equivalents and marketable securities | Short-term bank loans and notes payable | 2,453 | 5,017 | -51% | |||
| 47,248 | 43,497 | 9% | Suppliers | 22,745 | 17,195 | 32% | |
| Total accounts receivable | 13,014 | 11,523 | 13% | Short-term leasing Liabilities | 614 | 560 | |
| Inventories | 11,960 | 9,727 | 23% | Other current liabilities | 20,409 | 20,073 | 2% |
| Other current assets | 8,142 | 7,693 | 6% | Total current liabilities | 46,221 | 42,845 | 8% |
| Total current assets | 80,364 | 72,440 | 11% | Non-Current Liabilities | |||
| Non-Current Assets | Long-term bank loans and notes payable | 83,329 | 82,461 | 1% | |||
| Property, plant and equipment | 113,827 | 109,551 | 4% | Long Term Leasing Liabilities | 891 | 746 | |
| Accumulated depreciation | (51,644) | (50,091) | 3% | Other long-term liabilities | 13,554 | 14,557 | -7% |
| Total property, plant and equipment, net | 62,183 | 59,460 | 5% | Total liabilities | 143,995 | 140,609 | 2% |
| Right of use assets | 1,472 | 1,278 | 15% | Equity | |||
| Investment in shares | 7,494 | 7,623 | -2% | Non-controlling interest | 6,022 | 5,583 | 8% |
| Intangible assets and other assets | 102,174 | 103,971 | -2% | Total controlling interest | 121,550 | 116,874 | 4% |
| Other non-current assets | 17,880 | 18,294 | -2% | Total equity | 127,572 | 122,457 | 4% |
| Total Assets | 271,567 | 263,066 | 3% | Total Liabilities and Equity | 271,567 | 263,066 | 3% |
| December 31, 2021 | |||||||
| Debt Mix | % Total Debt ^(1)^ | % Interest Rate Floating ^(1) (2)^ | Average Rate | Debt Maturity Profile | |||
| Currency |  |
||||||
| Mexican Pesos | 53.5% | 9.5% | 7.5% | ||||
| U.S. Dollars | 27.9% | 14.6% | 2.6% | ||||
| Colombian Pesos | 1.7% | 0.0% | 5.9% | ||||
| Brazilian Reals | 14.7% | 55.6% | 8.7% | ||||
| Uruguayan Pesos | 1.7% | 0.0% | 6.6% | ||||
| Argentine Pesos | 0.6% | 0.0% | 41.0% | ||||
| Total Debt | 100% | 15.2% | 6.4% | ||||
| ^(1)^ After giving effect to cross- currency swaps and financial leases. | |||||||
| ^(2)^ Calculated by weighting each year´s outstanding debt balance mix. | |||||||
| Financial Ratios | FY 2021 | FY 2020 | Δ% | ||||
| Net debt including effect of hedges ^(1)(3)^ | 35,243 | 42,194 | -16.5% | ||||
| Net debt including effect of hedges / Operating cash flow ^(1)(3)^ | 0.91 | 1.13 | |||||
| Operating cash flow/ Interest expense, net ^(1)^ | 7.39 | 5.46 | |||||
| Capitalization ^(2)^ | 40.7% | 42.7% | |||||
| ^(1)^ Net debt = total debt - cash | |||||||
| ^(2)^ Total debt / (long-term debt + shareholders' equity) | |||||||
| ^(3)^ After giving effect to cross-currency swaps. | |||||||
| Page 13 of 16 | |||||||
| --- |
Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| COCA-COLA FEMSA | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| QUARTERLY- VOLUME, TRANSACTIONS & REVENUES | |||||||||||
| Volume | |||||||||||
| 4Q 2021 | 4Q 2020 | YoY | |||||||||
| Sparkling | Water ^(1)^ | Bulk ^(2)^ | Stills | Total | Sparkling | Water ^(1)^ | Bulk ^(2)^ | Stills | Total | Δ % | |
| Mexico | 337.6 | 21.3 | 67.7 | 31.6 | 458.1 | 322.1 | 17.0 | 65.0 | 27.9 | 432.0 | 6.0% |
| Guatemala | 32.5 | 0.9 | - | 2.0 | 35.3 | 28.8 | 0.9 | - | 1.3 | 31.0 | 14.1% |
| CAM South | 31.9 | 1.7 | 0.1 | 4.6 | 38.4 | 27.2 | 1.3 | 0.1 | 3.4 | 32.0 | 19.8% |
| Mexico and Central America | 401.9 | 23.9 | 67.8 | 38.2 | 531.8 | 378.1 | 19.3 | 65.1 | 32.6 | 495.0 | 7.4% |
| Colombia | 66.9 | 8.7 | 3.8 | 6.9 | 86.2 | 60.8 | 5.0 | 4.1 | 4.2 | 74.2 | 16.2% |
| Brazil ^(3)^ | 234.8 | 16.6 | 2.3 | 18.5 | 272.1 | 239.2 | 16.0 | 2.8 | 17.4 | 275.4 | -1.2% |
| Argentina | 38.2 | 4.0 | 1.2 | 3.8 | 47.2 | 35.9 | 3.0 | 1.8 | 3.9 | 44.6 | 5.8% |
| Uruguay | 12.1 | 1.6 | - | 0.4 | 14.0 | 11.6 | 1.3 | - | 0.2 | 13.1 | 7.2% |
| South America | 352.0 | 30.8 | 7.3 | 29.5 | 419.6 | 347.6 | 25.2 | 8.8 | 25.7 | 407.2 | 3.0% |
| TOTAL | 753.9 | 54.7 | 75.1 | 67.7 | 951.3 | 725.6 | 44.5 | 73.8 | 58.2 | 902.2 | 5.4% |
| ^(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 2021 | 4Q 2020 | YoY | |||||||||
| Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | |||
| Mexico | 1,871.3 | 154.7 | 226.4 | 2,252.4 | 1,726.9 | 124.5 | 190.4 | 2,041.8 | 10.3% | ||
| Guatemala | 250.2 | 8.5 | 20.0 | 278.6 | 206.0 | 9.2 | 12.8 | 228.1 | 22.1% | ||
| CAM South | 225.2 | 11.3 | 48.8 | 285.4 | 177.4 | 8.9 | 30.4 | 216.7 | 31.7% | ||
| Mexico and Central America | 2,346.7 | 174.5 | 295.2 | 2,816.4 | 2,110.4 | 142.6 | 233.6 | 2,486.6 | 13.3% | ||
| Colombia | 455.2 | 93.8 | 66.9 | 615.9 | 375.9 | 56.5 | 36.0 | 468.5 | 31.5% | ||
| Brazil ^(3)^ | 1,470.8 | 147.2 | 205.3 | 1,823.2 | 1,402.9 | 135.8 | 175.8 | 1,714.4 | 6.3% | ||
| Argentina | 188.5 | 25.3 | 28.6 | 242.5 | 156.3 | 16.5 | 24.7 | 197.6 | 22.7% | ||
| Uruguay | 56.4 | 6.3 | 3.5 | 66.2 | 50.7 | 4.9 | 1.9 | 57.5 | 15.2% | ||
| South America | 2,170.9 | 272.7 | 304.3 | 2,747.9 | 1,985.7 | 213.8 | 238.5 | 2,438.0 | 12.7% | ||
| TOTAL | 4,517.6 | 447.2 | 599.5 | 5,564.3 | 4,096.1 | 356.3 | 472.1 | 4,924.5 | 13.0% | ||
| Revenues | |||||||||||
| Expressed in million Mexican Pesos | 4Q 2021 | 4Q 2020 | Δ % | ||||||||
| Mexico | 24,857 | 22,160 | 12.2% | ||||||||
| Guatemala | 2,927 | 2,425 | 20.7% | ||||||||
| CAM South | 3,007 | 2,487 | 20.9% | ||||||||
| Mexico and Central America | 30,792 | 27,073 | 13.7% | ||||||||
| Colombia | 4,146 | 3,202 | 29.5% | ||||||||
| Brazil ^(4)^ | 14,558 | 16,065 | -9.4% | ||||||||
| Argentina | 2,640 | 1,799 | 46.7% | ||||||||
| Uruguay | 1,137 | 977 | 16.4% | ||||||||
| South America | 22,481 | 22,043 | 2.0% | ||||||||
| TOTAL | 53,273 | 49,116 | 8.5% | ||||||||
| ^(3)^ Volume and transactions in Brazil do not include beer. | |||||||||||
| ^(4)^ Brazil includes beer revenues of Ps.1,429.4 million for the fourth quarter of 2021 and Ps.4,065.2 million for the same period of the previous year. |
| ^(1)^ | Volume is expressed in unit cases. Unit case refers to 192 ounces of finishedbeverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentratethat is required to produce 192 ounces of finished beverage product. |
|---|---|
| ^(1)^ | 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 representmultiple transactions based on a standard 12 oz. serving. |
| --- | --- |
| Page 14 of 16 | |
| --- |
Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| COCA-COLA FEMSA | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| FY - VOLUME, TRANSACTIONS & REVENUES | |||||||||||
| Volume | |||||||||||
| FY 2021 | FY 2020 | YoY | |||||||||
| Sparkling | Water ^(1)^ | Bulk ^(2)^ | Stills | Total | Sparkling | Water ^(1)^ | Bulk ^(2)^ | Stills | Total | Δ % | |
| Mexico | 1,304.0 | 82.3 | 281.4 | 122.3 | 1,790.0 | 1,295.6 | 70.2 | 281.8 | 111.6 | 1,759.2 | 1.8% |
| Guatemala | 120.3 | 3.8 | - | 7.2 | 131.3 | 106.6 | 3.2 | - | 4.3 | 114.1 | 15.1% |
| CAM South | 113.5 | 6.4 | 0.5 | 16.2 | 136.6 | 99.9 | 5.2 | 0.5 | 12.7 | 118.3 | 15.4% |
| Mexico and Central America | 1,537.8 | 92.5 | 282.0 | 145.6 | 2,057.9 | 1,502.1 | 78.6 | 282.3 | 128.6 | 1,991.6 | 3.3% |
| Colombia | 234.6 | 26.7 | 15.1 | 21.6 | 297.9 | 208.4 | 16.7 | 16.5 | 13.2 | 254.8 | 16.9% |
| Brazil ^(3)^ | 786.3 | 48.4 | 7.9 | 60.6 | 903.2 | 755.5 | 46.8 | 9.6 | 51.0 | 862.9 | 4.7% |
| Argentina | 125.1 | 11.8 | 5.4 | 13.1 | 155.4 | 108.2 | 9.7 | 5.8 | 10.1 | 133.8 | 16.2% |
| Uruguay | 37.7 | 4.9 | - | 0.8 | 43.4 | 36.7 | 4.0 | - | 0.5 | 41.2 | 5.2% |
| South America | 1,183.7 | 91.8 | 28.3 | 96.2 | 1,399.9 | 1,108.8 | 77.2 | 32.0 | 74.8 | 1,292.7 | 8.3% |
| TOTAL | 2,721.4 | 184.3 | 310.3 | 241.8 | 3,457.8 | 2,610.9 | 155.8 | 314.3 | 203.4 | 3,284.3 | 5.3% |
| ^(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 | |||||||||||
| FY 2021 | FY 2020 | YoY | |||||||||
| Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | |||
| Mexico | 7,105.8 | 604.8 | 859.0 | 8,569.5 | 6,915.6 | 521.6 | 765.4 | 8,202.6 | 4.5% | ||
| Guatemala | 922.5 | 39.1 | 73.5 | 1,035.2 | 748.7 | 33.1 | 37.8 | 819.6 | 26.3% | ||
| CAM South | 797.7 | 41.7 | 165.8 | 1,005.3 | 656.9 | 33.4 | 125.9 | 816.2 | 23.2% | ||
| Mexico and Central America | 8,826.0 | 685.6 | 1,098.4 | 10,610.0 | 8,321.2 | 588.2 | 929.1 | 9,838.4 | 7.8% | ||
| Colombia | 1,557.1 | 289.6 | 199.5 | 2,046.2 | 1,256.3 | 200.2 | 116.2 | 1,572.8 | 30.1% | ||
| Brazil ^(3)^ | 4,798.5 | 419.5 | 648.6 | 5,866.6 | 4,319.3 | 390.9 | 498.1 | 5,208.3 | 12.6% | ||
| Argentina | 599.3 | 71.7 | 94.8 | 765.8 | 474.8 | 53.7 | 64.6 | 593.1 | 29.1% | ||
| Uruguay | 175.0 | 18.6 | 8.5 | 202.1 | 162.9 | 16.6 | 5.6 | 185.1 | 9.2% | ||
| South America | 7,130.0 | 799.4 | 951.5 | 8,880.9 | 6,213.3 | 661.4 | 684.6 | 7,559.2 | 17.5% | ||
| TOTAL | 15,956.0 | 1,485.1 | 2,049.9 | 19,490.9 | 14,534.5 | 1,249.6 | 1,613.6 | 17,397.7 | 12.0% | ||
| Revenues | |||||||||||
| Expressed in million Mexican Pesos | FY 2021 | FY 2020 | Δ % | ||||||||
| Mexico | 94,762 | 87,833 | 7.9% | ||||||||
| Guatemala | 10,535 | 9,328 | 12.9% | ||||||||
| CAM South | 10,497 | 9,622 | 9.1% | ||||||||
| Mexico and Central America | 115,794 | 106,783 | 8.4% | ||||||||
| Colombia | 14,180 | 12,049 | 17.7% | ||||||||
| Brazil ^(4)^ | 53,051 | 56,191 | -5.6% | ||||||||
| Argentina | 8,408 | 5,468 | 53.8% | ||||||||
| Uruguay | 3,371 | 3,124 | 7.9% | ||||||||
| South America | 79,010 | 76,831 | 2.8% | ||||||||
| TOTAL | 194,804 | 183,615 | 6.1% | ||||||||
| ^(3)^ Volume and transactions in Brazil do not include beer. | |||||||||||
| ^(4)^ Brazil includes beer revenues of Ps. 10,677.2 million for the full year of 2021 and Ps. 15,228.1 million for the same period of the previous year. |
| (1) | Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-onceservings) and, when applied to soda fountains, refers to volume of syrup, powders, and concentrate that is required to produce 192 ouncesof finished beverage product. |
|---|---|
| (2) | Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of theirsize or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactionsbased on a standard 12 oz. serving. |
| --- | --- |
| Page 15 of 16 | |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
| COCA-COLA FEMSA | ||||
|---|---|---|---|---|
| MACROECONOMIC INFORMATION | ||||
| Inflation ^(1)^ | ||||
| 4Q21 | ||||
| Mexico | 2.42% | |||
| Colombia | 1.54% | |||
| Brazil | 3.80% | |||
| Argentina | 11.07% | |||
| Costa Rica | 2.02% | |||
| Panama | 0.62% | |||
| Guatemala | 1.42% | |||
| Nicaragua | 3.45% | |||
| Uruguay | 1.28% | |||
| ^(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 ) | Year to Date Exchange Rate (Local Currency per ) | |||
| 4Q21 | Δ % | FY 21 | Δ % | |
| Mexico | 20.75 | 0.6% | 20.28 | -5.6% |
| Colombia | 3,879.98 | 5.9% | 3,744.25 | 1.3% |
| Brazil | 5.58 | 3.5% | 5.40 | 4.6% |
| Argentina | 100.50 | 25.5% | 102.72 | 22.1% |
| Costa Rica | 638.48 | 4.8% | 624.10 | 6.1% |
| Panama | 1.00 | 0.0% | 1.00 | 0.0% |
| Guatemala | 7.73 | -0.8% | 7.74 | 0.2% |
| Nicaragua | 35.43 | 2.1% | 35.17 | 2.4% |
| Uruguay | 43.98 | 3.2% | 43.55 | 3.7% |
| End-of-period Exchange Rates | ||||
| Closing Exchange Rate <br> (Local Currency per ) | Closing Exchange Rate (Local Currency per ) | |||
| Dec-21 | Δ % | Sep-21 | Δ % | |
| Mexico | 20.58 | 3.2% | 20.60 | -8.3% |
| Colombia | 3,981.16 | 16.0% | 3,834.68 | -1.1% |
| Brazil | 5.58 | 7.3% | 5.44 | -3.6% |
| Argentina | 102.72 | 22.1% | 98.74 | 29.6% |
| Costa Rica | 645.25 | 4.5% | 629.71 | 3.8% |
| Panama | 1.00 | 0.0% | 1.00 | 0.0% |
| Guatemala | 7.72 | -0.9% | 7.73 | -0.7% |
| Nicaragua | 35.52 | 2.0% | 35.34 | 2.2% |
| Uruguay | 44.70 | 5.6% | 42.94 | 0.8% |
| ^(2)^ Average exchange rate for each period computed with the average exchange rate of each month. |
All values are in US Dollars.
| Page 16 of 16 |
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Coca-Cola FEMSA Reports 4Q2021 Results
February 24, 2022
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/ Constantino Spas Montesinos | |
| Constantino Spas Montesinos<br><br> <br>Chief Financial Officer | |
| Date: February 24, 2022 |