Forward motion

integrated annual report


Forward motion

We are moving Forward on our journey to create a stronger FEMSA – one that is purpose-led, agile, focused on our core capabilities, and future-ready. We have a bold vision for how the continued strong growth of our businesses will continue to create value for our stakeholders while keeping sustainability as an integral component of our business strategy. With this momentum, our 2023 Integrated Annual Report is structured around four primary presentations:

  1. Management Report which outlines both financial and nonfinancial performance against our strategies;
  2. Corporate Governance;
  3. Financial Statements; and
  4. Appendix, which contains supplementary information, including ESG performance data aligned with our sustainability reporting frameworks.

Learn more in About this Report.

2023 at a Glance

Corporate Structure

& Health
Proximity Americas
Proximity Europe

Proximity & Health

Coca-Cola FEMSA



FEMSA is integrated by more than 392,000 collaborators in 17 different countries, across the globe through our business units at the end of 2023.

Proximity & Health

Coca-Cola FEMSA


As of December 31, 2017, as a non-consolidated operation, Venezuela is reported as an investment in shares.
FEMSA is integrated by more than 392,000 collaborators in 17 different countries, across the globe through our business units at the end of 2023.

Sustainable Operations Highlights

+0 sites with renewable energy in 2023
0.4% of total operational waste diverted from landfills
1.42 liters of water per liter of beverage produced by Coca-Cola FEMSA


In 2023, we announced FEMSA Forward, our new long-range plan to maximize value creation, which resulted from a thorough strategic review of our business platform.

We have identified seven strategic priorities and enablers that will guide What and How we focus our resources to execute on our vision. At the center of everything we do are our customers and consumers.

FEMSA Forward

At the center of everything we do: simplifying their lives through seamless, relevant and personalized experiences


Continued Strong Growth
Continue undisputed track record of value creation by fueling top and bottom-line growth


Capitalize on digital and data to enhance our products / services and operations, aiming to better serve our customers’ needs

Balance Risk/
Return Profile

Reach a desired balanced risk / return profile by expanding our geographical exposure to key markets


Rooted Sustainability
Become the most sustainable, equitable, diverse and inclusive organization, leading the way in the communities where we operate

Enhance our Talent & Culture
Serve as the growth platform for our people by developing our talent and strengthening our culture to excel in a more global, digital and purposeful world

Proactive Engagement with our Audiences
Continue communicating effectively who we are, and what we do, while being more proactive in our approach

Business Model for Value Creation

1. Inputs

Human Capital

We develop the competencies of our diverse team members, empowering them to drive the Company’s collective success while supporting their own wellbeing and professional growth.

Social & Relationship Capital

Our social license to operate depends on a foundation of trust with our stakeholders, including clients/consumers, business partners, suppliers, investors, NGOs, regulators, and our communities.

Natural Capital

We seek the most efficient and sustainable ways of sourcing and using natural resources for our products and packaging, including water, energy, and agricultural commodities.

Intellectual Capital

With an emphasis on innovation and digitalization across our culture, we leverage our intellectual property and multi-format expertise to continually strengthen our customer-centric ecosystem.

Manufacturing Capital

We rely on our physical infrastructure, including owned and leased properties, tools, technology, machinery, and equipment, to produce goods and provide services to the market.

Financial Capital

We utilize capital from equity and debt markets, as well as cash flows derived from our businesses, to produce goods and services for the market.

2. Business Activities: WHATs & HOWs

Our three business verticals complement one another to unlock unique value creation synergies in alignment with our FEMSA Forward strategic priorities: Continued Strong Growth, Going Digital, Balance Risk/Return Profile


Proximity & Health
Reaching and serving our clients and customers through frequent interactions and high levels of capillarity

Coca-Cola FEMSA
Produces, markets, sells and distributes multi-category beverages in ways that generate economic value and social and environmental wellbeing

Building a financial and ditigal ecosystem based on data and analytics that delivers added value for customers while maximizing revenue management

With customers and consumers at the center of everything we do, we execute on our FEMSA Forward strategy through three strategic enablers: Rooted Sustainability, Enhance our Talent & Culture, Proactive Engagement with our Audiences

3. Outputs

+15 million consumers per day served at +32,000 points of sale

4 Bn unit cases sold by Coca-Cola FEMSA through 2.1 million points of sale

6.9 million active Spin by OXXO users* and 19.3 million active Spin Premia loyalty users**

US$ 41.5 billion total revenues and US$ 3.5 Bn income from operations

Any user with a balance or that has transacted within the last 56 days.
** User that has transacted at least once with Spin Premia within the last 90 days.
4. Outcomes

Rooted Sustainability

One of the key enablers of the FEMSA Forward strategy is Rooted Sustainability. This is deployed through our FEMSA Sustainability Framework, which is focused on nine priority topics across three pillars, underscored by a strong foundation of corporate governance.

5. Value Created

Our People

The wellbeing, dignified work and professional growth of our workforce

Our Community

Development and wellbeing within the communities where we operate

Our Planet

Harmony with the environment and sustainable use of natural resources


The use of corporate governance best practices

6. Impact

UN SDG Alignment

FEMSA’s Sustainability Strategy aims to contribute to all 17 of the United Nations’ SDGs, but we have identified the following subset where we believe we can have the greatest positive impact. Learn more about our actions in these areas throughout this 2023 Report.