Millions of 2011 pesos 20111 2011 2010 Change 20092 Change
Total revenues 14,554 203,044 169,702 19.6% 160,251 5.9%
Income from operations 1,928 26,904 22,529 19.4% 21,130 6.6%
Net income from continuing operations 1,483 20,684 17,961 15.2% 11,799 52.2%
Income from the exchange shares with HKN 0 0 26,623 N/A 0 100.0%
Net income from discontinuing operations 0 0 706 N/A 3,283 -78.5%
Net income 1,483 20,684 45,290 -54.3% 15,082 200.3%
Net majority income 1,085 15,133 40,251 -62.4% 9,908 306.2%
Net minority income 398 5,551 5,039 10.2% 5,174 -2.6%
Total assets 19,691 274,704 223,578 22.9% 225,906 -1.0%
Total liabilities 5,992 83,590 70,565 18.5% 110,077 -35.9%
Stockholders’ equity 13,699 191,114 153,013 24.9% 115,829 32.1%
Capital expenditures 897 12,515 11,171 12.0% 9,103 22.7%
Book value per share3 0.54 7.47 6.56 13.8% 4.56 43.7%
Net income per share3 0 0.85 2.25 -62.4% 0.55 306.2%
Headcount4 177,470 153,809 15.4% 139,867 10.0%


1 U.S. dollar figures are converted from Mexican pesos using the noon-buying rate published by Federal Reserve Bank of New York, which was Ps. 13.9510 per US$1.00 as of December 30, 2011.
2 The figures for this year were restated for comparison with 2011 and 2010 as a result of exchange of 100% of FEMSA Cerveza for 20% economic interest in the Heineken Group.
3 Data based on outstanding shares of 17,891,131,350.
4 Includes headcount from Coca-Cola FEMSA, FEMSA Comercio and other FEMSA Businesses.
Total Assets
millions of Mexican pesos

* Includes other companies and our 20% economic interest in Heineken
Total Revenues
millions of Mexican pesos

* Includes other companies and our 20% economic interest in Heineken
Income from Operations
millions of Mexican pesos

* Includes other companies and our 20% economic interest in Heineken
© FEMSA 2012