FEMSA Copyright 2016

Consolidated Financial Statements

 
 

Financial Summary

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

Amounts expressed in millions of Mexican pesos (Ps.)
as of December 31:

    2015   2014   2013   2012   2011(1)
Income Statement                    
Net sales Ps. 310,849 Ps. 262,779 Ps. 256,804 Ps. 236,922   200,426
Total revenues   311,589   263,449   258,097   238,309   201,540
Cost of goods sold   188,410   153,278   148,443   137,009   117,244
Gross profit   123,179   110,171   109,654   101,300   84,296
Operating expenses   89,444   80,188   79,797   72,073   59,812
Income from operations (2)   33,735   29,983   29,857   29,227   24,484
Other non-operating expenses (income), net   954   (508)   326   (345)   625
Financing expenses, net   7,618   6,988   4,249   1,904   196
Income before income taxes and share of the profit of associates and joint ventures accounted for using the equity method   25,163   23,503   25,282   27,668   23,663
Income taxes   7,932   6,253   7,756   7,949   7,618
Share of the profit of associates and joint ventures accounted for
using the equity method, net of taxes		   6,045   5,380   4,629   8,332   4,856
Consolidated net income   23,276   22,630   22,155   28,051   20,901
Controlling Interest   17,683   16,701   15,922   20,707   15,332
Non-Controlling Interest   5,593   5,929   6,233   7,344   5,569
Ratios to total revenues (%)                    
Gross margin   39.5%   41.8%   42.5%   42.5%   41.8%
Operating margin   10.8%   11.4%   11.6%   12.3%   12.1%
Consolidated net income   7.5%   8.6%   8.6%   11.8%   10.4%
Other information                    
Depreciation   9,761   9,029   8,805   7,175   5,694
Amortization and other non cash charges to income from operations   3,130   1,933   1,208   1,278   1,320
Operative Cash Flow (EBITDA)   46,626   40,945   39,870   37,680   31,498
Capital expenditures (3)   18,885   18,163   17,882   15,560   12,609
Balance Sheet                    
Assets                    
Current assets   86,723   79,112   73,569   75,455   59,983
Investments in associates and joint ventures   111,731   102,159   98,330   83,840   78,643
Property, plant and equipment, net (4)   80,296   75,629   73,955   61,649   54,563
Intangible assets,net   108,341   101,527   103,293   67,893   63,030
Other assets, net   22,241   17,746   10,045   7,105   7,143
Total assets   409,332   376,173   359,192   295,942   263,362
Liabilities                    
Short-term bank loans and current portion of long-term bank loans and notes payable   5,895   1,553   3,827   8,702   5,573
Other current liabilities   59,451   47,766   45,042   39,814   33,752
Long-term bank loans and notes payable   85,969   82,935   72,921   28,640   23,819
Post-employment and other long-term employee benefits   4,229   4,207   4,074   3,675   2,584
Deferred tax liabilities   6,230   3,643   2,993   700   414
Other long-term liabilities   5,702   5,947   7,785   4,250   5,049
Total liabilites   167,476   146,051   136,642   85,781   71,191
Total equity   241,856   230,122   222,550   210,161   192,171
Controlling interest   181,524   170,473   159,392   155,259   144,222
Non-controlling interest   60,332   59,649   63,158   54,902   47,949
Financial ratios (%)                    
Liquidity   1.327   1.604   1.505   1.555   1.525
Leverage   0.692   0.635   0.614   0.408   0.370
Capitalization   0.28   0.27   0.26   0.16   0.14
Data per share                    
Controlling interest book value (5)   10.146   9.528   8.909   8.678   8.061
Net controlling interest income (6)   0.988   0.933   0.890   1.157   0.857
Dividends paid (7)                    
Series B shares   0.366   0.000   0.667   0.309   0.229
Series D shares   0.458   0.000   0.833   0.386   0.287
Number of employees (8)   246,158   216,740   209,232   182,260   168,370
Number of outstanding shares (9)   17,891.13   17,891.13   17,891.13   17,891.13   17,891.13
 

(1) 2011 figures were restated for comparison with 2015, 2014, 2013 and 2012 as a result of transition to International Financial Reporting Standards (IFRS).
(2) Company’s key performance indicator.
(3) Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.
(4) Includes bottles and cases.
(5) Controlling interest divided by the total number of shares outstanding at the end of each year.
(6) Net controlling interest income divided by the total number of shares outstanding at the end of the each year.
(7) Expressed in nominal pesos of each year.
(8) Includes incremental employees resulting from mergers & acquisitions made during the year.
(9) Total number of shares outstanding at the end of each year expressed in millions.