Financial Summary

Amounts expressed in millions of Mexican pesos (Ps.)
as of December 31, 2017

Income Statement
Net sales	Ps.	459,763	Ps.	398,622	Ps.	310,849	Ps.	262,779	Ps.	256,804
Total revenues	460,456		399,507		311,589		263,449		258,097
Cost of goods sold	290,188		251,303		188,410		153,278		148,443
Gross profit	170,268		148,204		123,179		110,171		109,654
Operating expenses	128,829		110,777		89,444		80,188		79,797
Income from operations ⁽¹⁾	41,439		37,427		33,735		29,983		29,857
Other non-operating expenses (income), net	(1,545)		4,208		954		(508)		326
Financing expenses, net	3,216		4,619		7,618		6,988		4,249
Income before income taxes and share of the profit of associates and joint ventures	39,768		28,600		25,163		23,503		25,282
Income taxes	10,583		7,888		7,932		6,253		7,756
Share of the profit of associates and joint ventures accounted for using the equity method, net of taxes	8,021		6,463		6,045		5,380		4,629
Consolidated net income	37,206		27,175		23,276		22,630		22,155
Controlling Interest	42,408		21,140		17,683		16,701		15,922
Non-Controlling Interest	(5,202)		6,035		5,593		5,929		6,233
Ratios to total revenues (%)
Gross margin	37.0%		37.1%		39.5%		41.8%		42.5%
Operating margin	9.0%		9.4%		10.8%		11.4%		11.6%
Consolidated net income	8.1%		6.8%		7.5%		8.6%		8.6%
Other information
Depreciation	15,613		12,076		9,761		9,029		8,805
Amortization and other non cash charges to income from operations	4,366		5,484		3,130		1,933		1,208
Operative Cash Flow (EBITDA)	61,418		54,987		46,626		40,945		39,870
Capital expenditures ⁽²⁾	25,180		22,155		18,885		18,163		17,882

Balance Sheet
Assets
Current assets	181,188	117,951	86,723	79,112	73,569
Investments in associates and joint ventures	96,097	128,601	111,731	102,159	98,330
Property, plant and equipment, net ⁽³⁾	116,712	102,223	80,296	75,629	73,955
Intangible assets,net	154,093	153,268	108,341	101,527	103,293
Other assets, net	40,451	43,580	22,241	17,746	10,045
Total assets	588,541	545,623	409,332	376,173	359,192
Liabilities
Short-term bank loans and current portion of long-term bank loans and notes payable	13,590	7,281	5,895	1,553	3,827
Other current liabilities	91,432	79,008	59,451	47,766	45,042
Long-term bank loans and notes payable	117,758	131,967	85,969	82,935	72,921
Employee benefits	5,373	4,447	4,229	4,207	4,074
Deferred tax liabilities	6,133	11,037	6,230	3,643	2,993
Other long-term liabilities	17,343	25,713	5,702	5,947	7,785
Total liabilites	251,629	259,453	167,476	146,051	136,642
Total equity	336,912	286,170	241,856	230,122	222,550
Controlling interest	250,291	211,904	181,524	170,473	159,392
Non-controlling interest	86,621	74,266	60,332	59,649	63,158
Financial ratios (%)
Liquidity	1.725	1.367	1.327	1.604	1.505
Leverage	0.747	0.907	0.692	0.635	0.614
Capitalization	0.29	0.33	0.28	0.27	0.26
Data per share
Controlling interest book value ⁽⁴⁾	13.990	11.844	10.146	9.528	8.909
Net controlling interest income ⁽⁵⁾	2.370	1.182	0.988	0.933	0.890
Dividends paid ⁽⁶⁾
Series B shares	0.431	0.417	0.366	0.000	0.667
Series D shares	0.538	0.521	0.458	0.000	0.833
Number of employees ⁽⁷⁾	295,027	266,144	246,158	216,740	209,232
Number of outstanding shares ⁽⁸⁾	17,891.13	17,891.13	17,891.13	17,891.13	17,891.13

Company’s key performance indicator.

Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.

Includes bottles and cases.

Controlling interest divided by the total number of shares outstanding at the end of each year.

Net controlling interest income divided by the total number of shares outstanding at the end of the each year.

Expressed in nominal pesos of each year.

Includes incremental employees resulting from mergers & acquisitions made during the year.

Total number of shares outstanding at the end of each year expressed in millions.