2020 ANNUAL REPORT

 2020 ANNUAL REPORT

Financial
Summary

 

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

Income Statement   2020   2019   2018 1   2017 2   2016
Net sales Ps. 490,425 Ps. 504,059 Ps. 468,894 Ps. 439,239 Ps. 398,622
Total revenues   492,966   506,711   469,744   439,932   399,507
Cost of goods sold   303,313   315,230   294,574   277,842   251,303
Gross profit   189,653   191,481   175,170   162,090   148,204
Operating expenses   148,150   144,329   133,594   121,828   110,777
Income from operations 3   41,503   47,152   41,576   40,262   37,427
Other non-operating expenses (income), net   7,656   1,573   874   1,285   4,208
Financing expenses, net   14,911   13,492   7,380   3,302   4,619
Income before income taxes and share of the profit of equity accounted investees   18,936   32,087   33,322   35,674   28,600
Income taxes   14,819   10,476   10,169   10,213   7,888
Share of the profit of equity accounted investees, net of taxes   (361)   6,437   6,560   8,021   6,463
Net income from continuing operations   3,756   28,048   29,713   33,480   27,175
Net income from discontinuing operations 2   -   -   3,366   3,726   -
Consolidated net income   3,756   28,048   33,079   37,206   27,175
Controlling interest   (1,930)   20,699   23,990   42,408   21,140
Non-controlling Interest   5,686   7,349   9,089   (5,202)   6,035
Financial ratios (%)                    
Gross margin   38.5%   37.8%   37.3%   36.8%   37.1%
Operating margin   8.4%   9.3%   8.9%   9.2%   9.4%
Consolidated net income   0.8%   5.5%   6.3%   7.6%   6.8%
Other information                    
Depreciation   25,006   23,344   14,698   13,799   12,076
Amortization and other non cash charges to income from operations   5,464   4,944   4,184   4,104   5,484
Operative Cash Flow (EBITDA)   71,973   75,440   60,458   58,165   54,987
Capital expenditures 4   20,893   25,579   24,266   23,486   22,155
  1. Starting on January 1st 2019, the Company adopted IFRS16 “Leases” accounting rule using the modified retrospective method under which the comparative information was not restated.
  2. The consolidated income statement of 2017 was revised for the discontinued operations of Coca-Cola FEMSA.
  3. Company’s key performance indicator.
  4. Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.
 
Balance Sheet   2020   2019   2018 1   2017 2   2016
Assets                    
Current assets Ps. 201,269 Ps. 172,579 Ps. 177,607 Ps. 181,188 Ps. 117,951
Equity accounted investees   98,270   97,470   94,315   96,097   128,601
Property, plant and equipment, net 3   113,106   114,513   108,602   116,712   102,223
Intangible assets,net   155,501   146,562   145,610   154,093   153,268
Right-of-use asset   54,747   52,684   -   -   -
Other assets, net   61,955   53,733   50,247   40,451   43,580
Total assets   684,848   637,541   576,381   588,541   545,623
Liabilities                    
Short-term bank loans and current portion of long-term bank loans and notes payable   8,801   16,204   13,674   13,590   7,281
Current portion of leases   6,772   7,387   -       -
Other current liabilities   102,840   112,943   87,790   91,432   79,008
Long-term bank loans and notes payable   179,864   101,747   114,990   117,758   131,967
Long-term lease liabilities   51,536   47,292   -       -
Employee benefits   7,253   6,347   4,699   5,373   4,447
Deferred tax liabilities   6,033   6,946   5,886   6,133   11,037
Other non-current liabilities   14,562   12,924   13,800   17,343   25,713
Total liabilites   377,661   311,790   240,839   251,629   259,453
Total equity   307,187   325,751   335,542   336,912   286,170
Controlling interest   237,743   251,989   257,053   250,291   211,904
Non-controlling interest   69,444   73,762   78,489   86,621   74,266
Financial ratios (%)                    
Liquidity   1.803   1.336   1.750   1.725   1.367
Leverage   1.229   0.957   0.718   0.747   0.907
Capitalization   0.39   0.28   0.29   0.29   0.33
Data per share                    
Controlling interest book value 4   13.288   14.085   14.368   13.990   11.844
Net controlling interest income 5   (0.108)   1.157   1.341   2.370   1.182
Dividends paid 6                    
Series B shares   0.517   0.483   0.460   0.431   0.417
Series D shares   0.646   0.604   0.575   0.538   0.521
Number of employees 7   320,618   314,656   297,073   295,027   266,144
Number of outstanding shares 8   17,891.13   17,891.13   17,891.13   17,891.13   17,891.13
  1. Starting on January 1st 2019, the Company adopted IFRS16 “Leases” accounting rule using the modified retrospective method under which the comparative information was not restated.
  2. The consolidated income statement of 2017 was revised for the discontinued operations of Coca-Cola FEMSA.
  3. Includes bottles and cases.
  4. Controlling interest divided by the total number of shares outstanding at the end of each period.
  5. Net controlling interest income divided by the total number of shares outstanding at the end of the each period.
  6. Expressed in nominal pesos of each period.
  7. Includes incremental employees resulting from mergers & acquisitions made during the period.
  8. Total number of shares outstanding at the end of each period expressed in millions.