Annual Report 2021  

ES

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

Income Statement   2021   2020   2019   2018 2   2017
Net sales Ps. 554,923 Ps. 490,425 Ps. 504,059 Ps. 468,894 Ps. 439,239
Total revenues   556,261   492,966   506,711   469,744   439,932
Cost of goods sold   342,548   303,313   315,230   294,574   277,842
Gross profit   213,713   189,653   191,481   175,170   162,090
Operating expenses   161,720   148,150   144,329   133,594   121,828
Income from operations 1   51,993   41,503   47,152   41,576   40,262
Other non-operating expenses (income), net   (2,667)   7,656   1,573   874   1,285
Financing expenses, net   13,384   14,911   13,492   7,380   3,302
Income before income taxes and share of the profit of equity accounted investees   41,276   18,936   32,087   33,322   35,674
Income taxes   14,278   14,819   10,476   10,169   10,213
Share of the profit of equity accounted investees, net of taxes   10,680   (361)   6,437   6,560   8,021
Net income from continuing operations   37,678   3,756   28,048   29,713   33,480
Net income from discontinuing operations 2   -   -   -   3,366   3,726
Consolidated net income   37,678   3,756   28,048   33,079   37,206
Controlling interest   28,495   (1,930)   20,699   23,990   42,408
Non-controlling Interest   9,183   5,686   7,349   9,089   (5,202)
Financial ratios (%)                    
Gross margin   38.4%   38.5%   37.8%   37.3%   36.8%
Operating margin   9.3%   8.4%   9.3%   8.9%   9.2%
Consolidated net income   6.8%   0.8%   5.5%   6.3%   7.6%
Other information                    
Depreciation   25,294   25,006   23,344   14,698   13,799
Amortization and other non cash charges to income from operations   5,135   5,464   4,944   4,184   4,104
Operative Cash Flow (EBITDA)   82,422   71,973   75,440   60,458   58,165
Capital expenditures 3   24,055   20,893   25,579   24,266   23,486
  1. Company’s key performance indicator.
  2. The consolidated income statement of 2017 was revised for the discontinued operations of Coca-Cola FEMSA. See Note 4.2.1.
  3. Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.
 
Balance Sheet   2021   2020   2019   2018   2017
Assets                    
Current assets Ps. 230,718 Ps. 201,269 Ps. 172,579 Ps. 177,607 Ps. 181,188
Equity accounted investees   107,299   98,270   97,470   94,315   96,097
Property, plant and equipment, net 1   115,147   113,106   114,513   108,602   116,712
Intangible assets,net   158,138   155,501   146,562   145,610   154,093
Right-of-use asset   56,994   54,747   52,684   -   -
Other assets, net   69,204   61,955   53,733   50,247   40,451
Total assets   737,500   684,848   637,541   576,381   588,541
Liabilities                    
Short-term bank loans and current portion of long-term bank loans and notes payable   4,640   8,801   16,204   13,674   13,590
Current portion of leases   7,306   6,772   7,387   -    
Other current liabilities   124,777   102,840   112,943   87,790   91,432
Long-term bank loans and notes payable   185,945   179,864   101,747   114,990   117,758
Long-term lease liabilities   55,049   51,536   47,292   -    
Employee benefits   7,600   7,253   6,347   4,699   5,373
Deferred tax liabilities   6,042   6,033   6,946   5,886   6,133
Other non-current liabilities   11,024   14,562   12,924   13,800   17,343
Total liabilites   402,383   377,661   311,790   240,839   251,629
Total equity   335,117   307,187   325,751   335,542   336,912
Controlling interest   262,601   237,743   251,989   257,053   250,291
Non-controlling interest   72,516   69,444   73,762   78,489   86,621
Financial ratios (%)                    
Liquidity   1.783   1.803   1.336   1.750   1.725
Leverage   1.201   1.229   0.957   0.718   0.747
Capitalization   0.37   0.39   0.28   0.29   0.29
Data per share                    
Controlling interest book value 2   14.678   13.288   14.085   14.368   13.990
Net controlling interest income 3   1.593   (0.108)   1.157   1.341   2.370
Dividends paid 4                    
Series B shares   0.383   0.517   0.483   0.460   0.431
Series D shares   0.479   0.646   0.604   0.575   0.538
Number of employees 5   320,808   320,618   314,656   297,073   295,027
Number of outstanding shares 6   17,891.13   17,891.13   17,891.13   17,891.13   17,891.13
  1. Includes bottles and cases.
  2. Controlling interest divided by the total number of shares outstanding at the end of each period.
  3. Net controlling interest income divided by the total number of shares outstanding at the end of the each period.
  4. Expressed in nominal pesos of each period.
  5. Includes incremental employees resulting from mergers & acquisitions made during the period.
  6. Total number of shares outstanding at the end of each period expressed in millions.