全米

証券取引委員会

ワシントンD.C. 20549

6-Kフォーム

外国の非上場発行者の報告書

セキュリティ取引委員会の規則13a-16または15d-16に基づく報告

1934年証券取引法

2024年10月分について
登録ファイル番号1-12260

コカコーラフェムサ、S.A.B. de C.V。

（登録者名の英訳）

メキシコ合衆国

（会社の設立地の管轄）

Calle Mario Pani No. 100、
Santa Fe Cuajimalpa、
Cuajimalpa de Morelos、
05348 Ciudad de México、

メキシコ

（主要な経営オフィスの住所）

年次報告書20-Fまたは40-Fをファイルするかどうかチェックマークで示す。

Form 20-F X Form 40-F    

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ルール12g3-2（b）：82-__。

2024年10月25日、コカコーラフェムサ、S.A.b. de C.V.、メキシコシティ。 （BMV：KOFUBL、nyse：KOF）

世界最大の販売 出来高 による コカコーラ フェムサ フランチャイズ ボトラーである 「Coca-Cola FEMSA（コカコーラフェムサ）」または「KOF（KOF）」は、2024年第三四半期の業績を発表しました。

コカコーラフェムサのCEOであるイアン・クレイグはコメントしました:

「第3四半期の結果は、当社のビジネスの抵抗力とCoca-Cola FEMSAを前進させる戦略の実行を強調しています。メキシコでの不利な気象条件にもかかわらず、ブラジルとグアテマラで達成された堅調な成長に主に牽引された当社の総合出荷量は抵抗力を示しました。同時に、中核事業の拡大とコストおよび費用の効率化に焦点を当てた当社のチームの取り組みにより、収益と営業利益は二桁成長しました。」

B20億分野では、我々は引き続き Juntos+ を展開しており、現在はラテンアメリカ全域で月に 120万人のアクティブバイヤーに届いています。さらに、私たちは新しいセールスフォース自動化ツールである Juntos+ Advisor のパイロットを開始し、励みとなる結果を残しています。Juntos+ Advisor は advanced 人工知能モデルを活用し、セールスフォースがお客様が最大限の潜在力を発揮し、顧客のオムニチャネル体験を著しく向上させるのを支援できるようにしています。最後に、私たちは将来の成長を可能にし、全セクターのステークホルダーに長期的な価値を提供するため、主要市場全体に生産・配布能力を徐々に追加しています。

さらに、ゲレーロ州でハリケーンジョンの影響を受けた全セクターの皆様へ心からの支援の意を表明します。当社のチームは従業員、その家族、および影響を受けたコミュニティに支援を提供するために、精力的に働いてきました。また、ポルトアレグレの工場の再開が計画通りに進行していることを歓迎しています。流通センターでの営業を再開し、ボトリング営業は第4四半期から段階的に開始される予定です。

最近の出来事

CONFERENCE CALL INFORMATION

CONSOLIDATED THIRD QUARTER RESULTS

Volume increased 0.8% to 1,041.1 million unit cases, driven by volume growth in our Brazil, Guatemala, and Central America South territories, coupled with stable volume performance in Argentina. This increase was partially offset by volume declines in Mexico, Colombia, and Uruguay.

Total revenues increased 10.7% to Ps. 69,601 million. This increase was driven mainly by our revenue management initiatives and favorable mix effects. Excluding currency translation effects, total revenues increased 11.3%.

Gross profit increased 11.3% to Ps. 32,094 million, and gross margin increased 20 basis points to 46.1%. This expansion was driven mainly by our top-line growth, coupled with easing raw material costs and favorable hedging initiatives. These effects were partially offset by an increase in purchases of finished product in Brazil, higher fixed costs and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 11.5%.

Operating income increased 13.9% to Ps. 9,638 million, and operating margin increased 30 basis points to 13.8%. This margin expansion was driven mainly by operating expense efficiencies and favorable mix effects that mitigated margin pressures related to higher operating expenses such as labor, marketing, freight, and maintenance. In addition, we recognized one-time income of Ps. 339 million for the quarter related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023. Excluding currency translation effects, operating income increased 13.6%.

⁽²⁾              Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

Comprehensive financing result recorded an expense of Ps. 823 million, compared to an expense of Ps. 552 million in the previous year. This increase was driven mainly by a lower foreign exchange gain of Ps. 49 million in the third quarter of 2024 as compared to a gain of Ps. 322 million in the same period of the previous year. In addition, we recognized higher interest expense, net, of Ps. 1,059 million as compared to Ps. 986 million in the same period of the previous year, mainly because of new debt in Argentina and an increase in interest rates in our floating debt.

These effects were partially offset by a higher gain in monetary positions in inflationary subsidiaries as compared to the same period of the previous year.

Income tax as a percentage of income before taxes was 31.5% as compared to 29.6% during the same period of 2023. This increase was driven mainly by deferred taxes.

Net income attributable to equity holders of the company was Ps. 5,858 million as compared to Ps. 5,380 million during the same period of the previous year. This increase was driven mainly by operating income growth, partially offset by an increase in our comprehensive financing result and in income taxes. Earnings per share¹ were Ps. 0.35 (Earnings per unit were Ps. 2.79 and per ADS were Ps. 27.89.).

CONSOLIDATED FIRST NINE months RESULTS

Volume increased 5.1% to 3,145.6 million unit cases, driven by volume growth in most of our territories, including Mexico, Brazil, Guatemala, Colombia, and our Central America South territories, partially offset by a decrease in Argentina and Uruguay.

Total revenues increased 12.4% to Ps. 203,873 million. This increase was driven mainly by our solid volume growth and revenue management initiatives. These effects were partially offset by unfavorable currency translation effects of most of our operating currencies into Mexican Pesos. Excluding currency translation effects, total revenues increased 15.7%.

Gross profit increased 14.0% to Ps. 92,886 million, and gross margin expanded 70 basis points to 45.6%. This gross profit increase was driven mainly by our top-line growth, coupled with favorable packaging costs and hedging initiatives. These effects were partially offset by higher sweetener costs across our territories and the depreciation of the Argentine Peso. Excluding currency translation effects, gross profit increased 17.2%.

Operating income increased 13.4% to Ps. 28,037 million, and operating margin increased 20 basis points to 13.8%. This increase was driven by top-line growth and operating expense efficiencies. These effects were partially offset by increases in operating expenses such as labor, freight, and maintenance, coupled with a tough comparison base that included a non-cash operating foreign exchange gain in Mexico, as compared to a loss this year. Excluding currency translation effects, operating income increased 16.3%.

Comprehensive financing result recorded an expense of Ps. 2,918 million, compared to an expense of Ps. 3,329 million in the previous year. This decrease is explained mainly by a foreign exchange gain of Ps. 249 million as compared to a loss of Ps. 739 million, as our net cash exposure in U.S. dollars was positively impacted by the depreciation of the Mexican Peso and the Brazilian Real during the first nine months of 2024.

These effects were partially offset by an increase in our interest expense, net, of Ps. 3,415 million as compared to an expense of Ps. 2,804 million in the same period of the previous year, mainly because of an increase in our debt in Argentina partially offset by a reduction in our interest income and the maturity of a Mexican peso denominated bond.

Income tax as a percentage of income before taxes was 32.5% as compared to 29.6% during the same period of 2023. This increase was driven mainly by deferred taxes.

Net income attributable to equity holders of the company increased 15.7% to reach Ps. 16,445 million during the first nine months of 2024, as compared to Ps. 14,213 million during the same period of the previous year. This increase was driven mainly by operating income growth, coupled with a decrease in our comprehensive financing result. These effects were partially offset by higher income taxes. Earnings per share¹ were Ps. 0.98 (Earnings per unit were Ps. 7.83 and per ADS were Ps. 78.28.).

MEXICO & CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS

(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)

Volume decreased 0.7% driven by a 1.5% decline in Mexico mainly because of unfavorable weather conditions, partially offset by a 7.5% increase in Guatemala and a 1.5% increase in our Central America South territories.

Total revenues increased 9.0% to Ps. 42,546 million, driven mainly by revenue management initiatives and the favorable translation effect from most of our operating currencies into Mexican Pesos. These effects were partially offset by a slight volume decline. Excluding currency translation effects, total revenues increased 6.7%.

Gross profit increased 10.7% to Ps. 20,691 million, and gross margin expanded 70 basis points to 48.6%. This margin expansion was driven mainly by our top-line growth, easing sweetener and packaging costs, coupled with favorable hedging initiatives. These effects were partially offset by higher fixed costs. Excluding currency translation effects, gross profit increased 8.4%.

Operating income increased 11.3% to Ps. 6,711 million, and operating margin increased 30 basis points to 15.8%. This increase was driven mainly by our top-line growth, favorable mix, and operating expense efficiencies that mitigated margin pressures related to higher operating expenses such as labor, marketing, freight, and maintenance, coupled with an operating foreign exchange loss. In addition, this quarter we recognized one-time income of Ps. 339 million related to insurance claims from Hurricane Otis’ impact on Mexico in October 2023. Excluding currency translation effects, operating income increased 9.1%.

⁽²⁾              Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

SOUTH AMERICA DIVISION THIRD QUARTER RESULTS

(Brazil, Argentina, Colombia, and Uruguay)

Volume increased 3.1% to 412.1 million unit cases, driven mainly by a 6.3% volume growth in Brazil and stable performance in Argentina. These effects were partially offset by volume declines of 4.0% in Colombia and 2.6% in Uruguay.

Total revenues increased 13.6% to Ps. 27,056 million. This increase was driven mainly by volume growth, coupled with revenue management initiatives. These effects were partially offset by unfavorable currency translation effects from most of our operating currencies in the division into Mexican pesos. Excluding currency translation effects, total revenues increased 19.5%.

Gross profit increased 12.2% to Ps. 11,403 million, and gross margin contracted 60 basis points to 42.1%. This contraction was driven mainly by increases in sweetener costs, purchases of finished products, and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by our top-line growth, declining packaging costs, and favorable hedging strategies. Excluding currency translation effects, gross profit increased 17.4%.

Operating income increased 20.6% to Ps. 2,927 million, resulting in an operating margin expansion of 60 basis points to 10.8%. This increase was driven mainly by operating leverage resulting from top-line growth and cost and expense control initiatives. These effects were partially offset by higher fixed costs and expenses such as freight, labor, and the top-line contraction from Argentina. Excluding currency translation effects, operating income increased 25.7%.

⁽²⁾              Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.

DEFINITIONS

Volume is expressed in unit cases. Unit case refers to 192 ounces of finished beverage product (24 eight-ounce servings) and, when applied to soda fountains, refers to the volume of syrup, powders, and concentrate that is required to produce 192 ounces of finished beverage product.

Transactions refers to the number of single units (e.g., a can or a bottle) sold, regardless of their size or volume or whether they are sold individually or in multipacks, except for soda fountains, which represent multiple transactions based on a standard 12 oz. serving.

Operating income is a non-GAAP financial measure computed as “gross profit – operating expenses – other operating expenses, net + operative equity method (gain) loss in associates.”

Adjusted EBITDA is a non-GAAP financial measure computed as “operating income + depreciation + amortization & other operating non-cash charges.”

Earnings per share are equal to “quarterly earnings / outstanding shares.” Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806,658,096 shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.

COMPARABILITY

Our “comparable” term means, with respect to a year-over-year comparison, the change of a given measure excluding the effects of: (i) mergers, acquisitions, and divestitures; and (ii) translation effects resulting from exchange rate movements. In preparing this measure, management has used its best judgment, estimates, and assumptions to maintain comparability.

ABOUT THE COMPANY

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA, S.A.B. de C.V. is the largest franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio to more than 272 million consumers. With over 104,000 employees, the Company markets and sells approximately 4 billion unit cases through more than 2.1 million points of sale a year. Operating 56 manufacturing plants and 252 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations encompass certain territories in Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com

ADDITIONAL INFORMATION

All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance. References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6 pages of tables to follow)

⁽¹⁾              Except volume and average price per unit case figures.

⁽²⁾              Please refer to page 15 and 16 for revenue breakdown.

⁽³⁾              Includes equity method in Jugos del Valle and Leão Alimentos, among others.

⁽⁴⁾              Includes equity method in PIASA, IEQSA, Beta San Miguel, IMER, and KSP Participacoes, among others.

⁽⁵⁾              The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁶⁾              Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

⁽⁷⁾              Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

⁽⁸⁾              As of September 30, 2024, the investment in fixed assets effectively paid is equivalent to Ps. 15,717 million.

⁽¹⁾              Except volume and average price per unit case figures.

⁽²⁾              Please refer to page 15 and 16 for revenue breakdown.

⁽³⁾              Includes equity method in Jugos del Valle, among others.

⁽⁴⁾              The operating income and Adjusted EBITDA lines are presented as non-GAAP measures for the convenience of the reader.

⁽⁵⁾              Adjusted EBITDA = operating income + depreciation, amortization & other operating non-cash charges.

⁽⁶⁾              Please refer to page 10 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.

COCA-COLA FEMSA
CONSOLIDATED BALANCE SHEET
Millions of Pesos
Assets		Sep-24	Dec-23	% Var.		Liabilities & Equity		Sep-24	Dec-23	% Var.
Current Assets						Current Liabilities
Cash, cash equivalents and marketable securities						Short-term bank loans and notes payable		2,557	140	1726%
		41,493	31,060	34%		Suppliers		30,966	27,351	13%
Total accounts receivable		16,600	17,749	-6%		Short-term leasing Liabilities		818	752	9%
Inventories		13,973	11,880	18%		Other current liabilities		36,533	26,673	37%
Other current assets		8,674	7,049	23%		Total current liabilities		70,873	54,916	29%
Total current assets		80,740	67,738	19%		Non-Current Liabilities		-	-
Non-Current Assets		-	-			Long-term bank loans and notes payable		69,325	65,074	7%
Property, plant and equipment		153,835	133,406	15%		Long Term Leasing Liabilities		2,205	1,769	25%
Accumulated depreciation		(62,358)	(54,676)	14%		Other long-term liabilities		17,674	18,056	-2%
Total property, plant and equipment, net		91,478	78,730	16%		Total liabilities		160,076	139,815	14%
Right of use assets		2,815	2,388	18%		Equity		-	-
Investment in shares		10,105	9,246	9%		Non-controlling interest		7,545	6,680	13%
Intangible assets and other assets		103,904	101,162	3%		Total controlling interest		140,303	127,025	10%
Other non-current assets		18,882	14,256	32%		Total equity		147,848	133,705	11%
Total Assets		307,924	273,520	13%		Total Liabilities and Equity		307,924	273,520	13%
		Sep 30, 2024
Debt Mix		% Total Debt (1)	% Interest Rate Floating (1) (2)	Average Rate		Debt Maturity Profile
Currency
Mexican Pesos		58.9%	3.7%	8.7%
U.S. Dollars		17.7%	53.2%	4.2%
Colombian Pesos		1.4%	0.0%	6.3%
Brazilian Reals		21.1%	18.8%	9.3%
Argentine Pesos		0.9%	0.0%	50.1%
Total Debt		100%	23.4%	8.4%
(1) After giving effect to cross- currency swaps.
(2) Calculated by weighting each year´s outstanding debt balance mix.
Financial Ratios		3Q 2024	FY 2024	Δ%
Net debt including effect of hedges (1)(3)		30,307	37,794	-19.8%
Net debt including effect of hedges / Adj. EBITDA (1)(3)		0.57	0.81
Adj. EBITDA/ Interest expense, net (1)		11.73	11.86
Capitalization (2)		33.1%	32.8%
(1) Net debt = total debt - cash
(2) Total debt / (total debt + shareholders' equity)
(3)  After giving effect to cross-currency swaps.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.