美国
证券交易委员会
华盛顿,特区。20549
表格 6-K
外国私营发行人报告书
根据第13a-16条或第15d-16条规定执行
《1934年证券交易法》交易所规定
2024年10月份
委托文件编号 1-12260
可口可乐凡萨瓶装,S.A.b. de C.V.
(将注册人的名称翻译成英文)
墨西哥合众国
(公司的注册或组织管辖区)
Calle Mario Pani No. 100,
Santa Fe Cuajimalpa,
Cuajimalpa de Morelos,
05348, 墨西哥城,
墨西哥
(总部地址)
指示 通过复选标记注册人是否在20-F表格或40-F表格的掩护下提交或将要提交年度报告。
申报表 20-F X 40-F表格
如果申请人根据S-t规则101(b)(1)规定的纸质形式提交6-k表格,请用√标记
是 不 X
如符合S-t规则101(b)(7)的规定,公司提交的6-k表格为纸质材料,请使用复选标记表示。
是 不 X
如选择标志复选框,表示注册者通过提供此表中所包含信息而根据证券交易所法案第1934条规定的12g3-2(b)规则向证券交易所提交信息。
是 不 X
如果 标记为"是",请在下面指明与注册者相关联的文件号码
规则 12g3-2(b):82-__。
2024年10月25日,可口可乐凡萨瓶装股份有限公司。 (BMV:KOFUBL,纽交所: KOF)
("可口可乐凡萨瓶装","KOF"或"公司"),全球销售成交量最大的可口可乐特许经营商,宣布2024年第三季度的业绩。
第三季度亮点 |
· | 成交量增长0.8% |
· | 营业收入增长10.7% |
· | 营业收入增长13.9% |
· | 多数净收入增长 8.9% |
· | 每股收益1 市销率为0.35。(每单位盈利为0.79,每ADS盈利为27.89。) |
· | 在巴西开展了全新的赛富时自动化工具Juntos+ Advisor 的试点项目,并取得了令人鼓舞的成果 |
前九个月亮点 |
· | 成交量增长5.1% |
· | 营业收入增长12.4% |
· | 营业收入增长13.4% |
· | 多数净利润增长15.7% |
· | 每股收益1 市销率为0.98。(单位盈利为7.83,每份美国存托股凭证为78.28。)x |
第三季度财务摘要 | ||||||||||||
与去年同期相比变化 | ||||||||||||
总营收 | 毛利润 | 营业收入 | 绝大部分净利润 | |||||||||
3Q24 | 2024年全年累计 | 3Q24 | 2024年全年累计 | 3Q24 | 2024年全年累计 | 3Q24 | 2024年全年累计 | |||||
如报告的 | 合并后的 | 10.7% | 12.4% | 11.3% | 14.0% | 13.9% | 13.4% | 8.9% | 15.7% | |||
墨西哥和中美洲 | 9.0% | 12.3% | 10.7% | 13.7% | 11.3% | 12.1% | ||||||
南美洲 | 13.6% | 12.6% | 12.2% | 14.7% | 20.6% | 16.6% | ||||||
可比(2) | 合并后的 | 11.3% | 15.7% | 11.5% | 17.2% | 13.6% | 16.3% | |||||
墨西哥和中美洲 | 6.7% | 12.0% | 8.4% | 13.4% | 9.1% | 12.0% | ||||||
南美洲 | 19.5% | 22.0% | 17.4% | 24.9% | 25.7% | 28.1% |
Ian Craig, 可口可乐凡萨瓶装的CEO,发表评论:
“我们的第三季度业绩凸显了我们业务的韧性和推动可口可乐凡萨瓶装前进的战略执行力。尽管墨西哥的天气条件不利,但我们的综合销量仍然表现出韧性,主要得益于巴西和危地马拉取得的稳固增长。与此同时,我们团队专注于发展核心业务并推动成本和费用效率,使我们的营收和运营收入都实现了两位数增长。
在B20亿方面,我们继续部署Juntos+,目前已覆盖拉丁美洲每月活跃买家达到120万。此外,我们启动了我们新的赛富时自动化工具Juntos+ Advisor的试点,取得了令人鼓舞的成果。Juntos+ Advisor利用先进的人工智能模型,赋予我们的赛富时团队更好的能力,帮助我们的客户达到他们的全部潜力,并显著改善我们客户的全渠道体验。最后,我们正在逐步增加关键市场的生产和分发能力,以实现未来的增长,并为所有利益相关者提供长期价值。
此外,我们向在第三季度受到约翰飓风影响的墨西哥瓜雷罗州所有人提供诚挚的支持。我们的团队不知疲倦地为我们的员工、家人和受影响的社区提供支持。我们也很高兴看到我们在波尔图阿雷格雷的工厂按计划进行重新开放;我们已经恢复了分销中心的运营,而装瓶作业将在第四季度逐渐开始。
(1) | 每季度收益/未偿还股份。每股收益(EPS)是使用 1680670万 未偿还股份计算的。为了方便读者,由于KOFUBL单位包括8股(3系列b股和5系列L股), 每单位收益等于EPS乘以8。每个ADS代表10个KOFUBL单位。 |
(2) | 请参阅第10页,了解我们对“可比性”的定义以及影响我们财务和运营绩效可比性的因素描述。 |
可口可乐凡萨瓶装报告2024年第三季度业绩 2024年10月25日 | 页面 2 共17个 |
最近的发展
· | 公司于9月5日宣布,通过实现每生产1升饮料的水利用效率比例为1.36升,并且已由外部独立验证机构确认实现了可持续发展相关债券中设定的可持续性绩效目标。因此,可口可乐凡萨瓶装确认,截至2024年9月19日开始的利息期,将不对可持续性相关债券适用的利率计算做任何修改。 |
· | 可口可乐凡萨瓶装动员起来支持墨西哥瓜达尔哈拉州受飓风约翰影响的社区。作为帮助该地域板块恢复的承诺的一部分,该公司与当地政府协调,提供人道主义援助,包括向受影响最严重地区捐赠水、食物和必需品。可口可乐凡萨瓶装还部署了两辆水净化车,已经提供近5万升饮用水,相当于0.24万个水壶,确保有需要的人能够获得清洁的饮用水。这些努力凸显了公司在这个艰难时期致力于支持员工和更广泛社区的决心。 |
· | 在5月份受到影响的巴西南部里约格兰德州的洪水致使其波尔图阿莱格雷设施暂时关闭后,可口可乐凡萨瓶装宣布计划重新开放该设施的进展符合预期。配送中心已于10月恢复运营,初始时处于部分产能。生产设施预计将在第四季度逐渐重启。此外,公司继续为员工、其家人、客户和压力位提供支持。 |
· | 2024年10月15日,可口可乐凡萨瓶装支付了每股0.19比索已批准的普通股息的第三期分期款项,总现金分配金额达到319326万比索。2024年12月9日,可口可乐凡萨瓶装将支付此股息的第四和最后一期分期款项。 |
会议 看涨信息
可口可乐凡萨瓶装报告2024年第三季度业绩 2024年10月25日 | 页面 3 共17个 |
第三季度汇总结果
第三季度综合业绩 | ||||||
如报告的 | 可比(1) | |||||
以墨西哥比索百万计 | 3Q 2024 | 3Q 2023 | Δ% | Δ% | ||
总收入 | 69,601 | 62,853 | 10.7% | 11.3% | ||
毛利润 | 32,094 | 28,848 | 11.3% | 11.5% | ||
营业利润 | 9,638 | 8,460 | 13.9% | 13.6% | ||
调整后的EBITDA (2) | 14,001 | 11,830 | 18.4% | 19.3% |
成交量 成交量增长0.8%至104110万单位,受到巴西、危地马拉和中南美洲地区成交量增长的推动, 以及阿根廷表现稳定的成交量。这一增长部分被墨西哥、哥伦比亚和乌拉圭的成交量下降所抵消。
总营业收入 市销率增长10.7%,达到6960100万货币。 这一增长主要受到我们的营收管理措施和有利的组合效应推动。 不计入货币转换效应,总营业收入增长了11.3%。
毛利润毛利率增加了11.3%至Ps. 3209400万,毛利率增加了20个基点达到46.1%。这一增长主要是由我们的销售增长带动,再加上原材料成本的降低和有利的套期保值举措。这些影响部分地被巴西产成品采购增加、固定成本上升和阿根廷比索贬值所抵消。在排除汇率翻译影响的情况下,毛利润增加了11.5%。
营业收入 市销率增长了13.9%,达到963800万,营业利润率增加了30个基点,达到13.8%。 这一利润率扩张主要得益于营业费用效率和有利的混合效应,这些效应减轻了与更高的营业费用(如劳动力、营销、运费和维护)相关的利润率压力。此外,我们认为与2023年10月墨西哥发生的飓风奥蒂斯灾情有关的保险索赔为当季贡献了33900万。除货币翻译效应外,营业收入增长了13.6%。
(1) | 请参考第10页,了解我们对"可比性"的定义以及影响我们财务和经营业绩可比性的因素描述。 |
(2) 调整后的EBITDA = 营业收入 + 折旧 + 摊销 & 其他营业非现金费用。
可口可乐凡萨瓶装报告2024年第三季度业绩 2024年10月25日 | 页面 4 共17个 |
全面融资结果 记录了82300万Pesos的费用,而上一年度的费用为55200万Pesos。这一增加主要是由2024年第三季度汇率期货损失减少至4900万Pesos,与上一年同期的32200万Pesos收益相比导致的。此外,我们承认的利息费用净额为105900万Pesos,而上一年度同期为98600万Pesos,主要是因为在阿根廷新增债务和漂浮债务利率上升。
这些效应在通货膨胀子公司的货币头寸收益较上一年同期有所提高时部分抵消。
税前收入的比例为31.5% ,与2023年同期的29.6%相比。这种增长主要是由递延税引起的。 税前收入占收入的比例为31.5%,而2023年同期为29.6%。主要原因是递延税。
公司归属于股东的净收入 较上一年同期的收入增长率为市销率585800万,较上年同期市销率538000万高。主要是由于营业收入增长所致,部分抵消了综合融资成果和所得税的增加。每股收益1 为市销率0.35(每单位收益市销率为2.79,每ADS市销率27.89)。
(1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million 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. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 5 of 17 |
CONSOLIDATED FIRST NINE months RESULTS
CONSOLIDATED FIRST NINE MONTHS RESULTS | ||||||
As Reported | Comparable (1) | |||||
Expressed in millions of Mexican pesos | YTD 2024 | YTD 2023 | Δ% | Δ% | ||
Total revenues | 203,873 | 181,376 | 12.4% | 15.7% | ||
Gross profit | 92,886 | 81,451 | 14.0% | 17.2% | ||
Operating income | 28,037 | 24,716 | 13.4% | 16.3% | ||
Adj. EBITDA (2) | 40,044 | 33,737 | 18.7% | 22.6% |
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%.
(1) | 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. |
(2) | Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 6 of 17 |
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.).
(1) | Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million 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. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 7 of 17 |
MEXICO & CENTRAL AMERICA DIVISION THIRD QUARTER RESULTS
(Mexico, Guatemala, Costa Rica, Panama, and Nicaragua)
MEXICO & CENTRAL AMERICA DIVISION RESULTS | ||||||
As Reported | Comparable (1) | |||||
Expressed in millions of Mexican pesos | 3Q 2024 | 3Q 2023 | Δ% | Δ% | ||
Total revenues | 42,546 | 39,035 | 9.0% | 6.7% | ||
Gross profit | 20,691 | 18,689 | 10.7% | 8.4% | ||
Operating income | 6,711 | 6,032 | 11.3% | 9.1% | ||
Adj. EBITDA (2) | 9,411 | 8,182 | 15.0% | 12.7% |
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%.
(1) | 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. |
(2) Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 8 of 17 |
SOUTH AMERICA DIVISION THIRD QUARTER RESULTS
(Brazil, Argentina, Colombia, and Uruguay)
SOUTH AMERICA DIVISION RESULTS | ||||||
As Reported | Comparable (1) | |||||
Expressed in millions of Mexican pesos | 3Q 2024 | 3Q 2023 | Δ% | Δ% | ||
Total revenues | 27,056 | 23,818 | 13.6% | 19.5% | ||
Gross profit | 11,403 | 10,159 | 12.2% | 17.4% | ||
Operating income | 2,927 | 2,428 | 20.6% | 25.7% | ||
Adj. EBITDA (2) | 4,590 | 3,647 | 25.8% | 35.5% |
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%.
(1) | 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. |
(2) Adjusted EBITDA = operating income + depreciation + amortization & other operating non-cash charges.
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 9 of 17 |
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.
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 10 of 17 |
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)
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 11 of 17 |
COCA-COLA FEMSA | ||||||||||||||
CONSOLIDATED INCOME STATEMENT | ||||||||||||||
Millions of Pesos (1) | ||||||||||||||
For the Third Quarter of: | For the First Nine Months of: | |||||||||||||
2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | |||
Transactions (million transactions) | 6,153.2 | 6,048.6 | 1.7% | 1.7% | 18,484.0 | 17,548.7 | 5.3% | 5.3% | ||||||
Volume (million unit cases) | 1,041.1 | 1,033.1 | 0.8% | 0.8% | 3,145.6 | 2,991.6 | 5.1% | 5.1% | ||||||
Average price per unit case | 64.93 | 58.87 | 10.3% | 63.00 | 58.72 | 7.3% | ||||||||
Net revenues | 69,399 | 62,612 | 10.8% | 203,342 | 180,780 | 12.5% | ||||||||
Other operating revenues | 203 | 241 | -15.9% | 532 | 596 | -10.7% | ||||||||
Total revenues (2) | 69,601 | 100.0% | 62,853 | 100.0% | 10.7% | 11.3% | 203,873 | 100.0% | 181,376 | 100.0% | 12.4% | 15.7% | ||
Cost of goods sold | 37,507 | 53.9% | 34,005 | 54.1% | 10.3% | 110,987 | 54.4% | 99,925 | 55.1% | 11.1% | ||||
Gross profit | 32,094 | 46.1% | 28,848 | 45.9% | 11.3% | 11.5% | 92,886 | 45.6% | 81,451 | 44.9% | 14.0% | 17.2% | ||
Operating expenses | 22,425 | 32.2% | 19,970 | 31.8% | 12.3% | 64,076 | 31.4% | 56,500 | 31.2% | 13.4% | ||||
Other operative expenses, net | 76 | 0.1% | 500 | 0.8% | -84.8% | 940 | 0.5% | 421 | 0.2% | 123.4% | ||||
Operative equity method (gain) loss in associates(3) | (45) | -0.1% | (82) | -0.1% | -45.3% | (166) | -0.1% | (187) | -0.1% | -10.8% | ||||
Operating income (5) | 9,638 | 13.8% | 8,460 | 13.5% | 13.9% | 13.6% | 28,037 | 13.8% | 24,716 | 13.6% | 13.4% | 16.3% | ||
Other non operative expenses, net | 94 | 0.1% | 138 | 0.2% | -32.0% | 67 | 0.0% | 484 | 0.3% | -86.2% | ||||
Non Operative equity method (gain) loss in associates (4) | (133) | -0.2% | (16) | 0.0% | 718.7% | (75) | 0.0% | 149 | 0.1% | NA | ||||
Interest expense | 1,909 | 1,707 | 11.8% | 5,580 | 5,382 | 3.7% | ||||||||
Interest income | 850 | 721 | 17.9% | 2,165 | 2,578 | -16.0% | ||||||||
Interest expense, net | 1,059 | 986 | 7.3% | 3,415 | 2,804 | 21.8% | ||||||||
Foreign exchange loss (gain) | (49) | (322) | -84.8% | (249) | 739 | -133.7% | ||||||||
Loss (gain) on monetary position in inflationary subsidiaries | (100) | (17) | 486.5% | (147) | (134) | 10.0% | ||||||||
Market value (gain) loss on financial instruments | (86) | (95) | -9.1% | (101) | (80) | 26.6% | ||||||||
Comprehensive financing result | 823 | 552 | 49.0% | 2,918 | 3,329 | -12.4% | ||||||||
Income before taxes | 8,854 | 7,786 | 13.7% | 25,127 | 20,754 | 21.1% | ||||||||
Income taxes | 2,731 | 2,273 | 20.2% | 8,074 | 6,128 | 31.8% | ||||||||
Result of discontinued operations | - | - | NA | - | - | NA | ||||||||
Consolidated net income | 6,123 | 5,513 | 11.1% | 17,052 | 14,627 | 16.6% | ||||||||
Net income attributable to equity holders of the company | 5,858 | 8.4% | 5,380 | 8.6% | 8.9% | 7.9% | 16,445 | 8.1% | 14,213 | 7.8% | 15.7% | 18.7% | ||
Non-controlling interest | 265 | 0.4% | 133 | 0.2% | 99.4% | 607 | 0.3% | 414 | 0.2% | 46.7% | ||||
Adj. EBITDA & CAPEX | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (7) | ||
Operating income (5) | 9,638 | 13.8% | 8,460 | 13.5% | 13.9% | 13.6% | 28,037 | 13.8% | 24,716 | 13.6% | 13.4% | 16.3% | ||
Depreciation | 2,858 | 2,468 | 15.8% | 8,110 | 7,179 | 13.0% | ||||||||
Amortization and other operative non-cash charges | 1,504 | 902 | 66.8% | 3,897 | 1,841 | 111.7% | ||||||||
Adj. EBITDA (5)(6) | 14,001 | 20.1% | 11,830 | 18.8% | 18.4% | 19.3% | 40,044 | 19.6% | 33,737 | 18.6% | 18.7% | 22.6% | ||
CAPEX(8) | 6,945 | 4,976 | 39.6% | 15,638 | 11,713 | 33.5% |
(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.
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 12 of 17 |
MEXICO & CENTRAL AMERICA DIVISION | ||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||
Millions of Pesos (1) | ||||||||||||||
For the Third Quarter of: | For the First Nine Months of: | |||||||||||||
2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | |||
Transactions (million transactions) | 3,250.4 | 3,232.8 | 0.5% | 0.5% | 9,834.9 | 9,363.2 | 5.0% | 5.0% | ||||||
Volume (million unit cases) | 629.0 | 633.2 | -0.7% | -0.7% | 1,904.5 | 1,813.9 | 5.0% | 5.0% | ||||||
Average price per unit case | 67.16 | 61.28 | 9.6% | 65.50 | 61.36 | 6.7% | ||||||||
Net revenues | 42,533 | 39,024 | 125,455 | 111,717 | ||||||||||
Other operating revenues | 13 | 11 | 1 | 23 | ||||||||||
Total Revenues (2) | 42,546 | 100.0% | 39,035 | 100.0% | 9.0% | 6.7% | 125,456 | 100.0% | 111,740 | 100.0% | 12.3% | 12.0% | ||
Cost of goods sold | 21,855 | 51.4% | 20,346 | 52.1% | 64,930 | 51.8% | 58,497 | 52.4% | ||||||
Gross profit | 20,690.8 | 48.6% | 18,688.8 | 47.9% | 10.7% | 8.4% | 60,526.4 | 48.2% | 53,243.0 | 47.6% | 13.7% | 13.4% | ||
Operating expenses | 13,971.0 | 32.8% | 12,369.9 | 31.7% | 40,325.4 | 32.1% | 35,680.3 | 31.9% | ||||||
Other operative expenses, net | 36 | 0.1% | 344 | -0.1% | 633 | 0.5% | 132 | 0.1% | ||||||
Operative equity method (gain) loss in associates (3) | (27) | -0.1% | (57) | -0.1% | (115) | -0.1% | (121) | -0.1% | ||||||
Operating income (4) | 6,711 | 15.8% | 6,032 | 15.5% | 11.3% | 9.1% | 19,683 | 15.7% | 17,552 | 15.7% | 12.1% | 12.0% | ||
Depreciation, amortization & other operating non-cash charges | 2,700 | 6.3% | 2,151 | 5.5% | 7,354 | 5.9% | 5,566 | 5.0% | ||||||
Adj. EBITDA (4)(5) | 9,411 | 22.1% | 8,182 | 21.0% | 15.0% | 12.7% | 27,037 | 21.6% | 23,118 | 20.7% | 17.0% | 16.7% |
(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.
SOUTH AMERICA DIVISION | ||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||
Millions of Pesos (1) | ||||||||||||||
For the Third Quarter of: | For the First Nine Months of: | |||||||||||||
2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | 2024 | % of Rev. | 2023 | % of Rev. | Δ% Reported | Δ% Comparable (6) | |||
Transactions (million transactions) | 2,902.7 | 2,815.8 | 3.1% | 3.1% | 8,649.1 | 8,185.6 | 5.7% | 5.7% | ||||||
Volume (million unit cases) | 412.1 | 399.9 | 3.1% | 3.1% | 1,241.1 | 1,177.7 | 5.4% | 5.4% | ||||||
Average price per unit case | 61.52 | 55.05 | 11.8% | 59.16 | 54.65 | 8.3% | ||||||||
Net revenues | 26,865 | 23,588 | 77,886 | 69,063 | ||||||||||
Other operating revenues | 190 | 230 | 531 | 573 | ||||||||||
Total Revenues (2) | 27,056 | 100.0% | 23,818 | 100.0% | 13.6% | 19.5% | 78,417 | 100.0% | 69,636 | 100.0% | 12.6% | 22.0% | ||
Cost of goods sold | 15,652 | 57.9% | 13,659 | 57.3% | 46,057 | 58.7% | 41,428 | 59.5% | ||||||
Gross profit | 11,403 | 42.1% | 10,159 | 42.7% | 12.2% | 17.4% | 32,360 | 41.3% | 28,208 | 40.5% | 14.7% | 24.9% | ||
Operating expenses | 8,454 | 31.2% | 7,600 | 31.9% | 23,751 | 30.3% | 20,820 | 29.9% | ||||||
Other operative expenses, net | 40 | 0.1% | 156 | 0.7% | 307 | 0.4% | 289 | 0.4% | ||||||
Operative equity method (gain) loss in associates (3) | (18) | -0.1% | (25) | -0.1% | (52) | -0.1% | (66) | -0.1% | ||||||
Operating income (4) | 2,927.4 | 10.8% | 2,427.7 | 10.2% | 20.6% | 25.7% | 8,353.6 | 10.7% | 7,164.5 | 10.3% | 16.6% | 28.1% | ||
Depreciation, amortization & other operating non-cash charges | 1,663 | 6.1% | 1,220 | 5.1% | 4,653 | 5.9% | 3,454 | 5.0% | ||||||
Adj. EBITDA (4)(5) | 4,590 | 17.0% | 3,647 | 15.3% | 25.8% | 35.5% | 13,007 | 16.6% | 10,619 | 15.2% | 22.5% | 36.9% |
(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 Leão Alimentos, 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 Reports 3Q24 Results October 25, 2024 | Page 13 of 17 |
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. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 14 of 17 |
COCA-COLA FEMSA | ||||||||||||||
QUARTERLY- VOLUME, TRANSACTIONS & REVENUES | ||||||||||||||
Volume | ||||||||||||||
3Q 2024 | 3Q 2023 | YoY | ||||||||||||
Sparkling | Water (1) | Bulk (2) | Stills | Total | Sparkling | Water (1) | Bulk (2) | Stills | Total | Δ % | ||||
Mexico | 373.1 | 31.7 | 92.3 | 39.9 | 537.0 | 377.2 | 31.8 | 98.7 | 37.5 | 545.3 | -1.5% | |||
Guatemala | 44.4 | 2.5 | - | 2.3 | 49.2 | 41.3 | 2.1 | - | 2.3 | 45.7 | 7.5% | |||
CAM South | 35.0 | 1.3 | 0.9 | 5.5 | 42.8 | 34.3 | 1.3 | 0.8 | 5.7 | 42.2 | 1.5% | |||
Mexico and Central America | 452.6 | 35.4 | 93.3 | 47.8 | 629.0 | 452.8 | 35.3 | 99.6 | 45.5 | 633.2 | -0.7% | |||
Colombia | 66.0 | 10.5 | 3.9 | 7.1 | 87.4 | 68.6 | 11.0 | 3.7 | 7.7 | 91.0 | -4.0% | |||
Brazil (3) | 227.5 | 19.1 | 2.2 | 23.2 | 272.0 | 214.1 | 18.2 | 2.4 | 21.2 | 255.9 | 6.3% | |||
Argentina | 31.1 | 5.0 | 1.5 | 3.3 | 40.9 | 31.5 | 4.7 | 1.4 | 3.4 | 41.0 | 0.0% | |||
Uruguay | 9.4 | 1.5 | - | 0.7 | 11.7 | 9.4 | 2.1 | - | 0.5 | 12.0 | -2.6% | |||
South America | 334.0 | 36.1 | 7.6 | 34.4 | 412.1 | 323.6 | 35.9 | 7.5 | 32.8 | 399.9 | 3.1% | |||
TOTAL | 786.5 | 71.5 | 100.9 | 82.2 | 1,041.1 | 776.5 | 71.2 | 107.1 | 78.4 | 1,033.1 | 0.8% | |||
(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water. | ||||||||||||||
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water | ||||||||||||||
Transactions | ||||||||||||||
3Q 2024 | 3Q 2023 | YoY | ||||||||||||
Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | ||||||
Mexico | 2,036.8 | 223.2 | 279.2 | 2,539.2 | 2,067.6 | 225.8 | 260.4 | 2,553.7 | -0.6% | |||||
Guatemala | 339.1 | 16.3 | 24.9 | 380.3 | 313.4 | 14.8 | 24.0 | 352.2 | 8.0% | |||||
CAM South | 261.5 | 13.4 | 55.9 | 330.8 | 254.1 | 13.1 | 59.7 | 326.9 | 1.2% | |||||
Mexico and Central America | 2,637.4 | 253.0 | 360.0 | 3,250.4 | 2,635.1 | 253.7 | 344.0 | 3,232.8 | 0.5% | |||||
Colombia | 485.7 | 106.8 | 55.2 | 647.7 | 508.2 | 115.4 | 77.1 | 700.7 | -7.6% | |||||
Brazil (3) | 1,547.5 | 168.4 | 266.1 | 1,982.0 | 1,433.2 | 158.4 | 239.5 | 1,831.1 | 8.2% | |||||
Argentina | 158.8 | 30.1 | 27.8 | 216.8 | 165.6 | 30.8 | 31.9 | 228.2 | -5.0% | |||||
Uruguay | 44.6 | 5.9 | 5.8 | 56.3 | 44.0 | 7.6 | 4.2 | 55.8 | 0.7% | |||||
South America | 2,236.6 | 311.2 | 355.0 | 2,902.7 | 2,151.0 | 312.2 | 352.6 | 2,815.8 | 3.1% | |||||
TOTAL | 4,874.0 | 564.1 | 715.0 | 6,153.2 | 4,786.0 | 565.9 | 696.7 | 6,048.6 | 1.7% | |||||
Revenues | ||||||||||||||
Expressed in million Mexican Pesos | 3Q 2024 | 3Q 2023 | Δ % | |||||||||||
Mexico | 34,500 | 32,378 | 6.6% | |||||||||||
Guatemala | 4,157 | 3,331 | 24.8% | |||||||||||
CAM South | 3,889 | 3,327 | 16.9% | |||||||||||
Mexico and Central America | 42,546 | 39,035 | 9.0% | |||||||||||
Colombia | 5,181 | 4,801 | 7.9% | |||||||||||
Brazil (4) | 17,747 | 15,760 | 12.6% | |||||||||||
Argentina | 2,852 | 2,245 | 27.1% | |||||||||||
Uruguay | 1,275 | 1,012 | 26.0% | |||||||||||
South America | 27,056 | 23,818 | 13.6% | |||||||||||
TOTAL | 69,601 | 62,853 | 10.7% | |||||||||||
(3) Volume and transactions in Brazil do not include beer | ||||||||||||||
(4) Brazil includes beer revenues of Ps. 1,175.3 million for the third quarter of 2024 and Ps. 1,421.6 million for the same period of the previous year. |
(1) | 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. |
(2) | 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. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 15 of 17 |
COCA-COLA FEMSA | ||||||||||||||
YTD- VOLUME, TRANSACTIONS & REVENUES | ||||||||||||||
Volume | ||||||||||||||
YTD 2024 | YTD 2023 | YoY | ||||||||||||
Sparkling | Water (1) | Bulk (2) | Stills | Total | Sparkling | Water (1) | Bulk (2) | Stills | Total | Δ % | ||||
Mexico | 1,107.9 | 107.0 | 290.3 | 121.7 | 1,626.8 | 1,062.7 | 95.3 | 290.7 | 110.8 | 1,559.5 | 4.3% | |||
Guatemala | 130.8 | 7.6 | - | 7.1 | 145.5 | 117.1 | 5.7 | - | 6.9 | 129.8 | 12.1% | |||
CAM South | 108.0 | 4.4 | 2.9 | 16.7 | 132.1 | 100.8 | 4.8 | 1.9 | 17.1 | 124.6 | 6.0% | |||
Mexico and Central America | 1,346.8 | 119.0 | 293.2 | 145.5 | 1,904.5 | 1,280.6 | 105.8 | 292.6 | 134.9 | 1,813.9 | 5.0% | |||
Colombia | 196.5 | 30.4 | 12.0 | 21.8 | 260.7 | 193.9 | 29.1 | 10.5 | 22.3 | 255.7 | 2.0% | |||
Brazil (3) | 691.6 | 58.7 | 7.4 | 72.0 | 829.7 | 636.0 | 52.8 | 7.0 | 61.4 | 757.2 | 9.6% | |||
Argentina | 87.3 | 14.3 | 5.2 | 8.9 | 115.7 | 97.3 | 14.5 | 3.9 | 11.9 | 127.6 | -9.3% | |||
Uruguay | 28.1 | 4.8 | - | 2.0 | 35.0 | 28.6 | 7.1 | - | 1.6 | 37.3 | -6.1% | |||
South America | 1,003.6 | 108.3 | 24.5 | 104.7 | 1,241.1 | 955.7 | 103.4 | 21.4 | 97.1 | 1,177.7 | 5.4% | |||
TOTAL | 2,350.3 | 227.3 | 317.7 | 250.2 | 3,145.6 | 2,236.3 | 209.2 | 314.1 | 232.0 | 2,991.6 | 5.1% | |||
(1) Excludes water presentations larger than 5.0 Lt ; includes flavored water. | ||||||||||||||
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations; includes flavored water | ||||||||||||||
Transactions | ||||||||||||||
YTD 2024 | YTD 2023 | YoY | ||||||||||||
Sparkling | Water | Stills | Total | Sparkling | Water | Stills | Total | Δ % | ||||||
Mexico | 6,134.4 | 739.7 | 853.0 | 7,727.1 | 5,935.0 | 675.7 | 783.1 | 7,393.8 | 4.5% | |||||
Guatemala | 981.2 | 51.1 | 74.8 | 1,107.0 | 886.3 | 43.7 | 70.3 | 1,000.3 | 10.7% | |||||
CAM South | 789.0 | 43.6 | 168.1 | 1,000.7 | 745.3 | 40.6 | 183.2 | 969.1 | 3.3% | |||||
Mexico and Central America | 7,904.6 | 834.4 | 1,095.9 | 9,834.8 | 7,566.6 | 760.0 | 1,036.5 | 9,363.2 | 5.0% | |||||
Colombia | 1,440.1 | 311.5 | 179.5 | 1,931.1 | 1,429.1 | 305.2 | 234.1 | 1,968.4 | -1.9% | |||||
Brazil (3) | 4,606.6 | 511.9 | 817.9 | 5,936.4 | 4,182.7 | 463.8 | 689.0 | 5,335.5 | 11.3% | |||||
Argentina | 445.5 | 88.5 | 76.4 | 610.4 | 507.3 | 94.2 | 104.9 | 706.3 | -13.6% | |||||
Uruguay | 135.6 | 18.6 | 17.0 | 171.2 | 135.7 | 26.0 | 13.8 | 175.4 | -2.4% | |||||
South America | 6,627.8 | 930.6 | 1,090.7 | 8,649.1 | 6,254.6 | 889.2 | 1,041.8 | 8,185.6 | 5.7% | |||||
TOTAL | 14,532.4 | 1,764.9 | 2,186.6 | 18,484.0 | 13,821.3 | 1,649.2 | 2,078.3 | 17,548.8 | 5.3% | |||||
Revenues | ||||||||||||||
Expressed in million Mexican Pesos | YTD 2024 | YTD 2023 | Δ % | |||||||||||
Mexico | 102,828 | 91,906 | 11.9% | |||||||||||
Guatemala | 11,401 | 9,664 | 18.0% | |||||||||||
CAM South | 11,227 | 10,171 | 10.4% | |||||||||||
Mexico and Central America | 125,456 | 111,740 | 12.3% | |||||||||||
Colombia | 14,850 | 12,585 | 18.0% | |||||||||||
Brazil (4) | 52,027 | 46,838 | 11.1% | |||||||||||
Argentina | 8,169 | 7,102 | 15.0% | |||||||||||
Uruguay | 3,371 | 3,110 | 8.4% | |||||||||||
South America | 78,417 | 69,636 | 12.6% | |||||||||||
TOTAL | 203,873 | 181,376 | 12.4% | |||||||||||
(3) Volume and transactions in Brazil do not include beer | ||||||||||||||
(4) Brazil includes beer revenues of Ps. 3,704.4 million for the first nine months of 2024 and Ps. 4,382.5 million for the same period of the previous year. |
(1) | 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. |
(2) | 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. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 16 of 17 |
COCA-COLA FEMSA | ||||||||
MACROECONOMIC INFORMATION | ||||||||
Inflation (1) | ||||||||
LTM | 3Q24 | YTD | ||||||
Mexico | 4.66% | 1.46% | 2.86% | |||||
Colombia | 6.04% | 0.64% | 4.62% | |||||
Brasil | 3.93% | 0.49% | 2.96% | |||||
Argentina | 224.74% | 11.96% | 101.87% | |||||
Costa Rica | 0.63% | 0.25% | 0.37% | |||||
Panama | 0.36% | -0.72% | 0.36% | |||||
Guatemala | 3.38% | 1.08% | 2.28% | |||||
Nicaragua | 3.97% | -0.05% | 2.94% | |||||
Uruguay | 5.46% | 0.80% | 4.30% | |||||
(1) Source: inflation estimated by the company based on historic publications from the Central Bank of each country. | ||||||||
Average Exchange Rates for each period (2) | ||||||||
Quarterly Exchange Rate (Local Currency per USD) | Year to Date Exchange Rate (Local Currency per USD) | |||||||
3Q24 | 3Q23 | Δ % | YTD 24 | YTD 23 | Δ % | |||
México | 18.92 | 17.06 | 10.9% | 17.71 | 17.83 | -0.7% | ||
Colombia | 4,097.21 | 4,047.64 | 1.2% | 3,982.02 | 4,410.88 | -9.7% | ||
Brasil | 5.55 | 4.88 | 13.6% | 5.24 | 5.01 | 4.6% | ||
Argentina | 942.75 | 312.85 | 201.3% | 887.89 | 245.82 | 261.2% | ||
Costa Rica | 525.66 | 543.28 | -3.2% | 519.70 | 551.67 | -5.8% | ||
Panama | 1.00 | 1.00 | 0.0% | 1.00 | 1.00 | 0.0% | ||
Guatemala | 7.74 | 7.86 | -1.5% | 7.77 | 7.83 | -0.8% | ||
Nicaragua | 36.62 | 36.49 | 0.4% | 36.62 | 36.40 | 0.6% | ||
Uruguay | 40.53 | 37.96 | 6.8% | 39.39 | 38.58 | 2.1% | ||
End-of-period Exchange Rates | ||||||||
Closing Exchange Rate (Local Currency per USD) | Closing Exchange Rate (Local Currency per USD) | |||||||
Sep-24 | Sep-23 | Δ % | Jun-24 | Jun-23 | Δ % | |||
México | 19.63 | 17.62 | 11.4% | 18.38 | 17.07 | 7.6% | ||
Colombia | 4,164.21 | 4,053.76 | 2.7% | 4,148.04 | 4,191.28 | -1.0% | ||
Brasil | 5.45 | 5.01 | 8.8% | 5.56 | 4.82 | 15.3% | ||
Argentina | 970.50 | 349.95 | 177.3% | 912.00 | 256.70 | 255.3% | ||
Costa Rica | 522.87 | 542.35 | -3.6% | 528.80 | 549.48 | -3.8% | ||
Panama | 1.00 | 1.00 | 0.0% | 1.00 | 1.00 | 0.0% | ||
Guatemala | 7.72 | 7.86 | -1.7% | 7.77 | 7.85 | -1.0% | ||
Nicaragua | 36.62 | 36.53 | 0.3% | 36.62 | 36.44 | 0.5% | ||
Uruguay | 41.64 | 38.56 | 8.0% | 39.99 | 37.41 | 6.9% | ||
(2) Average exchange rate for each period computed with the average exchange rate of each month. |
Coca-Cola FEMSA Reports 3Q24 Results October 25, 2024 | Page 17 of 17 |
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.
COCA-COLA FEMSA, S.A.B. DE C.V. | |
By: /s/ Gerardo Cruz Celaya | |
Gerardo Cruz Celaya Chief Financial Officer | |
Date: October 24, 2024 |