Consolidated Balance
FEMSA
Consolidated Balance Sheet
Millions of Pesos
ASSETS Jun-21 Dec-20 % Inc.
Cash and cash equivalents 107,784 107,624 0.1 160
Investments 10,107 662 N.S.
Accounts receivable 26,886 28,249 (4.8)
Inventories 44,386 44,034 0.8
Other current assets 22,316 20,700 7.8 x
Total current assets 211,479 201,269 5.1
Investments in shares 91,424 98,270 (7.0)
Property, plant and equipment, net 111,475 113,106 (1.4)
Right of use 54,776 54,747 0.1
Intangible assets (1) 154,870 155,501 (0.4)
Other assets 69,701 61,955 12.5
TOTAL ASSETS 693,725 684,848 1.3
LIABILITIES & STOCKHOLDERS´ EQUITY
Bank loans 3,070 4,469 (31.3)
Current maturities of long-term debt 2,662 4,332 (38.6)
Interest payable 1,677 2,069 (18.9)
Current maturities of long-term leases 6,854 6,772 1.2
Operating liabilities 112,706 100,771 11.8
Total current liabilities 126,969 118,413 7.2
Long-term debt (2) 176,716 174,706 1.2
Long-term leases 52,020 51,536 0.9
Laboral obligations 7,443 7,253 2.6
Other liabilities 24,850 25,753 (3.5)
Total liabilities 387,998 377,661 2.7
Total stockholders' equity 305,727 307,187 (0.5)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 693,725 684,848 1.3
June 30, 2021
DEBT MIX (2) % of Total Average Rate
Denominated in:
Mexican pesos 37.3% 7.2%
U.S. Dollars 36.2% 3.3%
Euros 15.6% 5.4%
Colombian pesos 1.0% 3.8%
Argentine pesos 0.4% 46.7%
Brazilian reais 7.2% 6.8%
Chilean pesos 1.6% 1.6%
Uruguayan Pesos 0.7% 7.3%
Guatemalan Quetzal 0.0% 6.3%
Total debt 100.0% 5.5%
Fixed rate (2) 89.5%
Variable rate (2) 10.5%
DEBT MATURITY PROFILE 2021 2022 2023 2024 2025 2026+
% of Total Debt 2.1% 1.6% 3.6% 3.6% 4.3% 84.8%
(1) Includes mainly the intangible assets generated by acquisitions.
(2) Includes the effect of derivative financial instruments on long-term debt.
Consolidated Results
FEMSA
Consolidated Income Statement
Millions of Pesos
For the second quarter of: For the six months of:
2021 % of rev. 2020 % of rev. % Var. % Org.(A) 2021 % of rev. 2020 % of rev. % Var. % Org.(A)
Total revenues 137,058 100.0 114,514 100.0 19.7 15.7 261,556 100.0 236,716 100.0 10.5 6.1
Cost of sales 83,200 60.7 70,970 62.0 17.2 161,156 61.6 147,369 62.3 9.4
Gross profit 53,858 39.3 43,544 38.0 23.7 100,400 38.4 89,347 37.7 12.4
Administrative expenses 6,573 4.8 5,263 4.6 24.9 12,404 4.7 10,278 4.3 20.7
Selling expenses 33,175 24.2 30,165 26.3 10.0 64,069 24.5 61,162 25.8 4.8
Other operating expenses (income), net (1) 137 0.1 660 0.6 (79.2) 429 0.2 937 0.4 (54.2)
Income from operations(2) 13,973 10.2 7,456 6.5 87.4 84.9 23,498 9.0 16,970 7.2 38.5 35.9
Other non-operating expenses (income) (565) 7,241 (107.8) (1,003) 7,098 (114.1)
Interest expense 4,878 4,184 16.6 8,714 9,518 (8.4)
Interest income 283 629 (55.0) 543 1,319 (58.8)
Interest expense, net 4,595 3,555 29.3 8,171 8,199 (0.3)
Foreign exchange loss (gain) 2,485 207 N.S. 961 (8,117) 111.8
Other financial expenses (income), net. (107) (83) 28.9 (261) (181) 44.5
Financing expenses, net 6,973 3,679 89.5 8,871 (99) N.S.
Income before income tax and participation in associates results 7,565 (3,464) N.S. 15,630 9,972 56.7
Income tax 3,311 43.8% 5,733 -165.5% (42.2) 5,970 38% 10,455 105% (42.9)
Participation in associates results(3) 1,001 (1,578) 163.4 1,854 (1,185) N.S.
(Loss) Consolidated net income 5,255 (10,775) 148.8 11,514 (1,669) N.S.
Net income from discontinued operations - 0 - 0 (100.0) - 0 - 0 (100.0)
Net consolidated income 5,255 (10,775) (148.8) 11,514 (1,669) N.S.
Net majority income 3,082 (11,692) 126.4 7,647 (3,911) N.S.
Net minority income 2,173 917 137.0 3,867 2,242 72.5
Operative Cash Flow & CAPEX 2021 % Integral 2020 % Integral % Inc. % Org.(A) 2021 % Integral 2020 % Integral % Inc. % Org.(A)
Income from operations 13,973 10.2 7,456 6.5 87.4 84.9 23,498 9.0 16,970 7.2 38.5 35.9
Depreciation 6,221 4.5 6,348 5.5 (2.0) 12,428 4.8 12,476 5.3 (0.4)
Amortization & other non-cash charges 1,155 0.9 1,332 1.2 (13.3) 2,400 0.9 2,810 1.1 (14.6)
Operative Cash Flow (EBITDA) 21,349 15.6 15,136 13.2 41.0 38.8 38,326 14.7 32,256 13.6 18.8 16.4
CAPEX 5,172 4,384 18.0 8,526 9,693 (12.0)
(A) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months.
(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates.
(2) Income from operations = gross profit - administrative and selling expenses - other operating expenses (income), net.
(3) Mainly represents the equity method participation in Heineken´s and Raizen convenience stores results, net.
FEMSA Comercio - Proximity Div.
FEMSA Comercio - Proximity Division
Results of Operations
Millions of Pesos
For the second quarter of: For the six months of:
2021 % of rev. 2020 % of rev. % Var. 2021 % of rev. 2020 % of rev. % Var.
Total revenues 50,850 100.0 43,409 100.0 17.1 94,268 100.0 89,030 100.0 5.9
Cost of sales 29,712 58.4 26,167 60.3 13.5 55,756 59.1 53,548 60.1 4.1
Gross profit 21,138 41.6 17,242 39.7 22.6 38,512 40.9 35,482 39.9 8.5
Administrative expenses 1,579 3.1 1,367 3.1 15.5 2,805 3.0 2,654 3.0 5.7
Selling expenses 14,930 29.4 13,937 32.2 7.1 28,596 30.4 27,809 31.3 2.8
Other operating expenses (income), net 60 0.1 354 0.8 (83.1) 131 0.1 380 0.4 (65.5)
Income from operations 4,569 9.0 1,584 3.6 188.4 6,980 7.4 4,639 5.2 50.5
Depreciation 2,572 5.1 2,591 6.0 (0.7) 5,140 5.5 5,105 5.7 0.7
Amortization & other non-cash charges 219 0.4 453 1.1 (51.7) 436 0.4 632 0.8 (31.0)
Operative cash flow (EBITDA) 7,360 14.5 4,628 10.7 59.0 12,556 13.3 10,376 11.7 21.0
CAPEX 1,730 1,693 2.2 3,038 3,948 (23.0)
Information of OXXO Stores
Total stores 19,834 19,558 1.4
Stores Mexico 19,566 19,308 1.3
Stores South America 268 250 7.2
Net new conveniences stores:
vs. Last quarter 128 (40) N.S.
Year-to-date 268 228 17.5
Last-twelve-months 276 950 (70.9)
Same-store data: (1)
Sales (thousands of pesos) 801.2 693.1 15.6 744.1 713.9 4.2
Traffic (thousands of transactions) 17.9 16.6 7.4 17.1 18.3 (6.6)
Ticket (pesos) 44.9 41.7 7.6 43.6 39.1 11.6
(1) Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included.
FEMSA Comercio - Health Div.
FEMSA Comercio - Health Division
Results of Operations
Millions of Pesos
For the second quarter of: For the six months of:
2021 % of rev. 2020 % of rev. % Var. 2021 % of rev. 2020 % of rev. % Var.
Total revenues 18,377 100.0 15,624 100.0 17.6 36,127 100.0 30,920 100.0 16.8
Cost of sales 12,943 70.4 10,849 69.4 19.3 25,624 70.9 21,847 70.7 17.3
Gross profit 5,434 29.6 4,775 30.6 13.8 10,503 29.1 9,073 29.3 15.8
Administrative expenses 819 4.5 868 5.6 (5.6) 1,554 4.3 1,666 5.4 (6.7)
Selling expenses 3,596 19.6 3,377 21.6 6.5 7,113 19.7 6,463 20.8 10.1
Other operating expenses (income), net (37) (0.2) 25 0.2 N.S. (30) (0.1) 54 0.2 (155.6)
Income from operations 1,056 5.7 505 3.2 109.1 1,866 5.2 890 2.9 109.7
Depreciation 741 4.0 782 5.0 (5.2) 1,444 4.0 1,443 4.7 0.1
Amortization & other non-cash charges 120 0.7 131 0.9 (8.4) 240 0.6 276 0.8 (13.0)
Operative cash flow (EBITDA) 1,917 10.4 1,418 9.1 35.2 3,550 9.8 2,609 8.4 36.1
CAPEX 331 363 (8.8) 585 737 (20.7)
Information of Stores
Total Stores 3,459 3,189 8.5
Stores Mexico 1,372 1,275 7.6
Stores South America 2,087 1,914 9.0
Net new stores:
vs. Last quarter 54 (7) N.S.
Year-to-date 91 28 N.S.
Last-twelve-months 270 128 110.9
Same-store data: (1)
Sales (thousands of pesos) 1,359.4 1,183.1 14.9 1,382.5 1,200.3 15.2
(1) Monthly average information per store, considering same stores with more than twelve months of all the operations of FEMSA Comercio - Health Division.
FEMSA Comercio - Fuel Div.
FEMSA Comercio - Fuel Division
Results of Operations
Millions of Pesos
For the second quarter of:
Comparable (A) As Reported
2021 % of rev. 2020 % of rev. % Var. 2020 % of rev. % Var.
Total revenues 9,974 100.0 6,382 100.0 56.3 6,382 100.0 56.3
Cost of sales 8,677 87.0 5,399 84.6 60.7 5,533 86.7 56.8
Gross profit 1,297 13.0 983 15.4 31.9 849 13.3 52.8
Administrative expenses 84 0.8 71 1.1 18.3 71 1.1 18.3
Selling expenses 855 8.6 735 11.5 16.3 722 11.3 18.4
Other operating expenses (income), net 2 - 0 5 0.1 (60.0) 5 0.1 (60.0)
Income from operations 356 3.6 172 2.7 107.0 51 0.8 N.S.
Depreciation 247 2.5 206 3.2 19.9 206 3.2 19.9
Amortization & other non-cash charges 7 - 0 10 0.2 (30.0) 10 0.2 (30.0)
Operative cash flow (EBITDA) 610 6.1 388 6.1 57.2 267 4.2 128.5
CAPEX 82 110 (25.5) 110 (25.5)
Information of OXXO GAS Service Stations
Total service stations 563 551 2.2
Net new service stations
vs. Last quarter 2 1 100.0
Year-to-date 5 6 (16.7)
Last-twelve-months 12 10 20.0
Volume (million of liters) total stations 528 420 25.6
Same-stations data: (1)
Sales (thousands of pesos) 5,927.2 3,855.2 53.7
Volume (thousands of liters) 316.1 254.6 24.2
Average price per liter 18.8 15.1 23.8
(A) Unaudited consolidated financial information
(1) Monthly average information per station, considering same stations with more than twelve months of operations.
FEMSA Comercio - Fuel Div. YTD
FEMSA Comercio - Fuel Division
Results of Operations
Millions of Pesos
For the six months of:
Comparable (A) As Reported
2021 % of rev. 2020 % of rev. % Var. 2020 % of rev. % Var.
Total revenues 18,509 100.0 17,239 100.0 7.4 17,239 100.0 7.4
Cost of sales 16,132 87.2 14,885 86.3 8.4 15,237 88.4 5.9
Gross profit 2,377 12.8 2,354 13.7 1.0 2,002 11.6 18.7
Administrative expenses 147 0.8 107 0.6 37.4 107 0.6 37.4
Selling expenses 1,672 9.0 1,626 9.5 2.8 1,604 9.3 4.2
Other operating expenses (income), net (6) - 0 6 - 0 N.S. 6 - 0 N.S.
Income from operations 564 3.0 615 3.6 (8.3) 285 1.7 97.9
Depreciation 476 2.6 429 2.5 11.0 429 2.5 11.0
Amortization & other non-cash charges 4 - 0 18 0.1 (77.8) 18 - 0 (77.8)
Operative cash flow (EBITDA) 1,044 5.6 1,062 6.2 (1.7) 732 4.2 42.6
CAPEX 169 213 (20.8) 213 (20.8)
Information of OXXO GAS Service Stations
Total service stations 563 551 2.2
Net new service stations
vs. Last quarter 2 1 100.0
Year-to-date 5 6 (16.7)
Last-twelve-months 12 10 20.0
Volume (million of liters) total stations 999 1,041 (4.1)
Same-stations data: (1)
Sales (thousands of pesos) 5,516.5 5,214.0 5.8
Volume (thousands of liters) 299.9 315.8 (5.0)
Average price per liter 18.4 16.5 11.4
(A) Unaudited consolidated financial information
(1) Monthly average information per station, considering same stations with more than twelve months of operations.
Logistics & Distribution
Logistics and Distribution
Results of Operations
Millions of Pesos
For the second quarter of: For the six months of:
2021 % of rev. 2021 % of rev.
Total revenues 11,266 100.0 22,074 100.0
Cost of sales 8,798 78.1 17,254 78.2
Gross profit 2,468 21.9 4,821 21.8
Administrative expenses 1,032 9.2 2,155 9.8
Selling expenses 856 7.6 1,706 7.7
Other operating expenses (income), net (6) (0.1) 8 - 0
Income from operations 586 5.2 953 4.3
Depreciation 434 3.9 844 3.8
Amortization & other non-cash charges 177 1.5 365 1.7
Operative cash flow (EBITDA) 1,197 10.6 2,162 9.8
CAPEX 130 324
Coca-Cola FEMSA
Coca-Cola FEMSA
Results of Operations
Millions of Pesos
For the second quarter of: For the six months of:
2021 % of rev. 2020 % of rev. % Var. 2021 % of rev. 2020 % of rev. % Var.
Total revenues 47,786 100.0 43,075 100.0 10.9 92,500 100.0 88,341 100.0 4.7
Cost of sales 25,226 52.8 24,000 55.7 5.1 50,009 54.1 48,592 55.0 2.9
Gross profit 22,560 47.2 19,075 44.3 18.3 42,491 45.9 39,749 45.0 6.9
Administrative expenses 2,279 4.8 1,882 4.4 21.1 4,092 4.4 3,733 4.2 9.6
Selling expenses 12,910 26.9 11,748 27.3 9.9 24,899 26.9 24,399 27.6 2.0
Other operating expenses (income), net 123 0.3 315 0.7 (61.0) 353 0.4 763 0.9 (53.7)
Income from operations 7,248 15.2 5,130 11.9 41.3 13,147 14.2 10,854 12.3 21.1
Depreciation 2,179 4.6 2,324 5.4 (6.2) 4,417 4.8 4,577 5.2 (3.5)
Amortization & other non-cash charges 580 1.1 767 1.8 (24.4) 1,252 1.3 1,864 2.1 (32.8)
Operative cash flow (EBITDA) 10,007 20.9 8,221 19.1 21.7 18,816 20.3 17,295 19.6 8.8
CAPEX 2,841 1,788 58.9 4,301 3,867 11.2
Sales volumes
(Millions of unit cases)
Mexico and Central America 545.8 64.1 521.7 66.8 4.6 1,017.1 61.6 998.0 63.4 1.9
South America 106.1 12.5 85.6 11.0 23.9 226.7 13.7 196.8 12.5 15.2
Brazil 199.5 23.4 173.5 22.2 15.0 408.3 24.7 379.6 24.1 7.6
Total 851.4 100.0 780.8 100.0 9.1 1,652.0 100.0 1,574.3 100.0 4.9
Other Info
FEMSA
Macroeconomic Information
Inflation End-of-period Exchange Rates
2Q 2021 LTM (1) Jun-21 Jun-21 Dec-20
Per USD Per MXN Per USD Per MXN
Mexico 1.17% 6.02% 19.80 1.0000 19.95 1.0000
Colombia 1.29% 2.89% 3,756.67 0.0053 3,432.50 0.0058
Brazil 1.39% 8.28% 5.00 3.9588 5.20 3.8387
Argentina 6.68% 47.13% 95.72 0.2069 84.15 0.2371
Chile 0.56% 3.29% 735.28 0.0269 711.24 0.0280
Euro Zone 0.16% 2.35% 0.84 23.5896 0.81 24.5213
(1) LTM = Last twelve months.

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FEMSA - Fomento Económico Mexicano SA de CV published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 12:43:20 UTC.