Fomento Económico Mexicano B de C : Financial Statements 2Q21
July 28, 2021 at 08:44 am EDT
Share
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.
Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a holding company. The Company's segments are Coca-Cola FEMSA, FEMSA Comercio-Retail Division and FEMSA Comercio-Fuel Division. The Company conducts its operations through holding companies, such as Coca-Cola FEMSA, S.A.B. de C.V. and subsidiaries (Coca-Cola FEMSA), which produces, distributes and sells beverages; FEMSA Comercio, S.A. de C.V. and subsidiaries (FEMSA Comercio), which consists of a Retail Division operating various small-format chain stores, and CB Equity LLP, which holds its equity investment in Heineken N.V., and Heineken Holding N.V. The Company's Coca-Cola FEMSA produces, markets, sells and distributes Coca-Cola trademark beverages through standard bottler agreements in certain territories in the countries, in which it operates. Coca-Cola FEMSA also sells bottled water products. FEMSA participates in the retail sector primarily through FEMSA Comercio.