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    FEMSA UBD   MXP320321310

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

(FEMSA UBD)
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Fomento Económico Mexicano B de C : Financial Statements 1Q21

04/29/2021 | 10:20am EDT
Consolidated Balance
FEMSA
Consolidated Balance Sheet
Millions of Pesos
ASSETS Mar-21 Dec-20 % Inc.
Cash and cash equivalents 113,327 107,624 5.3 5,703
Investments 216 662 (67.4)
Accounts receivable 25,914 28,249 (8.3)
Inventories 43,470 44,034 (1.3)
Other current assets 21,941 20,700 6.0 x
Total current assets 204,868 201,269 1.8
Investments in shares 95,620 98,270 (2.7)
Property, plant and equipment, net 111,253 113,106 (1.6)
Right of use 54,718 54,747 (0.1)
Intangible assets (1) 153,470 155,501 (1.3)
Other assets 69,111 61,955 11.6
TOTAL ASSETS 689,040 684,848 0.6
LIABILITIES & STOCKHOLDERS´ EQUITY
Bank loans 4,030 4,469 (9.8)
Current maturities of long-term debt 3,759 4,332 (13.2)
Interest payable 1,685 2,069 (18.6)
Current maturities of long-term leases 6,763 6,772 (0.1)
Operating liabilities 111,162 100,771 10.3
Total current liabilities 127,399 118,413 7.6
Long-term debt (2) 177,823 174,706 1.8
Long-term leases 51,782 51,536 0.5
Laboral obligations 7,364 7,253 1.5
Other liabilities 24,846 25,753 (3.5)
Total liabilities 389,214 377,661 3.1
Total stockholders' equity 299,826 307,187 (2.4)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 689,040 684,848 0.6
March 31, 2021
DEBT MIX (2) % of Total Average Rate
Denominated in:
Mexican pesos 33.1% 7.0%
U.S. Dollars 46.3% 3.8%
Euros 13.2% 1.7%
Colombian pesos 0.4% 3.9%
Argentine pesos 0.3% 47.7%
Brazilian reais 3.9% 7.9%
Chilean pesos 2.0% 2.0%
Uruguayan Pesos 0.7% 7.4%
Guatemalan Quetzal 0.0% 6.3%
Total debt 100.0% 4.9%
Fixed rate (2) 92.2%
Variable rate (2) 7.8%
DEBT MATURITY PROFILE 2021 2022 2023 2024 2025 2026+
% of Total Debt 2.0% 2.6% 1.3% 19.3% 0.2% 74.5%
(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 first quarter of:
2021 % of rev. 2020 % of rev. % Var. % Org.(A)
Total revenues 124,474 100.0 122,284 100.0 1.8 (3.0)
Cost of sales 77,940 62.6 76,441 62.5 2.0
Gross profit 46,534 37.4 45,843 37.5 1.5
Administrative expenses 5,831 4.7 5,020 4.1 16.2
Selling expenses 30,886 24.8 31,027 25.4 (0.5)
Other operating expenses (income), net (1) 292 0.2 278 0.2 5.0
Income from operations(2) 9,525 7.7 9,518 7.8 0.1 (2.4)
Other non-operating expenses (income) (439) (143) N.S.
Interest expense 3,835 5,338 (28.2)
Interest income 260 690 (62.3)
Interest expense, net 3,575 4,648 (23.1)
Foreign exchange loss (gain) (1,524) (8,325) (81.7)
Other financial expenses (income), net. (152) (104) 46.2
Financing expenses, net 1,899 (3,781) (150.2)
Income before income tax and participation in associates results 8,065 13,442 (40.0)
Income tax 2,659 33.0% 4,723 35.1% (43.7)
Participation in associates results(3) 854 393 117.3
(Loss) Consolidated net income 6,260 9,112 (31.3)
Net income from discontinued operations - 0 - 0 (100.0)
Net consolidated income 6,260 9,112 (31.3)
Net majority income 4,566 7,787 (41.4)
Net minority income 1,694 1,325 27.8
Operative Cash Flow & CAPEX 2021 % Integral 2020 % Integral % Inc. % Org.(A)
Income from operations 9,525 7.7 9,518 7.8 0.1 (2.4)
Depreciation 6,205 5.0 6,135 5.0 1.1
Amortization & other non-cash charges 1,245 0.9 1,480 1.2 (15.9)
Operative Cash Flow (EBITDA) 16,975 13.6 17,133 14.0 (0.9) (3.6)
CAPEX 3,353 5,309 (36.8)
(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 first quarter of:
2021 % of rev. 2020 % of rev. % Var.
Total revenues 43,418 100.0 45,620 100.0 (4.8)
Cost of sales 26,044 60.0 27,380 60.0 (4.9)
Gross profit 17,374 40.0 18,240 40.0 (4.7)
Administrative expenses 1,226 2.8 1,287 2.8 (4.7)
Selling expenses 13,666 31.4 13,873 30.4 (1.5)
Other operating expenses (income), net 71 0.2 25 0.1 184.0
Income from operations 2,411 5.6 3,055 6.7 (21.1)
Depreciation 2,569 5.9 2,514 5.5 2.2
Amortization & other non-cash charges 216 0.5 179 0.4 20.7
Operative cash flow (EBITDA) 5,196 12.0 5,748 12.6 (9.6)
CAPEX 1,308 2,255 (42.0)
Information of OXXO Stores
Total stores 19,706 19,598 0.6
Stores Mexico 19,438 19,344 0.5
Stores South America 268 254 5.5
Net new conveniences stores:
vs. Last quarter 140 268 (47.8)
Year-to-date 140 268 (47.8)
Last-twelve-months 108 1,365 (92.1)
Same-store data: (1)
Sales (thousands of pesos) 686.9 734.8 (6.5)
Traffic (thousands of transactions) 16.3 19.9 (18.3)
Ticket (pesos) 42.2 36.9 14.4
(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 first quarter of:
2021 % of rev. 2020 % of rev. % Var.
Total revenues 17,750 100.0 15,296 100.0 16.0
Cost of sales 12,681 71.4 10,998 71.9 15.3
Gross profit 5,069 28.6 4,298 28.1 17.9
Administrative expenses 736 4.1 798 5.2 (7.8)
Selling expenses 3,515 19.9 3,087 20.2 13.9
Other operating expenses (income), net 8 - 0 28 0.2 (71.4)
Income from operations 810 4.6 385 2.5 110.4
Depreciation 703 4.0 662 4.3 6.2
Amortization & other non-cash charges 121 0.6 144 1.0 (16.0)
Operative cash flow (EBITDA) 1,634 9.2 1,191 7.8 37.2
CAPEX 254 374 (32.2)
Information of Stores
Total Stores 3,405 3,196 6.5
Stores Mexico 1,348 1,261 6.9
Stores South America 2,057 1,935 6.3
Net new stores:
vs. Last quarter 37 35 5.7
Year-to-date 37 35 5.7
Last-twelve-months 209 812 (74.3)
Same-store data: (1)
Sales (thousands of pesos) 1,411.7 1,222.0 15.5
(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 Division
FEMSA Comercio - Fuel Division
Results of Operations
Millions of Pesos
For the first quarter of:
Comparable (A) As Reported
2021 % of rev. 2020 % of rev. % Var. 2020 % of rev. % Var.
Total revenues 8,535 100.0 10,858 100.0 (21.4) 10,858 100.0 (21.4)
Cost of sales 7,455 87.3 9,486 87.4 (21.4) 9,704 89.4 (23.2)
Gross profit 1,080 12.7 1,372 12.6 (21.3) 1,154 10.6 (6.4)
Administrative expenses 63 0.7 36 0.3 75.0 36 0.3 75.0
Selling expenses 817 9.7 893 8.2 (8.5) 884 8.1 (7.6)
Other operating expenses (income), net (8) (0.1) - 0 - 0 - 0 - 0 - 0 - 0
Income from operations 208 2.4 443 4.1 (53.0) 234 2.2 (11.1)
Depreciation 229 2.7 223 2.1 2.7 223 2.1 2.7
Amortization & other non-cash charges (3) - 0 7 - 0 (142.9) 7 - 0 (142.9)
Operative cash flow 434 5.1 673 6.2 (35.5) 464 4.3 (6.5)
CAPEX 87 103 (15.7) 103 (15.7)
Information of OXXO GAS Service Stations
Total service stations 561 550 2.0
Net new service stations
vs. Last quarter 3 5 (40.0)
Year-to-date 3 5 (40.0)
Last-twelve-months 11 10 10.0
Volume (million of liters) total stations 471 621 (24.1)
Same-stations data: (1)
Sales (thousands of pesos) 5,104.8 6,576.2 (22.4)
Volume (thousands of liters) 283.7 377.1 (24.8)
Average price per liter 18.0 17.4 3.2
(A) Unaudited consolidated financial information. Includes the wholesale and distribution business.
(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 first quarter of:
2021 % of rev.
Total revenues 10,809 100.0
Cost of sales 8,456 78.2
Gross profit 2,353 21.8
Administrative expenses 1,123 10.4
Selling expenses 849 7.9
Other operating expenses (income), net 14 0.1
Income from operations 367 3.4
Depreciation 410 3.8
Amortization & other non-cash charges 187 1.7
Operative cash flow (EBITDA) 964 8.9
CAPEX 195
Coca-Cola FEMSA
Coca-Cola FEMSA
Results of Operations
Millions of Pesos
For the first quarter of:
2021 % of rev. 2020 % of rev. % Var.
Total revenues 44,690 100.0 45,348 100.0 (1.5)
Cost of sales 24,768 55.4 24,634 54.3 0.5
Gross profit 19,922 44.6 20,714 45.7 (3.8)
Administrative expenses 1,811 4.1 1,855 4.1 (2.4)
Selling expenses 11,982 26.8 12,681 28.0 (5.5)
Other operating expenses (income), net 230 0.5 449 1.0 (48.8)
Income from operations 5,899 13.2 5,729 12.6 3.0
Depreciation 2,236 5.0 2,259 5.0 (1.0)
Amortization & other non-cash charges 672 1.5 1,099 2.4 (38.9)
Operative cash flow (EBITDA) 8,807 19.7 9,086 20.0 (3.1)
CAPEX 1,459 2,082 (29.9)
Sales volumes
(Millions of unit cases)
Mexico and Central America 471.3 58.9 476.4 60.0 (1.1)
South America 120.6 15.1 111.1 14.0 8.6
Brazil 208.7 26.1 206.0 26.0 1.3
Total 800.7 100.0 793.5 100.0 0.9
Other Info
FEMSA
Macroeconomic Information
Inflation End-of-period Exchange Rates
1Q 2021 LTM (1) Mar-21 Mar -21 Dec-20
Per USD Per MXN Per USD Per MXN
Mexico 1.23% 3.51% 20.60 1.0000 19.95 1.0000
Colombia 0.98% 1.56% 3,736.91 0.0055 3,432.50 0.0058
Brazil 0.93% 5.03% 5.70 3.6166 5.20 3.8387
Argentina 8.96% 43.73% 92.00 0.2240 84.15 0.2371
Chile 0.88% 2.32% 732.11 0.0281 711.24 0.0280
Euro Zone 0.25% 0.02% 0.85 24.1698 0.81 24.5213
(1) LTM = Last twelve months.

Disclaimer

FEMSA - Fomento Económico Mexicano SA de CV published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 14:19:00 UTC.


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Financials
Sales 2021 535 B 25 922 M 25 922 M
Net income 2021 21 428 M 1 037 M 1 037 M
Net Debt 2021 95 215 M 4 609 M 4 609 M
P/E ratio 2021 28,4x
Yield 2021 1,36%
Capitalization 553 B 26 669 M 26 773 M
EV / Sales 2021 1,21x
EV / Sales 2022 1,10x
Nbr of Employees 313 693
Free-Float 99,0%
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Technical analysis trends FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Average target price 183,41 MXN
Last Close Price 170,68 MXN
Spread / Highest target 29,5%
Spread / Average Target 7,46%
Spread / Lowest Target -12,1%
EPS Revisions
Managers and Directors
NameTitle
Miguel Eduardo Padilla Silva Chief Executive Officer & Director
Eugenio Garza Y. Garza Director-Finance & Corporate Development
José Antonio Fernández Carbajal Executive Chairman
Gerardo Estrada Attolini Director-Administration & Control
Robert Edwin Denham Independent Director
Sector and Competitors