SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
6-K
REPORT OF
FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of July 2010
FOMENTO
ECONÓMICO MEXICANO, S.A.B. DE
C.V.
(Exact
name of Registrant as specified in its charter)
Mexican
Economic Development, Inc.
(Translation
of Registrant’s name into English)
United
Mexican States
(Jurisdiction
of incorporation or organization)
General
Anaya No. 601 Pte.
Colonia
Bella Vista
Monterrey, Nuevo
León 64410
México
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F:
Form
20-F x Form
40-F ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as
permitted
by Regulation S-T Rule 101(b)(1): ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as
permitted
by Regulation S-T Rule 101(b)(7): ¨
Indicate
by check mark whether by furnishing the information contained in
this
Form, the registrant is also thereby furnishing the information to the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes ¨ No x
If "Yes"
is marked, indicate below the file number assigned to the registrant
in
connection
with Rule 12g3-2(b): 82-_____________
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 of the
undersigned,
thereunto duly authorized.
FOMENTO ECONÓMICO MEXICANO, S.A.
DE C.V.
|
|
By:
|
/s/ Javier Astaburuaga
|
|
Javier
Astaburuaga
|
|
Chief
Financial
Officer
|
Date: July
26, 2010
FEMSA
Reports 2Q10 Continuing Operations
Revenue
Growth of 8.1%
Monterrey, Mexico, July 26, 2010
— Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) announced today
its operational and financial results for the second quarter of
2010.
Second
Quarter 2010 Highlights:
·
|
FEMSA comparable consolidated
total revenues and income from operations grew 8.1% and 5.9%,
respectively, compared to the second quarter 2009, in spite of a
still-challenging economic environment. Excluding
one-time Heineken transaction related expenses, comparable consolidated
income from operations would have grown
11.0%.
|
·
|
Coca-Cola FEMSA total revenues
and income from operations increased 4.1% and 11.2% respectively.
Double-digit income from operations growth in Latincentro and
Mercosur divisions drove these
results.
|
·
|
FEMSA Comercio achieved a new
milestone by opening over 1,000 net new stores in the last twelve months.
Consolidated total revenues and income from operations increased
16.4% and 15.8%.
|
·
|
FEMSA closed its strategic
transaction with Heineken during the second quarter of 2010.
FEMSA’s consolidated results presented herein reflect the
corresponding effects.
|
José
Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented: “While most
macroeconomic data seems to indicate that the worst of the economic crisis has
passed in Mexico, the consumer is only gradually reflecting a more bullish
behavior, reflected in robust revenue trends at Coca-Cola FEMSA’s Mexico
division as well as at FEMSA Comercio, even against tough comparison bases from
last year. The Mercosur division of Coca-Cola FEMSA continued to be the standout
volume performer, combining dynamic economic trends with our operators’
continued ability to pursue and capture opportunities. And so, halfway into the
year our diversified platform and our team’s strong execution again allowed us
to deliver a solid set of operating results. As you know, during the second
quarter we consummated our transaction with Heineken, and we are filled with
enthusiasm as we embark on a new stage in the history of our
Company.”
FEMSA
Consolidated
On
April 30, 2010, FEMSA announced the closing of the strategic transaction
pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20%
economic interest in the Heineken Group (“the transaction”). For more
information regarding this acquisition, please refer to the transaction filings
available in www.femsa.com/investor. FEMSA’s consolidated results for the second
quarter and for the first half of 2010 reflect the transaction effects and are
presented on a comparable basis.
Comparable total revenues
increased 8.1% compared to 2Q09 to Ps. 41.899 billion. FEMSA Comercio accounted
for more than 70% of the incremental consolidated revenues, while Coca-Cola
FEMSA provided the balance. For
the first half of 2010, comparable consolidated total revenues increased 9.3% to
Ps. 80.642 billion.
Comparable gross profit
increased 7.1% compared to 2Q09 to Ps.17.541 billion in 2Q10. Gross margin
decreased 40 basis points compared to the same period in 2009 to 41.9% of total
revenues. Gross profit improvement at FEMSA Comercio partially compensated cost
pressure at Coca-Cola FEMSA, where gross margin was impacted largely by
year-over-year increases in sweetener costs.
For the
first half of 2010, comparable gross profit increased 8.0% to Ps. 33.224
billion. Gross margin decreased 50 basis points compared to the same period in
2009 to 41.2% of total revenues. As was the case during the second quarter of
2010, FEMSA Comercio’s gross profit improvement partially offset
raw-material-driven cost pressures at Coca-Cola FEMSA.
Comparable income from operations
increased 5.9% to Ps. 5.331 billion in 2Q10 as compared to the same
period in 2009. Consolidated operating margin decreased 30 basis points compared
to 2Q09 to 12.7% of total revenues, driven by pressure on the gross margin as
well as by one-time expenses related to the Heineken transaction.
For the
first half of 2010, comparable income from operations increased 8.8% to Ps.
9.764 billion. Our consolidated operating margin year-to-date was 12.1% as a
percentage of total revenues, a decrease of 10 basis points as compared to the
same period of 2009, mainly due to raw material pressures at Coca-Cola
FEMSA.
Net income from continuing operations
increased 29.7% compared to 2Q09 to Ps. 3.795 billion in 2Q10, reflecting
the fact that this line includes an estimate for two months of FEMSA’s 20%
participation in Heineken’s first quarter 2010 net income. The
figures also reflect growth in comparable income from operations as well as a
decrease in other expenses, which offset a higher integral result of financing
during the quarter. This increase in integral result of financing resulted
mostly from a positive comparison base during the same period of 2009. The
effective income tax rate on continuing operations was 24.5% in 2Q10 compared to
30.1% in 2Q09, as the inclusion of the participation in Heineken’s estimated
first quarter 2010 net income is shown net of taxes.
For the
first half of 2010, net income for continuing operations increased 43.2% to Ps.
6.423 billion compared to the same period of 2009, primarily as a result of the
combination of (i) growth in income from operations (ii) a lower integral result
of financing during the period and (iii) the inclusion of an estimate for two
months of FEMSA’s 20% participation in Heineken’s first quarter 2010 net
income.
Gain from transaction with Heineken
amounted to Ps. 26.465 billion in 2Q10, reflecting the difference between
the market value of Heineken shares (20% equity interest) at the closing of the
transaction and the book value of FEMSA’s beer operations as of the same date,
net of transaction tax.
Net income from FEMSA’s former beer
operations amounted to Ps. 216 million in 2Q10, reflecting the net income of
FEMSA’s beer operations for the month of April 2010. For the first half of 2010,
net income from beer operations amounted to Ps. 706 million, reflecting the net
income of FEMSA’s beer operations for the first four months of
2010.
July 26,
2010
Net consolidated income
amounted to Ps. 30.476 billion in 2Q10, reflecting the
transaction-related effects as described above as well as the double-digit
increase in FEMSA’s net income from continuing operations. Net majority income for 2Q10
resulted in Ps. 8.16 per FEMSA Unit1. Net
majority income per FEMSA ADS was US$ 6.36 for the quarter. For the first half
of 2010, net majority income per FEMSA Unit1 was Ps.
8.73 (US$ 6.80 per ADS).
Capital expenditures increased
to Ps. 2.661 billion in 2Q10, driven by higher manufacturing investments at
Coca-Cola FEMSA and the incremental investments in FEMSA Comercio related to
store expansion.
Our consolidated balance sheet as
of June 30, 2010, recorded a cash balance of Ps. 22.828 billion (US$ 1.779
billion), an increase of Ps. 5.693 billion (US$ 443.7 million) compared to the
same period in 2009. Short-term debt was Ps. 2.798 billion (US$ 218.1 million),
while long-term debt was Ps. 20.522 billion (US$ 1.599 billion). Our net debt
balance was Ps. 492 million (US$ 38.4 million).
Soft
Drinks – Coca-Cola FEMSA
Coca-Cola
FEMSA’s financial results and discussion are incorporated by reference from
Coca-Cola FEMSA’s press release, which is attached to this press release or
visit www.coca-colafemsa.com.
FEMSA
Comercio
Total revenues increased 16.4%
compared to 2Q09 to Ps. 15.774 billion in 2Q10 mainly driven by the opening of
339 net new stores in the quarter, reaching a new milestone of 1,020 total net
new store openings in the last twelve months. As of June 30, 2010, FEMSA
Comercio had a total of 7,831 convenience stores in Mexico, slightly ahead of
schedule relative to the objective for the year. Same-store sales increased an
average of 5.2% for the quarter over 2Q09, driven by a 5.6% increase in store
traffic which offset the 0.4% decrease in the average customer ticket. During
the quarter, the same-store sales, ticket and traffic dynamics continued to
reflect a small effect from the mix shift from physical prepaid wireless
air-time cards to the sale of electronic air-time, for which only the margin is
recorded, not the full amount of the electronic recharge. On a comparable basis
excluding this change, the average ticket would have grown slightly in
2Q10.
For the
first half of 2010, total revenues increased 15.4% to Ps. 29.259 billion. FEMSA
Comercio´s same-store sales increased an average of 4.2%, driven by a 4.1%
increase in store traffic, which still reflects a small effect from the mix
shift from physical prepaid wireless air-time cards to the sale of electronic
air-time, as described above.
Gross profit increased by
20.9% in 2Q10 compared to 2Q09, resulting in a 120 basis point gross margin
expansion to reach 33.1% of total revenues. This increase reflects a positive
mix shift due to the growth of higher margin categories, a more effective
collaboration and execution with our key supplier partners combined with a more
efficient use of promotion-related marketing resources, and to a lesser extent,
the continued mix shift towards electronic air-time recharges as described
above. For the first half of 2010, gross margin expanded by 100 basis points to
32.1% of total revenues.
Income from operations
increased 15.8% over 2Q09 to Ps. 1.260 billion in 2Q10. Operating
expenses increased 22.7% to Ps. 3.966 billion, largely driven by the growing
number of stores as well as by incremental expenses such as (i) higher utility
tariffs at the store level, (ii) the strengthening of FEMSA Comercio’s
organizational structure, particularly IT-related, which was deferred last year
in response to the challenging economic environment that prevailed in Mexico,
(iii) increased marketing to drive the momentum of certain emerging categories,
particularly Daily and Replenishment, and (iv) one-time expenses related to the
Mexicali earthquake in April. As a result, operating margin remained
stable from 2Q09 at 8.0% of total revenues. For the first half of 2010, income
from operations increased 19.8% to Ps. 1.879 billion, resulting in an operating
margin of 6.4%, a 20 basis point expansion from the prior year.
1
|
FEMSA
Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is
comprised of one Series B Share, two Series D-B Shares and two Series D-L
Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number
of FEMSA Units outstanding as of June 30, 2010 was 3,578,226,270
equivalent to the total number of FEMSA Shares outstanding as of the same
date, divided by 5.
|
July 26,
2010
Recent
Developments
On April
30, 2010, FEMSA announced the closing of the strategic transaction pursuant to
which FEMSA agreed to exchange 100% of its beer operations for a 20% economic
interest in the Heineken Group.
CONFERENCE
CALL INFORMATION:
|
|
Our
Second Quarter Conference Call will be held on: Monday July 26, 2010, 5:00
PM Eastern Time (4:00 PM Mexico City Time). To participate in the
conference call, please dial: Domestic US: (877) 573-3228 International:
(706) 679-0077, Conference Id 88049855. The conference call will be
webcast live through streaming audio. For details please visit www.femsa.com/investor.
|
|
If
you are unable to participate live, the conference call audio will be
available on
http://ir.FEMSA.com/results.cfm.
|
FEMSA is
a leading consumer company in Latin America. It controls Coca-Cola FEMSA, the
largest Coca-Cola bottler in the region, and FEMSA Comercio, the largest and
fastest growing convenience store operator in Mexico by number of stores, with
over 7,800 outlets. FEMSA is also a significant investor in Heineken, a leading
global brewer.
The
translations of Mexican pesos into US dollars are included solely for the
convenience of the reader, using the noon day buying rate for pesos as published
by the Federal Reserve Bank of New York at June 30, 2010, which was 12.8306
Mexican pesos per US dollar.
FORWARD
LOOKING STATEMENTS
This
report may contain certain forward-looking statements concerning our future
performance that should be considered as good faith estimates made by us. These
forward-looking statements reflect management’s expectations and are based upon
currently available data. Actual results are subject to future events and
uncertainties, which could materially impact our actual
performance.
Five
pages of tables and Coca-Cola FEMSA’s press release to follow.
July 26,
2010
Consolidated
Income Statement
Millions
of Pesos
For
the second quarter of:
|
|
For
the second quarter of:
|
|
|
For
the six months of:
|
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
Total
revenues
|
|
|
41,899 |
|
|
|
100.0 |
|
|
|
38,747 |
|
|
|
100.0 |
|
|
|
8.1 |
|
|
|
80,642 |
|
|
|
100.0 |
|
|
|
73,773 |
|
|
|
100.0 |
|
|
|
9.3 |
|
Cost
of sales
|
|
|
24,358 |
|
|
|
58.1 |
|
|
|
22,367 |
|
|
|
57.7 |
|
|
|
8.9 |
|
|
|
47,418 |
|
|
|
58.8 |
|
|
|
43,002 |
|
|
|
58.3 |
|
|
|
10.3 |
|
Gross
profit
|
|
|
17,541 |
|
|
|
41.9 |
|
|
|
16,380 |
|
|
|
42.3 |
|
|
|
7.1 |
|
|
|
33,224 |
|
|
|
41.2 |
|
|
|
30,771 |
|
|
|
41.7 |
|
|
|
8.0 |
|
Administrative
expenses
|
|
|
1,976 |
|
|
|
4.7 |
|
|
|
1,924 |
|
|
|
5.0 |
|
|
|
2.7 |
|
|
|
3,687 |
|
|
|
4.6 |
|
|
|
3,539 |
|
|
|
4.8 |
|
|
|
4.2 |
|
Selling
expenses
|
|
|
10,234 |
|
|
|
24.4 |
|
|
|
9,420 |
|
|
|
24.3 |
|
|
|
8.6 |
|
|
|
19,773 |
|
|
|
24.5 |
|
|
|
18,260 |
|
|
|
24.7 |
|
|
|
8.3 |
|
Operating
expenses
|
|
|
12,210 |
|
|
|
29.1 |
|
|
|
11,344 |
|
|
|
29.3 |
|
|
|
7.6 |
|
|
|
23,460 |
|
|
|
29.1 |
|
|
|
21,799 |
|
|
|
29.5 |
|
|
|
7.6 |
|
Income
from operations
|
|
|
5,331 |
|
|
|
12.7 |
|
|
|
5,036 |
|
|
|
13.0 |
|
|
|
5.9 |
|
|
|
9,764 |
|
|
|
12.1 |
|
|
|
8,972 |
|
|
|
12.2 |
|
|
|
8.8 |
|
Other
expenses
|
|
|
(320 |
) |
|
|
|
|
|
|
(474 |
) |
|
|
|
|
|
|
(32.5 |
) |
|
|
(518 |
) |
|
|
|
|
|
|
(838 |
) |
|
|
|
|
|
|
(38.2 |
) |
Interest
expense
|
|
|
(729 |
) |
|
|
|
|
|
|
(997 |
) |
|
|
|
|
|
|
(26.9 |
) |
|
|
(1,477 |
) |
|
|
|
|
|
|
(2,185 |
) |
|
|
|
|
|
|
(32.4 |
) |
Interest
income
|
|
|
228 |
|
|
|
|
|
|
|
291 |
|
|
|
|
|
|
|
(21.6 |
) |
|
|
530 |
|
|
|
|
|
|
|
583 |
|
|
|
|
|
|
|
(9.1 |
) |
Interest
expense, net
|
|
|
(501 |
) |
|
|
|
|
|
|
(706 |
) |
|
|
|
|
|
|
(29.0 |
) |
|
|
(947 |
) |
|
|
|
|
|
|
(1,602 |
) |
|
|
|
|
|
|
(40.9 |
) |
Foreign
exchange (loss) gain
|
|
|
(61 |
) |
|
|
|
|
|
|
14 |
|
|
|
|
|
|
N.S.
|
|
|
|
(356 |
) |
|
|
|
|
|
|
(348 |
) |
|
|
|
|
|
|
2.3 |
|
(Loss)
gain on monetary position
|
|
|
101 |
|
|
|
|
|
|
|
110 |
|
|
|
|
|
|
|
(8.2 |
) |
|
|
256 |
|
|
|
|
|
|
|
193 |
|
|
|
|
|
|
|
32.6 |
|
Gain (loss) on
financial instrument(1)
|
|
|
(33 |
) |
|
|
|
|
|
|
205 |
|
|
|
|
|
|
N.S.
|
|
|
|
102 |
|
|
|
|
|
|
|
115 |
|
|
|
|
|
|
|
(11.3 |
) |
Integral
result of financing
|
|
|
(494 |
) |
|
|
|
|
|
|
(377 |
) |
|
|
|
|
|
|
31.0 |
|
|
|
(945 |
) |
|
|
|
|
|
|
(1,642 |
) |
|
|
|
|
|
|
(42.4 |
) |
Participation in
Heineken results(2)
|
|
|
508 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
N.S.
|
|
|
|
508 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
N.S.
|
|
Income
before income tax
|
|
|
5,025 |
|
|
|
|
|
|
|
4,185 |
|
|
|
|
|
|
|
20.1 |
|
|
|
8,809 |
|
|
|
|
|
|
|
6,492 |
|
|
|
|
|
|
|
35.7 |
|
Income
tax
|
|
|
1,230 |
|
|
|
|
|
|
|
1,259 |
|
|
|
|
|
|
|
(2.3 |
) |
|
|
2,386 |
|
|
|
|
|
|
|
2,007 |
|
|
|
|
|
|
|
18.9 |
|
Net
income from continuing operations
|
|
|
3,795 |
|
|
|
|
|
|
|
2,926 |
|
|
|
|
|
|
|
29.7 |
|
|
|
6,423 |
|
|
|
|
|
|
|
4,485 |
|
|
|
|
|
|
|
43.2 |
|
Gain from transaction
with Heineken, net of taxes(3)
|
|
|
26,465 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
N.S.
|
|
|
|
26,465 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
N.S.
|
|
Net Income from
FEMSA's former beer operations(4)
|
|
|
216 |
|
|
|
|
|
|
|
804 |
|
|
|
|
|
|
|
(73.1 |
) |
|
|
706 |
|
|
|
|
|
|
|
682 |
|
|
|
|
|
|
|
3.5 |
|
Net
consolidated income
|
|
|
30,476 |
|
|
|
|
|
|
|
3,730 |
|
|
|
|
|
|
N.S.
|
|
|
|
33,594 |
|
|
|
|
|
|
|
5,167 |
|
|
|
|
|
|
N.S.
|
|
Net
majority income
|
|
|
29,216 |
|
|
|
|
|
|
|
2,504 |
|
|
|
|
|
|
N.S.
|
|
|
|
31,234 |
|
|
|
|
|
|
|
3,254 |
|
|
|
|
|
|
N.S.
|
|
Net
minority income
|
|
|
1,260 |
|
|
|
|
|
|
|
1,226 |
|
|
|
|
|
|
|
2.8 |
|
|
|
2,360 |
|
|
|
|
|
|
|
1,913 |
|
|
|
|
|
|
|
23.4 |
|
(A)
This information is presented on a comparable
basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
& CAPEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
|
|
5,331 |
|
|
|
12.7 |
|
|
|
5,036 |
|
|
|
13.0 |
|
|
|
5.9 |
|
|
|
9,764 |
|
|
|
12.1 |
|
|
|
8,972 |
|
|
|
12.2 |
|
|
|
8.8 |
|
Depreciation
|
|
|
914 |
|
|
|
2.2 |
|
|
|
947 |
|
|
|
2.4 |
|
|
|
(3.5 |
) |
|
|
1,821 |
|
|
|
2.3 |
|
|
|
1,866 |
|
|
|
2.5 |
|
|
|
(2.4 |
) |
Amortization &
other(5)
|
|
|
471 |
|
|
|
1.1 |
|
|
|
315 |
|
|
|
0.9 |
|
|
|
49.5 |
|
|
|
964 |
|
|
|
1.2 |
|
|
|
731 |
|
|
|
1.0 |
|
|
|
31.9 |
|
EBITDA
|
|
|
6,716 |
|
|
|
16.0 |
|
|
|
6,298 |
|
|
|
16.3 |
|
|
|
6.6 |
|
|
|
12,549 |
|
|
|
15.6 |
|
|
|
11,569 |
|
|
|
15.7 |
|
|
|
8.5 |
|
CAPEX
|
|
|
2,661 |
|
|
|
|
|
|
|
1,763 |
|
|
|
|
|
|
|
50.9 |
|
|
|
4,234 |
|
|
|
|
|
|
|
2,962 |
|
|
|
|
|
|
|
42.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIOS
|
|
2010
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
Var.
p.p.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity(6)
|
|
|
1.53 |
|
|
|
|
|
|
|
1.04 |
|
|
|
|
|
|
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
coverage(7)
|
|
|
13.41 |
|
|
|
|
|
|
|
8.92 |
|
|
|
|
|
|
|
4.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage(8)
|
|
|
0.49 |
|
|
|
|
|
|
|
1.07 |
|
|
|
|
|
|
|
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization(9)
|
|
|
14.70 |
% |
|
|
|
|
|
|
28.31 |
% |
|
|
|
|
|
|
(13.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
solely derivative instruments that do not meet hedging criteria for
accounting purposes.
|
(2)
|
Represents
the two months estimated equity-method participation in Heineken's 1Q 2010
net income, adjusted to reflect FEMSA´s former beer operations for the
same period.
|
(3)
|
Represents
the difference between the market value of the Heineken shares (20% equity
interest) and the book value of FEMSA's former beer operations, net
of transaction tax, as of the closing
date.
|
(4)
|
Represents
the net income of FEMSA's former beer operations for the period ended
April 30, 2010.
|
(5)
|
Includes
returnable bottle breakage
expense.
|
(6)
|
Total
current assets / total current
liabilities.
|
(7)
|
Income
from operations + depreciation + amortization & other / interest
expense, net.
|
(8)
|
Total
liabilities / total stockholders'
equity.
|
(9)
|
Total
debt / long-term debt + stockholders'
equity.
|
Total
debt = short-term bank loans + current maturities long-term debt + long-term
bank loans.
July 26,
2010
FEMSA
Consolidated
Balance Sheet
Millions
of Pesos
As
of June 30:
ASSETS
|
|
|
2010(A) |
|
|
|
2009(A) |
|
|
%
Increase
|
|
Cash
and cash equivalents
|
|
|
22,828 |
|
|
|
17,135 |
|
|
|
33.2 |
|
Accounts
receivable
|
|
|
5,588 |
|
|
|
4,794 |
|
|
|
16.6 |
|
Inventories
|
|
|
9,844 |
|
|
|
8,528 |
|
|
|
15.4 |
|
Other
current assets
|
|
|
4,692 |
|
|
|
4,287 |
|
|
|
9.4 |
|
Current
assests of Beer Operations
|
|
|
- |
|
|
|
16,444 |
|
|
N.S.
|
|
Total
current assets
|
|
|
42,952 |
|
|
|
51,188 |
|
|
|
(16.1 |
) |
Investments
in shares
|
|
|
62,638 |
|
|
|
2,062 |
|
|
N.S.
|
|
Property,
plant and equipment, net
|
|
|
39,203 |
|
|
|
37,326 |
|
|
|
5.0 |
|
Intangible
assets(1)
|
|
|
51,786 |
|
|
|
50,062 |
|
|
|
3.4 |
|
Other
assets
|
|
|
8,880 |
|
|
|
15,827 |
|
|
|
(43.9 |
) |
Non-Current
assests of Beer Operations
|
|
|
- |
|
|
|
55,964 |
|
|
N.S.
|
|
TOTAL
ASSETS
|
|
|
205,459 |
|
|
|
212,429 |
|
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDERS´ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
loans
|
|
|
1,225 |
|
|
|
3,538 |
|
|
|
(65.4 |
) |
Current
maturities long-term debt
|
|
|
1,573 |
|
|
|
9,240 |
|
|
|
(83.0 |
) |
Interest
payable
|
|
|
158 |
|
|
|
273 |
|
|
|
(42.1 |
) |
Operating
liabilities
|
|
|
25,078 |
|
|
|
26,613 |
|
|
|
(5.8 |
) |
Current
liabilities of Beer Operations
|
|
|
- |
|
|
|
9,523 |
|
|
N.S.
|
|
Total
current liabilities
|
|
|
28,034 |
|
|
|
49,187 |
|
|
|
(43.0 |
) |
Long-term
debt (2)
|
|
|
20,522 |
|
|
|
22,659 |
|
|
|
(9.4 |
) |
Labor
liabilities
|
|
|
1,841 |
|
|
|
1,637 |
|
|
|
12.5 |
|
Other
liabilities
|
|
|
16,983 |
|
|
|
9,930 |
|
|
|
71.0 |
|
Non-Current
liabilities of Beer Operations
|
|
|
- |
|
|
|
26,494 |
|
|
N.S.
|
|
Total
liabilities
|
|
|
67,380 |
|
|
|
109,907 |
|
|
|
(38.7 |
) |
Total
stockholders’ equity
|
|
|
138,079 |
|
|
|
102,522 |
|
|
|
34.7 |
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
205,459 |
|
|
|
212,429 |
|
|
|
(3.3 |
) |
(A)
|
This
information is presented on a comparable
basis.
|
(1)
|
Includes
mainly the intangible assets generated by
acquisitions.
|
(2)
|
Includes
the effect of assigned and non assigned derivative financial instruments
on long-term debt, for accountig
purposes.
|
|
|
June
30, 2010
|
|
DEBT
MIX
|
|
Ps.
|
|
|
%
Integration
|
|
|
Average
Rate
|
|
Denominated
in:
|
|
|
|
|
|
|
|
|
|
Mexican
pesos
|
|
|
13,270 |
|
|
|
57.0 |
% |
|
|
5.8 |
% |
Dollars
|
|
|
8,375 |
|
|
|
35.9 |
% |
|
|
4.5 |
% |
Colombian
pesos
|
|
|
498 |
|
|
|
2.1 |
% |
|
|
4.8 |
% |
Argentinan
pesos
|
|
|
1,148 |
|
|
|
4.9 |
% |
|
|
17.6 |
% |
Venezuelan
bolivars
|
|
|
29 |
|
|
|
0.1 |
% |
|
|
14.2 |
% |
Total
debt
|
|
|
23,320 |
|
|
|
100.0 |
% |
|
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
rate(1)
|
|
|
11,914 |
|
|
|
51.1 |
% |
|
|
|
|
Variable
rate(1)
|
|
|
11,406 |
|
|
|
48.9 |
% |
|
|
|
|
%
of Total Debt
|
|
2010
|
|
|
2011
|
|
|
2012
|
|
|
2013
|
|
|
2014
|
|
|
2015
|
|
|
|
2016 |
+ |
DEBT
MATURITY PROFILE
|
|
|
3.4 |
% |
|
|
9.3 |
% |
|
|
14.5 |
% |
|
|
17.0 |
% |
|
|
6.0 |
% |
|
|
12.1 |
% |
|
|
37.7 |
% |
(1)
Includes the effect of interest rate swaps.
July 26,
2010
Coca-Cola
FEMSA
Results
of Operations
Millions
of Pesos
For
the first quarter of:
|
|
For
the second quarter of:
|
|
|
For
the six months of:
|
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
Total
revenues
|
|
|
25,177 |
|
|
|
100.0 |
|
|
|
24,184 |
|
|
|
100.0 |
|
|
|
4.1 |
|
|
|
49,205 |
|
|
|
100.0 |
|
|
|
46,339 |
|
|
|
100.0 |
|
|
|
6.2 |
|
Cost
of sales
|
|
|
13,522 |
|
|
|
53.7 |
|
|
|
12,757 |
|
|
|
52.7 |
|
|
|
6.0 |
|
|
|
26,650 |
|
|
|
54.2 |
|
|
|
24,631 |
|
|
|
53.2 |
|
|
|
8.2 |
|
Gross
profit
|
|
|
11,655 |
|
|
|
46.3 |
|
|
|
11,427 |
|
|
|
47.3 |
|
|
|
2.0 |
|
|
|
22,555 |
|
|
|
45.8 |
|
|
|
21,708 |
|
|
|
46.8 |
|
|
|
3.9 |
|
Administrative
expenses
|
|
|
1,011 |
|
|
|
4.0 |
|
|
|
1,344 |
|
|
|
5.6 |
|
|
|
(24.8 |
) |
|
|
2,062 |
|
|
|
4.2 |
|
|
|
2,385 |
|
|
|
5.1 |
|
|
|
(13.5 |
) |
Selling
expenses
|
|
|
6,556 |
|
|
|
26.1 |
|
|
|
6,406 |
|
|
|
26.4 |
|
|
|
2.3 |
|
|
|
12,827 |
|
|
|
26.1 |
|
|
|
12,384 |
|
|
|
26.8 |
|
|
|
3.6 |
|
Operating
expenses
|
|
|
7,567 |
|
|
|
30.1 |
|
|
|
7,750 |
|
|
|
32.0 |
|
|
|
(2.4 |
) |
|
|
14,889 |
|
|
|
30.3 |
|
|
|
14,769 |
|
|
|
31.9 |
|
|
|
0.8 |
|
Income
from operations
|
|
|
4,088 |
|
|
|
16.2 |
|
|
|
3,677 |
|
|
|
15.2 |
|
|
|
11.2 |
|
|
|
7,666 |
|
|
|
15.6 |
|
|
|
6,939 |
|
|
|
15.0 |
|
|
|
10.5 |
|
Depreciation
|
|
|
645 |
|
|
|
2.6 |
|
|
|
717 |
|
|
|
3.0 |
|
|
|
(10.0 |
) |
|
|
1,294 |
|
|
|
2.6 |
|
|
|
1,414 |
|
|
|
3.1 |
|
|
|
(8.5 |
) |
Amortization
& other
|
|
|
290 |
|
|
|
1.2 |
|
|
|
155 |
|
|
|
0.6 |
|
|
|
87.1 |
|
|
|
611 |
|
|
|
1.3 |
|
|
|
411 |
|
|
|
0.8 |
|
|
|
48.7 |
|
EBITDA
|
|
|
5,023 |
|
|
|
20.0 |
|
|
|
4,549 |
|
|
|
18.8 |
|
|
|
10.4 |
|
|
|
9,571 |
|
|
|
19.5 |
|
|
|
8,764 |
|
|
|
18.9 |
|
|
|
9.2 |
|
Capital
expenditures
|
|
|
1,742 |
|
|
|
|
|
|
|
1,041 |
|
|
|
|
|
|
|
67.3 |
|
|
|
2,706 |
|
|
|
|
|
|
|
1,743 |
|
|
|
|
|
|
|
55.2 |
|
(A)
Average Mexican Pesos of each year.
Sales
volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Millions
of unit cases)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico
|
|
|
343.1 |
|
|
|
54.2 |
|
|
|
329.2 |
|
|
|
54.3 |
|
|
|
4.2 |
|
|
|
614.4 |
|
|
|
50.2 |
|
|
|
601.6 |
|
|
|
51.8 |
|
|
|
2.1 |
|
Latincentro
|
|
|
143.5 |
|
|
|
22.6 |
|
|
|
142.4 |
|
|
|
23.4 |
|
|
|
0.8 |
|
|
|
296.7 |
|
|
|
24.3 |
|
|
|
275.1 |
|
|
|
23.7 |
|
|
|
7.9 |
|
Mercosur
|
|
|
147.2 |
|
|
|
23.2 |
|
|
|
135.4 |
|
|
|
22.3 |
|
|
|
8.7 |
|
|
|
312.1 |
|
|
|
25.5 |
|
|
|
284.5 |
|
|
|
24.5 |
|
|
|
9.7 |
|
Total
|
|
|
633.8 |
|
|
|
100.0 |
|
|
|
607.0 |
|
|
|
100.0 |
|
|
|
4.4 |
|
|
|
1,223.2 |
|
|
|
100.0 |
|
|
|
1,161.2 |
|
|
|
100.0 |
|
|
|
5.3 |
|
July 26,
2010
Results
of Operations
Millions
of Pesos
For
the second quarter of:
|
|
For
the second quarter of:
|
|
|
For
the six months of:
|
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
|
2010(A)
|
|
|
%
of rev.
|
|
|
2009(A)
|
|
|
%
of rev.
|
|
|
%
Increase
|
|
Total
revenues
|
|
|
15,774 |
|
|
|
100.0 |
|
|
|
13,554 |
|
|
|
100.0 |
|
|
|
16.4 |
|
|
|
29,259 |
|
|
|
100.0 |
|
|
|
25,355 |
|
|
|
100.0 |
|
|
|
15.4 |
|
Cost
of sales
|
|
|
10,548 |
|
|
|
66.9 |
|
|
|
9,233 |
|
|
|
68.1 |
|
|
|
14.2 |
|
|
|
19,856 |
|
|
|
67.9 |
|
|
|
17,479 |
|
|
|
68.9 |
|
|
|
13.6 |
|
Gross
profit
|
|
|
5,226 |
|
|
|
33.1 |
|
|
|
4,321 |
|
|
|
31.9 |
|
|
|
20.9 |
|
|
|
9,403 |
|
|
|
32.1 |
|
|
|
7,876 |
|
|
|
31.1 |
|
|
|
19.4 |
|
Administrative
expenses
|
|
|
291 |
|
|
|
1.8 |
|
|
|
226 |
|
|
|
1.7 |
|
|
|
28.8 |
|
|
|
560 |
|
|
|
1.9 |
|
|
|
451 |
|
|
|
1.8 |
|
|
|
24.2 |
|
Selling
expenses
|
|
|
3,675 |
|
|
|
23.3 |
|
|
|
3,007 |
|
|
|
22.2 |
|
|
|
22.2 |
|
|
|
6,964 |
|
|
|
23.8 |
|
|
|
5,856 |
|
|
|
23.1 |
|
|
|
18.9 |
|
Operating
expenses
|
|
|
3,966 |
|
|
|
25.1 |
|
|
|
3,233 |
|
|
|
23.9 |
|
|
|
22.7 |
|
|
|
7,524 |
|
|
|
25.7 |
|
|
|
6,307 |
|
|
|
24.9 |
|
|
|
19.3 |
|
Income
from operations
|
|
|
1,260 |
|
|
|
8.0 |
|
|
|
1,088 |
|
|
|
8.0 |
|
|
|
15.8 |
|
|
|
1,879 |
|
|
|
6.4 |
|
|
|
1,569 |
|
|
|
6.2 |
|
|
|
19.8 |
|
Depreciation
|
|
|
239 |
|
|
|
1.5 |
|
|
|
205 |
|
|
|
1.5 |
|
|
|
16.6 |
|
|
|
472 |
|
|
|
1.6 |
|
|
|
400 |
|
|
|
1.6 |
|
|
|
18.0 |
|
Amortization
& other
|
|
|
144 |
|
|
|
0.9 |
|
|
|
127 |
|
|
|
1.0 |
|
|
|
13.4 |
|
|
|
284 |
|
|
|
1.0 |
|
|
|
254 |
|
|
|
1.0 |
|
|
|
11.8 |
|
EBITDA
|
|
|
1,643 |
|
|
|
10.4 |
|
|
|
1,420 |
|
|
|
10.5 |
|
|
|
15.7 |
|
|
|
2,635 |
|
|
|
9.0 |
|
|
|
2,223 |
|
|
|
8.8 |
|
|
|
18.5 |
|
Capital
expenditures
|
|
|
772 |
|
|
|
|
|
|
|
675 |
|
|
|
|
|
|
|
14.4 |
|
|
|
1,367 |
|
|
|
|
|
|
|
1,172 |
|
|
|
|
|
|
|
16.6 |
|
(A)
Average Mexican Pesos of each year.
Information
of OXXO Stores
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stores
|
|
|
|
|
|
|
|
|
|
|
|
7,831 |
|
|
|
6,811 |
|
|
|
15.0 |
|
Net
new convenience stores
|
|
|
339 |
|
|
|
269 |
|
|
|
26.0 |
|
|
|
1,020 |
(2)
|
|
|
960 |
(2)
|
|
|
6.3 |
|
Same
store data: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(thousands of pesos)
|
|
|
655.7 |
|
|
|
623.0 |
|
|
|
5.2 |
|
|
|
617.9 |
|
|
|
593.0 |
|
|
|
4.2 |
|
Traffic
(thousands of transactions)
|
|
|
26.5 |
|
|
|
25.1 |
|
|
|
5.6 |
|
|
|
25.1 |
|
|
|
24.1 |
|
|
|
4.1 |
|
Ticket
(pesos)
|
|
|
24.7 |
|
|
|
24.8 |
|
|
|
(0.4 |
) |
|
|
24.6 |
|
|
|
24.6 |
|
|
|
0.0 |
|
(1)
Monthly average information per store, considering same stores with at least 13
months of operations.
(2) For
the last twelve months for each period.
July 26,
2010
Macroeconomic
Information
|
|
|
|
|
End
of period, Exchange Rates
|
|
|
|
Inflation
|
|
|
Jun-10
|
|
|
Jun-09
|
|
|
|
|
|
|
Jun-
09 -
|
|
|
December
09 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q
2010
|
|
|
Jun-10
|
|
|
Jun-10
|
|
|
Per
USD
|
|
|
Per
Mx. Peso
|
|
|
Per
USD
|
|
|
Per
Mx. Peso
|
|
Mexico
|
|
|
-0.98 |
% |
|
|
3.69 |
% |
|
|
1.40 |
% |
|
|
12.66 |
|
|
|
1.0000 |
|
|
|
13.20 |
|
|
|
1.0000 |
|
Colombia
|
|
|
0.67 |
% |
|
|
2.24 |
% |
|
|
2.46 |
% |
|
|
1,916.46 |
|
|
|
0.0066 |
|
|
|
2,158.67 |
|
|
|
0.0061 |
|
Venezuela
|
|
|
9.93 |
% |
|
|
31.31 |
% |
|
|
16.30 |
% |
|
|
4.30 |
|
|
|
2.9434 |
|
|
|
2.15 |
|
|
|
6.1406 |
|
Brazil
|
|
|
1.05 |
% |
|
|
4.76 |
% |
|
|
3.38 |
% |
|
|
1.80 |
|
|
|
7.0256 |
|
|
|
1.95 |
|
|
|
6.7649 |
|
Argentina
|
|
|
2.33 |
% |
|
|
11.01 |
% |
|
|
5.88 |
% |
|
|
3.93 |
|
|
|
3.2197 |
|
|
|
3.80 |
|
|
|
3.4770 |
|
Euro
Zone
|
|
|
0.59 |
% |
|
|
1.42 |
% |
|
|
1.05 |
% |
|
|
0.81 |
|
|
|
15.5310 |
|
|
|
0.71 |
|
|
|
18.6602 |
|
July 26,
2010
|
|
2010
SECOND-QUARTER AND FIRST SIX-MONTH RESULTS
|
|
Second
Quarter
|
|
|
|
|
|
YTD
|
|
|
|
|
|
2010
|
|
|
2009
|
|
|
Δ%
|
|
|
2010
|
|
|
2009
|
|
|
Δ%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
25,177 |
|
|
|
24,184 |
|
|
|
4.1 |
% |
|
|
49,205 |
|
|
|
46,339 |
|
|
|
6.2 |
% |
Gross
Profit
|
|
11,655 |
|
|
|
11,427 |
|
|
|
2.0 |
% |
|
|
22,555 |
|
|
|
21,708 |
|
|
|
3.9 |
% |
Operating
Income
|
|
4,088 |
|
|
|
3,677 |
|
|
|
11.2 |
% |
|
|
7,666 |
|
|
|
6,939 |
|
|
|
10.5 |
% |
Net
Controlling Interest Income
|
|
2,480 |
|
|
|
2,161 |
|
|
|
14.8 |
% |
|
|
4,613 |
|
|
|
3,499 |
|
|
|
31.8 |
% |
EBITDA(1)
|
|
5,023 |
|
|
|
4,549 |
|
|
|
10.4 |
% |
|
|
9,571 |
|
|
|
8,764 |
|
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Debt (2)
|
|
6,440 |
|
|
|
5,971 |
|
|
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
Net Debt / EBITDA
|
|
0.31 |
|
|
|
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
EBITDA/ Interest Expense, net
|
|
15.38 |
|
|
|
10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
Earnings per Share
|
|
5.22 |
|
|
|
3.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization(4)
|
|
19.3 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expressed in millions of Mexican
pesos.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA = Operating income +
Depreciation + Amortization & Other operative Non-cash
Charges.
|
See reconciliation table on page
9 except for Earnings per Share
|
(2) Net Debt = Total Debt - Cash
|
(3)
LTM figures
|
(4)
Total debt / (long-term debt + stockholders' equity)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues reached Ps.
25,177 million in the second quarter of 2010, an increase of 4.1% compared
to the second quarter of 2009; mainly driven by double-digit total revenue
growth in our Mercosur division and a high single-digit total revenue
growth in our Mexico division. On a currency neutral basis and excluding
the acquisition of Brisa in Colombia, total revenues grew approximately
16%.
|
Consolidated operating
income grew 11.2% to Ps. 4,088 million for the second quarter of 2010,
driven by operating income growth recorded in every division. Our
operating margin was 16.2% in the second quarter of
2010.
|
Consolidated net
controlling interest income increased 14.8% to Ps. 2,480 million in the
second quarter of 2010, mainly reflecting higher operating income,
resulting in earnings per share of Ps. 1.34 in the second quarter of
2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico
City (July 23, 2010), Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE:
KOF) (“Coca-Cola FEMSA” or the “Company”), the largest Coca-Cola bottler
in Latin America in terms of sales volume, announces results for the
second quarter of 2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"Despite
recent global economic volatility, our geographically balanced portfolio
of franchise territories across Latin America delivered strong results for
the quarter. Our Mexico and Mercosur divisions achieved significant
top-line growth, driven by solid volume growth and tactical price
increases implemented throughout our operations. Demonstrating its
continued strength and consumer popularity throughout our territories, the
Coca-Cola brand
made a substantial contribution to our Company’s incremental volumes. We
are pleased to serve a growing base of customers and consumers in one of
the best markets in which to sell beverages worldwide, Latin America.
During the quarter, we paid our shareholders a dividend of Ps. 2,612
million, an important increase over the preceding year—which extended our
track record of rising dividend payments to seven years in a row. We
believe that our Company has the right tools, talents, and capabilities to
continue driving successfully our business going forward." said Carlos
Salazar Lomelin, Chief Executive Officer of the
Company.
|
CONSOLIDATED
RESULTS
Our
consolidated total revenues increased 4.1% to Ps. 25,177 million in the second
quarter of 2010, compared to the second quarter of 2009 despite the devaluation
of the Venezuelan bolivar. On a currency neutral basis and excluding the
acquisition of Brisa in Colombia, total revenues grew approximately 16%, driven
by growth in both volumes and pricing.
Total
sales volume increased 4.4% to reach 633.8 million unit cases in the second
quarter of 2010 as compared to the same period in 2009 as a result of (i)
increases in sparkling beverages, mainly due to a 6% increase in the Coca-Cola brand across our
territories, accounting for close to 65% of incremental volumes, (ii) our
bottled water business, driven by the acquisition of Brisa in Colombia,
representing more than 20% of incremental volumes, and (iii) still beverages
sales volume, supported by the Jugos del Valle line of business across our
territories, accounting for approximately 15% of incremental sales volume.
Excluding Brisa, total sales volume increased 3.2%.
Our gross
profit increased 2.0% to Ps. 11,655 million in the second quarter of 2010,
compared to the second quarter of 2009. Cost of goods sold increased 6.0%,
mainly driven by higher year-over-year sweetener costs across our territories,
which were partially offset by the appreciation of the Brazilian real,(1)
the Colombian peso(1)
and the Mexican peso(1)
as applied to our U.S. dollar-denominated raw material cost. Gross margin
reached 46.3% in the second quarter of 2010 as compared to 47.3% in the same
period in 2009.
Our
consolidated operating income increased 11.2% to Ps. 4,088 million in the second
quarter of 2010, driven by operating income growth across all divisions.
Operating expenses decreased 2.4% in the second quarter of 2010 mainly as a
result of the devaluation of the Venezuelan bolivar. In local currency,
operating expenses grew mainly as a result of (i) continued marketing investment
in our Mexico division to support our execution in the marketplace, widen our
cooler coverage and broaden our returnable base availability, (ii) marketing
expenses in the Latincentro division, due to the integration of the Brisa
portfolio in Colombia and the continued expansion of the Jugos del Valle line of
business in Colombia and Central America, (iii) higher labor and freight costs
in Argentina and (iv) higher labor costs in Venezuela. Our operating margin was
16.2% in the second quarter of 2010, an expansion of 100 basis points compared
to the same period in 2009.
During
the second quarter of 2010, we recorded Ps. 248 million in the other expense
line. These expenses mainly reflected the recording of employee profit
sharing.
Our
comprehensive financing result in the second quarter of 2010 recorded an expense
of Ps. 364 million as compared to a gain of Ps. 23 million in the same period of
2009, mainly driven by a foreign exchange loss generated by the depreciation of
the Mexican peso within the quarter, as applied to our dollar-denominated net
debt position.
During the second quarter of 2010,
income tax, as a percentage of income before taxes, was 25.8% compared to 29.9%
in the same period of 2009. This difference was mainly driven by the cancellation of a provision during
the second quarter of 2010, which had been recorded in excess during
2009.
Our
consolidated net controlling interest income(2)
increased by 14.8% to Ps. 2,480 million in the second quarter of 2010 as
compared to the second quarter of 2009, mainly as a result of higher operating
income. Earnings per share (EPS) in the second quarter of 2010 were Ps. 1.34
(Ps. 13.43 per ADS) computed on the basis of 1,846.5 million shares outstanding
(each ADS represents 10 local shares).
(1) See
page 14 for average and end of period exchange rates for the second
quarter.
(2)
Previously referred to as Majority Net Income; name changed in accordance with
Mexican Financial Reporting Standards.
BALANCE
SHEET
As of
June 30, 2010, we had a cash balance of Ps. 9,382 million, including US$ 492
million denominated in U.S. dollars, a decrease of Ps. 572 million compared to
December 31, 2009, mainly as a result of debt and dividend payments made during
the first half and net of the cash generated by our operations.
As of
June 30, 2010, total short-term debt was Ps. 1,298 million and long-term debt
was Ps. 14,524 million. Total debt decreased by Ps. 103 million compared with
year-end 2009. During February we issued a Yankee Bond in the amount of US$ 500
million and used the proceeds to pay the maturity of our Ps. 2,000 million and
Ps. 1,000 million Certificados
Bursátiles on February and April, respectively, and for the prepayment of
US$ 202 million of bilateral loans. Net debt increased Ps. 469 million compared
to year-end 2009, mainly as a result of the dividend of Ps. 2,612 million paid
in April, net of the cash we generated during the first half. KOF’s total debt
balance includes U.S. dollar-denominated debt in the amount of US$ 674
million.(1)
The
weighted average cost of debt for the quarter was 5.7%. The following charts set
forth the Company’s debt profile by currency and interest rate type and by
maturity date as of June 30, 2010:
Currency
|
|
% Total Debt(1)
|
|
|
% Interest Rate
Floating(1)(2)
|
|
Mexican
pesos
|
|
|
36.5 |
% |
|
|
38.0 |
% |
U.S.
dollars
|
|
|
52.9 |
% |
|
|
4.6 |
% |
Colombian
pesos
|
|
|
3.1 |
% |
|
|
100.0 |
% |
Venezuelan
bolivars
|
|
|
0.2 |
% |
|
|
0.0 |
% |
Argentine
pesos
|
|
|
7.3 |
% |
|
|
4.2 |
% |
(1)
After
giving effect to cross-currency swaps and interest rate
swaps.
(2)
Calculated
by weighting each year’s outstanding debt balance mix.
Debt
Maturity Profile
Maturity
Date
|
|
2010
|
|
|
2011
|
|
|
2012
|
|
|
2013
|
|
|
2014
|
|
|
|
2015 |
+ |
%
of Total Debt
|
|
|
5.0 |
% |
|
|
4.2 |
% |
|
|
21.3 |
% |
|
|
2.9 |
% |
|
|
8.8 |
% |
|
|
57.9 |
% |
Consolidated
Cash Flow
|
|
Expressed
in millions of Mexican pesos (Ps.) as of June 30, 2010
|
|
|
|
Jun-10
|
|
|
|
Ps.
|
|
Income
before taxes
|
|
|
6,691 |
|
Non
cash charges to net income
|
|
|
2,725 |
|
|
|
|
9,416 |
|
Change
in working capital
|
|
|
(2,617 |
) |
Resources
Generated by Operating Activities
|
|
|
6,799 |
|
Investments
|
|
|
(2,738 |
) |
Debt
Increase
|
|
|
590 |
|
Dividends
declared and paid
|
|
|
(2,612 |
) |
Other
|
|
|
(929 |
) |
Increase
in cash, cash equivalents and marketable securities
|
|
|
1,110 |
|
Cash,
cash equivalents and marketable securities at begining of
period
|
|
|
9,954 |
|
Translation
Effect
|
|
|
(1,682 |
) |
Cash,
cash equivalents and marketable securities at end of
period
|
|
|
9,382 |
|
The
difference between the debt decrease of the balance sheet and the debt increase
in nominal terms presented in the cash flow is related to the foreign exchange
impact, presented separately as a part of the translation effect, in accordance
with the Mexican Financial Reporting Standards.
MEXICO
DIVISION OPERATING RESULTS
Revenues
Total
revenues from our Mexico division increased 9.3% to Ps. 10,653 million in the
second quarter of 2010, as compared to the same period in 2009. Increased
average price per unit case accounted for approximately 55% of incremental
revenues during the quarter. Average price per unit case reached Ps. 31.01, an
increase of 5.4%, as compared to the second quarter of 2009, reflecting higher
volumes from the Coca-Cola brand, which
carries higher average price per unit case, and selective price increases
implemented during the quarter. Excluding bulk water under the Ciel brand, our average price
per unit case was Ps. 36.26, a 4.6% increase as compared to the same period in
2009.
Total
sales volume increased 4.2% to 343.1 million unit cases in the second quarter of
2010, as compared to the second quarter of 2009. Sparkling beverages, mainly
driven by a 5% growth of the Coca-Cola brand both in
multi-serve and single-serve presentations, grew 5% and accounted for
approximately 85% of incremental volume. The still beverage category, mainly
driven by the Jugos del Valle product line, grew 12% and contributed more than
10% of incremental volumes, while an increase in personal bottled water
compensated for lower volumes in bulk water and provided the
balance.
Operating
Income
Our gross
profit increased 7.9% to Ps. 5,272 million in the second quarter of 2010 as
compared to the same period in 2009. Cost of goods sold increased 10.7% as a
result of higher sweetener costs, which were partially offset by the
appreciation of the Mexican peso(1) as
applied to our U.S. dollar-denominated raw material cost. Gross margin decreased
from 50.1% in the second quarter of 2009 to 49.5% in the same period of
2010.
Operating
income increased 3.0% to Ps. 1,960 million in the second quarter of 2010,
compared to Ps. 1,902 million in the same period of 2009. Operating expenses
grew 10.9% mainly due to continued marketing investment to support our execution
in the marketplace, widen our cooler coverage and broaden our returnable base
availability. Our operating margin was 18.4% in the second quarter of 2010,
compared to 19.5% in the same period of 2009.
(1) See
page 14 for average and end of period exchange rates for the second
quarter.
LATINCENTRO
DIVISION OPERATING RESULTS (Colombia, Venezuela, Guatemala, Nicaragua, Costa
Rica and Panama)
As
of June 1,
2009, Coca-Cola FEMSA started to distribute the Brisa portfolio in
Colombia.
Revenues
Total
revenues reached Ps. 7,367 million in the second quarter of 2010, a decrease of
15.0% as compared to the same period of 2009 mainly as a result of the
devaluation of the Venezuelan bolivar. On a currency neutral basis and excluding
the acquisition of Brisa in Colombia, total revenues increased approximately 23%
due to selective pricing initiatives implemented over the past several months
across the division.
Total
sales volume in our Latincentro division increased 0.8% to 143.5 million unit
cases in the second quarter of 2010 as compared to the same period of 2009.
Volume growth resulted from incremental water volumes, driven by the
consolidation of the Brisa water business in
Colombia; which more than compensated for a volume decline in Venezuela.
Excluding the acquisition of Brisa in Colombia, the division’s total volumes
would have decreased 4.4%.
Operating
Income
Gross
profit reached Ps. 3,423 million, a decrease of 16.3% in the second quarter of
2010, as compared to the same period of 2009. Cost of goods sold decreased 13.8%
mainly as a result of the devaluation of the Venezuelan bolivar. In local
currency, cost of goods sold increased mainly driven by higher year-over-year
sweetener costs across the division, which were partially compensated by the
appreciation of the Colombian peso(1)
as applied to our U.S. dollar-denominated raw material cost. Gross margin
decreased 70 basis points to 46.5% in the second quarter of 2010.
Our
operating income increased 19.0% to Ps. 1,233 million in the second quarter of
2010, compared to the second quarter of 2009. Operating expenses decreased 28.3%
mainly as a result of the devaluation of the Venezuelan bolivar. In local
currency, operating expenses grew as a result of continued marketing
investments, mainly due to the integration of the Brisa portfolio in Colombia,
the continued expansion of the Jugos del Valle line of business in Colombia and
Central America and higher labor costs in Venezuela. Our operating margin
reached 16.7% in the second quarter of 2010, as compared to 12.0% in the same
period of 2009.
(1) See
page 14 for average and end of period exchange rates for the second
quarter.
MERCOSUR
DIVISION OPERATING RESULTS (Brazil and Argentina)
Volume
and average price per unit case exclude beer results.
Revenues
Total
revenues increased 24.1% to Ps. 7,157 million in the second quarter of 2010, as
compared to the same period of 2009. Excluding beer, which accounted for Ps. 745
million during the quarter, revenues increased 24.4% to Ps. 6,412 million.
Higher average prices per unit case and volume growth accounted for
approximately 75% of incremental revenues and a positive currency translation
effect, resulting from the depreciation of the Mexican peso against the
Brazilian real,(1)
represented more than 25% of incremental revenues. On a currency neutral basis,
our Mercosur division’s revenues increased approximately 18%.
Total
sales volume in our Mercosur division increased 8.7% to 147.2 million unit cases
in the second quarter of 2010 as compared to the same period of 2009. Volume
growth was a result of (i) an 8% growth in sparkling beverages, driven by a 14%
increase in the Coca-Cola brand in Brazil,
accounting for more than 80% of incremental volumes, (ii) a 33% growth in the
still beverage category, driven by the Jugos del Valle line of business in
Brazil and Aquarius flavored water in Argentina, contributing close to 15% of
incremental volumes, and (iii) a 4% increase in our bottled water category,
representing the balance.
Operating
Income
In the
second quarter of 2010, our gross profit increased 20.9% to Ps. 2,960 million,
as compared to the same period in 2009. Cost of goods sold increased 26.4%
mainly due to higher cost of sweetener in the division and higher cost of PET in
Argentina, which were partially compensated for by the appreciation of the
Brazilian real(1)
as applied to our U.S. dollar-denominated raw material cost. Gross margin in the
Mercosur division decreased 100 basis points to 41.4% in the second quarter of
2010.
Operating
income increased 21.1%, reaching Ps. 895 million in the second quarter of 2010,
as compared to Ps. 739 million in the same period of 2009. Operating expenses
increased 20.8%, mainly driven by higher labor and freight costs in Argentina.
Our operating margin was 12.5% in the second quarter of 2010, a decrease of 30
basis points as compared to the second quarter of 2009.
(1) See
page 14 for average and end of period exchange rates for the second
quarter.
SUMMARY
OF SIX-MONTH RESULTS
Our
consolidated total revenues increased 6.2% to Ps. 49,205 million in the first
half of 2010, as compared to the first half of 2009, as a result of revenue
growth in our Mercosur and Mexico divisions and despite the devaluation of the
Venezuelan bolivar. On a currency neutral basis and excluding the acquisition of
Brisa in Colombia, total revenues increased approximately 18% in the first six
months of 2010.
Total
sales volume increased 5.3% to 1,223.2 million unit cases in the first half of
2010, as compared to the same period in 2009. The sparkling beverage category,
driven by a 6% growth of the Coca-Cola brand, contributed
more than 65% of incremental volumes. The consolidation of the Brisa water brand in Colombia
drove an 8% growth in our bottled water portfolio, accounting for approximately
20% of incremental volumes and the still beverage category, mainly driven by the
performance of the Jugos del Valle line of business across our territories, grew
14%, representing the balance. Excluding Brisa, total sales volume
increased 3.6% to reach 1,203.3 million unit cases.
Our gross
profit increased 3.9% to Ps. 22,555 million in the first half of 2010, as
compared to the same period of 2009. Cost of goods sold increased 8.2% as a
result of higher cost of sweetener across our operations, which was partially
offset by the appreciation of the Brazilian real,(1)
the Colombian peso(1)
and the Mexican peso(1)
as applied to our U.S. dollar-denominated raw material cost. Gross margin
reached 45.8% for the first six months of 2010, a decrease of 100 basis points
as compared to the same period of 2009.
Our
consolidated operating income increased 10.5% to Ps. 7,666 million in the first
half 2010, as compared to 2009. Our Mercosur and Latincentro divisions accounted
for this growth. Our operating margin was 15.6% for the first half of 2010, a 60
basis points expansion as compared to the same period of 2009.
Our
consolidated net controlling interest income(2)
increased by 31.8% to Ps. 4,613 million in the first six months of 2010 as
compared to the same period of 2009, mainly as a result of higher operating
income. Earnings per share (EPS) in the first half of 2010 were Ps. 2.50 (Ps.
24.98 per ADS) computed on the basis of 1,846.5 million shares outstanding (each
ADS represents 10 local shares).
(1) See
page 14 for average and end of period exchange rates for the second
quarter.
(2)
Previously referred to as Majority Net Income; name changed in accordance with
Mexican Financial Reporting Standards.
CONFERENCE
CALL INFORMATION
Our
second-quarter 2010 Conference Call will be held on: July 23, 2010, at 11:00
A.M. Eastern Time (10:00 A.M. Mexico City Time). To participate in the
conference call, please dial: Domestic U.S.: 866-700-7477 or International:
617-213-8840. We invite investors to listen to the live audiocast of the
conference call on the Company’s website, www.coca-colafemsa.com
If you
are unable to participate live, an instant replay of the conference call will be
available through July 30, 2010. To listen to the replay, please dial: Domestic
U.S.: 888-286-8010 or International: 617-801-6888. Pass code:
23786500.
v v
v
Coca-Cola
FEMSA, S.A.B. de C.V. produces and distributes Coca-Cola, Sprite, Fanta,
Lift and other trademark beverages of The Coca-Cola Company in Mexico (a
substantial part of central Mexico, including Mexico City and southeast Mexico),
Guatemala (Guatemala City and surrounding areas), Nicaragua (nationwide), Costa
Rica (nationwide), Panama (nationwide), Colombia (most of the country),
Venezuela (nationwide), Brazil (greater São Paulo, Campiñas, Santos, the state
of Mato Grosso do Sul, part of the state of Goias and part of the state of Minas
Gerais) and Argentina (federal capital of Buenos Aires and surrounding areas),
along with bottled water, beer and other beverages in some of these territories.
The Company has 31 bottling facilities in Latin America and serves over
1,500,000 retailers in the region. The Coca-Cola Company owns a 31.6% equity
interest in Coca-Cola FEMSA.
v v
v
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.
v v
v
(6 pages
of tables to follow)
Consolidated
Income Statement
Expressed
in millions of Mexican pesos(1)
|
|
|
2Q 10 |
|
|
% Rev
|
|
|
|
2Q 09 |
|
|
% Rev
|
|
|
Δ%
|
|
|
YTD 10
|
|
|
% Rev
|
|
|
YTD 09
|
|
|
% Rev
|
|
|
Δ%
|
|
Volume (million unit
cases) (2)
|
|
|
633.8 |
|
|
|
|
|
|
607.0 |
|
|
|
|
|
|
4.4 |
% |
|
|
1,223.2 |
|
|
|
|
|
|
1,161.2 |
|
|
|
|
|
|
5.3 |
% |
Average price per
unit case (2)
|
|
|
38.41 |
|
|
|
|
|
|
38.58 |
|
|
|
|
|
|
-0.4 |
% |
|
|
38.83 |
|
|
|
|
|
|
38.61 |
|
|
|
|
|
|
0.5 |
% |
Net
revenues
|
|
|
25,092 |
|
|
|
|
|
|
24,033 |
|
|
|
|
|
|
4.4 |
% |
|
|
49,000 |
|
|
|
|
|
|
46,062 |
|
|
|
|
|
|
6.4 |
% |
Other
operating revenues
|
|
|
85 |
|
|
|
|
|
|
151 |
|
|
|
|
|
|
-43.7 |
% |
|
|
205 |
|
|
|
|
|
|
277 |
|
|
|
|
|
|
-26.0 |
% |
Total
revenues
|
|
|
25,177 |
|
|
|
100 |
% |
|
|
24,184 |
|
|
|
100 |
% |
|
|
4.1 |
% |
|
|
49,205 |
|
|
|
100 |
% |
|
|
46,339 |
|
|
|
100 |
% |
|
|
6.2 |
% |
Cost
of goods sold
|
|
|
13,522 |
|
|
|
53.7 |
% |
|
|
12,757 |
|
|
|
52.7 |
% |
|
|
6.0 |
% |
|
|
26,650 |
|
|
|
54.2 |
% |
|
|
24,631 |
|
|
|
53.2 |
% |
|
|
8.2 |
% |
Gross
profit
|
|
|
11,655 |
|
|
|
46.3 |
% |
|
|
11,427 |
|
|
|
47.3 |
% |
|
|
2.0 |
% |
|
|
22,555 |
|
|
|
45.8 |
% |
|
|
21,708 |
|
|
|
46.8 |
% |
|
|
3.9 |
% |
Operating
expenses
|
|
|
7,567 |
|
|
|
30.1 |
% |
|
|
7,750 |
|
|
|
32.0 |
% |
|
|
-2.4 |
% |
|
|
14,889 |
|
|
|
30.3 |
% |
|
|
14,769 |
|
|
|
31.9 |
% |
|
|
0.8 |
% |
Operating
income
|
|
|
4,088 |
|
|
|
16.2 |
% |
|
|
3,677 |
|
|
|
15.2 |
% |
|
|
11.2 |
% |
|
|
7,666 |
|
|
|
15.6 |
% |
|
|
6,939 |
|
|
|
15.0 |
% |
|
|
10.5 |
% |
Other
expenses, net
|
|
|
248 |
|
|
|
|
|
|
|
453 |
|
|
|
|
|
|
|
-45.3 |
% |
|
|
417 |
|
|
|
|
|
|
|
787 |
|
|
|
|
|
|
|
-47.0 |
% |
Interest
expense
|
|
|
420 |
|
|
|
|
|
|
|
405 |
|
|
|
|
|
|
|
3.7 |
% |
|
|
794 |
|
|
|
|
|
|
|
1,033 |
|
|
|
|
|
|
|
-23.1 |
% |
Interest
income
|
|
|
71 |
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
42.0 |
% |
|
|
155 |
|
|
|
|
|
|
|
121 |
|
|
|
|
|
|
|
28.1 |
% |
Interest
expense, net
|
|
|
349 |
|
|
|
|
|
|
|
355 |
|
|
|
|
|
|
|
-1.7 |
% |
|
|
639 |
|
|
|
|
|
|
|
912 |
|
|
|
|
|
|
|
-29.9 |
% |
Foreign
exchange loss (gain)
|
|
|
94 |
|
|
|
|
|
|
|
(68 |
) |
|
|
|
|
|
|
-238.2 |
% |
|
|
285 |
|
|
|
|
|
|
|
304 |
|
|
|
|
|
|
|
-6.3 |
% |
Gain
on monetary position in Inflationary subsidiries
|
|
|
(105 |
) |
|
|
|
|
|
|
(109 |
) |
|
|
|
|
|
|
-3.7 |
% |
|
|
(258 |
) |
|
|
|
|
|
|
(193 |
) |
|
|
|
|
|
|
33.7 |
% |
Market
value loss (gain) on ineffective portion of derivative
instruments
|
|
|
26 |
|
|
|
|
|
|
|
(201 |
) |
|
|
|
|
|
|
-112.9 |
% |
|
|
(108 |
) |
|
|
|
|
|
|
(110 |
) |
|
|
|
|
|
|
-1.8 |
% |
Comprehensive
financing result
|
|
|
364 |
|
|
|
|
|
|
|
(23 |
) |
|
|
|
|
|
|
-1682.6 |
% |
|
|
558 |
|
|
|
|
|
|
|
913 |
|
|
|
|
|
|
|
-38.9 |
% |
Income
before taxes
|
|
|
3,476 |
|
|
|
|
|
|
|
3,247 |
|
|
|
|
|
|
|
7.1 |
% |
|
|
6,691 |
|
|
|
|
|
|
|
5,239 |
|
|
|
|
|
|
|
27.7 |
% |
Income
taxes
|
|
|
896 |
|
|
|
|
|
|
|
972 |
|
|
|
|
|
|
|
-7.8 |
% |
|
|
1,856 |
|
|
|
|
|
|
|
1,586 |
|
|
|
|
|
|
|
17.0 |
% |
Consolidated
net income
|
|
|
2,580 |
|
|
|
|
|
|
|
2,275 |
|
|
|
|
|
|
|
13.4 |
% |
|
|
4,835 |
|
|
|
|
|
|
|
3,653 |
|
|
|
|
|
|
|
32.4 |
% |
Net
controlling interest income
|
|
|
2,480 |
|
|
|
9.9 |
% |
|
|
2,161 |
|
|
|
8.9 |
% |
|
|
14.8 |
% |
|
|
4,613 |
|
|
|
9.4 |
% |
|
|
3,499 |
|
|
|
7.6 |
% |
|
|
31.8 |
% |
Net
non-controlling interest income
|
|
|
100 |
|
|
|
|
|
|
|
114 |
|
|
|
|
|
|
|
-12.3 |
% |
|
|
222 |
|
|
|
|
|
|
|
154 |
|
|
|
|
|
|
|
44.2 |
% |
Operating
income
|
|
|
4,088 |
|
|
|
16.2 |
% |
|
|
3,677 |
|
|
|
15.2 |
% |
|
|
11.2 |
% |
|
|
7,666 |
|
|
|
15.6 |
% |
|
|
6,939 |
|
|
|
15.0 |
% |
|
|
10.5 |
% |
Depreciation
|
|
|
645 |
|
|
|
|
|
|
|
717 |
|
|
|
|
|
|
|
-10.0 |
% |
|
|
1,294 |
|
|
|
|
|
|
|
1,414 |
|
|
|
|
|
|
|
-8.5 |
% |
Amortization
and other operative non-cash charges
|
|
|
290 |
|
|
|
|
|
|
|
155 |
|
|
|
|
|
|
|
87.1 |
% |
|
|
611 |
|
|
|
|
|
|
|
411 |
|
|
|
|
|
|
|
48.7 |
% |
EBITDA
(4)
|
|
|
5,023 |
|
|
|
20.0 |
% |
|
|
4,549 |
|
|
|
18.8 |
% |
|
|
10.4 |
% |
|
|
9,571 |
|
|
|
19.5 |
% |
|
|
8,764 |
|
|
|
18.9 |
% |
|
|
9.2 |
% |
(1) Except
volume and average price per unit case figures.
(2) Sales
volume and average price per unit case exclude beer results
(3) EBITDA
= Operating Income + depreciation, amortization & other operative non-cash
charges.
As of
June 1st, 2009,
we integrated the operation of Brisa in the results of Colombia.
Consolidated
Balance Sheet
Expressed
in millions of Mexican pesos. |
|
|
|
|
|
|
Assets
|
|
Jun
10
|
|
|
Dec
09
|
|
Current
Assets
|
|
|
|
|
|
|
Cash,
cash equivalents and marketable securities
|
|
Ps. |
9,382 |
|
|
Ps. |
9,954 |
|
Total
accounts receivable
|
|
|
4,118 |
|
|
|
5,931 |
|
Inventories
|
|
|
5,025 |
|
|
|
5,002 |
|
Other
current assets
|
|
|
2,273 |
|
|
|
2,752 |
|
Total
current assets
|
|
|
20,798 |
|
|
|
23,639 |
|
Property,
plant and equipment
|
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
54,469 |
|
|
|
58,640 |
|
Accumulated
depreciation
|
|
|
(24,824 |
) |
|
|
(27,397 |
) |
Total
property, plant and equipment, net
|
|
|
29,645 |
|
|
|
31,243 |
|
Other
non-current assets
|
|
|
54,189 |
|
|
|
55,779 |
|
Total
Assets |
|
Ps. |
104,632
|
|
|
Ps. |
110,661 |
|
Liabilities
and Sharekholders' Equity
|
|
Jun 10
|
|
|
Dec 09
|
|
Current
Liabilities
|
|
|
|
|
|
|
Short-term
bank loans and notes
|
|
Ps. |
1,298 |
|
|
Ps. |
5,427 |
|
Suppliers
|
|
|
8,492 |
|
|
|
9,368 |
|
Other
current liabilities
|
|
|
5,766 |
|
|
|
8,653 |
|
Total
Current Liabilities
|
|
|
15,556 |
|
|
|
23,448 |
|
Long-term
bank loans
|
|
|
14,524 |
|
|
|
10,498 |
|
Other
long-term liabilities
|
|
|
7,062 |
|
|
|
8,243 |
|
Total
Liabilities
|
|
|
37,142 |
|
|
|
42,189 |
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
2,233 |
|
|
|
2,296 |
|
Total
shareholders' equity
|
|
|
67,490 |
|
|
|
68,472 |
|
Liabilities
and Sharekholders' Equity
|
|
Ps. |
104,632 |
|
|
Ps. |
110,661
|
|
Mexico
Division
Expressed
in millions of Mexican pesos(1)
|
|
|
2Q
10 |
|
|
%
Rev
|
|
|
|
2Q
09 |
|
|
%
Rev
|
|
|
Δ
|
% |
|
YTD
10
|
|
|
%
Rev
|
|
|
YTD
09
|
|
|
%
Rev
|
|
|
Δ
|
% |
Volume
(million unit cases)
|
|
|
343.1 |
|
|
|
|
|
|
329.2 |
|
|
|
|
|
|
4.2 |
% |
|
|
614.4 |
|
|
|
|
|
|
601.6 |
|
|
|
|
|
|
2.1 |
% |
Average
price per unit case
|
|
|
31.01 |
|
|
|
|
|
|
29.42 |
|
|
|
|
|
|
5.4 |
% |
|
|
30.81 |
|
|
|
|
|
|
29.58 |
|
|
|
|
|
|
4.2 |
% |
Net
revenues
|
|
|
10,640 |
|
|
|
|
|
|
9,684 |
|
|
|
|
|
|
9.9 |
% |
|
|
18,928 |
|
|
|
|
|
|
17,794 |
|
|
|
|
|
|
6.4 |
% |
Other
operating revenues
|
|
|
13 |
|
|
|
|
|
|
65 |
|
|
|
|
|
|
-80.0 |
% |
|
|
30 |
|
|
|
|
|
|
95 |
|
|
|
|
|
|
-68.4 |
% |
Total
revenues
|
|
|
10,653 |
|
|
|
100.0 |
% |
|
|
9,749 |
|
|
|
100.0 |
% |
|
|
9.3 |
% |
|
|
18,958 |
|
|
|
100.0 |
% |
|
|
17,889 |
|
|
|
100.0 |
% |
|
|
6.0 |
% |
Cost
of goods sold
|
|
|
5,381 |
|
|
|
50.5 |
% |
|
|
4,861 |
|
|
|
49.9 |
% |
|
|
10.7 |
% |
|
|
9,682 |
|
|
|
51.1 |
% |
|
|
8,925 |
|
|
|
49.9 |
% |
|
|
8.5 |
% |
Gross
profit
|
|
|
5,272 |
|
|
|
49.5 |
% |
|
|
4,888 |
|
|
|
50.1 |
% |
|
|
7.9 |
% |
|
|
9,276 |
|
|
|
48.9 |
% |
|
|
8,964 |
|
|
|
50.1 |
% |
|
|
3.5 |
% |
Operating
expenses
|
|
|
3,312 |
|
|
|
31.1 |
% |
|
|
2,986 |
|
|
|
30.6 |
% |
|
|
10.9 |
% |
|
|
6,204 |
|
|
|
32.7 |
% |
|
|
5,729 |
|
|
|
32.0 |
% |
|
|
8.3 |
% |
Operating
income
|
|
|
1,960 |
|
|
|
18.4 |
% |
|
|
1,902 |
|
|
|
19.5 |
% |
|
|
3.0 |
% |
|
|
3,072 |
|
|
|
16.2 |
% |
|
|
3,235 |
|
|
|
18.1 |
% |
|
|
-5.0 |
% |
Depreciation,
amortization & other operative non-cash charges
|
|
|
441 |
|
|
|
4.1 |
% |
|
|
382 |
|
|
|
3.9 |
% |
|
|
15.4 |
% |
|
|
896 |
|
|
|
4.7 |
% |
|
|
814 |
|
|
|
4.6 |
% |
|
|
10.1 |
% |
EBITDA
(2)
|
|
|
2,401 |
|
|
|
22.5 |
% |
|
|
2,284 |
|
|
|
23.4 |
% |
|
|
5.1 |
% |
|
|
3,968 |
|
|
|
20.9 |
% |
|
|
4,049 |
|
|
|
22.6 |
% |
|
|
-2.0 |
% |
(1) Except
volume and average price per unit case figures.
(2) EBITDA
= Operating Income + Depreciation, amortization & other operative non-cash
charges.
Latincentro
Division
Expressed
in millions of Mexican pesos(1)
|
|
|
2Q
10 |
|
|
%
Rev
|
|
|
|
2Q
09 |
|
|
%
Rev
|
|
|
Δ
|
% |
|
YTD
10
|
|
|
%
Rev
|
|
|
YTD
09
|
|
|
%
Rev
|
|
|
Δ
|
% |
Volume
(million unit cases)
|
|
|
143.5 |
|
|
|
|
|
|
142.4 |
|
|
|
|
|
|
0.8 |
% |
|
|
296.7 |
|
|
|
|
|
|
275.1 |
|
|
|
|
|
|
7.9 |
% |
Average
price per unit Case
|
|
|
51.25 |
|
|
|
|
|
|
60.84 |
|
|
|
|
|
|
-15.8 |
% |
|
|
50.96 |
|
|
|
|
|
|
59.92 |
|
|
|
|
|
|
-14.9 |
% |
Net
revenues
|
|
|
7,354 |
|
|
|
|
|
|
8,663 |
|
|
|
|
|
|
-15.1 |
% |
|
|
15,121 |
|
|
|
|
|
|
16,484 |
|
|
|
|
|
|
-8.3 |
% |
Other
operating revenues
|
|
|
13 |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
333.3 |
% |
|
|
20 |
|
|
|
|
|
|
2 |
|
|
|
|
|
|
900.0 |
% |
Total
revenues
|
|
|
7,367 |
|
|
|
100.0 |
% |
|
|
8,666 |
|
|
|
100.0 |
% |
|
|
-15.0 |
% |
|
|
15,141 |
|
|
|
100.0 |
% |
|
|
16,486 |
|
|
|
100.0 |
% |
|
|
-8.2 |
% |
Cost
of goods sold
|
|
|
3,944 |
|
|
|
53.5 |
% |
|
|
4,575 |
|
|
|
52.8 |
% |
|
|
-13.8 |
% |
|
|
8,169 |
|
|
|
54.0 |
% |
|
|
8,827 |
|
|
|
53.5 |
% |
|
|
-7.5 |
% |
Gross
profit
|
|
|
3,423 |
|
|
|
46.5 |
% |
|
|
4,091 |
|
|
|
47.2 |
% |
|
|
-16.3 |
% |
|
|
6,972 |
|
|
|
46.0 |
% |
|
|
7,659 |
|
|
|
46.5 |
% |
|
|
-9.0 |
% |
Operating
expenses
|
|
|
2,190 |
|
|
|
29.7 |
% |
|
|
3,055 |
|
|
|
35.3 |
% |
|
|
-28.3 |
% |
|
|
4,453 |
|
|
|
29.4 |
% |
|
|
5,604 |
|
|
|
34.0 |
% |
|
|
-20.5 |
% |
Operating
income
|
|
|
1,233 |
|
|
|
16.7 |
% |
|
|
1,036 |
|
|
|
12.0 |
% |
|
|
19.0 |
% |
|
|
2,519 |
|
|
|
16.6 |
% |
|
|
2,055 |
|
|
|
12.5 |
% |
|
|
22.6 |
% |
Depreciation,
amortization & other operative non-cash charges
|
|
|
323 |
|
|
|
4.4 |
% |
|
|
306 |
|
|
|
3.5 |
% |
|
|
5.6 |
% |
|
|
660 |
|
|
|
4.4 |
% |
|
|
624 |
|
|
|
3.8 |
% |
|
|
5.8 |
% |
EBITDA
(2)
|
|
|
1,556 |
|
|
|
21.1 |
% |
|
|
1,342 |
|
|
|
15.5 |
% |
|
|
15.9 |
% |
|
|
3,179 |
|
|
|
21.0 |
% |
|
|
2,679 |
|
|
|
16.3 |
% |
|
|
18.7 |
% |
(1) Except
volume and average price per unit case figures.
(2) EBITDA
= Operating Income + Depreciation, amortization & other operative non-cash
charges.
Since
June 2009, we integrated Brisa in the operations of Colombia.
Mercosur
Division
Expressed
in millions of Mexican pesos(1)
Financial
figures include beer results
|
|
|
2Q
10 |
|
|
%
Rev
|
|
|
|
2Q
09 |
|
|
%
Rev
|
|
|
Δ
|
% |
|
YTD
10
|
|
|
%
Rev
|
|
|
YTD
09
|
|
|
%
Rev
|
|
|
Δ
|
% |
Volume
(million unit cases) (2)
|
|
|
147.2 |
|
|
|
|
|
|
135.4 |
|
|
|
|
|
|
8.7 |
% |
|
|
312.1 |
|
|
|
|
|
|
284.5 |
|
|
|
|
|
|
9.7 |
% |
Average
price per unit case
(2)
|
|
|
43.15 |
|
|
|
|
|
|
37.46 |
|
|
|
|
|
|
15.2 |
% |
|
|
43.07 |
|
|
|
|
|
|
37.12 |
|
|
|
|
|
|
16.0 |
% |
Net
revenues
|
|
|
7,098 |
|
|
|
|
|
|
5,686 |
|
|
|
|
|
|
24.8 |
% |
|
|
14,951 |
|
|
|
|
|
|
11,784 |
|
|
|
|
|
|
26.9 |
% |
Other
operating revenues
|
|
|
59 |
|
|
|
|
|
|
83 |
|
|
|
|
|
|
-28.9 |
% |
|
|
155 |
|
|
|
|
|
|
180 |
|
|
|
|
|
|
-13.9 |
% |
Total
revenues
|
|
|
7,157 |
|
|
|
100.0 |
% |
|
|
5,769 |
|
|
|
100.0 |
% |
|
|
24.1 |
% |
|
|
15,106 |
|
|
|
100.0 |
% |
|
|
11,964 |
|
|
|
100.0 |
% |
|
|
26.3 |
% |
Cost
of goods sold
|
|
|
4,197 |
|
|
|
58.6 |
% |
|
|
3,321 |
|
|
|
57.6 |
% |
|
|
26.4 |
% |
|
|
8,799 |
|
|
|
58.2 |
% |
|
|
6,879 |
|
|
|
57.5 |
% |
|
|
27.9 |
% |
Gross
profit
|
|
|
2,960 |
|
|
|
41.4 |
% |
|
|
2,448 |
|
|
|
42.4 |
% |
|
|
20.9 |
% |
|
|
6,307 |
|
|
|
41.8 |
% |
|
|
5,085 |
|
|
|
42.5 |
% |
|
|
24.0 |
% |
Operating
expenses
|
|
|
2,065 |
|
|
|
28.9 |
% |
|
|
1,709 |
|
|
|
29.6 |
% |
|
|
20.8 |
% |
|
|
4,232 |
|
|
|
28.0 |
% |
|
|
3,436 |
|
|
|
28.7 |
% |
|
|
23.2 |
% |
Operating
income
|
|
|
895 |
|
|
|
12.5 |
% |
|
|
739 |
|
|
|
12.8 |
% |
|
|
21.1 |
% |
|
|
2,075 |
|
|
|
13.7 |
% |
|
|
1,649 |
|
|
|
13.8 |
% |
|
|
25.8 |
% |
Depreciation,
Amortization & Other operative non-cash charges
|
|
|
171 |
|
|
|
2.4 |
% |
|
|
184 |
|
|
|
3.2 |
% |
|
|
-7.1 |
% |
|
|
349 |
|
|
|
2.3 |
% |
|
|
387 |
|
|
|
3.2 |
% |
|
|
-9.8 |
% |
EBITDA
(3)
|
|
|
1,066 |
|
|
|
14.9 |
% |
|
|
923 |
|
|
|
16.0 |
% |
|
|
15.5 |
% |
|
|
2,424 |
|
|
|
16.0 |
% |
|
|
2,036 |
|
|
|
17.0 |
% |
|
|
19.1 |
% |
(1) Except
volume and average price per unit case figures.
(2) Sales
volume and average price per unit case exclude beer results
(3) EBITDA
= Operating Income + Depreciation, amortization & other operative non-cash
charges.
For
the three months ended June 30, 2010 and 2009
Expressed
in millions of Mexican pesos.
|
|
2Q
10
|
|
|
|
|
2Q
09
|
|
Capex
|
|
|
1,742.2 |
|
|
Capex
|
|
|
1,041.3 |
|
Depreciation
|
|
|
645.0 |
|
|
Depreciation
|
|
|
717.0 |
|
Amortization
& Other non-cash charges
|
|
|
290.0 |
|
|
Amortization
& Other non-cash charges
|
|
|
155.0 |
|
VOLUME
Expressed
in million unit cases
|
|
2Q
10
|
|
|
2Q 09
|
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
Water (2)
|
|
|
Still
(3)
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
Water (2)
|
|
|
Still
(3)
|
|
|
Total
|
|
Mexico
|
|
|
248.9 |
|
|
|
16.0 |
|
|
|
59.6 |
|
|
|
18.6 |
|
|
|
343.1 |
|
|
|
237.2 |
|
|
|
15.2 |
|
|
|
60.1 |
|
|
|
16.7 |
|
|
|
329.2 |
|
Central
America
|
|
|
29.5 |
|
|
|
1.4 |
|
|
|
0.1 |
|
|
|
3.1 |
|
|
|
34.1 |
|
|
|
30.0 |
|
|
|
1.4 |
|
|
|
0.1 |
|
|
|
2.9 |
|
|
|
34.4 |
|
Colombia
|
|
|
41.7 |
|
|
|
5.5 |
|
|
|
7.1 |
|
|
|
4.3 |
|
|
|
58.6 |
|
|
|
41.3 |
|
|
|
3.7 |
|
|
|
3.7 |
|
|
|
4.4 |
|
|
|
53.1 |
|
Venezuela
|
|
|
46.2 |
|
|
|
2.9 |
|
|
|
0.5 |
|
|
|
1.2 |
|
|
|
50.8 |
|
|
|
50.6 |
|
|
|
2.3 |
|
|
|
0.6 |
|
|
|
1.4 |
|
|
|
54.9 |
|
Latincentro
|
|
|
117.4 |
|
|
|
9.8 |
|
|
|
7.7 |
|
|
|
8.6 |
|
|
|
143.5 |
|
|
|
121.9 |
|
|
|
7.4 |
|
|
|
4.4 |
|
|
|
8.7 |
|
|
|
142.4 |
|
Brazil
|
|
|
96.9 |
|
|
|
4.3 |
|
|
|
0.4 |
|
|
|
3.9 |
|
|
|
105.6 |
|
|
|
85.9 |
|
|
|
4.0 |
|
|
|
0.5 |
|
|
|
2.7 |
|
|
|
93.1 |
|
Argentina
|
|
|
38.0 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
3.1 |
|
|
|
41.6 |
|
|
|
39.2 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
2.6 |
|
|
|
42.3 |
|
Mercosur
|
|
|
134.9 |
|
|
|
4.6 |
|
|
|
0.6 |
|
|
|
7.0 |
|
|
|
147.2 |
|
|
|
125.1 |
|
|
|
4.4 |
|
|
|
0.6 |
|
|
|
5.3 |
|
|
|
135.4 |
|
Total
|
|
|
501.2 |
|
|
|
30.4 |
|
|
|
67.9 |
|
|
|
34.3 |
|
|
|
633.8 |
|
|
|
484.2 |
|
|
|
27.0 |
|
|
|
65.1 |
|
|
|
30.7 |
|
|
|
607.0 |
|
(1)
Excludes water presentations larger than 5.0 Lt
(2) Bulk
Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging
presentations
(3) Still
Beverages include flavored water
|
·
|
The
Brisa water business was first included in our operations on June 1, 2009.
The volume registered by this business in the months of April 2010 and May
2010 was 7.4 million unit cases and is presented separately in this note
for comparison purposes. This volume is included in the results of
Colombia, the Latincentro division, and Consolidated for the second
quarter of 2010.
|
SELECTED
INFORMATION
For
the six months ended June 30, 2010 and 2009
Expressed
in millions of Mexican pesos.
|
|
YTD
10
|
|
|
|
|
YTD
09
|
|
Capex
|
|
|
2,706.4 |
|
|
Capex
|
|
|
1,742.6 |
|
Depreciation
|
|
|
1,294.0 |
|
|
Depreciation
|
|
|
1,414.0 |
|
Amortization
& Other non-cash charges
|
|
|
611.0 |
|
|
Amortization
& Other non-cash charges
|
|
|
411.0 |
|
VOLUME
Expressed
in million unit cases
|
|
YTD
10
|
|
|
YTD
09
|
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
Water (2)
|
|
|
Still
(3)
|
|
|
Total
|
|
|
Sparkling
|
|
|
Water
(1)
|
|
|
Bulk
Water (2)
|
|
|
Still
(3)
|
|
|
Total
|
|
Mexico
|
|
|
448.7 |
|
|
|
27.0 |
|
|
|
104.9 |
|
|
|
33.8 |
|
|
|
614.4 |
|
|
|
433.3 |
|
|
|
27.3 |
|
|
|
110.0 |
|
|
|
31.0 |
|
|
|
601.6 |
|
Central
America
|
|
|
59.4 |
|
|
|
3.1 |
|
|
|
0.2 |
|
|
|
6.0 |
|
|
|
68.7 |
|
|
|
57.0 |
|
|
|
2.8 |
|
|
|
0.2 |
|
|
|
5.3 |
|
|
|
65.3 |
|
Colombia
|
|
|
86.9 |
|
|
|
12.4 |
|
|
|
14.9 |
|
|
|
8.8 |
|
|
|
123.0 |
|
|
|
81.7 |
|
|
|
6.0 |
|
|
|
6.0 |
|
|
|
8.0 |
|
|
|
101.7 |
|
Venezuela
|
|
|
95.8 |
|
|
|
5.9 |
|
|
|
0.9 |
|
|
|
2.4 |
|
|
|
105.0 |
|
|
|
99.5 |
|
|
|
4.3 |
|
|
|
1.3 |
|
|
|
3.0 |
|
|
|
108.1 |
|
Latincentro
|
|
|
242.1 |
|
|
|
21.4 |
|
|
|
16.0 |
|
|
|
17.2 |
|
|
|
296.7 |
|
|
|
238.2 |
|
|
|
13.1 |
|
|
|
7.5 |
|
|
|
16.3 |
|
|
|
275.1 |
|
Brazil
|
|
|
203.8 |
|
|
|
10.8 |
|
|
|
1.2 |
|
|
|
7.7 |
|
|
|
223.5 |
|
|
|
180.2 |
|
|
|
9.6 |
|
|
|
1.1 |
|
|
|
5.2 |
|
|
|
196.1 |
|
Argentina
|
|
|
80.2 |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
7.3 |
|
|
|
88.6 |
|
|
|
82.1 |
|
|
|
0.8 |
|
|
|
0.3 |
|
|
|
5.2 |
|
|
|
88.4 |
|
Mercosur
|
|
|
284.0 |
|
|
|
11.4 |
|
|
|
1.7 |
|
|
|
15.0 |
|
|
|
312.1 |
|
|
|
262.3 |
|
|
|
10.4 |
|
|
|
1.4 |
|
|
|
10.4 |
|
|
|
284.5 |
|
Total
|
|
|
974.8 |
|
|
|
59.8 |
|
|
|
122.6 |
|
|
|
66.0 |
|
|
|
1,223.2 |
|
|
|
933.8 |
|
|
|
50.8 |
|
|
|
118.9 |
|
|
|
57.7 |
|
|
|
1,161.2 |
|
(1)
Excludes water presentations larger than 5.0 Lt
(2) Bulk
Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging
presentations
(3) Still
Beverages include flavored water
|
·
|
The
Brisa water business was first included in our operations on June 1, 2009.
The volume registered by this business in the months of January 2010
through May 2010 was 19.9 million unit cases and is presented separately
in this note for comparison purposes. This volume is included in the
results of Colombia, the Latincentro division, and Consolidated for the
first half of 2010.
|
June 2010
Macroeconomic
Information
|
|
Inflation
(1)
|
|
|
|
LTM
|
|
|
|
2Q
10
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico
|
|
|
3.69 |
% |
|
|
-0.98 |
% |
|
|
1.40 |
% |
Colombia
|
|
|
2.24 |
% |
|
|
0.67 |
% |
|
|
2.46 |
% |
Venezuela
|
|
|
31.31 |
% |
|
|
9.93 |
% |
|
|
16.30 |
% |
Brazil
|
|
|
4.76 |
% |
|
|
1.05 |
% |
|
|
3.38 |
% |
Argentina
|
|
|
11.01 |
% |
|
|
2.33 |
% |
|
|
5.88 |
% |
(1)
Source: Mexican inflation is published by Banco de México (Mexican
Central Bank).
Average
Exchange Rates for each Period
|
|
Quarterly
Exchange Rate (local currency per USD)
|
|
|
YTD
Exchange Rate (local currency per USD)
|
|
|
|
|
2Q
10
|
|
|
2Q
09
|
|
|
|
|
|
YTD
10
|
|
|
YTD
09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico
|
|
|
12.5543 |
|
|
|
13.3578 |
|
|
|
-6.0 |
% |
|
|
12.6770 |
|
|
|
13.8601 |
|
|
|
-8.5 |
% |
Guatemala
|
|
|
8.0033 |
|
|
|
8.1084 |
|
|
|
-1.3 |
% |
|
|
8.0944 |
|
|
|
8.0314 |
|
|
|
0.8 |
% |
Nicaragua
|
|
|
21.2230 |
|
|
|
20.2123 |
|
|
|
5.0 |
% |
|
|
21.0954 |
|
|
|
20.0908 |
|
|
|
5.0 |
% |
Costa
Rica
|
|
|
531.5654 |
|
|
|
578.2538 |
|
|
|
-8.1 |
% |
|
|
544.2584 |
|
|
|
572.3585 |
|
|
|
-4.9 |
% |
Panama
|
|
|
1.0000 |
|
|
|
1.0000 |
|
|
|
0.0 |
% |
|
|
1.0000 |
|
|
|
1.0000 |
|
|
|
0.0 |
% |
Colombia
|
|
|
1,949.2961 |
|
|
|
2,230.4619 |
|
|
|
-12.6 |
% |
|
|
1,948.6718 |
|
|
|
2,321.1452 |
|
|
|
-16.0 |
% |
Venezuela
|
|
|
4.3000 |
|
|
|
2.1500 |
|
|
|
100.0 |
% |
|
|
4.2307 |
|
|
|
2.1500 |
|
|
|
96.8 |
% |
Brazil
|
|
|
1.7921 |
|
|
|
2.0748 |
|
|
|
-13.6 |
% |
|
|
1.7973 |
|
|
|
2.1931 |
|
|
|
-18.0 |
% |
Argentina
|
|
|
3.9015 |
|
|
|
3.7287 |
|
|
|
4.6 |
% |
|
|
3.8703 |
|
|
|
3.6359 |
|
|
|
6.4 |
% |
End of
Period Exchange Rates
|
|
Exchange
Rate (local currency per USD)
|
|
|
|
Jun
10
|
|
|
Jun
09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico
|
|
|
12.6567 |
|
|
|
13.2023 |
|
|
|
-4.1 |
% |
Guatemala
|
|
|
8.0314 |
|
|
|
8.1493 |
|
|
|
-1.4 |
% |
Nicaragua
|
|
|
21.3509 |
|
|
|
20.3342 |
|
|
|
5.0 |
% |
Costa
Rica
|
|
|
540.2400 |
|
|
|
579.9100 |
|
|
|
-6.8 |
% |
Panama
|
|
|
1.0000 |
|
|
|
1.0000 |
|
|
|
0.0 |
% |
Colombia
|
|
|
1,916.4600 |
|
|
|
2,158.6700 |
|
|
|
-11.2 |
% |
Venezuela
|
|
|
4.3000 |
|
|
|
2.1500 |
|
|
|
100.0 |
% |
Brazil
|
|
|
1.8015 |
|
|
|
1.9516 |
|
|
|
-7.7 |
% |
Argentina
|
|
|
3.9310 |
|
|
|
3.7970 |
|
|
|
3.5 |
% |