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 February 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
o
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 o
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: February
12, 2010
 |
Latin
America’s Beverage Leader
 FEMSA
Achieves Double-Digit Growth in 4Q09 and 2009
Net
majority income up 47.7% in 2009
Monterrey, Mexico, February 12,
2010 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”)
announced today its operational and financial results for the fourth
quarter and full year 2009.
Fourth
Quarter 2009 Highlights:
●
Consolidated
total revenues and income from operations grew 19.8% and 21.5%,
respectively, compared to the fourth quarter 2008. In spite of a
challenging economic environment, FEMSA again delivered a quarter of
strong growth in revenues and income from operations, mainly driven by
double-digit performance at Coca-Cola FEMSA and FEMSA
Comercio.
● Coca-Cola FEMSA total revenues
and income from operations increased 27.6% and 19.1%, respectively.
Driven by double-digit income from operations growth in Latincentro
and Mercosur operations.
● FEMSA Cerveza total revenues
increased 7.6%. Top-line growth mainly due to higher price per
hectoliter in Mexican pesos, combined with operating expense containment
offsetting raw material cost pressures due to year-over-year increases,
resulting in growth of 8.6% in income from operations.
● FEMSA Comercio continued its
pace of strong growth and margin expansion. Income from operations
increased 45.3%, resulting in an operating margin expansion of 240 basis
points to reach an all-time high of 11.7% during 4Q09.
2009
Full Year Highlights:
●
Consolidated
total revenues increased 17.3%. All
operating units contributed to this top-line growth.
●
Consolidated
income from operations increased 19.1%, driven
by double-digit growth at Coca-Cola FEMSA and FEMSA Comercio.
●
Coca-Cola
FEMSA total revenue and income from operations increased 23.9% and 15.6%,
respectively. Strong
growth in Latincentro and Mercosur, as well as more tempered growth in
Mexico drove these results.
●
FEMSA
Cerveza total revenues increased 9.3%, mainly as a result of increases in
average price per hectoliter across all our operations in local
currencies. Income
from operations increased 9.3%, as a result of top-line growth combined
with operating expense containment offsetting continued raw material cost
pressures.
●
FEMSA
Comercio income from operations increased 44.8%, reaching an all-time-high
operating margin of 8.3% and resulting in 180 basis points of
expansion. For
the 8th consecutive year, income from operations increased over 25%,
driven by the opening of 960 new stores during the year and a 1.3%
increase in same store sales.
●
Ordinary
dividend of Ps. 2.600 billion proposed
by FEMSA’s Board of Directors, to be paid in 2010 and subject to approval
at the annual shareholders meeting in April, 2010, representing a 60%
increase over the prior year.
|
José
Antonio Fernández, Chairman and CEO of FEMSA, commented: “At the outset of 2010,
we should highlight the benefit of having not one, but two distinct reasons to
be very optimistic about FEMSA. On the operating front, we closed a very
challenging 2009 that nevertheless saw us grow, improve, and ultimately succeed
in delivering a very robust set of results. On the strategic front, as you know,
we announced a definitive agreement under which we are exchanging FEMSA’s beer
operations for a 20% economic interest in Heineken, which will allow our
shareholders to participate in the value creation we believe will come from
aligning FEMSA Cerveza with Heineken. At the same time, we increase FEMSA’s
operational and financial flexibility, and we will be able to focus our
attention and resources on the significant opportunities for Coca-Cola FEMSA and
FEMSA Comercio. We are confident that FEMSA has the right skill set and the
right people to continue its path of growth and operational excellence in soft
drinks and convenience retail, two businesses that hold tremendous promise and
opportunities for growth and value creation, while also adding value to Heineken
as we move forward.”
FEMSA
Consolidated
As
of December 31, 2009 the Mexican Peso and Brazilian Real appreciated
approximately 3.5% and 25.5% respectively, against the US dollar as compared to
the same period of 2009. During the same period, the Mexican Peso depreciated
approximately 29.5% against the Brazilian Real.
Total revenues increased 19.8%
compared to 4Q08 to Ps. 53.678 billion. Coca-Cola FEMSA accounted for more than
70% of the incremental consolidated revenues, while FEMSA Comercio and FEMSA
Cerveza provided the balance.
For the
full year of 2009, consolidated total revenues increased 17.3% to Ps. 197.033
billion. This growth resulted from double-digit growth at Coca-Cola FEMSA and
FEMSA Comercio, combined with high-single digit growth at FEMSA
Cerveza.
Gross profit increased 19.9%
compared to 4Q08 to Ps. 25.120 billion in 4Q09. Gross margin increased 10 basis
points compared to the same period in 2008 to 46.8% of total revenues. FEMSA
Comercio and Coca-Cola FEMSA gross profit improvement more than offset raw
material cost pressures at FEMSA Cerveza, driven largely by year-over-year
increases in unit costs.
For the
full year of 2009, gross profit increased 17.0% to Ps. 90.838 billion. Gross
margin contracted 10 basis points compared to the same period in 2008 to 46.1%
of total revenues. FEMSA Comercio gross profit improvement partially offset
raw-material cost pressures at FEMSA Cerveza and Coca-Cola FEMSA.
Income from operations
increased 21.5% to Ps. 8.157 billion in 4Q09 as compared to the same
period in 2008 driven by double-digit growth at Coca-Cola FEMSA and FEMSA
Comercio. Coca-Cola FEMSA accounted for approximately 54% of the incremental
consolidated income from operations, while FEMSA Comercio accounted for
approximately 36%. Consolidated operating margin increased 20 basis points
compared to 4Q08 to 15.2% of total revenues, as operating margin improvement
mainly at FEMSA Comercio and FEMSA Cerveza expense containment initiatives
offset gross margin pressure at the beer operations.
For the
full year of 2009, income from operations increased 19.1% to Ps. 27.012 billion.
Our consolidated operating margin for the year was 13.7%, an improvement of 20
basis points as compared to the same period in 2008, driven mainly by robust
top-line growth and expense containment initiatives across our operations, as
well as by gross margin expansion at FEMSA Comercio, which together offset raw
material pressures at the beverage operations.
Net income increased
seven-fold compared to 4Q08 to Ps. 6.110 billion in 4Q09, due in part to the low
comparison base of 4Q08, and driven by the depreciation of local currencies in
our markets against the US dollar and losses in certain derivative instruments,
resulting in a significant improvement in the integral result of financing
during 4Q09. Furthermore, we recorded a one-time benefit from the settlement of
certain contingent tax liabilities in FEMSA Cerveza’s Brazilian operations,
under the tax amnesty program offered by the Brazilian tax authorities in 2009.
The effective income tax rate was 30.0% in 4Q09 compared to 41.2% in
4Q08.
For the
full year of 2009, net income increased 62.6% to Ps. 15.082 billion compared to
2008, largely for the reasons described above. The effective tax rate was 31.5%
in 2009, compared with 31.2% in 2008.
February 12, 2010
2
Net majority income for 4Q09
resulted in Ps. 1.14 per FEMSA Unit1. Net majority income per
FEMSA ADS was US$ 0.87 for the quarter. For the year of 2009, net majority
income per FEMSA Unit1 was Ps.
2.77 (US$ 2.12 per ADS), an increase of 48% compared to 2008.
Capital expenditures decreased
7.2% over 4Q08 to Ps. 5.017 billion in 4Q09, driven by the rationalization and
reduction of capacity-related investments in FEMSA Cerveza, which offset higher
manufacturing investments at Coca-Cola FEMSA and the accelerated expansion of
store openings at FEMSA Comercio. For the full year of 2009, capital
expenditures decreased 7.4% over 2008 to Ps. 13.178 billion, largely for the
reasons described above.
Our consolidated balance sheet as
of December 31, 2009, recorded a cash balance of Ps. 17.636 billion (US$ 1.351
billion), an increase of Ps. 8.526 billion (US$ 653.0 million) compared to the
same period in 2008, reflecting strong cash generation at all of our operations,
particularly at Coca-Cola FEMSA. Short-term debt was Ps. 8.853 billion (US$ 678
million) while long-term debt was Ps. 33.765 billion (US$ 2.586 billion). Our
net debt decreased by Ps. 8.831 billion (US$ 676.3 million) for a net debt
balance of Ps. 24.982 billion (US$ 1.913 billion).
Consistent
with what we believe to be FEMSA’s conservative approach, as of December 31,
2009, our ratio of net debt to EBITDA2 was only 0.7x, while our
mix of US dollar-denominated debt represented 12.0% and our mix of fixed
interest rate represented 46.2% of the total.
As a
matter of policy, FEMSA follows what it considers to be a conservative approach
with respect to its leverage position and seeks to maintain low leverage ratios.
FEMSA also seeks to manage risk through derivative instruments, through which it
aims to minimize the volatility and uncertainty of operating results by hedging
interest rates, foreign exchange rates and the prices of certain of our raw
materials.
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.
Beer
– FEMSA Cerveza
Mexico sales volume increased 0.8% to 7.176
million hectoliters in 4Q09, in the context of a still challenging economic
environment, particularly in our key northern markets. Our Tecate brand family and Indio once again delivered
strong growth. Furthermore, Mexico price per hectoliter
increased 3.1% over 4Q08 to Ps. 1,131.1 in 4Q09, resulting from price increases
implemented during the second quarter of 2009. Mexico beer revenues were up
3.9% over 4Q08 mainly driven by healthy prices and stable volumes.
For the
full year of 2009, Mexico sales volume decreased 1.7% to 26.929 million
hectoliters and price per hectoliter increased 6.4% over 2008, in the context of
extreme economic headwinds, particularly affecting our key
territories.
Brazil sales volume increased
3.3% in 4Q09, to 3.249 million hectoliters, while Brazil price per hectoliter
calculated in Mexican pesos increased 26.1% to Ps. 735.3 compared to the same
period in 2008, driven by the strength of the Brazilian Real. Price per
hectoliter in local currency decreased 4.4% compared to 4Q08. Brazil beer revenues were up
30.2% in Mexican pesos over 4Q08 due to a positive exchange rate translation
effect, driven by the depreciation of the Mexican peso against the Brazilian
Real.
For the
full year of 2009, Brazil sales volume decreased 1.3% from 2008 to 10.049
million hectoliters.
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1
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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 December 31, 2009 was 3,578,226,270
equivalent to the total number of FEMSA Shares outstanding as of the same
date, divided by 5.
|
|
2
|
As
used herein, Net debt/EBITDA is calculated by dividing net debt at the end
of the quarter by the EBITDA for the year, as reported in Mexican pesos
and converted to US dollars with the period-end exchange
rate.
|
February 12, 2010
3
Export sales volume decreased
8.9% in 4Q09 to 685 thousand hectoliters, against a tough comparison base of
12.3% volume growth in 4Q08, and despite high inventory level build up during
3Q09, as well as a still-challenging economic environment across our export
markets. The decrease was mainly driven by our Tecate brand in the US as
well as by Sol in other
key markets. Export price per
hectoliter in Mexican pesos increased 1.5% to Ps. 1,270.8 in 4Q09 as
compared with 4Q08. In US dollar terms, price per hectoliter increased 0.5%
mainly due to a favorable brand mix shift from Tecate to higher-priced Dos Equis. As a result, Export beer revenues decreased
7.5% over 4Q08.
For the
full year of 2009, export sales volume increased 2.6% to 3.570 million
hectoliters, outperforming the US import beer category by a significant
margin.
Total revenues increased 7.6%
over 4Q08 to Ps. 12.361 billion in 4Q09. Higher average price per hectoliter in
Mexican pesos in all of our markets drove these results. Mexican beer sales
represented 71.3% of total beer revenues, while Brazil and Export beer sales
reached 21.0% and 7.7% of total beer revenues, respectively in
4Q09.
For the
full year of 2009, total revenues increased 9.3% to Ps. 46.336 billion mainly
driven by an increase of 8.9% in beer revenues. Mexican beer revenues reached
71.9% of total beer revenues, down from 74.9% in 2008. Brazil beer revenues
represented 16.9% of total beer revenues, up from 15.8% in the same period of
2008. Export beer revenues were 11.1% of total beer revenues, up from 9.2% in
2008.
Cost of sales was Ps. 6.105
billion in 4Q09, an increase of 12.5% compared with 4Q08, which was above the
7.6% growth in total revenues. Cost per hectoliter increased by 11.6% over 4Q08,
as a result of i) year-over-year increases in the cost of raw materials,
particularly related to packaging inputs and grains and ii) the translation
effect resulting from the depreciation of the Mexican peso against the Brazilian
Real. Gross profit increased 3.1% over 4Q08 to Ps. 6.256 billion in 4Q09,
however as a percentage of revenues, gross margin contracted 220 basis points
from 52.8% in 4Q08 to 50.6% in 4Q09 as a result of these cost increases and the
translation effect.
For the
full year of 2009, cost of sales increased 14.7% to Ps. 22.418 billion. Gross
margin for the year contracted by 230 basis points to 51.6% of total revenues as
a result of i) the depreciation of the Mexican peso against the US dollar
applied to the unhedged portion of input costs denominated in foreign
currencies, ii) year-over-year increases in the cost of raw materials,
particularly in grains and to a lesser extent aluminum, and iii) the translation
effect of the depreciation of the Mexican peso against the Brazilian
Real.
Income from operations
increased 8.6% compared with 4Q08 to Ps. 1.587 billion in 4Q09, as continued
rationalization and containment efforts at the selling expense level in Mexico
and Brazil helped to offset gross margin pressures. Operating expenses increased
by 1.4%, which was less than total revenues growth, continuing the trend of
previous quarters in 2009 and offsetting the contraction experienced at the
gross margin level, resulting in an operating margin increase of 10 basis
points.
For the
full year of 2009, income from operations increased 9.3% to Ps. 5.894 billion.
Operating margin remained flat as compared to 2008 at 12.7%. Operating expense
containment offset the contraction experienced at the gross margin
level.
FEMSA
Comercio
Total revenues increased 15.6%
compared to 4Q08 to Ps. 14.114 billion in 4Q09 mainly driven by the opening of
340 net new stores in the quarter, for a total increase of 960 net new stores in
the year, reaching a new record number of store openings. As of December 31,
2009, FEMSA Comercio had a total of 7,334 convenience stores in Mexico,
surpassing its objective for the year. Same-store sales increased an average of
3.4% for the quarter over 4Q08, driven by a 2.0% increase in store traffic and
1.2% average customer ticket.
February 12, 2010
4
For the
full year of 2009, total revenues increased 13.6% to Ps. 53.549 billion. FEMSA
Comercio same-store sales increased an average of 1.3% driven by a 3.3% increase
in store traffic, which more than offset a slight reduction of 1.6% in average
ticket. As was the case in 2008, the same-store sales, ticket and traffic
dynamics continued to reflect the effects from the continued 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. As 2009 progressed, this effect diminished. On a comparable basis
excluding this change, the average ticket would have grown in the
low-single-digits in 2009.
Gross profit increased by
24.1% in 4Q09 compared to 4Q08, resulting in a 250 basis point gross margin
expansion to reach 36.9% of total revenues. This increase reflects more
effective collaboration and execution with our key supplier partners combined
with a more efficient use of promotion-related marketing resources, and a
positive mix shift due to the growth of higher margin categories and to a lesser
extent, the continued shift towards electronic air-time recharges as described
above. For the full year of 2009, gross margin expanded by 220 basis points to
33.1% of total revenues to Ps. 17.724 billion.
Income from operations increased 45.3% over
4Q08 to Ps. 1.655 billion in 4Q09. Operating expenses increased 16.2% to Ps.
3,555 million, largely driven by the growing number of stores, and partially
offset by broad expense-containment initiatives at the store level as well as by
scale-driven efficiencies. As a result, operating margin expanded 240 basis
points over 4Q08 reaching 11.7% of total revenues.
For the
full year of 2009, income from operations increased 44.8% to Ps. 4.457 billion,
resulting in a record operating margin of 8.3%, an improvement of 180 basis
points as compared to the previous year.
Recent
Developments
On
January 11, 2010, FEMSA announced that its Board of Directors unanimously
approved a definitive agreement under which FEMSA will exchange its FEMSA
Cerveza business for a 20% economic interest in Heineken (HEIA.NA; HEIN.AS;
HEIO.NA; HEIO.AS), one of the world’s leading brewers. Under the terms of the
agreement, FEMSA will receive 43,018,320 shares of Heineken Holding N.V. and
72,182,201 shares of Heineken N.V., of which 29,172,502 will be delivered
pursuant to an allotted share delivery instrument. It is expected that the
allotted shares will be acquired by Heineken in the secondary market for
delivery to FEMSA over a term not to exceed five years. Heineken also will
assume US$ 2.1 billion of indebtedness, including FEMSA Cerveza’s unfunded
pension obligations. The total transaction was valued at approximately US$ 7.347
billion, based on closing prices of € 32.92 for Heineken N.V. and € 29.38 for
Heineken Holding N.V. on January 8, 2010, including the assumed debt. The
transaction, which is expected to be completed in the first half of 2010, is
subject to customary regulatory approvals, as well as approval by FEMSA,
Heineken N.V. and Heineken Holding N.V. shareholders.
February 12, 2010
5
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CONFERENCE
CALL INFORMATION:
Our
Fourth Quarter and Full Year 2009 Conference Call will be held on: Friday
February 12, 2010, 12:00 PM Eastern Time (11:00 AM Mexico City Time). To
participate in the conference call, please dial: Domestic US: (1 888)
230-5549 International: (1 913) 312-1516. 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.
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We are a
holding company whose principal activities are grouped under the following
sub-holding companies and carried out by their respective operating
subsidiaries: Coca-Cola FEMSA, S.A.B. de C.V., which engages in the production,
distribution and marketing of non-alcoholic beverages; FEMSA Cerveza, S.A. de
C.V., which engages in the production, distribution and marketing of beer and
flavored alcoholic beverages; and FEMSA Comercio, S.A. de C.V., which engages in
the operation of convenience stores.
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 December 31, 2009, which was 13.0576
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.
Six pages
of tables and Coca-Cola FEMSA’s press release to follow
February 12, 2010
6
FEMSA
Consolidated
Income Statement
Millions
of Pesos
|
For
the fourth quarter of:
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For
the twelve months of:
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|||||||||||||||||||||||||||||||||||||||
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
|||||||||||||||||||||||||||||||
|
Total
revenues
|
53,678 | 100.0 | 44,816 | 100.0 | 19.8 | 197,033 | 100.0 | 168,022 | 100.0 | 17.3 | ||||||||||||||||||||||||||||||
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Cost
of sales
|
28,558 | 53.2 | 23,871 | 53.3 | 19.6 | 106,195 | 53.9 | 90,399 | 53.8 | 17.5 | ||||||||||||||||||||||||||||||
|
Gross
profit
|
25,120 | 46.8 | 20,945 | 46.7 | 19.9 | 90,838 | 46.1 | 77,623 | 46.2 | 17.0 | ||||||||||||||||||||||||||||||
|
Administrative
expenses
|
3,291 | 6.1 | 2,444 | 5.5 | 34.7 | 11,111 | 5.6 | 9,531 | 5.7 | 16.6 | ||||||||||||||||||||||||||||||
|
Selling
expenses
|
13,672 | 25.5 | 11,789 | 26.2 | 16.0 | 52,715 | 26.8 | 45,408 | 27.0 | 16.1 | ||||||||||||||||||||||||||||||
|
Operating
expenses
|
16,963 | 31.6 | 14,233 | 31.7 | 19.2 | 63,826 | 32.4 | 54,939 | 32.7 | 16.2 | ||||||||||||||||||||||||||||||
|
Income
from operations
|
8,157 | 15.2 | 6,712 | 15.0 | 21.5 | 27,012 | 13.7 | 22,684 | 13.5 | 19.1 | ||||||||||||||||||||||||||||||
|
Other
expenses
|
(1,683 | ) | (792 | ) |
N.S.
|
(3,506 | ) | (2,374 | ) | 47.7 | ||||||||||||||||||||||||||||||
|
Interest
expense
|
(1,140 | ) | (1,276 | ) | (10.7 | ) | (5,197 | ) | (4,930 | ) | 5.4 | |||||||||||||||||||||||||||||
|
Interest
income
|
187 | 95 | 96.8 | 565 | 598 | (5.5 | ) | |||||||||||||||||||||||||||||||||
|
Interest
expense, net
|
(953 | ) | (1,181 | ) | (19.3 | ) | (4,632 | ) | (4,332 | ) | 6.9 | |||||||||||||||||||||||||||||
|
Foreign
exchange (loss) gain
|
(10 | ) | (1,898 | ) | (99.5 | ) | (396 | ) | (1,694 | ) | (76.6 | ) | ||||||||||||||||||||||||||||
|
(Loss)
gain on monetary position
|
108 | (35 | ) |
N.S.
|
487 | 657 | (25.9 | ) | ||||||||||||||||||||||||||||||||
|
Gain
(loss) on financial instrument(6)
|
164 | (1,331 | ) |
N.S.
|
25 | (1,456 | ) |
N.S.
|
||||||||||||||||||||||||||||||||
|
Integral
result of financing
|
(691 | ) | (4,445 | ) | (84.5 | ) | (4,516 | ) | (6,825 | ) | (33.8 | ) | ||||||||||||||||||||||||||||
|
Income
before income tax
|
5,783 | 1,475 |
N.S.
|
18,990 | 13,485 | 40.8 | ||||||||||||||||||||||||||||||||||
|
Income
tax
|
(1,738 | ) | (607 | ) |
N.S.
|
(5,973 | ) | (4,207 | ) | 42.0 | ||||||||||||||||||||||||||||||
|
Tax
benefit for Brazilian amnesty
|
2,065 | 0 |
N.S.
|
2,065 | 0 |
N.S.
|
||||||||||||||||||||||||||||||||||
|
Net
income
|
6,110 | 868 |
N.S.
|
15,082 | 9,278 | 62.6 | ||||||||||||||||||||||||||||||||||
|
Net
majority income
|
4,070 | 586 |
N.S.
|
9,908 | 6,708 | 47.7 | ||||||||||||||||||||||||||||||||||
|
Net
minority income
|
2,040 | 282 |
N.S.
|
5,174 | 2,570 |
N.S.
|
||||||||||||||||||||||||||||||||||
(A)
Average Mexican Pesos of each year.
|
EBITDA
& CAPEX
|
||||||||||||||||||||||||||||||||||||||||
|
Income
from operations
|
8,157 | 15.2 | 6,712 | 15.0 | 21.5 | 27,012 | 13.7 | 22,684 | 13.5 | 19.1 | ||||||||||||||||||||||||||||||
|
Depreciation
|
1,412 | 2.6 | 1,386 | 3.1 | 1.9 | 5,596 | 2.8 | 4,967 | 3.0 | 12.7 | ||||||||||||||||||||||||||||||
|
Amortization
& other(5)
|
1,024 | 1.9 | 933 | 2.1 | 9.7 | 4,482 | 2.3 | 4,031 | 2.4 | 11.2 | ||||||||||||||||||||||||||||||
|
EBITDA
|
10,593 | 19.7 | 9,031 | 20.2 | 17.3 | 37,090 | 18.8 | 31,682 | 18.9 | 17.1 | ||||||||||||||||||||||||||||||
|
CAPEX
|
5,017 | 5,409 | (7.2 | ) | 13,178 | 14,234 | (7.4 | ) | ||||||||||||||||||||||||||||||||
|
FINANCIAL
RATIOS
|
2009
|
2008
|
Var.
p.p.
|
|||||||||||||||||||||||||||||||||||||
|
Liquidity(1)
|
1.08 | 0.89 | 0.19 | |||||||||||||||||||||||||||||||||||||
|
Interest
coverage(2)
|
11.12 | 7.65 | 3.47 | |||||||||||||||||||||||||||||||||||||
|
Leverage(3)
|
0.82 | 0.91 | (0.09 | ) | ||||||||||||||||||||||||||||||||||||
|
Capitalization(4)
|
28.49 | % | 33.49 | % | (5.00 | ) | ||||||||||||||||||||||||||||||||||
|
(1)
Total current assets / total current
liabilities.
|
|
(2)
Income from operations + depreciation + amortization & other /
interest expense, net.
|
|
(3)
Total liabilities / total stockholders'
equity.
|
|
(4)
Total debt / long-term debt + stockholders'
equity.
|
|
Total debt = short-term bank loans + current maturities long-term debt +
long-term bank loans and notes payable.
|
|
(5)
Includes returnable bottle breakage
expense.
|
|
(6)
Includes solely derivative instruments that do not meet hedging criteria
for accounting
purposes.
|
February
12, 2010
7
FEMSA
Consolidated
Balance Sheet
As
of December 31:
Millions
of Pesos
|
ASSETS
|
2009
(A)
|
2008
(A)
|
%
Increase
|
|||||||||
|
Cash
and cash equivalents
|
17,636 | 9,110 | 93.6 | |||||||||
|
Accounts
receivable
|
11,775 | 10,759 | 9.4 | |||||||||
|
Inventories
|
14,858 | 13,065 | 13.7 | |||||||||
|
Prepaid
expenses and other
|
4,781 | 6,083 | (21.4 | ) | ||||||||
|
Total
current assets
|
49,050 | 39,017 | 25.7 | |||||||||
|
Property,
plant and equipment, net
|
69,573 | 65,158 | 6.8 | |||||||||
|
Intangible assets(1)
|
70,539 | 65,299 | 8.0 | |||||||||
|
Other
assets
|
21,929 | 15,566 | 40.9 | |||||||||
|
TOTAL
ASSETS
|
211,091 | 185,040 | 14.1 | |||||||||
|
LIABILITIES
& STOCKHOLDERS´ EQUITY
|
||||||||||||
|
Bank
loans
|
3,816 | 5,799 | (34.2 | ) | ||||||||
|
Current
maturities long-term debt
|
5,037 | 5,849 | (13.9 | ) | ||||||||
|
Interest
payable
|
170 | 376 | (54.8 | ) | ||||||||
|
Operating
liabilities
|
36,280 | 31,728 | 14.3 | |||||||||
|
Total
current liabilities
|
45,303 | 43,752 | 3.5 | |||||||||
|
Long-term debt (2)
|
33,765 | 31,275 | 8.0 | |||||||||
|
Labor
liabilities
|
3,354 | 2,886 | 16.2 | |||||||||
|
Other
liabilities
|
12,840 | 10,232 | 25.5 | |||||||||
|
Total
liabilities
|
95,262 | 88,145 | 8.1 | |||||||||
|
Total
stockholders’ equity
|
115,829 | 96,895 | 19.5 | |||||||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
211,091 | 185,040 | 14.1 | |||||||||
|
(1)
Includes mainly the intangible assets generated by
acquisitions.
|
|
(A)
Mexican Pesos for the end of each year.
|
|
(2)
Includes the effect of assigned and non assigned derivative financial
instruments on long-term debt, for accountig
purposes
|
|
December
31, 2009
|
|||||||||||||||||||
|
DEBT
MIX
|
Ps.
|
%
Integration
|
Average
Rate
|
||||||||||||||||
|
Denominated
in:
|
|||||||||||||||||||
|
Mexican
pesos
|
35,081 | 82.3 | % | 7.7 | % | ||||||||||||||
|
Dollars
|
5,105 | 12.0 | % | 2.0 | % | ||||||||||||||
|
Colombian
pesos
|
485 | 1.1 | % | 4.9 | % | ||||||||||||||
|
Argentinan
pesos
|
1,221 | 2.9 | % | 20.7 | % | ||||||||||||||
|
Venezuelan
bolivars
|
726 | 1.7 | % | 18.1 | % | ||||||||||||||
|
Total
debt
|
42,618 | 100.0 | % | 7.8 | % | ||||||||||||||
|
Fixed rate(1)
|
19,681 | 46.2 | % | ||||||||||||||||
|
Variable rate(1)
|
22,937 | 53.8 | % | ||||||||||||||||
|
%
of Total Debt
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016+
|
||||||||||||
|
DEBT
MATURITY PROFILE
|
20.8
|
%
|
17.2 | % | 27.9 | % | 18.3 | % |
3.3
|
%
|
6.6
|
%
|
5.9
|
%
|
|||||
|
(1)
Includes the effect of interest rate swaps.
|
|||||||||||||||||||
February
12, 2010
8
Coca-Cola
FEMSA
Results
of Operations
Millions
of Pesos
|
For
the fourth quarter of:
|
For
the twelve months of:
|
|||||||||||||||||||||||||||||||||||||||
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
|||||||||||||||||||||||||||||||
|
Total
revenues
|
29,032 | 100.0 | 22,752 | 100.0 | 27.6 | 102,767 | 100.0 | 82,976 | 100.0 | 23.9 | ||||||||||||||||||||||||||||||
|
Cost
of sales
|
15,617 | 53.8 | 12,292 | 54.0 | 27.1 | 54,952 | 53.5 | 43,895 | 52.9 | 25.2 | ||||||||||||||||||||||||||||||
|
Gross
profit
|
13,415 | 46.2 | 10,460 | 46.0 | 28.3 | 47,815 | 46.5 | 39,081 | 47.1 | 22.3 | ||||||||||||||||||||||||||||||
|
Administrative
expenses
|
1,700 | 5.9 | 1,007 | 4.4 | 68.8 | 5,308 | 5.2 | 4,094 | 4.9 | 29.7 | ||||||||||||||||||||||||||||||
|
Selling
expenses
|
6,888 | 23.7 | 5,400 | 23.8 | 27.6 | 26,672 | 25.9 | 21,292 | 25.7 | 25.3 | ||||||||||||||||||||||||||||||
|
Operating
expenses
|
8,588 | 29.6 | 6,407 | 28.2 | 34.0 | 31,980 | 31.1 | 25,386 | 30.6 | 26.0 | ||||||||||||||||||||||||||||||
|
Income
from operations
|
4,827 | 16.6 | 4,053 | 17.8 | 19.1 | 15,835 | 15.4 | 13,695 | 16.5 | 15.6 | ||||||||||||||||||||||||||||||
|
Depreciation
|
688 | 2.4 | 640 | 2.8 | 7.5 | 2,810 | 2.7 | 2,528 | 3.0 | 11.2 | ||||||||||||||||||||||||||||||
|
Amortization
& other
|
290 | 1.0 | 260 | 1.1 | 11.5 | 1,101 | 1.1 | 893 | 1.1 | 23.3 | ||||||||||||||||||||||||||||||
|
EBITDA
|
5,805 | 20.0 | 4,953 | 21.8 | 17.2 | 19,746 | 19.2 | 17,116 | 20.6 | 15.4 | ||||||||||||||||||||||||||||||
|
Capital
expenditures
|
2,943 | 1,938 | 51.9 | 6,282 | 4,802 | 30.8 | ||||||||||||||||||||||||||||||||||
|
(A)
Average Mexican Pesos of each year.
|
||||||||||||||||||||||||||||||||||||||||
|
Sales
volumes
|
||||||||||||||||||||||||||||||||||||||||
|
(Millions
of unit cases)
|
||||||||||||||||||||||||||||||||||||||||
|
Mexico
|
304.3 | 46.7 | 282.9 | 47.2 | 7.6 | 1,227.2 | 50.6 | 1,149.0 | 51.2 | 6.8 | ||||||||||||||||||||||||||||||
|
Latincentro
|
166.5 | 25.5 | 139.9 | 23.3 | 19.0 | 593.2 | 24.4 | 537.2 | 24.0 | 10.4 | ||||||||||||||||||||||||||||||
|
Mercosur
|
181.2 | 27.8 | 177.0 | 29.5 | 2.3 | 608.2 | 25.0 | 556.6 | 24.8 | 9.3 | ||||||||||||||||||||||||||||||
|
Total
|
652.0 | 100.0 | 599.8 | 100.0 | 8.7 | 2,428.6 | 100.0 | 2,242.8 | 100.0 | 8.3 | ||||||||||||||||||||||||||||||
February
12, 2010
9
FEMSA
Cerveza
Results
of Operations
Millions
of Pesos
|
For
the fourth quarter of:
|
For
the twelve months of:
|
|||||||||||||||||||||||||||||||||||||||
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
|||||||||||||||||||||||||||||||
|
Sales:
|
||||||||||||||||||||||||||||||||||||||||
|
Mexico
|
8,116 | 65.7 | 7,808 | 67.9 | 3.9 | 30,561 | 66.0 | 29,224 | 68.9 | 4.6 | ||||||||||||||||||||||||||||||
|
Brazil
|
2,389 | 19.3 | 1,835 | 16.0 | 30.2 | 7,193 | 15.5 | 6,182 | 14.6 | 16.4 | ||||||||||||||||||||||||||||||
|
Export
|
871 | 7.0 | 942 | 8.2 | (7.5 | ) | 4,737 | 10.2 | 3,608 | 8.5 | 31.3 | |||||||||||||||||||||||||||||
|
Beer
sales
|
11,376 | 92.0 | 10,585 | 92.1 | 7.5 | 42,491 | 91.7 | 39,014 | 92.0 | 8.9 | ||||||||||||||||||||||||||||||
|
Other
revenues
|
985 | 8.0 | 907 | 7.9 | 8.6 | 3,845 | 8.3 | 3,371 | 8.0 | 14.1 | ||||||||||||||||||||||||||||||
|
Total
revenues
|
12,361 | 100.0 | 11,492 | 100.0 | 7.6 | 46,336 | 100.0 | 42,385 | 100.0 | 9.3 | ||||||||||||||||||||||||||||||
|
Cost
of sales
|
6,105 | 49.4 | 5,425 | 47.2 | 12.5 | 22,418 | 48.4 | 19,540 | 46.1 | 14.7 | ||||||||||||||||||||||||||||||
|
Gross
profit
|
6,256 | 50.6 | 6,067 | 52.8 | 3.1 | 23,918 | 51.6 | 22,845 | 53.9 | 4.7 | ||||||||||||||||||||||||||||||
|
Administrative
expenses
|
1,112 | 9.0 | 1,041 | 9.1 | 6.8 | 4,221 | 9.1 | 4,093 | 9.7 | 3.1 | ||||||||||||||||||||||||||||||
|
Selling
expenses
|
3,557 | 28.8 | 3,565 | 31.0 | (0.2 | ) | 13,803 | 29.8 | 13,358 | 31.5 | 3.3 | |||||||||||||||||||||||||||||
|
Operating
expenses
|
4,669 | 37.8 | 4,606 | 40.1 | 1.4 | 18,024 | 38.9 | 17,451 | 41.2 | 3.3 | ||||||||||||||||||||||||||||||
|
Income
from operations
|
1,587 | 12.8 | 1,461 | 12.7 | 8.6 | 5,894 | 12.7 | 5,394 | 12.7 | 9.3 | ||||||||||||||||||||||||||||||
|
Depreciation
|
496 | 4.0 | 448 | 3.9 | 10.7 | 1,890 | 4.1 | 1,714 | 4.0 | 10.3 | ||||||||||||||||||||||||||||||
|
Amortization
& other
|
547 | 4.5 | 635 | 5.5 | (13.9 | ) | 2,717 | 5.9 | 2,539 | 6.1 | 7.0 | |||||||||||||||||||||||||||||
|
EBITDA
|
2,630 | 21.3 | 2,544 | 22.1 | 3.4 | 10,501 | 22.7 | 9,647 | 22.8 | 8.9 | ||||||||||||||||||||||||||||||
|
Capital
expenditures
|
1,323 | 2,168 | (39.0 | ) | 4,111 | 6,418 | (35.9 | ) | ||||||||||||||||||||||||||||||||
|
(A)
Average Mexican Pesos of each
year.
|
||||||||||||||||||||||||||||||||||||||||
|
Sales
volumes
|
||||||||||||||||||||||||||||||||||||||||
|
(Thousand
hectoliters)
|
||||||||||||||||||||||||||||||||||||||||
|
Mexico
|
7,175.5 | 64.5 | 7,118.1 | 64.6 | 0.8 | 26,929.4 | 66.4 | 27,392.9 | 66.7 | (1.7 | ) | |||||||||||||||||||||||||||||
|
Brazil
|
3,249.2 | 29.3 | 3,145.9 | 28.6 | 3.3 | 10,048.5 | 24.8 | 10,180.8 | 24.8 | (1.3 | ) | |||||||||||||||||||||||||||||
|
Exports
|
685.4 | 6.2 | 752.4 | 6.8 | (8.9 | ) | 3,570.4 | 8.8 | 3,479.4 | 8.5 | 2.6 | |||||||||||||||||||||||||||||
|
Total
|
11,110.1 | 100.0 | 11,016.4 | 100.0 | 0.9 | 40,548.3 | 100.0 | 41,053.1 | 100.0 | (1.2 | ) | |||||||||||||||||||||||||||||
|
Price
per hectoliter
|
||||||||||||||||||||||||||||||||||||||||
|
Mexico
|
1,131.1 | 1,096.9 | 3.1 | 1,134.9 | 1,066.8 | 6.4 | ||||||||||||||||||||||||||||||||||
|
Brazil
|
735.3 | 583.3 | 26.1 | 715.8 | 607.2 | 17.9 | ||||||||||||||||||||||||||||||||||
|
Exports
|
1,270.8 | 1,251.9 | 1.5 | 1,326.7 | 1,037.0 | 27.9 | ||||||||||||||||||||||||||||||||||
|
Total
|
1,023.9 | 960.8 | 6.6 | 1,047.9 | 950.3 | 10.3 | ||||||||||||||||||||||||||||||||||
|
Price
per hectoliter in local currency
|
||||||||||||||||||||||||||||||||||||||||
|
Brazil
(Brazilian
Real)
|
97.9 | 102.4 | (4.4 | ) | 105.0 | 100.2 | 4.8 | |||||||||||||||||||||||||||||||||
|
Exports
(USD)
|
97.0 | 96.5 | 0.5 | 98.0 | 94.0 | 4.3 | ||||||||||||||||||||||||||||||||||
February
12, 2010
10
FEMSA
Comercio
Results
of Operations
Millions
of Pesos
|
For
the fourth quarter of:
|
For
the twelve months of:
|
|||||||||||||||||||||||||||||||||||||||
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
2009
(A)
|
%
of rev.
|
2008
(A)
|
%
of rev.
|
%
Increase
|
|||||||||||||||||||||||||||||||
|
Total
revenues
|
14,114 | 100.0 | 12,206 | 100.0 | 15.6 | 53,549 | 100.0 | 47,146 | 100.0 | 13.6 | ||||||||||||||||||||||||||||||
|
Cost
of sales
|
8,904 | 63.1 | 8,007 | 65.6 | 11.2 | 35,825 | 66.9 | 32,565 | 69.1 | 10.0 | ||||||||||||||||||||||||||||||
|
Gross
profit
|
5,210 | 36.9 | 4,199 | 34.4 | 24.1 | 17,724 | 33.1 | 14,581 | 30.9 | 21.6 | ||||||||||||||||||||||||||||||
|
Administrative
expenses
|
276 | 2.0 | 216 | 1.8 | 27.8 | 959 | 1.8 | 833 | 1.8 | 15.1 | ||||||||||||||||||||||||||||||
|
Selling
expenses
|
3,279 | 23.2 | 2,844 | 23.3 | 15.3 | 12,308 | 23.0 | 10,671 | 22.6 | 15.3 | ||||||||||||||||||||||||||||||
|
Operating
expenses
|
3,555 | 25.2 | 3,060 | 25.1 | 16.2 | 13,267 | 24.8 | 11,504 | 24.4 | 15.3 | ||||||||||||||||||||||||||||||
|
Income
from operations
|
1,655 | 11.7 | 1,139 | 9.3 | 45.3 | 4,457 | 8.3 | 3,077 | 6.5 | 44.8 | ||||||||||||||||||||||||||||||
|
Depreciation
|
213 | 1.5 | 176 | 1.4 | 21.0 | 819 | 1.5 | 663 | 1.4 | 23.5 | ||||||||||||||||||||||||||||||
|
Amortization
& other
|
128 | 0.9 | 133 | 1.2 | (3.8 | ) | 511 | 1.0 | 468 | 1.0 | 9.2 | |||||||||||||||||||||||||||||
|
EBITDA
|
1,996 | 14.1 | 1,448 | 11.9 | 37.8 | 5,787 | 10.8 | 4,208 | 8.9 | 37.5 | ||||||||||||||||||||||||||||||
|
Capital
expenditures
|
796 | 957 | (16.8 | ) | 2,668 | 2,720 | (1.9 | ) | ||||||||||||||||||||||||||||||||
|
(A)
Average Mexican Pesos of each
year.
|
||||||||||||||||||||||||||||||||||||||||
|
Information
of OXXO Stores
|
||||||||||||||||||||||||||||||||||||||||
|
Total
stores
|
7,334 | 6,374 | 15.1 | |||||||||||||||||||||||||||||||||||||
|
Net
new convenience stores
|
340 | 286 | 18.9 | 960 |
(2)
|
811 |
(2)
|
18.4 | ||||||||||||||||||||||||||||||||
|
Same store data: (1)
|
||||||||||||||||||||||||||||||||||||||||
|
Sales
(thousands of pesos)
|
622.1 | 601.9 | 3.4 | 623.8 | 615.5 | 1.3 | ||||||||||||||||||||||||||||||||||
|
Traffic
|
25.2 | 24.7 | 2.0 | 25.1 | 24.3 | 3.3 | ||||||||||||||||||||||||||||||||||
|
Ticket
|
24.7 | 24.4 | 1.2 | 24.9 | 25.3 | (1.6 | ) | |||||||||||||||||||||||||||||||||
|
(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.
|
||||||||||||||||||||||||||||||||||||||||
February
12, 2010
11
FEMSA
Macroeconomic
Information
|
Exchange
Rate
|
||||||||||||||||||||||||
|
Inflation
|
as
of December 31, 2009
|
as
of December 31, 2008
|
||||||||||||||||||||||
| 4Q 2009 |
December
08 - December 09 |
Per
USD
|
Per
Mx. Peso
|
Per
USD
|
Per
Mx. Peso
|
|||||||||||||||||||
|
Mexico
|
1.23 | % | 3.56 | % | 13.06 | 1.0000 | 13.54 | 1.0000 | ||||||||||||||||
|
Colombia
|
-0.12 | % | 1.99 | % | 2,044.23 | 0.0064 | 2,243.59 | 0.0060 | ||||||||||||||||
|
Venezuela
|
5.55 | % | 25.05 | % | 2.15 | 6.0738 | 2.15 | 6.2969 | ||||||||||||||||
|
Brazil
|
0.85 | % | 4.11 | % | 1.74 | 7.4998 | 2.34 | 5.7929 | ||||||||||||||||
|
Argentina
|
2.58 | % | 7.69 | % | 3.80 | 3.4365 | 3.45 | 3.9207 | ||||||||||||||||
February
12, 2010
12
 |
 |
|||||||||||||||||||||||||
|
2009
FOURTH-QUARTER AND FULL YEAR RESULTS
|
||||||||||||||||||||||||||
|
Fourth
Quarter
|
Full
Year
|
|||||||||||||||||||||||||
|
2009
|
2008
|
Δ%
|
2009
|
2008
|
Δ%
|
|||||||||||||||||||||
|
Total
Revenues
|
29,032
|
22,752
|
27.6 | % |
102,767
|
82,976
|
23.9 | % | ||||||||||||||||||
|
Gross
Profit
|
13,415
|
10,460
|
|
28.3 | % |
47,815
|
|
39,081
|
22.3 | % | ||||||||||||||||
|
Operating
Income
|
4,827
|
4,053
|
19.1 | % |
15,835
|
|
13,695
|
15.6 | % | |||||||||||||||||
|
Net
Controlling Interest Income(4)
|
2,828
|
585
|
383.4 | % |
8,523
|
|
5,598
|
52.3 | % | |||||||||||||||||
|
EBITDA(1)
|
5,805
|
4,953
|
17.2 | % |
19,746
|
|
17,116
|
15.4 | % | |||||||||||||||||
|
Net
Debt (2)
|
6,185
|
12,382
|
-50.0 | % | ||||||||||||||||||||||
|
EBITDA/
Interest Expense, net
|
12.27
|
9.65
|
||||||||||||||||||||||||
|
EBITDA/
Interest Expense
|
10.42
|
7.76
|
||||||||||||||||||||||||
|
Earnings
per Share
|
4.62
|
|
3.03
|
|||||||||||||||||||||||
|
Capitalization(3)
|
20.2
|
% |
26.5
|
% | ||||||||||||||||||||||
|
Expressed
in million 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)
Total debt / (long-term debt + stockholders'
equity)
(4)
Majority Net Income, changed in accordance to Mexican
FRS
|
||||||||||||||||||||||||||
 Total
revenues reached Ps. 29,032 million in the fourth quarter of 2009, an
increase of 27.6% compared to the fourth quarter of 2008 driven by
double-digit revenue increases in every
division. |
||||||||||||||||||||||||||
|
Consolidated
operating income grew 19.1% to Ps. 4,827 million for the fourth quarter of
2009, mainly driven by double-digit operating income growth recorded in
our Latincentro and Mercosur divisions. Our operating margin was 16.6% in
the fourth quarter of 2009. |
||||||||||||||||||||||||||
|
Consolidated
net controlling interest income increased 383.4% to Ps. 2,828 million in
the fourth quarter of 2009, mainly reflecting higher operating income in
combination with a more favorable comprehensive financing result,
resulting in earnings per share of Ps. 1.53 in the fourth quarter of
2009. |
||||||||||||||||||||||||||
|
Mexico
City (February 12, 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 and the second-largest Coca-Cola bottler in the
world in terms of sales volume, announces results for the fourth quarter
of 2009.
|
||||||||||||||||||||||||||
|
“In
2009 our Company extended its track record of solid results by producing
double-digit top- and bottom-line growth in the face of a very adverse
economic and consumer environment. We increased revenues, operating income
and EBITDA by 24%, 16% and 15% respectively. The Company grew organically
through our defensive portfolio of products as exemplified by the solid
performance of the Coca-Cola brand, and
our new lines of business, such as ValleFrut in the
orangeade category; proving to be counter-cyclical to the prevailing
economic conditions. On the acquisitions front, we continued integrating
the Brisa water business in Colombia, helping us to consolidate our
presence in the water segment in that market. We successfully weathered
one of the most difficult years for consumers, while strengthening our
balance sheet and investing for the long term. We enter 2010 with a
renewed spirit of optimism, eager to continue learning from the challenges
and the opportunities that the beverage industry presents." said Carlos
Salazar Lomelin, Chief Executive Officer of the
Company.
|
||||||||||||||||||||||||||
|
February
12, 2010
|
 |
Page 13
|
CONSOLIDATED
RESULTS
Our
consolidated total revenues increased 27.6% to Ps. 29,032 million in the fourth
quarter of 2009, compared to the fourth quarter of 2008, as a result of
double-digit revenue increases in all of our divisions. Revenue growth was
driven by (i) organic growth, in both pricing and volumes, accounting for more
than 70% of incremental revenues, (ii) a positive exchange rate translation
effect, resulting from the depreciation of the Mexican peso against our
operation’s local currencies,(1)
contributing less than 25% of incremental revenues, and (iii) the consolidation
of Brisa in Colombia providing less than 5%. On a currency neutral basis and
excluding the acquisition of Brisa, our consolidated total revenues would have
increased approximately 20%.
Total
sales volume increased 8.7% to reach 652.0 million unit cases in the fourth
quarter of 2009 as compared to the same period in 2008 driven by (i) increases
in sparkling beverages in our Mexico and Latincentro divisions, accounting for
almost 60% of incremental volumes, (ii) our bottled water business, driven by
the acquisition of Brisa in Colombia, representing approximately 25%, and (iii)
still beverages sales volume, mainly driven by the Jugos del Valle line of
business across our territories, accounting for more than 15% of incremental
sales volume, representing the balance. Excluding Brisa, total sales volume
increased 6.5%.
Our gross
profit increased 28.3% to Ps. 13,415 million in the fourth quarter of 2009,
compared to the fourth quarter of 2008. Cost of goods sold increased 27.1%
driven by higher year-over-year sweetener costs and the third and final stage of
the scheduled Coca-Cola Company increase in concentrate prices in Mexico, which
were offset by lower resin costs and the appreciation of the Colombian peso and
the Brazilian real as applied to our U.S. dollar-denominated raw material cost.
Gross margin reached 46.2% in the fourth quarter of 2009 as compared to 46.0% in
the same period in 2008.
Our
consolidated operating income increased 19.1% to Ps. 4,827 million in the fourth
quarter of 2009, mainly driven by double-digit operating income growth in our
Latincentro and Mercosur divisions. Operating expenses grew 34.0% in the fourth
quarter of 2009, mainly as a result of (i) higher labor costs in Venezuela, (ii)
increased marketing investment in our Mexico division and (iii) increased
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. Our operating margin was 16.6%
in the fourth quarter of 2009, a decrease of 120 basis points compared to the
same period in 2008.
During
the fourth quarter of 2009, we recorded Ps. 277 million in the other expense
line. These expenses mainly reflected the recording of employee profit
sharing.
Our
comprehensive financing result in the fourth quarter of 2009 recorded an expense
of Ps. 102 million as compared to an expense of Ps. 2,823 million in the same
period of 2008, mainly due to the quarterly appreciation of the Mexican peso as
applied to a lower U.S. dollar-denominated net debt position.
During
the fourth quarter of 2009, income tax, as a percentage of income before taxes,
was 32.2% compared to 17.8% in the same period of 2008. This difference was mainly driven by
the cancellation of an allowance, during the fourth quarter of 2008,
recorded in previous periods.
Our
consolidated net controlling interest income(2)
increased by 383.4% to Ps. 2,828 million in the fourth quarter of 2009 as
compared to the fourth quarter of 2008, mainly as a result of higher operating
income in combination with a more favorable comprehensive financing result.
Earnings per share (EPS) were Ps. 1.53 (Ps. 15.32 per ADR) computed on the basis
of 1,846.5 million shares outstanding (each ADR represents 10 local
shares).
(1) See
tables on page 26 related to quarterly and full year foreign exchange rate
movements.
(2)
Previously referred to as Majority Net Income, the name changed according to
Mexican Financial Reporting Standards.
|
February
12, 2010
|
|
Page
14
|
BALANCE
SHEET
As of
December 31, 2009, we had a cash balance of Ps. 9,740 million, including US$ 240
million denominated in U.S. dollars, an increase of Ps. 3,548 million compared
to December 31, 2008, as a result of cash generated by our operations and unused
cash reserves from new financing during the year.
As of
December 31, 2009, total short-term debt was Ps. 5,427 million and long-term
debt was Ps. 10,498 million. Total debt decreased Ps. 2,649 million compared
with year-end 2008 mainly due to the maturity of the outstanding balance of the
Yankee Bond inherited through the acquisition of Panamco in the amount of US$
265 million and the maturity of a Certificado Bursátil in the amount of Ps. 500
million, both during July of 2009. As part of this debt reduction, we decreased
our debt denominated in Colombian pesos by an amount equivalent to US$ 100
million. All of these maturities were paid with cash generated from our
operations. Net debt decreased Ps. 6,197 million compared to year-end 2008,
mainly as a result of cash generated during the year. KOF’s total debt balance
includes U.S. dollar-denominated debt in the amount of US$ 376 million. (1)
The
weighted average cost of debt for the quarter was 6.9%. The following charts set
forth the Company’s debt profile by currency and interest rate type and by
maturity date as of December 31, 2009:
|
Currency
|
%
Total Debt(1)
|
%
Interest Rate Floating(1)(2)
|
||||||
|
Mexican
pesos
|
54.5 | % | 46.1 | % | ||||
|
U.S.
dollars
|
30.2 | % | 37.9 | % | ||||
|
Colombian
pesos
|
3.0 | % | 34.4 | % | ||||
|
Venezuelan
bolivars
|
4.6 | % | 0.0 | % | ||||
|
Argentine
pesos
|
7.7 | % | 7.8 | % | ||||
|
(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
|
34.1%
|
0.5%
|
24.6%
|
14.4%
|
8.7%
|
17.7%
|
Consolidated
Cash Flow
|
Expressed
in million of Mexican pesos (PS.) as of December 31, 2009
|
||||
|
Dec
09
|
||||
|
Ps.
|
||||
|
Income
before taxes
|
13,013 | |||
|
Non
cash charges to net income
|
6,237 | |||
| 19,250 | ||||
|
Change
in working capital
|
(2,298 | ) | ||
|
Resources Generated by Operating
Activities
|
16,952 | |||
|
Investments
|
(6,899 | ) | ||
|
Debt
payments
|
(2,481 | ) | ||
|
Other
|
(3,548 | ) | ||
|
Increase
in cash and cash equivalents
|
4,024 | |||
|
Cash
and cash equivalents at begining of period
|
6,192 | |||
|
Translation
Effect
|
(476 | ) | ||
|
Cash
and cash equivalents at end of period
|
9,740 | |||
The
difference between the debt decrease of the balance sheet and the debt decrease
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.
|
February
12, 2010
|
|
Page
15
|
MEXICO
DIVISION OPERATING RESULTS
Revenues
Total
revenues from our Mexico division increased 10.2% to Ps. 9,315 million in the
fourth quarter of 2009, as compared to the same period in 2008. Increased sales
volume accounted for approximately 75% of incremental revenues during the
quarter. Average price per unit case reached Ps. 30.52, an increase of 2.7%, as
compared to the fourth quarter of 2008, 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. 35.13, a 1.4% increase as compared to the same period in
2008.
Total
sales volume increased 7.6% to 304.3 million unit cases in the fourth quarter of
2009, as compared to the fourth quarter of 2008, mainly driven by (i) an 8%
volume growth in sparkling beverages supported by incremental volumes from the
Coca-Cola brand in
multi-serve and single-serve presentations, (ii) incremental volumes in the
still beverage category, growing more than 25%, due to sales from the Jugos del
Valle product line and (iii) an 11% volume growth in our bottled water business,
excluding bulk water.
Operating
Income
Our gross
profit increased 10.1% to Ps. 4,718 million in the fourth quarter of 2009 as
compared to the same period in 2008. Cost of goods sold increased 10.4% as a
result of higher sweetener costs and the third and final stage of the scheduled
Coca-Cola Company concentrate price increase announced in 2006, which were
partially offset by lower year-over-year resin costs. Gross margin decreased
from 50.7% in the fourth quarter of 2008 to 50.6% in the same period of
2009.
Operating
income grew 4.0% to Ps. 1,914 million in the fourth quarter of 2009, compared to
Ps. 1,840 million in the same period of 2008. Operating expenses grew 14.6%
mainly due to increased marketing investment to support our execution in the
marketplace, widen our cooler coverage and broaden our returnable base
availability. Our operating margin was 20.5% in the fourth quarter of 2009, a
decrease of 130 basis points as compared to the same period of
2008.
|
February
12, 2010
|
|
Page
16
|
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. 10,819 million in the fourth quarter of 2009, an increase
of 43.2% as compared to the same period of 2008. Higher average price per unit
case and volume growth accounted for more than 90% of incremental revenues. The
integration of Brisa contributed approximately 5% of incremental revenues and a
positive currency translation effect, resulting from the depreciation of the
Mexican peso against some of our operation’s local currencies,(1)
represented the balance. On a currency neutral basis and excluding the
acquisition of Brisa, our Latincentro division’s revenues would have increased
approximately 40%.
Total
sales volume in our Latincentro division increased 19.0% to 166.5 million unit
cases in the fourth quarter of 2009 as compared to the same period of 2008.
Volume growth was a result of (i) a 10% increase in sparkling beverages across
the division, mainly driven by the Coca-Cola brand, representing
close to 50% of incremental volumes (ii) the consolidation of the Brisa water
brand in Colombia, contributing more than 40% of incremental volumes and (iii)
the strong performance of the Jugos del Valle line of business in Colombia and
Central America, representing the balance.
Operating
Income
Gross
profit reached Ps. 4,928 million, an increase of 57.9% in the fourth quarter of
2009, as compared to the same period of 2008. Cost of goods sold increased 32.8%
mainly driven by higher year-over-year sweetener costs across the division,
which were partially compensated by lower resin costs in combination with the
appreciation of the Colombian peso as applied to our U.S. dollar-denominated raw
material cost. Gross margin expanded 420 basis points to 45.5% in the fourth
quarter of 2009.
Our
operating income increased 32.1% to Ps. 1,299 million in the fourth quarter of
2009, compared to the fourth quarter of 2008. Operating expenses increased 69.8%
as a result of higher labor costs in Venezuela and increased marketing expenses
in the division, mainly 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. Our operating margin reached 12.0% in the fourth
quarter of 2009, resulting in a 100 basis points decrease as compared to the
same period of 2008.
(1) See tables on page 26 related
to quarterly and full year foreign exchange rate
movements.
|
February
12, 2010
|
|
Page 17
|
MERCOSUR
DIVISION OPERATING RESULTS (Brazil and Argentina)
Volume
and average price per unit case exclude beer results.
Revenues
Total
revenues increased 31.9% to Ps. 8,898 million in the fourth quarter of 2009, as
compared to the same period of 2008. Excluding beer, which accounted for Ps. 919
million during the quarter, revenues increased 30.5% to Ps. 7,979 million. A
positive translation effect, resulting from the depreciation of the Mexican peso
against the Brazilian real,(1)
represented more than 65% of incremental revenues and higher average prices per
unit case and volume growth accounted for the balance. On a currency neutral
basis, our Mercosur division’s revenues would have increased approximately
10%.
Total
sales volume in our Mercosur division increased 2.3% to 181.2 million unit cases
in the fourth quarter of 2009 as compared to the same period of 2008. Volume
growth was a result of (i) growth in the still beverage category, driven by the
Jugos del Valle line of business in Brazil and flavored water in Argentina,
contributing close to 70% of incremental volumes, (ii) growth in sparkling
beverages, driven by a 5% increase in the Coca-Cola brand in Brazil,
accounting for more than 15% of incremental volumes and (iii) an 8% increase in
our bottled water category, representing the balance.
Operating
Income
In the
fourth quarter of 2009, our gross profit increased 23.5% to Ps. 3,769 million,
as compared to the same period in 2008. Cost of goods sold increased 38.9%
mainly driven by higher cost of sweetener in Brazil which was partially offset
by lower resin costs and the appreciation of the Brazilian real as applied to
our U.S. dollar-denominated raw material cost. Gross margin in the Mercosur
division decreased 290 basis points to 42.4% in the fourth quarter of
2009.
Operating
income increased 31.2%, reaching Ps. 1,614 million in the fourth quarter of
2009, as compared to Ps. 1,230 million in the same period of 2008. Our operating
margin was 18.1% in the fourth quarter of 2009, a decrease of 10 basis points as
compared to the fourth quarter of 2008, mainly due to gross margin pressures and
a tight control of operating expenses.
(1) See tables on page 26 related
to quarterly and full year foreign exchange rate movements.
|
February
12, 2010
|
|
Page 18
|
SUMMARY
OF FULL YEAR RESULTS
Our
consolidated total revenues increased 23.9% to Ps. 102,767 million in 2009, as
compared to 2008, as a result of revenue growth in all of our divisions. Organic
growth across our operations contributed more than 75% of incremental revenues;
the acquisitions of Refrigerantes Minas Gerais, Ltda. (REMIL)(2)
in Brazil and Brisa(3)
in Colombia together contributed less than 15% and a positive exchange rate
translation effect, resulting from the depreciation of the Mexican peso against
our operation’s local currencies,(1)
accounted for approximately 10%, representing the balance. On a currency neutral
basis and excluding the acquisitions of REMIL(2)
and Brisa,(3)
our consolidated revenues for 2009 would have increased approximately
19%.
Total
sales volume increased 8.3% to 2,428.6 million unit cases in 2009, as compared
to 2008. Excluding the acquisitions of REMIL(2)
and Brisa,(3)
total sales volume increased 5.1% to reach 2,357.0 million unit cases. Organic
volume growth was a result of (i) growth in sparkling beverages, driven by a 4%
increase in the Coca-Cola brand across our
territories, accounting for approximately 45% of incremental volumes, (ii)
growth in the still beverage category, mainly driven by the Jugos del Valle line
of business in our main operations, contributing less than 45% of incremental
volumes, and (iii) a 4% increase in our bottled water category, representing the
balance.
Our gross
profit increased 22.3% to Ps. 47,815 million in 2009, as compared to 2008,
driven by gross profit growth across all of our divisions. Cost of goods sold
increased 25.2% as a result of (i) the devaluation of local currencies in our
main operations as applied to our U.S. dollar-denominated raw material costs,
(ii) the higher cost of sweetener across our operations, (iii) the integration
of REMIL and (iv) the third and final stage of the scheduled Coca-Cola Company
concentrate price increase announced in 2006 in Mexico; all of which were
partially offset by lower resin costs. Gross margin reached 46.5% in 2009, a
decrease of 60 basis points as compared to 2008.
Our
consolidated operating income increased 15.6% to Ps. 15,835 million in 2009, as
compared to 2008. Our Mercosur and Latincentro divisions accounted for more than
90% of this growth. Our operating margin was 15.4% in 2009, a 110 basis points
decline as compared to 2008.
Our
consolidated net controlling interest income(4)
was Ps. 8,523 million in 2009, an increase of 52.3% compared to 2008, mainly
reflecting higher operating income in combination with a more favorable
comprehensive financing result. EPS was Ps. 4.62 (Ps. 46.16 per ADR) in 2009,
computed on the basis of 1,846.5 million shares outstanding (each ADR represents
10 local shares).
(1) See tables on page 14 related to
quarterly and full year foreign exchange rate movements.
(2) REMIL was
included in our operating results beginning June 1, 2008. REMIL was accounted
for as an acquisition during the months of January through May of
2009.
(3) Since
June 1, 2009 we integrate the results of Brisa in our Colombia, Latincentro
division and consolidated results.
(4)
Previously referred to as Majority Net Income, the name changed according to
Mexican Financial Reporting Standards.
|
February
12, 2010
|
|
Page 19
|
RECENT
DEVELOPMENTS
|
·
|
On
January 11, 2010, the Venezuelan Government authorities announced a
devaluation of its currency, the Bolivar, and the establishment of a
multiple exchange rate system. We expect this event will have an effect on
our financial results, increasing our operating costs, as a result of the
exchange rate movement applied to our US dollar-denominated raw material
cost, and reducing our Venezuelan operation results when translated into
our reporting currency, the Mexican peso. According to accounting
practices, the exchange rate that will be used to translate our financial
statements as of January 2010, will be the one at which we can remmit
dividends. We are still awaiting a resolution on this
matter.
|
|
·
|
On
February 2, 2010, the Company successfully sold US$ 500 million of 10-year
bonds at a yield of 4.689% (US Treasury + 105 basis points) with a coupon
of 4.625%. This transaction settled on February 5, 2010. The book was more
than 6 times oversubscribed versus the initially announced size of US$ 400
million. The proceeds will be used for debt refinancing and general
corporate purposes.
|
|
·
|
On
February 10, 2010, Coca-Cola FEMSA’s Board of Directors agreed to propose
an ordinary dividend of Ps. 2,604 million, to be paid in 2010. This
dividend is subject to approval at the Annual Shareholders meeting to be
held in March, 2010 and represents an increase of 94% as compared to the
dividend payed on April 13, 2009.
|
|
·
|
As
of February 12, 2010, Alfredo Fernandez, who has been Head of Investor
Relations at Coca-Cola FEMSA since 2001, will take on new responsibilities
within our Mexican operations team. Jose Castro, who has been working with
the corporate finance team since 2003, has been appointed the new Head of
Investor Relations.
|
CONFERENCE
CALL INFORMATION
Our
fourth-quarter 2009 Conference Call will be held on: February 12, 2010, at 10:00
A.M. Eastern Time (9:00 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 February 19, 2010. To listen to the replay, please dial:
Domestic U.S.: 888-286-8010 or International: 617-801-6888. Pass code:
10671622.
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 and 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
that 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)
|
February
12, 2010
|
|
Page 20
|
|
Consolidated
Income Statement
|
||||||||||||||||||||||||||||||||||||||||
|
Expressed
in millions of Mexican pesos(1)
|
||||||||||||||||||||||||||||||||||||||||
| 4Q 09 |
%
Rev
|
4Q 08 |
%
Rev
|
Δ%
|
YTD
09
|
%
Rev
|
YTD
08
|
%
Rev
|
Δ%
|
|||||||||||||||||||||||||||||||
|
Volume (million unit
cases) (2)
|
652.0 | 599.8 | 8.7 | % | 2,428.6 | 2,242.8 | 8.3 | % | ||||||||||||||||||||||||||||||||
|
Average price per
unit case (2)
|
42.90 | 36.59 | 17.2 | % | 40.95 | 35.94 | 13.9 | % | ||||||||||||||||||||||||||||||||
|
Net
revenues
|
28,889 | 22,597 | 27.8 | % | 102,229 | 82,468 | 24.0 | % | ||||||||||||||||||||||||||||||||
|
Other
operating revenues
|
143 | 155 | -7.7 | % | 538 | 508 | 5.9 | % | ||||||||||||||||||||||||||||||||
|
Total
revenues
|
29,032 | 100 | % | 22,752 | 100 | % | 27.6 | % | 102,767 | 100 | % | 82,976 | 100 | % | 23.9 | % | ||||||||||||||||||||||||
|
Cost
of goods sold
|
15,617 | 53.8 | % | 12,292 | 54.0 | % | 27.1 | % | 54,952 | 53.5 | % | 43,895 | 52.9 | % | 25.2 | % | ||||||||||||||||||||||||
| 13,415 | 46.2 | % | 10,460 | 46.0 | % | 28.3 | % | 47,815 | 46.5 | % | 39,081 | 47.1 | % | 22.3 | % | |||||||||||||||||||||||||
|
Operating
expenses
|
8,588 | 29.6 | % | 6,407 | 28.2 | % | 34.0 | % | 31,980 | 31.1 | % | 25,386 | 30.6 | % | 26.0 | % | ||||||||||||||||||||||||
|
Operating
income
|
4,827 | 16.6 | % | 4,053 | 17.8 | % | 19.1 | % | 15,835 | 15.4 | % | 13,695 | 16.5 | % | 15.6 | % | ||||||||||||||||||||||||
|
Other
expenses, net
|
277 | 426 | -35.0 | % | 1,449 | 1,831 | -20.9 | % | ||||||||||||||||||||||||||||||||
|
Interest
expense
|
396 | 515 | -23.1 | % | 1,895 | 2,207 | -14.1 | % | ||||||||||||||||||||||||||||||||
|
Interest
income
|
93 | 65 | 43.1 | % | 286 | 433 | -33.9 | % | ||||||||||||||||||||||||||||||||
|
Interest
expense, net
|
303 | 450 | -32.7 | % | 1,609 | 1,774 | -9.3 | % | ||||||||||||||||||||||||||||||||
|
Foreign
exchange (gain) loss
|
(3 | ) | 1,501 | -100.2 | % | 370 | 1,477 | -74.9 | % | |||||||||||||||||||||||||||||||
|
(Gain)
loss on monetary position in Inflationary subsidiries
|
(107 | ) | 36 | -397.2 | % | (488 | ) | (658 | ) | -25.8 | % | |||||||||||||||||||||||||||||
|
Market
value (gain) loss on ineffective portion of derivative
instruments
|
(91 | ) | 836 | -110.9 | % | (118 | ) | 959 | -112.3 | % | ||||||||||||||||||||||||||||||
|
Comprehensive
financing result
|
102 | 2,823 | -96.4 | % | 1,373 | 3,552 | -61.3 | % | ||||||||||||||||||||||||||||||||
|
Income
before taxes
|
4,448 | 804 | 453.2 | % | 13,013 | 8,312 | 56.6 | % | ||||||||||||||||||||||||||||||||
|
Income
taxes
|
1,431 | 143 | 900.7 | % | 4,043 | 2,486 | 62.6 | % | ||||||||||||||||||||||||||||||||
|
Consolidated
net income
|
3,017 | 661 | 356.4 | % | 8,970 | 5,826 | 54.0 | % | ||||||||||||||||||||||||||||||||
|
Net
controlling interest income
|
2,828 | 9.7 | % | 585 | 2.6 | % | 383.4 | % | 8,523 | 8.3 | % | 5,598 | 6.7 | % | 52.3 | % | ||||||||||||||||||||||||
|
Net
non-controlling interest income
|
189 | 76 | 148.7 | % | 447 | 228 | 96.1 | % | ||||||||||||||||||||||||||||||||
|
Operating
income
|
4,827 | 16.6 | % | 4,053 | 17.8 | % | 19.1 | % | 15,835 | 15.4 | % | 13,695 | 16.5 | % | 15.6 | % | ||||||||||||||||||||||||
|
Depreciation (3)
|
688 | 640 | 7.5 | % | 2,810 | 2,528 | 11.2 | % | ||||||||||||||||||||||||||||||||
|
Amortization
and other operative non-cash charges
|
290 | 260 | 11.5 | % | 1,101 | 893 | 23.3 | % | ||||||||||||||||||||||||||||||||
|
EBITDA
(4)
|
|
5,805 | 20.0 | % | 4,953 | 21.8 | % | 17.2 | % | 19,746 | 19.2 | % | 17,116 | 20.6 | % | 15.4 | % | |||||||||||||||||||||||
|
(1)
Except volume and average price per unit case figures.
|
|||||||
|
(2)
Sales volume and average price per unit case exclude beer
results
|
|||||||
|
(3)
Amortization of coolers has been reclasified into the depreciation line
for accounting purposes
|
|||||||
|
(4)
EBITDA = Operating Income + depreciation, amortization & other
operative non-cash charges.
|
|||||||
|
As
of June 1st,
2008, we integrated the operation of Minas Gerais (REMIL) in the results
of Brazil.
|
|||||||
|
As
of June 1st,
2009, we integrated the operation of Brisa in the results of
Colombia.
|
|||||||
|
February
12, 2010
|
|
Page 21
|
|
Consolidated
Balance Sheet
|
||||||||||
|
Expressed
in millions of Mexican pesos.
|
||||||||||
|
Assets
|
Dec
09
|
Dec
08
|
||||||||
|
Current
Assets
|
||||||||||
|
Cash
and cash equivalents
|
Ps.
|
9,740 |
Ps.
|
6,192 | ||||||
|
Total
accounts receivable
|
5,931 | 5,240 | ||||||||
|
Inventories
|
5,002 | 4,313 | ||||||||
|
Other
current assets
|
2,966 | 2,247 | ||||||||
|
Total
current assets
|
23,639 | 17,992 | ||||||||
|
Property,
plant and equipment
|
||||||||||
|
Property,
plant and equipment
|
58,529 | 52,547 | ||||||||
|
Accumulated
depreciation
|
(27,397 | (24,388 | ) | |||||||
|
Total
property, plant and equipment, net
|
31,132 | 28,159 | ||||||||
|
Other
non-current assets
|
55,890 | 51,807 | ||||||||
|
Total
Assets
|
Ps.
|
110,661 |
Ps.
|
97,958 | ||||||
|
Liabilities
and Sharekholders' Equity
|
Dec
09
|
Dec
08
|
||||||||
|
Current
Liabilities
|
||||||||||
|
Short-term
bank loans and notes
|
Ps.
|
5,427 |
Ps.
|
6,119 | ||||||
|
Interest
payable
|
61 | 267 | ||||||||
|
Suppliers
|
9,368 | 7,790 | ||||||||
|
Other
current liabilities
|
8,592 | 7,157 | ||||||||
|
Total
Current Liabilities
|
23,448 | 21,333 | ||||||||
|
Long-term
bank loans
|
10,498 | 12,455 | ||||||||
|
Other
long-term liabilities
|
8,243 | 6,554 | ||||||||
|
Total
Liabilities
|
42,189 | 40,342 | ||||||||
|
Shareholders'
Equity
|
||||||||||
|
Non-controlling
interest
|
2,296 | 1,703 | ||||||||
|
Total
controlling interest
|
66,176 | 55,913 | ||||||||
|
Total
shareholders' equity
|
68,472 | 57,616 | ||||||||
|
Total
Liabilities and Equity
|
Ps.
|
110,661 |
Ps.
|
97,958 | ||||||
|
February
12, 2010
|
|
Page 22
|
|
Mexico
Division
|
||||||||||||||||||||||||||||||||||||||||
|
Expressed
in millions of Mexican pesos(1)
|
||||||||||||||||||||||||||||||||||||||||
| 4Q 09 |
%
Rev
|
4Q 08 |
%
Rev
|
Δ%
|
YTD
09
|
%
Rev
|
YTD
08
|
%
Rev
|
Δ%
|
|||||||||||||||||||||||||||||||
|
Volume
(million unit cases)
|
304.3 | 282.9 | 7.6 | % | 1,227.2 | 1,149.0 | 6.8 | % | ||||||||||||||||||||||||||||||||
|
Average
price per unit case
|
30.52 | 29.73 | 2.7 | % | 29.86 | 29.30 | 1.9 | % | ||||||||||||||||||||||||||||||||
|
Net
revenues
|
9,289 | 8,411 | 10.4 | % | 36,642 | 33,665 | 8.8 | % | ||||||||||||||||||||||||||||||||
|
Other
operating revenues
|
26 | 39 | -33.3 | % | 143 | 134 | 6.7 | % | ||||||||||||||||||||||||||||||||
|
Total
revenues
|
9,315 | 100.0 | % | 8,450 | 100.0 | % | 10.2 | % | 36,785 | 100.0 | % | 33,799 | 100.0 | % | 8.8 | % | ||||||||||||||||||||||||
|
Cost
of goods sold
|
4,597 | 49.4 | % | 4,163 | 49.3 | % | 10.4 | % | 18,396 | 50.0 | % | 16,484 | 48.8 | % | 11.6 | % | ||||||||||||||||||||||||
|
Gross
profit
|
4,718 | 50.6 | % | 4,287 | 50.7 | % | 10.1 | % | 18,389 | 50.0 | % | 17,315 | 51.2 | % | 6.2 | % | ||||||||||||||||||||||||
|
Administrative
expenses
|
627 | 6.7 | % | 520 | 6.2 | % | 20.6 | % | 2,243 | 6.1 | % | 2,059 | 6.1 | % | 8.9 | % | ||||||||||||||||||||||||
|
Selling
expenses
|
2,177 | 23.4 | % | 1,927 | 22.8 | % | 13.0 | % | 9,297 | 25.3 | % | 8,541 | 25.3 | % | 8.9 | % | ||||||||||||||||||||||||
|
Operating
expenses
|
2,804 | 30.1 | % | 2,447 | 29.0 | % | 14.6 | % | 11,540 | 31.4 | % | 10,600 | 31.4 | % | 8.9 | % | ||||||||||||||||||||||||
|
Operating
income
|
1,914 | 20.5 | % | 1,840 | 21.8 | % | 4.0 | % | 6,849 | 18.6 | % | 6,715 | 19.9 | % | 2.0 | % | ||||||||||||||||||||||||
|
Depreciation,
amortization & other operative non-cash charges
|
368 | 4.0 | % | 446 | 5.3 | % | -17.5 | % | 1,655 | 4.5 | % | 1,671 | 4.9 | % | -1.0 | % | ||||||||||||||||||||||||
|
EBITDA (2)
|
2,282 | 24.5 | % | 2,286 | 27.1 | % | -0.2 | % | 8,504 | 23.1 | % | 8,386 | 24.8 | % | 1.4 | % | ||||||||||||||||||||||||
|
(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)
|
||||||||||||||||||||||||||||||||||||||||
| 4Q 09 |
%
Rev
|
4Q 08 |
%
Rev
|
Δ%
|
YTD
09
|
%
Rev
|
YTD
08
|
%
Rev
|
Δ%
|
|||||||||||||||||||||||||||||||
|
Volume
(million unit cases)
|
166.5 | 139.9 | 19.0 | % | 593.2 | 537.2 | 10.4 | % | ||||||||||||||||||||||||||||||||
|
Average
price per unit Case
|
64.93 | 53.99 | 20.3 | % | 64.73 | 52.00 | 24.5 | % | ||||||||||||||||||||||||||||||||
|
Net
revenues
|
10,811 | 7,552 | 43.2 | % | 38,402 | 27,933 | 37.5 | % | ||||||||||||||||||||||||||||||||
|
Other
operating revenues
|
8 | 5 | 60.0 | % | 21 | 40 | -47.5 | % | ||||||||||||||||||||||||||||||||
|
Total
revenues
|
10,819 | 100.0 | % | 7,557 | 100.0 | % | 43.2 | % | 38,423 | 100.0 | % | 27,973 | 100.0 | % | 37.4 | % | ||||||||||||||||||||||||
|
Cost
of goods sold
|
5,891 | 54.5 | % | 4,437 | 58.7 | % | 32.8 | % | 20,783 | 54.1 | % | 15,622 | 55.8 | % | 33.0 | % | ||||||||||||||||||||||||
|
Gross
profit
|
4,928 | 45.5 | % | 3,120 | 41.3 | % | 57.9 | % | 17,640 | 45.9 | % | 12,351 | 44.2 | % | 42.8 | % | ||||||||||||||||||||||||
|
Operating
expenses
|
3,629 | 33.5 | % | 2,137 | 28.3 | % | 69.8 | % | 12,888 | 33.5 | % | 8,692 | 31.1 | % | 48.3 | % | ||||||||||||||||||||||||
|
Operating
income
|
1,299 | 12.0 | % | 983 | 13.0 | % | 32.1 | % | 4,752 | 12.4 | % | 3,659 | 13.1 | % | 29.9 | % | ||||||||||||||||||||||||
|
Depreciation,
amortization & other operative non-cash charges
|
410 | 3.8 | % | 304 | 4.0 | % | 34.9 | % | 1,415 | 3.7 | % | 1,092 | 3.9 | % | 29.6 | % | ||||||||||||||||||||||||
|
EBITDA (2)
|
1,709 | 15.8 | % | 1,287 | 17.0 | % | 32.8 | % | 6,167 | 16.1 | % | 4,751 | 17.0 | % | 29.8 | % | ||||||||||||||||||||||||
|
(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.
|
|
February
12, 2010
|
|
Page 23
|
|
Mercosur
Division
|
||||||||||||||||||||||||||||||||||||||||
|
Expressed
in millions of Mexican pesos(1)
|
||||||||||||||||||||||||||||||||||||||||
|
Financial
figures include beer results
|
||||||||||||||||||||||||||||||||||||||||
| 4Q 09 |
%
Rev
|
4Q 08 |
%
Rev
|
Δ%
|
YTD
09
|
%
Rev
|
YTD
08
|
%
Rev
|
Δ%
|
|||||||||||||||||||||||||||||||
|
Volume (million unit
cases) (2)
|
181.2 | 177.0 | 2.3 | % | 608.2 | 556.6 | 9.3 | % | ||||||||||||||||||||||||||||||||
|
Average price per
unit case
(2)
|
43.44 | 33.82 | 28.4 | % | 40.12 | 34.11 | 17.6 | % | ||||||||||||||||||||||||||||||||
|
Net
revenues
|
8,789 | 6,634 | 32.5 | % | 27,185 | 20,870 | 30.3 | % | ||||||||||||||||||||||||||||||||
|
Other
operating revenues
|
109 | 111 | -1.8 | % | 374 | 334 | 12.0 | % | ||||||||||||||||||||||||||||||||
|
Total
revenues
|
8,898 | 100.0 | % | 6,745 | 100.0 | % | 31.9 | % | 27,559 | 100.0 | % | 21,204 | 100.0 | % | 30.0 | % | ||||||||||||||||||||||||
|
Cost
of goods sold
|
5,129 | 57.6 | % | 3,692 | 54.7 | % | 38.9 | % | 15,773 | 57.2 | % | 11,789 | 55.6 | % | 33.8 | % | ||||||||||||||||||||||||
|
Gross
profit
|
3,769 | 42.4 | % | 3,053 | 45.3 | % | 23.5 | % | 11,786 | 42.8 | % | 9,415 | 44.4 | % | 25.2 | % | ||||||||||||||||||||||||
|
Operating
expenses
|
2,155 | 24.2 | % | 1,823 | 27.0 | % | 18.2 | % | 7,552 | 27.4 | % | 6,094 | 28.7 | % | 23.9 | % | ||||||||||||||||||||||||
|
Operating
income
|
1,614 | 18.1 | % | 1,230 | 18.2 | % | 31.2 | % | 4,234 | 15.4 | % | 3,321 | 15.7 | % | 27.5 | % | ||||||||||||||||||||||||
|
Depreciation,
Amortization & Other operative non-cash charges
|
200 | 2.2 | % | 150 | 2.2 | % | 33.3 | % | 841 | 3.1 | % | 658 | 3.1 | % | 27.8 | % | ||||||||||||||||||||||||
|
EBITDA (3)
|
1,814 | 20.4 | % | 1,380 | 20.5 | % | 31.4 | % | 5,075 | 18.4 | % | 3,979 | 18.8 | % | 27.5 | % | ||||||||||||||||||||||||
|
(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.
|
|
Since
June 2008, we integrated Minas Gerais (Remil) in the operations of
Brazil.
|
|
February
12, 2010
|
|
Page 24
|
SELECTED
INFORMATION
|
For
the three months ended December 31, 2009 and 2008
|
|
Expressed
in millions of Mexican
pesos.
|
|
4Q
09
|
4Q
08
|
||||||||
|
Capex
|
2,942.8
|
Capex
|
1,937.6
|
||||||
|
Depreciation
|
688.0
|
Depreciation
|
640.0
|
||||||
|
Amortization
& Other non-cash charges
|
290.0
|
Amortization
& Other non-cash charges
|
260.0
|
VOLUME
Expressed
in million unit cases
|
4Q
09
|
4Q
08
|
|||||||||||||||||||||||||||||||||||||||
|
Sparkling
|
Water (1)
|
Bulk Water
(2)
|
Still (3)
|
Total
|
Sparkling
|
Water (1)
|
Bulk Water
(2)
|
Still (3)
|
Total
|
|||||||||||||||||||||||||||||||
|
Mexico
|
229.8 | 11.0 | 48.1 | 15.4 | 304.3 | 212.8 | 9.9 | 48.1 | 12.1 | 282.9 | ||||||||||||||||||||||||||||||
|
Central
America
|
32.0 | 1.5 | 0.1 | 2.9 | 36.5 | 30.5 | 1.3 | 0.1 | 2.3 | 34.2 | ||||||||||||||||||||||||||||||
|
Colombia
|
48.5 | 7.6 | 7.8 | 4.5 | 68.4 | 47.2 | 2.4 | 2.4 | 2.6 | 54.6 | ||||||||||||||||||||||||||||||
|
Venezuela
|
56.3 | 3.2 | 0.7 | 1.4 | 61.6 | 46.5 | 2.4 | 0.6 | 1.6 | 51.1 | ||||||||||||||||||||||||||||||
|
Latincentro
|
136.8 | 12.3 | 8.6 | 8.8 | 166.5 | 124.2 | 6.1 | 3.1 | 6.5 | 139.9 | ||||||||||||||||||||||||||||||
|
Brazil
|
117.2 | 6.6 | 0.5 | 4.0 | 128.3 | 112.4 | 6.1 | 0.4 | 2.5 | 121.4 | ||||||||||||||||||||||||||||||
|
Argentina
|
48.8 | 0.4 | 0.2 | 3.4 | 52.9 | 52.5 | 0.5 | 0.1 | 2.5 | 55.6 | ||||||||||||||||||||||||||||||
|
Mercosur
|
166.0 | 7.0 | 0.7 | 7.5 | 181.2 | 164.9 | 6.7 | 0.5 | 5.0 | 177.0 | ||||||||||||||||||||||||||||||
|
Total
|
532.6 | 30.3 | 57.4 | 31.7 | 652.0 | 501.9 | 22.7 | 51.7 | 23.6 | 599.8 | ||||||||||||||||||||||||||||||
|
(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
|
|
·
|
Fourth
quarter 2009 volume of Colombia, Latincentro division, and consolidated
includes three months of Brisa’s operation, accounting for 13.2 million
unit cases.
|
|
·
|
Fourth
quarter 2008 volume presents a restatement of 1.2 million unit cases
between the Water and Bulk Water
categories.
|
SELECTED
INFORMATION
|
For
the twelve months ended December 31, 2009 and 2008
|
|
Expressed
in millions of Mexican
pesos.
|
|
YTD 09
|
YTD
08
|
||||||||
|
Capex
|
6,282.2
|
Capex
|
4,802.1
|
||||||
|
Depreciation
|
2,810.0
|
Depreciation
|
2,528.0
|
||||||
|
Amortization
& Other non-cash charges
|
1,101.0
|
Amortization
& Other non-cash charges
|
893.0
|
VOLUME
Expressed
in million unit cases
|
YTD
09
|
YTD
08
|
|||||||||||||||||||||||||||||||||||||||
|
Sparkling
|
Water (1)
|
Bulk Water
(2)
|
Still (3)
|
Total
|
Sparkling
|
Water (1)
|
Bulk Water
(2)
|
Still (3)
|
Total
|
|||||||||||||||||||||||||||||||
|
Mexico
|
900.8 | 50.8 | 212.8 | 62.8 | 1,227.2 | 866.7 | 47.7 | 200.6 | 34.0 | 1,149.0 | ||||||||||||||||||||||||||||||
|
Central
America
|
118.6 | 5.6 | 0.4 | 11.2 | 135.8 | 118.1 | 5.3 | 0.3 | 8.9 | 132.6 | ||||||||||||||||||||||||||||||
|
Colombia
|
173.2 | 20.9 | 20.8 | 17.3 | 232.2 | 172.4 | 9.6 | 10.2 | 5.7 | 197.9 | ||||||||||||||||||||||||||||||
|
Venezuela
|
206.5 | 10.3 | 2.6 | 5.8 | 225.2 | 188.7 | 9.0 | 2.9 | 6.1 | 206.7 | ||||||||||||||||||||||||||||||
|
Latincentro
|
498.3 | 36.8 | 23.8 | 34.3 | 593.2 | 479.2 | 23.9 | 13.4 | 20.7 | 537.2 | ||||||||||||||||||||||||||||||
|
Brazil
|
389.4 | 21.2 | 1.5 | 12.0 | 424.1 | 342.1 | 19.8 | 1.3 | 7.4 | 370.6 | ||||||||||||||||||||||||||||||
|
Argentina
|
170.3 | 1.6 | 0.7 | 11.5 | 184.1 | 176.9 | 2.0 | 0.4 | 6.7 | 186.0 | ||||||||||||||||||||||||||||||
|
Mercosur
|
559.7 | 22.8 | 2.2 | 23.4 | 608.2 | 519.0 | 21.9 | 1.7 | 14.1 | 556.6 | ||||||||||||||||||||||||||||||
|
Total
|
1,958.9 | 110.4 | 238.8 | 120.5 | 2,428.6 | 1,864.8 | 93.5 | 215.7 | 68.8 | 2,242.8 | ||||||||||||||||||||||||||||||
|
(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
|
|
·
|
Full
year 2009 volume of Colombia, Latincentro division, and consolidated
includes seven months of Brisa’s operation, accounting for 27.4 million
unit cases.
|
|
·
|
Full
year 2009 volume of Brazil, Mercosur division, and consolidated includes
five months of REMIL’s(1)
operation in 2009, accounting for 44.2 million unit cases. Sparkling
Beverages represent approximately 95% of this
volume.
|
|
·
|
Full
year 2008 volume presents a restaement of 10.7 million unit cases between
the Water and Bulk Water
categories.
|
(1) REMIL was
included in our operating results beginning June 1, 2008. REMIL was accounted
for as an acquisition during the months of January through May of
2009.
|
February
12, 2010
|
|
Page 25
|
December 2009
Macroeconomic
Information
|
Inflation
(1)
|
||||||||
|
2009
|
4Q
2009
|
|||||||
|
Mexico
|
3.56 | % | 1.23 | % | ||||
|
Colombia
|
1.99 | % | -0.12 | % | ||||
|
Venezuela
|
25.05 | % | 5.55 | % | ||||
|
Brazil
|
4.11 | % | 0.85 | % | ||||
|
Argentina
|
7.69 | % | 2.58 | % | ||||
(1) Source:
inflation is published by the Central Bank of each country.
Average
Exchange Rates for each Period
|
Quarterly
Exchange Rate (local currency per USD)
|
|
Full
Year Exchange Rate (local currency per USD)
|
||||||||||||||||||||||
|
|
4Q
09
|
4Q
08
|
Δ%
|
2009
|
2008
|
Δ%
|
||||||||||||||||||
|
Mexico
|
13.0799 | 12.9859 | 0.7 | % | 13.5157 | 11.1337 | 21.4 | % | ||||||||||||||||
|
Guatemala
|
8.3254 | 7.6217 | 9.2 | % | 8.1583 | 7.5637 | 7.9 | % | ||||||||||||||||
|
Nicaragua
|
20.7143 | 19.7282 | 5.0 | % | 20.3395 | 19.3719 | 5.0 | % | ||||||||||||||||
|
Costa
Rica
|
577.6088 | 557.8524 | 3.5 | % | 578.0853 | 530.1760 | 9.0 | % | ||||||||||||||||
|
Panama
|
1.0000 | 1.0000 | 0.0 | % | 1.0000 | 1.0000 | 0.0 | % | ||||||||||||||||
|
Colombia
|
1,965.4307 | 2,291.3429 | -14.2 | % | 2,155.6712 | 1,966.9382 | 9.6 | % | ||||||||||||||||
|
Venezuela
|
2.1500 | 2.1500 | 0.0 | % | 2.1500 | 2.1500 | 0.0 | % | ||||||||||||||||
|
Brazil
|
1.7383 | 2.2779 | -23.7 | % | 1.9976 | 1.8345 | 8.9 | % | ||||||||||||||||
|
Argentina
|
3.8147 | 3.3305 | 14.5 | % | 3.7292 | 3.1624 | 17.9 | % | ||||||||||||||||
End of
Period Exchange Rates
|
Exchange
Rate (local currency per USD)
|
||||||||||||
|
Dec
09
|
Dec
08
|
Δ%
|
||||||||||
|
Mexico
|
13.0587 | 13.5383 | -3.5 | % | ||||||||
|
Guatemala
|
8.3544 | 7.7816 | 7.4 | % | ||||||||
|
Nicaragua
|
20.8404 | 19.8481 | 5.0 | % | ||||||||
|
Costa
Rica
|
571.8099 | 560.8500 | 2.0 | % | ||||||||
|
Panama
|
1.0000 | 1.0000 | 0.0 | % | ||||||||
|
Colombia
|
2,044.2300 | 2,243.5900 | -8.9 | % | ||||||||
|
Venezuela
|
2.1500 | 2.1500 | 0.0 | % | ||||||||
|
Brazil
|
1.7412 | 2.3370 | -25.5 | % | ||||||||
|
Argentina
|
3.8000 | 3.4530 | 10.0 | % | ||||||||
|
February
12, 2010
|
|
Page 26
|