04/29/2021 | Press release | Distributed by Public on 04/29/2021 08:18
FEMSA | ||||||
Consolidated Balance Sheet | ||||||
Millions of Pesos | ||||||
ASSETS | Mar-21 | Dec-20 | % Inc. | |||
Cash and cash equivalents | 113,327 | 107,624 | 5.3 | 5,703 | ||
Investments | 216 | 662 | (67.4) | |||
Accounts receivable | 25,914 | 28,249 | (8.3) | |||
Inventories | 43,470 | 44,034 | (1.3) | |||
Other current assets | 21,941 | 20,700 | 6.0 | x | ||
Total current assets | 204,868 | 201,269 | 1.8 | |||
Investments in shares | 95,620 | 98,270 | (2.7) | |||
Property, plant and equipment, net | 111,253 | 113,106 | (1.6) | |||
Right of use | 54,718 | 54,747 | (0.1) | |||
Intangible assets (1) | 153,470 | 155,501 | (1.3) | |||
Other assets | 69,111 | 61,955 | 11.6 | |||
TOTAL ASSETS | 689,040 | 684,848 | 0.6 | |||
LIABILITIES & STOCKHOLDERS´ EQUITY | ||||||
Bank loans | 4,030 | 4,469 | (9.8) | |||
Current maturities of long-term debt | 3,759 | 4,332 | (13.2) | |||
Interest payable | 1,685 | 2,069 | (18.6) | |||
Current maturities of long-term leases | 6,763 | 6,772 | (0.1) | |||
Operating liabilities | 111,162 | 100,771 | 10.3 | |||
Total current liabilities | 127,399 | 118,413 | 7.6 | |||
Long-term debt (2) | 177,823 | 174,706 | 1.8 | |||
Long-term leases | 51,782 | 51,536 | 0.5 | |||
Laboral obligations | 7,364 | 7,253 | 1.5 | |||
Other liabilities | 24,846 | 25,753 | (3.5) | |||
Total liabilities | 389,214 | 377,661 | 3.1 | |||
Total stockholders' equity | 299,826 | 307,187 | (2.4) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 689,040 | 684,848 | 0.6 | |||
March 31, 2021 | ||||||
DEBT MIX (2) | % of Total | Average Rate | ||||
Denominated in: | ||||||
Mexican pesos | 33.1% | 7.0% | ||||
U.S. Dollars | 46.3% | 3.8% | ||||
Euros | 13.2% | 1.7% | ||||
Colombian pesos | 0.4% | 3.9% | ||||
Argentine pesos | 0.3% | 47.7% | ||||
Brazilian reais | 3.9% | 7.9% | ||||
Chilean pesos | 2.0% | 2.0% | ||||
Uruguayan Pesos | 0.7% | 7.4% | ||||
Guatemalan Quetzal | 0.0% | 6.3% | ||||
Total debt | 100.0% | 4.9% | ||||
Fixed rate (2) | 92.2% | |||||
Variable rate (2) | 7.8% | |||||
DEBT MATURITY PROFILE | 2021 | 2022 | 2023 | 2024 | 2025 | 2026+ |
% of Total Debt | 2.0% | 2.6% | 1.3% | 19.3% | 0.2% | 74.5% |
(1) Includes mainly the intangible assets generated by acquisitions. | ||||||
(2) Includes the effect of derivative financial instruments on long-term debt. |
FEMSA | ||||||
Consolidated Income Statement | ||||||
Millions of Pesos | ||||||
For the first quarter of: | ||||||
2021 | % of rev. | 2020 | % of rev. | % Var. | % Org.(A) | |
Total revenues | 124,474 | 100.0 | 122,284 | 100.0 | 1.8 | (3.0) |
Cost of sales | 77,940 | 62.6 | 76,441 | 62.5 | 2.0 | |
Gross profit | 46,534 | 37.4 | 45,843 | 37.5 | 1.5 | |
Administrative expenses | 5,831 | 4.7 | 5,020 | 4.1 | 16.2 | |
Selling expenses | 30,886 | 24.8 | 31,027 | 25.4 | (0.5) | |
Other operating expenses (income), net (1) | 292 | 0.2 | 278 | 0.2 | 5.0 | |
Income from operations(2) | 9,525 | 7.7 | 9,518 | 7.8 | 0.1 | (2.4) |
Other non-operating expenses (income) | (439) | (143) | N.S. | |||
Interest expense | 3,835 | 5,338 | (28.2) | |||
Interest income | 260 | 690 | (62.3) | |||
Interest expense, net | 3,575 | 4,648 | (23.1) | |||
Foreign exchange loss (gain) | (1,524) | (8,325) | (81.7) | |||
Other financial expenses (income), net. | (152) | (104) | 46.2 | |||
Financing expenses, net | 1,899 | (3,781) | (150.2) | |||
Income before income tax and participation in associates results | 8,065 | 13,442 | (40.0) | |||
Income tax | 2,659 | 33.0% | 4,723 | 35.1% | (43.7) | |
Participation in associates results(3) | 854 | 393 | 117.3 | |||
(Loss) Consolidated net income | 6,260 | 9,112 | (31.3) | |||
Net income from discontinued operations | - 0 | - 0 | (100.0) | |||
Net consolidated income | 6,260 | 9,112 | (31.3) | |||
Net majority income | 4,566 | 7,787 | (41.4) | |||
Net minority income | 1,694 | 1,325 | 27.8 | |||
Operative Cash Flow & CAPEX | 2021 | % Integral | 2020 | % Integral | % Inc. | % Org.(A) |
Income from operations | 9,525 | 7.7 | 9,518 | 7.8 | 0.1 | (2.4) |
Depreciation | 6,205 | 5.0 | 6,135 | 5.0 | 1.1 | |
Amortization & other non-cash charges | 1,245 | 0.9 | 1,480 | 1.2 | (15.9) | |
Operative Cash Flow (EBITDA) | 16,975 | 13.6 | 17,133 | 14.0 | (0.9) | (3.6) |
CAPEX | 3,353 | 5,309 | (36.8) | |||
(A) Organic basis (% Org.) excludes the effects of significant mergers and acquisitions in the last twelve months. | ||||||
(1) Other operating expenses (income), net = other operating expenses (income) +(-) equity method from operated associates. | ||||||
(2) Income from operations = gross profit - administrative and selling expenses - other operating expenses (income), net. | ||||||
(3) Mainly represents the equity method participation in Heineken´s and Raizen convenience stores results, net. |
FEMSA Comercio - Proximity Division | |||||
Results of Operations | |||||
Millions of Pesos | |||||
For the first quarter of: | |||||
2021 | % of rev. | 2020 | % of rev. | % Var. | |
Total revenues | 43,418 | 100.0 | 45,620 | 100.0 | (4.8) |
Cost of sales | 26,044 | 60.0 | 27,380 | 60.0 | (4.9) |
Gross profit | 17,374 | 40.0 | 18,240 | 40.0 | (4.7) |
Administrative expenses | 1,226 | 2.8 | 1,287 | 2.8 | (4.7) |
Selling expenses | 13,666 | 31.4 | 13,873 | 30.4 | (1.5) |
Other operating expenses (income), net | 71 | 0.2 | 25 | 0.1 | 184.0 |
Income from operations | 2,411 | 5.6 | 3,055 | 6.7 | (21.1) |
Depreciation | 2,569 | 5.9 | 2,514 | 5.5 | 2.2 |
Amortization & other non-cash charges | 216 | 0.5 | 179 | 0.4 | 20.7 |
Operative cash flow (EBITDA) | 5,196 | 12.0 | 5,748 | 12.6 | (9.6) |
CAPEX | 1,308 | 2,255 | (42.0) | ||
Information of OXXO Stores | |||||
Total stores | 19,706 | 19,598 | 0.6 | ||
Stores Mexico | 19,438 | 19,344 | 0.5 | ||
Stores South America | 268 | 254 | 5.5 | ||
Net new conveniences stores: | |||||
vs. Last quarter | 140 | 268 | (47.8) | ||
Year-to-date | 140 | 268 | (47.8) | ||
Last-twelve-months | 108 | 1,365 | (92.1) | ||
Same-store data: (1) | |||||
Sales (thousands of pesos) | 686.9 | 734.8 | (6.5) | ||
Traffic (thousands of transactions) | 16.3 | 19.9 | (18.3) | ||
Ticket (pesos) | 42.2 | 36.9 | 14.4 | ||
(1) Monthly average information per store, considering same stores with more than twelve months of operations, income from services are included. |
FEMSA Comercio - Health Division | |||||
Results of Operations | |||||
Millions of Pesos | |||||
For the first quarter of: | |||||
2021 | % of rev. | 2020 | % of rev. | % Var. | |
Total revenues | 17,750 | 100.0 | 15,296 | 100.0 | 16.0 |
Cost of sales | 12,681 | 71.4 | 10,998 | 71.9 | 15.3 |
Gross profit | 5,069 | 28.6 | 4,298 | 28.1 | 17.9 |
Administrative expenses | 736 | 4.1 | 798 | 5.2 | (7.8) |
Selling expenses | 3,515 | 19.9 | 3,087 | 20.2 | 13.9 |
Other operating expenses (income), net | 8 | - 0 | 28 | 0.2 | (71.4) |
Income from operations | 810 | 4.6 | 385 | 2.5 | 110.4 |
Depreciation | 703 | 4.0 | 662 | 4.3 | 6.2 |
Amortization & other non-cash charges | 121 | 0.6 | 144 | 1.0 | (16.0) |
Operative cash flow (EBITDA) | 1,634 | 9.2 | 1,191 | 7.8 | 37.2 |
CAPEX | 254 | 374 | (32.2) | ||
Information of Stores | |||||
Total Stores | 3,405 | 3,196 | 6.5 | ||
Stores Mexico | 1,348 | 1,261 | 6.9 | ||
Stores South America | 2,057 | 1,935 | 6.3 | ||
Net new stores: | |||||
vs. Last quarter | 37 | 35 | 5.7 | ||
Year-to-date | 37 | 35 | 5.7 | ||
Last-twelve-months | 209 | 812 | (74.3) | ||
Same-store data: (1) | |||||
Sales (thousands of pesos) | 1,411.7 | 1,222.0 | 15.5 | ||
(1) Monthly average information per store, considering same stores with more than twelve months of all the operations of FEMSA Comercio - Health Division. |
FEMSA Comercio - Fuel Division | ||||||||
Results of Operations | ||||||||
Millions of Pesos | ||||||||
For the first quarter of: | ||||||||
Comparable (A) | As Reported | |||||||
2021 | % of rev. | 2020 | % of rev. | % Var. | 2020 | % of rev. | % Var. | |
Total revenues | 8,535 | 100.0 | 10,858 | 100.0 | (21.4) | 10,858 | 100.0 | (21.4) |
Cost of sales | 7,455 | 87.3 | 9,486 | 87.4 | (21.4) | 9,704 | 89.4 | (23.2) |
Gross profit | 1,080 | 12.7 | 1,372 | 12.6 | (21.3) | 1,154 | 10.6 | (6.4) |
Administrative expenses | 63 | 0.7 | 36 | 0.3 | 75.0 | 36 | 0.3 | 75.0 |
Selling expenses | 817 | 9.7 | 893 | 8.2 | (8.5) | 884 | 8.1 | (7.6) |
Other operating expenses (income), net | (8) | (0.1) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 |
Income from operations | 208 | 2.4 | 443 | 4.1 | (53.0) | 234 | 2.2 | (11.1) |
Depreciation | 229 | 2.7 | 223 | 2.1 | 2.7 | 223 | 2.1 | 2.7 |
Amortization & other non-cash charges | (3) | - 0 | 7 | - 0 | (142.9) | 7 | - 0 | (142.9) |
Operative cash flow | 434 | 5.1 | 673 | 6.2 | (35.5) | 464 | 4.3 | (6.5) |
CAPEX | 87 | 103 | (15.7) | 103 | (15.7) | |||
Information of OXXO GAS Service Stations | ||||||||
Total service stations | 561 | 550 | 2.0 | |||||
Net new service stations | ||||||||
vs. Last quarter | 3 | 5 | (40.0) | |||||
Year-to-date | 3 | 5 | (40.0) | |||||
Last-twelve-months | 11 | 10 | 10.0 | |||||
Volume (million of liters) total stations | 471 | 621 | (24.1) | |||||
Same-stations data: (1) | ||||||||
Sales (thousands of pesos) | 5,104.8 | 6,576.2 | (22.4) | |||||
Volume (thousands of liters) | 283.7 | 377.1 | (24.8) | |||||
Average price per liter | 18.0 | 17.4 | 3.2 | |||||
(A) Unaudited consolidated financial information. Includes the wholesale and distribution business. | ||||||||
(1) Monthly average information per station, considering same stations with more than twelve months of operations. |
Logistics and Distribution | ||
Results of Operations | ||
Millions of Pesos | ||
For the first quarter of: | ||
2021 | % of rev. | |
Total revenues | 10,809 | 100.0 |
Cost of sales | 8,456 | 78.2 |
Gross profit | 2,353 | 21.8 |
Administrative expenses | 1,123 | 10.4 |
Selling expenses | 849 | 7.9 |
Other operating expenses (income), net | 14 | 0.1 |
Income from operations | 367 | 3.4 |
Depreciation | 410 | 3.8 |
Amortization & other non-cash charges | 187 | 1.7 |
Operative cash flow (EBITDA) | 964 | 8.9 |
CAPEX | 195 |
Coca-Cola FEMSA | |||||
Results of Operations | |||||
Millions of Pesos | |||||
For the first quarter of: | |||||
2021 | % of rev. | 2020 | % of rev. | % Var. | |
Total revenues | 44,690 | 100.0 | 45,348 | 100.0 | (1.5) |
Cost of sales | 24,768 | 55.4 | 24,634 | 54.3 | 0.5 |
Gross profit | 19,922 | 44.6 | 20,714 | 45.7 | (3.8) |
Administrative expenses | 1,811 | 4.1 | 1,855 | 4.1 | (2.4) |
Selling expenses | 11,982 | 26.8 | 12,681 | 28.0 | (5.5) |
Other operating expenses (income), net | 230 | 0.5 | 449 | 1.0 | (48.8) |
Income from operations | 5,899 | 13.2 | 5,729 | 12.6 | 3.0 |
Depreciation | 2,236 | 5.0 | 2,259 | 5.0 | (1.0) |
Amortization & other non-cash charges | 672 | 1.5 | 1,099 | 2.4 | (38.9) |
Operative cash flow (EBITDA) | 8,807 | 19.7 | 9,086 | 20.0 | (3.1) |
CAPEX | 1,459 | 2,082 | (29.9) | ||
Sales volumes | |||||
(Millions of unit cases) | |||||
Mexico and Central America | 471.3 | 58.9 | 476.4 | 60.0 | (1.1) |
South America | 120.6 | 15.1 | 111.1 | 14.0 | 8.6 |
Brazil | 208.7 | 26.1 | 206.0 | 26.0 | 1.3 |
Total | 800.7 | 100.0 | 793.5 | 100.0 | 0.9 |
FEMSA | ||||||
Macroeconomic Information | ||||||
Inflation | End-of-period Exchange Rates | |||||
1Q 2021 | LTM (1) Mar-21 | Mar -21 | Dec-20 | |||
Per USD | Per MXN | Per USD | Per MXN | |||
Mexico | 1.23% | 3.51% | 20.60 | 1.0000 | 19.95 | 1.0000 |
Colombia | 0.98% | 1.56% | 3,736.91 | 0.0055 | 3,432.50 | 0.0058 |
Brazil | 0.93% | 5.03% | 5.70 | 3.6166 | 5.20 | 3.8387 |
Argentina | 8.96% | 43.73% | 92.00 | 0.2240 | 84.15 | 0.2371 |
Chile | 0.88% | 2.32% | 732.11 | 0.0281 | 711.24 | 0.0280 |
Euro Zone | 0.25% | 0.02% | 0.85 | 24.1698 | 0.81 | 24.5213 |
(1) LTM = Last twelve months. |