Mexico City, February 24, 2022, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOF UBL, NYSE: KOF) (“Coca-Cola FEMSA,” “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces its results for the fourth quarter and the full year of 2021.
FOURTH QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Consolidated volumes increased 5.4%, driven mainly by volume growth in Mexico, Central America, Colombia, Argentina, and Uruguay, partially offset by a slight volume decline in Brazil. Total volumes increased 6.9% versus our 2019 baseline.
- Total revenues increased 8.5%, while comparable revenues increased 10.5%, driven by our pricing initiatives, volume growth, and favorable price-mix effects. This increase was partially offset by a decline in beer revenues related to the partial transition of the beer portfolio in Brazil. Total revenues increased 3.0% versus the same period of 2019.
- Operating income increased 7.6%, while comparable operating income increased 8.0%, driven mainly by an increase in our top-line and favorable hedging initiatives, coupled with the resumption of the recognition of tax credits in Brazil related to the Manaus Free Trade Zone. These effects were partially offset by unfavorable raw material prices and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs. Operating income increased 22.1% as compared to the same period of 2019.
- Majority net income increased 82.8%, driven mainly by solid operating results, coupled with the one-time recognition of a favorable deferred tax credit in Brazil and a decrease in comprehensive financial result during the quarter.
FULL YEAR OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Total volumes increased 5.3%, driven by a recovery in all of our countries as a result of solid execution, coupled with economic reopening and increased mobility across our markets. Total volumes increased 2.6% versus our 2019 baseline.
- Total revenues increased 6.1%, while comparable revenues increased 11.1%, driven by volume growth, our pricing initiatives, and favorable price-mix effects, partially offset by a decline in beer revenues related to the partial transition of the beer portfolio in Brazil. Total revenues remained flat versus 2019.
- Operating income increased 8.6%, while comparable operating income increased 11.8%. This increase was driven mainly by an increase in our gross profit and favorable hedging initiatives, coupled with the resumption of the recognition of tax credits in Brazil related to the Manaus Free Trade Zone. These effects were partially offset by an increase in raw material prices and the normalization of certain operating expenses. As compared to 2019, our operating income increased 7.8%.
- Earnings per share1 were Ps. 0.93 (Earnings per unit were Ps. 7.48, and per ADS were Ps. 74.77.).
1Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
José Enrique Solís