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Annual Report 2016 Focused on Grow Th FEMSA is a multinational beverage and retail TABLE OF CONTENTS company headquartered in Mexico. We hold FEMSA at a Glance .............................2 a 48% stake in Coca-Cola FEMSA, the largest Financial Highlights ............................4 Letter to Shareholders ..........................6 bottler of Coca-Cola products in the world by FEMSA Comercio - Retail Division. 8 FOCUSED ON ON FOCUSED FEMSA Comercio - Health Division. .9 volume, and a 20% stake in Heineken, one of the FEMSA Comercio - Fuel Division ...............10 world’s leading brewers with operations in over Coca-Cola FEMSA .............................11 Sustainability ..................................14 70 countries. We participate in the retail industry FEMSA Foundation ............................16 GROWTH through FEMSA Comercio (100%), comprising a Executive Management ........................18 Corporate Governance .........................19 Retail Division operating primarily through OXXO, Board of Directors .............................20 In Memoriam ..................................21 the largest convenience store chain in Latin FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. Financial Summary ............................22 America by units; a Fuel Division, operating the Management’s Discussion & Analysis ..........24 General Anaya 601 Pte. Col. Bella Vista C.P. 64410 REPORTANNUAL 2016 Monterrey, Nuevo Leon, Mexico OXXO GAS chain of retail service stations; and a [email protected] Health Division, which includes drugstores and related operations in Mexico and South America. www.annualreport.femsa.com In addition, our FEMSA Strategic Businesses www.femsa.com.mx provide logistics, point-of-sale refrigeration and plastics solutions to our own businesses and third party clients. ANNUAL REPORT 2016 FEMSA is a multinational beverage and retail TABLE OF CONTENTS company headquartered in Mexico. We hold FEMSA at a Glance .............................2 a 48% stake in Coca-Cola FEMSA, the largest Financial Highlights ............................4 Letter to Shareholders ..........................6 bottler of Coca-Cola products in the world by FEMSA Comercio - Retail Division. 8 FOCUSED ON ON FOCUSED FEMSA Comercio - Health Division. .9 volume, and a 20% stake in Heineken, one of the FEMSA Comercio - Fuel Division ...............10 world’s leading brewers with operations in over Coca-Cola FEMSA .............................11 Sustainability ..................................14 70 countries. We participate in the retail industry FEMSA Foundation ............................16 GROWTH through FEMSA Comercio (100%), comprising a Executive Management ........................18 Corporate Governance .........................19 Retail Division operating primarily through OXXO, Board of Directors .............................20 In Memoriam ..................................21 the largest convenience store chain in Latin FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. Financial Summary ............................22 America by units; a Fuel Division, operating the Management’s Discussion & Analysis ..........24 General Anaya 601 Pte. Col. Bella Vista C.P. 64410 REPORTANNUAL 2016 Monterrey, Nuevo Leon, Mexico OXXO GAS chain of retail service stations; and a [email protected] Health Division, which includes drugstores and related operations in Mexico and South America. www.annualreport.femsa.com In addition, our FEMSA Strategic Businesses www.femsa.com.mx provide logistics, point-of-sale refrigeration and plastics solutions to our own businesses and third party clients. ANNUAL REPORT 2016 FOCUSED ON GROWTH We continue to deliver on our promise of sustainable growth at FEMSA. More stores, products, categories, markets, formats. More innovation, diversification, economies of scale. More segmentation, consumption, traffic. More revenues, profits, returns. And more jobs, investment, community impact. Our definition of growth is broad, ensuring we keep our focus on the horizon in order to thrive in the complex global environment in which we operate and create enduring value for all our stakeholders. PB FEMSA ANNUAL REPORT 2016 1 2016 was a year of growth, diversification, FEMSA at a Glance expansion and consolidation, with double-digit increases in revenue and income from operations. FEMSA COMERCIO Clients per Day 1 Points of Sale Distribution Facilities Headcount Retail Division Mexico and (millions) Colombia OXXO, the largest C-store chain in the Americas by units 10.9 15,225 17 120,588 FEMSA COMERCIO Clients per Year Points of Sale Distribution Facilities Headcount Health Division Mexico, (millions)2 Chile and Drugstores and related Colombia operations in Mexico, Chile and Colombia 138 2,120 9 21,216 FEMSA COMERCIO Clients per Year Points of Sale Headcount Fuel Division (millions) Mexico OXXO GAS chain of retail service stations in Mexico 135 382 5,359 COCA-COLA FEMSA Population Served Distribution Points of Sale Plants Largest Coca-Cola (millions) Facilities franchise bottler in the world by volume Mexico 71.1 854,459 17 145 Central America 21.3 125,778 5 34 Colombia 46.9 401,234 7 24 Venezuela 31.7 168,833 4 26 Brazil 87.7 394,489 12 43 Argentina 12.2 49,416 2 4 Philippines 104.5 846,588 19 52 Total 375.4 2,840,797 66 328 1 Clients per day based on daily transactions. 2 The number of clients for Chile includes only the Cruz Verde format. 2 FEMSA ANNUAL REPORT 2016 3 Mexico ● ● ● ● ● Nicaragua ● ● Panama Guatemala ● ● Venezuela ● ● ● Costa Rica ● ● Colombia Business Unit ● ● ● ● ● FEMSA Comercio / Retail Division ● FEMSA Comercio / Health Division ● FEMSA Comercio / Fuel Division ● Coca-Cola FEMSA Peru FEMSA Comercio / Retail Division ● and Coca-Cola FEMSA ● Strategic Businesses Philippines ● Brazil ● ● Chile ● ● Argentina ● ~20 ~11 138 billion million transactions million clients in the beverage per day at OXXO Health Division transactions on average 2 FEMSA ANNUAL REPORT 2016 3 Financial Highlights Millions of pesos 2016 (1) 2016 2015 %Change 2014 %Change Total revenues 19,377 399,507 311,589 28.2% 263,449 18.3% Income from operations (2) 1,815 37,427 33,735 10.9% 29,983 12.5% Operating margin 9.4% 10.8% 11.4% Consolidated net income 1,318 27,175 23,276 16.8% 22,630 2.9% Controlling interest net income (3) 1,025 21,140 17,683 19.5% 16,701 5.9% Controlling interest earnings per BD unit (4) 0.3 5.9 4.9 20.4% 4.7 4.3% Controlling interest earnings per ADS (5) 2.9 59.1 49.4 19.6% 46.7 5.8% EBITDA 2,667 54,987 46,626 17.9% 40,945 13.9% EBITDA margin 13.8% 15.0% 15.5% Total assets 26,465 545,623 409,332 33.3% 376,173 8.8% Total liabilities 12,584 259,453 167,476 54.9% 146,051 14.7% Total equity 13,880 286,170 241,856 18.3% 230,122 5.1% Capital expenditures 1,075 22,155 18,885 17.3% 18,163 4.0% Total cash and cash equivalents (6) 2,117 43,637 29,396 48.4% 35,497 -17.2% Short-term debt 353 7,281 5,895 23.5% 1,553 279.6% Long-term debt 6,401 131,967 85,969 53.5% 82,935 3.7% Headcount (7) 266,144 246,158 8.1% 216,740 13.6% 1 U.S. dollar figures are converted from Mexican pesos using the noon-buying rate published by U.S. Federal Reserve Board, which was Ps. 20.6170 per US$1.00 as of December 30, 2016. 2 Company's key performance indicator. 3 Represents the net income that is assigned to the controlling shareholders of the entity. 4 "BD" units each of which represents one series "B" share, two series "D-B" shares and two series "D-L" shares. Data based on outstanding 2,161,177,770 BD units and 1,417,048,500 B units. 5 American Depositary Shares, a U.S. dollar-denominated equity share of a foreing-based company available for purchase on an American stock exchange. 6 Cash consists of non-interest bearing bank deposits and cash equivalents consist principally of short-term bank deposits and fixed rate investments. 7 Includes headcount from Coca-Cola FEMSA (excluding the Philippines operations), FEMSA Comercio and Other Businesses of FEMSA. 8 Includes other companies and our 20% economic interest in Heineken. FEMSA Consolidated Total Revenues Total assets Income from Operations EBITDA by Business Unit by Business Unit by Business Unit by Business Unit millions of pesos millions of pesos millions of pesos millions of pesos Ps.399,507 Ps.545,623 Ps.37,427 Ps.54,987 ● Coca-Cola FEMSA 43% ● Coca-Cola FEMSA 48% ● Coca-Cola FEMSA 64% ● Coca-Cola FEMSA 65% FEMSA Comercio: FEMSA Comercio: FEMSA Comercio: FEMSA Comercio: ● Retail Division 33% ● Retail Division 10% ● Retail Division 31% ● Retail Division 28% ● Fuel Division 7% ● Fuel Division 1% ● Fuel Division 0.5% ● Fuel Division 1% ● ● ● ● Health Division 10% Health Division 6% Health Division 4% Health Division 4% (8) (8) (8) ● Others (8) 7% ● Others 35% ● Others 0.5% ● Others 2% 4 FEMSA ANNUAL REPORT 2016 5 FEMSA COMERCIO ● Retail Division ● Health Division ● Fuel Division Headcount Total Revenues Income from Operations1 EBITDA2 Total Assets thousands billions of Mexican pesos billions of Mexican pesos billions of Mexican pesos billions of Mexican pesos 123.9 137.1 11.5 15.5 59.7 110.7 113.7 119 .9 10.3 13.7 103.0 109.6 44.7 97.6 8.7 11. 8 43.7 7.9 10.5 39.6 % annual 12.0 7.5 2.7 9.0 % annual 12.9 12.4 9.4 14.4 % annual 8.1 7.9 8.6 8.4 % annual 17.3 11.5 16.7 13.1 % annual 27.4 10.4 2.2 33.7 growth growth growth growth growth 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Headcount Total Revenues Income from Operations1 EBITDA2 Total Assets thousands billions of Mexican pesos billions of Mexican pesos billions of Mexican pesos billions of Mexican pesos 21.2 43.4 1.6 2.4 35.9 20.0
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