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Annual-Report-2014.Pdf COCA-COLA FEMSA ANNUAL REPORT 2014 A TIME FOR… TRANSFO TRANSFO RMATION Throughout our long history as a bottler, our talented, skilled, and passionate people have expanded our geographic footprint to 10 countries, performed successfully—delivering sustainable revenue growth and profitability—and enabled us to become the largest franchised Coca-Cola Bottler in the world. Today, we are engaged in an intensive transformation designed to enhance our people’s capabilities and create a nimbler, more agile, and efficient organization that will successfully face the unique challenges demanded by the next wave of growth. STRATEGIC FRAMEWORK TRANSFORM TRANSFORM TO ACHIEVE FULL TO GROW THROUGH OPERATING INNOVATION POTENTIAL We are transforming to achieve the full potential of our Through transformative growth and innovation, business, adapt to ever-changing market dynamics, and we ensure our ability to anticipate and satisfy successfully transform our industry’s challenges into consumers’ evolving needs, adapt to ever-changing opportunities. market dynamics, and capitalize on new business opportunities. TRANSFORM TO STRENGTHEN STRATEGIC CAPABILITIES 2 TRANSFORM TRANSFORM TO CAPTURE MARKET TO ENSURE OPPORTUNITIES SUSTAINABLE DEVELOPMENT Building on our accretive mergers and acquisitions over We embrace a holistic approach to sustainable devel- the past several years, we continue to transform our opment. Focused on three core areas—our people, our company by identifying and embracing new ways of community, and our planet—our vision is to ensure the complementing our business’ organic growth through sustainability of our business by positively transforming strategic long-term value-creating market opportunities. our communities through the simultaneous creation of economic, social, and environmental value. We are transforming our business to create a leaner, more agile, and flexible organization with the right capabilities to drive our competitive- ness and prepare for the next wave of growth. 3 FINANCIAL HIGHLIGHTS Millions of Mexican pesos and U.S. dollars as of December 31, 2014 (except volume and per share data). Results under International Financial Reporting Standards. Figures do not include results of Coca-Cola Bottlers Philippines, Inc. The 2014 results of our Venezuelan operation were translated using the SICAD II(4) alternate exchange rate of 49.99 bolivars per U.S. dollar. The results of 2013 were translated using an exchange rate of 6.30 bolivars per U.S. dollar. (US$) 2014 (1) (Ps.) 2014 (Ps.) 2013 % CHANGE Sales Volume (million unit cases) 3,417.3 3,417.3 3,204.6 6.6% Total Revenues 9,987 147,298 156,011 -5.6% Income from Operations 1,406 20,743 21,450 -3.3% Controlling Interest Net Income 715 10,542 11,543 -8.7% Total Assets 14,398 212,366 216,665 -2.0% Long-Term Bank Loans and Notes Payable 4,395 64,821 56,875 14.0% Controlling Interest 7,167 105,717 113,111 -6.5% Capital Expenditures 767 11,313 11,703 -3.3% Book Value per Share (2) 3.46 51.00 55.02 -7.3% Controlling Interest Earnings per Share (3) 0.34 5.09 5.61 -9.4% (1) U.S. dollar figures are converted from Mexican pesos using the exchange rate for Mexican pesos published by the U.S. Federal Reserve Board on December 31, 2014, which exchange rate was Ps. 14.75 to U.S.$1.00. (2) Based on 2,072.9 million outstanding ordinary shares in 2014 and 2013. (3) Based on 2,072.9 and 2,056.0 million weighted average outstanding ordinary shares in 2014 and 2013, respectively. (4) Sistema Cambiario Alternativo de Divisas (Supplementary Currency Administration System). 4 At Coca-Cola FEMSA, we take proactive steps to further strengthen our capital structure and financial flexibility—increasing our focus on financial discipline across our organization, while keeping our company on track to meet our cash flow generation targets and financial commitments. SALES VOLUME TOTAL REVENUES Million unit cases Billions of Mexican pesos 3,417 3,205 156.0 3,046 147.7 147.3 2,649 + 2,499 123.2 170 BPS EXPANSION 103.5 IN OPERATIVE CASH FLOW MARGIN 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 INCOME FROM OPERATIONS DIVIDEND PER SHARE Billions of Mexican pesos Mexican pesos 2.902.90 2.77 22.0 21.5 20.7 18.4 2.36 17.0 1.41 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 5 DEAR FELLOW SHAREHOLDERS This was an exciting, eventful, and transformational year. Our company overcame an extremely challenging macroeconomic, fiscal, and consumer environment to deliver top-line growth across our territories and bottom-line improvement in Mexico, Brazil, Venezuela, Argentina, and Central America. 6 For 2014, our total sales volume grew 6.6% to more than 3.4 daily across our franchise territories. This represents a billion unit cases, representing close to 21 billion transac- tremendous opportunity to further increase our interaction tions in Latin America for the year. Our consolidated total with our more than 351 million consumers, given that we revenues were Ps. 147.3 billion. Our consolidated operat- currently achieve only 0.2 transactions per person per day. ing income was Ps. 20.7 billion, and our consolidated net controlling interest income was Ps. 10.5 billion, resulting in In Mexico, our operations acted swiftly to protect our profit- earnings per share of Ps. 5.09. On a comparable, currency ability and cash flow generation, proactively implementing neutral basis, we achieved double-digit revenue, operating portfolio and revenue management initiatives. To success- income, and operating cash flow growth, with an operating fully overcome the new tax environment, our operations cash flow margin expansion. emphasized returnable presentations, low-calorie, and single-serve sparkling beverages—coupled with packaging Our key focus for the year was the successful integration and brand innovation—to enable us to connect with our of our recently acquired franchises in Brazil and Mexico, consumers’ needs, generating more than 9 billion transac- coupled with our incremental investments in our manu- tions, while outpacing our volume performance for the year. facturing and distribution infrastructure to accelerate our Additionally, to navigate such tough market dynamics, we volume and transaction growth and to transform the face of restructured our operations, reducing costs and expenses, our company. while aggressively managing our working capital. These initiatives, combined with our relentless focus on point-of- Throughout the year, we faced strong headwinds across our sale execution and overall efficiency, set us on the right path operations. In Mexico, the soft macroeconomic situation, to deliver operating cash flow growth and margin expansion magnified by structural reforms, increased taxation, excise for the year. tax-driven price increases on most soft drinks, and higher VAT rates in southern border states, compounded a slug- Across Central America, our recently initiated acceleration gish consumer environment for our business. In our major plan, including enhanced point-of-sale execution, expanded South American markets, we experienced adverse foreign cooler coverage, and the introduction of our Magic Price exchange dynamics, combined with decelerating GDP growth Points strategy, yielded positive results. Building on our in Brazil, a weak economy in Argentina, and a demanding expanding manufacturing capability, as well as our invest- operating landscape in Venezuela. Moreover, in the Philip- ments in packaging and coolers throughout these countries, pines, we faced natural disasters and a complex operating we are taking this operation from low growth rates to high transformation. single-digit volume and transaction growth across Costa Rica, Guatemala, Nicaragua, and Panama during the year. In light of these and other challenges, we embarked on an intensive process to create a leaner, more agile, and flexible In Colombia, our transaction growth outpaced our already organization with the right set of skills to drive our competi- remarkably strong volume growth thanks to a major two- tiveness, enhance our innovative capabilities, accelerate our year acceleration plan, which is transforming the face decision-making, and prepare for the next wave of growth of our operation across the country. Supported by such through an efficient and effective management structure. commercial initiatives as our Magic Price Points strate- We further strengthened our talent management programs gy, we extended this operation’s positive track record of to develop and recruit a deep, multicultural bench of profes- sionals who can address growing market and industry com- plexity in an ever-changing environment, while furthering our company’s strategic vision and results. We also contin- ued to transform our portfolio by launching and reinforcing innovative, affordable packaging alternatives that enabled us to connect more intensively with our consumers and bolster our transactions in each of our markets. TRANSFORMATION: MARKET HIGHLIGHTS To achieve these results and address the demands ahead, we continued to transform our operations to adapt to ever-changing market dynamics, successfully convert our industry’s challenges into opportunities, and achieve the full potential of our business. This year, our robust and innova- tive portfolio enabled us to connect more closely with our consumers, generating more than 70 million transactions 7 6.6% TOTAL SALES VOLUME GROWTH performance to a second consecutive year of 8% volume the midst of an eventful year, our focus on developing an growth. To keep pace with market demand, we plan
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