Mexico City, February 22, 2024, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL, NYSE: KOF) (“Coca-Cola FEMSA”, “KOF” or the “Company”), the largest Coca-Cola franchise bottler in the world by sales volume, announces results for the fourth quarter of 2023.
FOURTH QUARTER HIGHLIGHTS
- Volume growth 6.1%
- Revenue growth 8.0%
- Operating income growth 7.3%
- Majority net income decreased 24.5%
- Earnings per share1 were Ps. 0.32. (Earnings per unit were Ps. 2.57 and per ADS were Ps. 25.67.)
- Achieved more than 1.1 million monthly active buyers on Juntos+, our omnichannel B2B platform
FULL YEAR HIGHLIGHTS
- Volume growth 7.8% —surpassing 4 billion unit cases for the first time in Coca-Cola FEMSA’s history
- Revenue growth 8.1%
- Operating income growth 10.8%
- Majority net income growth 2.6%
- Earnings per share1 were Ps. 1.16. (Earnings per unit were Ps. 9.30 and per ADS were Ps. 92.99.)
- Achieved more than US$2.5 billion in digital revenues through Juntos+
1 Quarterly earnings / outstanding shares. Earnings per share (EPS) were calculated using 16,806.7 million shares outstanding. For the convenience of the reader, as a KOFUBL Unit is comprised of 8 shares (3 Series B shares and 5 Series L shares), earnings per unit are equal to EPS multiplied by 8. Each ADS represents 10 KOFUBL Units.
MESSAGE FROM THE CEO
“We are pleased to report another quarter of solid growth. Within our key markets, we achieved outstanding results, particularly in Mexico, Brazil, Colombia, and Guatemala. These results enabled us to surpass 4 billion unit cases of NARTD volume for the year, underscoring our strategic focus on a sustainable growth model across our markets.
This year also marked another milestone in our digital transformation journey. We successfully accelerated the development and adoption of our digital platform Juntos +, achieving more than 1.1 million monthly active users and digital sales of more than US$ 2.5 billion during the year. The integration of advanced analytics and user experience improvements in version 4.0, is enabling us to serve our customers more effectively, driving both loyalty and growth. Looking ahead, we are committed to further leveraging digital innovation and advanced analytics to stay ahead of consumer trends, enhance our value proposition, and drive sustainable growth.
Finally, we continue to focus on developing a consumer-centric culture, with psychological safety across all levels of our organization. This approach will continue to shape our growth mindset as we aim to continue creating value for all of our customers, consumers, and stakeholders.”
Ian Craig, Coca-Cola FEMSA’s Chief Executive Officer
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
Jorge Collazo
jorge.collazo@kof.com.mx
Lorena Martin
lorena.martinl@kof.com.mx
Marene Aranzabal
marene.aranzabal@kof.com.mx
Emilio Villacís
tmxemilio.villacis@kof.com.mx
Forward Looking Statements
All of the financial information presented in this report was prepared under International Financial Reporting Standards (IFRS).
This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which 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, which 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.
About the Company
Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL | NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1
Coca-Cola FEMSA files reports, including annual reports and other information with the U.S. Securities and Exchange Commission, or the “SEC,” and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or the “BMV”) pursuant to the rules and regulations of the SEC (that apply to foreign private issuers) and of the BMV. Filings we make electronically with the SEC and the BMV are available to the public on the Internet at the SEC’s website at www.sec.gov, the BMV’s website at www.bmv.com.mx, and our website at www.coca-colafemsa.com.
Coca-Cola FEMSA, S.A.B. de C.V. is the largest Coca-Cola franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio of 131 brands to a population of more than 266 million. With over 80 thousand employees, the Company markets and sells approximately 3.5 billion unit cases through 2 million points of sale a year. Operating 49 manufacturing plants and 260 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all of its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability Emerging Markets Index, Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, and the Mexican Stock Exchange’s IPC and Social Responsibility and Sustainability Indices, among others. Its operations encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and Venezuela through its investment in KOF Venezuela. For further information, please visit www.coca-colafemsa.com.
