Coca-Cola FEMSA Announces Results for Fourth Quarter and Full Year 2020


Mexico City, February 25, 2021, 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 results for the fourth quarter and the full year of 2020.



  • Consolidated volumes increased 1.4%, driven mainly by volume growth in Brazil, Central America, Argentina coupled with flat performance in Colombia. These effects were partially offset by a decline in Mexico and Uruguay. 
  • Total revenues decreased 5.1%, while comparable revenues increased 1.9%. Revenue management and pricing initiatives were offset by unfavorable currency translation effects from our operating currencies in South America, mainly driven by an 18.3% translation effect from the Brazilian Real, coupled with unfavorable price-mix effects. 
  • Operating income increased 13.4%, while comparable operating income increased 21.9%. Favorable PET prices, coupled with maintenance, marketing, and other operating expense savings, were partially offset by the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs and unfavorable price-mix effects.
  • Majority net income increased 59.2%, driven mainly by solid operating results. The same period of 2019 included an extraordinary non-operating expense of Ps. 948 million related to our Estrella Azul dairy joint venture in Panama. 



  • For the full year, volumes decreased 2.5%, impacted mainly by the enforcement of lockdowns and social distancing measures related to the COVID-19 pandemic, partially offset by volume growth in Brazil and Guatemala. 
  • Total revenues decreased 5.6%, while comparable revenues decreased 1.0%, impacted by unfavorable price-mix effects and currency translation headwinds, partially offset by pricing and revenue management initiatives.
  • Operating income decreased 0.7%, while comparable operating income increased 4.4%. Lower PET prices and operating expense efficiencies, coupled with our ability to generate savings across our operations, allowed us to effectively mitigate unfavorable price-mix effects, higher concentrate costs, and the depreciation of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs.
  • Earnings per share1 were Ps. 0.61 (Earnings per unit were Ps. 4.91 and per ADS were Ps. 49.06.).
  • Underscoring the Company’s solid financial position and cash flow generation, our cash position increased to Ps. 43,497 million including the payment of the second installment of dividends during early November.

Quarterly earnings / outstanding shares. Earnings per share (EPS) for all periods are adjusted to give effect to the stock split resulting in 16,806.7 million shares outstanding. For the convenience of the reader, as a KOF UBL 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 KOF UBL Units.


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Investor Relations Contact Details

Jorge Collazo

Lorena Martin

Bryan Carlson

Marene Aranzabal

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. dollars 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, the BMV’s website at, and our website at
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 129 brands to a population of more than 265 million. With over 80 thousand employees, the Company markets and sells approximately 3.3 billion unit cases through close to 2 million points of sale a year. Operating 49 manufacturing plants and 268 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

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