Coca-Cola Femsa (KOF)
|
|
- Tyrone Lloyd
- 5 years ago
- Views:
Transcription
1 July 28, 2004 KOF L / KOF Price: Mx / ADR Ps US$ Price Target Ps Risk Level High 52 Week Range: Ps to Ps Shares Outstanding: 1.85 billion Market Capitalization: US$ 3.65 billion Enterprise Value: US$ 5.86 billion Avg. Daily Trading Value US$ thousand Ps/share US$/ADR 2Q EPS T12 EPS T12 EBITDA T12 Net Cash Earnings Book Value T e P/E 10.29x P/BV 1.64x P/NCE 5.34x EV/EBITDA 7.16x 6.74x T12 2Q04 ROE 17.4% 26.9% ROA 11.5% 11.2% Interest Coverage Ratio 4.16x 3.74x Total Debt to EBITDA 2.88x 2.90x T12 = Trailing 12 months as of June 30, 2004 ENTERPRISE VALUE (EV) = Mkt cap.+ Net Debt+ Min.Int. NCE=Net income+montry Loss+Fx Loss+Depr.+Deffered Tax ROA=T12m Op.Profit to Avg. Assets ROE=T12m Net Profit to Avg. Equity Kof IBM J-03 A- O-03 N- D- F-04 M-04 A- J-04 10,93 9,925 8,917 7,909 6,901 5,893 Panamco's Territories Start to Improve Change in Strategy for Mexico Margins remain under pressure. Once again, Kof's results are not comparable, as Panamco was consolidated beginning in May On a consolidated basis, sales volumes totaled million case units and average per-case prices declined 5.6%, as a result of changes in sales mix. In 2Q04, net sales totaled Ps billion, coming in 0.65% above our estimate. Operating profit amounted to Ps billion, while the margin ended at 15.8%. EBITDA was up by a marginal 0.1%. The ICF line item totaled Ps 814 million, as a reflection of increased interest expense associated with new debt taken on and assumed as a result of the Panamco acquisition. Kof recorded extraordinary income of Ps 1.7 billion thanks to a favorable resolution whereby Kof has been allowed to deduct Ps 3 billion from the sale of shares during 2002 (year in which Panamco was acquired). Over 85% of this amount will be received in cash, and the remainder via tax deductions. It is important to note that this figure is equal to one quarter of Kof's earnings. Kof looks leveraged, but the company has been making debt prepayments to improve its debt profile. In fact, during 2Q04, the company prepaid US$156.8 million in debt. Interest coverage is at 3.8x. The long-term outlook is positive for most territories, particularly now that pricing architectures are in place across most regions and that Kof has been able to prevent other Coca-Cola distributors from having logistics problems (transhipments) in their territories. In terms of valuation, the stock is trading at a trailing EV/EBITDA multiple of 7.16x, which, according to our forecast, should drop to a forward 6.7x in Kof has seemingly started to post positive results at most of the acquired territories a good sign, in our view. In Mexico, planned changes in sales strategies should lead to increased profitability. Synergies are expected to total US$ 70 million this year, and an additional US$ 50 million in Kof's public offering will take place in 3Q04, at a price of US$ per share, for an increase in free float to 19%. Kof's subsidiaries have undergone substantial structural changes that are defining the course of Kof's business. The only subsidiary that posted fully comparable figures was Kof Buenos Aires, as none of Panamco's territories were acquired in that region. (Note: We are presenting comparative volumes in millions of case units for each subsidiary.) accuracy or completeness. Neither Casa de Bolsa Banorte nor Banorte Securities International Ltd. accepts any liability for any losses arising from any use of this report or its contents. 1
2 July 28, 2004 INCOME STATEMENT (millions of constant pesos as of June 30, 2004) 1H04 1H03 Change 2Q04 2Q03 Change Net Sales 21,642 13, % 11,074 9, % Gross Profit 10,532 6, % 5,425 4, % EBITDA 4,492 3, % 2,330 2, % Operating Profit 3,331 2, % 1,749 1, % ICF 839 1, % 814 1, % Interest Expense 1, % % Interest Income % % Foreign Exchange Loss % #N/A Monetary Loss #N/A #N/A Other Financial Expenses % % Pretax Income 2,354 1, % % Taxes % % Extraord. Items (gains) -1,175 0 #N/A -1,175 0 #N/A Minority Interest % 0 0 #N/A Net Income 2, % 1, % Gross Margin 48.7% 50.3% 49.0% 49.6% Ebitda Margin 20.8% 25.9% 21.0% 24.6% Operating Margin 15.4% 20.8% 15.8% 19.4% Net Margin 12.0% 6.3% 15.6% 4.2% A/R Turnover (days) Inventory Turnover (days) A/P Turnover (days) WC net of debt to Sales 4.4% 10.5% BALANCE SHEET (millions of constant pesos as of June 30, 2004) Jun-04 Mar-04 Jun-03 Total Assets 62,277 61,615 63,835 Cash & Equivalents 2,389 2,535 3,914 Other Current Assets 5,437 4,864 5,856 Long Term ,106 Fixed (Net) 18,072 17,978 18,706 Deferred 35,864 35,719 34,253 Other Total Liabilities 36,008 38,009 42,365 Short Term Debt 2,169 2,389 4,018 Other Current Liab. 5,929 6,484 6,863 Long Term Debt 24,868 25,573 27,279 Other Liabilities 3,041 3,563 4,205 Shareholders Equity 26,269 23,607 21,470 Minority Interest FINANCIAL ANALYSIS Current Ratio 1.0x 0.8x 0.9x ST Debt to Totl Debt 8.0% 8.5% 12.8% Foreign Liab/Totl Liab 37.9% 49.2% 42.9% Net Debt/Total Equity 93.8% 107.7% 127.5% Totl Liab./Totl Equity 137.1% 161.0% 197.3% MEXICO (60.6% of total revenues): Volume % Unfavorable weather conditions and intense competition. Since 2003, the company has been facing stronger competition due to the entrance of Cola Real and El Gallito, which have launched larger-sized, lower-priced cola soft drinks as compared to Coca-Cola and Pepsi-Cola. This has forced Kof to change its sales strategy with the introduction of more profitable, personal-size presentations. In 2Q04, sales totaled Ps billion. Soft drink sales volumes were down 1.7%. The 5.9% decline in total sales volumes was due to stronger competition in personal-sized bottled water presentations and the redefinition of water jugs. We feel that the company will be focusing on more profitable 5-lt water presentations instead of water jugs, as transporting these presentations is less expensive for the company. Gross margin contracted by 40 bp to 53%, as a result of higher sugar and PET prices. Operating margin also contracted to 20.4%, due to expenses associated with the standardization of cooler maintenance procedures, the distribution fleet for new territories and new coolers. Marketing expenses have also been high in an attempt to hang on to current market share. Mexican territories have a mixed outlook. On one hand, we are concerned about the huge difference in prices between Kof and Cola Real and El Gallito soft drinks. Although Cola Real and El Gallito should continue to exert strong pressure, this could be offset by 710-ml and 600-ml presentations, as well as other smaller canned presentations, which carry higher prices and margins, and could therefore lead to improvements in profitability if Kof is able to position them. Central America (Guatemala, Nicaragua, Costa Rica, and Panama), accounted for 7.8% of Kof's total revenues. Volume % Guatemala: The Regional Leader. Strong performance during the quarter was due to the Coca- Cola brand. Revenues totaled Ps million and accuracy or completeness. Neither Casa de Bolsa Banorte nor Banorte Securities International Ltd. accepts any liability for any losses arising from any use of this report or its contents. 2
3 the average price per case unit stood at Ps 32.26, up vs. Venezuela (9.9% of revenues): 4Q03 and 1Q04 levels. The best performers for this quarter were Coca-Cola and Coca-Cola Light, with sales volumes Volume % accounting for 60% of the total incremental volume for the region. Also during 2Q04, aiming to offer a more affordable alternative, the company launched the Taí brand in Costa Rica, a value-enhancing multi-flavored soft drink brand in 2-lt PET presentations. With the above, Kof is starting to attain its goal of building a better pricing architecture that will allow the company to attract consumers. Gross margin expanded to 49.8%, as a result of price increases applied during the quarter. Operating profit totaled Ps 84.5 million, while the margin came in at 9.8% (above 2Q03 pro-forma levels) an encouraging sign, in our view, given the increases in certain raw material costs experienced during the quarter. These increases in costs were fully offset by savings in administrative and selling expenses derived from better operating practices, mainly in distribution fleet maintenance, marketing expenses, and personnel restructurings performed during previous quarters. Colombia (7.9% of revenues): Volume % Change in strategy and direction. In 2Q04, volumes contracted and revenues totaled Ps million, while average prices rose 14% thanks to price increases applied in May We feel that average prices will continue to show volatility during the next few quarters, as Kof is still searching for the optimum mix to attract consumers and accommodate their economic needs. The contraction in volumes was due to bottled water (17%). Operating margin starts to show signs of improvement. It is important to note that declining sales volumes have not allowed for good fixed cost and expense absorption. Nonetheless, marketing expenses were down thanks to joint strategies with the Coca-Cola Company, which allowed for improvements in profitability throughout this region. The outlook for this subsidiary is apparently positive, as the company has been actively searching for the ideal sales structure. Performance in volumes and efficiencies in costs and expenses will be key to this subsidiary's success. Another positive sign is that the company's new management has already started to turn in good results after only a few months. Revenues totaled Ps billion, driven by 7.7% higher volumes and a 13.6% increase in product prices. These figures are extremely encouraging, considering Venezuela's political instability. Consumption patterns in Venezuela are very similar to those in Mexico, and Venezuela is a market that could be substantially developed in the mom & pop stores segment. Grapette is one of the new products launched to better accommodate consumer needs. Gross profit totaled Ps million, with the margin coming in at 42.2%, 0.9 pp below 2Q03 levels. This was due to price increases for certain raw materials and the Venezuelan Bolivar/USD devaluation. Operating profit totaled Ps 78.7 million, while the margin ended at 7.1%, up 1.4 pp vs. 2Q03. Stronger sales volumes allowed for better fixed cost and expense absorption, even despite salary increases recorded in 2Q04. Although this region poses a huge challenge, Kof has more than enough experience to improve its presence and profitability. Brazil (8.8% of revenues): Volume % Disloyal competition (competitors selling their products in Kof's territories, also known as transhipments) on the part of other Coca-Cola bottlers is starting to slow down, but Brazil is also a territory where tax evasion runs rampant. Kof, however, intends to eliminate these disadvantages and reposition the company within the region, apparently with the support of The Coca-Cola Co., thanks to which sales volumes have at least started to grow. Sales rose to Ps million and average prices per case unit ended at Ps 16.62, slightly above 1Q04 levels. An encouraging sign was that the company was able to keep brand diversification under control. One plant was shut down and sweetener costs declined. As a result, gross margin expanded by 5.7 pp vs. 2Q03 to 37.8%, while operating margin ended at 6% vs. a negative margin in 2Q03. This was driven by better operating practices, such as discontinuing formerly outsourced activities and the implementation of cost-cutting strategies. accuracy or completeness. Neither Casa de Bolsa Banorte nor Banorte Securities International 3 Ltd. accepts any liability for any losses arising from any use of this report or its contents.
4 Brazil has a positive outlook, especially now that Kof has started to position itself as a company and that it has gained the support of The Coca-Cola Company, which has helped make other bottlers respect Kof's territory, thus avoiding transhipments. Profitability should improve at the Brazilian subsidiary as sales volumes grow. ARGENTINA (5.9% of revenues): MCU/MXP 2Q03 2Q04 % Change Volume % Sales % Gross Profit % Operating Profit % Another strong quarter. The upward trend continues as expected, and Kof's presence in this region has improved on an ongoing basis. Volumes were up 15.9%, while average prices per case unit rose 2.1%, leading to 18.7% growth in net sales (slightly above our estimates). We feel KOFBA should continue to post strong results through the end of the year, and we believe consumption could rebound now that the economy seems to be turning around. Gross margin expanded by 450 bp, thanks to a favorable shift in sales mix towards returnable presentations and lower sweetener costs as compared to 2Q03. Expenses dropped again, thanks to declines in administrative expenses associated with the transfer of executives to the Mercosur offices. As a result, operating profit grew explosively, while the margin expanded by 9.6 pp to 13.2%. KOFBA should most likely continue to reap the benefits of its recently implemented strategies and keep on winning a bigger share of the market. It is important to note that Kof's results will be fully comparable beginning in 3Q04. Although the company does not provide any guidelines regarding its prospects for 2004, we believe it will be a good year for most of Kof's subsidiaries. Kof has proven its ability to turn around troublesome territories, which leads us to believe that Panamco should be at its best moment sometime in early We also expect additional synergies to lead to US$120 million in savings, with US$ 50 million already saved so far. Capex for the year will total US$ 250 million. Kof intends to finance its expansion with operating cash flows, allocating these resources to distribution, cases and the market in general. On the pricing front, there is an intense price war going on in the cola segment, which could continue in the medium term. Nonetheless, we believe that Kof will continue to be a highly profitable company. accuracy or completeness. Neither Casa de Bolsa Banorte nor Banorte Securities International 4 Ltd. accepts any liability for any losses arising from any use of this report or its contents.
5 KOF $32.00 $27.00 In itia l O p in i o n : BU Y Targe t Price Ps $ LO NG TERM Target Price Ps$ SELL 14% Marcela Martinez ' Summar y Recommendation $22.00 $17.00 HOLD 36% $12.00 LONG TERM HO LD Up gradin g Targe t Price Ps$ 30 50% $7.00 Dec-02 Feb-03 Apr-03 Jun- 03 Aug-03 Oct-03 Dec-03 Feb- 04 Apr-04 Jun-04 0% 10% 20% 30% 40% 50% Analyst Certification I, Marcela Martínez Suárez, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject company(ies), its (their) affiliate(s) and its (their) securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation in exchange for expressing the specific opinion(s) in this report. Material Disclosures Casa de Bolsa Banorte and its affiliates, including Grupo Financiero Banorte, provide a vast array of services in addition to investment banking, such as corporate banking, among others, to a large number of corporations in Mexico and abroad. The reader should assume that Casa de Bolsa Banorte or its affiliates receive compensation for those services from such corporations. Under Mexican laws currently in force, Research Analysts are permitted to directly hold long positions in shares of companies listed on the Bolsa Mexicana de Valores and mutual funds. However, Research Analysts must keep observance of certain bylaws that regulates their participation in the market preventing, among other things, misuse of private information in their own benefit. Analyst compensation Analyst compensation is based on activities and services intended for the benefit of investor clients of Casa de Bolsa Banorte and its affiliates. Compensation is determined on the basis of individual performance and impacted by overall firm profitability. However, investors should note that our analysts do not receive any direct compensation for any specific transaction in investment banking. Investment Banking Activities over the Past Twelve Months Casa de Bolsa Banorte or its affiliates have received compensation for investment banking services from the following companies or their affiliates, which may be the subject of analysis in this report: Alfa, Cablemas, CEMEX, Corporación GEO, DeMet, G. Acción, Grupo Financiero Banorte, Hylsamex, Hipotecaria Nacional, Jugos Del Valle, Su Casita, Urbi, Xignux. Investment Banking Activities during the Next Three Months Casa de Bolsa Banorte or its affiliates expect to receive or intend to seek compensation for investment banking services from companies or their affiliates that may be discussed in this report. Guide to Investment Ratings RATING is a parameter that indicates the expected total RETURN over the next twelve months. The total return required for a given rating depends on each stock's level of RISK. The following table outlines the parameters used to determine the rating given in the document attached hereto. These parameters are placed under revision on a regular basis, and modified as a function of several factors, including interest rate levels and future expected interest rate performance, as well as equity market trends and volatility.: Risk/Rating Low Medium High >13.5% >16.5% >19.5% HOLD <13.5% > 9.0% < 16.5% > 11% < 19.5% > 13% SELL <9.0% <11% <13% Risk takes into account three factors: 1) relative volatility to the local index, 2) the stock's marketability, 3) the company s financial strength. With these factors we construct a "Risk Index", which is used to group securities to three levels of risk: Low, Medium and High. Although this document offers a general investment criterion, we urge readers to seek the counsel of their own Financial Consultants or Advisors, should any given security mentioned herein fit the reader s investment goals, risk profiles, and financial positions. Determining Price Targets In calculating price targets, Casa de Bolsa Banorte uses a combination of methodologies that are generally accepted among financial analysts, including, but not limited to, analysis of multiples, discounted cash flows, sum-of-parts, or any other method that might be applied on a case-by-case basis. There can be no assurance that price targets calculated by Casa de Bolsa Banorte will be attained, as this depends on numerous endogenous and exogenous factors affecting both the company s performance and trends in the stock market on which it is listed. THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES THAT WE BELIEVE TO BE RELIABLE, BUT WE MAKE NO REPRESENTATION AS TO ITS ACCURACY OR COMPLETENESS. NEITHER CASA DE BOLSA BANORTE, S.A. DE C.V. NOR BANORTE SECURITIES INTERNATIONAL ACCEPTS ANY LIABILITY FOR ANY LOSS ARISING FROM ANY USE OF THIS REPORT OR ITS CONTENTS. 5
Coca Cola FEMSA (KOF)
Mexico and Brazil posted good results, and fully offset the decreases in Central America and Venezuela. Mexico has not slowed down its growth rate. Both prices and volumes performed positively. Brazil
More informationFourth Quarter Highlights:
Latin America s Beverage Leader FEMSA Reports Double-Digit Growth in 2006 Total Revenues increased 13.2% to US$ 11.6 billion for full year Monterrey, Mexico, Fomento Económico Mexicano, S.A.B. de C.V.
More information2014 SECOND - QUARTER AND FIRST SIX MONTHS RESULTS
2014 SECOND - QUARTER AND FIRST SIX MONTHS RESULTS Second quarter 2014 2013 Reported Δ% YTD effects Δ% (5) 2014 2013 Reported Δ% effects Δ% (5) Stock Listing Information Total revenues 41,434 36,260 14.3%
More information2012 SECOND-QUARTER AND FIRST SIX-MONTH RESULTS
Stock Listing Information Mexican Stock Exchange Ticker: KOFL 2012 SECOND-QUARTER AND FIRST SIX-MONTH RESULTS NYSE (ADR) Ticker: KOF Second Quarter 2012 2011 Reported Δ% YTD Excluding M&A Effects Δ% (5)
More information2018 THIRD QUARTER AND FIRST NINE MONTHS RESULTS
2018 THIRD QUARTER AND FIRST NINE MONTHS RESULTS Mexico City,, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA, KOF or the Company ), the largest Coca-Cola franchise bottler in
More informationSecond Quarter 2009 Highlights:
Latin America s Beverage Leader FEMSA Delivers Robust Revenues and Operating Income Growth in 2Q09 Monterrey, Mexico, July 28, 2009 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today
More informationCEMEX Cement. Quarterly Report February 9, CEMEX remains on track to regain its investment grade.
Quarterly Report CEMEX Market Outperformer 2017 Price Target US$11.0 Price 8.9 12M Price Range 4.1/9.5 Shares Outstanding (Mill)* 1,545 Market Cap USD (Mill) 13,797 Float 78.6% Net Debt USD (Mill)** 12,516
More informationThird Quarter 2008 Highlights:
Latin America s Beverage Leader FEMSA Delivers 8.6% Operating Income Growth in 3Q08 Monterrey, Mexico, October 28, 2008 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) today announced its operational
More informationFEMSA Grows Operating Income High Single Digit in 2Q13
FEMSA Grows Operating Income High Single Digit in 2Q13 Monterrey, Mexico, July 25, 2013 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational and financial results for the
More information2014 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS
2014 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS Third Quarter 2014 2013 Reported Δ% YTD Effects Δ% (5) 2014 2013 Reported Δ% Effects Δ% (5) Stock Listing Information Total Revenues 41,781 37,494 11.4%
More informationFirst Quarter 2009 Highlights:
Latin America s Beverage Leader FEMSA Delivers Double-Digit Revenues and Operating Income Growth in 1Q09 Monterrey, Mexico, April 30, 2009 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced
More informationFEMSA Achieves Double-Digit Revenue and Operating Income Growth Across Operations in 3Q11
FEMSA Achieves Double-Digit Revenue and Operating Income Growth Across Operations in 3Q11 Monterrey, Mexico, October 28, 2011 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational
More informationCEMEX Cement. Quarterly Report July 27, CX: Proving the success of its Value-before-Volume strategy.
Quarterly Report CEMEX Market Outperformer 12M FWD Price Target US$10.8 Price 7.1 12M Price Range 3.8/8.6 Shares Outstanding (Mill)* 1,542 Market Cap USD (Mill) 10,976 Float 78.6% Net Debt USD (Mill)**
More informationFEMSA Announces Third Quarter 2015 Results
FEMSA Announces Third Quarter 2015 Results Monterrey, Mexico, October 28, 2015 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational and financial results for the third quarter
More information2017 FIRST QUARTER RESULTS
2017 FIRST QUARTER RESULTS Mexico City,, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA or the Company ), the largest franchise bottler in the world by sales volume, announces
More information2015 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS
2015 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS Mexico City, October 28, 2015, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA or the Company ), the largest franchise bottler
More information2013 FOURTH - QUARTER AND FULL YEAR RESULTS
2013 FOURTH - QUARTER AND FULL YEAR RESULTS Fourth Quarter 2013 2012 Reported Δ% Full Year Effects Δ% (5) 2013 2012 Reported Δ% Effects Δ% (5) Stock Listing Information Mexican Stock Exchange Ticker: KOFL
More informationVITRO Conglomerates. Quarterly Report July 29, VITRO Market Outperformer 12M FWD Price Target P$73.0
Quarterly Report VITRO Market Outperformer 12M FWD Price Target P$73.0 Price 61.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.6 Market Cap (Mill) 1,564 Float 20% Net Debt ( Mill) -424 EV Adj.
More information2Q16 Highlights: 12M FWD EV/EBITDA 12M PRICE PERFORMANCE VS. IPC P/E
GISSA Market Outperformer 12M FWD Price Target P$45.0 Price 31.4 12M Price Range 29.5/ 33.09 Shares Outstanding 356 Market Cap (Mill) 11,169 Float 19.5% Net Debt (Mill) 46 EV (Mill) 11,164 Dividend Yield
More informationBIMBO Food. Quarterly Report October 27, BIMBO Market Underperformer 2016 Price Target P$41.9
Quarterly Report BIMBO Market Underperformer 2016 Price Target P$41.9 Price 51.51 12M Price Range 45.02 / 59.86 Shares Outstanding (Mill) 4,703.2 Market Cap (Mill) 242,262 Float 24.0% Net Debt (Mill) 72,562
More informationFEMSA Announces Fourth Quarter and Full Year 2016 Results
FEMSA Announces Fourth Quarter and Full Year 2016 Results Monterrey, Mexico, February 27, 2017 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) (NYSE: FMX; BMV: FEMSAUBD) announced today its operational
More informationCompany Overview. August 2006
Company Overview August 2006 Safe Harbor Statement During this presentation management may discuss certain forwardlooking statements concerning FEMSA s future performance that should be considered as good
More informationFEMSA Announces Third Quarter 2018 Results
FEMSA Announces Third Quarter 2018 Results Monterrey, Mexico, October 26, 2018 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) (NYSE: FMX; BMV: FEMSAUBD) announced today its operational and financial
More informationVITRO Conglomerates. Company Note March 1, VITRO completes acquisition of the OEM Business from PGW
Company Note VITRO Market Outperformer 2017 Price Target P$88.5 Price 70.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.1 Market Cap (Mill) 1,703 Float 20% Net Debt ( Mill) 273 EV Adj. (Mill)
More informationFinancial Review 2009
Financial Review 2009 T ABLE OF CONTENTS Financial Summary 38 Management s Discussion and Analysis 40 Audit Committee Annual Report 46 Independent Auditors Report 48 Consolidated Balance Sheets 49 Consolidated
More informationEBITDA GREW 6% TO REACH A 24% MARGIN IN 2Q14
EBITDA GREW 6% TO REACH A 24% MARGIN IN 2Q14 Monterrey, Mexico, July 17, 2014 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest Coca-Cola bottler in Latin America
More informationARCA CONTINENTAL REPORTS EBITDA GROWTH OF 5.3% WITH NET INCOME UP 23.3% OR 140 BPS IN 4Q14
ARCA CONTINENTAL REPORTS EBITDA GROWTH OF 5.3% WITH NET INCOME UP 23.3% OR 140 BPS IN 4Q14 Monterrey, Mexico, February 18, 2015 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the
More information2014 FOURTH - QUARTER AND FULL YEAR RESULTS
2014 FOURTH - QUARTER AND FULL YEAR RESULTS Mexico City February 25, 2015, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA or the Company ), the largest franchise bottler in the
More informationAcquisitions Appear Priced In; Downgrading on Valuation vs. Global Peers (212) (212)
Latin American Equity Research New York, June 9, 2008 COCA-COLA FEMSA Company Update Mexico Beverages UNDERPERFORM Acquisitions Appear Priced In; Downgrading on Valuation vs. Global Peers Alexander Robarts
More informationFEMSA Announces Third Quarter 2016 Results
FEMSA Announces Third Quarter 2016 Results Monterrey, Mexico, October 28, 2016 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) (NYSE: FMX; BMV: FEMSAUBD) announced today its operational and financial
More informationNET INCOME INCREASED 15% WITH EBITDA MARGIN GROWTH OF 70BPS IN 3Q13
NET INCOME INCREASED 15% WITH EBITDA MARGIN GROWTH OF 70BPS IN 3Q13 Monterrey, Mexico, October 28, 2013 Arca Continental, S.A.B. de C.V. (BMV: AC*), the second-largest Coca-Cola bottler in Latin America
More informationCoca-Cola FEMSA presents 2011 Financial Information under International Financial Reporting Standards (IFRS)
Stock Listing Information Mexican Stock Exchange Ticker: KOFL NYSE (ADR) Ticker: KOF Ratio of KOF L to KOF = 10:1 Coca-Cola FEMSA presents 2011 Financial Information under International Financial Reporting
More informationFinancial Review 2008
Financial Review 2008 T a b l e o f Co n t e n t s Financial Summary 38 Management s Discussion and Analysis 40 Audit Committee Annual Report 46 Independent Auditors Report 48 Consolidated Balance Sheets
More informationGFAMSA Retail. Quarterly Report July 29, GFAMSA Market Performer 12M FWD Price Target P$8.6
Quarterly Report GFAMSA Market Performer 12M FWD Price Target P$8.6 Price 7.8 12M Price Range 6.77 / 15.34 Shares Outstanding (Mill) 562 Market Cap (Mill) 4,383 Float 36% Net Debt (Mill) 27,728 EV (Mill)
More informationCIDMEGA Services. Outperformer 2 P$51.0. Quarterly Report October 25, CIDMEGA Market Outperformer 12m FWD Price Target P$51
Quarterly Report October 25, 2016 CIDMEGA Market Outperformer 12m FWD Price Target P$51 Price 44.0 12M Price Range 37.5 / 50 Shares Outstanding 68 Market Cap (Mill) 2,976 Float 27% Net Debt (Mill) 1,823
More informationInformation considers full-year of KOF s territories and eight months of Grupo Fomento Queretano, S.A.P.I. ( Grupo Fomento Queretano ) (3)
financial summary Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.), except data per share. U.S. ( * ) 2012 (2) 2011 (1) INCOME STATEMENT Total revenues $ 11,396
More informationInvestor Presentation. May 2016
Investor Presentation May 2016 Safe Harbor Statement During this presentation management may discuss certain forward-looking statements concerning FEMSA s future performance that should be considered as
More informationCorporate Presentation
Corporate Presentation 2015 Presentation Disclaimer During this presentation management may discuss certain forward-looking statements concerning Arca Continental s future performance that should be considered
More informationARCA CONTINENTAL REPORTS REVENUE GROWTH OF 22.5% WITH EBITDA UP 20.3% IN 2016
ARCA CONTINENTAL REPORTS REVENUE GROWTH OF 22.5% WITH EBITDA UP 20.3% IN 2016 Monterrey, Mexico, February 24, 2017 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest
More informationFEMSA Announces First Quarter 2016 Results
FEMSA Announces First Quarter 2016 Results Monterrey, Mexico, April 28, 2016 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational and financial results for the first quarter
More informationRASSINI Automotive Industry
RASSINI Market Outperformer 12M FWD Price Target P$49.0 Price 43.31 12M Price Range 28.8 / 39.4 Shares Outstanding 320 Market Cap (Mill) 13,865 Float 30.0% Net Debt (Mill) 1,867 EV (Mill) 16,345 Dividend
More informationSafe harbor statement
Safe harbor statement During this presentation management may discuss certain forwardlooking statements concerning FEMSA s future performance that should be considered as good faith estimates made by the
More informationCorporate Presentation
Corporate Presentation 1 Disclaimer During this presentation management may discuss certain forward-looking statements concerning Arca Continental s future performance that should be considered as good-faith
More informationCorporate Presentation
Corporate Presentation 1 Disclaimer During this presentation management may discuss certain forwardlooking statements concerning Arca Continental s future performance that should be considered as good-faith
More informationSafe harbor statement
Safe harbor statement During this presentation management may discuss certain forwardlooking statements concerning FEMSA s future performance that should be considered as good faith estimates made by the
More informationSafe Harbor Statement
Investor Presentation May 2017 Safe Harbor Statement During this presentation management may discuss certain forward-looking statements concerning FEMSA s future performance that should be considered as
More informationREVENUE GREW 7.0% WITH NET INCOME UP 30.6% IN 2Q18
REVENUE GREW 7.0% WITH NET INCOME UP 30.6% IN 2Q18 Monterrey, Mexico, July 20, 2018 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest Coca-Cola bottler in America,
More informationCOCA COLA FEMSA SAB DE CV
COCA COLA FEMSA SAB DE CV FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 04/11/14 for the Period Ending 12/31/13 Telephone 525515195120 CIK 0000910631 Symbol KOF SIC Code 2086
More informationfive-year summary COCA-COLA FEMSA, S.A.B. DE C.V. AND SUBSIDIARIES
financial section 31 Five-Year Summary 32 Management s Discussion and Analysis 34 Corporate Governance 34 Environmental Statement 34 Management s Responsibility for Internal Control 35 Audit Committee
More information3Q18 EARNINGS RELEASE. Earnings Release 3Q18 1 / 16
EARNINGS RELEASE 3Q18 1 / 16 Monterrey, Mexico, October 25 th, 2018. Grupo Famsa, S.A.B. de C.V. (BMV: GFAMSA), a leading Mexican commercial conglomerate in the retail, consumer and savings sector, announced
More informationGenomma Lab FOURTH QUARTER AND FULL YEAR 2015 RESULTS
Mexico City, Mexico, April 27, 2016 Genomma Lab Internacional, S.A.B. de C.V. (BMV: LAB.B) ( Genomma Lab or the Company ), today announced its results for the first quarter ended March 31, 2016. All figures
More informationFEMSA REPORTS RECORD REVENUES IN 3 rd QUARTER WITH NET INCOME UP 18%
FOR IMMEDIATE RELEASE CONTACTS: Juan Fonseca / (52) 81 83 28 62 45 / juan.fonseca@femsa.com.mx Alan Alanís / (52) 81 83 28 62 11 / alan.alanis@femsa.com.mx Emily Klingbeil / (52) 81 83 28 61 89 / emily.klingbeil@femsa.com.mx
More informationREVENUE GREW 14% WITH EBITDA UP 5.7% IN 2018
REVENUE GREW 14% WITH EBITDA UP 5.7% IN 2018 Monterrey, Mexico, February 19, 2019 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest Coca-Cola bottler in Latin America,
More informationFEMSA Releases Audited Financial Results for the Fourth Quarter and Twelve Months ended December 31, 1998
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION: Laura E. Solano/María Elena Gutiérrez Investor Relations 011-528-328-6150/011-528-328-6245 e-mail: lsolmar@femsa.com.mx megutsan@femsa.com.mx Friday February
More informationEARNINGS RELEASE 2Q18
EARNINGS RELEASE CADU REPORTS A 18.4% AND 10.1% ANNUAL GROWTH RATES IN NET INCOME AND EBITDA DURING Cancun, Quintana Roo, Mexico, July 24, 2018. Corpovael, S.A.B. de C.V. (BMV: CADUA), a leading homebuilder
More informationSECOND QUARTER 2015 RESULTS
B SECOND QUARTER 2015 RESULTS MEXICO CITY, JULY 21, 2015 Grupo Bimbo S.A.B. de C.V. ( Grupo Bimbo or the Company ) (BMV: BIMBO) today reported results for the three months ended June 30, 2015.* HIGHLIGHTS
More informationMEXICAN ECONOMIC DEVELOPMENT INC
MEXICAN ECONOMIC DEVELOPMENT INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 4/8/2004 For Period Ending 12/31/2003 Address CUAUHTEMOC 400 SUR APERTADO POSTAL 2001 COLONIA VELLA
More information» Grupo LALA, S.A.B. de C.V.
Investor Relations Presentation» Grupo LALA, S.A.B. de C.V. May, 2016 INVESTMENT HIGHLIGHTS» Scale and Leadership in Branded Healthy Foods» Second Most Recognized Consumer Brand in Mexico» Two Megabrands»
More informationMEXICAN ECONOMIC DEVELOPMENT INC
MEXICAN ECONOMIC DEVELOPMENT INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 6/28/2007 For Period Ending 12/31/2006 Address GENERAL ANAYA NO 601 PTE COLONIA BELLA VISTA MONTERREY,
More informationCompany Overview 2008
Company Overview 2008 Safe Harbor Statement During this presentation management may discuss certain forwardlooking statements concerning FEMSA s future performance that should be considered as good faith
More informationBusiness Highlights. Media Contact: Jaime Toussaint (52) Carolina Alvear (52)
FEMSA reports solid operating results for the third quarter and first nine months of 2004 Monterrey, Mexico, October 27, 2004 Fomento Económico Mexicano, S.A. de C.V. ( FEMSA ) (NYSE: FMX; BMV: FEMSA UBD,
More informationFORM 20-F. Coca-Cola FEMSA, S.A.B. de C.V. (Exact name of registrant as specified in its charter)
As filed with the Securities and Exchange Commission on April 15, 2016. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More informationCOCA COLA FEMSA SAB DE CV
COCA COLA FEMSA SAB DE CV FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 03/15/13 for the Period Ending 12/31/12 Telephone 525515195120 CIK 0000910631 Symbol KOF SIC Code 2086
More informationFinancial Results 1Q13. May 2013
Financial Results May 2013 1 2 Summary of Results Financial Highlights GFNORTE reported a Ps 3.14 billion profit, an increase of 27% YoY vs. driven by favorable performance across business lines and lower
More informationFORM 20-F. Coca-Cola FEMSA, S.A.B. de C.V.
As filed with the Securities and Exchange Commission on April 15, 2015. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More informationREVENUE GREW 46.4% WITH NET INCOME UP 44.9% IN 2017
REVENUE GREW 46.4% WITH NET INCOME UP 44.9% IN 2017 Monterrey, Mexico, February 23, 2018 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest Coca-Cola bottler in
More informationEBITDA GREW 16.8% WITH NET INCOME UP 11.3% IN 1Q13
EBITDA GREW 16.8% WITH NET INCOME UP 11.3% IN 1Q13 Monterrey, Mexico, April 26, 2013 Arca Continental, S.A.B. de C.V. (BMV: AC*), the secondlargest Coca-Cola bottler in Latin America and third largest
More informationGabelli & Company, Inc.
One Corporate Center Rye, NY 10580-1435 Tel (914) 921-5072 Fax (914) 921-5098 www.gabelli.com Janurary 8, 2003 Gabelli & Company, Inc. Fomento Economico Mexicano, S.A. de C.V. (FEMSA) (FMX- $36 - NYSE)
More informationOur thesis considers the following:
Quarterly Report OMA Market Underperformer 2016 Price Target P$108.8 Price 114.23 12M Price Range 77.19 / 115.63 Shares Outstanding (Mill) 392.2 Market Cap (Mill) 44,796 Float 46% Net Debt (Mill) 2,782
More informationGRUPO BIMBO REPORTS THIRD QUARTER 2018 RESULTS MEXICO CITY, OCTOBER 24, 2018
GRUPO BIMBO REPORTS THIRD QUARTER 2018 RESULTS MEXICO CITY, OCTOBER 24, 2018 We delivered strong third quarter results. We continue to transform our Company to be highly competitive, productive and sustainable
More informationCoca-Cola Andina announces Consolidated Results for the First Quarter of 2015
April 29, 2015 Contacts in Santiago, Chile Andrés Wainer, Chief Financial Officer Paula Vicuña, Head of Investor Relations (56-2) 2338-0520 / paula.vicuna@koandina.com Coca-Cola Andina announces Consolidated
More informationFourth Quarter Results
2015 Fourth Quarter Results This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX, S.A.B. de C.V. and its direct and indirect subsidiaries
More informationVitro Reports 87.1% and 60.3% YoY US dollars Increase in Sales and EBITDA respectively
Vitro Reports 87.1% and 60.3% YoY US dollars Increase in Sales and EBITDA respectively San Pedro Garza García, Nuevo León, Mexico, April 25, 2017 Vitro, S.A.B. de C.V. (BMV: VITROA), hereinafter Vitro
More informationGCC REPORTS FIRST QUARTER 2018 RESULTS
GCC REPORTS FIRST QUARTER 2018 RESULTS Chihuahua, Chihuahua, Mexico, April 24, 2018 Grupo Cementos de Chihuahua, S.A.B. de C.V. (BMV: GCC *), a leading producer of cement and ready-mix concrete in the
More informationGFNORTE. Conference Call: 4Q18 Results. January 25th, 2019
GFNORTE Conference Call: 4Q18 Results January 25th, 2019 Disclaimer This presentation contains certain general information as of the date hereof, information which have been prepared for information purposes
More informationEarnings Release 4Q15
Monterrey, Mexico, May 27, 2016. Grupo Famsa, S.A.B. de C.V. (BMV: GFAMSA), a leading Mexican commercial conglomerate in the retail, consumer credit and savings sectors, announced today its earnings results
More informationCorporate Presentation May 2017
Corporate Presentation May 2017 Forward Looking Statements The material that follows presents general background information about Organización Cultiba, S.A.B. de C.V. ( CULTIBA or the Company ) as of
More informationSecond Quarter Results
2014 Second Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More information1Q14 RESULTS. A p r i l 2 9,
1Q14 RESULTS A p r i l 2 9, 2 0 1 4 Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX Latam Holdings, S.A. and its subsidiaries
More informationEmbotelladora Andina announces Consolidated Results for the Third Quarter and Nine Months ended September 30, 2010
www.embotelladoraandina.com For Immediate Distribution Contact in Santiago, Chile Embotelladora Andina Giuliana Gorrini, Head of Investor Relations (56-2) 338-0520 / ggorrini@koandina.com Contacts in New
More informationGFINBUR Banks. Quarterly Report July 28, GFINBUR: Strong operating results hidden by non-cash losses.
Quarterly Report GFINBURSA Market Outperformer 2016e Price Target P$39.0 Price 31.16 12M Price Range 27.82 / 42.48 Shares Outstanding (Mill) 6,667 Market Cap (Mill) 207,745 Float 33.6% Deposits (Mill)
More informationP/BV 12M PRICE PERFORMANCE VS. IPC P/E FWD
Quarterly Report FINDEP Market Performer 12M FWD Price Target P$3.5 Price 3.85 12M Price Range 2.70 / 5.18 Shares Outstanding (Mill) 715.9 Market Cap (Mill) 2756.2 Float 36.6% Total Debt (Mill) 6,562 Stockholder
More information1Q18 EARNINGS RELEASE. Earnings Release 1Q18 1 / 15
EARNINGS RELEASE 1Q18 1 / 15 Monterrey, Mexico April 27 th, 2018. Grupo Famsa, S.A.B. de C.V. (BMV: GFAMSA), a leading Mexican commercial conglomerate in the retail, consumer and savings sector, announced
More informationNotes to the Consolidated Financial Statements
Notes to the Consolidated Financial Statements As of December 31, 2013, 2012 and 2011. Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.) 1. Activities of the Company
More informationCoca-Cola Andina announces Consolidated Results for the First Quarter of 2014
Contacts in Santiago, Chile Andrés Wainer, Chief Financial Officer Paula Vicuña, Head of Investor Relations (56-2) 2338-0520 / paula.vicuna@koandina.com Coca-Cola Andina announces Consolidated Results
More informationVitro Reports Second Quarter 2018 Results
Vitro Reports Second Quarter 2018 Results 1.1% Year over Year increase in Sales; EBITDA Impacted by Carlisle s Float temporary shutdown San Pedro Garza García, Nuevo León, Mexico, 27 of July -, 2018 Vitro,
More informationFORM 20-F. Fomento Económico Mexicano, S.A.B. de C.V. (Exact name of registrant as specified in its charter)
As filed with the Securities and Exchange Commission on April 16, 2014. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More information2Q-2016 Consolidated Results Conference Call
2Q-2016 Consolidated Results Conference Call FULL IFRS September 27, 2016 The IR Recognition granted by the Colombian Securities Exchange (Bolsa de Valores de Colombia S.A) is not a certification of the
More information1999 Fourth Quarter Results
Carlos Jacks Investor Relations 52 (8) 328-3393 cjacks@cemex.com CEMEX homepage: http://www.cemex.com Marcelo Benitez Analyst Relations (212) 317-6008 mbenitez@cemex.com 1999 Fourth Quarter Results EBITDA
More informationTHIRD-QUARTER 2007 RESULTS (Peso amounts are stated in millions in constant terms as of September 30, 2007)
Rogelio Sánchez rsanchezm@gruma.com (52) 81 8399-3312 Lilia Gómez lgomez@gruma.com (52) 81 8399-3324 Monterrey, N.L. Mexico; October 24, 2007 www.gruma.com THIRD-QUARTER 2007 RESULTS (Peso amounts are
More informationThird Quarter Results
2013 Third Quarter Results Forward looking information This presentation contains certain forward-looking statements and information relating to CEMEX, S.A.B. de C.V. and its subsidiaries (collectively,
More informationVitro Reports 2Q17 YoY Increases of 146% and 95% in Sales and EBITDA respectively in US Dollars
Vitro Reports 2Q17 YoY Increases of 146% and 95% in Sales and EBITDA respectively in US Dollars San Pedro Garza García, Nuevo León, Mexico, July 26, 2017 Vitro, S.A.B. de C.V. (BMV: VITROA), hereinafter
More informationGRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Fourth quarter 2016 earnings results
GRUPO CEMENTOS DE CHIHUAHUA, S.A.B. DE C.V. (BMV: GCC *) Fourth quarter 2016 earnings results GCC REPORTS FOURTH QUARTER 2016 RESULTS Chihuahua, Chihuahua, Mexico, April 27, 2017 Grupo Cementos de Chihuahua,
More informationOrganización Cultiba, S.A.B. de C.V.
Diana Cantú, Analyst +52 (81) 8399-9100 diana.cantu2624@gmail.com Marisela Rubio, Analyst +52 (81) 80-7700 ext. 1312 marisela.rubio@gmail.com BMV: CULTIBA.MX ad Please see the disclaimer at back of this
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 October 2015 Date of Report
More informationGrupo LALA, S.A.B. de C.V.
Grupo LALA, S.A.B. de C.V. 4 th Quarter, 2016 Earnings Conference Call February 21 st, 2016 DISCLAIMER This material does not constitute an offering document. This material was prepared solely for informational
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationEarnings Results. Second Quarter 2015
Earnings Results Second Quarter 2015 Forward Looking Statements This presentation contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve
More informationCorporate Presentation Nov 2017
Corporate Presentation Nov 2017 Forward Looking Statements The material that follows presents general background information about Organización Cultiba, S.A.B. de C.V. ( CULTIBA or the Company ) as of
More informationCompany Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Superior Industrial Enterprises Limited CMP: 19.6 December 24, 215 Stock Details BSE code 519234 BSE ID SIEL Face value
More information