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

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


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.

John Santa Maria, Coca-Cola FEMSA’s CEO, commented:

“During 2020, in the face of the hardship brought by the COVID-19 pandemic, we were able to navigate the storm and emerge stronger.

Our full year results underscore our resiliency and capability to generate efficiencies as well as our employees’ commitment to serve and satisfy the needs of our customers and consumers. Notably, in addition to these strong operating results, I am pleased that we have redesigned our distribution partnership with Heineken in Brazil. This new agreement realigns the interests of all parties and is built on a solid historical foundation that will allow us to develop a strong portfolio of leading brands to continue satisfying our clients and consumers in the country. Overall, these achievements are testament that we not only addressed the pandemic with operating excellence but also that that we continued to move aggressively on all strategic and digital fronts towards our ambition to become a true total beverage platform.”


  • The Company recognizes the relentless commitment of all of its employees and collaborators during 2020, despite facing unprecedented times. Additionally, the Company will continue accelerating its path towards recovery by implementing initiatives to protect its collaborators, clients, consumers and support communities in need.
  • On November 3, 2020, Coca-Cola FEMSA paid the second installment of the 2019 dividend approved for Ps. 0.6075 per share (equivalent to Ps. 4.86 per unit).
  • Coca-Cola FEMSA is proud to be a member of the 2021 Bloomberg Gender-Equality Index (GEI). For the second consecutive year, this Index recognizes Coca-Cola FEMSA for its commitment to both workplace equality and transparency.
  • On February 19, 2021, Coca-Cola FEMSA announced that it became the only Mexico-based company to be included in the S&P Global Sustainability Yearbook 2021, due to its high performance in the S&P Global Corporate Sustainability Assessment (CSA). The Company was ranked within the top 15% of leading beverage companies in sustainability under S&P Global’s proprietary annual evaluation of the environmental, social, economic, and corporate governance dimensions of more than 7,000 companies around the world.
  • On February 24, 2021, The Coca-Cola Company, the Coca-Cola System in Brazil and HEINEKEN reached an agreement (the “Agreement”) to renew their longstanding distribution partnership in Brazil. As per the Agreement, expected to become effective mid-2021, the parties will begin a smooth transition of the Heineken and Amstel brands to HEINEKEN Brazil’s distribution network. The Coca-Cola System in Brazil will continue to offer Kaiser, Bavaria and Sol, and will complement this portfolio with premium brand Eisenbahn and other international brands. The Agreement allows the parties to better serve consumers and customers in the Brazilian market with a solid portfolio, building on the positive momentum developed over many years of successful collaboration. Additionally, as part of the redesign of the distribution partnership, the parties will have more flexibility. Subject to certain mutually-agreed upon terms established in the Agreement, the Coca-Cola System in Brazil will be able to produce and distribute alcoholic beverages and other beers in a certain proportion to HEINEKEN’s portfolio and HEINEKEN will be able to explore further opportunities in the non-alcoholic segment. This will allow Brazilian consumers to benefit from a wider array of options.


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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