2013 2014 2015

Net sales Ps. 155175 Ps. 146948 Ps. 151914

Other operating revenues 836 350 446
Total revenues 156,011 147,298 152,360
Cost of goods sold 83,076 78,916 80,330
Gross profit 72,935 68,382 72,030
Administrative expenses 6,487 6,385 6,405
Seling expenses 44,828 40,465 41,879
Other income 478 1,001 620
Other expenses 1,101 1,159 2,368
Interest Expense 3,341 5,546 6,337
Interest income 654 379 414
Foreign exchange (loss) gain, net -739 -968 1,459
Loss on monetary position for subsidiaries in
hyperinflationary economies 393 312 33
Market value gain on financil instruments 46 25 142
Income before income taxes and share of the
profit of associates and joint ventures accounted
for using the equity method 17,224 14,952 14,725
Income taxes 5,731 3,861 4,551
Share of the profit of associates and joint ventures
accounted for using the equity method, net of
taxes 289 -125 155
Consolidated net income 11,782 10,966 10,329

Attributable to:
Equity holders of the parent 11,543 10,542 10,235
Non-controlling interest 239 424 94
Consolidated net income 11,782 10,966 10,329

Net equity holders of the parent

Earnings per share 5.61 5.09 4.94
CONSOLIDATED INCOME STATEMENTS
For the years ended December 31, 2015, 2014 and 2013
Amounts expressed in millions of U.S. dollars ( $ ) and in millions of Mexican pesos ( Ps.)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

For the years ended December 31, 2015, 2014 and 2013
Amounts expressed in millions of U.S. dollars ( $ ) and in millions of Mexican pesos ( Ps.)

2013-12 2014-12 2015-12

Assets
Current assets
Cash
Cash and cash equivalents 15306 12958 15989
Accounts Receivable, net 9,958 10,339 6892
Inventories 9,130 7,819 8066
Recoverable taxes 4,120 4,082 4,220
Other current financial assets 3,134 1,544 1,227
Other current assets 1,583 1,386 3,083
Total current assets 43,231 38,128 42,232
Non-current assets
Investments in associates and joint ventures 16,767 17,326 17,873
Property, plant and equipment, net 51,785 50,527 50,532
Intangible assets,net 98,974 97,024 90,754
Deferred tax assets 1,326 2,956 4,098
Other non-current financial assets 1,319 3,160 2,395
Other non-current assets,net 3,263 6405 2,365
Total non-current assets 173434 174238 168017
Total assets 216665 212366 210249

Liabilities and Equity

Liabilities
Current liabilities
Bank loans and notes payable 495 301 384
Current portion of non-current debt 3,091 905 3,086
Interest Payable 324 371 411
Suppliers 16,220 14,151 15,470
Accounts payable 4,950 5,336 4,744
Taxes payable 5,575 5,457 5,274
Other current financial liabilities 1,743 1,882 1,111
Total current liabilities 32,398 28,403 30,480
Non-current liabilities 56,875 64,821 63,260
Bank loans and notes payable 2,555 2,324 2,261
Post-employment and non-current employee
887 1,085 1,123
benefits
Deferred tax liabilities 1,263 288 214
Other non-current financial liabilities 5,534 5,327 4,176
Total non-current liabilities 67,114 73,845 71,034
Total liabilities 99,512 102,248 101,514
Equity:
Capital Stock 2,048 2,048 2,048
Additional paid-in capital 41,490 41,490 41,490
Retained earnings 70,094 74,624 78,454
Cumulative other comprehensive (loss) income -521 -12,445 -17,243
Equity Attributable to equity holders of the parent 113,111 105,717 104,749
Non-controlling interest in consolidated
4,042 4,401 3,986
subsidiaries
Total equity 117,153 110,118 108,735
Total liabilities and equity 216,665 212,366 210,249

CONSOLIDATED STATEMENTS OF CASH FLOWS

 For the years ended December 31, 2015, 2014 and 2013
Amounts expressed in millions of U.S. dollars ( $ ) and in millions of Mexican pesos ( Ps.)

Cash flows from operating activities:

Income before income taxes Ps. 14,880 Ps. 14,827 Ps. 17,513
Adjustments for:
Non-cash operating expenses 1,435 438 -42
Depreciation 6,310 6,072 6,371
Amortization 834 877 761
(Loss) Gain on disposal of long-lived assets -217 33 -27
Write-off of long-lived assets 332 39 39
Share of the (profit) loss of associates and joint ventures
accounted for using the equity method, net of taxes -155 125 -289
Interest income -414 -379 -654
Interest expense 3,718 3,352 2,604
Foreign exchange loss, net 1,459 968 739
Non-cash movements in post-employment and other non-current employee benefits
obligations 68 -27 216
Monetary position loss, net 33 312 393
Market value loss on financial instruments 3,096 2,460 1,053
(Increase) decrease:
Accounts receivable and other current assets -1,010 -777 -1,072
Other current financial assets -2,849 -2,156 -3,094
Inventories -1,784 -588 -623
Increase (decrease):
Suppliers and other accounts payable 3,329 4,978 2,921
Other liabilities 249 -1,442 89
Employee benefits paid -193 -235 -127
Income taxes paid -5,919 -4,471 -4,674
Net cash flows from operating activities 23,202 24,406 22,097
Investing activities:
Acquisition of Grupo Yoli, net of cash acquired -1,046
Acquisition of Companhia Fluminense de Refrigerantes,net of cash acquired -4,648
Acquisition of Grupo Spaipa, net of cash acquired -23,056
Interest received 414 379 654
Acquisitions of long-lived assets -10,545 -10,862 -10,615
Proceeds from the sale of long-lived assets 233 147 195
Acquisition of intangible assets -956 -634 -1,256
Other non-current assets -72 -257 -734
Investment in shares Coca-Cola FEMSA Philippines, Inc. -8,904
Dividends received from investments in associates and joint ventures 13 148
Investment in shares -32 -58 -71
Net cash flows used in investing activities -10,945 -11,137 -49,481
Financing activities:
Proceeds from borrowings 1,907 6,180 66,748
Repayment of borrowings -8,931 -6,254 -36,744
Interest paid -3,568 -3,182 -2,328
Dividends paid -6,416 -6,030 -6,002
Increase in shares of non-controlling interest 515
Other financing activities 8,586 -1,828 1,546
Payments under finance leases -145 -236 -229
Net cash flows (used in) / from financing activities -8,567 -11,350 23,506
Net increase (decrease) in cash and cash equivalents 3,690 1,919 -3,878
Initial balance of cash and cash equivalents 12,958 15,306 23,222
Effects of exchange rate changes and inflation effects on cash and cash equivalents held in
foreign currencies -659 -4,267 -4,038
Ending balance of cash and cash equivalents Ps. 15,989 Ps. 12,958 Ps.15,306