XML 44 R58.htm IDEA: XBRL DOCUMENT v3.20.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Statement [LineItems]  
Summary of Financial Assets and Liabilities Measured at Fair Value
The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2019 and 2018:
 
 
  
December 31, 2019
 
  
December 31, 2018
 
 
  
Level 1
 
  
Level 2
 
  
Level 1
 
  
Level 2
 
Financial instrument (current asset)
  
 
91
 
  
 
917
 
  
 
—  
 
  
 
735
 
Financial instrument 
(non-current
 asset)
  
 
2,880
 
  
 
21,570
 
  
 
2,680
 
  
 
10,752
 
Financial instrument (current liability)
  
 
47
 
  
 
801
 
  
 
236
 
  
 
147
 
Financial instrument 
(non-current
 liability)
  
 
—  
 
  
 
1,672
 
  
 
—  
 
  
 
1,262
 
Fair Value of Company's Publicly Traded Debt
The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2018 and 2017, which is considered to be level 1 in the fair value hierarchy.
   
2019
   2018 
Carrying value
  
Ps.
 117,951
 
  Ps. 128,664 
Fair value
  
 
124,038
 
   128,741 
Disclosure of Outstanding Interest Rate Swap Agreements
At December 31, 2019, the Company has the following outstanding interest rate swap agreements:
 
Maturity Date
  
Notional
Amount
   
Fair Value Liability
December 31,
2019
   
Fair Value Asset
December 31,

2019
 
2020
  
Ps.
 4,365
 
  
Ps.
 (142)
 
  
Ps.
 —  
 
2021
  
 
405
 
  
 
(24
) 
  
 
—  
 
2022
  
 
414
 
  
 
(20
) 
   —   
2023
  
 
12,770
 
  
 
(79
) 
  
 
245
 
2024
  
 
3
 
  
 
—  
 
  
 
—  
 
At December 31, 2018, the Company has the following outstanding interest rate swap agreements:
 
Maturity Date
  Notional
Amount		   Fair Value Liability
December 31,
2018		   Fair Value Asset
December 31,
2018		 
2019
  Ps .4,032   Ps. (49)   Ps.  —   
2020
   4,559    (112)    —   
2021
   4,548    (151)    —   
2022
   617    (18)    —   
2023
   13,101    (49)    1,143 
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency
At December 31, 2019, the Company had the following outstanding forward agreements to purchase foreign currency:
 
Maturity Date
  
Notional
Amount
   
Fair Value Liability
December 31,
2019
   
Fair Value Asset
December 31,
2019
 
2020
  
Ps.
 8,447
 
  
Ps.
 (292)
 
  
Ps.
 34
 
2021
  
 
215
 
  
 
—  
 
  
 
27
 
2022
  
 
52
 
  
 
—  
 
  
Ps.
 5
 
At December 31, 2018, the Company had the following outstanding forward agreements to purchase foreign currency:
 
Maturity Date
  Notional
Amount		   Fair Value Liability
December 31,
2018		   Fair Value Asset
December 31,
2018		 
2019
  Ps. 5,808   Ps. (65)   Ps. 133 
Summary of Outstanding Colar Options to Purchase Foreign Currency
At December 31, 2019, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency:
 
Maturity Date
  
Notional
Amount
   
Fair Value Liability
December 31,
2019
   
Fair Value Asset
December 31,
2019
 
2020
  
Ps.
 107
 
  
Ps.
 —  
 
  
Ps.
 2
 
At December 31, 2018, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency:
 
Maturity Date
  Notional
Amount		   Fair Value Liability
December 31,
2018		   Fair Value Asset
December 31,
2018		 
2019
  Ps. 1,734   Ps. (33)   Ps. 57 
Disclosure of Outstanding Cross Currency Swap Agreements
At December 31, 2019, the Company had the following outstanding cross – currency swap agreements:
 
Maturity Date
  
Notional
Amount
   
Fair Value

Liability

2019
   
Fair Value Asset
December 31,
2019
 
2020
  
Ps.
 17,252
 
  
Ps.
 (307)
 
  
Ps.
 883
 
2021
  
 
702
 
  
 
—  
 
  
 
49
 
2022
  
 
375
 
  
 
—  
 
  
 
3
 
2023
  
 
23,466
 
  
 
(594
) 
  
 
7,122
 
2024
  
 
1,788
 
  
 
(53
) 
  
 
—  
 
2026
  
 
772
 
  
 
(63
) 
  
 
—  
 
2027
  
 
6,596
 
  
 
(843
) 
  
 
—  
 
2029
  
 
1,371
 
  
 
—  
 
  
 
121
 
2043
  
 
8,869
 
  
 
—  
 
  
 
576
 
At December 31, 2018, the Company had the following outstanding cross – currency swap agreements:
 
Maturity Date
  Notional
Amount		   Fair Value
Liability
2018		   Fair Value Asset
December 31,
2018		 
2019
  Ps. 4,738   Ps. —     Ps. 502 
2020
   18,126    (378)    1,015 
2021
   4,774    —      615 
2022
   396    (7)    —   
2023
   23,948    (396)    7,818 
2026
   813    (154)    —   
2027
   6,889    (42)    202 
Disclosure of Fair Value of Commodity Price Contracts
At December 31, 2019, Coca-Cola FEMSA had the following sugar price contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Asset
December 31
2019
 
2020
  
Ps.
  1,554
 
  
Ps.
    53
 
2021
  
Ps.
98
 
  
Ps.
15
 
 
At December 31, 2018, Coca-Cola FEMSA had the following sugar price contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Liability
December 31
2018
 
2019
  
Ps.
  1,223
 
  
Ps.
  (88
) 
At December 31, 2019, Coca-Cola FEMSA had the following aluminum price contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Asset
December 31,
2019
 
2020
  
Ps.
  394
 
  
Ps.
  4
 
At December 31, 2018, Coca-Cola FEMSA had the following aluminum price contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Liability
December 31,
2018
 
2019
  
Ps.
  265
 
  
Ps.
  (17
) 
At December 31, 2019, Coca-Cola FEMSA had the following PX+MEG (resine) contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Liability
December 31,
2019
 
2020
  
Ps.
  320
 
  
Ps.
  (28)
 
At December 31, 2018, Coca-Cola FEMSA had the following PX+MEG (resine) contracts:
 
Maturity Date
  
Notional
Amount
 
  
Fair Value Liability
December 31,
2018
 
2019
  
Ps.
  1,303
 
  
Ps.
  (131)
 
Disclosure of Detailed Information about Treasury Lock Contracts
At December 31, 2019, the Company had the following outstanding treasury locks agreements:
 
Maturity Date
  
Notional
Amount
   
Fair Value Liability
December 31,
2019
   
Fair Value Asset
December 31,
2019
 
2020
  
Ps.
 10,365
 
  
Ps.
 —  
 
  
Ps.
 102
 
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria
Net effects of expired contracts that met hedging criteria
   
Impact in Consolidated
Income Statement
   
2019
   2018   2017 
Cross currency swap
(1)
   Interest expense   
Ps.
 199
 
  Ps. 157   Ps. 2,102 
Cross currency swap
(1)
   Foreign exchange   
 
480
 
   642    —   
Interest rate swaps
   Interest expense   
 
515
 
   —      —   
Forward agreements to purchase foreign currency
   Foreign exchange   
 
(116)
 
   (87)    (40) 
Commodity price contracts
   Cost of goods sold   
 
(391
) 
   (258)    (6) 
Options to purchase foreign currency
   Cost of goods sold   
 
(63
) 
   (8)    —   
Forward agreements to purchase foreign currency
   Cost of goods sold   
 
(163
) 
   240    89 
 
(1)
This amount corresponds to the settlement of cross currency swaps portfolio in Brazil presented as part of the other financial activities.
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes
21.10 Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes.
 
Derivative
  
Impact in Consolidated
Income Statement
  
2019
 
  
2018
 
  
2017
 
Forward agreements to purchase foreign currency
  
Market value gain (loss) on financial statements
  
Ps.
4
 
  
Ps.
(12
) 
  
Ps.
12
 
Cross currency swaps
  
Market value (loss) gain on financial statements
  
Ps.
  (293
) 
  
 
(116
) 
  
 
337
 
21.11 Net effect of expired contracts that did not meet the hedging criteria for accounting purposes
 
Type of Derivatives
  
Impact in Consolidated
Income Statement
  
2019
 
  
2018
 
  
2017
 
Cross-currency swaps
  
Market value loss on financial instruments
  
Ps.
  (293
) 
  
Ps.
  (186
) 
  
Ps.
  (104
) 
Embedded derivatives
  
Market value gain on financial instruments
  
 
4
 
  
 
—  
 
  
 
1
 
Summary of Sensitivity Analysis of Interest Rate Risks Management
The following disclosures provide a sensitivity analysis of the interest rate risks management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy:
 
Interest Rate Swap
(1)
  
Change in
Bps.
 
  
Effect on
Equity
 
2019
  
   
  
   
FEMSA
(2)
  
 
(100 Bps.
) 
  
Ps.
(432
) 
Coca-Cola FEMSA
  
 
(100 Bps.
) 
  
 
(37
) 
2018
  
   
  
   
FEMSA
(2)
  
 
(100 Bps.
) 
  
Ps.
(359
) 
Coca-Cola FEMSA
  
 
(100 Bps.
) 
  
 
  (1,976
) 
2017
  
   
  
   
FEMSA
(2)
  
 
(100 Bps.
)
  
Ps.
(452
) 
Coca-Cola FEMSA
  
 
(100 Bps.
) 
  
 
(234
) 
 
(1)
The sensitivity analysis effects include all subsidiaries of the Company.
(2)
Does not include Coca-Cola FEMSA.
 
Interest Effect of Unhedged Portion Bank Loans
  
2019
 
  
2018
 
  
2017
 
Change in interest rate
  
 
+100 Bps.
 
  
 
+100 Bps.
 
  
 
+100 Bps.
 
Effect on profit loss
  
Ps.
(50
) 
  
Ps.
145
 
  
Ps.
(251
) 
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities
The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which the Company could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2019.
   
2020
   
2021
   
2022
   
2023
  
2024
   
2025 and
thereafter
 
Non-derivative
financial liabilities:
           
Notes and bonds
  
Ps.
 10,598
 
  
Ps.
 1,130
 
  
Ps.
 1,154
 
  
Ps.
 29,446
 
 
Ps.
 600
 
  
Ps.
 44,328
 
Loans from Banks
  
 
5,745
 
  
 
809
 
  
 
902
 
  
 
542
 
 
 
4,711
 
   —
  
 
IFRS 16 lease obligation
  
 
244
 
  
 
153
 
  
 
82
 
  
 
35
 
 
 
13
 
   —   
Derivative financial liabilities
  
 
1,291
 
  
 
1,337
 
  
 
1,192
 
  
 
(1,011
) 
 
 
671
 
  
 
(7,314
) 
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates
As of December 31, 2019, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows:
 
   
Maturity
 
   
1-6 months
   
6-12 months
  
More than 12
 
Foreign exchange currency risk
     
Foreign exchange currency forward contracts
     
Net exposure
  
 
4,373
 
  
 
2,086
 
  —   
Average exchange rate MXN/USD
  
 
20.00
 
  
 
20.20
 
  —   
Net exposure
  
 
746
 
  
 
378
 
 
 
267
 
Average exchange rate BRL/USD
  
 
4.05
 
  
 
4.19
 
 
 
4.44
 
Net exposure
  
 
220
 
  
 
85
 
  —   
Average exchange rate COP/USD
  
 
3,491
 
  
 
3,460
 
  —   
Net exposure
  
 
137
 
   —     —   
Average exchange rate ARS/USD
  
 
79.23
 
   —     —   
Net exposure
  
 
335
 
  
 
87
 
  —   
Average exchange rate URY/USD
  
 
37.55
 
  
 
40.03
 
  —   
  
 
 
   
 
 
  
 
 
 
Foreign exchange currency option contracts
     
Net exposure
  
 
107
 
   —    
 
—  
 
Average exchange rate COP/USD
  
 
3,252
 
   —    
 
—  
 
  
 
 
   
 
 
  
 
 
 
Foreign exchange currency swap contracts
     
Net exposure
  
 
9,423
 
   —    
 
18,428
 
Average exchange rate MXN/USD
  
 
19.54
 
   —    
 
15.93
 
Net exposure
   —     
 
4,365
 
 
 
9,140
 
Average exchange rate BRL/USD
   —     
 
3.41
 
 
 
4.00
 
Net exposure
   —     
 
84
 
 
 
1,195
 
Average exchange rate BRL/MXN
   —     
 
0.21
 
 
 
0.21
 
Net exposure
   —      —    
 
2,403
 
Average exchange rate COP/USD
   —      —    
 
3,075
 
Net exposure
   —     
 
3,007
 
 
 
1,371
 
Average exchange rate CLP/USD
   —     
 
696.02
 
 
 
677.00
 
  
 
 
   
 
 
  
 
 
 
Interest rate risk
     
Interest rate swaps
     
Net exposure
   —     
 
4,365
 
  —   
Interest rate average BRL
   —     
 
8.34
% 
  —   
Net exposure
   —      —    
 
11,403
 
Interest rate average MXN
   —      —    
 
7.17
% 
Net exposure
   —      —    
 
2,197
 
Average exchange rate CLP
   —      —    
 
6.26
% 
  
 
 
   
 
 
  
 
 
 
Commodities risk
     
Aluminum
  
 
276
 
  
 
118
 
  —   
Average price (USD/Ton)
  
 
1,796
 
  
 
1,812
 
  —   
Sugar
  
 
1,192
 
  
 
361
 
 
 
98
 
Average price (USD cent/Lb)
  
 
13.09
 
  
 
12.73
 
 
 
13.45
 
PX+MEG
  
 
160
 
  
 
160
 
  —   
Average price (USD /Ton)
  
 
848
 
  
 
848
 
  —   
As of December 31, 2018, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows:
 
   Maturity 
   
1-6 months
  
6-12 months
  More than 12 
Foreign exchange currency risk
    
Foreign exchange currency forward contracts
    
Net exposure
  Ps. 1,022  Ps. —    Ps. —   
Average exchange rate MXN/EUR
   23.78   —     —   
Net exposure
   3,484   683   —   
Average exchange rate MXN/USD
   20.19   20.75   —   
Net exposure
   805   337   —   
Average exchange rate BRL/USD
   3.75   3.83   —   
Net exposure
   429   63   —   
Average exchange rate COP/USD
   2,851   2,976   —   
Net exposure
   339   —     —   
Average exchange rate ARS/USD
   43.31   —     —   
Net exposure
   196   159   —   
Average exchange rate URY/USD
   32.9   33.97   —   
  
 
 
  
 
 
  
 
 
 
Foreign exchange currency swap contracts
    
Net exposure
   —     —     31,172 
Average exchange rate MXN/USD
   —     —     16.08 
Net exposure
   —     4,652   18,042 
Average exchange rate BRL/USD
   —     3.36   3.59 
Net exposure
   —     86   79 
Average exchange rate BRL/MXN
   —     0.18   0.19 
Net exposure
   —     —     1,928 
Average exchange rate COP/USD
   —     —     3,043.59 
Net exposure
   —     —     3,725 
Average exchange rate CLP/USD
   —     —     693.10 
  
 
 
  
 
 
  
 
 
 
Interest rate risk
    
Interest rate swaps
    
Net exposure
   —     4,013   8,594 
Interest rate average BRL
   —     6.29%   8.15% 
Net exposure
   —     —     11,403 
Interest rate average MXN
   —     —     7.17% 
Net exposure
   19   —     2,828 
Average exchange rate CLP
   6.45%   —     5.56% 
  
 
 
  
 
 
  
 
 
 
Commodities risk
    
Aluminum
   189   75,250   —   
Average price (USD/Ton)
   1,975   1,986   —   
Sugar
   725   498   —   
Average price (USD cent/Lb)
   12.86   13.11   —   
PX+MEG
   739   565   —   
Average price (USD /Ton)
   1,077   1,040   —   
Summary of Cash Flows Hedge Exposures
As of December 31, 2018, the Company maintained the following cash flows hedge exposures:
 
   Cash flow hedge reserve   Cash flow hedge
costs		   Remained balances of cash flow
hedge reserve from which hedging
accounting is not applied		 
Foreign exchange currency risk
      
Purchase of stock
   1    22    —   
 
As of December 31, 2017, the Company maintained the following cash flows hedge exposures:
 
   Cash flow hedge reserve   Cash flow hedge
costs		   Remained balances of cash flow
hedge reserve from which hedging
accounting is not applied		 
Foreign exchange currency risk
      
Purchase of stock
  
 
—  
 
   11    —   
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges
As of December 31, 2019, a reconciliation per category of equity components and an analysis of OCI components, net of tax; generated by the cash flow hedges were as follows:
 
   
Hedging
reserve
   
Costs of hedging
reserve
 
Balances at beginning of the period
  
Ps.
 812
 
  
Ps.
 12
 
Cash flows hedges
    
Fair value changes:
    
Foreign exchange currency risk – Purchase of stock
  
 
(333
) 
  
 
(12
) 
Foreign exchange currency risk – Other stock
  
 
(6,202
) 
  
 
—  
 
Interest rate risk
  
 
5,327
 
  
 
—  
 
The amounts included in
non-financial
costs:
    
Taxes due to changes in reserves during the period
  
 
363
 
  
 
—  
 
  
 
 
   
 
 
 
Balances at the end of the period
  
Ps.
 (33
) 
  
Ps.
 —  
 
  
 
 
   
 
 
 
Market risk [member]  
Statement [LineItems]  
Disclosure of Sensitivity Analysis of Market Risks Management
The following disclosures provide a sensitivity analysis of the market risks management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period of time, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy:
 
Foreign Currency Risk
  
Change in

            Exchange Rate            
 
  
Effect on Equity
 
2019
  
   
  
   
FEMSA
(1)
  
 
+9% MXN/EUR
 
  
Ps.
57
 
 
  
 
-9% MXN/EUR
 
  
 
(57
) 
 
  
 
+13% BRL/USD
 
  
 
202
 
 
  
 
-13% BRL/USD
 
  
 
(202
) 
Coca-Cola FEMSA
  
 
+9% MXN/USD
 
  
 
739
 
 
  
 
-9% MXN/USD
 
  
 
(739
) 
 
  
 
+13% BRL/USD
 
  
 
155
 
 
  
 
-13% BRL/USD
 
  
 
(155
) 
 
  
 
+5% UYU/USD
 
  
 
23
 
 
  
 
-5% UYU/USD
 
  
 
(23
) 
 
  
 
+10% COP/USD
 
  
 
54
 
 
  
 
-10% COP/USD
 
  
 
(54
) 
 
  
 
+25% ARS/USD
 
  
 
88
 
 
  
 
-25% ARS/USD
 
  
 
(88
) 
2018
  
   
  
   
FEMSA
(1)
  
 
+12 MXN/EUR
 
  
Ps.
116
 
 
  
 
-12% MXN/EUR
 
  
 
(116
) 
Coca-Cola FEMSA
  
 
+13% MXN/USD
 
  
 
668
 
 
  
 
-13% MXN/USD
 
  
 
(668
) 
 
  
 
+16% BRL/USD
 
  
 
413
 
 
  
 
-16% BRL/USD
 
  
 
(413
) 
 
  
 
+8% UYU/USD
 
  
 
46
 
 
  
 
-8% UYU/USD
 
  
 
(46
) 
 
  
 
+12% COP/USD
 
  
 
2
 
 
  
 
-12% COP/USD
 
  
 
(2
) 
 
  
 
+27% ARS/USD
 
  
 
522
 
 
  
 
-27% ARS/USD
 
  
 
(522
) 
2017
  
   
  
   
FEMSA
(1)
  
 
+13% MXN/EUR
 
  
Ps.
141
 
 
  
 
-13% MXN/EUR
 
  
 
(141
) 
 
  
 
+8% CLP/USD
 
  
 
2
 
 
  
 
-8% CLP/USD
 
  
 
(2
) 
Coca-Cola FEMSA
  
 
+12% MXN/USD
 
  
 
626
 
 
  
 
-12% MXN/USD
 
  
 
(626
) 
 
  
 
+14% BRL/USD
 
  
 
234
 
 
  
 
-14% BRL/USD
 
  
 
(234
) 
 
  
 
+9% COP/USD
 
  
 
73
 
 
  
 
-9% COP/USD
 
  
 
(73
) 
 
  
 
+10% ARS/USD
 
  
 
29
 
 
  
 
-10% ARS/USD
 
  
 
(29
) 
 
(1)
Does not include Coca-Cola FEMSA.
 
Cross Currency Swaps
(1) (2)
  
Change in

            Exchange Rate            
 
  
Effect on
Equity
 
 
Effect on
Profit or Loss
 
2019
  
   
  
   
 
   
FEMSA
(3)
  
 
+11% CLP/USD
 
  
Ps.
—
 
 
Ps.
546
 
 
  
 
-11% CLP/USD
 
  
 
—  
 
 
 
(546
) 
 
  
 
+9% MXN/USD
 
  
 
—  
 
 
 
1,805
 
 
  
 
-9% MXN/USD
 
  
 
—  
 
 
 
(1,805
) 
 
  
 
+10% COP/USD
 
  
 
—  
 
 
 
286
 
 
  
 
-10% COP/USD
 
  
 
—  
 
 
 
(286
) 
 
  
 
+13% MXN/BRL
 
  
 
—  
 
 
 
177
 
 
  
 
-13% MXN/BRL
 
  
 
—  
 
 
 
(177
) 
Coca-Cola FEMSA
  
 
+9% MXN/USD
 
  
 
2,315
 
 
 
—  
 
 
  
 
-9% MXN/USD
 
  
 
(2,315
) 
 
 
—  
 
 
  
 
+13% BRL/USD
 
  
 
645
 
 
 
—  
 
 
  
 
-13% BRL/USD
 
  
 
(645
) 
 
 
—  
 
2018
  
   
  
   
 
   
FEMSA
(3)
  
 
+10% CLP/USD
 
  
Ps.
—  
 
 
Ps.
368
 
 
  
 
-10% CLP/USD
 
  
 
—  
 
 
 
(368
) 
 
  
 
+13% MXN/USD
 
  
 
—  
 
 
 
2,706
 
 
  
 
-13% MXN/USD
 
  
 
—  
 
 
 
(2,706
) 
 
  
 
+12% COP/USD
 
  
 
—  
 
 
 
283
 
 
  
 
-12% COP/USD
 
  
 
—  
 
 
 
(283
) 
 
  
 
+15% MXN/BRL
 
  
 
—  
 
 
 
27
 
 
  
 
-15% MXN/BRL
 
  
 
—  
 
 
 
(27
) 
Coca-Cola FEMSA
  
 
+13% MXN/USD
 
  
 
3,130
 
 
 
—  
 
 
  
 
-13% MXN/USD
 
  
 
(3,130
) 
 
 
—  
 
 
  
 
+16% BRL/USD
 
  
 
9,068
 
 
 
—  
 
 
  
 
-16% BRL/USD
 
  
 
(9,068
) 
 
 
—  
 
2017
  
   
  
   
 
   
FEMSA
(3)
  
 
+8% CLP/USD
 
  
Ps.
—  
 
 
Ps.
373
 
 
  
 
-8% CLP/USD
 
  
 
—  
 
 
 
(373
) 
 
  
 
+12% MXN/USD
 
  
 
—  
 
 
 
3,651
 
 
  
 
-12% MXN/USD
 
  
 
—  
 
 
 
(3,651
) 
 
  
 
+9% COP/USD
 
  
 
—  
 
 
 
304
 
 
  
 
-9% COP/USD
 
  
 
—  
 
 
 
(304
) 
 
  
 
+14% MXN/BRL
 
  
 
—  
 
 
 
23
 
 
  
 
-14% MXN/BRL
 
  
 
—  
 
 
 
(23
) 
Coca-Cola FEMSA
  
 
+12% MXN/USD
 
  
 
3,540
 
 
 
—  
 
 
  
 
-12% MXN/USD
 
  
 
(3,540
) 
 
 
—  
 
 
  
 
+14% BRL/USD
 
  
 
7,483
 
 
 
—  
 
 
  
 
-14% BRL/USD
 
  
 
(7,483
) 
 
 
—  
 
 
(1)
The sensitivity analysis effects include all subsidiaries of the Company.
(2)
Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk.
(3)
Does not include Coca-Cola FEMSA.
 
Net Cash in Foreign Currency
(1)
  
Change in

        Exchange Rate            
 
  
Effect on
Profit or Loss
 
2019
  
   
  
   
FEMSA
(2)
  
 
+9% EUR/+9 % USD
 
  
Ps.
  3,833
 
 
  
 
-9% EUR/
-9 %
USD
 
  
 
(3,833
) 
Coca-Cola FEMSA
  
 
+8% USD
 
  
 
940
 
 
  
 
-8% USD
 
  
 
(940
) 
2018
  
   
  
   
FEMSA
(2)
  
 
+12% EUR/+13 % USD
 
  
Ps.
8,596
 
 
  
 
-12% EUR/
-13 %
USD
 
  
 
(8,596
) 
Coca-Cola FEMSA
  
 
f+13% USD
 
  
 
1,868
 
 
  
 
-13% USD
 
  
 
(1,868
) 
2017
  
   
  
   
FEMSA
(2)
  
 
+13% EUR/+12% USD
 
  
Ps.
8,077
 
 
  
 
-13% EUR/ -12% USD
 
  
 
(8,077
) 
Coca-Cola FEMSA
  
 
+12% USD
 
  
 
553
 
 
  
 
-12% USD
 
  
 
(553
) 
 
(1)
The sensitivity analysis effects include all subsidiaries of the Company.
(2)
Does not include Coca-Cola FEMSA.
 
Commodity Price Contracts
(1)
  
Change in
U.S.$ Rate
 
 
Effect on
Equity
 
2019
  
   
 
   
Coca-Cola FEMSA
  
 
Sugar - 24
% 
 
Ps.
(255
) 
 
  
 
Aluminum - 15
%
 
Ps.
  (1,164
) 
2018
  
   
 
   
Coca-Cola FEMSA
  
 
Sugar -30
% 
 
Ps.
(341
) 
 
  
 
Aluminum - 22
% 
 
Ps.
(55
) 
2017
  
   
 
   
Coca-Cola FEMSA
  
 
Sugar 
-
30
% 
 
Ps.
(32
) 
 
(1)
Effects on commodity price contracts are only in Coca-Cola FEMSA.