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Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) is a renowned Mexican multinational conglomerate headquartered in Monterrey, Mexico. FEMSA stands out in the beverage and retail sectors across Central and South America, operating the world's largest independent Coca-Cola bottling group and Mexico's largest convenience store chain.
FEMSA is structured into several divisions:
- Retail Division: This includes OXXO, the leading convenience store chain in Mexico with expanding operations under Proximity Americas and Proximity Europe divisions. The European division includes Valora, which operates convenience and foodvenience formats.
- Health Division: FEMSA operates drugstores and related activities through this division, alongside Digital@FEMSA, which encompasses digital financial services such as Spin by OXXO and Spin Premia.
- Beverage Division: Coca-Cola FEMSA, the largest bottler of Coca-Cola products globally by volume, forms a significant part of FEMSA's operations.
- Strategic Business Unit: This division handles logistics, distribution, point-of-sale refrigeration, and plastic solutions, serving both FEMSA's units and third-party clients.
In 2023, FEMSA divested its 15% stake in Heineken and its distribution business, focusing on its core sectors. Coca-Cola FEMSA and the OXXO chain collectively constituted 75% of FEMSA's total revenue and approximately 90% of its profits in 2023.
FEMSA's latest significant financial move includes a comprehensive Tender Offer to purchase outstanding US$552.83 million worth of 4.375% Senior Notes due 2043, with settlement concluded on November 9, 2023. This is part of FEMSA's strategic initiatives announced in February 2023, aimed at optimizing its business platform.
With over 350,000 employees across 18 countries, FEMSA is committed to creating economic and social value. The company is also recognized for its sustainability practices, featuring in indexes such as the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index.
FEMSA continues to focus on growth through strategic investments and partnerships, strengthening its position as a key player in the beverage and retail industries.
Fomento Económico Mexicano (FEMSA) announced a proposed ordinary dividend of Ps. 7,687 million for 2021, subject to shareholder approval at the annual meeting on March 24, 2021. This dividend reflects a decrease of 25.8% from the previous year, illustrating a cautious strategy following a difficult year impacted by the global pandemic, which reduced cash flow from various investments and operations.
Fomento Económico Mexicano (FMX) released its financial results for Q4 and FY2020, showing a consolidated revenue drop of 1.5% and a full year decline of 2.7% compared to the previous year. The gross profit decreased by 0.1% in Q4 and 1.0% for the year. Despite challenges from COVID-19, the Health Division saw a significant increase in operating income, particularly in Chile and Mexico. Coca-Cola FEMSA achieved double-digit growth in operating income, highlighting resilience amidst market challenges.
Fomento Económico Mexicano (FMX) invites participants to its Fourth Quarter and Full Year 2020 Conference Call on March 1, 2021, at 10:00 AM ET. The call will feature executives including Francisco Camacho and Eugenio Garza y Garza. Quarterly results will be released on the same date before market opening. For participation, dial (888) 394 8218 in the U.S. or +1 (323) 701 0225 internationally with Conference ID 2139686. The conference will also be broadcast live online.
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) announced its subsidiary FEMSA Comercio's agreement to acquire the OK Market store chain from SMU, S.A. for approximately CLP $43,500 million. The acquisition will enhance FEMSA's operations in Chile, where OK Market operates over 120 locations and reported sales exceeding CLP $50,000 million in 2019. The deal is subject to due diligence and regulatory approvals, with an expected closure in 2021.
Fomento Económico Mexicano (FEMSA) invites participants to its Third Quarter 2020 Conference Call on October 29, 2020, at 11:00 AM ET. CEO Eduardo Padilla will discuss the company's financial results, set to be released on October 28 after market close. The call will include a Q&A session, and interested parties can join via dial-in or webcast. FEMSA operates in retail through OXXO, Coca-Cola bottling, beer as a shareholder of HEINEKEN, and logistics, employing over 320,000 staff across 13 countries.
Fomento Económico Mexicano (FMX) released its Q2 2020 financial results, revealing a significant decline in revenues and profits attributed to COVID-19 impacts. Revenues dropped by 10.7% year-over-year, while gross profit decreased by 9.1%. The fuel division faced the hardest hit with a staggering 48.6% drop in revenues. Despite challenges, the Health Division showed resilience, achieving a 2.5% increase in revenue. CEO Eduardo Padilla noted a slow recovery ahead, emphasizing ongoing safety measures and the company’s adaptability in the face of economic uncertainties.
Fomento Económico Mexicano (FMX) will hold its Second Quarter 2020 Conference Call on July 24, 2020, at 10:00 AM Eastern Time. CEO Eduardo Padilla will present the financial results for Q2 2020, which will be announced before the market opens on the same day. Participants can join the call by dialing (866) 548 4713 for US toll-free or +1 (323) 794 2093 internationally, using conference ID 5579690. The call will be accessible via a live webcast.
FEMSA announced the successful placement of a US$700 million re-tap to its Senior Unsecured Notes due 2050, increasing the total outstanding balance to US$2,500 million. The new notes were priced at 102.620 with an implied yield to maturity of 3.358%. The proceeds will enhance FEMSA's cost of debt and will be used for general corporate purposes. This issuance builds on the US$1,500 million and US$300 million notes previously released in January and February 2020, respectively.
Fomento Económico Mexicano (FMX) has reached an agreement with the Mexican tax authority to resolve tax disputes regarding payments made outside Mexico. The company will pay Ps. 8,790 million, which will be reflected in its financial statements for Q2 2020. This agreement allows FMX to avoid judicial proceedings, potentially providing more operational stability. The company operates in retail, beverages, and logistics, employing over 300,000 people across 13 countries.
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