Appendix | KOF 2020

financial summary

Amounts expressed in millions of U.S. dollars and Mexican pesos, except data per share and headcount.

	U.S. (*)	2020	2019	2018 ^{(4) (5) (6)}	2017 ^{(2) (3) (4)}	2016 ⁽¹⁾
INCOME STATEMENT
Total revenues	9,231	183,615	194,471	182,342	183,256	177,718
Cost of goods solds	5,068	100,804	106,964	98,404	99,748	98,056
Gross profit	4,163	82,811	87,507	83,938	83,508	79,662
Operative expenses	2,838	56,444	60,537	57,924	58,044	55,462
Other expenses, net	182	3,611	2,490	1,881	31,357	3,812
Comprehensive financing result	336	6,678	6,071	6,943	5,362	6,080
Income before income taxes and share of the profit or of associates and joint ventures accounted for using the equity method	808	16,077	18,409	17,190	(11,255)	14,308
Income taxes	273	5,428	5,648	5,260	4,184	3,928
Share in the (loss) profit of equity accounted investees, net of taxes	(14)	(281)	(131)	(226)	60	147
Consolidated net income	521	10,368	12,630	15,070	(11,654)	10,527
Equity holders of the parent	518	10,307	12,101	10,936	(16,058)	10,070
Non-controlling interest net income	3	61	529	768	679	457
RATIOS TO REVENUES (%)
Gross margin	45.1	45.1	45.0	46.0	45.6	44.8
Net income margin	5.6	5.6	6.5	8.3	(6.4)	5.9
CASH FLOW
Operative cash flow	1,767	35,147	31,289	29,687	33,236	32,446
Capital expenditures ⁽⁷⁾	521	10,354	11,465	11,069	14,612	12,391
Total cash, cash equivalents	2,187	43,497	20,491	23,727	18,767	10,476
BALANCE SHEET
Current assets	3,642	72,440	56,796	57,490	55,657	45,453
Investment in shares	383	7,623	9,751	10,518	12,540	22,357
Property, plant and equipment, net	2,989	59,460	61,187	61,942	75,827	65,288
Intangible assets, net	5,227	103,971	112,050	116,804	124,243	123,964
Deferred charges and other assets, net	920	18,294	16,673	17,033	17,410	22,194
Total Assets	13,225	263,066	257,839	263,787	285,677	279,256
Liabilities
Short-term bank loans and notes payable	253	5,017	11,485	11,604	12,171	3,052
Interest payable	36	712	439	497	487	520
Other current liabilities	1,865	37,116	39,086	33,423	42,936	36,296
Long-term bank loans and notes payable	4,145	82,461	58,492	70,201	71,189	85,857
Other long-term liabilities	770	15,303	18,652	16,312	18,184	24,298
Total Liabilities	7,069	140,609	128,154	132,037	144,967	150,023
Equity	6,156	122,457	129,685	131,750	140,710	129,233
Non-controlling interest in consolidated subsidiaries	281	5,583	6,751	6,806	18,141	7,096
Equity attributable to equity holders of the parent	5,875	116,874	122,934	124,944	122,569	122,137
FINANCIAL RATIOS (%)
Current	1.69	1.69	1.11	1.26	1.00	1.14
Leverage	1.15	1.15	0.99	1.00	1.03	1.16
Capitalization	0.43	0.43	0.37	0.41	0.39	0.41
Coverage	5.13	5.13	5.51	4.22	4.20	4.80
DATA PER SHARE
Book Value ⁽⁸⁾	0.350	6.954	7.315	7.434	7.293	7.365
Loss (income) tributable to the holders of the parent ⁽⁹⁾	0.030	0.610	0.723	0.831	(0.765)	0.607
Dividends paid ⁽¹⁰⁾	0.031	0.608	0.443	0.419	0.422	0.419
Headcount ⁽¹¹⁾	82,334	82,334	82,186	83,364	79,636	85,140

Information considers full-year of KOF’s territories and one month of Vonpar Refrescos, S.A. ("Vonpar").
Income statement information considers full-year of KOF’s territories and full-year of Coca-Cola FEMSA Venezuela.
Balance sheet information does not include Coca-Cola FEMSA Venezuela's balances due to deconsolidation as of December 31, 2017.Coca-Cola FEMSA Venezuela balance is included as investement in shares as of December 31, 2017.
KOF Philippines has been classified as a discontinued operation in our profit and loss statement for the years ended December 31, 2017 and 2018.
Income statement information includes 8 months of the financial results for Abasa and Los Volcanes in Guatemala.
Income statement information includes six months in the financial results for Uruguay.
Includes investments in property, plant and equipment, refrigeration equipment and returnable bottles and cases, net of disposals of property, plant and equipment.
Based on 16,806.7 million ordinary shares as of December 31, 2020, 2019, 2018 and 2017, and 16,583.4 million shares as of December 31, 2016.
Computed based on the weighted average number of shares outstanding during the periods presented:16,806.7 million for 2020, 2019 and 2018, 16,730.8 million in 2017 and 16,730.8 million in 2016.
Dividends paid during the year based on the prior year's net income, using 16,806.7 millions outstanding ordinary shares for 2020, 2019 and 2018 and 16,583.4 million oustanding ordinary shares for paid on 2017 and 2016.
Includes third-party and for 2017 excludes 16,566 employees for our discontinued operation in Phillipines.

* Exchange rate as of December 31, 2020 Ps. 19.89 per U.S. dollar solely for the convenience of the reader according to the federal USA reserve.

management discussion & analysis

Results for the Year Ended December 31, 2020
Compared to the Year Ended December 31, 2019

Consolidated Results

The comparability of our financial and operating performance in 2020 as compared to 2019 was affected by the following factors: (1) translation effects from fluctuations in exchange rates; and (2) our results in Argentina, which since January 1, 2018 has been considered a hyperinflationary economy. For the convenience of the reader, we have included a discussion of the financial information below on a comparable basis, excluding the translation effects from fluctuations in exchange rates. To translate the full-year results of Argentina for the years ended December 31, 2020 and 2019, we used the exchange rate at December 31, 2020 of 84.15 Argentine pesos per U.S. dollar and the exchange rate at December 31, 2019 of 59.89 Argentine pesos per U.S. dollar, respectively. The depreciation of the exchange rate of the Argentine peso at December 31, 2020, as compared to the exchange rate at December 31, 2019, was 40.5%. In addition, the average depreciation of currencies used in our main operations relative to the U.S. dollar in 2020, as compared to 2019, were: 11.6% for the Mexican peso, 30.7% for the Brazilian real, and 12.6% for the Colombian peso.

Total Revenues. Our consolidated total revenues decreased by 5.6% to Ps.183,615 million in 2020 as compared to 2019, mainly as a result of unfavorable price-mix effects due to the COVID-19 pandemic and currency translation effects resulting from the depreciation of all of our operating currencies in South America against the Mexican peso, particularly the Brazilian real, which had a 14.5% unfavorable translation effect. These effects were partially offset by favorable pricing and revenue management initiatives. Total revenues include other operating revenues related to entitlements to reclaim tax payments in Brazil in 2020. See Note 25.2.1 to our consolidated financial statements. On a comparable basis, total revenues would have decreased by 1.0% in 2020 as compared to 2019.

Total sales volume decreased by 2.5% to 3,284.4 million unit cases in 2020 as compared to 2019, mainly as a result of social distancing and other measures adopted as a result of the COVID-19 pandemic, which had an adverse effect on our points of sale.

In 2020, sales volume of our sparkling beverage portfolio decreased by 1.1%, sales volume of our colas portfolio decreased by 0.2%, and sales volume of our flavored sparkling beverage portfolio decreased by 5.0%, in each case as compared to 2019.
Sales volume of our still beverage portfolio decreased by 5.0% in 2020 as compared to 2019.
Sales volume of our bottled water category, excluding bulk water, decreased by 22.6% in 2020 as compared to 2019.
Sales volume of our bulk water category increased by 0.6% in 2020 as compared to 2019.

Consolidated average price per unit case decreased by 3.5% to Ps.50.63 in 2020, as compared to Ps. 52.46 in 2019, mainly as a result of unfavorable price-mix effects and the negative translation effect resulting from the depreciation of most of our operating currencies relative to the Mexican peso. This was partially offset by price increases aligned with or above inflation. On a comparable basis, average price per unit case would have remained flat at 0.3% in 2020 as compared to 2019, driven by our revenue management and pricing initiatives.

Gross Profit. Our gross profit decreased by 5.4% to Ps.82,811 million in 2020 as compared to 2019; with a gross margin increase of 10 basis points as compared to 2019 to reach 45.1% in 2020. This gross margin increase was mainly driven by our pricing initiatives, together with lower PET resin costs and stable sweetener prices in most of our operations, which were partially offset by higher concentrate costs in Mexico, higher concentrate costs in Brazil due to the reduction of tax credits on concentrate purchased from the Manaus Free Trade Zone, coupled with our decision to suspend such tax credits, and the depreciation in the average exchange rate of most of our operating currencies as applied to U.S. dollar-denominated raw material costs. On a comparable basis, our gross profit would have decreased by 1.3% in 2020 as compared to 2019.

The components of cost of goods sold include raw materials (principally concentrate, sweeteners and packaging materials), depreciation costs attributable to our production facilities, wages and other labor costs associated with labor force employed at our production facilities and certain overhead costs. Concentrate prices are determined as a percentage of the retail price of our products in local currency, net of applicable taxes. Packaging materials, mainly PET resin and aluminum, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars.

Administrative and Selling Expenses. Our administrative and selling expenses decreased by 6.8% to Ps.56,444 million in 2020 as compared to 2019. Our administrative and selling expenses as a percentage of total revenues decreased by 40 basis points to 30.7% in 2020 as compared to 2019, mainly as a result of operating expense efficiencies in labor, maintenance and marketing. In 2020, we continued investing across our territories to support marketplace execution, increase our cooler coverage, and bolster our returnable presentation base.

Other Expenses Net. We recorded other expenses net of Ps.3,611 million in 2020 as compared to Ps.2,490 million in 2019, which increase was mainly as a result of an extraordinary other operating expenses related to impairments in Estrella Azul in Panama and in Leão Alimentos, our non-carbonated beverage associate in Brazil, which were partially offset by the implementation of our efficiency program to create a leaner and more agile organization. For more information, see Note 10 to our consolidated financial statements.

Comprehensive Financing Result. he term “comprehensive financing result” refers to the combined financial effects of net interest expenses, net financial foreign exchange gains or losses, and net gains or losses on the monetary position of hyperinflationary countries where we operate. Net financial foreign exchange gains or losses represent the impact of changes in foreign exchange rates on financial assets or liabilities denominated in currencies other than local currencies, and certain gains or losses resulting from derivative financial instruments. A financial foreign exchange loss arises if a liability is denominated in a foreign currency that appreciates relative to the local currency between the date the liability is incurred and the date it is repaid, as the appreciation of the foreign currency results in an increase in the amount of local currency, which must be exchanged to repay the specified amount of the foreign currency liability.

Comprehensive financing result in 2020 recorded an expense of Ps.6,678 million as compared to an expense of Ps.6,071 million in 2019. This 10.0% increase was mainly driven by a one-time interest expense related to the repurchase and redemption in full of our 3.875% senior notes due 2023. In addition, we incurred short-term financing as a preventive measure to reinforce our cash position. These effects were partially offset by debt prepayments.

Income Taxes. In 2020, our effective income tax rate was 33.8%, reaching Ps.5,428 million in 2020, as compared to Ps.5,648 million in 2019. Our effective income tax rate increased in 2020 as compared to 2019 as a result of impairments of approximately Ps.2,349 million recognized during the period and an increase in income credit taxes. For more information, see Note 25 to our consolidated financial statements.

Share in the Loss of Equity Accounted Investees, Net of Taxes. In 2020, we recorded a loss of Ps.281 million in the share in the loss of equity accounted investees, net of taxes, mainly due to the results of Leão Alimentos, our associate in Brazil, and Estrella Azul in Panama.

Net Income (Equity holders of the parent). We reported a net controlling interest income of Ps.10,307 million in 2020, as compared to Ps.12,101 million in 2019. This 14.8% decrease was mainly driven by lock-downs and social distancing measures related to the COVID-19 pandemic coupled with impairments on equity method investees recognized during the year, which were partially offset by our cost saving, revenue management and pricing initiatives.

Results by Consolidated Reporting Segment

Mexico and Central America
Total Revenues. Total revenues in our Mexico and Central America consolidated reporting segment decreased by 2.3% to Ps.106,783 million in 2020 as compared to 2019, mainly as a result of a volume decline in Mexico coupled with unfavorable price-mix effects across our markets.

Total sales volume in our Mexico and Central America consolidated reporting segment decreased by 4.0% to 1,991.6 million unit cases in 2020 as compared to 2019, as a result of mobility restrictions and social distancing measures related to the COVID-19 pandemic.

Sales volume of our sparkling beverage portfolio decreased 3.7% in 2020 as compared to 2019, driven by a decline in our colas and flavored sparkling beverage portfolio.
Sales volume of our still beverage portfolio decreased by 6.7% in 2020 as compared to 2019, due to declines in sales volume in both Mexico and Central America.
Sales volume of bottled water, excluding bulk water, decreased by 26.5% in 2020 as compared to 2019, due to declines in sales volume in both Mexico and Central America.
Sales volume of our bulk water portfolio remained flat in 2020 as compared to 2019.

Sales volume in Mexico decreased by 4.3% to 1,759.2 million unit cases in 2020, as compared to 1,838.3 million unit cases in 2019, mainly as a result of mobility restrictions and social distancing measures related to the COVID-19 pandemic.

Sales volume of our sparkling beverage portfolio decreased in 2020 as compared to 2019, driven by a decline in our colas and flavored sparkling beverage portfolio.
Sales volume of our still beverage portfolio decreased by 4.9% in 2020 as compared to 2019.
Sales volume of bottled water, excluding bulk water, decreased by 26.0% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio increased by 0.5% in 2020 as compared to 2019.

Sales volume in Central America decreased by 1.9% to 232.4 million unit cases in 2020, as compared to 236.9 million unit cases in 2019, mainly as a result of mobility restrictions and social distancing measures related to the COVID-19 pandemic.

Sales volume of our sparkling beverage portfolio increased by 1.3% in 2020 as compared to 2019, driven by a 3.4% increase in colas.
Sales volume of our still beverage portfolio decreased by 16.8% in 2020 as compared to 2019.
Sales volume of bottled water, excluding bulk water, decreased by 29.9% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio declined by 20.9% in 2020 as compared to 2019.

Gross Profit. Our gross profit in this consolidated reporting segment increased by 1.0% to Ps.52,906 million in 2020 as compared to 2019 and gross profit margin increased by 160 basis points to 49.5% in 2020 as compared to 2019. Gross profit margin increased mainly as a result of our pricing initiatives, cost efficiencies and lower PET costs, coupled with our raw material and currency hedging strategies. These factors were partially offset by unfavorable price-mix effects, higher concentrate costs in Mexico and the depreciation in the average exchange rate of most of our operating currencies as applied to our U.S. dollar-denominated raw material costs.

Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in this consolidated reporting segment decreased by 50 basis points to 32.4% in 2020 as compared to the same period in 2019. Administrative and selling expenses, in absolute terms, decreased by 3.5% in 2020 as compared to 2019 driven mainly by our ability to drive savings and operating expense efficiencies primarily in labor, maintenance and marketing in Mexico.

South America
Total Revenues. Total revenues in our South America consolidated reporting segment decreased by 9.8% to Ps.76,831 million in 2020 as compared to 2019, mainly as a result of unfavorable price-mix and currency translation effects resulting from the depreciation of most of our operating currencies as compared to the Mexican peso. This figure includes other operating revenues related to entitlements to reclaim tax payments in Brazil in 2020. See Note 25.2.1 to our consolidated financial statements. Total revenues for beer amounted to Ps.15,228 million in 2020. On a comparable basis, total revenues would have increased by 3.6% in 2020 as compared to 2019.

Total sales volume in our South America consolidated reporting segment remained stable at 1,292.7 million unit cases in 2020 as compared to 2019, mainly as a result of volume growth in Brazil.

Sales volume of our sparkling beverage portfolio increased by 1.6% in 2020 as compared to 2019.
Sales volume of our still beverage portfolio decreased by 1.9% in 2020 as compared to 2019.
Sales volume of our bottled water category, excluding bulk water, decreased by 18.3% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio increased by 2.5% in 2020 as compared to 2019.

Sales volume in Brazil increased by 1.9% to 862.9 million unit cases in 2020, as compared to 846.5 million unit cases in 2019.

Sales volume of our sparkling beverage portfolio increased by 2.8% in 2020 as compared to 2019, as a result of growth in our colas and flavored sparkling beverage portfolio.
Sales volume of our still beverage portfolio decreased by 1.2% in 2020 as compared to 2019.
Sales volume of our bottled water, excluding bulk water, decreased by 9.4% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio increased by 18.8% in 2020 as compared to 2019.

Sales volume in Colombia decreased by 4.0% to 254.8 million unit cases in 2020, as compared to 265.5 million unit cases in 2019.

Sales volume of our sparkling beverage portfolio increased by 0.9% in 2020 as compared to 2019, mainly driven by growth in our flavored sparkling beverage portfolio.
Sales volume of our still beverage portfolio decreased by 8.7% in 2020 as compared to 2019.
Sales volume of bottled water, excluding bulk water, decreased by 33.8% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio decreased by 13.7% in 2020 as compared to 2019.

Sales volume in Argentina decreased by 3.9% to 133.8 million unit cases in 2020, as compared to 139.3 million unit cases in 2019.

Sales volume of our sparkling beverage portfolio decreased by 2.8% in 2020 as compared to 2019, mainly impacted by a decline in our flavored sparkling beverage portfolio.
Sales volume of our still beverage portfolio increased by 3.5% in 2020 as compared to 2019.
Sales volume of bottled water, excluding bulk water, decreased by 32.0% in 2020 as compared to 2019.
Sales volume of our bulk water portfolio increased by 48.4% in 2020 as compared to 2019.

Sales volume in Uruguay decreased by 2.8% to 41.2 million unit cases in 2020, as compared to 42.4 million unit cases in 2020.

Sales volume of our sparkling beverage portfolio decreased by 5.1% in 2020 as compared to 2019.
Sales volume of our still beverage portfolio increased by 36.2% in 2020 as compared to 2019.
Sales volume of bottled water increased by 18.0% in 2020 as compared to 2019.

Gross Profit. Gross profit in this consolidated reporting segment amounted to Ps.29,905 million, a decrease of 14.9% in 2020 as compared to 2019, with a 230 basis point margin contraction to 38.9%. This decrease in gross profit was mainly driven by an unfavorable price-mix effect and the depreciation of the average exchange rate of all of our operating currencies in the division as applied to our U.S. dollar-denominated raw material costs. These factors were partially offset by lower PET costs and our revenue management initiatives.

Administrative and Selling Expenses. Administrative and selling expenses as a percentage of total revenues in this consolidated reporting segment decreased by 50 basis points to 28.4% in 2020 as compared to 2019 driven mainly by operating expense efficiencies in Brazil. Administrative and selling expenses, in absolute terms, decreased by 11.5% in 2020 as compared to 2019.

corporate governance

Executive Officers

John Santa Maria Otazua
Chief Executive Officer

Constantino Spas Montesinos
Chief Financial Officer

Karina Paola Awad Pérez
Human Resources Officer

José Ramón Martínez
Corporate Affairs Officer

Rafael Ramos Casas
Supply Chain and Engineering Officer

Rafael Alberto Suárez Olaguíbel¹
Information Technology and Commercial Officer

Fabricio Ponce García
Chief Operating Officer – Mexico

Ian M. Craig García
Chief Operating Officer - Brazil

Eduardo G. Hernández Peña
Chief Operating Officer - LATAM

Xiemar Zarazua López
Commercial Development Officer

board of directors

Directors Appointed by Series a Shareholders

José Antonio Fernández Carbajal
Executive Chairman of the Board of Directors of FEMSA
28 years as a Board Member

Federico José Reyes García
Independent Consultant
28 years as a Board Member
Alternate: Javier Gerardo Astaburuaga Sanjines

John Santa Maria Otazua
Chief Executive Officer of Coca-Cola FEMSA
7 years as a Board Member

Ricardo Guajardo Touché^²
Chairman of the Board of Directors of SOLFI, S.A. de C.V.
28 years as a Board Member

Enrique F. Senior Hernández^²
Managing Director of Allen & Company, LLC.
17 years as a Board Member

Eduardo Padilla Silva
Chief Executive Officer of FEMSA
5 years as a Board Member

Luis Rubio Freidberg^²
President of the Board of Directors of México Evalúa
6 years as a Board Member
Alternate: Jaime A. El Koury

Daniel Servitje Montull^²
Chief Executive Officer and Chairman of the Board of Directors of Bimbo
23 years as a Board Member

José Luis Cutrale
Chairman of the Board of Directors of Sucocítrico Cutrale, LTDA.
17 years as a Board Member
Alternate: José Henrique Cutrale

Luis Alfonso Nicolau Gutiérrez^²
Partner at Ritch, Mueller, Heather y Nicolau, S.C., Law Firm; Member of the Firm´s Executive Committee
3 years as a Board Member

Directors Appointed by Series D Shareholders

José Octavio Reyes Lagunes
Retired
5 years as a Board Member
Alternate: Theresa Robin Rodgers Moore

John Murphy
Executive Vice President and Chief Financial Officer of The Coca-Cola Company
2 years as a Board Member
Alternate: Sunil Krishna Ghatnekar

Charles H. McTier^²
Retired
23 years as a Board Member

James Leonard Dinkins
Senior Vice President of The Coca-Cola Company and President of Coca-Cola North America (CCNA)
1 year as a Board Member
Alternate:Marie D. Quintero-Johnson

Directors Appointed by Series L Shareholders

Víctor Alberto Tiburcio Celorio^²
Independent Consultant
3 years as a Board Member

Francisco Zambrano Rodríguez^²
Managing Partner of Forte Estate Plannning S.C.
18 years as a Board Member

Alfonso González Migoya^²
Business consultant and Managing Partner of Acumen Empresarial, S.A. de C.V.
15 years as a Board Member

Secretary of Board

Carlos Eduardo Aldrete Ancira
General Counsel of FEMSA
27 years as a Secretary
Alternate: Carlos Luis Díaz Sáenz

As of January 1, 2021, Mr. Ignacio Echevarria assumed the position of Chief Information Officer, reporting directly to our CEO. Mr. Echevarria assumed the IT responsibilities that were previously overseen by Mr. Suárez, who will continue to focus his role in transformation and commercial development.
Independent

U.S. Dollars per ADS	2020
Quarter Ended	$ High	$ Low	$ Close
dec-31	46.93	36.20	46.10
sep-30	44.91	39.63	40.72
jun-30	48.39	38.09	43.85
mar-31	64.95	38.44	40.23

U.S. Dollars per ADS	2019
Quarter Ended	$ High	$ Low	$ Close
dec-31	61.98	54.98	60.62
sep-30	63.12	57.27	60.62
jun-28	68.51	62.03	62.14
mar-29	66.75	58.29	66.00

Mexican Pesos	2020
Quarter Ended	$ High	$ Low	$ Close
dec-31	93.88	77.30	91.51
sep-30	100.3	86.26	90.19
jun-30	106.29	91.49	100.62
mar-31	121.02	90.56	95.65

Mexican Pesos	2019
Quarter Ended	$ High	$ Low	$ Close
dec-31	121.01	105.71	114.88
sep-30	122.57	112.93	120.09
jun-28	130.07	119.05	119.11
mar-29	128.31	114.28	128.31

Business engagement

We are interested in promoting and exchanging best practices in Sustainability, and we actively participate in associations and organisms of the countries where we are present.

Coca-Cola FEMSA

Alianza Latinoamericana de Asociaciones de Industria de Alimentos y Bebidas (ALAIAB)

American Beverage Association (ABA)

Business Industry Advisory Council (BIAC)

International Council of Beverages Associations (ICBA)

International Council of Beverages Associations (ICBA-LATAM)

American Chamber of Commerce of Mexico (AMCHAM)

Consejo Empresarial Mexicano de Comercio Exterior, Inversión y Tecnología (COMCE)

Argentina

Asociación de Fabricantes de Coca-Cola (AFAC)¹

Cámara de la Industria de Bebidas Sin Alcohol (CADIBSA)¹

Cooperadora de Industrias de Alimentos y Bebidas (COPAL)¹

Cámara de Comercio Argentino-Mexicana (CCAM)¹

Federación de Almaceneros de Buenos Aires

Cámara de Sociedades Anónimas

Asociación Argentina de Estudios Fiscales

Cámara de Comercio de Estados Unidos en Argentina (AmCham Argentina)

Brazil

ABA - Associação Brasileira de Anunciantes¹

ABINAM - Associação Brasileira de Indústria de Água Mineral

ABIR – Associação Brasileira das Indústrias de Refrigerantes e de Bebidas não Alcoólicas¹

ADIAL – Associação Brasileira Pró-Desenvolvimento Regional Sustentável¹

AFBCC – Associação dos Fabricantes Brasileiros de Coca-Cola¹

Câmara Mexicana

CBH-TB Comite de Bacias Hidrograficas - Tietê Batalha

CBH-AP - Comite de Bacias Hidrograficas - Aguapeí Peixe (Marília)

CEMPRE - Compromisso Empresarial para Reciclagem

CIESP - Centro das Indústrias do Estado de São Paulo

Comitê da Bacia Hidrográfica do Rio Paranapanema¹

Comitê das Bacias Hidrográficas do Alto Iguaçu e Afluentes do Alto Ribeira.

Comitê de Gerenciamento da Bacia Hidrográfica do Lago Guaíba - RS

Comitê de Gerenciamento da Bacia Hidrográfica do Rio Gravataí - RS

Comitê de Parceiros da Adesita

Conselho Unidade de Conservação MONAE Serra da Moeda

CTMH - Camâra Técnica de Monitoramento Hidrológico - PCJ

FIERGS - Federação das indústrias do Rio Grande do Sul

Fundação Fernando Henrique Cardoso

LIDE – Grupo de Líderes Empresariais

Rede de Investidores Sociais (Maringá)

SINDBEBIDAS MG - Sindicato das Indústrias de Cerveja e Bebidas em Geral do Estado de Minas Gerais¹

SINDIBEBIDAS PR - Sindicato das Indústrias de Bebidas do Estado do Paraná¹

Subcomitê de Bacias Hidrográficas de Itabirito¹

Costa Rica

Unión Costarricense de Cámaras y Asociaciones del Sector Empresarial Privado (UCCAEP)

Cámara Costarricense de la Industria Alimentaria (CACIA)

Cámara Costarricense Norteamericana de Comercio (AMCHAM)

Cámara de industria y comercio Costa Rica-México (CICOMEX)

Cámara de Industrias de Costa Rica (CICR)

Alianza Empresarial para el Desarrollo (AED)

Alianza Empresarial para Sostenbilidad

Cámara de Comercio de Costa Rica

Guatemala

Cámara de Comercio e Industria Guatemalteco Mexicana "CAMEX"¹

Asociación Guatemalteca de Exportadores "AGEXPORT"¹

Cámara de Industria Guatemalteca "CIG"¹

Cámara Guatemalteca de Alimentos y Bebidas "CGAB"

Cámara de Comercio Guatemalteco Americana "AMCHAM"

Cámara de Comercio de Guatemala

Asociación de Gerentes de Guatemala

Mexico

Asociación de Embotelladores Coca-Cola (ASCOCA)¹

Asociación Nacional de Productores de Refrescos y Aguas (ANPRAC)

Cámara de la Industria de la Transformación (CANACINTRA)

Centro Mexicano para la Filantropía (CEMEFI)

Comisión de Estudios para el Desarrollo Sustentable del Consejo Coordinador Empresarial (CESPEDES)2

Confederación de Cámaras Industriales (CONCAMIN)

Confederación Patronal de la República Mexicana (COPARMEX)

Consejo Coordinador Empresarial (CCE)

Consejo Mexicano de la Industria de Productos de Consumo (CONMEXICO)¹

Ecología y Compromiso Empresarial, A.C. (ECOCE)¹

Iniciativa GEMI (Global Environmental Management Initiative)

Movimiento por una Vida Saludable (MOVISA)

Queremos Mexicanos Activos (QUEMA)

Nicaragua

Cámara de Industria de Nicaragua

Consejo Superior de la Empresa Privada

Cámara de comercio y servicios de Nicaragua

AMCHAM Nicaragua

Panama

Cámara Comercio Panamá México

Sindicato de Industriales de Panamá

American Chamber (AMCHAM) Panamá

Cámara de Comercio, Industrias y Agricultura

Uruguay

Cámara de Industrias del Uruguay

Cámara Industrial de Alimentos

Cámara de Anunciantes del Uruguay

Cámara de Comercio Uruguay - Estados Unidos

DERES (Responsabilidad Social Empresaria)

CEMPRE (Compromiso Empresarial por el Reciclaje)

Cámara de Comercio Uruguay - México

Gri content index

GRI 102 General Disclosures

102-1 Name of the organization	About our Integrated Report
102-2 Activities, brands, products, and services	Our Footprint
102-3 Location of headquarters	About our Integrated Report
102-4 Location of operations	Our Footprint
102-6 Markets served	Our Footprint
102-7 Scale of the organization	Our Footprint
102-8 Information on employees and other workers	-
102-9 Supply chain	Value Chain
102-11 Precautionary Principle or approach	Dear Fellow Stakeholders
102-12 External initiatives	About our Integrated Report
102-13 Membership of associations	Business Engagement
102-14 Statement from senior decision-maker	Dear Fellow Stakeholders
102-15 Key impacts, risks, and opportunities	Comprehensive Risk Management
102-16 Values, principles, standards, and norms of behavior	Cultural & Organizational Transformation
102-17 Mechanisms for advice and concerns about ethics	Integral Ethical System
102-18 Governance structure	Corporate Governance
102-19 Delegating authority	Corporate Governance
102-20 Executive-level responsibility for economic, environmental, and social topics	Corporate Governance
102-21 Consulting stakeholders on economic, environmental, and social topics	Stakeholders
102-22 Composition of the highest governance body and its committees	Corporate Governance
102-23 Chair of the highest governance body	Corporate Governance
102-30 Effectiveness of risk management processes	Comprehensive Risk Management
102-40 List of stakeholder groups	Stakeholders
102-41 Collective bargaining agreements	Compensation and benefits
102-42 Identifying and selecting stakeholders	Stakeholders
102-43 Approach to stakeholder engagement	Stakeholders
102-44 Key topics and concerns raised	Stakeholders
102-46 Defining report content and topic Boundaries	Our Framework
102-47 List of material topics	Sustainability
102-49 Changes in reporting	About our Integrated Report
102-50 Reporting period	About our Integrated Report
102-51 Date of most recent report	About our Integrated Report
102-52 Reporting cycle	About our Integrated Report
102-53 Contact point for questions regarding the report	About our Integrated Report
102-54 Claims of reporting in accordance with the GRI Standards	About our Integrated Report
102-55 GRI content index	GRI content index
102-56 External assurance	External assurance

GRI 103 Management Approach

103-1 Explanation of the material topic and its Boundary	Sustainability
103-2 The management approach and its components	Sustainability
103-3 Evaluation of the management approach	Sustainability

GRI 201 Economic Performance

201-1 Direct economic value generated and distributed

Sustainability Highlights

GRI 203 Indirect Economic Impacts

203-1 Infrastructure investments and services supported	Shared Opportunity with our Communities
203-2 Significant indirect economic impacts	Sustainability Highlights

GRI 204 Procurement Practices

204-1 Proportion of spending on local suppliers

Sustainable Sourcing

GRI 205 Anti-corruption

205-2 Communication and training about anti-corruption policies and procedures	Integral Ethical System
205-3 Confirmed incidents of corruption and actions taken	Integral Ethical System

GRI 206 Anti-competitive Behavior

206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices

Integral Ethical System

GRI 301 Materials

301-1 Materials used by weight or volume	Innovative Packaging Development
301-2 Recycled input materials used	Innovative Packaging Development
301-3 Reclaimed products and their packaging materials	Dear Fellow Stakeholders

GRI 302 Energy

302-1 Energy consumption within the organization	ENERGY EFFICIENCY, CLEAN ENERGY & EMISSIONS REDUCTION
302-2 Energy consumption outside of the organization	ENERGY EFFICIENCY, CLEAN ENERGY & EMISSIONS REDUCTION
302-3 Energy intensity	ENERGY EFFICIENCY, CLEAN ENERGY & EMISSIONS REDUCTION
302-4 Reduction of energy consumption	ENERGY EFFICIENCY, CLEAN ENERGY & EMISSIONS REDUCTION
302-5 Reductions in energy requirements of products and services	ENERGY EFFICIENCY, CLEAN ENERGY & EMISSIONS REDUCTION

GRI 303 Water and Effluents

303-1 Interactions with water as a shared resource	WATER REPLENISHMENT & CONSERVATION
303-2 Management of water discharge-related impacts	WATER EFFICIENCY
303-3 Water withdrawal	WATER EFFICIENCY
303-4 Water discharge	WATER EFFICIENCY
303-5 Water consumption	WATER EFFICIENCY

GRI 305 Emissions

305-1 Direct (Scope 1) GHG emissions	Climate Action
305-2 Energy indirect (Scope 2) GHG emissions	Climate Action
305-3 Other indirect (Scope 3) GHG emissions	Climate Action
305-4 GHG emissions intensity	Climate Action
305-5 Reduction of GHG emissions	Climate Action

GRI 306 Effluents and Waste

306-2 Waste by type and disposal method

POST-INDUSTRIAL OPERATING WASTE MANAGEMENT

GRI 401 Employment

401-1 New employee hires and employee turnover	Employees
401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees	Flexible benefits
401-3 Parental leave	Flexible benefits

GRI 402 Labor/Management Relations

402-1 Minimum notice periods regarding operational changes

Compensation and benefits

GRI 403 Occupational Health and Safety

403-1 Occupational health and safety management system	Occupational Health
403-2 Hazard identification, risk assessment, and incident investigation	Safety Commitment
403-3 Occupational health services	Occupational Health
403-4 Worker participation, consultation, and communication on occupational health and safety	Safety Commitment
403-5 Worker training on occupational health and safety	Safety Commitment
403-6 Promotion of worker health	Occupational Health
403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships	Safety Commitment
403-8 Workers covered by an occupational health and safety management system	Safety Commitment
403-9 Work-related injuries	Safety Performance
403-10 Work-related ill health	Health & Wellbeing policies

GRI 404 Training and Education

404-1 Average hours of training per year per employee	-
404-2 Programs for upgrading employee skills and transition assistance programs	PERFORMANCE,SUCCESSION & MOBILITY
404-3 Percentage of employees receiving regular performance and career development reviews	PERFORMANCE,SUCCESSION & MOBILITY

GRI 405 Diversity and Equal Opportunity

405-1 Diversity of governance bodies and employees

GRI 406 Non-discrimination

406-1 Incidents of discrimination and corrective actions taken

Integral Ethical System

GRI 407 Freedom of Association and Collective Bargaining

407-1 Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk

Integral Ethical System

GRI 408 Child Labor

408-1 Operations and suppliers at significant risk for incidents of child labor

Integral Ethical System

GRI 409 Forced or Compulsory Labor

409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor

Integral Ethical System

GRI 411 Rights of Indigenous Peoples

411-1 Incidents of violations involving rights of indigenous peoples

Integral Ethical System

GRI 412 Human Rights Assessment

412-2 Employee training on human rights policies or procedures

GRI 413 Local Communities

413-1 Operations with local community engagement, impact assessments, and development programs

Shared Opportunity with our Communities

GRI 414 Supplier Social Assessment

414-1 New suppliers that were screened using social criteria	Sustainable Sourcing
414-2 Negative social impacts in the supply chain and actions taken	Sustainable Sourcing

GRI 416 Customer Health and Safety

416-1 Assessment of the health and safety impacts of product and service categories	Responsible Marketing
416-2 Incidents of non-compliance concerning the health and safety impacts of products and services	Integral Ethical System

SASB index

Energy Management

(1) Operational energy consumed, (2) percentage grid electricity, (3) percentage renewable

FB-NB-130a.1

Water Management

(1) Total water withdrawn, (2) total water consumed, percentage of each in regions with High or Extremely High Baseline Water Stress	FB-NB-140a.1
Description of water management risks and discussion of strategies and practices to mitigate those risks	FB-NB-140a.2

Health & Nutrition

Discussion of the process to identify and manage products and ingredients related to nutritional and health concerns among consumers

FB-NB-260a.2

Product Labeling & Marketing

Percentage of advertising impressions (1) made on children and (2) made on children promoting products that meet dietary guidelines2	FB-NB-270a.1
Number of incidents of non-compliance with industry or regulatory labeling and/or marketing codes	FB-NB-270a.3
Total amount of monetary losses as a result of legal proceedings associated with marketing and/or labeling practices3	FB-NB-270a.4

Packaging Lifecycle Management

(1) Total weight of packaging, (2) percentage made from recycled and/or renewable materials, and (3) percentage that is recyclable, reusable, and/or compostable	FB-NB-410a.1
Discussion of strategies to reduce the environmental impact of packaging throughout its lifecycle	FB-NB-410a.2

Environmental & Social Impacts of Ingredient Supply Chain

Suppliers’ social and environmental responsibility audit (1) non-conformance rate and (2) associated corrective action rate for (a) major and (b) minor non-conformances

FB-NB-430a.1

Activity Metrics

Volume of products sold	FB-NB-000.A
Number of production Facilities	FB-NB-000.B

	Area responsible for responding	Main issues identified
Associates and their Families	Human Resources	Business philosophy, work culture, labor relations.
Community	Corporate Affairs, Commercial, Human Resources	Community development programs, portfolio of products, job openings, safety at the work centers.
Clients and Consumers	Commercial, Marketing	Different information requests, portfolio of products, job openings, sponsorships, technical assistance, and sales.
Suppliers	Procurement	Commercial relationships.
Shareholders and Investors	Investor Relations	Financial results, company strategy, investment plans, economic prospects.
Authorities and Business Associations	Corporate Affairs	Collaboration in community development initiatives and environmental stewardship.
Unions	Human Resources	Negotiations for collective bargaining contracts, labor relations.
Civil Society Organizations	Corporate Affairs	Joint projects.
Communications Media	Corporate Affairs	Business strategy, financial results, community development programs and environmental stewardship, institutional positioning.
Education Institutes	Human Resources, Corporate Affairs	Joint projects, academic advice, research, training.