COCA-COLA FEMSA
2023 INTEGRATED REPORT
FUTURE-READY
D R I V I N G G R O W T H
At Coca-Cola FEMSA, we are building a future-ready
organization focused on implementing a long-term
sustainable growth model, with a refreshed vision
of being our customers’ and partners’ preferred
commercial platform and ally for growth, fostering a
sustainable future.
Our strategy is grounded in six strategic priorities that
underscore our growth ambitions, rights-to-win in
the B2B space, digital capabilities, customer-centric
culture, and industry-leading sustainable business
developments.
Fueled by our progress across these priorities, we are
not only escalating our transformation with technology,
enhanced capacity, and digital capabilities across our
value chain—but also driving growth.
CONTENTS
OVERVIEW
STRATEGIC
PRIORITIES
SUSTAINABILITY
ETHICS AND
GOVERNANCE
APPENDICES
Coca-Cola FEMSA at a Glance
Letter to Our Stakeholders
Financial Highlights
Our Future-Ready Strategy
Our Strategic Priorities
Achievements in Our
Strategic Priorities
Our Sustainability Goals
Q&A with Our CFO
4
5
11
13
14
15
16
18
22
Grow the Core
Be the Preferred Commercial
Platform
31
De-Bottleneck Our Infrastructure 37
Strengthen Our Customer-Centric
Culture
Purpose, Vision and Coca-Cola
FEMSA Principles
42
43
Foster a Sustainable Future
Q&A with Our Corporate Affairs
and Supply Chain and Engineering
Officers
Water Stewardship
World Without Waste
Climate Action
Integral Employee Well-being
Community Development
48
49
62
66
71
75
89
Corporate governance
Ethical system
Human Rights
Cybersecurity
Supply chain
Risk management
94
101
104
105
107
109
Financial Summary
Management Discussion and
Analysis
Capital and Company
Engagement
TCFD Disclosures Report
Performance in Detail
SASB Content Index
GRI Content Index
Independent Assurance Report
114
116
120
121
125
133
135
144
COCA-COLA
FEMSAAT A GLANCE
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 5
CHAIRMAN’S AND CEO’S LETTER TO STAKEHOLDERS
DEAR FELLOW
STAKEHOLDERS
At Coca-Cola FEMSA, we have embarked on a transformative journey focused on implement-
ing a long-term sustainable growth model. During 2023 we set the foundations of this model
by defining and implementing six strategic priorities: i) Grow the Core, ii) Be the preferred
commercial platform, iii) Strategic M&A, iv) De-bottleneck our infrastructure & digitize the
enterprise, v) Strengthen our customer centric culture, and vi) Foster a sustainable future.
In addition, as a reflection of Coca-Cola FEMSA’s solid talent pipeline, we achieved a
seamless transition with a renewed senior leadership team, placing the right talent in key
roles. Notably, we filled these key positions with internal talent that has been developed
along successful careers within our company.
Moreover, during the year we worked on defining a renewed Vision and setting Coca-Cola
FEMSA’s Principles, which will steer our organizational culture and ways of working, as we
begin its deployment across our company during 2024.
We are confident that the results of 2023 show that we are on the right path. With that in
mind, we would like to share with you the progress we are making across our key priorities:
WE ARE CONFIDENT THAT THE RESULTS OF 2023
SHOW THAT WE ARE ON THE RIGHT PATH.
JOSÉ ANTONIO
FERNÁNDEZ CARBAJAL
CHAIRMAN OF THE BOARD
IAN CRAIG
CHIEF EXECUTIVE
OFFICER
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 6
Grow the Core
We prioritized growing our core business by adjusting towards
a long-term sustainable growth model. This model is focused
on effectively responding to and driving consumer demand for
our products, capturing the fair share of The Coca-Cola portfolio
across all markets and channels, developing growth opportuni-
ties in low per-capita markets, and achieving the full potential of
profitable non-carbonated beverage categories.
Our results in 2023 allowed us to gain share in most of our op-
erations and achieve a turnaround in Mexico, where we reversed
a long-term trend of declining market share. This achievement
underscores our commitment to strengthening our presence and
further growing our position in one of our key markets. Addition-
ally, our operation in Argentina was honored by The Coca-Cola
Company with the Candler Cup. This recognition, named after
Asa Candler, founder of The Coca-Cola Company, and the person
who granted the first Coca-Cola franchise, is an important award
given to a bottler in recognition for its excellence in execution,
coupled with its investments behind its people's development,
training, and culture.
These achievements also emphasize our significance within
the broader Coca-Cola System. Moreover, in 2023 Coca-Cola
FEMSA accounted for 44% of the total volume growth of the
Coca-Cola System. Our enhanced cooperation framework with
The Coca-Cola Company has been instrumental in driving growth
in our core portfolio. Our cooperative efforts are more than just
a strategic alignment; they represent a unified approach to
pursuing profitable sustainable growth.
While we are encouraged by these accomplishments, we also
remain enthusiastic about the potential for further growth. As we
continue to prioritize customer-centricity, we are confident in our
ability to unlock more growth opportunities across our markets.
Be the Preferred Commercial Platform
We established solid foundations towards being the preferred
commercial platform for our customers and partners by com-
pletely revising the IT architecture of Juntos+, our B2B omni-
channel platform. The increasing adoption of Juntos+ is evi-
denced by the number of monthly active buyers: over 1.1 million,
a rise of 35% compared to last year.
In addition, during the year we successfully launched Juntos+
version 4.0 in Brazil. This new version of the app is fully web
native and enhances customer experience, accessibility, and
convenience.
We also strengthened our multi-category platform during the
year, focusing on having a curated portfolio to better serve our
customers while increasing our ROIC. The year saw us exceed
US$150 million in multi-category sales, excluding beer, surpass-
ing 1% of our total sales—a milestone in our progression towards
our long-term target of reaching 5% of total sales.
The synergy between Juntos+ and our multi-category portfolio
not only streamlines operations but also enhances the overall
value we provide for our customers, further accelerating our
growth as the preferred omnichannel commercial platform for
our clients and partners.
Strengthen our customer-centric culture
Our Vision has evolved to emphasize our commitment to being
not only the preferred commercial platform but also a trusted
ally for our customers’ and partners’ growth. This evolution
underscores our dedication to building lasting relationships and
drive mutual success. Additionally, our Principles will steer our
organizational culture and ways of working, nourishing behaviors
essential for achieving our long-term objectives and succeed in
our transformation journey.
OVER 1.1 MILLION MONTHLY ACTIVE
USERS IN JUNTOS+, A RISE OF 35%
COMPARED TO LAST YEAR.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 7
AS PART OF OUR COMMITMENT TO
FOSTER A SUSTAINABLE FUTURE, WE
CONTINUED IMPROVING OUR WATER
USE RATIO TO 1.42 LITERS OF WATER
PER LITER OF BEVERAGE PRODUCED.
Our Purpose
Remains
TO REFRESH THE WORLD
ANYTIME, ANYWHERE
Our New Vision
BE OUR CUSTOMERS’ AND PARTNERS’
PREFERRED COMMERCIAL PLATFORM AND
ALLY FOR GROWTH, FOSTERING A
SUSTAINABLE FUTURE.
→ For details about Coca-Cola FEMSA Principles see page 43
From our frontline staff to our senior leadership team, we are
promoting a growth mindset across our operations. Fostering a
workplace that provides psychological safety helps ensure that
everyone feels valued, respected, and encouraged to take an
active role in our growth. We are also committed to cultivating a
multiplier leadership style, guiding leaders not only to lead effec-
tively but also to empower others.
Foster a sustainable future
As part of our commitment to foster a sustainable future, we
continued improving our water use ratio to 1.42 liters of water
per liter of beverage produced—an industry benchmark— and
advanced in our comprehensive water strategy with replenishing
actions and enhancing water access for our local communities.
Additionally, we continue to emphasize the use of recycled PET
in our packaging. For the year, we increased our mix of recycled
resin in our bottles to 33%. Furthermore, the construction of PLA-
NETA, our new food-grade PET recycling plant in Tabasco, Mexico,
continues progressing towards its inauguration in 2024. With the
capacity to process approximately 50,000 tons of post-consum-
er PET bottles annually, the plant will significantly contribute to
strengthening our collection capabilities in Mexico as we advance
towards our collection and recycled content objectives.
As our company grows, we want to be preferred by diverse tal-
ent. In 2023, we made strides in increasing the representation
of women across all levels, with female talent in leadership roles
reaching 29%. Notably, this is the sixth consecutive year that
our company is part of the Bloomberg Gender-Equality Index.
Looking ahead, our 2030 goal is for women to comprise 40% of
our leadership and management positions.
Financial and Operating Highlights
Our focus on driving sustainable long-term growth enabled us
to deliver 7.8% year-over-year volume growth to reach 4,047.8
million unit cases—surpassing four billion unit cases for the first
time in our company’s history. Our consolidated growth was driv-
en by positive results across all territories and primarily fueled by
strong performances in Mexico, Brazil, Colombia, and Guatema-
la. Thanks to our portfolio initiatives and point-of-sale execution,
we continued gaining share across key markets and categories.
Our solid volumes and revenue growth management capabilities
drove healthy top-line growth. For the year, total revenues in-
creased by 8.1% to Ps. 245.1 billion. Operating income improved
by 10.8% to Ps. 34.2 billion. Adjusted EBITDA increased by 7.9%
to Ps. 46.4 billion. Controlling net income rose by 2.6% to Ps.
19.5 billion, achieving earnings per share of Ps. 1.16 and per unit
of Ps. 9.30 (Ps. 92.99 per ADS).
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 8
Remarkably, our return on invest-
ed capital improved for the sixth
consecutive year. Furthermore,
we ended the year with a net-
debt-to-EBITDA ratio of 0.8
times, while our cash position
was more than Ps. 31 billion.
These achievements reflect
our robust financial position
and underscore our readi-
ness for continued growth.
To support these results, we in-
vested a record CAPEX of $21.4
billion pesos, representing 8.7% of
revenues. These investments enable
us to continue adding the necessary
capacity to support our growth ambitions.
partners to provide immediate access to clean water and essen-
tial supplies. Our robust risk management plans also enabled
us to restore local production capacity, and our investment of
Ps. 575 million in facility rebuilding and community support un-
derscores our commitment to long-term local economic recovery
and job security for our employees.
What’s next?
As we enter a second chapter of our journey in 2024, we expect
to focus on four key priorities: i) continue building on the growth
momentum of our core business, ii) take Juntos+ to the next lev-
el, with the deployment of advanced AI capabilities, iii) continue
developing the culture that embodies and projects our refreshed
purpose, vision, and principles across our operations, and iv)
foster a sustainable future.
On behalf of our employees, we thank you for your continued
confidence in our ability to deliver economic value and to gener-
ate social and environmental well-being for all our stakeholders.
Notably, the year also put our resilience and risk management
protocols to the test, as our company faced a cybersecurity
incident that was promptly addressed by our cybersecurity pro-
tocols. The measures we took were preventive, and we did not
experience any material negative impacts. Throughout the year,
our IT team worked to enhance our cybersecurity risk manage-
ment program according to lessons learned, underscoring our
pledge to rigorous cybersecurity standards.
JOSÉ ANTONIO FERNÁNDEZ CARBAJAL
CHAIRMAN OF THE BOARD
As important as community support is for our company, in the
aftermath of Hurricane Otis, we swiftly mobilized to support the
recovery of Acapulco, collaborating with local authorities and
IAN CRAIG
CHIEF EXECUTIVE OFFICER
In memoriam
The members of the Board of Directors, executives,
and employees of Coca-Cola FEMSA deeply mourn
the loss during 2023 of two extraordinary leaders of
FEMSA who helped shape Coca-Cola FEMSA’s his-
tory: Daniel Alberto Rodríguez Cofré and Othón Ruiz
Montemayor.
Daniel Rodríguez Cofré (1965-2023) served as
FEMSA’s Chief Executive Officer from January 1, 2022
until just before his passing in August 2023. Daniel’s
clarity of purpose, strategic foresight, and consistent
professionalism contributed to FEMSA’s strong growth
trajectory and the FEMSA Forward strategy, of which
Coca-Cola FEMSA is a significant part. We offer our
deepest condolences and prayers to the Rodríguez
Cofré and Rodríguez Scheel families.
Othón Ruiz Montemayor (1943-2023) was
appointed FEMSA’s Chief Executive Officer in 1985.
During his ten-year tenure, he navigated many
complex decisions and, among other achievements,
initiated FEMSA’s partnership with The Coca-Cola
Company in 1993, accelerating the growth and
globalization of Coca-Cola FEMSA. Othón was a
generous and visionary leader who offered his
talent, experience, creativity, and passion to his
community and country for more than five decades.
We offer our deepest condolences and prayers to
the Ruiz Nájera family.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 9
272
million people
served
2.1
million points
of sale
252
distribution
centers2
OUR
FOOTPRINT
We have the privilege to serve
272 million people through
2.1 million points of sale in 9
markets of Latin America with a
wide portfolio of leading brands.
1. As of December 31, 2017, Venezuela is
reported as an investment in shares, as
a non-consolidated operation.
2. For purposes of this table, we have
considered owned and third-party
distribution centers managed by us.
56
plants
CENTRAL AMERICA
(Guatemala, Nicaragua, Costa Rica and Panama)
35 million people served
213K points of sale
7 plants
37 distribution centers
COLOMBIA
52 million people served
480K points of sale
7 plants
23 distribution centers
BRAZIL
91 million people served
487K points of sale
11 plants
49 distribution centers
ARGENTINA
14 million people served
64K points of sale
2 plants
4 distribution centers
MEXICO
77 million people served
884K points of sale
28 plants
136 distribution centers
VENEZUELA1
URUGUAY
3 million people served
25K points of sale
1 plant
3 distribution centers
TRANSACTIONS
million
23,743.2
Mexico
Guatemala
CAM South
Colombia
Brazil
Argentina
Uruguay
9,729.0
1,328.5
1,287.4
2,656.5
7,523.9
974.4
243.6
TOTAL VOLUME
million unit cases1
4,047.8
Mexico
Guatemala
CAM South
Colombia
Brazil
Argentina
Uruguay
2,052.9
174.2
167.7
347.6
1,075.1
178.7
51.7
1. Unit case is a unit of measurement that equals
24 eight-ounce servings of finished beverage.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 10
OUR BUSINESS
SPARKLING BEVERAGES
3,045 Volume1
18,723 Transactions
WATER AND BULK WATER
689 Volume1
2,212 Transactions
STILL BEVERAGES
314 Volume1
2,809 Transactions
1. Volume is measured in million unit cases
PRODUCT MIX BY CATEGORY
7% 6%
69%
18%
Mexico
Central America
Colombia
Brazil
Argentina
Uruguay
4% 1%
86% 9%
4%
76% 9%
11%
7% 1%
84% 8%
3%
76%
9%
12%
5%
79%
17%
PRODUCT MIX BY SIZE
PRODUCT MIX BY PACKAGE
Mexico
Central America
Colombia
Brazil
Argentina
Uruguay
69%
31%
62%
38%
Mexico
61%
39%
64%
36%
Central America
70%
30%
74%
26%
76%
24%
80%
20%
81%
19%
Colombia
Brazil
Argentina
Uruguay
82%
18%
79%
21%
80%
20%
■ Sparkling ■ Still ■ Water2 ■ Bulk water3
■ Multi-serve ■ Single-serve
■ Non-Returnable ■ Returnable
2. Excludes still bottled water in presentations of 5.0 Lt. or larger. Includes flavored water.
3. Bulk water - still water in presentations of 5.0 Lt. or larger. Includes flavored water.
JUNTOS+: OUR B2B COMMERCIAL
PLATFORM
Building upon the outstanding personal
customer experience our clients enjoy,
Juntos+, our B2B commercial platform,
provides an omnichannel experience
to 1.1 million of our traditional trade
clients that want to interact with us and
place orders anytime, anywhere.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 1
FINANCIAL HIGHLIGHTS
2023
USD1
2023
MXN
2022
MXN
%
CHANGE
Sales Volume (million unit cases)
4,047.8
4,047.8
3,755.2
14,502
245,088
226,740
2,023
34,180
30,838
10.8%
7.8%
8.1%
Total Revenues
Operating Income
Controlling Interest Net Income
1,156
19,536
19,034
2.6%
Total Assets
16,185
273,520
277,995
-1.6%
Long-term bank loans and notes payable
3,851
65,074
70,146
-7.2%
Controlling Interest
Capital Expenditures
Earnings Per Share2
7,516
127,025
125,384
1,266
21,396
19,665
0.07
1.16
1.13
1.3%
8.8%
2.6%
8
4
0
,
4
5
5
7
,
3
8
5
4
,
3
4
8
2
,
3
+7.8%
vs. 2022
1
.
5
4
2
7
.
6
2
2
8
.
4
9
1
6
.
3
8
1
+8.1%
vs. 2022
2020
2021
2022
2023
SALES VOLUME
million unit cases 1
1. Unit case is a unit of measurement that equals
24 eight-ounce servings of finished beverage.
2
.
4
3
8
.
0
3
4
.
7
2
2
.
5
2
+10.8%
vs. 2022
2020
2021
2022
2023
TOTAL REVENUES
billion Mexican Ps.
0
8
.
5
3
4
.
5
4
0
.
5
6
8
.
4
+6.8%
vs. 2022
Millions of Mexican pesos and U.S. dollars as of December 31, 2023 (except volume and per share data). Results under International
Financial Reporting Standards.
1. U.S. dollar figures are converted from Mexican pesos using the exchange rate for Mexican pesos published by the U.S. Federal Reserve
Board on December 31, 2023, which exchange rate was 16.8998 to U.S.$1.00.
2. Based on 16,806.7 million outstanding ordinary shares as of December 31, 2023 and 2022.
2020
2021
2022
2023
OPERATING INCOME
billion Mexican Ps.
2020
2021
2022
2023
DIVIDEND PER SHARE
Mexican Ps.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 12
OUR VALUE CHAIN
Manufacturing
Enabled by our Digital
Manufacturing Platform 2.0, we
produce high-quality beverages
in our facilities, with efficient
use of water and energy.
Distribution Center
In our digital warehouse
process, we integrate
pre-sale with secondary
distribution processes.
Secondary Distribution
Once a pre-sale order is
placed, we use our Digital
Distribution Platform to
define an optimal Route-
To-Market.
Consumption
We serve more than 272
million people, offering a
portfolio with choices for
every lifestyle.
2
4
6
8
1
Ingredients
We work with
our suppliers to
obtain the best
raw materials.
3
5
7
9
Primary Distribution
From our manufacturing
facilities, we ship
beverages to our 252
distribution centers.
Pre-Sale
Powered by digital platforms,
we serve our clients in
traditional and modern
channels, offering a winning
portfolio of leading brands.
Points of Sale
We reach more than 2.1 million
points of sale with targeted
commercial initiatives, and
we use Market Analytics to
maximize the value proposition
for each client.
Recycling
We encourage and help
consumers to properly
dispose and recycle
packages used in our
beverages.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 13
OUR
FUTURE-READY
STRATEGY
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14
FUTURE-READY STRATEGY
We have defined a set of very clear priorities to chart
our next growth chapter, leveraging our rights-to-win
and channeling our positive momentum:
Grow the core
De-bottleneck
our infrastructure
& digitize the
enterprise
GROWTH
Be the
preferred
commercial
platform
STRATEGIC
PRIORITIES
Strengthen
our
customer
centric
culture
ENABLERS
Strategic M&A
Foster a
sustainable
future
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 15
ACHIEVEMENTS
IN OUR
STRATEGIC
PRIORITIES
IN 2023
Grow the Core. Capturing the fair share of Coca-Cola trademark in
all markets and channels; accelerating the growth of Coca-Cola Zero
Sugar; developing growth opportunities in low per-capita markets;
and achieving the full potential of profitable non-carbonated beverage
categories.
Become our customer’s preferred omnichannel commercial
platform. Growing our total and digital client base across our markets
and enhancing our value proposition by leveraging a curated portfolio
of our customer’s and consumer’s favorite brands together with The
Coca-Cola Company and our multi-category partners.
• +4 billion-unit cases sold, a record for the
company
• Gained share in most of our operations and
achieved a turnaround in Mexico
• 15% annual increase in Coca-Cola Zero
Sugar volumes
• Double-digit growth in Energy and Sports
Drinks
• 1.1 million monthly active users in Juntos+
• US$2.4 billion in digital sales recorded
• 32% of total orders are digital
De-bottleneck our infrastructure and digitize the enterprise. Unlock
growth by increasing manufacturing and distribution capacity and
implementing best-in-class logistics and distribution enablers. We will
continue digitizing our company, including the migration of our legacy
ERP System into cloud-based platform-as-a-service.
• US$1.2 billion in annual CAPEX, a record for
the company.
• 5 new lines and upgrades installed
• 99,100 additional pallet positions
• +11% warehouse capacity vs. 2022
Strengthen our customer-centric culture. Promoting a growth
mindset, building a multiplier leadership style, and empowering
leaders to develop our people.
• Defined Coca-Cola FEMSA's principles
• Updated our vision focusing on our
consumers, customers, and growth
Strategic mergers and acquisitions. Leveraging our disciplined
approach, we will focus on value-enhancing, synergistic acquisitions
as a priority while strengthening our commercial platform capabilities.
• We continue actively seeking value-
enhancing inorganic opportunities
Foster a Sustainable Future. Reinforcing our industry-leading
environmental initiatives and bolstering our social programs, including
community development and diversity and inclusion, with a strong
governance framework.
• 1.42 liters of water per liter of beverage
produced
• 77% of electricity from renewable sources
• 29% of women in leadership positions
• 33% recycled resin in our packaging
• 84% bottling plants certified as zero waste
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 16
OUR SUSTAINABILITY GOALS
Topic
Water
Key Performance Indicator
Water Use Ratio (water used per liter of beverage produced)1
Replenish water used in production, focus on medium and high stress sites
World Without
Waste
Collect the PET bottles we place in the market
Recycled resin in our packaging
Returnable/refillable bottles from total volume
Distribution centers certified as zero waste
Bottling plants certified as zero waste2
Absolute Scope 1 and 2 GHG emissions reduction
Climate Action
Absolute Scope 3 GHG emissions reduction4
Electricity from renewable resources
Human Rights, DEI Women in leadership and management positions
Integral Employee
Well-being, Health
and Safety
Fatalities3
Lost Time Incident Rate – LTIR3
Total Incident Rate – TIR3
Serious incidents reduction3, 5
High potential serious incidents reduction3, 5
Crash Rate3
Major Crash Rate3
Community
Development
Priority plants implementing community engagement plans using the MARRCO
methodology
All are 2030 goal, except for:
1. 2024 - intermediate goal / WUR of 1.26 by 2026
2. 2025 Goal
3. 2027 Goal
4. Purchased goods and services and upstream transportation and distribution
5. 2022 Baseline
2023
1.42
+100%
31%
33%
32%
1%
84%
29%
19%
77%
29%
8
0.88
1.60
14%
53%
7.25
0.45
4
Goal
1.36
100%
100%
50%
25%
100%
100%
50%
20%
100%
40%
0
0.4
0.8
75%
40%
6.5
0.5
19
1.42
84%
liters of water per liter of
beverage produced, an
industry benchmark
of our bottling plants
facilities have earned
Zero Waste certification
359
thousand beneficiaries
of activities focused on our
environmental and social
pillars
19%
29%
women in
leadership
positions
77%
reduction of absolute GHG
emissions from Scope 3
vs. 2015 base line
electricity from
renewable resources
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 17
PIONEERING SUSTAINABLE FINANCING DELIVERING AGAINST OUR SUSTAINABLE FINANCING GOALS
Demonstrating financial and sustainability discipline, our ongoing reporting
commitment ensures transparency and impact assessment, setting a
benchmark for corporate stewardship.
Our approach to sustainable financing aligns our fi-
nancial strategy with environmental and social goals,
amplifying positive impact and contributing to the UN
Sustainable Development Goals. While eligible projects
under our sustainable financing strategy are focused on
a variety of solutions, they share the common objective
of advancing our company’s mission to simultaneously
create economic, environmental, and social value while
generating well-being across our value chain.
Green Bond: Leading the Charge in Latin America
In 2020, we set a milestone with our Green Bond,
valued at US$705 million—then the largest for a Latin
American corporation and a first for the Coca-Cola Sys-
tem. As of 2023, 100% of the net proceeds have been
allocated to eligible projects according to our →Green
Bond Framework. The net proceeds drive progress
toward our sustainability goals, including increased
recycled content in PET packaging, improved water ef-
ficiency, and reduced CO2e emissions. Our commitment
to 100% renewable energy by 2030 saw a significant
increase, rising from 66% in 2022 to 77% in 2023.
Sustainability-Linked Bond: Charting a Water-
Efficient Future
In 2021, we pioneered Sustainability-Linked Bonds
(SLB) in the Mexican market, committing Ps. 9,400 mil-
lion to water stewardship. Recognizing that water is not
only an invaluable resource for our company and indus-
try but also an indispensable element of climate change
resilience, our SLB is committed to the achievement of a
water use ratio of 1.26 by 2026, in accordance with our
→Sustainability-Linked Bonds Framework. Current-
ly at 1.42 liters, our use water ratio is a benchmark of
efficiency, with specific plants within Coca-Cola FEMSA
leading the way in the Coca-Cola System.
GREEN
BOND
4
7
.
4
1
3
100%
of the Green
bond
proceeds
allocated
4
6
.
4
1
1
1
0
.
1
4
7
2
.
8
7
7
2
.
3
8
5
9
.
3
7
2018
2019
2020
2021
2022
2023
SPEND BY YEAR
US$ million
ALLOCATION DETAIL BY ELEGIBLE CATEGORY
Circular
Economy
Water
Stewardship
69%
5%
Climate
Action
26%
%
4
2
2019
%
1
3
%
9
2
%
3
3
%
7
2
2
5
.
1
9
4
.
1
7
4
.
1
6
4
.
1
2
4
.
1
%
7
7
%
6
6
2022
2020
2021
RECYCLED CONTENT
2023
2019
2023
2022
2020
2021
WATER EFFICIENCY
Liters of water per liter
of beverage produced
2022
2023
RENEWABLE ENERGY
IN MANUFACTURING
Social and Sustainability Bonds: A Milestone in Corporate Responsibility
Breaking new ground, in 2022 we issued in the Mexican market Ps. 6,000 million
in Social and Sustainability Bonds—becoming the first company in the Coca-Co-
la System to do so. These bonds will be used to finance eligible projects in ac-
cordance with our →Sustainability Bonds Framework, empowering social and
economic development by supporting underrepresented groups, offering entre-
preneurial skills, providing financial solutions to store owners, and investing in
sustainable community development, including water replenishment and access
projects. In 2023, 100% of the sustainability bond proceeds was allocated (Ps.
500 million), and Ps. 224.68 million of the social bond were allocated: 75% for
microcredits, 5% in human resources, and 20% for social license.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 18
INTERVIEW
WITH
OUR
CFO
GERARDO CRUZ CELAYA
CHIEF FINANCIAL OFFICER
1. Gerardo, could you provide an overview of
how our Grow the Core strategic priority
bolstered our market position in 2023?
market— especially in more affordable, larger
presentations. This approach has begun to yield
positive shifts in market share.
Our resolve to grow our core business drove
encouraging results in 2023. We achieved a
remarkable volume growth of 7.8% compared
to last year, crossing the threshold of 4 bil-
lion-unit cases sold during a year—a milestone
for our company— and registered record levels
of volume growth in some of our most relevant
markets such as Mexico, Brazil, Colombia and
Guatemala. These results not only underscore
our strategic success but also reinforce our
leadership across our regions.
Our achievements stem from focused efforts to
not only regain market share but also to boost
per capita consumption, thereby capturing the
fair share of the Coca-Cola trademark across all
markets and channels.
For instance, by prioritizing sustainable volume
growth, we have adapted to intensified com-
petition, particularly in Mexico —our largest
Moreover, we are capitalizing on opportunities
to enhance per capita consumption across our
territories, deploying and strengthening our
integrated consumer-centric winning portfolio
designed to meet diverse needs and trends. Key
to this approach is our goal to grow Coca-Cola
Zero Sugar and reach the full potential of non-
carbonated beverages, which registered 15%
and 6% growth in volumes compared to last
year, respectively.
A pivotal element to boost our Grow the Core
strategic pillar has been our Juntos+ B2B
digital platform, which now serves 1.1 million
recurring customers in the traditional trade, an
increase of 35% from last year. Juntos+ has sig-
nificantly catalyzed our achievements by driving
digital sales growth, which now represent 15%
of our total sales, doubling the percentage from
last year.
OUR ENHANCED COOPERATION FRAMEWORK WITH THE COCA-COLA
COMPANY WAS INSTRUMENTAL IN DRIVING GROWTH IN OUR CORE
PORTFOLIO IN 2023.
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 19
2. Could you elaborate on the advantages Coca-Cola
FEMSA has gained from its accelerated digitalization
strategy, given its strategic importance?
Before diving into the details of our digitalization strategy, I
would like to offer some perspective. We have the largest cus-
tomer base in LATAM's traditional trade, serving over 2 million
customers and visiting them on average 1.8 times per week.
Our goal is to build upon the exceptional personal interactions
and strong relationships that our clients value, bridging the
gap between face-to-face and digital interactions to offer an
omnichannel commercial platform. By developing this com-
prehensive commercial ecosystem, we aim to better serve our
clients, address their pain points, expand our product offer-
ings, create value, and enhance the overall customer experi-
ence and engagement.
This digitalization effort can deliver a significant contribution
to the improvement of our top-line quality from both direct
and indirect data monetization, as we are currently witnessing.
Take customer and consumer insights, for example. We have
been gaining access to more granular customer data, which
can be leveraged to better understand consumer preferences
and behaviors. This enables the development of more per-
sonalized product offerings. Such initiatives not only improve
customer satisfaction but can also lead to suggested orders,
cross-selling opportunities, mix improvements, a higher aver-
age ticket, and increased overall sales. Furthermore, the data
we gather, combined with the potential of big data analytics,
provides insights that can inform strategic decisions, product
development, marketing, and affordability initiatives.
As we continue to develop our digital platform, also strength-
en the digitalization of supply chain, thereby enhancing our
company's agility and bottom line. Digitalization leads to im-
proved supply chain management. By digitizing our processes,
we aim to optimize inventory management, cut down waste,
and reduce stockouts, leading to cost savings and allowing
us to anticipate demand more accurately. Furthermore, the
implementation of digital solutions not only optimizes route
planning for deliveries but also ensures more efficient distri-
bution to our more than 2 million customers. We are lever-
aging technology to implement dynamic routes, making the
distribution process as efficient as possible. These initiatives
not only translate into improved customer satisfaction but
also reduce transportation costs and the carbon footprint of
our distribution process.
Beyond market insights and an improved supply
chain, our robust digital infrastructure is providing
the agility and resilience essential for navigating
challenges, including those posed by Hurricane
Otis and the COVID-19 pandemic. This capacity
for quick adaptability has been crucial in main-
taining our competitive edge, enabling rapid
response to changing conditions and ensuring
uninterrupted operations.
US$80 MILLION IN SAVINGS
FROM OUR EFFICIENCY PROGRAM
IMPLEMENTED IN 2023.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 2 0
3. In light of the cybersecurity attack we experienced in 2023, could you discuss the key
lessons learned and how we are bolstering our cybersecurity framework amidst our digital
expansion?
In response to the cybersecurity incident, timely identification was crucial for us. We immediately
took action to mitigate its impact. The proactive role of our team was essential in minimizing oper-
ational disruption, and although we were not materially affected, we acknowledge that cybersecu-
rity presents an ongoing challenge that requires continuous monitoring and the implementation of
robust security practices.
Like all challenges, this incident helped us identify vulnerabilities which gave us important learn-
ings for the future. We are stepping up investment in strengthening our systems and infrastructure,
training our employees, reinforcing our cybersecurity team, and proactively adopting new mea-
sures to safeguard the integrity of our operations.
4. Could you elaborate on the return on invested capital at Coca-Cola FEMSA and outline what
shareholders can anticipate going forward from our strategy?
First, I want to emphasize that our strategy going forward remains firmly rooted in financial disci-
pline. We are dedicated to sustaining robust cash flow generation and adhering to a diligent capital
allocation framework. Our focus extends to managing operational risks through meticulous cur-
rency and commodity hedging strategies. This approach reflects our ongoing resolve to maintain
the financial health and profitability of our business, ensuring we remain well-positioned to seize
organic and inorganic growth opportunities and navigate market challenges, thereby laying a solid
foundation for continuous sustainable growth and value creation for our shareholders.
CAPEX TO SALES RATIO INCREASED TO 8.7%
TO FUEL OUR DIGITALIZATION EFFORTS AND
FULFILL UNSERVED DEMAND, LAYING THE
FOUNDATION FOR SUSTAINABLE GROWTH.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 2 1
WE HAVE MADE SIGNIFICANT STRIDES IN
EMBEDDING A GROWTH CULTURE THAT
REFLECTS THE COMPANY’S ASPIRATIONS.
Turning to ROIC, this is a key metric that reflects our effec-
tiveness in using capital to foster sustainable growth and
maximize shareholder value. Over the past six years, we
have achieved a consistent annual increase in our ROIC,
thanks to a multifaceted strategy that includes:
• Improving the Quality of Top-line Growth: We have ex-
panded our customer base, increased the average transac-
tion size, and focused on more profitable SKUs, alongside
implementing effective revenue management strategies
and improving our market share.
• Cost Reduction and Efficiency Gains: Through optimizing
our supply chain and distribution processes and imple-
menting hedging strategies, we have enhanced our effi-
ciency, even amid external cost pressures.
• Strong Balance Sheet: By efficiently managing our assets,
optimizing inventory levels, and maintaining a disciplined
approach to our capital structure we have fortified our
financial foundation.
As I mentioned earlier, looking ahead we are committed to
continue looking for opportunities to optimize our cost and
expense structure and investing in innovation and digitaliza-
tion to improve our efficiency.
5. Lastly, what are the highlights of your first year as
Coca-Cola FEMSA’s CFO?
In my first year as CFO of Coca-Cola FEMSA, the standout
highlight has been the synergy created among the renewed
senior leadership team, which has set a solid foundation
for our collective efforts towards achieving the company’s
ambitious growth goals.
This collaboration has been crucial for steering our growth
trajectory and pivotal in aligning all teams, across our cor-
porate functions and operating countries, with Coca-Cola
FEMSA’s long-term vision. This has involved not only leading
together with commitment but also facing and navigating
through challenges together, which has reinforced our
company’s resilience and determination.
As we continue implementing a sustainable growth
model, our collective vision remains clear and driv-
en by the desire to enhance shareholder value, and
contribute positively to the communities in which
we operate.
SIXTH CONSECUTIVE YEAR OF IMPROVED
RETURN ON INVESTED CAPITAL.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 22
GROW
Our grow the core strategic priority is driven by
the implementation of a sustainable growth model
aiming to continue increasing the share position of
The Coca-Cola portfolio, accelerate the growth of
Coca-Cola Zero Sugar across our territories, develop
growth opportunities in low-per capita markets,
and achieve the full potential of our profitable non-
carbonated beverage categories.
THE CORE
OVERVIEW
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SUSTAINABILITY
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 23
WE SEE MORE RUNWAY TO GROW OUR CORE BUSINESS
We enjoy a solid position in an industry with consistent growth. Moreover,
we continue to see vast opportunities to satisfy the evolving beverage daily
needs from our customers and consumers, resulting in more runway to
grow our core business.
Harnessing Every Lever to Grow Our Core Business
From our winning portfolio, unparalleled distribution network, and point-
of-sale execution, our digital omnichannel commercial platform, we are
using every lever to ensure we capture the fair share of the Coca-Cola
portfolio, accelerate the growth of Coca-Cola Zero Sugar, develop
growth opportunities in low-per capita markets, and achieve the full
potential of our profitable non-carbonated beverage categories.
At the heart of our strategy is an obsessive focus on our consumers
and customers that guides every decision we make. For our consum-
ers, our strategy aims to continuously align our portfolio with evolv-
ing preferences, to not only satisfy current demands but also antici-
pate future trends. Our commitment spans innovation, affordability,
and enhancing our product mix to suit diverse tastes and needs,
catering to every occasion.
Similarly, for our customers, we are dedicated to expanding our value
proposition and continuously enhancing their experience with us. Our goal
extends beyond meeting expectations to exceeding them, offering unpar-
alleled service and generating value to our clients through a one-stop shop
solution with a curated portfolio. The close relationship we have developed
with our customers over the years is a key driver in achieving growth in per
capita consumption and market share. Currently, we serve more than 2.1
million customers across our territories, the largest distribution network in
Latin America, and we visit them on average 1.8 times a week. Our un-
matched distribution network gives us an edge, particularly in the tradi-
tional trade that undergirds Latin America’s commercial model.
Achieving Record Results
In 2023, we achieved record levels
of more than 4 billion-unit cases
sold, a 7.8% increase from last
year, driven by volume growth
across all of our territories, with
an outstanding volume growth
in Mexico, Brazil, Colombia and
Guatemala.
ENHANCED COOPERATION
FRAMEWORK HELPS BOOST GROWTH
Our enhanced cooperation framework
with The Coca-Cola Company has been
instrumental in driving growth in our
core portfolio in 2023. By capitalizing
on our combined strengths and
shared vision, we continue to execute
significant strategic investments in
the market that bolster our ambitious
growth plans. Our cooperative
efforts are more than just a strategic
alignment; they represent a unified
approach to innovatively responding to
market demands and shaping the future
of our industry with a clear focus on
pursuing profitable sustainable growth.
In Mexico, our strategies allowed
us to regain share in a highly
competitive landscape within the
Colas category. This achievement
underscores our commitment
to strengthen our presence and
further grow our position in one of
our key markets. Our operations
in Colombia and Guatemala also
demonstrated remarkable growth,
setting new record level volumes for the second and sixth consecutive
years, respectively. Additionally, as a testament to our relentless efforts,
our operations in Argentina were honored by The Coca-Cola Company with
the prestigious Candler Cup. This award not only highlights our operational
excellence but also recognizes our investments in the development of our
unique culture.
In Brazil, we also had a solid result, surpassing the mark of one billion-unit
cases produced for the first time. Furthermore, we achieved volume re-
cords in Non-Alcoholic ready to drink category and achieved record share
in five categories, including Carbonated soft drinks, Teas, Energy, Sport
Drinks and Plant-based beverages.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 24
ACCELERATING THE GROWTH
OF COCA-COLA ZERO SUGAR
In actively expanding our portfolio of zero-
and low-sugar sparkling beverages, we are
simultaneously responding to and driving
consumer demand for our products. This
strategic approach not only caters to evolving
tastes but also underscores our commitment
to meeting diverse consumer needs while
fostering sustainable growth. Impressively,
our Coca-Cola Zero-Sugar volumes have
surged almost 60% beyond our 2019 base-
line, demonstrating our ability to adapt our
offerings in line with consumer preferences
toward low-calorie options.
BOLSTERING THE SUCCESS OF COCA-COLA ZERO SUGAR
Coca-Cola Zero Sugar continues to offer consumers a sugar- and calorie-free alterna-
tive for one of the world’s most beloved brands. The new formula and visual identity of
Coca-Cola Zero Sugar continued to outperform the sparkling beverage category across
our territories, growing 15.0% of volumes year over year. To drive this growth, we are
continuously leveraging a consistent value proposition and enhancing point-of-sale
execution through initiatives in sampling, innovation, and customer experience.
In Brazil, Coca-Cola Zero Sugar has emerged as the preferred choice among consumers,
achieving 91 million-unit cases, a 28.4% annual growth. In Mexico, Coca-Cola Zero
Sugar achieved 9.1% volume growth year over year. Argentina, Uruguay, and Costa Rica
have the largest mix of Coca-Cola Zero Sugar in their sparkling beverage portfolio, with
the mix continuing to grow in 2023, setting the benchmark for the company.
ZERO SUGAR GROWTH BEYOND COCA-COLA
Building on the success of Coca-Cola Zero Sugar, we are
dynamically driving growth across the no- and low-sug-
ar flavored sparkling beverages portfolio. This growth
trajectory is marked by strategic initiatives such as the
relaunch of Sprite Lime SOS, the acceleration of Sprite
Fenix in Argentina, the launch of Schweppes Toronja Zero
Sugar in Uruguay, and the introduction of Sprite and Fanta
Zero Sugar in movie theater vending machines. Uruguay
single handedly represents our benchmark on Coca-Cola Zero
Sugar mix with 30.7%.
These targeted product launches and relaunches cater to evolving consum-
er preferences toward low-calorie options, aligning with regional tastes and
trends. A testament to the success of this strategy is evident in Colombia,
where the no- and low-sugar flavored sparkling beverages portfolio regis-
tered volume growth of 6.8% versus the previous year.
COCA-COLA CREATIONS: ENHANCING CONSUMER ENGAGEMENT
During the year, we introduced limited edition, sequential releases from
Coca-Cola Creations, The Coca-Cola Company’s innovation platform,
across key markets to enhance consumer engagement. These exciting
new creations— featuring a collaboration with Spanish popstar Rosalía for
a Limited-Edition Coca-Cola—enabled us to launch creative new products
and experiences successfully across physical and digital worlds.
In Brazil, we harness the power of our innovation platform to captivate
our Gen Z consumers through Coca-Cola Ultimate XP, an exclusive part-
nership with the popular online game League of Legends. This initiative
blends the iconic Coca-Cola experience with the dynamic world of gaming,
creating a memorable experience.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 2 5
MEXICO: DRIVING PROFITABLE SINGLE-SERVE MIX WITH MULTIPACKS
Our popular portfolio of multipacks facilitates better interaction with
our consumers in Mexico while also growing our profitable single-serve
mix, transactions, and revenues across the modern trade channel.
For the year, our multipacks volume in Mexico grew double-digits
across channels, with approximately 85% of the incremental volume
through the modern channel. Our successful strategy with multipacks
in Mexico allowed us to reach a single serve mix in multipacks of 75%,
becoming a very profitable strategy.
In 2023, we focused on streamlining our multipack portfolio and
refining its pricing architecture, aiming to enhance our market posi-
tioning and better meet consumer needs. Our multipack portfolio in
Mexico's modern trade channel offers popular brands like Coca-Cola,
Coca-Cola Zero Sugar, Sprite, Mundet, Fanta, Ciel, Seagram’s, and
Monster. Furthermore, we meticulously tailor our 6, 8, and 12-pack
offerings to meet the diverse needs of our customers and consumers—
from wholesalers to supermarkets and price clubs.
ACCELERATING SINGLE SERVE
We are actively driving growth in our profitable sin-
gle-serve mix. Our strategy involves leveraging the
popularity of multipacks, widening cooler availability,
and deploying tailored strategies across our territo-
ries. This approach not only resonates with customer
preferences but also has been instrumental in boost-
ing our volumes in both sparkling and still beverages,
particularly in our zero- and low-sugar portfolio. Our
strategy to enhance single serve has shown signif-
icant results. Overall, in 2023 we reached a sin-
gle-serve mix of 31.1%, exceeding our 2019 baseline
by more than 100 basis points.
ARGENTINA, CENTRAL AMERICA, COLOMBIA
AND URUGUAY: RAPID COOLER ROLLOUT
Our focus on relentless point-of-sale exe-
cution drove us to install over 66,000 new
coolers in record time across our operations
in 2023. This investment reinforces our con-
tinued commitment to enhancing customer
experience and product accessibility.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 26
LEVERAGING AFFORDABILITY TO DRIVE
SUSTAINABLE GROWTH
Affordability is an important driver of our sustainable growth
strategy. We continue to execute to win in the “away from
home” and “at home” consumption occasions with strategic
market initiatives that enable us to provide our consumers
with unmatched affordability. This approach not only responds
to our consumers' changing needs and preferences but also
aligns with our commitment to environmental sustainability.
UNIVERSAL BOTTLE GROWTH BOLSTERS AFFORDABILITY STRATEGY
The successful rollout of our refillable universal bottle has led to an in-
crease in our returnable volume. The universal refillable bottle provides
consumers with savings making our products more accessible. Envi-
ronmentally, the returnable bottle could reduce single-use packaging
waste and helps ensure high levels of collection of beverage containers.
This approach aligns with our goals of fostering a sustainable future
and meets consumer demand for greener packaging solutions.
This refillable universal bottle has been instrumental in driving share
of sales gains in the territories where it has been introduced, mark-
ing a significant success in our market strategy. The versatility of this
packaging innovation has not only streamlined our operations but also
enhances our competitiveness, resonating positively with consumers
and contributing to our ongoing growth and market penetration.
In Mexico, we continued expanding our 2.5-liter returnable PET
universal bottle across new territories. Now covering nearly all of our
franchise territory, the universal bottle plays a versatile role, enabling
refillable packaging for our core flavored sparkling beverages and
juice brands. This includes everything from Fanta, Sprite and Valle Frut
to local favorites like Escuis and Victoria. Moreover, we significantly
expanded our refillable capacity and coverage of our 3-liter returnable
PET presentation of Coca-Cola Original.
In Colombia, we continued to expand the refillable universal bottle to
now cover more than 10% of the country, enabling us to offer afford-
able refillable PET presentations not only of brand Coca-Cola, but
also of our flavored sparkling and still beverage brands. The rollout
has led to notable increases in volume and share of sale in the cities
where it has been introduced. Finally, in Guatemala and Costa Rica, we
launched a new 500 ml universal bottle in 2023.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 27
ARGENTINA: GROWING CONSUMER BASE AND VOLUME THROUGH
AFFORDABILITY STRATEGY
Under our affordability strategy, we continued to regain share
and expand our consumer base in the context of Argentina’s
dynamic competitive and economic environment. Our evolving
market segmentation strategy, which capitalizes on our com-
prehensive value proposition and execution excellence, allowed
us to offer the right product at the right price across segments.
This approach not only improved our household penetration but
also contributed to volume growth year over year.
BRAZIL: CONSOLIDATING RETURNABLE GROWTH
Through our returnable strategy and refillable universal
bottles, we continue to consolidate our volume growth
and competitive advantage across the sparkling bev-
erage category in Brazil—our returnable volume grew
year over year while increasing our returnable asset
management. For the year, returnable presentations
amounted to close to 165 million-unit cases, or more
than 18% of our sparkling beverage mix.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 28
REACHING FULL POTENTIAL IN
NON-CARBONATED BEVERAGES
We continue to capture market share across
emerging still beverage categories —from
hydration to energy, tea, and sport drinks—
aiming to achieve the full potential of our
profitable non-carbonated beverage categories.
MEXICO: OUTPERFORMING THE INDUSTRY WITH WATER AND
POWERADE'S MARKET SUCCESS
The stills beverage category continues as a relevant growth
lever in Mexico, with our brands and portfolio outper-
forming the industry. Water continues its growth
trajectory, gaining share and registering a revenue
growth of 28.7% year on year. Powerade ended
the year as the market leader, increasing share
of sales in the sports drink segment with 23%
volume growth as compared to last year.
BRAZIL: TOP 10 IN GLOBAL COCA-COLA STILLS
In 2023, our operation in Brazil introduced several new flavors to further cater
to evolving consumer tastes, thereby sustaining the growth momentum in the
sports drinks and energy segments. Powerade launched Powerade Passion Fruit
and Powerade Tangerine, aiming to refresh consumers with innovative flavors.
Monster responded to the increasing demand for unique flavors by launching
Monster Khaotic, Monster Mango Loco, Monster Pipeline Punch, and Monster Water-
melon. These launches reflect our commitment to tapping into new market segments,
ensuring our products remain at the forefront of consumer choices.
Overall, our operation in Brazil has seen consistent growth within the non-carbonated
beverage category, marked by significant contributions across various segments. Juices
and sports drinks experienced growth rates of 16% and 28% respectively over the past
year. This performance has contributed to Brazil becoming one of the Top 10 Stills mar-
kets for Coca-Cola worldwide.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 2 9
COLOMBIA: 3X GROWTH IN FLAVORED WATER CATEGORY
Building on the remarkable success of Brisa Manzana
sparkling water, we have continued to expand our
offerings with the introduction of Brisa Maracuyá.
This latest addition to our Brisa range is a testament
to our commitment to aligning with consumer trends
towards no-calorie beverages. This approach has
significantly paid off, as evidenced by the staggering
threefold growth in our flavored water category this
year in Colombia. These refreshing, flavor-infused
waters are more than a triumph of innovation, they
reflect our understanding of consumer preferences,
helping solidify our position in the competitive fla-
vored sparkling water segment.
URUGUAY: A ROBUST STILLS PORTFOLIO THAT
DRIVES MARKET LEADERSHIP
By leveraging our consumer-centric approach,
we are further enhancing the strength of our
stills portfolio in Uruguay. The energy segment
expanded its share of sales as compared to
last year. Moreover, our isotonic portfolio, with
local production and launch of new flavors,
drove a 58% increase in volume year-on-year,
increasing share of sales vs. the previous year.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 30
COCA-COLA FEMSA'S COMMITMENT TO RESPONSIBLE MARKETING, INFORMED CHOICES, AND QUALITY
Our Consumers Are at The Center of Everything We Do
Embracing principles of transparency, fact-based informa-
tion, and authenticity, we consistently align our commercial
practices with our values and our sustainability and business
goals. As we evolve and respond to consumers’ desires for
more choices across categories, we are reducing added sugar
and offering more beverages with enhanced nutritional bene-
fits. Additionally, we are optimizing our product mix, introduc-
ing more small packaging options, and providing our consum-
ers with access to transparent nutritional information.
Informed Nutritional Decisions
To enable our consumers to make healthy informed choices,
our upfront product labels include clear nutritional content
information. Our nutritional labeling strategy across our
operations is based on providing consumers with easy-to-
find and complete information in compliance with applicable
regulations in the countries we serve. Our goal is to provide
our consumers with high-quality information, enabling them
to make informed decisions about their beverage choices.
Responsible Marketing
As part of our commitment to the well-being of our con-
sumers and customers, our advertising strictly adheres to
The Coca-Cola Company’s Responsible Marketing Policy
and Global School Beverage Guidelines. As a member of the
Coca-Cola System, we rigorously implement and enforce
these policies, respecting the role of parents and caregivers
by not marketing directly to children under 13. Moreover, we
steadfastly promote respect for ethical marketing practices,
in alignment with The Coca-Cola Company's guidelines. For
more information see:
→The Coca-Cola Company’s Responsible Marketing Policy
→Hateful Activity Policy
→Responsible Digital Media Principles
Highest Quality
Our production processes meet the highest quality standards,
and our ingredients adhere to local regulations and interna-
tional standards set by agencies such as CODEX, FDA, JEFCA,
and EFSA in each of our geographies. We conduct our pro-
cesses in state-of-the-art bottling facilities, all of which are
FSSC 22000 certified1, ensuring the finest quality products
for our consumers.
1. Does not include the 7 plants acquired in Mexico at the end of 2022, which are still in
the required one-year alignment process to Coca-Cola FEMSA's standards.
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 31
This year, we set the foundations
towards becoming the preferred
omnichannel commercial platform
with Juntos+, by completely
revising its IT architecture
and successfully rolling out
our version 4.0 in Brazil
which significantly improves
customer experience.
BE THE
PREFERRED
COMMERCIAL
PLATFORM
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 3 2
JUNTOS+ V4.0 B2B OMNICHANNEL EXPERIENCE UNLEASHED
We are building an omnichannel B2B commercial
platform, placing the customer at the core of every
interaction.
Our New Juntos+: Revolutionizing Industry
Standards
In 2023, we launched an improved mobile app and web
experience for Juntos+ in Brazil, marking a significant
milestone. The new architecture of Juntos+ enhances
the user experience and supports the continuous de-
ployment of analytical solutions in our digital products.
Built on a cloud-native, decoupled, and composable
architecture, our new Juntos+ mobile app and website
offer the flexibility needed to further expand our suite
of digital and analytical products.
Fulfilling customer demand for a one-stop shop
solution, Juntos+ enables our large base of clients to
not only place an order for their favorite brands and
categories whenever, wherever, and whichever way
they choose, but also to take advantage of a constantly
evolving array of features.
Juntos+ offers much more than flexibility and conve-
nience. This state-of-the-art digital shop allows us to
dynamically tailor cross-selling and up-selling oppor-
tunities with a recommendation system, promotions,
and discounts, leveraging advanced AI algorithms and
real-time insights for personalization harnessing user
behavior and surrounding data. By leveraging the pow-
er of data-driven decision-making, we can optimize
sales strategies and enhance customer engagement,
ultimately driving incremental revenue and maximizing
the average transaction value.
During 2024, we will continue deploying our new
Juntos+ app and web across the countries where we
operate. Moreover, we will be scaling up the use of
AI, further enhancing our capabilities and offerings to
better serve our customers.
Juntos+ v4.0 is born-digital, seamlessly offering an
array of new features
Loyalty
program
AI
suggested
order
Order
tracking
Loyalty plan
in shopping
cart
Push
notifications
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 33
IT HAS BEEN A
FULFILLING JOURNEY
JUNTOS+ RAPID ADOPTION GROWTH
The adoption of Juntos+ has been remarkable, achieving 1.1
million monthly active users as of 2023, an increase of over 35%
compared to last year. Across our markets, the growth of Juntos+ is
reflected in increased orders and the resulting amplification of the
performance of our core business and multi-category portfolios.
In 2023, the more than 31.1 million orders we processed on
digital channels represented approximately 15% of total sales—a
71% increase over 2022—and generated approximately US$2.4
billion in digital revenue. These results underscore the resounding
success of our omnichannel strategy, which is shaping the future
of B2B commerce in our industry.
1.1
MILLION
monthly active
users, +35% vs.
2022.
31.1
MILLION
orders processed
on digital channels,
15% of total sales—
+71% vs. 2022.
US$2.4
BILLION
in digital
revenue.
FIRST LAUNCH
2019
~1K MAU
Monthly active
users (MAU)
ACCELERATED THE
EVOLUTION OF OUR
PLATFORM
2021
~270K MAU
CHATBOT-ENABLED
PLATFORM
2020
~140K MAU
NEW APP IN
BRAZIL USING AI
2023
+1M MAU
THREEFOLD
OUR MAU
2022
~810K MAU
What is next for Juntos+?
The future of Juntos+ is filled with exciting
developments aimed at enhancing our omni-
channel experience further.
Built on a modular and flexible architecture,
Juntos+ integrates a newly developed analyt-
ical stack to create and deploy big AI models,
enabling the continuous deployment of cli-
ent-centric solutions to better serve our clients
and deliver the best customer experience.
In the near future, we plan to test and release
AI-powered solutions for both our clients and
pre-sellers alike.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 34
TRANSFORMING TRADITIONAL TRADE DYNAMICS
Seamless Synergy: The Juntos+ Experience
As our business thrives on strong relationships, we are dedicated
to ensuring that our B2B omnichannel platform, Juntos+, delivers
a comprehensive experience that is built upon the exceptional
personal interactions our client’s value. We are bridging the gap
between face-to-face interactions and digital by offering a suite of
digital products through which our clients can contact us, including
our chatbot-enabled conversational commerce solution as well
as an evolving web portal and mobile app. We also enhance our
clients' experience through features like our Premia Juntos+ loyalty
program and analytical products like our suggested order solution,
which enables clients to quickly place orders with a few clicks driv-
en by AI, helping our clients reduce lost sales by avoiding stockouts.
Juntos+ seamlessly connects over 1.1 million monthly active
users with us in real time, leveraging digital touchpoints to en-
hance customer service and allowing our clients to commercially
interact with us anytime, anywhere, and through an omnichannel
experience. For this reason, we assess our processes from sales to
delivery. To measure customer satisfaction, we use a comprehen-
sive set of metrics ensuring that our approach is both thorough and
effective. This exemplifies our commitment to listening and acting
on customer feedback, solving their pain points through a homolo-
gated close the loop process, making every interaction count. As
a result, we have achieved remarkable improvements in customer
satisfaction versus previous years.
JUAN’S JOURNEY
AS A HAPPY
JUNTOS+ USER
10:00 am, Monday
Juan, our client for many
years, is visited by Mario,
his regular pre-seller, and
places his weekly order.
3:30 pm, Monday
Juan realizes he forgot to order a
specific product and decides to
quickly use Coca-Cola FEMSA’s
Chatbot to place
a new order.
3:35 pm, Monday
Mario receives a
notification on his
handheld and calls
Juan to confirm his
new order.
8:05 pm, Monday
Juan receives confirmation from
Coca-Cola FEMSA’s Contact
Center for a technician visit
within hours.
8:00 pm, Monday
Juan reports a cooler
malfunction via Coca-Cola
FEMSA’s Mobile App.
10:30 am, Tuesday
Juan uses Coca-Cola
FEMSA’s Mobile
App Order Tracking
Function to confirm
that his orders will
be delivered in the
afternoon.
12:55 pm, Tuesday
Juan receives a notification:
“You are our next customer
on our service route.”
1:50 pm, Tuesday
Juan receives both orders
and uses Coca-Cola
FEMSA’s Mobile App
e-payment system to verify
and pay his total balance.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 35
SETTING THE BENCHMARK FOR D2C ENGAGEMENT
Our mission is to be the preferred D2C
multi-category platform in households,
delivering top-class products and
services.
Driving D2C Home Delivery Expansion in
Mexico
In 2023, we dedicated our efforts to
expanding the reach of our D2C multicat-
egory platform, providing an omnichannel
experience that emphasizes the conve-
nience of delivering a wide range of prod-
ucts from both The Coca-Cola Company
and other consumer goods companies
directly to customers’ homes.
Through the Coca-Cola en Tu Hogar
app, alongside our website and chatbot,
accessible across 75% of our routes, we
have significantly broadened our digital
footprint, elevating our monthly digital
purchasing customer base to over 110
thousand digital households. Consum-
ers benefit from a 24/7 digital shopping
experience, allowing them to access our
complete portfolio, explore promotions,
discount opportunities, “Only Coke Can
Do” experiences, and receive personalized
service and direct support from customer
call centers and delivery route drivers.
In parallel, we concentrated on signifi-
cantly enhancing our service experience.
A testament to our efforts is the growth of
our on-time in-full metric, which continued
increasing in 2023, underscoring our com-
mitment to delivering exceptional custom-
er service and reliability.
As we move forward, our commitment is
to continually enhance and develop the
functionalities of our evolving D2C omni-
channel platform while assuring best-in-
class delivery service. From integrating
web-based digital payment platforms and
expanding multi-category offerings to
launching a new visual image and intro-
ducing our loyalty plan, our focus remains
on improving our value proposition and
broadening household penetration in sync
with our consumer-centric priority. More-
over, we are evaluating the potential to
expand our home delivery model to other
countries based on their market potential
and digital maturity.
UNLOCKING DIGITAL-DRIVEN
MULTI-CATEGORY GROWTH IN D2C
HOME DELIVERY
The success of our D2C platform is fur-
ther reflected in the growing acceptance
of digital and multi-category orders
among home consumers, improving the
productivity of our home delivery routes,
average ticket, and sales.
1,750
total D2C
routes.
~600K
households
served in Mexico.
~110K
digital
households.
+1.7
million digital home
delivery orders,
+2.8x in the
average ticket.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 36
DELIVERING MORE VALUE-TO-MARKET WITH MULTI-CATEGORY
Our multi-category offering is a pivotal element in our growth
strategy, characterized by its accretive nature to revenues and
the strategic leverage of our existing logistics and distribution
capabilities, enhancing our value proposition by addressing cus-
tomers’ pain points through Juntos+ as an integrated solution
that ultimately drives additional sales of our core portfolio.
Enhancing Value: The Role of Multi-Category Strategy in
Growth
Our multi-category strategy is implemented through an omni-
channel platform that offers our customers a diverse portfolio of
products. By harnessing our installed logistics and distribution
capacity, this strategy boosts return on invested capital.
this success, including suggested cross-selling recommenda-
tions within Juntos+, prioritizing SKUs with higher turnover rates.
Fueled by these advances, we are not only escalating our trans-
formation into a digitalized company—adopting technology and
digital capabilities across our value chain—but also accelerating
our growth into an omnichannel, multi-category player, position-
ing us for success as the preferred commercial platform.
Advancing Our Curated Multi-Category Strategy
This year we continued to strengthen our multi-category strategy
by exploring complementary revenue streams through distri-
bution agreements and pilot programs with partners in specific
markets.
We implement our multi-category strategy by integrating end-
to-end processes within our commercial and supply chain
functions, creating a seamless ecosystem that facilitates collab-
oration with our partners. The role of our pre-sellers is funda-
mental to inform our traditional trade clients about our growing
multi-category portfolio, while our digital capabilities serve as a
catalyst to reach more customers faster.
The synergy between Juntos+ and our multi-category portfolio
not only streamlines operations but also significantly improves
the overall value we offer to our clients and partners. Our focus
on enhancing customer experience also plays a crucial role in
We prioritize leading brands across adjacent categories in beer,
spirits, alcoholic ready-to-drink beverages, home and personal
care, snacks, and consumer packaged goods. Regarding beer
in Brazil, we expect to continue capitalizing our brands and
strengthening our portfolio as the premium segment continues
to outperform.
This tailored approach enables us not only to meet the evolving
needs of our clients, ensuring that we cater to their preferences
effectively, but also contributes to boosting our presence and
visibility at the point of sale through targeted cross-promotion
and execution opportunities across physical and digital realms.
Although growing from a small base,
total sales from our multicategory
portfolio, excluding beer,
DOUBLED VS. 2022
representing more than 1%
of our total consolidated revenues.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 37
DE-BOTTLENECK
INFRASTRUCTURE
OUR
As our company continues to grow, we aim to
efficiently keep our infrastructure and digital
operational capabilities ahead of the curve.
This approach not only empowers the effective
execution of our strategic pillars, but also
enables us to optimize resource management
and enhance customer satisfaction.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 38
GROWING, OPTIMIZING, AND DIGITALIZING OUR INFRASTRUCTURE
We are making unprecedented investments to enhance our infrastructure and processes with the
power of digital enablers, significantly expanding and optimizing our production and distribution
capacity. This approach guarantees the required flexibility to continue growing and position our-
selves as the preferred commercial platform for our clients.
Investments in Capacity in 2023 And Beyond
We plan to continue investing in production and warehouse capacity to meet growing demand. No-
tably, over the next three years, we aim to increase our production capacity by 15% and our ware-
house capacity by 30% to accommodate demand increases across the territories where we operate.
Digitalizing our Plants for Enhanced Performance, Safety, and Environmental Impact
We are implementing cost-effective and insightful digital initiatives that enhance our core manu-
facturing processes. By focusing on minimizing risks, increasing agility, and improving operational
efficiency, these initiatives ensure the seamless delivery of high-quality products to our customers.
As part of our digital manufacturing strategy, we have identified the technological tools and appli-
cations that underpin our Manufacturing 4.0 strategy. This ensures efficient manufacturing perfor-
mance and focuses on developing capabilities for operational responsiveness and efficiency.
Manufacturing 4.0 at Coca-Cola FEMSA
Line Performance
Connected Workforce Digital Maintenance
Digital QSE
Improve bottling line
reliability and pro-
ductivity with a line
visualization platform.
Digitize and automate
operational activities
to boost execution
efficiency.
Advance mainte-
nance planning and
execution with digital
solutions that min-
imize risk and en-
hance asset produc-
tivity and reliability.
Drive the evolution
of Quality and Safety
standards through
the use of digital
solutions.
DEMAND PLANNING EXCELLENCE
At Coca-Cola FEMSA, our commitment
to understanding and anticipating
customer’s evolving preferences un-
derscores our dedication to exceptional
service and operational agility. De-
mand Planning 360 is our response to
the company's rapid growth, enabling
prompt adjustments to the complexities
of dynamic market demands. This ini-
tiative leverages automation, analytics,
and cutting-edge technologies to swift-
ly adapt our infrastructure to market
requirements and the seamless integra-
tion of new product categories into our
offerings, while maintaining a superior
service delivery.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 39
REVOLUTIONIZING WAREHOUSE MANAGEMENT WITH AI
In 2023, we advanced our warehouse optimization
efforts to enhance our storage density and produc-
tivity without incurring significant CAPEX. We are
revolutionizing our approach to warehouse growth
and management by implementing new strategies for
space utilization—maximizing height, optimizing layout
for more accessible fronts and minimized depths, and
reducing the honeycombing effect. These innovations
have increased our warehousing capacity by approx-
imately 71 thousand pallet positions, saving us an
estimated US$44.1 million in capital expenditures. We
also increased a further 28 thousand pallets positions
through new distribution centers and expansions.
Through our customized AI platform, we have de-
veloped and applied algorithms that improve ware-
house processes, resulting in notable efficiencies by
enhancing pallet and case slotting, staffing, and dock
optimization. We are further planning to expand these
advancements to all territories, leveraging our infra-
structure investments to optimize our entire supply
chain, from inventory management to distribution.
New Investments in Our Primary and Secondary
Fleet During 2023
We have made significant investments in both our T1
and T2 fleets, aiming to tackle two important chal-
lenges: the increase in production volume and the
need to substitute older equipment. These actions
have been carried out to strengthen operational con-
tinuity and maintain a high level of customer service.
During 2023, we invested in 139 T1 units, and 908 T2
units, which cover more than 12,000 routes.
• 87 MM UC/Year manufacturing capacity increase achieved through upgrades
to existing lines and acquisition of new lines.
• 5 new lines and upgrades installed.
• 99 thousand pallet positions added to storage capacity through innovative
space utilization strategies, new CEDIS, and expansion of existing ones.
1. T1: Primary distribution trucks.
2. T2: Secondary distribution trucks.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 40
NEW SUPPLY CHAIN CAPABILITIES
EMPOWERING JUNTOS+
Our omnichannel strategy leverages the strengths of our leading-edge supply chain new capa-
bilities to deliver on our vision of becoming our customers’ and partners’ preferred commercial
platform and ally for growth. Our goal is to build a future-ready omnichannel commercial plat-
form backed with a safe, digital, flexible, and resilient supply chain operation. Through our use
of digital tools and increasing operational discipline, we seek to continuously improve customer
service and the productivity of our delivery teams.
ACHIEVING INCREASED EFFICIENCY AND CUSTOMER SATISFACTION FROM ORDER TO DELIVERY
ROUTING AND TRUCK LOAD
DESIGN OPTIMIZATION
DIGITAL DISTRIBUTION AND
REAL TIME ROUTING
MI RUTA KOF
1
2
3
4
5
6
ORDER ENTRY AND
FLEXIBLE DISTRIBUTION
VOICE PICKING
ORDER TRACKING
W A R E H O U S E D E S I G N • O P E R A T I N G M O D E L S • D I S T R I B U T I O N P L A N N I N G O P T I M I Z A T I O N
1 Order entry and flexible distribution
We can offer 24/7 order entry to our customers by leveraging both
real-time and dynamic routing across our secondary distribution fleet in
Argentina, Brazil, Colombia, Costa Rica, Guatemala, Mexico, Panama, and
Uruguay. Through our Customer Control Tower, we monitor and manage
our entire commercial and distribution operation, enabling the flexibility
to plan vehicles’ routes on a daily, weekly, and monthly basis, thereby
optimizing available delivery resources and distances traveled to serve
our customers.
2 Routing and truck load design optimization
We carefully plan delivery paths to navigate mobility and other con-
straints efficiently. Moreover, our refined truck loading approach focuses
on enhancing safety, reducing waste, and improving productivity. This
streamlined process ensures timely, efficient, and safe deliveries, reflect-
ing our commitment to operational excellence and sustainability.
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 41
3 Voice picking; Advancing Picking
Solutions for Optimal Warehousing
In our quest for operational excellence, we
strategically implemented advanced picking
solutions, seamlessly merging real and optimal
picking methodologies. Leveraging cutting-edge
technology such as voice commands and digital
imagery, these solutions elevate our warehouse
services, enabling the meticulous assembly of
mixed pallets tailored to individual client re-
quirements, achieving maximum load and route
optimization, and driving enhanced accuracy
and productivity. We continued the rollout of
voice picking capabilities across our Brazil and
Mexico operations.
4 Digital distribution and real time routing
Our updated Digital Distribution platform
addresses the entire strategic and tactical
planning cycle of our secondary distribution
process—from analytics to delivery route plan-
ning and execution. The platform features route
traceability, a web-based app for supervisors,
end-to-end supply chain network analysis,
digital real-time routing control, and interaction
with customers to track their orders. We have
completed the rollout of digital distribution
across our Brazil, Mexico, Costa Rica and Uru-
guay operations.
5 Order tracking
Consistent with our omnichannel multi-cat-
egory strategy, we further deployed our or-
der-tracking platform to enable customers to
track their orders— created on any commercial
channel—from the moment of shipment to
delivery.
6 Mi Ruta KOF
In Mexico, we implemented the Mi Ruta KOF, a
business initiative that processes key informa-
tion from different strategic areas to generate
added value and facilitate integrated operation-
al management. It tracks performance through-
out the logistics process, enabling supervisors
to conduct more detailed tracking, including
safety indicators, customer service, and pro-
ductivity metrics. Mi Ruta KOF is now active in
over 20 thousand routes.
ENSURING A CONSISTENT AND HIGH-
QUALITY CUSTOMER EXPERIENCE
ACROSS ALL TOUCHPOINTS
We are focused on developing stan-
dardized metrics to calculate customer
service across our operations. By aligning
metrics, we aim to gain a more compre-
hensive understanding of our customer
service performance, enabling us to
identify areas for improvement, enhance
customer satisfaction, and ultimately
drive growth in critical market segments.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 4 2
STRENGTHEN
CUSTOMER-CENTRIC
OUR
CULTURE
At Coca-Cola FEMSA, we are on an exciting path to growth, where every
single employee plays a pivotal role in shaping our future. To this end, we are
strengthening our customer-centric culture and reorganizing the way we work into
a more insight driven, agile, and effective organization.
Our journey is rooted in customer centricity, ensuring that we deeply understand
and meet the evolving needs of our customers and consumers. Alongside, we
embrace a multiplier leadership style, empowering our team members to amplify
their impact by leveraging their strengths and developing our people. Supporting
these efforts is our commitment to psychological safety—a foundational element
that allows our employees to voice their ideas, challenge norms, and contribute
meaningfully without fear of retribution.
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 43
CULTURAL EVOLUTION
We refreshed our Vision and defined
Coca-Cola FEMSA Principles to establish
the cultural foundation of our customer
centricity and growth transformation.
Ten principles to drive Coca-Cola FEMSA towards its growth ambition and create the desired culture and work
environment. We relate these principles to the human body: The head, focused on placing our customers first.
The heart, encompassing 5 principles that relate to our employees, our people. And finally, the hands, with 4
principles that represent what and how we want to do things.
COCA-COLA FEMSA PRINCIPLES
1. Place Customers First
6. Foster Psychological Safety
Purpose
TO REFRESH THE WORLD
ANYTIME, ANYWHERE
Refreshed Vision
BE OUR CUSTOMERS’ AND PARTNERS’
PREFERRED COMMERCIAL PLATFORM AND
ALLY FOR GROWTH, FOSTERING A
SUSTAINABLE FUTURE.
We place our customers and consumers at the
center of our decisions. We strive to provide them
with an exceptional experience and earn their
preference.
2. Value Our People
Nothing is more important than the safety of our
people. We build high performance teams by
hiring, developing, and promoting the best talent.
Our leaders foster the continuous development of
our people. We value diversity within our teams.
3. Do the Right Thing
We conduct ourselves ethically and always do the
right thing. In all our actions, we take care of the
impacts we have on our planet, communities, and
people.
4. Act as A Founder
We think and act to maximize the long-term health
of the business and not for short term results. We
do what is best for the company as a whole vs.
personal or functional agendas.
5. Promote A Growth Mindset
We promote thinking big across our business. We
value lifelong learning and self-development. We
encourage our people to be curious and explore
new possibilities.
We foster environments where our people feel
included, able to voice their honest opinion and
debate openly without fear of being punished.
We earn trust by communicating honestly and
transparently with each other. Leaders must foster
two-way feedback.
7. Operate with Excellence
We operate at the highest standards and are
disciplined in everything we do. We continually
raise the bar in our teams to improve our products,
services, and processes. Leaders operate at all
levels and no task is beneath them.
8. Leverage Technology and Innovation
We foster innovation, the use of new technologies
and ideas that give us an edge in our business.
We harness data and AI to generate a competitive
advantage.
9. Act Swiftly
We are action oriented. We challenge bureaucracy
and streamline our processes to achieve the
fastest response time.
10. Deliver Results
We execute consistently on the metrics that matter
to our business. We take full accountability for the
results we deliver.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 44
DRIVING GROWTH THROUGH CUSTOMER CENTRICITY
Placing Our Consumers and Clients at The Core of
Everything We Do
At the heart of our growth ambition lies our com-
mitment to customer centricity. Understanding and
meeting the ever-evolving needs of our customers are
paramount, as it fuels innovation, enhances satisfac-
tion, and strengthens loyalty.
At Coca-Cola FEMSA, measuring customer service is
a meticulous process that leverages a blend of key
performance indicators. This comprehensive approach
includes customer service metrics for key moments
in the sell-to-delivery process, a Net Promoter Score
(NPS), and sentiment analysis powered by AI. This ap-
proach guides us to foster long-term customer loyalty.
By placing our consumers and clients at the core of ev-
erything we do—from product development to service
delivery—we forge deeper connections, anticipate their
needs, and exceed their expectations. This dedication
not only sets us apart in the competitive landscape
across our regions but also propels our growth, ensur-
ing we remain at the forefront of the beverage industry.
Our focus on customer centricity is a powerful driver of
shaping a future where we continue to deliver value to
every customer we serve.
Key Customer Experience Indicators
We have a customer centric focus, where understand-
ing our customers through robust measurement is
essential to shaping our strategies and decisions.
• Customer Service Metrics enable us to assess and
optimize every interaction with our customers, from
the initial order to the final delivery. This granular
insight helps us identify areas for improvement and
ensure consistent service excellence.
• Net Promoter Score (NPS) gauges customer loyalty
and satisfaction by measuring their willingness to
recommend our products and services. This met-
ric provides a clear indication of our relationship
strength with customers and the overall health of our
customer service.
• Sentiment Analysis, utilizing AI, allows us to un-
derstand the emotions behind customer feedback
across various channels. This advanced analysis
offers us a deeper understanding of customer per-
ceptions and needs, enabling us to tailor our services
and communications more effectively.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 45
ENABLING A NEW WAY OF WORKING
Fueled by technology and digital agility, Coca-Cola FEMSA’s Digital and Analytics Hub serves as a catalyst for a new
Way of Working across the company, aligning the needs of customers, consumers, and business.
Our Digital and Analytics Hub spearheads cultural transformation and strategic capability building. With a cus-
tomer-centric mindset, we co-create digital and analytical solutions that seamlessly integrate across our com-
mercial platforms—from Juntos+, direct-to-consumer, and indirect omnichannel platforms to digital payments,
pricing, and promotions.
Fostering a co-creation process, our Digital and Analytics Hub assembles agile innovation cells with diverse profiles
and skills, ensuring active participation from conception to delivery. Leveraging frameworks like scrum or kanban,
we facilitate continuous value delivery in short time spans. Collaborative workspaces encourage teamwork, creating
an environment conducive to innovation. Our agile innovation cells not only accelerate omnichannel platform expan-
sion but also yield positive value through an aggressive pipeline of digital and analytical solutions.
Agile Cells: Solutions Focused on Customer Centricity
Through our co-creation model, our agile cells are generating positive value through an aggressive pipeline of cus-
tomer centricity digital and analytical solutions.
Boosting Sales
Optimizing Distribution Dynamics
Elevating User Experience
One of our agile cell’s innovations
uses machine-learning algorithms
to revolutionize inventory
management. This solution for our
Juntos+ B2B platform enables us to
predict the number of products our
clients need to prevent out of stocks,
leveraging the suggested order
feature to boost sales performance.
Another agile cell’s innovation
optimizes distribution planning using
machine learning. This innovation
accelerates delivery response
capacity, amplifying customer
service, and business profitability.
Artificial intelligence, employed
for calculating delivery times, has
significantly elevated customer
service levels.
Our Juntos+ app agile innovation
cell leverages customer knowledge
to optimize the user interface,
addressing frictions, expectations,
and objectives. The result is a
refined customer experience across
every journey stage—from search
and browse to product knowledge,
ordering, and delivery status
confirmation.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 46
BUILDING A PSYCHOLOGICALLY SAFE WORKPLACE
Why is Fostering a Culture of Psychological Safety Crucial
for Driving Our Growth Mindset?
Fostering a culture of psychological safety is fundamental
for empowering every employee to assertively contribute to
Coca-Cola FEMSA’s growth journey. By ensuring an environ-
ment where team members feel safe to express ideas, raise
concerns, and challenge processes, we unlock the full po-
tential of our workforce. This not only encourages innovation,
productivity, and collective problem-solving but also deepens
our understanding of our customers’ needs and expectations,
driving our customer-centric culture.
Transforming Company Culture: The Path to Psychological
Safety
In 2023, we embarked on a thorough program to immerse the
entire company in a cultural evolution toward psychological
safety. This comprehensive strategy encompassed a suite
of training programs, cultural dynamics, and communication
campaigns designed to permeate every level of the company.
Action plans were tailored for implementation, with a special
toolkit developed to facilitate management’s engagement with
teams effectively across our operations. The initiative also in-
cluded leadership summits and campaigns promoting appro-
priate behaviors, all aimed at nurturing an environment where
collaboration thrives. Through these coordinated efforts, we
are laying the groundwork for an organizational culture where
every employee feels that they belong, safe, valued, and em-
powered to contribute to our collective growth and success.
Achieving Outstanding Results
By systematically measuring psychological safety within the
organization, we aim to develop targeted strategies that help
us advance in our goals.
In 2023, we launched our company's first psychological safety
survey to measure the level of comfort employees feel in four
key safety areas that drive performance: inclusion, learner,
contributor, and challenger. Over 10,000 employees par-
ticipated in the survey, achieving an overall score of 61
points, with a standout score of 76 in inclusion safety.
This result is an useful starting point, as we aim to
build on these areas further.
Moreover, we implemented our biennial employee
engagement survey throughout our operations during
2023. With 93% participation, the survey showed par-
ticularly outstanding results in two dimensions: com-
mitment with 89% and enablement with 83%.
These results offer a clear direction for where we need to
concentrate our efforts to continue creating an even better
workplace for everyone.
61%
points achieved in our
company's overall score
on the first psychological
safety survey.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 47
DRIVING MULTIPLIER LEADERSHIP
How Does a Multiplier Leadership Approach Unleash our
Company’s Potential?
At Coca-Cola FEMSA, we embrace a multiplier leadership approach
as a catalyst for growth and innovation. This leadership model ampli-
fies the collective intelligence, capabilities, and engagement of our
teams by empowering individuals to lead. Multiplier Leaders foster
an environment where ideas flourish, challenges are embraced as
opportunities for learning, and everyone is encouraged to contribute
to their fullest potential. By leveraging the collective creativity of our
workforce, we accelerate our progress towards
achieving our strategic goals, enhancing our
competitive edge, and ensuring we can
deliver long term sustainable value in
the evolving beverage industry.
At the intersection of
psychological safety and
multiplier leadership lies an
accelerated sustainable growth:
psychological safety lays the
groundwork for growth,
and multiplier leadership
accelerates it.
FOSTER A
SUSTAINABLE
FUTURE
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 49
CATHERINE REUBEN
CHIEF CORPORATE AFFAIRS OFFICER
RAFAEL RAMOS
CHIEF SUPPLY CHAIN AND
ENGINEERING OFFICER
INTERVIEW WITH OUR
CORPORATE AFFAIRS AND
SUPPLY CHAIN AND
ENGINEERING OFFICERS
1. Catherine, Rafael, can you share insights about Coca-Cola FEMSA’s new
Sustainability Framework?
The new design of our Sustainability Framework marks an evolution in our commitment to
fostering a sustainable future. At the heart of this framework are seven key pillars: Water
Stewardship, World Without Waste, Climate Action, Product Portfolio, Sustainable Sourc-
ing, Integral Employee Well-being, and Community Development. This comprehensive
approach fortifies the integration of social, economic, and environmental value creation
into every facet of our operations, acknowledging the link between sustainable practices
and the ability to generate long-term value for all stakeholders.
Underpinning these pillars are three transversal concepts that serve as the bedrock of our
framework: Culture, Human Rights, Diversity, Equity, and Inclusion, and Ethics and Gover-
nance. These concepts ensure that sustainability permeates across our organization. They
highlight our commitment to creating a workplace and a world that respects human rights,
celebrates diversity, and upholds the highest ethical standards.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 50
Our holistic view of sustainability recognizes that real
progress can only be achieved by addressing challeng-
es collectively. For example, our water stewardship ini-
tiatives go beyond conserving water in our operations
to include actions that contribute to water security for
communities and ecosystems. Similarly, our efforts to
build a World Without Waste extend to creating a circu-
lar economy that reduces our footprint and encourages
recycling and reuse in our communities. Climate Action
is also a critical pillar in our framework. Coca-Cola
FEMSA is committed to reducing its carbon footprint
through energy efficiency, renewable energy adoption,
sourcing, and sustainable logistics.
In parallel, we continue to explore and offer zero and
lower calorie products in our Product Portfolio as well
as leveraging sustainable packaging solutions, demon-
strating our dedication to both environmental steward-
ship and consumer well-being.
The Integral Employee Well-being and Community De-
velopment pillars reinforce our belief that sustainabil-
ity extends to creating a positive impact on the lives of
our people and the communities we serve. By investing
in the health, safety, and well-being of our employees
and supporting the development of our communities,
we strengthen the foundation upon which our company
and people thrive.
Our pioneering financing strategy closely aligns with
our Sustainability Framework, ensuring our financial
endeavors directly contribute to achieving our ambi-
tious sustainability goals. These efforts not only drive
us towards our environmental and social objectives,
such as enhancing water efficiency, increasing renew-
able energy use, and reducing carbon emissions but
also reinforce our commitment to fostering economic,
environmental, and social well-being across our value
chain. Through our pioneering Green Bond and the
introduction of our Sustainability-Linked and Sustain-
ability Bonds in Mexico, we are investing in the future.
Coca-Cola FEMSA's new Sustainability Framework is
more than a commitment; it is a comprehensive strate-
gy that embeds our social, economic, and environmen-
tal commitments into the core of our business model,
enabling us to face today's challenges while paving the
way for a sustainable and inclusive future.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 51
2. Catherine, can you share how Coca-Cola FEMSA's commitment to community
development drive both local well-being and the company's sustainability goals?
At Coca-Cola FEMSA, we understand that our success is inherently linked to the devel-
opment of our local communities. Our approach to community engagement is not just
about being a good neighbor; it is also about fostering partnerships that yield lasting
benefits for the community and our business. Moreover, this commitment extends
throughout our entire value chain, from suppliers to clients and business partners,
ensuring we continue to deliver economic value while generating social development
across our operations.
Our Model for Addressing Risks and Relations with Our Community (MARRCO) method-
ology is the backbone of our efforts to build strong, win-win relationships with nearby
communities. MARRCO guides us in developing comprehensive Community Engage-
ment Plans, focusing on programs and activities that respond directly to community
needs while ensuring our business's sustainability and growth. By 2030, our goal is to
implement Community Engagement Plans based on the MARRCO methodology at every
priority site, underscoring our dedication to this collaborative approach.
By working closely with our communities, we not only enhance local development but
also contribute to achieving our ambitious environmental objectives, including our
water stewardship, PET collection, and climate action goals. Moreover, understanding
that achieving our sustainability vision requires collective action, we also aim to build
alliances beyond our local communities, including governmental bodies, industry peers,
and environmental organizations. These partnerships are pivotal, enabling us to amplify
our impact.
BY WORKING CLOSELY WITH OUR
COMMUNITIES, WE NOT ONLY
ENHANCE LOCAL DEVELOPMENT
BUT ALSO CONTRIBUTE TO
ACHIEVING OUR AMBITIOUS
ENVIRONMENTAL GOALS.
OVERVIEW
STRATEGIC PRIORITIES
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 52
WE ARE A GLOBAL BENCHMARK IN WATER
EFFICIENCY WITH 1.42 LITERS OF WATER USED
PER LITER OF BEVERAGE PRODUCED.
+100% OF WATER USED IN 2023 BEVERAGES
RETURNED VIA REPLENISHMENT PROJECTS.
3. Catherine, Rafael, can you outline the broader impact of our company's water
stewardship strategy?
At Coca-Cola FEMSA, we have embarked on a comprehensive water stewardship strategy that
transcends our operations. Our goal has a dual commitment: to enhance water efficiency within
our bottling plants and to extend our efforts far beyond, protecting the vitality of watersheds
and fostering water access and resilience in the communities where we operate.
Our dedication to operational efficiency is relentless. Every year, we invest in cutting-edge tech-
nologies and best practices aimed at reducing our Water Use Ratio (WUR), a testament to our
resolve to minimize our environmental footprint. Yet, our ambition is driven by the fundamental
understanding that true stewardship encompasses not just conservation but active replenish-
ment and community engagement.
In collaboration with valued partners, including local governments, NGO, and international alli-
ances, we are leading projects that revitalize local watersheds. From reforestation initiatives to
the construction of sustainable water infrastructure, our projects are designed to replenish more
water than we consume. We are steadfast in our determination to achieve a net-positive impact.
Central to our strategy is the belief that water is vital for the communities. In regions affected
by water scarcity, we actively collaborate with The Coca-Cola Company, The Coca-Cola Foun-
dation, and FEMSA Foundation to co-create innovative programs that provide access to clean
and safe water, sanitation, and hygiene (WASH) solutions. Through these initiatives, we are
not just enhancing water access but also nurturing community development. In a world where
water scarcity poses a growing challenge, our journey in water stewardship is one of innovation,
collaboration, and profound commitment to our communities.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 53
4. Catherine, Rafael, what is Coca-Cola FEMSA's
approach to advancing its World Without Waste
strategic pillar?
composed of 98% recyclable materials. This includes the
transformation of Sprite bottles in 2023 from green to trans-
parent to improve recycling efficiency.
Our first approach has been our dedication to extending the
lifecycle of our packaging. In 2023, 32% of our volume was
generated from returnable/reusable bottles, surpassing the
Coca-Cola System's 25% target by 2030. We are commit-
ted to enhancing this initiative, ensuring that the benefits of
returnable/refillable packaging for the environment and our
consumers continue to grow.
Additionally, we aim to use at least 50% recycled PET resin in
our packaging by 2030. In 2023, we set a new benchmark by
using 109,889 thousand tons of rPET in our packaging, mark-
ing a 32% increase from the previous year and keeping us on
track to achieve our goal. Our efforts also extend to designing
lighter and more efficient bottles that require less material,
while maintaining the quality and integrity of our products.
The start of operation of PLANETA in 2024, our new PET
recycling facility in Tabasco, Mexico, together with ALPLA,
stands as a significant milestone. Designed to process
50,000 tons of PET annually, it will make a significant
contribution toward our goal of achieving self-sufficiency in
sustainable packaging materials.
In addition to increasing the use of recycled resin, we also
prioritize the recyclability of our packages. Our bottles are
Our efforts to incorporate recycled materials extend beyond
PET; we utilized 36% recycled glass, with our operations in
Colombia and Central America leading the way, and 64%
recycled aluminum, with Brazil and Argentina reaching an
impressive 76%.
We recognize that through collective action, we can achieve
greater impact in our efforts to build a World Without Waste.
For instance, through our longstanding partnership with
ECOCE, we have contributed to elevating Mexico to a nation-
al PET collection rate of 62.8%, on par with the European
Union. This collective approach also includes educating
communities on proper waste separation, enhancing recy-
cling processes, and establishing effective PET collection
systems. By fostering community involvement and strength-
ening partnerships, we aim to increase recycling infra-
structure and support local PET collectors, a critical step
to achieve our ultimate goal of collecting the equivalent of
100% of the PET we use.
Through these extensive and comprehensive initiatives, we
are not merely working toward a World Without Waste; we
are demonstrating the effectiveness of a holistic approach in
building a resilient circular economy.
WE ARE ADVANCING THE CONSTRUCTION OF PLANETA,
OUR NEW FOOD-GRADE PET RECYCLING FACILITY IN
MEXICO, WITH THE CAPACITY TO PROCESS 50,000
TONS OF POST-CONSUMER PET BOTTLES ANNUALLY.
OVERVIEW
STRATEGIC PRIORITIES
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 54
WE ARE PILOTING IN MEXICO CITY THE WORLD'S FIRST
ELECTRIC TRUCK DESIGNED SPECIFICALLY FOR THE UNIQUE
DEMANDS OF THE BEVERAGE INDUSTRY.
5. Rafael, how is Coca-Cola FEMSA advancing its sustainable mobility strategy, especially
with the introduction of a new electric vehicle designed specifically for the beverage
industry?
In October 2023, Coca-Cola FEMSA took a significant leap forward in its ambitious journey toward
green mobility by launching an eight-month pilot program featuring a new electric truck developed
in partnership with BYD. This vehicle, the first of its kind in the world tailored specifically for the
beverage industry, embodies our vision of combining customer-centric delivery processes with
environmental stewardship. The truck's design caters to the unique demands of our operations, ac-
commodating standard 14 low-bed pallets with flexibility for other configurations. This innovation,
co-developed with BYD, represents a significant step in our commitment to green mobility.
Given the extensive scale of our operations, with over 1,750 D2C delivery routes, the adoption of
electric vehicles into our fleet would represent a significant step toward substantially lowering our
carbon footprint and this pilot program stands as a promising component of our sustainable mobil-
ity strategy.
In addition to electric mobility alternatives, our pursuit of operational excellence through dynamic
route optimization, advanced telemetry, and digital technologies continues to refine our distribu-
tion strategies, enhancing fleet utilization, safety, and reducing environmental impact. By integrat-
ing global partnerships, advanced analytics like Total Cost of Ownership, and standardized testing
protocols, we are steering our fleet toward a holistic approach to sustainable mobility.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 55
6. Catherine, can you share how Coca-Cola FEMSA responded to the challenges
posed by Hurricane Otis in Acapulco?
Coca-Cola FEMSA has a long-standing history of stepping up and demonstrating a
deep-rooted commitment to aiding communities affected by natural disasters across
our operational footprint. This permanent commitment is a cornerstone of our corporate
ethos, guiding our actions and initiatives. It is with this same spirit of responsibility that
we approached the catastrophic impact of Hurricane Otis on Acapulco, the strongest
hurricane on record to strike Mexico’s Pacific coast.
Following the unprecedented devastation brought by Hurricane Otis, Coca-Cola FEMSA
has taken a proactive stance in contributing to the recovery and resilience efforts in Aca-
pulco, mobilizing resources and reaffirming our integral connection to the community.
In the immediate aftermath, recognizing the urgent need for clean drinking water, we
rapidly provided over 120,000 liters of bottled water to those affected. Moreover, to ad-
dress the ongoing water scarcity, we deployed two VenXAgua Water Treatment Vehicles,
each with the capacity to purify 48,000 liters of water daily, facilitating access to clean
water for drinking and food preparation.
We are now investing Ps. 575 million into reconstructing our Acapulco facilities and
supporting the communities. This investment is not only about restoring our operational
capacity but serves as a cornerstone of our efforts to contribute to revitalize the local
economy. Through these actions, Coca-Cola FEMSA is demonstrating our unwavering
dedication to the economic, social, and environmental well-being of the communities
where we operate.
OUR SUSTAINABILITY EFFORTS ARE INSPIRED BY
OUR COMPANY’S COMMITMENT TO SIMULTANEOUSLY
CREATE ECONOMIC AND SOCIAL VALUE WHILE
GENERATING ENVIRONMENTAL WELL-BEING.
OVERVIEW
STRATEGIC PRIORITIES
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 56
COCA-COLA FEMSA’S PATH
TO SUSTAINABLE AND INCLUSIVE GROWTH
Sustainable Growth: Core Priority and Guiding
Principle at Coca-Cola FEMSA
At Coca-Cola FEMSA, our strategic priorities in-
corporate sustainability principles in two comple-
mentary ways.
First, these principles serve as a foundational
guideline, ensuring that every decision and its
subsequent impact adheres to sustainable prac-
tices. This commitment ensures that our growth is
both sustainable and inclusive, and works to the
benefit of all stakeholders involved.
Second, sustainability stands as a core priority in
its own right: a commitment to actively making a
difference. We purposefully distinguish this from
our broader guidance on sustainability in order to
emphasize our dedication to proactive steps to-
wards a more sustainable future. Our commitment
extends beyond compliance, to the intentional fos-
tering of a culture of action that achieves tangible
results across our organization and value chain.
Our Culture of Action
In recent years, we have carried out a thorough
sustainability transformation involving every part
of our operation. Our goal was to align not only
with local standards but also with global best
practices, setting new benchmarks in our markets.
To this end, we have set sustainability priorities
based on materiality assessments and adapted
our capital strategy to support sustainable devel-
opment, partly through green, social, and sustain-
ability-linked bonds.
A dedicated Sustainability Committee directed
this transformation. Top executives helmed the
project, including our CEO, CFO, a COO, CHRO,
Supply Chain and Engineering Officer, and Cor-
porate Affairs Officer, along with members from
the FEMSA Sustainability team. The committee’s
diverse, informed perspectives ensured a com-
prehensive approach and integrated a culture of
action into our sustainability vision.
THE KEY CONSIDERATIONS IN OUR SUSTAINABILITY
TRANSFORMATION:
1. Embed sustainability in all critical business actions to
ingrain a new way of working at Coca-Cola FEMSA.
2. Balance best-in-class efforts across environmental,
social, and governance priorities.
3. Drive change from the top, encouraging bold decision-
making and shared responsibility in advancing
sustainability initiatives.
4. Consider all sources of value and the costs of inaction,
balancing immediate financial incentives with the long-
term value of sustainability progress.
5. Ensure transparency and define clear metrics that can be
quickly cascaded throughout the organization.
6. Amplify change management through training, conveying
the corporate sustainability strategy to key stakeholders
and empowering them to implement change.
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 57
SUSTAINABLE FUTURE
FRAMEWORK
The Evolution of Coca-Cola FEMSA’s Sustainability Framework
We have recently updated our Sustainable
Future Framework, building upon the foun-
dation laid by our previous strategic model.
This enhanced Framework now more pre-
cisely aligns with the strategic directions of
both FEMSA and The Coca-Cola Company,
ensuring a cohesive approach to sustain-
ability that resonates with our core values
and business objectives. By refining our
focus, we are better positioned to address
current challenges and seize future oppor-
tunities, driving sustainable growth and
impact across all aspects of our operations.
To update our Sustainable Future Frame-
work, we undertook a comprehensive study
in partnership with an independent third
party, engaging over 300 individuals across
our operational countries. This process
included interviews with our corporate and
senior leadership team executives, along
with their respective teams, to gain in-
depth insights. Furthermore, we organized
work sessions with organizational leaders
whose roles significantly influence sustain-
ability practices across the company, and
conducted forums involving key corporate
functional areas to foster broad engage-
ment. External perspectives were also
integrated through interviews with investors
and other research tools, ensuring a holistic
view. Finally, FEMSA actively participated
in the conclusive review of priorities, with
a special focus on governance, to align our
sustainability efforts with strategic objec-
tives and stakeholder expectations.
S & GOVE R N A N
C
I
H
T
E
E
C
Community
development
Water
stewardship
C
U
L
T
U
R
E
Integral
employee
well-being
SUSTAINABILITY
FRAMEWORK
World without
waste
Sustainable
sourcing
H
U
M
A
Product
portfolio
N RIGHTS, DIVER S I T Y ,
Climate
action
Y & IN CLUSION
T
I
U
Q
E
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 58
OUR SUSTAINABILITY
PRIORITIES
3
17
15
13
16
10
4
9
1
8
2
7
12
6
11
5
19
22
20
24
26
28
31
18
14
21
27
23
29
34
36
25
35
30
33
32
39
40
E
C
N
A
V
E
L
E
R
R
E
D
L
O
H
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K
A
T
S
37
42
38
41
44
45
43
B U S I N E S S S U C C E S S
Materiality Assessment
Our detailed materiality assessment
aligns our sustainability priorities with
both stakeholder expectations and the
long-term objectives of our Sustain-
able Future Framework. This approach
ensures a targeted and impactful sustain-
ability strategy and actions, appropriate
to the evolving dynamics of our business
environment and stakeholder community.
In the process of identifying material
issues, we conducted an analysis of our
business risk matrix and revised both
FEMSA’s governance structure and our
priorities with The Coca-Cola Com-
pany. We also considered key topics
for the beverage industry according
to sustainability experts, performed a
detailed peer benchmark, and included
considerations from external stakehold-
ers such as NGOs and public opinion.
This assessment’s outcome led to the
strategic mapping and identification of
45 key topics and 17 material priorities
within our Sustainable Future Frame-
work. These were integrated into the
company’s risk management process,
reviewed, and approved by the senior
management team.
We are currently in the process of up-
dating our materiality matrix and prior-
ities. While this process is ongoing, we
have made significant progress, refining
our methodology and criteria to ensure
comprehensive stakeholder engage-
ment and robust analysis. An updated
matrix and priorities will be published in
our 2024 Integrated Report.
CLIMATE ACTION
4 GHG Emissions Reduction
5 Sustainable Mobility
6 Climate Change Adaptation
9 Energy Management: Renewables and
Efficiency
WATER STEWARDSHIP
10 Water Access, Sanitation, and Hygiene (WASH)
11 Context-Based Hydrological Safety
17 Water Efficiency
WORLD WITHOUT WASTE
1 Packaging Circular Economy
12 Consumer Engagement for Circular Economy
26 Industrial Waste Circular Economy
34 Customer Engagement for Circular Economy
PRODUCT PORTFOLIO
2 Nutritional Attributes of Product Portfolio
7 Product Portfolio Diversification
18 Advertising and Commercial Practices
31 Promotion of Healthy Habits
38 Information and Quality of Products
SUSTAINABLE SOURCING
28 GMOs and Traceability of Ingredients
36 Support of Local Supply Chains
41 Supplier Relationship Management
43 Environmentally Responsible Dairy Farming
COMMUNITY DEVELOPMENT
14 Supporting Small Businesses
19 Women’s Empowerment
22 Local Community Relationships
INTEGRAL EMPLOYEE WELL-BEING
16 Safety, Health, and Wellness
21 Labor Relations
32 Talent Attraction
33 Compensation and Benefits
44 Training and Development
45 Opportunities for Youth
ETHICS AND GOVERNANCE
3 Global Integrity and Compliance
8 Relationship with Government
23 Standards for Contractors
24 Best-in-Class Board Practices
25 Information Security and Cybersecurity
27 Partnerships for Sustainability
29 Digitalization in Customers’ Processes
30 Comprehensive Risk Management
35 Code of Conduct
39 Customer Satisfaction Measurement
40 Quality of Service for Customers
42 Mechanism for Consumers to Raise Concerns
HUMAN RIGHTS, DIVERSITY, EQUITY, AND INCLUSION
13 Human and Labor Rights
15 Diversity and Inclusion
CULTURE
20 Culture, Ethics, and Values
37 Road Safety
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 59
CONTRIBUTION TO
THE UNITED NATIONS SUSTAINABLE
DEVELOPMENT GOALS
We are committed to contributing to the achievement
of the United Nations Sustainable Development Goals
(SDGs). While many of our actions contribute to the
17 SDGs, the greatest impact opportunities as we
carry forward our Sustainable Future Framework and
initiatives lie within these fourteen goals:
We are collaborating with FEMSA
Foundation on social initiatives in
our communities, focusing on early
childhood and healthy lifestyles.
We’re dedicated to efficient water use,
conserving watersheds, and contributing
to safe drinking water access for our
communities. By 2025, our ambition
is to develop with our communities
and stakeholders one water access or
replenishment project at each priority site,
returning locally 100% of the water we use.
We maintain a focus on the health, safety,
and well-being of our employees, customers,
consumers, and communities through our
internal and external social priorities. In
so doing, we reinforce our commitment to
economic value, social and environmental well-
being. Additionally, we offer a diverse beverage
portfolio—including our expanding zero- and
low-sugar options—and implement responsible
marketing strategies.
We strive for a broad energy efficiency
strategy across our operations and our
entire value chain, integrating renewable
energy sources and technologies to cut
CO2e emissions in line with our climate
action commitment.
Aligned with our ambition to improve gender
diversity at all levels of the organization, we
are deploying initiatives to increase women's
representation across our operations. By 2030,
our ambition is for women to represent 40%
of leadership and management positions.
We are also implementing programs to foster
women's financial and digital empowerment in
traditional trade.
We pursue sustainable economic growth
by efficiently using resources, fostering
a work environment for comprehensive
professional development, creating
jobs in emerging markets, and applying
sustainable sourcing. Additionally, we
develop community initiatives focused
on empowerment to boost resilience and
reinvigorate local economies.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 60
We integrate digital innovation
to bring added value to our
value chain, including training
programs designed to empower
customers with technological
advancements that enhance
overall efficiency. Additionally,
we work to enhance our
sustainability performance
and drive industry innovation,
focusing on key areas like water
stewardship, energy efficiency,
and reducing our carbon
footprint across the value chain.
By 2030, we are committed to
decreasing our Scope 1 and 2
emissions by 50% and reducing
our Scope 3 value chain emissions
by 20% vs. 2015, aligned to
Science Based Targets initiative.
To meet these ambitions, we set
initiatives to transition relevant
operational assets to lower
emission alternatives and are
launching various initiatives to
address emissions throughout our
value chain.
Our work with small local
businesses across our
extensive value chain of
suppliers, customers, and other
stakeholders seeks to improve
their financial and digital
inclusion. Simultaneously, we
focus on contributing to our
communities with safe water,
improved sanitation, and
hygiene education.
Given the growing urgency of
shared water action across the
value chain, our comprehensive
water strategy is focused on
water efficiency, replenishment,
and access. By leading our
industry in water efficiency, we
contribute to the preservation of
natural habitats and biodiversity,
which rely on balanced water
ecosystems. Moreover, our social
water stewardship commitment
safeguards people’s right to
water and aims to contribute to
its availability for present and
future generations.
Aligned with our community
engagement priority, we are
focused on advancing the
development of the communities
where we operate and serve.
Our mindset and approach for
all collaborative endeavors
across our operations is to create
sustainable solutions tailored to
local needs.
Our corporate governance and
business conduct not only
fully comply with applicable
regulations in our countries of
operation, guided by our Code of
Ethics, but also serve as a model
for other institutions. In dealing
with suppliers, we apply guiding
principles that concentrate
on strategic input categories,
which cover human rights,
environmental protection, and
labor rights, setting a standard in
ethical practices and responsible
business conduct that we hope
will inspire and influence others
in our industry and beyond.
With support and shared
responsibility of stakeholders
across our value chain, we are
poised to effectively implement a
comprehensive circular economy
strategy. Our ambitious 2030
goal involves not only collecting
the equivalent of 100% of the
PET bottles we place in the
market but also implementing a
broader market-based circular
economy approach by using
other packaging materials
like glass and aluminum cans,
ensuring sustainable practices
across our entire portfolio.
We recognize that complex, evolv-
ing challenges demand innovative,
collaborative solutions. Embracing
this, we partner with companies,
governments, NGOs, and institu-
tions to maximize our impact.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 61
SUSTAINABILITY CREDENTIALS
1ST MEXICAN COMPANY
DJSI
to secure
approval of
the Science
Based Targets
Initiative (SBTi)
for our GHG
emissions
reduction goals
Coca-Cola FEMSA was named to the Dow
Jones Sustainability MILA Pacific Alliance
Index for the sixth consecutive year.
4TH
CONSECUTIVE YEAR
and 6th in a decade of inclusion in S&P
Global’s Sustainability Yearbook
5TH
CONSECUTIVE
YEAR
of inclusion in the
Bloomberg Gender-Equality
Index
4TH YEAR
of recognition as
one of the Best
Places to Work for
LGBTQ+ Equality
by the Human
Rights Campaign
Foundation and HRC Equidad MX:
Global Program for Labor Equity
First bottle-to-bottle
recycled PET plant in
Latin America.
2004
Established our 2020
Sustainability Goals.
2015
Issued the largest Green Bond
for a Latin American company
and first in the Coca-Cola
System.
First Mexican company and
third in Latin America to obtain
SBTi approval.
2020
First company in the
consumer sector in
the Americas and the
Coca-Cola System to
issue Social Bonds.
2022
2012
Included in the Dow Jones
Sustainability™️ Emerging
Markets Index and the
Sustainability Index of the
Mexican Stock Exchange.
POSITIVELY TRANSFORMING
OUR COMMUNITIES
OUR
COMMUNITY
Diversity
Equity and
Inclusion
OUR
PEOPLE
OUR
PLANET
OUR ETHICS AND VALUES
GOVERNANCE
2017
Published the First
Coca-Cola FEMSA
Annual Integrated
Report.
2021
Issued a Sustainability-
Linked Bond in the
Mexican market, focused
on water efficiency.
2024
New food-grade
PET recycling plant
in Tabasco, Mexico,
known as PLANETA.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 62
Setting the Global Standard for Water Efficiency in Our Industry
Our commitment is to accelerate the actions needed to
ensure sustainable water security in our operations, water-
sheds, and the communities we serve. In line with this com-
mitment, we have established three objectives for our Water
Stewardship Strategy:
1. Enhancing water efficiency in our operations.
2. Replenishing water in our geographies.
3. Providing access to water, sanitation, and hygiene (WASH)
for local communities.
WATER
STEWARDSHIP
At Coca-Cola FEMSA, we not only
strive to enhance water efficiency in
our operations but also contribute
to water replenishment and access
in the communities we serve. Our
multifaceted approach includes
rigorous water risk assessments,
targeted replenishment efforts, and
fostering community resilience,
underlining our dedication to
safeguarding water resources for
future generations.
Our Focus
Our Goals
How do we identify our water risks?
Our Standard
Efficiency
Access
Replenishment
WUR 1.36 liters of water per liter of
beverage by 2024.
100% compliance with The Coca-Cola
Company/local water discharge
parameters.
100% Priority Manufacturing Plants with
AWS Certification in 2026.
Ensure by 2030:
• 100% replenish in high stress areas.
• Water access in Coca-Cola FEMSA
operations.
• Contribute to promote water access to
key communities in priority sites.
Water Risk Assessment
Focus on water availability,
infrastructure, regulatory compliance,
community perception, well status and
water cost.
MARRCO
The MARRCO model comprises
managing risks and community
engagement, which helps to guide and
inform our value-generating engagement
activities and programs with our local
communities.
Alliance for Water Stewardship
(AWS)
Guidelines for responsible
water stewardship through a
comprehensive framework and
certification system.
JOINING THE CEO WATER MANDATE
CEO
WATER
MANDATE
In 2023, we deepened our
commitment to the careful
and efficient use of water
resources by joining the CEO
Water Mandate. This initiative,
Coca-Cola FEMSA does not operate within any protected natural
areas. However, in alignment with the CEO Water Mandate and
the Alliance for Water Stewardship, we ensure to identify natural
areas within the watershed that are in proximity to our operations.
aimed at mobilizing business leaders, works in collaboration
with the United Nations and other entities to tackle global water
challenges. Through the initiative, we will collaborate to enhance
water resilience across operations and supply chains, and work to
achieve collective positive impact on water resources in at least
100 vulnerable water basins by 2030.
We remain aligned with our commitment to maintaining sustain-
able water management practices based on the 5 outcomes of
Alliance for Water Stewardship (AWS): Good Water Governance,
Sustainable Water Balance, Good Water Quality Status, Important
Water-Related Areas and Safe Water, Sanitation And Hygiene For
All (WASH).
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 63
REGENERATIVE OPERATIONS: LEADING OUR INDUSTRY IN WATER EFFICIENCY
Achieving New Milestones in Water Use Ratio Reduction
As our company grows and adapts its portfolio to promote return-
able/reusable bottles across our geographies, we remain commit-
ted to our vision of pushing the boundaries of water efficiency.
efficiency programs across our operations, guided by our Top 20
Water Saving Strategies. These initiatives include a range of actions
from detecting and fixing leaks to efficiently managing water use in
our plants and improving our water recovery systems.
We use a dual approach in our water efficiency strategy that
underscores our commitment to responsible water use and
environmental protection. First, we are dedicated to reducing the
Water Use Ratio (WUR)—the amount of water utilized per liter of
beverage produced. Second, at the end of our production process,
we treat 100% of the water we discharge according to local and
The Coca-Cola Company requirements, providing sufficient water
quality to support aquatic life.
In accordance with our →Sustainability-Linked Bonds Framework
issued in 2021, the company has a 2024 goal to achieve a WUR of
1.36. Accordingly, in 2023, we invested US$10.35 million in water
Achieving New Milestones in Water Use Ratio Reduction
As a result, we continued to improve water efficiency in our opera-
tions to an industry leading WUR of 1.42 at the end of 2023, an im-
provement from 1.46 in 2022. Our 2023 WUR represents a 17.4%
enhancement in efficiency since our baseline in 2016, establishing
us as a leader in water efficiency in the beverage industry. We want
to call attention to the fact that 12 of our plants in Brazil, Colombia,
and Mexico are already well below our intermediate goals and 2026
ambition. Our Tocancipá plant in Colombia is leading the group of
carbonated beverage plants, with a remarkably low WUR of 1.18 at
the end of 2023.
17.4%
enhancement in water
efficiency since our
baseline in 2016.
2
7
.
1
7
4
.
1
6
4
.
1
2
4
.
1
6
3
.
1
2016
2023
2022
2021
2024
GOAL
WATER USE RATIO (WUR)
Liters of water used per
liter of beverage produced
Water Efficiency – Progress & 2023 Highlights
This year, we used a total of 30,986 megaliters of water, discharging 8,381 megaliters back. We treated 100% of this discharged water to
quality levels that could sustain aquatic life.
Total (ML)
Total (ML)
Municipal water
9,239.36
Water discharged
to sewers
4,461.77
Rainwater
7.28
Water discharged
into rivers
3,819.66
Well water
21,739.13
Total water
discharged
8,381.43
River water
0.26
Total water
withdrawal
30,986
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 64
FROM CONSERVATION TO REPLENISHMENT: OUR WATER SECURITY COMMITMENT
Ecosystem Conservation for Water Resilience
Beyond our commitment to water efficiency in our
operations, we are steadfast in our pledge to replen-
ish more water to the environment than we use to
produce our beverages. The conservation of ecosys-
tems within the watersheds where we operate stands
as one of the most important elements for enhancing
water resilience for both our operations and the com-
munities we serve, as these ecosystems directly influ-
ence the aquifer's water infiltration capacity through
the biogeochemical cycle. To this end, we implement
nature-based solution projects that not only boost
water infiltration but also mitigate climate related risk
of biodiversity loss and natural disasters.
In 2023, our efforts positively impacted over 48
thousand hectares through conservation, protec-
tion, and reforestation, enabling us to replenish over
100% of the water we use in our beverages. Our
programs are aligned with the Alliance for Water
Stewardship (AWS) certification approach, utilizing
In 2023, we
replenished over
100%
of the water used
in our beverages.
our Water Risk Assessment tool to identify the root
causes of vulnerabilities in the watershed, ensuring
proactive risk management.
→ Visit page 89 to learn more about
our Model for Addressing Risks and
Relations with Our Community.
Updated Water Risk Assessment Tool
In 2023, we significantly upgraded and digitalized
our Water Risk Assessment tool (WRA), adopting a
comprehensive approach for effective water re-
source risk management. The tool is now aligned
with ISO 31000's Risk-Consequences Matrix and
incorporates ESG risk factors from the Sustainabil-
ity Accounting Standards Board (SASB), as well as
components from the Aqueduct Water Risk Atlas
and Water Risk Monetizer from Ecolab, among oth-
ers. The WRA tool focuses on identifying root causes
of water-related risks such as water scarcity and
treatment or discharge issues, alongside water man-
agement, regulatory compliance, and ESG concerns
that could impact operations or water supply. It also
accounts for biodiversity, climate change vulnerabil-
ity, and utilizes our Model for Addressing Risks and
Relations with Our Community (MARRCO) to identify
and engage with key stakeholder groups.
Annually, we evaluate 100% of our operations for
water-related risks. Additionally, we conduct Source
Vulnerability Assessment studies across 100%
of our operations to address environmental risks,
including climate variability and watershed ecosys-
tem deterioration, as well as social, economic, and
institutional factors.
Focus on Priority Sites
In 2023, using our WRA annual
assessment, we analyzed water
risks across 100% of our opera-
tions, finding that none are situat-
ed in protected natural areas. Out
of our 56 plants, 30 were identified
as priority sites located in areas
of medium to high water stress. We
developed enhanced mitigation plans
for both identified and potential water
challenges and are advancing the imple-
mentation of the AWS Standard at these
sites. The total water withdrawal in high water
stress areas reached 10.8 thousand megaliters
in 2023, representing less than 35% of our total
water withdrawal.
We have set a goal to replenish locally 100% of the
water we utilize in production at medium and high-
stress sites. Our ambition for these locations goes
beyond water neutrality to promote basin protection
and ecosystem regeneration. Through our partner-
ship with The Coca Cola Company, The Coca-Cola
Company Foundation, FEMSA, FEMSA Foundation,
and various consultancies and organizations, we
have implemented replenishment and WASH proj-
ects in these locations.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 65
ENHANCING ACCESS TO WATER, SANITATION, AND HYGIENE
Contributing to Building Resilient
Communities
The human right to water is essential not
only for living with dignity but also as a vital
precondition for the fulfillment of other
human rights. A key element of our Water
Stewardship Strategy is collaboration with
neighbors, governments, and other institu-
tions to foster water resilience in the com-
munities where we operate.
Throughout our annual Water Risk Assess-
ment, we have identified 14 priority sites for
the deployment of access to water, sanita-
tion, and hygiene initiatives. Our journey in
enhancing water accessibility is ongoing. We
are dedicated to finding innovative solutions
and forging new partnerships to enhance
water access and support the long-term
health and prosperity of the communities
where we operate. Currently, we have ac-
cess projects in Argentina, Brazil, Colombia,
Costa Rica, Guatemala, and Mexico.
Some of Our Community Water Replenish
and WASH Projects In 2023
• Argentina: enhanced water efficiency in
agricultural areas through Kilimo software.
Utilizing Big Data and AI, it predicts crop
demand and provides irrigation recom-
mendations, enabling savings of 20-25%
in water usage.
• Colombia: provided water filters to 350
families through the Filtros que Dan Vida
project that do not have access to safe
drinking water, contributing to improving
their well-being and quality of life.
• Costa Rica and Colombia: the Agua por el
Futuro Replenishment Program focuses on
conservation, reforestation, and regenera-
tion activities to enhance water absorption
in the company's impact basins.
• Guatemala: supported the enhancement
of the María Linda river sub-basin, the
Ocosito sub-basin, and the improvement
of the Pasabien basin, to contribute with
water availability for the local communities.
• Mexico: through the Escuelas de Lluvia
program, we addressed water scarcity in
schools by installing rainwater harvesting
systems and running environmental edu-
cation programs.
• Panama: collaborated with the commu-
nity for the rescue, reforestation, and res-
toration of the mangrove. Our volunteers,
along with external volunteers, planted
1,000 trees.
• Uruguay: contributed to establishing the
Uruguayan Water Alliance Foundation,
aimed at fostering public-private
partnerships for nature-based projects to
achieve regional water security.
SUPPORTING PARTNERSHIPS AND
COLLABORATION FOR WATER SECURITY
We believe that collective action is fundamental to providing
water security and therefore to the success of water replen-
ishment projects. For more than 12 years, together with
FEMSA and FEMSA Foundation, we have supported the Latin
American Water Funds Alliance, a collaboration with organi-
zations like the Inter-American Development Bank and The
Nature Conservancy. This Alliance focuses on water security
by establishing water funds that foster multi-stakeholder
partnerships, aligning distinctive visions and pooling resourc-
es for nature- and science-based solutions. The Alliance has
formed over 300 partnerships and initiated 26 water funds
in the countries where we operate. These funds are mecha-
nisms for collective action at the local level aimed at aligning
visions among different stakeholders in the basins and pool-
ing resources to implement nature-based and science-based
solutions to contribute to water security.
We also collaborate with The Coca-Cola Company, The
Coca-Cola Foundation, and FEMSA Foundation to co-create
initiatives aimed at enhancing community well-being by facil-
itating access to water, sanitation, and hygiene (WASH), am-
plifying our collective positive impact. By supporting commu-
nities in getting access to water and using it more efficiently,
we contribute to reducing demand from watersheds and their
long-term protection.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 66
WORLD
WITHOUT
WASTE
Our aim is to build a circular economy
that minimizes waste by making the
most of current resources. We see this
as the best solution to overcome the
environmental and climate challenges
associated with our packaging and
operations.
Circular Approach Across Our
Business
Our commitment to building a World
Without Waste extends to overseeing
our operations and the entire lifecycle
of our packaging. This holistic ap-
proach is central to our environmental
strategy, ensuring our business prac-
tices are sustainable across all areas
through four key elements:
1. Adopting sustainable designs with
lighter solutions and higher use of
recycled materials.
2. Enhancing waste collection and
recycling directly and through
partnerships.
3. Promoting the use of returnable/
refillable bottles.
4. Striving for zero waste in our
operations.
Distribution
centers
Smart
design
Using
recycled
material
in our
packaging
ZERO WASTE
IN OPERATIONS
SUSTAINABLE
PACKAGING DESIGN
PROMOTE RETURNABLE /
REFILIABLE BOTTLES
ENHANCING WASTE COLLECTION
AND RECYCLING
Recyclable
packaging
Growing our
recycling
capabilities
Bottling
plants
Universal
Bottle
PET and Glass
returnable /
refi llable bottles
Building new
partnerships
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 67
OUR CIRCULAR ECONOMY
APPROACH OVERSEES
THE ENTIRE LIFECYCLE
OF OUR PACKAGING AND
OPERATIONS, AIMING
TO REUSE, REDUCE,
AND RECYCLE WASTE,
AS WELL AS MITIGATE
ENVIRONMENTAL IMPACT
32% of our volume
come from returnable/
refillable packaging,
surpassing the Coca-Cola
System's 25%
target by 2030.
In 2023, we used
109.89
thousand tons of
recycled PET resin in our
packaging, a 32% annual
increase.
Our PET packaging in
2023 included
33% RECYCLED RESIN,
aiming for our 50% goal
by 2030.
We used
36% RECYCLED GLASS,
with Colombia and Central
America leading.
We used
64%
recycled aluminum,
with Brazil and Argentina
reaching an
impressive 76%.
Our bottles are composed
of 98% recyclable
materials, including
a shift from
GREEN TO TRANSPARENT
Sprite bottles to improve
recycling efficiency.
PLANETA,
our new PET recycling
facility in Tabasco, Mexico,
will process 50,000 tons
of PET annually.
Since 2002,
we partner with
ECOCE,
contributing to a national
PET collection rate of
62.8% in Mexico.
Our MY ZERO WASTE STORE
program in Mexico
integrates waste
collection into small
business operations,
enhancing community
environmental
stewardship.
3 additional bottling
plants achieved zero
waste status in 2023,
bringing the total to
84%
of all our plants.
We recycled
98%
of our industrial solid
waste in 2023.
100%
zero waste certification
for plants by 2025 and
distribution centers by
2030.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 68
ENHANCING WASTE COLLECTION AND RECYCLING
Returnable/Refillable Bottles: Results Ahead of Schedule
We lead the charge in promoting the use of returnable/refillable
bottles across our geographies, with 32% of our volume coming
from this packaging option, surpassing The Coca-Cola System's
target of 25% adoption by 2030. This result is bolstered by our
universal bottle and affordability initiatives that can be used
across multiple beverage categories. →For more information
see Portfolio.
leading the way at 45% and 42% respectively. Additionally, we
achieved a milestone in using 64% recycled aluminum, with our
Brazil and Argentina operations reaching an impressive 76%.
Recyclable Packaging
In addition to prioritizing rPET in our packaging, we also want
the materials in our bottles to be easily recyclable. This year, our
bottles were composed of 98% recyclable materials.
The use of returnable/refillable packaging plays an important
role in reducing the environmental impact of supply chains by
not only reducing waste but also contributing to the conservation
of natural resources.
Using Recycled Materials in Our Packaging
We encourage the use of recycled materials when manufactur-
ing packaging for our products, reflecting our commitment to
circularity, reducing waste, and promoting the responsible use of
resources in our operations.
We continue to advance the use of rPET in our packaging. In
total, we used 109.89 thousand tons of recycled resin in 2023,
a 32% annual increase. In the year, we used 33% recycled resin
across our beverage portfolio. This result keeps us on track to
achieve our goal of using 50% recycled resin in our packaging
by 2030.
In partnership with The Coca-Cola Company, in 2023 we com-
pleted the switch from green to transparent Sprite bottles in
Latin America. This change represents an increase in PET bale
collection efficiency up to 15%, significantly improving the ef-
fectiveness and quality of both the collection and production of
recycled resin.
Growing Our Recycling Capabilities
We continue to advance the construction of our new food-grade
PET recycling facility in Tabasco, Mexico known as PLANETA, in
a joint venture with ALPLA. This facility will have the capacity
to process approximately 50,000 tons of post-consumer PET
bottles annually, which we plan to supply from 18 collection cen-
ters. The PLANETA recycling plant will join the IMER food-grade
PET recycling system, which we launched in 2005 as a joint
venture with The Coca-Cola Company.
Parallel to our efforts with rPET, we have made significant strides
in incorporating other recycled materials into our packaging
solutions. In 2023, we used 36% recycled glass across our
operations, with our operations in Colombia and Central America
The new plant, together with the collection centers, will help us
optimize the rPET production cycle in the Southeast region of the
country and keep us on track to achieve our goal of using at least
50% rPET in our plastic bottles and collect the equivalent to
100% of the PET volume we place in our markets by 2030.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 69
STRENGTHENING RECYCLING ECOSYSTEMS ACROSS OUR OPERATIONS
Some of Our Community Recycling Projects In 2023
• Argentina: we are collaborating with private waste man-
agement entities that sell to the recycling industry to
enhance the economic viability and efficiency of recycling
processes.
• Colombia: our Reciclaje Motocargueros program provided
60 motorized cargo vehicles to recyclers, enhancing their
work dignity and increasing recyclable material collection
rates by 5%.
• Costa Rica and Nicaragua: we focused on the recovery
of post-consumer PET waste, working with specialized
organizations to collect, process, and utilize waste, aiming
to reclaim post-consumer materials nationwide.
• Guatemala: through recycling bins located in shopping
centers, supermarkets, and universities, the Ecobots pro-
gram encourages consumers to recycle their PET bottles
by offering discount coupons.
• Mexico: our My Zero Waste Store engages local business-
es, to promote more efficient reclaimable waste manage-
ment and significantly contributing to our environmental
sustainability efforts.
Building Strong Partnerships
In addition to advancing our recycling capabilities internally,
we recognize the benefits of partnering with communities,
the public sector, regulators, industry allies, and NGOs, to
ensure a sustainable supply of recycled PET. By building
strategic partnerships, we are not only implementing commu-
nity-based collection and recycling programs but also raising
awareness about post-consumer waste management and
educating consumers on proper waste disposal practices.
In collaboration with the Mexican non-government associa-
tion ECOCE, we lead our industry since 2002 in the creation
of a robust national market for recycling through collection
and recycling programs. The ECOCE Model has resulted in an
impressive national PET collection rate of 62.8% in Mexico,
equivalent to the levels achieved by the European Union. Go-
ing forward, we will continue to evaluate new opportunities
to engage proactively in new collaborations with the aim of
boosting PET collection and recycling across our regions.
Promoting Effective Waste Management and Recycling
Across Our Communities
Our partnership with PET collectors is focused on promoting
their economic development. We aim to provide access to
necessary resources, enhance their skills, and ensure com-
pliance with local regulations as well as The Coca-Cola Com-
pany's guidelines. These efforts are designed to empower
them and contribute meaningfully to their communities.
Going forward, we will continue integrating recycling into our
operations and the fabric of community interactions with a
multidimensional approach that adapts to local conditions
across the countries where we operate.
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 70
ZERO WASTE IN OUR OPERATIONS
Certifying Our Operations as Zero Waste
In addition to our circular packaging initiatives, we have also made
strides in our operational waste management.
Our ambition is to have 100% of our bottling plants achieve zero
waste status by 2025 and 100% of our distribution centers by 2030.
In 2023, three additional bottling plants achieved zero waste status,
bringing the total to 41, reaching 84% progress toward our goal.
The year also marked a milestone with the certification of the first
zero waste distribution center in the Americas within The Coca-Cola
Company system.
In 2023, we achieved a waste ratio of 8.17 grams of waste per liter
of beverage produced. Most significantly, we recycled 98% of our
industrial solid waste, while correctly disposing the rest.
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 7 1
CLIMATE
ACTION
At Coca-Cola FEMSA, we acknowledge
the significant and pressing
challenge posed by climate change.
Our commitment is rooted in the
understanding that this urgent matter
affects us all, and it is only through
united, well-informed actions that we
can effectively address the impacts of
climate change.
Carbon Reduction Levers: Transforming Our Operations and Value Chain
We adopt a holistic approach to assess emission reduction opportunities, aiming to minimize the carbon footprint in our
operations and throughout our entire value chain.
INGREDIENTS
(Scope 3)
MANUFACTURE
(Scope 1 & 2)
PACKAGING
(Scope 3)
DISTRIBUTION
(Scope 1, 2 & 3)
COOLERS
(Scope 1 & 3)
25%
• Strategic suppliers
development
3%
• Renewable energy
• Energy efficiency
• Migrate boilers to
natural gas
28%
17%
27%
• Sustainable
packaging and light
weighting
• Renewable energy
• Energy efficiency in
own and third party
fleet
• Promote the use of
electric vehicles in
our fleet
• Renewable energy
in SMEs
• Energy efficiency
• Refrigerant gases
confined and/or
recirculated
Science Based Targets
We are committed to a 50% reduction in Scope 1 and 2 emissions,
along with a 20% reduction in Scope 3 emissions by 2030 vs. 2015.
We firmly believe that combating climate change requires a sci-
ence-based approach, involving collaborative efforts from multiple
stakeholders. Notably, in 2020 we became the first Mexican compa-
ny and the third in Latin America to receive Science Based Targets
initiative (SBTi) approval for aligning our greenhouse gas reduction
goals with the 2015 Paris Agreement. Our approach aligns with the
SBTi, prioritizing emission reduction over offsetting. Moreover, we
meticulously report our emissions to the Carbon Disclosure Project
(CDP) in accordance with their guidelines enhancing transparency
regarding our emission sources and progress to date.
Greenhouse
gas emissions
3,462 kton
CO2e
in 2023
Scope 1 17%
1%
Scope 2
Scope 3 82%
8.6%
annual reduction in
our CO2e emissions
across the value
chain in 2023.
OVERVIEW
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 72
CLIMATE ACTION IN OUR OPERATIONS
Reducing Scope 1 and 2 Emissions
In 2023, we achieved a reduction of 29% in our
Scope 1 and 2 emissions from our 2015 baseline.
Scope 1 and 2 emissions, accounting for 18% of
our total CO2e emissions in the year, include energy
consumption in our bottling plants and distribution
centers, emissions from refrigerant gases, and fuel
consumption in our fleet.
Leveraging Cleaner Refrigerants
We actively reduce Scope 1 emissions by upgrading
coolers with cleaner refrigerants at the point of sale
and enhancing end-of-life gas confinement.
%
0
5
%
8
2
%
9
2
Increasing Renewable Electricity and Efficiency
Our advancements in Scope 2 emissions stem from
strategic investments and Power Purchase Agree-
ments (PPAs) in renewable sources and efficiency
projects. In 2023, we began to receive renewable
energy from solar sources in Uruguay. In addition to
this, we invested US$3.04 million for the installa-
tion of solar panels directly in 17 operating loca-
tions of six countries, including Guatemala, Costa
Rica, Nicaragua, Panama, Argentina and Uruguay.
This new contract keeps us on track toward achiev-
ing our 2030 goal of using 100% renewable energy
across our operations, with a 77% rate in 2023.
Furthermore, we invested US$4.6 million in 2023 to
increase energy efficiency, achieving to 6.11 liters
of beverage per MJ consumed, a 45% improvement
from our 2015 baseline.
%
0
0
1
%
7
7
%
6
6
1
1
.
6
7
9
.
5
6
6
.
5
2
.
4
2022
2023
2030
GOAL
SCOPE 1 AND 2 REDUCTION
Performance on
our SBTi goals
2022
2023
2030
GOAL
RENEWABLE ELECTRICITY
CONSUMPTION
2015
2021
2022
2023
ENERGY EFFICIENCY
Liters of beverage
produced per MJ
Our scope 2 emissions
reduced by
48%
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 73
SUSTAINABLE MOBILITY
Driving the Beverage Industry Fleet to Electro-mobility
In pursuing our goal of providing a superior customer-cen-
tric delivery process, we are also driving transformative
changes across our fleet to reduce its carbon footprint. Our
goal is to assert our position as the preferred commercial
platform while continuing to lead in vehicle efficiency, envi-
ronmental stewardship, and safety in Latin America.
In October 2023, we launched an eight-month pilot pro-
gram to evaluate the performance of the first electric truck
designed specifically for the beverage industry, developed
in collaboration with BYD. The aim is to evaluate its per-
formance under varied road conditions, a crucial step in
our broader strategy to convert a significant portion of our
fleet to green. The electric truck was developed based
on specific requirements from Coca-Cola FEMSA. It has a
chassis design for the standard 14 low-bed pallets and is
also suitable for configurations of 8, 10, and 12 pallets as
an alternative for delivery on traditional market routes. De-
signed with safety standards from both Coca-Cola FEMSA
and The Coca-Cola Company, the vehicle runs on a battery
with a charging time of between 1.5 and 2 hours.
Our Sustainable Mobility Community is steering the compa-
ny’s electric vehicle strategy, partnering with global suppli-
ers and deploying tools like Total Cost of Ownership (TCO)
analysis and standardized testing protocols to enhance
fleet efficiency across our operations. Going forward, we
will continue our efforts to transition our own fleet to elec-
tric vehicles, prioritizing areas with restricted mobility.
530
electric vehicles
in our fleet.
Pursuing Operational Excellence
In addition to expanding our electric
vehicle fleet, in 2023 we continued pur-
suing operational excellence by deploying
robust route optimization strategies. To this
end, we are leveraging the Coca-Cola FEMSA
Digital Distribution Platform across Argentina,
Brazil, Colombia, Central America, Mexico, and Uru-
guay, and cutting-edge vehicle telemetry systems installed
in our primary and secondary distribution fleet. The synergy
between truck telemetry data and our advanced mobile de-
livery devices empowers us to swiftly resolve deviations from
the planned distribution routes, saving fuel while enhancing
operational efficiency, which in turn improves customer sat-
isfaction by ensuring timely deliveries.
This technological integration also
facilitates a detailed analysis of route
execution patterns, allowing us to en-
hance our route planning methodologies.
For instance, the deployment of dynamic
routing across our secondary distribution
fleet in Brazil, Colombia, and Mexico provides
us with the agility to chart vehicle routes dynam-
ically on a daily, weekly, and monthly basis, optimizing
our fleet resources and travel distances. This systematic
approach has yielded tangible benefits—enhancing our
fleet's utilization rate, elevating road safety, and curbing
fuel consumption and CO2e emissions, while offering our
highest standards of customer service.
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 74
ENGAGING OUR VALUE CHAIN
Reducing Scope 3 Emissions
In 2023, we achieved a re-
duction of 19% in our Scope
3 emissions from our 2015
baseline. Scope 3 emissions,
which account for about 82%
of our total CO2e emissions,
come from our value chain,
and include cold drink equip-
ment operations at the point
of sale, ingredient and pack-
aging embodied emissions,
and fuel consumption in our
subcontracted fleet.
%
0
2
%
9
1
%
7
1
2022
2023
2030
GOAL
SCOPE 3 REDUCTION
Performance on
our SBTi goals
Reducing Carbon Footprint at Point of Sale
We are continuing to upgrade our cold drink equip-
ment to higher-efficiency models that use state of the
art technologies to reduce energy consumption. Since
2020, this initiative not only contributes toward our
Scope 3 emission goals by reducing electricity-relat-
ed emissions at the point of sale but also supports
small and medium-sized enterprises by lowering their
energy expenses. We collaborate closely with Im-
bera, a FEMSA subsidiary, to enhance the efficiency
of cooling equipment and engage in circular economy
initiatives. This includes the use of plastic waste in
products like Upcycool and the recovery of materi-
als from decommissioned refrigerators through the
EOS-REPARE program.
Partnering with Suppliers
We are taking further steps to reduce Scope 3 emis-
sions by forming new partnerships in our value
chain and enhancing supply chain management. For
instance, we are integrating Scope 3 considerations
into our agreements with suppliers, exploring innova-
tive collaboration models to mitigate carbon emis-
sions across our value chain.
Among our top 25 suppliers, representing 51% of
our Scope 3 emissions, 52% have established sci-
ence-based targets, and an additional 12% are com-
mitted and in progress to establishing targets with the
Science Based Targets initiative (SBTi) to reduce their
greenhouse gas emissions in alignment with global
efforts. Collaborating with our suppliers is crucial in
reducing our Scope 3 emissions, which constitute a
significant portion of our overall carbon footprint. By
engaging closely with them, we can extend our sus-
tainability efforts beyond our direct operations, driving
collective action towards environmental responsibility.
SUSTAINABLE ENERGY ACCESS FOR SMALL BUSINESSES
In 2023, we expanded in Mexico our Renewable Energy for Retailers
Program (EMERGE), implemented in collaboration with a crowdfunding
partner and the German Agency for International Cooperation (GIZ).
EMERGE offers an innovative crowdfunding financing model to enable
small retailers in our network, who often have limited access to financ-
ing, to install photovoltaic solar systems on their stores. This initiative
not only significantly reduces their electricity bills, which can represent
up to 70% of their total monthly operational costs but also helps to low-
er greenhouse gas emissions from their operations.
54
solar systems installed
at small retailers,
with 202 tons of CO2e
avoided in 2023.
OVERVIEW
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 7 5
INTEGRAL
EMPLOYEE
WELL-BEING
We want our people to grow in
tandem with our company, advance
in their careers, and feel increasingly
engaged, valued, and secure in voicing
their ideas and concerns within our
organization.
Driving Our Company’s Growth
As our company grows, we are transforming our approach
to managing talent into a more flexible, agile, and efficient
system that promotes a future-ready, people-centric, digi-
tal-savvy culture. Shaping the organization of the future and
developing a strong talent pipeline, the human resources
function plays a pivotal role in driving our growth strategy.
These efforts are supported by our innovative Human Re-
sources Platform, which provides simplified, standardized,
and easily accessible processes in the Cloud to significantly
enhance the employee experience. The advanced digital
capabilities of this platform enable us to efficiently deliver
on our Employee Value Proposition, placing our people at
the heart of the organization.
SHARED PURPOSE
We empower our employees to
be protagonists in our business
transformation and in driving
meaningful change in our
communities.
INTEGRAL WELLNESS
INTEGRAL WELLNESS
Options for physical,
emotional, and family
well-being are available,
supporting a balanced and
healthy life in all aspects.
EMPLOYEE
VALUE
PROPOSITION
POSITIVE WORK ENVIRONMENTS
POSITIVE WORK ENVIRONMENTS
Our workplaces are flexible,
collaborative, innovative,
and trusting, fostering
productivity and creativity
among team members.
PEOPLE-CENTERED CULTURE
PEOPLE-CENTERED CULTURE
Our environment is built
on respect, inclusion,
and collaboration,
ensuring that every voice
is valued and heard.
CONTINUOUS LEARNING
CONTINUOUS LEARNING
We create pathways for
holistic personal and
professional growth,
enabling employees to
reach their full potential.
Our Sustainability Framework
sets our ambition for our
employees’ development,
holistic well-being, work
flexibility, compensation and
benefits, and internal diversity,
equity, and inclusion objectives.
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 76
OUR WORKFORCE
EMPLOYEES BY CONTRIBUTION LEVEL
86,811
EMPLOYEES
Strategic leaders
(senior management)
Tactical leaders
(middle management)
People leaders
(junior management)
73%
27%
127
71%
29%
934
69%
31%
2,427
Individual contributors
72%
28%
27,553
Operational contributors
91%
9%
55,770
Mexico
Brazil
Colombia
Guatemala
Argentina
Costa Rica
Panama
Nicaragua
Uruguay
■ Male ■ Female
BY
COUNTRY
57%
28%
4%
4%
3%
2%
2%
1%
1%
Mexico
Brazil
Colombia
Guatemala
Argentina
Costa Rica
Panama
Nicaragua
Uruguay
Venezuela
Other
BY
NATIONALITY
56%
27%
4%
4%
3%
1%
1%
1%
1%
<1%
<1%
NATIONALITY IN
MANAGEMENT POSITIONS
58%
21%
8%
2%
5%
2%
<1%
<1%
1%
2%
1%
Employees
by gender
Male
84%
Female 16%
Employees
by age group
< 30
30-39
40-49
50-59
>60
34%
37%
21%
8%
1%
OVERVIEW
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 77
HUMAN CAPITAL DEVELOPMENT
Committed to Best-in-Class Training
Developing our company's human capital is vital for our growth strategy, as it not
only enhances individual competencies but also drives innovation, productivity, and
long-term sustainable success.
Recognizing that effective career development benefits from having the right tools,
we continue to tailor our training agenda to match the specific knowledge levels
required at each contribution level. Moreover, we provide targeted training formats,
customizing both the content and duration of the programs, to guarantee an opti-
mal learning experience through a mix of synchronous, asynchronous, digital, and
in-person configurations.
Average training hours by gender,
age group, and level of contribution
Male
Female
18-29
30 - 50
51+
Strategic leaders
Tactical leaders
People leaders
Individual contributors
Operational contributors
24
29
30
24
16
24
33
39
30
17
As part of our efforts, we also have set
ambitions to maintain our training hours
at leading standards, ensuring equal
access for all employees no matter
their level of contribution or gender. In
2023, we provided our workforce with
an average of 25 hours of training. We
aim to enhance professional growth
opportunities for our employees to fulfill
their individual career aspirations and
become the true protagonists of their
own careers.
25 HOURS
of training per
employee provided
in 2023.
Steering Sustainable Growth
We are constantly deploying training and employee experience initiatives that are directly designed to support
our company’s strategic priorities. Our focus on these areas, allow us to enhance our team's skills while also
ensuring that our workforce is fully equipped, aligned, and motivated to drive our sustainable growth.
Commercial Excellence
Digital and Agile Innovation
Sustainable Future
Our Commercial Academy focus-
es on the behavioral evaluation of
commercial roles and defining the
key competencies necessary to
drive the sales force’s transforma-
tion. This involves a comprehensive
assessment of how sales personnel
adapt to changing market dynamics
and the cultivation of skills that align
with our evolving sales strategies.
In 2023, we launched our Digital
and Agile Innovation Academy,
dedicated to exploring cut-
ting-edge digital technologies and
their agile practical applications
within our organization. With
contents specifically designed to
meet the unique needs of each
contribution level, the Academy
achieved a 70% participation rate
from our target group, reflecting
a strong engagement and enthu-
siasm for digital advancement
across the company.
Aiming to transform our company
into a global sustainability leader,
we provide top-level management
with training on our Sustainabil-
ity Framework and have created
specialized training programs for
different functional areas. These
programs emphasize a deeper un-
derstanding of environment, social
and governance concepts and align
with our overarching goals.
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DEVELOPING A ROBUST PIPELINE OF TALENT
Recognizing the wealth of talent across our
company, we constantly reinvent ourselves and
mobilize the entire organization to unleash its
full potential. In doing so, we effectively man-
age, attract, develop, and inspire our people,
thereby preparing today's workforce to become
tomorrow's leaders.
Early Career Programs: We designed an um-
brella of early career programs, including col-
lege scholarships, internship programs, and our
new trainees’ talent program to increase talent
injection and to prepare future generations of
talent. Moreover, we also continuously improve
our employer brand to attract the best talent.
Internal Mobility: We understand that profes-
sional growth is driven by opportunities to gain
new experiences. To this end, we are committed
to expanding the availability of internal career
mobility opportunities across different func-
tions, countries, and business units. In 2023,
64 of our employees embraced new interna-
tional challenges by assuming roles in different
geographic locations across our operations
Talent Management Processes: Our talent
management processes contribute to developing
our leadership team through comprehensive as-
sessment programs. For instance, in 2023, 79%
of our tactical and strategic leaders participated
in our annual 9-Box Talent Assessment, which is
instrumental in assessing performance, enabling
us to identify key talents.
Performance Evaluation: Performance man-
agement at Coca-Cola FEMSA is a system that
aligns strategic objectives with development
metrics to fulfill the company’s vision. It aims
to link operational results with organizational
goals through a model that includes defining
Critical Success Factors, conducting periodic
reviews, self-assessments, and end-of-cycle
evaluations. The process involves a definition
stage, feedback, and a final performance review.
This streamlined approach ensures continuous
alignment between individual contributions and
company goals, fostering a culture of growth
and achievement, emphasizing each employee's
value generation and their contribution to our
business strategy. In the annual performance
evaluation process, not only is the achievement
of business objectives considered, but also the
manner in which they were achieved is assessed
through the evaluation of behaviors and values
aligned with the Coca-Cola FEMSA Principles.
This year, 98% of our employees underwent
performance evaluations.
SENIOR LEADERSHIP TEAM SUCCESSION
Our well-established succession planning process is
designed to efficiently mobilize internal talent, as well
as to identify key talent from other FEMSA business
units and the broader market when needed. This
approach is pivotal in maintaining seamless operational
continuity across all levels of leadership.
In 2023, we successfully completed a smooth transition
of key senior management roles leveraging our robust
internal talent pool, including our CEO and 63% of
our senior leadership team members. This successful
transition is a testament to our proactive and strategic
approach to leadership development and stability.
Committed to fostering
employee development:
93%
of director-level roles were
filled internally in 2023,
plus, an additional
4%
of director-level hires from
other FEMSA units.
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 79
SAFETY AND HEALTH COMMITMENT
A Strong Safety Culture: Zero Is Possible
Integral to our growth ambitions and organizational strategy, our
guiding safety vision Zero Is Possible is founded on the belief that
nothing is more important than the safety and well-being of our
people. This vision empowers our leaders to advance safety as a
core company value, recognizing the crucial role every employee
plays in maintaining both physical and psychological safety.
Our Safety 0.0 Strategy aims to build the essential capabilities
and processes required to materialize our vision. The strategy
encompasses five pillars, underpinned by 20 actions directly
linked to our core activities. Additionally, we have identified sev-
en key initiatives vital for upholding our safety commitments.
Coca-Cola FEMSA Safety 0.0 Strategy
We have defined 5 Pillars and 20 actions to elevate, accelerate
the performance, and continue enabling our safety strategy.
Cultural and Leadership
Transformation
Risk Management,
Process, And Systems
Capability and Talent
Development
Infrastructure and
Technology; Processes
Digitalization
Performance Management
Improvement and
Innovation
Communication strategy.
Serious injuries and
fatalities program evolution.
Safety expert’s
development.
Technology in RTM.
Roles, responsibilities,
safety accountability, and
unbreakable rules.
Compliance and
commitment with standards
and lifesaving rules.
Safety culture plan with
focus on beliefs and
behaviors transformation.
Be focused on 3rd party
management, safety RTM,
and ergonomics.
Organizational structure
reinforcement.
Safety machinery lock out
and tag out for maintenance.
QSE Academy.
Safety digital strategy.
Safety lead indicators in
operating models.
Bottom-up evolution.
Model of behaviors,
recognitions, consequences,
and best practices.
Evolve to a congruent
leadership through
psychological safety and
human and organizational
performance philosophy.
Management system,
operational models, and
safety audit model E2E.
Simulators.
Ensure infrastructure in
machinery and equipment.
Safety and health within the
Sustainability Framework.
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 80
Safety and Health Management System
In 2023, we continued certifying our Safety and Health
Management System in manufacturing plants accord-
ing to the ISO 45001 standard. To date, 88% of our
operations have been certified. The remaining sites,
recently incorporated into our operations, are in the
process of certification during 2024.
Our ISO 45001 standardized Health and Safety Man-
agement System enables us to:
• Conduct risk and hazard assessments to identify
potential harm in the workplace.
• Prioritize and integrate action plans with quantified
targets to mitigate those risks.
• Incorporate measures to prepare for and respond to
emergency situations.
• Evaluate progress in reducing or preventing health
issues and risks against set targets.
• Perform internal inspections.
• Establish procedures for investigating work-related
injuries, illnesses, diseases, and incidents.
Additionally, we continue to implement internal
performance audits on our Safety and Health
Management System, focusing on compliance,
safety and strategy-based management, and
aspects of culture and leadership. These audits are
complemented by third-party audits conducted by
FEMSA and The Coca-Cola Company.
Safety and Health Policy
Our Safety and Health Policy is the foundation of our
Safety and Health Management System and sets out
clear expectations to take the necessary actions to pre-
vent and mitigate risks, injuries and/or work-related ill-
nesses, promoting and encouraging the safety, health,
and well-being of our employees, strategic partners,
and the communities where we operate and interact.
The Policy is centered on fostering a culture of self-
care, prevention, improvement, and overall well-being
among employees by ensuring safe working conditions,
facilities, and processes through our Management Sys-
tem. It involves engaging employees in open, proac-
tive, and transparent dialogue. Our approach includes
managing incidents to prevent risks, injuries, and occu-
pational diseases, incorporating risk assessments and
best practices into new projects, and setting objectives
and performance indicators. The Policy emphasizes
developing employee skills for safe and healthy work
practices and encourages participation and account-
ability. Additionally, it establishes strategic initiatives to
sustainably manage risks and opportunities, continu-
ously evaluating and enhancing our processes to adapt
to changing contexts and stakeholder needs.
→ See our Safety and Health Policy
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 81
7
7
.
1
6
0
.
3
Focus on Zero Incidents
In 2023, we implemented stricter controls for recording
incidents, leading to a more accurate and comprehensive
understanding of accident frequencies. This enhanced
visibility, while initially reflecting an increase in recorded
incident rates, has empowered us to address the root
causes of accidents more effectively and in alignment
with our core values. We remain dedicated to refining
our safety strategies, leveraging these insights to return
to the positive trend of previous years. Our goal is to
achieve a Lost Time Incident Rate of 0.4 and a Total Inci-
dent Rate of 0.8 by 20271. This commitment underscores
our goal of achieving zero incidents across all operations,
emphasizing our dedication to maintaining the highest
safety standards.
To achieve our goal, we are strengthening a mix of legacy
programs, pioneering initiatives, thorough risk mitigation
efforts, comprehensive training, insights from leading
indicators, and advanced technologies.
Robust foundations: In our continued efforts to reduce
serious incidents, we persistently deploy our 14 Life
Saving Rules. To ensure their effectiveness, each operat-
ing unit in manufacturing, warehousing, distribution, and
sales conducts a quarterly review of their action plan's
progress. In 2023, all units completed this self-assess-
ment, reaching an implementation rate of 84% in manu-
facturing plants and 72% in distribution centers.
1. In 2023, after discussions with management, we adjusted our occupational
health and safety targets from 2025 to 2027 due to discrepancies in incident
classification criteria in Mexico and Colombia, affecting our indicator calculations.
Innovative approach to incident prevention: Our com-
mitment to safety is further reinforced by the ongoing
implementation of our Incident Management Process.
This process distinctly categorizes incidents into four
levels based on their risk consequence and probability.
As of now, all our operations have successfully adopted
and are implementing this new standard in managing and
preventing serious and potentially serious incidents.
Recurrent risks mitigation: We continued to deploy our
two-year initiative focused on the audits and maintenance
of active and passive safety infrastructure. This US$20
million investment program is designed to mitigate two
recurrent risks in our manufacturing operations: machin-
ery intervention and hazardous energy management.
Continuous training: As part of our ongoing commitment
to workforce training, in 2023 we successfully started the
roll-out across our operations of the new six safety mod-
ules for our QSE Academy and 20 modules for our RTM
Academy. These programs have significantly enhanced
our employees' safety awareness and skills, contributing
to a more informed and safer working environment. The
widespread adoption of these modules across different
regions has also facilitated a unified approach to safety
standards within the company.
6
6
.
0
1
6
.
0
8
8
.
0
4
.
0
2016
2023
2022
2021
2027
GOAL
LOST TIME INCIDENT RATE
Cases per 200,000 worked hours
6
.
1
6
0
.
1
9
.
0
2016
2021
2022
2023
8
.
0
2027
GOAL
TOTAL INCIDENT RATE
Cases per 200,000 worked hours
240,694 HOURS
dedicated to health and safety training in 2023, underscoring
our commitment to raising awareness and competences among
our employees in these essential areas.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 82
Road Safety
Our dedication to road safety strengthens as we
continue to grow and travel every year more than
9,000 times around the Earth's circumference to
deliver our products.
In 2023, our vehicle crash rate remained practical-
ly unchanged compared to the previous year and
our major crash rate was reduced by 26%. Re-
grettably, in the past year eight individuals, either
employees of Coca-Cola FEMSA, contractors, or
community members, lost their lives in incidents
involving our operations or vehicles. We extend our
deepest condolences to the families and everyone
affected by these events. We view any fatality as
unacceptable, and are intent on achieving our goal
of zero incidents.
We are constantly seeking and adopting best prac-
tices to enhance road safety. Moreover, we proac-
tively share our expertise with external entities,
such as companies, governments, and non-govern-
mental organizations, to facilitate broader imple-
mentation of these practices, benefiting both our
communities and beyond.
New leading indicators: We have broadened our
metrics to include leading indicators for Serious
and Potentially Serious Incidents, which are now
part of our performance tables. These indicators
aid in risk detection and the management of
mitigation strategies. Furthermore, our Behavior-
Based Safety program is connected to these
metrics, encouraging employees to actively
contribute to their reduction organization-wide.
Reinforcing safe behaviors: The main goal of
our RTM 0.0 initiative is to train expert drivers
with behaviors needed to prevent incidents in
our route-to-market processes, distribution, and
logistics operations. To strengthen our employees'
and third parties' safety skills, we consistently
invest in enhanced risk management initiatives
and advanced equipment such as road simulators,
telemetry systems, monitoring devices, and vehicle
safety infrastructure. We also prioritize vehicle
safety while developing processes, infrastructure,
and work environments that help our workforce
manage daily risks effectively.
Leveraging cutting-edge technology: We have be-
come one of the private companies with the largest
capacity for simulation training and a benchmark
for safety simulation in our industry. In the past
two years, we invested over US$2.2 million in road
simulators, with 12 now operational in Argentina,
Brazil, Costa Rica, Guatemala, Mexico, and Uru-
guay. They replicate handling heavy vehicles in
our primary and secondary fleet, as well as other
motorized vehicles. Road simulators are a key tool
in our capabilities’ development strategy across
our operations and our ongoing investment under-
scores our commitment to enhancing safety and
operational efficiency.
5
2
.
7
5
0
.
7
5
.
6
2023
2022
2027
GOAL
CRASH RATE
crashes x 100/total fleet
1
6
.
0
5
.
0
5
4
.
0
2022
2023
2027
GOAL
MAJOR CRASH RATE
major crashes x 100/total fleet
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 83
EMPLOYEE WELL-BEING
New Comprehensive Well-being Model
At Coca-Cola FEMSA, we seek to enhance our
employees’ physical and psycho-emotional
health, and foster engagement and a sense of
belonging within the organization for an im-
proved work environment. We want to foster a
culture of well-being based on a holistic view of
self-care and prevention.
Building on a 30-year legacy of prioritizing em-
ployee welfare, in 2023 we introduced a new
Comprehensive Well-being Model, further align-
ing with our holistic approach to enhancing the
quality of life of our people. This model is inno-
vatively structured around five bio-psychosocial
dimensions, each targeting different yet intercon-
nected aspects of well-being:
Healthy Body: We
develop healthy habits
that contribute to physical
fi tness, prevention and
reduction of diseases.
Healthy
Body
Psychological Well-being:
We foster the psychological
well-being of employees so
that they can experience a
satisfying and purposeful life.
Social Connections: We facilitate
the development of meaningful
interpersonal relationships that
promote family and employee
integration, as well as citizen
participation to improve the
community and the environment.
Social
Connections
Psychological
Well-being
Financial Well-being: We
promote fi nancial education to
generate a culture of savings
that protects and builds
personal and family assets.
Financial
Well-being
Professional
Life
Professional Life: We promote
commitment and excellence at
work within a positive, inclusive,
constructive, healthy and safe
environment.
TAILORING PROGRAMS TO MEET DIVERSE NEEDS AND EXPAND REACH
We use feedback from our biennial employee engagement survey to tailor
and enhance our well-being offerings. Our engagement survey includes
questions covering aspects such as purpose, satisfaction, well-being, and
questions aimed at measuring positive and negative feelings.
In 2023, we achieved a 93% participation and 89% engagement levels in
the survey, highlighting five key areas: quality and customer orientation,
clear and promising path, sustainability, ethics, and psychological safety.
Throughout the year, we diligently analyzed the results by country and
department, formulating targeted action plans to address any gaps.
Moving forward, our goal is not only to sustain high engagement levels in
the next survey but also to make strides in improving the areas identified,
ensuring we meet evolving needs and preferences and gradually expand
our well-being offerings to include a wider portion of our workforce across
geographies, functional areas, and levels.
89%
level achieved
in our biennial
employee
engagement
survey.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 84
Robust Occupational Health and Well-
being Management System
Our Occupational Health and Well-being
Management System outlines the strat-
egy we use to enhance work life quality
for employees at all our company's work
centers and strategic business units. This
comprehensive system includes health
and well-being processes and programs,
which we adapt based on relevant risk
matrices, local legislation, and operational
requirements. Our Corporate Occupation-
al Health team is tasked with regularly up-
dating our Global Safety and Occupational
Health Policy and Human Rights Policy.
The revisions are approved by our Labor
and Social Development Director and
Director of Human Resources. Addition-
ally, our internal audit team checks these
policies to ensure they are effectively
shared and implemented throughout our
operations.
Conscious Leadership Program
In 2023, over 6,000 leaders across our
operations participated in our Conscious
Leadership Program, designed to broaden
the understanding of health beyond the
physical to a holistic perspective that in-
cludes physical health, emotional welfare,
and spiritual self-development.
Employee Support Program
We want to offer our employees support
when they need it the most. Our Employee
Support Program offers emotional sup-
port to our employees and their families,
helping them manage stress, anxiety, de-
pression, and other emotional challenges.
This program is a key component of our
Comprehensive Well-being Model, aimed
at reducing psychosocial risk factors both
in and out of the workplace through our
Management System and via counseling
from health professionals specifically
trained in addressing our employees'
diverse needs.
27%
Reduction in
Lost Days
5
4
5
4
3
5
8
6
4
0
4
3
2020
2021
2022
2023
GENERAL ILLNESS INDEX
Lost days per 100 employees
We monitor absenteeism rates in our workforce
as a crucial indicator of our employees'
physical and mental health. In 2023, we saw
a 27% improvement in our Lost Days Due to
General Illness Index compared to 2022. This
progress was primarily driven by our global
disease prevention strategy, epidemiologic
surveillance systems, local health programs, and
comprehensive well-being activities.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 85
Empowering our Workforce Through Meaningful Volunteer Initiatives
Our company’s commitment to well-being extends to help-
ing employees lead meaningful lives. We continuously invest
in providing our people and their families with opportunities
to participate in volunteer initiatives, allowing them to make
a significant environmental and social impact beyond their
everyday job functions.
The Coca-Cola FEMSA Volunteers program champions initia-
tives that positively influence the quality of life and well-be-
ing of the communities in which we operate, simultaneously
strengthening our bonds with these communities and enhanc-
ing our corporate position and reputation.
Coca-Cola FEMSA’s Volunteers program champions six different causes
Community
Development
We unite in
collective action,
working together
to find solutions
to common
challenges. Our
goal is to take part
in the development
of stronger and
more thriving
communities.
Environment
We are focused
on environmental
stewardship,
especially on
issues such as
water, energy,
carbon emissions,
waterway
cleanups, and
reforestation.
Natural
Disasters
We engage
in prevention
activities to raise
awareness, as well
as in solidarity
efforts in the
event of natural
disasters, with a
particular focus on
the communities
where we operate.
Health
Education
We undertake
activities that
promote healthy
physical and
biopsychosocial
lifestyles, as well
as initiatives
related to
humanitarian aid.
Our activities
aim to improve
educational levels
and promote
cultural, creative,
and technological
development.
Human
Rights
We seek to
generate positive
volunteer
experiences based
on respect and
compliance with
Fundamental
Human Rights.
OUR VOLUNTEER
PROGRAM
DURING 2023:
2,181
volunteer
initiatives
129,388
volunteers, including
employees and their
families
US$ 1.5
million
invested
302,531
hours
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 86
Compensation and Benefits
We act in accordance with obligations defined by law and
in full respect of labor rights, exceeding the conditions and
benefits established in the laws of each country where
we operate. Moreover, we strive to offer competitive
remuneration for all employees. Based on studies
performed by international consulting firms,
we can determine that our employees are
receiving an integrated salary that is equal
to or greater than the market average.
We respect our people’s right of union
association and, as such, our collec-
tive agreements cover approximately
65.8% of employees. These em-
ployment contracts are reviewed
and agreed upon with our union
representatives, respecting the
established validation periods, as
well as complying with all notifica-
tion deadlines.
Flexibility at Work
Recognizing that work flexibility is highly important
to many of our employees, we have formally declared
ourselves a hybrid company, empowering our leaders to
hold discussions with their teams to determine the most
suitable model for each.
Benefits include flexible hours, home office options for
administrative positions and other roles where the function
allows, lactation rooms to support breastfeeding at work,
and parental leave schemes tailored to our employees'
interests and compliant with each country's regulations.
Effective flexibility programs can enhance workforce pro-
ductivity, wellness, and our diversity, equity, and inclusion
efforts, while also improving our standing in the talent
market. Going forward, we aim to set clear goals regarding
flexibility, considering the needs of our administrative staff
and assessing the potential to extend flexible work options
to our frontline employees over the medium term. Our goal
is to empower our employees with greater control over
every stage of their work experience.
100%
of our employees
return to work after
parental leave.
98.8%
of women and 93.9%
of men continue working
at Coca-Cola FEMSA
12 months after
parental leave.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 87
DIVERSITY, EQUITY, AND INCLUSION
Including All in Our Company's Growth
Diversity, Equity, and Inclusion (DEI) is an integral,
cross-cutting topic in our Sustainability Framework, reflect-
ing its importance in all areas of our operations and commu-
nity relations. As a company, we aspire to be preferred by
diverse talent for our commitment to fostering and support-
ing all our employees.
As our company grows, we are identifying underrepresented
groups within our operations, aiming to broaden our talent
recruitment to be inclusive of everyone. Our efforts are tai-
lored to align with the unique needs of each country where
we operate, ensuring that we support and foster all our
employees effectively.
In Brazil, Colombia, Guatemala, and Mexico, we have
focused efforts on actively recruiting people with disabili-
ties, while in other countries, we are enhancing workplace
accessibility and inclusion. We are promoting the inclusion of
LGBTQ+ communities through ally pledges, affinity groups,
and awareness programs. For the fifth consecutive year, the
Human Rights Campaign Foundation and HRC Equidad MX
recognized our company as one of the Best LGBTQ+ Places
to Work in Mexico.
Going forward, we are committed to attracting, developing,
and retaining a diverse workforce, including individuals from
indigenous or Afro-descendant backgrounds, refugees, as
well as older adults, and people from ethnic and economi-
cally vulnerable groups.
Embracing DEI in our Talent, Leadership, and Workplace Flexibility
Diverse Talent
Inclusive Leadership
Flexible Environment
We are dedicated to creating a
diverse, equitable, inclusive, and
respectful workplace for all. Our
priority is to foster safe spaces for our
employees to engage in meaningful
dialogue, ensuring all voices are heard
and respected. These efforts embody
our commitment to a workforce as
diverse and vibrant as the communi-
ties we serve.
Our Inclusive Leadership training is
designed to ignite leaders’ roles as
champions for diversity, equity, and
inclusion. Among other topics, we
prioritize identifying and addressing
unconscious biases in leadership and
recruitment as well as raising aware-
ness and prompting action on social
issues that affect our communities.
Fostering a flexible and agile envi-
ronment, we adapt to local needs by
designing and implementing adapt-
able processes and practices, includ-
ing parental and FlexKOF models. We
strengthen and benchmark our efforts
by participating in global initiatives
like the Bloomberg Gender-Equality
Index, UN Women, and McKinsey’s
Women Matter.
OUR DEI ADVISORY BOARD PLAYS A CRUCIAL ROLE IN
SHAPING AND IMPLEMENTING FIVE STRATEGIC GOALS:
1. Engage and hold leaders
accountable throughout
the organization.
2. Define both long- and
short-term objectives
and strategies.
3. Ensure functionality of
work teams at a country
and regional level.
4. Ensure deployment of
an internal and external
communication plan.
5. Measure, monitor, and
evaluate initiatives.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 88
Increasing Female Talent Across Our Company
Considering the industry's gender gap, we are sustain-
ably enhancing the representation and inclusion of
female talent in our company, empowering women to
assume key leadership roles and taking actions to at-
tract, develop, and retain women in front-line positions.
In 2023, more than 2,000 women joined Coca-Cola
FEMSA, as a result, the representation of women
across our organization increased from 14% to 16%.
Our operations are actively developing and deploying
initiatives to increase and support female talent. For
instance, Brazil continued its program to train women
to operate forklifts, perform refrigeration maintenance,
and join our distribution centers. In Guatemala, we
set up the first all-female production line. We also
have and continue establishing support actions and
employee-resource groups through our operations.
Moreover, we increased the representation of women
in leadership positions to 29% in 2023; and we have a
robust plan to achieve our ambition of 40% of women
in leadership and management positions by 2030.
AS A SIGNATORY OF THE UN WOMEN'S EMPOWERMENT
PRINCIPLES, WE ARE COMMITTED TO UPHOLDING ITS
SEVEN PRINCIPLES ACROSS OUR OPERATIONS.
Equal Remuneration
We strive to offer competitive remuneration for all
employees and equal pay conditions for both men and
women at all levels of our organization. Our compensa-
tion policies and practices consider a variety of factors
for each role, such as experience and performance,
without gender bias.
In 2023, we refined our methodology for calculat-
ing the gender pay gap across different levels of the
organization, aligning with methodologies from the
GRI Standards and the United Nations Global Com-
pact. The findings revealed a 2.8% gender pay gap in
men salaries compared to women. This analysis was
performed by calculating the average salaries for all
employees, categorized by male or female, excluding
employees under collective contracts due to their
compensation structures.
29%
Women in
management
positions.
13%
Women in
STEM-related
positions.
12%
Women in
management
positions
in revenue-
generating
functions.
STEM: science, technology, engineering and math.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 89
COMMUNITY
DEVELOPMENT
Across our operations, we leverage our
footprint to boost sustainable growth
that benefits our company as well
as our neighboring communities and
value chain. In 2023, we positively
influenced the quality of life and
economic development of over 359
thousand people through dedicated
local community programs.
Driving Change: Coca-Cola FEMSA's Community Engagement
At Coca-Cola FEMSA, we aim to serve as catalysts for
positive change in the communities in which we operate,
beginning with those closest to us. Recognizing our inte-
gral role within these communities, we understand that
our business prosperity and longevity are intricately tied to
our capacity to collaborate with our neighbors. By actively
engaging with local stakeholders, we not only develop mu-
tually beneficial relationships but also seize opportunities
to join forces, thereby fostering sustainable solutions that
address prevalent challenges and promote shared pros-
perity within our environment.
By 2030, we aim to have at least one Community Engage-
ment Plan per site based on our MARRCO methodology.
These engagement plans encompass prioritized activities
aimed at addressing community needs and ensuring busi-
ness continuity. We particularly focus on facilitating access
to water, sanitation, and hygiene (WASH) in our neighboring
communities and empowering social and economic devel-
opment by supporting underrepresented groups, offering
entrepreneurial skills, and investing in sustainable commu-
nity development, in accordance with our →Sustainability
Bonds Framework.
Our Model for Addressing Risks and Relations with Our
Community (MARRCO), guides us in establishing and
managing long-term productive relations with our neighbor
communities that create shared value, with an objective
focused on:
• Evaluating the impact of our operations on communities.
• Understanding local circumstances that could affect our
operations.
• Identifying collaborative opportunities for environmental
enhancement.
→ Visit page 65 to learn more about our ongoing
community WASH initiatives.
Coca-Cola FEMSA’s Model for Addressing Risks and
Relations with Our Community
Identify and
understand
1
Learn and
improve
5
orati o
b
a
l
l
o
C
•
n •
Com
m
i
t
m
e
n
t
•
Dialo
t
s
gue • Tru
2
Analyze
and plan
4
Evaluate
and measures
3
Agree
and act
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 90
STRENGTHENING OUR VALUE CHAIN AND COMMUNITY TIES
We enjoy tremendous opportunities to col-
laborate with suppliers, customers, and other
stakeholders to make our robust value chain
more sustainable. We are particularly committed
to building strong ties with key partners in our
communities, including small local businesses,
medium-sized suppliers, and PET collectors,
helping to improve living standards and maxi-
mize our positive contribution on our neighbor-
ing communities.
Engaging Our Small and Medium Suppliers
In line with our Supply Chain Management
ambitions, we are focused on enhancing our
partnerships with small and medium enterprises
(SMEs) in our supplier base. Our procurement
and corporate social responsibility teams are
proactively engaging with these SME suppliers to
explore collaborative approaches that not only
drive socioeconomic development but also align
with our environmental objectives.
Our Commitment to Local Businesses
Small local businesses are the heartbeat of our
large and expanding commercial network—they
are more than 1.9 million retailers and shop-
keepers that distribute our products to consum-
ers across our traditional sales channel. Among
this number, there is a large percentage of wom-
en shopkeepers and individuals from diverse
backgrounds.
We proactively collaborate with small local busi-
nesses in our regions to customize programs that
contribute to their success. These initiatives in-
clude delivering business management training,
fostering financial and digital inclusion, empow-
ering business owners, and creating networking
opportunities. Furthermore, we acknowledge
that our vast small local business network can
have an enormous impact on our sustainability
goals. To this end, we aim to align our collabo-
rative efforts with our company’s priority topics,
such as diversity, equity, and inclusion, and water
efficiency, PET collection, and efficient and re-
newable energy sourcing.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 91
EMPOWERING WOMEN ENTREPRENEURS
We are committed to empowering women entrepreneurs
and business owners across our operations, our programs
collectively underscore our dedication to fostering the suc-
cess of women-led businesses in our region.
In Brazil, the Empreenda como Uma Mulher program has
transformed the lives of over 600 women, equipping them
with extensive technical training, essential entrepreneurship
tools, and advanced business management skills. This ini-
tiative has substantially boosted their entrepreneurial skills,
enabling them to achieve remarkable success and growth in
their ventures.
In Colombia, the Emprendamos Juntos initiative stands as
a holistic program designed for shopkeepers, café owners,
and small business entrepreneurs within our value chain.
Over 4.800 participants have received essential knowledge
and resources for self-empowerment, entrepreneurship, and
business management, fostering the growth of their ventures
and personal goals.
In Costa Rica and Nicaragua, the MujeresON program
supports female owners of restaurants and cafeterias in
metropolitan areas. The program's collaborative approach
has tailored personalized support in financing, training, point
of sale management, and leadership empowerment for over
133 participants, providing targeted and impactful enhance-
ment of both business and personal growth.
In Venezuela, the Women's Empowerment Network pro-
gram is designed to enhance the personal capabilities and
management skills of female small grocery store entrepre-
neurs. By focusing on these key areas, the program aims to
contribute to their personal and economic empowerment,
fostering an environment where women can thrive.
In Mexico, in collaboration with The Coca-Cola Foundation,
we initiated the Empoderamiento de mujeres y pequeños
negocios program, aimed at fostering the social, economic,
and digital empowerment of women and enhancing their
small businesses. Since its inception in 2021, this program
has positively affected the lives of 18,000 women across the
country, equipping them with skills needed for personal and
professional success.
In Guatemala, we are advancing multiple initiatives to em-
power women and indigenous communities, integrating en-
trepreneurship and education into a cohesive support frame-
work. Alongside, the Casa Productiva program is dedicated
to supporting indigenous girls and adolescents by enabling
them to create family orchards, supplemented with informa-
tion on nutrition and healthy lifestyles. Complementing these
efforts, the Jovenes Pioneras program awards university
scholarships to indigenous women, offering them a pathway
to realize their full potential, with the added opportunity to
apply for an internship within Coca-Cola FEMSA, ensuring a
comprehensive approach to community development.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 92
MY KOF COMMUNITY
For Coca-Cola FEMSA, achieving sustainable growth goes hand in
hand with fostering sustainable development in the communities
where we operate.
My KOF Community is our cornerstone community engagement
pillar within our Sustainable Future Framework, reflecting our
commitment to meaningful and impactful interactions with the
communities where we operate. To this end, we actively engage
with our neighboring communities across our regions to deeply
understand their unique social conditions and tailor programs that
meet specific local needs.
In 2023, over 359 thousand people benefited through our com-
munity programs and donations contributing to quality of life
improvements and socioeconomic development across our com-
munities of operation.
→ Visit page 65 to learn more about our ongoing community
WASH initiatives.
→ Visit page 69 to learn more about our ongoing community PET
Collection initiatives.
Rehabilitation of a sports facility
in Morelia, Mexico, undertaken
through a collaborative effort with
Fundación Placemaking México.
Rehabilitation of a
community park in
Neza, Mexico.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 93
OUR COMMITMENT TO REBUILDING AFTER HURRICANE OTIS
In the aftermath of Hurricane Otis, we have reaffirmed
our role as a key part of the Acapulco community
by dedicating ourselves to supporting recovery and
fostering long-term resilience. Working closely with
government agencies and community organizations,
we are contributing to the local community's recovery
efforts. Additionally, we have taken the lead in rebuild-
ing Coca-Cola FEMSA's infrastructure. These collective
efforts are essential for paving the way toward a stron-
ger, more resilient Acapulco.
In response to the urgent need for clean water follow-
ing the devastation caused by Otis in Acapulco, we
swiftly acted, providing over 120,000 liters of bottled
water to the affected communities. Recognizing the di-
saster's magnitude, we coordinated efforts to enhance
recovery, deploying two VenXAgua Water Treatment
Vehicles capable of purifying 48,000 liters of water
daily. This initiative enabled residents to refill jugs for
safe drinking water and food preparation, proving vital
in quickly addressing the clean water challenge in the
most impacted areas.
Beyond water, we also distributed essential groceries
and hygiene kits to support the well-being of our em-
ployees and the wider community.
Highlighting the power of collaboration, this endeavor
was amplified through the support of other FEMSA
business units, enhancing our collective impact and
reinforcing the significance of synergies and alliances
in our relief efforts.
Looking to the future, we are investing Ps. 575 million
in rebuilding our facilities in Acapulco and supporting
the community, a key step in reactivating the local
economy and safeguarding jobs for over 1,500 of our
employees. This investment is not only pivotal for the
immediate recovery of local small businesses but also
central to our long-term commitment of fostering eco-
nomic, social, and environmental value in the commu-
nities where we operate. This crisis has only strength-
ened our commitment.
Through our VenXAgua Water Treatment
Vehicles, we can swiftly respond to natural
disasters, ensuring communities in Mexico
and Colombia have access to clean water.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 94
CORPORATE
GOVERNANCE
Underpinning the growth at Coca-Cola
FEMSA is a strong corporate
governance framework that promotes
accountability, transparency, and
ethical and sustainable business
practices across all levels of the
organization.
Robust Corporate Governance Framework
A cornerstone of Coca-Cola FEMSA’s business success is
our robust corporate governance framework; it fosters and
promotes ethical business practices in our actions, de-
cisions, and strategies, all of which are aligned to deliver
value to our stakeholders. Our practices adhere to all ap-
plicable legislation, standards, and policies in the countries
where we are present and in the financial markets where
we are listed: The Mexican Securities Market Law (Ley
de Mercados de Valores Mexicana), of the Mexican Stock
Exchange, and; the US Sarbanes-Oxley Act, of the New York
Stock Exchange.
Advancing Our Sustainability Goals Supported by our
Board of Directors and Executive Team
At Coca-Cola FEMSA, we understand the importance of
good corporate governance in realizing our environmental
and social goals. Our framework aligns our actions with
our sustainability commitments, seamlessly integrating
environmental and social considerations into business
decisions. This approach extends beyond managing risks;
it involves actively seizing opportunities for growth that not
only benefit our company but also positively impact the
broader society. This commitment to good corporate gov-
ernance helps us navigate the complexities of the modern
business environment, ensuring that we remain a responsi-
ble, ethical, and forward-thinking leader in our industry. By
prioritizing good governance, we are reinforcing our com-
mitment to long-term sustainable growth.
Our Board of Directors, alongside its Committees, plays a
proactive role in overseeing environmental, social, and gov-
ernance aspects. They give thoughtful attention to the sus-
tainability material topics that impact not only our opera-
tions but also our employees, clients, and the communities
we serve. This careful consideration ensures these topics
are effectively integrated into our Sustainability Framework.
Moreover, our Board of Directors’ oversight extends to the
review and approval of the Company’s sustainability-re-
lated policies, ensuring they align with our core values and
strategic objectives.
Furthermore, the Executive Team leads and is responsible
for advancing sustainability material issues across the com-
pany. Among other topics the Executive Team performance
evaluation program includes Critical Success Factors re-
lated to achieving our sustainability goals in topics such as
water efficiency, recycled resin usage, community support,
occupational health and safety, sustainability culture, and
diversity and inclusion metrics. To promote interdisciplin-
ary efforts towards sustainability within the organization,
members from the Executive Team, including our CEO and
Strategic Leadership Team, are part of our internal Sus-
tainability Committee and also take part in FEMSA’s and
The Coca Cola Company’s Sustainability Committees. Their
involvement is aimed at advancing our sustainability goals
and establishing clear accountability across areas relevant
to our sustainability initiatives.
→ For information about our Executive Officers’
sustainability-linked experience and compensation
program visit page 100.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 95
BOARD COMPOSITION
Directors:
Independent Directors*:
Other Non-executive Directors:
Executive Directors:
16
8
8
0
BOARD OF DIRECTORS
DIRECTORS APPOINTE D BY
SERIES A SHAREHOLDERS
José Antonio Fernández Carbajal
Chairman of the Board of FEMSA
and Chief Executive Officer of FEMSA
31 Years as a Board Member
José Henrique Cutrale
Director of Sucocítrico Cutrale Ltda.
Alternate: Graziela Cutrale
2 Years as a Board Member
Javier Gerardo Astaburuaga
Sanjines
Independent Consultant
Alternate: Martin Felipe Arias Yaniz
Luis Alfonso Nicolau Gutiérrez*
Partner at Ritch, Mueller, Heather y
Nicolau, S.C.
6 Years as a Board Member
Federico José Reyes García
Independent Consultant
31 Years as a Board Member
Francisco Zambrano Rodríguez*
Independent Consultant
21 Years as a Board Member
Ricardo Guajardo Touché*
Independent Consultant
Alternate: Alfonso González
Migoya
31 Years as a Board Member
Luis Rubio Freidberg*
Chairman of México Evalúa Centro
de Análisis de Políticas Públicas,
A.C.
7 Years as a Board Member
Enrique F. Senior Hernández*
Managing Director of Allen &
Company, LLC
20 Years as a Board Member
DI RECTORS APPOINTE D BY
SERIES D SHAREHOLDERS
DIRECTORS APPOINTE D BY
SERIES L SHAREHOLDERS
John Murphy
President and Chief Financial
Officer of The Coca-Cola Company
Alternate: Stacy Lynn Apter
5 Years as a Board Member
José Octavio Reyes Lagunes
Retired
Alternate: Enrique Rapetti
8 Years as a Board Member
Nikos Koumettis
President of Europe Operating Unit
of The Coca-Cola Company
Alternate: Erin L. May
2 Years as a Board Member
Jennifer K. Mann
Corporate Senior Vice President
and President of North America for
The Coca-Cola Company
Alternate: Félix Poh
1 Year as a Board Member
Victor Alberto Tiburcio Celorio*
Independent Consultant
5 Years as a Board Member
Olga González Aponte*
Chairman and General Director of
Wild Fork US
Alternate: Jaime A. El Koury
Amy Eschliman*
Digital Director of Crate & Barrel
Holdings, Inc.
1 Year as a Board Member
SECRE TARY OF THE BOARD
(NON-MEMBER)
Alejandro Gil Ortiz
Secretary of the Board
Alternate: Carlos Luis Díaz Sáenz
2 Years as a Secretary
* Independent Director
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 96
BOARD COMMITTEES
Planning and Finance Committee
• Ricardo Guajardo Touché, Chair-
Audit Committee
• Victor Alberto Tiburcio Celorio,
man
• Federico Reyes García
• John Murphy
• Amy Eschliman
• Enrique F. Senior Hernández
• Martin Felipe Arias Yaniz
The Planning and Finance Commit-
tee works with management to set
our annual and long-term strategic
and financial plans and monitors
adherence to these plans. It is
responsible for setting our optimal
capital structure and recommends
the appropriate level of borrowing,
as well as the issuance of securities.
Financial risk management is anoth-
er responsibility of the Planning and
Finance Committee.
Chairman
• Olga González Aponte
• Alfonso González Migoya
• Francisco Zambrano Rodríguez
The Audit Committee is responsible
for reviewing the accuracy and in-
tegrity of financial statements in ac-
cordance with accounting, internal
control, and auditing requirements.
It is directly responsible for the ap-
pointment, compensation, retention,
and oversight of the independent
auditor, who reports directly to the
Audit Committee (subject to the
approval of our Board of Directors).
To carry out its duties, the Commit-
tee may hire independent counsel
and other advisors. We compensate
the independent auditor and any
outside advisor hired by the Audit
Committee and provide funding for
administrative expenses incurred by
the Audit Committee in the course
of its duties. The Committee has im-
plemented procedures for receiving
and addressing complaints regard-
ing accounting, internal control, and
auditing matters, including the sub-
mission of confidential, anonymous
complaints from employees regard-
ing questionable accounting or au-
diting matters. The internal auditing
function also reports to the Audit
Committee. Each member of the
Audit Committee is an independent
director, as required by the Mexican
Securities Market Law and NYSE
standards. Pursuant to the Mexican
Securities Market Law, the chairman
of the Audit Committee is elected
at our shareholders meeting. Victor
Alberto Tiburcio Celorio, Chairman
of the Audit Committee, is the audit
committee financial expert.
Corporate Practices Committee
• Luis Rubio Freidberg, Chairman
• Jaime A. El Koury
• Luis Alfonso Nicolau Gutiérrez
The Corporate Practices Committee
is responsible for preventing or re-
ducing the risk of performing opera-
tions that could damage the value of
our company or that benefit a par-
ticular group of shareholders. The
Committee may call a shareholders
meeting and add agenda items it
considers appropriate, approve pol-
icies on related party transactions,
approve the compensation plan of
the CEO and relevant officers, and
support our Board of Directors in the
elaboration of related reports. The
Committee consists exclusively of
independent directors. As required
by the Mexican Securities Market
Law, the chairman of the Corporate
Practices Committee is elected at
our shareholders meeting.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 97
OUR
EXPERIENCED
MANAGEMENT
TEAM
IAN CRAIG
Chief Executive Officer
GERARDO CRUZ
Chief Financial Officer
CATHERINE REUBEN
Chief Corporate Affairs Officer
Ian Craig joined FEMSA in 1994 and Coca-Cola
FEMSA in 2003, and was appointed to his current
position in 2023. With over 30 years of experience
in the beverage industry, he previously held vari-
ous senior management positions in the company,
including Chief Operating Officer of Brazil, and
prior to that, Chief Operating Officer of Argentina.
He also held the positions of Director of Finance
and Strategic Planning for the South America
Division, Director of Finance, Director of Planning
and Corporate Affairs in the Mercosur Region, and
Corporate Director of Finance and Treasury at Co-
ca-Cola FEMSA. He holds a BS degree in Industrial
Engineering from the Instituto Tecnológico y de
Estudios Superiores de Monterrey, an MBA from
the Booth School of Business at the University of
Chicago, and a Master's degree in International
Business Law from the Instituto Tecnológico y de
Estudios Superiores de Monterrey.
Gerardo Cruz joined Coca-Cola FEMSA in 2003
and was appointed to his current position in 2023.
Previously, he held various senior management
positions in the company's finance area, includ-
ing Corporate Director of Finance and Treasury,
Director of Planning and Finance for Latin Ameri-
ca, and Director of Finance for Coca-Cola FEMSA
Colombia. In addition to his responsibilities as CFO,
Gerardo supervises our supplier, risk management,
and sustainable bonds strategies. Throughout his
career, Gerardo has been a strong advocate for
Inclusion and Diversity. As President of Coca-Cola
FEMSA’s Inclusion and Diversity Board for the past
two years, he has played a pivotal role in enhanc-
ing the company’s commitment to creating a more
inclusive and welcoming workplace for all. He holds
a BA degree in Economics and a Master's degree in
Applied Statistics both from the Instituto Tecnológi-
co y de Estudios Superiores de Monterrey.
Catherine Reuben joined Coca-Cola FEMSA in 2014
and was appointed to his current position in 2023.
She has a broad background in leadership positions,
covering institutional and regulatory areas as well
as environmental, social, and governance (ESG)
issues, throughout her career at Coca-Cola FEMSA.
Before assuming her current role, she held different
positions including Director of Corporate Affairs for
Coca-Cola FEMSA Mexico, Corporate Director of
Regulatory Affairs and Institutional Relations, and
Manager of Corporate Affairs for Coca-Cola FEMSA
Central America, with responsibilities in Guatema-
la, Nicaragua, Costa Rica, and Panama. Previously
Catherine was Executive Director of the Costa
Rican-American Chamber of Commerce and worked
in the Foreign Investment Promotion Agency of Cos-
ta Rica (CINDE) supporting companies interested
in nearshoring opportunities. She holds a double
major in Economics and Business Administration
& Finance, and has completed studies in Political
Communication, as well as a Sustainability Certifi-
cate from MIT.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 98
O U R E X P E R I E N C E D
M A N A G E M E N T T E A M
FABRICIO PONCE
EDUARDO PEREYRA
AITOR OCEJO
Chief Operating Officer - Mexico
Chief Operating Officer - Brazil
Chief Operating Officer - Latin America
NICOLÁS BERTELLONI
Chief Growth Officer
Fabricio Ponce joined Coca-Cola FEMSA in 1998
and was appointed to his current position in 2019.
With over 27 years of experience in the beverage
industry, he previously served in several senior
management positions, including President and
CEO of the Philippines Operation, Director of Oper-
ations in Colombia, Managing Director for Heineken
in Brazil, Managing Director of Central America,
Argentina, and Colombia, and Director of Strategic
Planning for Latin America Region. Prior to joining
Coca-Cola FEMSA, he worked as a Senior Consul-
tant in Bain & Company. An Agricultural Engineer,
providing expertise in water issues, he holds a Mas-
ter’s degree in Economics from INCAE Business
School in Costa Rica.
Eduardo Pereyra joined Coca-Cola FEMSA in
1996 and was appointed to his current position
in 2023. With over 28years of experience in the
beverage industry, he previously served in several
senior management positions, including Director
of Operations in Colombia, Commercial Director
in Venezuela, Brazil, and Colombia, and Regional
Manager in Mexico and Colombia. He holds a BS
degree in Industrial Engineering from the Instituto
Tecnológico y de Estudios Superiores de Monter-
rey, an MBA from the Universidad de Adolfo Ibáñez
in Chile, and an AMP from the Universidad de
Navarra, IESE.
Aitor Ocejo joined Coca-Cola FEMSA in 2000 and
was appointed to his current position in 2023.
With over 28 years of experience in the beverage
industry, he previously served in several senior
management positions, including Director of Oper-
ations in Guatemala, Director of Operations in Ven-
ezuela, Commercial and Business Development in
Venezuela, and several strategic operational and
marketing positions in Mexico, as well as other
roles including Corporate Inorganic Acquisitions
and Corporate Commercial Development. Prior
to joining Coca-Cola FEMSA, he served in several
senior management positions at The Coca-Cola
Company. He holds a BS degree in Industrial Engi-
neering from Universidad Iberoamericana.
Nicolás Bertelloni joined Coca-Cola FEMSA in 2004
and was appointed to his current position in 2023.
He possesses extensive expertise in the areas of
Marketing and Market Intelligence, particularly in
leading teams during times of transformation and
crisis. Previously, he held various roles within the
organization, including Director of Marketing for
the Brazil and Mexico Divisions, and Director of
Operations for Argentina and Uruguay. He holds a
BA degree in Business Administration and a BA de-
gree in Economics both from Universidad de Bue-
nos Aires. Additionally, he completed Advanced
Graduate Studies in International Economics from
Institut für Weltwirtschaft in Germany and an MBA
from Fundação Getúlio Vargas in Brazil.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 99
O U R E X P E R I E N C E D
M A N A G E M E N T T E A M
GABRIEL COINDREAU
RAFAEL RAMOS
IGNACIO ECHEVARRÍA
Chief Strategic Planning Officer
Chief Supply Chain and Engineering Officer
Chief Digital and Technology Officer
ANTONIO DÍAZ-CANEJA
Chief Human Resources Officer
Gabriel Coindreau joined Coca-Cola FEMSA in
2000 and was appointed to his current position
in 2023. With extensive strategic planning expe-
rience, he previously served in several strategic
positions, including Corporate Director of Stra-
tegic Projects and Initiatives, Corporate Director
of Planning and Organizational Development,
Managing Director for Coca-Cola FEMSA Colombia
and Central America, as well as different positions
in the Corporate Strategic Planning and Human
Resources Departments. He holds a BS degree in
Electronics Engineering from the Instituto Tec-
nológico y de Estudios Superiores de Monterrey.
Rafael Ramos joined Coca-Cola FEMSA in 1999 and
was appointed to his current position in 2018. With
over 32 years of experience in the beverage indus-
try, he previously served in several senior manage-
ment positions, including Manufacturing Director for
Southeast Mexico, Supply Chain Director for Mexico
and Central America, and Supply Chain Director of
FEMSA Comercio. As part of his responsibilities as
Chief Supply Chain and Engineering Officer, Rafael
leads our environmental stewardship strategy
across our operations. He holds a BS degree in Bio-
chemical Engineering from and a Master’s degree in
Business Administration of Agricultural Enterprises
both from the Instituto Tecnológico y de Estudios
Superiores de Monterrey.
Ignacio Echevarría joined Coca-Cola FEMSA in
2018 and was appointed to his current position
in 2021. With over 30 years of experience in the
IT industry, he began his professional career as a
technology consultant for consumer companies at
Arthur Andersen. He joined the beverage industry
18 years ago where he has collaborated on digital
transformation projects in 13 African countries
(Equatorial Bottler Company), 15 European
countries (Coca-Cola European Partners), and 10
countries in Latin America (Coca-Cola FEMSA). He
has served as a board member for several startups
and in the financial sector Banco Compartamos
and the Gentera Foundation. Ignacio holds a BS
degree in Industrial Engineering from The School
of Industrial Engineering of Barcelona and an MBA
from IE Business School in Madrid.
Antonio Díaz-Caneja joined Coca-Cola FEMSA in
2003 and was appointed to his current position in
2023. With 20 years of experience dedicated to
Human Resources at the company, he has overseen
topics including employee well-being, talent devel-
opment, human rights, and diversity, equity, and
inclusion. Antonio has served as Corporate Com-
pensation Manager, Corporate Labor Development
Manager, Director of Organizational Effectiveness
for Coca-Cola FEMSA Philippines, Corporate Direc-
tor of Labor and Social Development, and Director
of Human Resources in Colombia. He holds a BA
degree in Business Administration and Management
from the Universidad Iberoamericana.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 100
EXECUTIVE COMPENSATION
Aligning Executive Compensation with
Sustainable Long-Term Value
Executive compensation at Coca-Cola FEMSA
aligns with the company’s vision of long-term
sustainable value creation.
The evaluation and variable compensation
program for our CEO and Strategic Leadership
Team, as well as other company leaders and
individual contributors, integrates collective and
individual Critical Success Factors, defined an-
nually. In line with the Corporate Practices Com-
mittee's guidelines, half of the annual bonus is
tied to the company achieving its financial ob-
jectives, including Earnings Before Interest and
Taxes (EBIT) and working capital efficiency. The
other half is based on individual performance.
The Critical Success Factors for individual
performance of our Executive Team include
sustainability performance indicators aligned
with our climate action strategy, focusing on
reducing absolute GHG emissions from our
operations (Scopes 1 and 2 emissions) by 50%
and reducing absolute GHG emissions from
purchased goods and services and upstream
transportation and distribution in the value
chain (Scope 3 emissions) by 20%, compared to
the 2015 baseline, as well as achieving 100%
renewable electricity consumption in our opera-
tions. Additionally, they also include key metrics
related to water stewardship, community devel-
opment, diversity, equity, inclusion, and other
pillars of our Sustainability Framework.
The variable compensation program available
to our CEO and the Strategic Leadership Team
combines short-term cash-based performance
bonuses with long-term, stock-based compen-
sation that vests over three years.
CEO Compensation
The compensation of our CEO is determined
by various Critical Success Factors, as devised
from the TOPS Methodology and the Economic
Value-Added Based Bonus Program. These fac-
tors draw upon the performance and results of
team members within the company, ultimately
influencing the CEO's performance metrics.
Consequently, a broad range of metrics directly
affects our CEO's compensation. The CEO's
performance metrics include revenue growth,
profitability increase, overall company growth
(including market share, cash flow, and EBIT),
development of the beverage portfolio and
categories, development of our operations (in-
cluding market execution and margin improve-
ment), performance against our sustainability
goals, and comprehensive risk management
across all operations.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 101
NURTURING A CULTURE OF PSYCHOLOGICAL SAFETY
THROUGH OUR COMPREHENSIVE ETHICAL SYSTEM
Comprehensive Ethical System
Our Comprehensive Ethical System, endorsed by the Board of Directors,
encompasses three pivotal elements: The Code of Ethics, the Coca-Cola
FEMSA Ethics Line, and the Ethics Committee. Together, these compo-
nents actively promote ethical conduct that upholds our company's lega-
cy, facilitate the identification and resolution of misconduct, and encour-
age open communication, ensuring the integrity of our organization.
Beyond promoting ethical behavior, this structure is integral to fostering a
culture of trust and psychological safety, where employees feel secure in
voicing concerns and providing honest feedback. Empowering our employ-
ees within this ethical framework is crucial for enabling their active, confi-
dent participation in the company's transformative journey and growth.
We have evolved the management of our Comprehensive Ethical System,
shifting from merely focusing on reports to the Coca-Cola FEMSA Ethics
Line to a more holistic approach that unites key elements for prevention,
surveillance, detection, and response to ethical dilemmas. Our evolved
system now includes:
• Framework with robust corporate standards and internal guidelines on
ethical issues.
• Communication strategy that reinforces ethical behavior and builds trust
in the Coca-Cola FEMSA Ethics Line.
• Management platform for the Coca-Cola FEMSA Ethics Line that enhanc-
es transparency and reliability.
• Specialized training programs for our ethics complaints investigators.
Code of Ethics
The foundation of our organizational culture, the →Code
of Ethics communicates our values, promotes good
behavior, and guides our decision-making process-
es based on ethical principles. Our Code of Ethics
includes important topics such as human rights,
diversity, equity, inclusion, discrimination, vio-
lence, harassment, conflicts of interest, misuse
of information, and anti-corruption.
For further information and access to the
full document of our Code of Ethics please
access one of the following links:
→Spanish
→English
→Portuguese
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 102
Training and Communications on Business Ethics and Compliance
The foundation of our Comprehensive
Ethical System lies in the implementation of
strong preventive measures aimed at foster-
ing a culture of compliance throughout the
organization.
Personal responsibility plays a crucial role
in empowering individuals to confidently
contribute toward achieving our company’s
goals. Key to this approach is a comprehen-
sive training program that spans all levels
of responsibility across our geographies,
equipping all employees with the knowl-
edge and tools they need to adhere to our
ethical standards. In addition to our train-
ing program, continuous communication
campaigns play a crucial role in reinforcing
the importance of ethical behavior. These
campaigns serve as regular reminders to
our workforce, ensuring that the principles
of integrity and accountability are deeply
ingrained in our corporate ethos.
Preventing Discrimination and Harass-
ment: Discrimination and harassment
training are key components of our Ethics
Mindset training. Additionally, we have
implemented webinars and targeted com-
munication campaigns throughout our
operations, specifically addressing issues of
workplace violence with a focus on discrimi-
nation and harassment. These initiatives are
designed to empower our operational teams,
providing clear guidance for addressing and
preventing such conduct effectively.
Ethics Communication Campaigns: Fur-
thermore, we are expanding our communi-
cation campaigns across our operations to
give greater emphasis on prevention and
compliance with the company’s Code of
Ethics and Policies. These enhancements
are aimed at proactively addressing poten-
tial issues, underscoring our commitment to
maintaining the highest standards of ethical
conduct across the organization.
Ethics Training: The Ethics Mindset train-
ing program is a key initiative designed to
embed ethical values and practices deeply
into our organizational culture. This compre-
hensive program aims to educate and em-
power all employees, ensuring a thorough
understanding of our ethical standards.
Emphasizing the importance of integrity, the
program is tailored to address the specific
ethical challenges and situations our em-
ployees might encounter.
Every employee receives frequent training
and signs a Letter of Compliance with our
Code of Ethics. This step is instrumental in
ensuring they are not only familiar with the
Code but also fully understand the specific
actions or omissions that could pose risks
to our organization. Additionally, it empha-
sizes the importance of reporting any sus-
pected violations to the Coca-Cola FEMSA
Ethics Line.
Leveraging the insights gathered from the
increased number of reports to the Co-
ca-Cola FEMSA Ethics Line, we are also
intensifying the training for members of our
Ethics Committees, equipping them with
specialized skills for nuanced investigations.
This step is key in enhancing our investiga-
tion processes for specific types of cases.
80%
of employees
completed the Ethics
Mindset course.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 103
Coca-Cola FEMSA Ethics Line
Complaints for potential noncompliance
with the Code of Ethics are received
through the → Coca-Cola FEMSA Ethics
Line. This whistle-blowing system, man-
aged by an independent third party and
available 24/7, guarantees that employ-
ees, customers, suppliers, third parties,
or any other stakeholder can submit a
complaint anonymously. The third-party
management ensures that these com-
plaints are considered fairly, with a ded-
icated group of investigators analyzing
them impartially and confidentially.
We are nurturing a culture where em-
ployee voices are not just heard but are
influential. Supported by a system that
guarantees psychological safety, this
initiative has led to an increase in reports
to the Coca-Cola FEMSA Ethics Line.
Employees now feel more confident in
voicing concerns, indicative of a healthy,
transparent workplace where well-being
and open dialogue are essential.
In 2023, the Coca-Cola FEMSA Ethics Line
received 2,163 complaints, on topics rang-
ing from work environment and leadership
to operational or financial matters, with
none concerning human rights violations.
Reports to the Coca-Cola FEMSA Ethics
Line in 2023
Complaints
by Topic
Human resources
Financial information
Operational
87%
1%
12%
Complaints
by Status
In review
Substantiated
Unsubstantiated
32%
30%
38%
Ethics Committees
The Ethics Committees serve as the
oversight and control bodies; they not
only ensure adherence to the Code of
Ethics but also address the most relevant
ethical situations in the company.
The Corporate Ethics Committee is a col-
legiate body whose functions are delimit-
ed by the internal regulatory framework,
guaranteeing the independence of its
decisions, criteria, and corrective mea-
sures implemented. The Committee com-
prises our CFO, CHRO, Legal Compliance
Director, and operates under our Com-
prehensive Ethics System. The diversity
of its members ensures impartiality in the
decision-making process.
Among its various functions, the Corpo-
rate Ethics Committee ensures that in-
vestigations into reports received through
the Coca-Cola FEMSA Ethics Line (which
is managed by a third-party company)
are carried out impartially, objectively,
and confidentially. This process guaran-
tees the protection of those who submit
reports. Additionally, the Committee
defines or authorizes criteria, and where
necessary, deliberates and decides upon,
or recommends disciplinary or corrective
actions for violations of the Code of Ethics
or Corporate Policies.
Corrective measures to address situ-
ations that do not align with our Code
of Ethics include written reprimands,
dismissals, criminal prosecution by
competent authorities, and the pursuit of
any other applicable legal actions. These
measures are implemented in accor-
dance with the Coca-Cola FEMSA Sanc-
tions Guidelines.
There are Ethics Committees in each of
our territories that report to the Corpo-
rate Ethics Committee. Their role locally
is to oversight compliance with the Code
of Ethics and attend to the company’s
most relevant ethical situations and com-
plaints. They are instrumental in creating
across our operations an environment
where employees feel secure and sup-
ported in raising ethical concerns, con-
tributing to a transparent and account-
able workplace culture.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 104
RESPECT FOR HUMAN RIGHTS
Coca-Cola FEMSA's Approach to Human Rights
As a bottling partner for The Coca-Cola Company and a business unit of
FEMSA, our commitment to human rights is strongly influenced by—and often
directly implemented by—our major shareholders. This commitment extends
to enacting human rights policies across the entire company, including our
operations, employees, and suppliers.
Newly defined and adopted in 2023 in partnership with FEMSA, our Human
Rights Due Diligence Model aligns with the UN Guiding Principles on Business
and Human Rights. The Model has the objective to uphold our commitment
and responsibility to Human Rights by transforming challenges into opportu-
nities, creating business value, and generating a positive social impact in the
countries where we operate.
FEMSA HUMAN RIGHTS DUE DILIGENCE MODEL
1. Identification: Analysis of the Company's activities and Human
Rights that could potentially be impacted.
2. Evaluation: Classification and prioritization of Human Rights due to
our operations and acting on the findings.
3. Grievance: Effective and agile attention to complaints about
negative Human Rights impacts detected through formal institutional
mechanisms, such as the Coca-Cola FEMSA Ethics Line.
4. Remediation: Repair and avoid the repetition of said negative
impacts.
5. Prevention: Implementation of initiatives, processes, and policies to
prevent future Human Rights violations.
Signatories to the UN Global Compact
In 2022, Coca-Cola FEMSA became a signatory to the UN Global Compact,
the largest corporate sustainability initiative in the world. This initiative calls
on companies to integrate 10 universal principles related to human rights,
labor, the environment, and anti-corruption into their operations and value
chain. Notably, FEMSA and The Coca-Cola Company joined the Global Com-
pact in 2005 and 2006, respectively, underscoring our shared commitment
to these global standards.
Upholding Human and Labor Rights
Outlined in our Human and Labor Rights Policy, we strictly forbid all forms
of child and forced labor within our operations, adhering to local laws on the
employment of minors. We ensure that all employment relationships are en-
tered into voluntarily and categorically reject any form of unpaid work, servi-
tude, slavery, or the compulsory retention of personal documents as employ-
ment conditions. Through our Supplier Guiding Principles, we delineate the
minimum standards expected from our suppliers in managing crucial aspects
of human and labor rights.
A Commitment Beyond Our Operations
A prerequisite for becoming a new Coca-Cola FEMSA supplier is committing
to our Supplier Guiding Principles and the company’s Code of Ethics. These
documents clarify the values and behaviors we expect and audit within our
value chain. Additionally, during the supplier registration process, we con-
duct evaluations on anti-corruption and money laundering to ensure full
compliance with applicable regulations.
→ Human Rights Commitment Statement
→ Supplier Guiding Principles
→ Human and Labor Rights Policy
→ The Coca-Cola Company’s Modern Slavery Statement
→ Learn about The Coca-Cola Company Commitment to Human Rights
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 105
CYBERSECURITY
Securing Digital Growth
As our business continues to expand its digital footprint as part of our growth
strategy, we hold a critical responsibility to protect our digital capabilities and
sensitive data. Our cyber and data security initiatives are centered on prevent-
ing business disruption and safeguarding our information from cyberattacks
and responsibly managing sensitive information. Without effective cyber and
data security mechanisms, we face risks like operational disruptions from ran-
somware, data breaches, fraud, and others.
Moreover, our approach combines in-house and external technical expertise,
maintaining a clear separation of responsibilities between governance and
operational roles. To this end, we conduct continuous internal cybersecurity
audits that report directly to the Board’s Audit Committee, while independent
evaluations, including audits from FEMSA and The Coca-Cola Company, offer
critical insights into our maturity and security status. Furthermore, our practic-
es are aligned with The Coca-Cola Company’s Business Resilience Framework,
ensuring compliance with established cybersecurity standards.
At Coca-Cola FEMSA, we diligently manage cybersecurity risks inherent to our
operations to safeguard the confidentiality, integrity, and availability of infor-
mation, whether transmitted, stored, processed, or deleted, across physical
and digital media.
Coca-Cola FEMSA Cybersecurity Program
Our cybersecurity program was developed in accordance with, and aligned to,
international standards, best practices, and worldwide frameworks such as
ISO 27001 and NIST SP 800-53, among others, reflecting our commitment to
upholding the highest benchmark of information security and resilience.
The cybersecurity program has four pillars supporting a virtuous cycle that
drives the continuous improvement of our controls at people, technology, and
processes environments, ensuring that the organization can adapt to new
threats, comply with regulatory requirements, and protect its information assets
effectively. The program is supported by a robust cybersecurity internal regula-
tory structure that consists of our Cybersecurity Policy, 14 global norms, and 15
standards. It benefits from oversight by various governance entities, including
the Board of Directors’ Audit Committee, an Executive Steering Committee, and
a Chief Information Security Officer who leads our cybersecurity strategy.
CYBERSECURITY PROGRAM PROCESS
1. Strategic Objectives: We implement a robust risk-based information
security strategy that supports the company's strategic objectives,
which guide our pursuit of business excellence.
2. Cybersecurity Status: Our annual cybersecurity plan actively mon-
itors exposure to potential risks, aiming to establish a robust cyber-
security status that protects assets and reputation against evolving
digital threats. The Program also includes constant cybersecurity pos-
ture assessments executed by external parties allowing us to improve
continuously our protection mechanisms and processes.
3. Pentesting and Vulnerability Management: Vulnerability scans and
ethical hacking exercises, conducted by a third-party, systematically
identify and mitigate vulnerabilities to protect against evolving cyber
threats.
4. Mitigation Process: Enhance cybersecurity by executing projects and
tasks derived from technical and risk assessments.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 106
STRENGTHENING CYBER DEFENSES: LESSONS AND ACTIONS FROM COCA-COLA
FEMSA'S 2023 INCIDENT
In 2023, our company faced a cybersecurity incident, promptly addressed by
activating our cybersecurity protection and response protocols. Throughout this
period, we maintained full control over all our business applications and related
infrastructure.
The measures we took in response to the cybersecurity incident were preventative
and we did not experience any material negative impact on the company’s related
functions. Our business operations and service to customers continued seamlessly
through backup procedures, with a strong focus on safeguarding the integrity,
confidentiality, and availability of our information. Our effective controls identified
and addressed the incident promptly, and by the end of that quarter, we had
successfully resumed normal primary processes.
Data security is extremely important to us. Our team, including third-party experts,
has been working to enhance our cybersecurity risk management program and
security posture according to lessons learned from the incident. We undertook a
comprehensive forensic assessment of the incident to ensure the complete security
of our systems. This approach emphasized our commitment to rigorous cybersecurity
standards and our dedication to protecting our stakeholders' interests.
During the year, we further strengthened our controls by focusing on improving
processes, technology, and personnel, aiming at bolstering prevention, detection,
and resilience to cyber threats. Additionally, we advanced our employee training and
awareness efforts to promote secure online behaviors.
Our ambition in cyber and data security is to become a recognized leader within the
Coca-Cola System and throughout our value chain.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 107
SUPPLY CHAIN MANAGEMENT
Supply Chain Resilience and Sustainability
We are committed to maintaining a robust and resilient supply chain, essential for the reliable delivery
of our products to customers. This commitment entails promoting the continuous flow of inputs as
well as collaborating with our suppliers to advance our sustainability priorities. To this end, we follow a
robust process to assess our suppliers, fostering alignment of our supply chain with our sustainability
ambitions.
The Coca-Cola Company Supplier Guiding Principles
As bottlers within the Coca-Cola system, we adhere to rigorous standards enforced through audits
conducted under The Coca-Cola Company's Supplier Guiding Principles protocol. These evaluations
are carried out by an accredited external firm appointed by The Coca-Cola Company, ensuring our
operations align with their 12 Supplier Guiding Principles.
In 2023, The Coca-Cola Company carried out 123 evaluations of strategic suppliers in our system,
aligned with The Coca-Cola Company’s Supplier Guiding Principles and Sustainable Agricultural Guid-
ing Principles.
Suppliers assessed under The Coca-Cola Company’s Supplier Guiding Principles
Country
Mexico
Costa Rica
Guatemala
Nicaragua
Panama
Argentina
Brazil
Colombia
2016 2017 2018 2019 2020 2021 2022 2023
52
40
59
37
27
130
46
37
3
5
1
0
11
47
7
7
8
0
3
19
102
18
0
7
0
3
10
51
11
1
8
1
2
10
42
4
7
7
1
1
10
57
10
0
7
0
1
25
65
25
1
7
1
3
11
45
6
7
7
1
2
11
45
13
Total
126
197
141
105
120
253
120
123
SUSTAINABLE
SUGAR SOURCING
As of 2023, 72% of our sugar suppliers
have obtained Bonsucro certification. Those
companies are responsible for providing 71% of
our total sugar procurement by volume. Bonsucro
serves as the foremost global sustainability platform
and standard for sugarcane, aiming to expedite
the sustainable production and use of sugarcane
with a focus on climate action, human rights,
and adding value within the supply chain. This
indicates our strategic move towards ensuring
that a significant share of our primary
agricultural input, sugar, is sourced in
an environmentally and socially
responsible manner.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 108
Assessing Suppliers’ Sustainability Performance Using Our Supplier Guiding Principles
In addition to complying with The Coca-Cola
Company’s Supplier Guiding Principles, a
prerequisite for becoming a new supplier is
committing to Coca-Cola FEMSA’s → Supplier
Guiding Principles and the company’s Code of
Conduct. These documents clarify the values
and behaviors we expect and audit within our
value chain. Additionally, during the supplier
registration process, we conduct evaluations on
anti-corruption and money laundering to ensure
full compliance with applicable regulations.
In 2023, we assessed 749 suppliers, evaluating
their alignment with our company’s principles
and values across four categories: environmen-
tal stewardship, social and labor rights, commu-
nity involvement, and ethical behavior. We also
continued to encourage the use of our Supplier
Guiding Principles for Tier 2 suppliers—the sup-
pliers of our suppliers. In 2023, we assessed 50
Tier 2 suppliers for a total of 228 assessments
since 2018.
Moreover, at Coca-Cola FEMSA we extend our
commitment beyond mere assessment; through
the FEMSA supplier program, we actively offer
our suppliers the opportunity to receive train-
ing and support, empowering them to progress
on their sustainability journey. This initiative
reflects our dedication not only to uphold high
standards but also to foster a collaborative
environment that drives sustainable practices
across our supply chain.
Suppliers assessed under Coca-Cola FEMSA’s Supplier Guiding Principles
Country
Mexico
Costa Rica
Guatemala
Nicaragua
Brazil
Panama
Argentina
Colombia
Uruguay
Total
2016
2017
198
120
84
245
106
49
94
45
2018
172
2019
165
2020
164
2021
143
2022
217
2023
246
34
34
27
66
36
31
41
36
21
63
24
31
30
15
35
35
15
47
57
24
38
68
13
38
61
20
245
266
187
223
30
17
51
27
36
42
56
28
34
41
45
22
35
34
60
32
402
539
400
426
619
699
665
749
ADVANCING OUR SCOPE 3 EMISSIONS
REDUCTION GOALS
Collaborating with our suppliers is cru-
cial in reducing our Scope 3 emissions,
which constitute a significant portion of
our overall carbon footprint. By engag-
ing closely with them, we can extend
our sustainability efforts beyond our di-
rect operations, driving collective action
towards environmental responsibility.
Among our top 25 suppliers, represent-
ing 51% of our Scope 3 emissions, 52%
have established science-based tar-
gets, and an additional 12% are com-
mitted with the Science Based Targets
initiative (SBTi) to reduce their green-
house gas emissions in alignment with
global efforts.
95%
of our procurement
comes from local
suppliers.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 109
RISK MANAGEMENT
Risk Management Process
Our Comprehensive Risk Management Process plays a crucial role
in managing the impact of both internal and external factors on our
business. This involves identifying, assessing, and reporting short-
and long-term risks to not only quantify their potential impact but also
craft strategic mitigation plans. Our proactive approach to risk identifi-
cation enables us to recognize and understand emerging risks effec-
tively. This proactive approach also ensures we are well-prepared to
safeguard our business continuity against unforeseen adversities.
Key elements of our risk management framework include:
• Performing sensitivity analysis on financial and non-financial risks
to understand potential implications.
• Regularly reviewing our company’s risk exposure to stay ahead of
emerging threats.
• Auditing our risk management process to ensure compliance with
industry standards and best practices.
Embedding a Sustainability Perspective
Our thorough risk management process is intricately linked to both
our materiality analysis and Sustainability Framework. This connec-
tion ensures that identified sustainability risks are prioritized based
on several key factors: their likelihood, potential impact, and the
timing of their incidence on material issues. Additionally, we con-
sider how these risks relate to our overall strategy and the specific
measures we are implementing to mitigate them. This methodical
approach allows us to manage risks strategically and align them with
our broader organizational goals, reinforcing our commitment to
robust and forward-thinking risk management.
Embedding a sustainability perspective into these processes requires
us to take a longer term and broader view of our operations, con-
sidering interdependencies such as the linkage between potential
ESG regulation and our ability to operate. Several of our risks can be
mitigated through effective action, making their accurate mapping
crucial. During the latest update of our risk and control base, we
found that around 28% of the identified risks are connected to one or
more ESG aspects.
Sustainability linked risk management calls for proactive reporting to
maintain transparency, contributing to our stakeholders being well-in-
formed about our risk mitigation actions. Our goal is to establish a fully
mature, industry-leading sustainability risk management process that
quantifies and reports our sustainability impact to our stakeholders.
MANAGING INCIDENTS AND CRISES EFFICIENTLY
Our Incident Management and Crisis Resolution (MIRC) meth-
odology is a comprehensive approach designed for managing
incidents and crises efficiently. Led from FEMSA, MIRC is
implemented across all our operations, to ensure rapid and
effective response capabilities within our work centers. This
methodology encompasses the identification of incidents,
assessment of potential impacts, evaluation of occurrence
probability, and the development of emergency plans and risk
mitigation strategies, enabling us to maintain resilience and
operational continuity.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 10
RISK MANAGEMENT MATRIX
Our company is present in different countries and regions; consequently, we are continually exposed to an en-
vironment that presents challenges and risks. Our ability to manage potential risks is vital for our business’ val-
ue creation. Accordingly, our business strategy includes a Comprehensive Risk Management Process through
which we are able to identify, measure, register, assess, prevent, and mitigate risks.
Main Risk
Potential Impacts
Key Mitigation Actions
Main Risk
Potential Impacts
Key Mitigation Actions
• Termination of the bottler
agreements.
• Actions contrary to
the interests of our
shareholders other than
The Coca-Cola Company
and FEMSA.
• Comply with the bottler agreements.
• Work together and promote effective interaction
between our strategic shareholders in order to
maximize value creation.
• Variability in the demand
for our products.
• Transform into a total beverage company aligned
with consumers’ changing tastes and lifestyles.
• Plastic pollution concerns
may change consumer
preferences regarding our
portfolio.
• Build a winning multi-category portfolio of
products and presentations.
• Drive our low- and no-sugar portfolio ahead of
consumer trends.
• Offer sustainable packaging options for our
beverages.
• Damage to Coca-Cola’s
• Maintain the reputation and intellectual property
and our trademark
reputation.
rights of Coca-Cola trademarks and our own
trademarks.
• Effective brand protection.
• Strictly comply with Responsible Marketing
Policies.
Strategic Shareholder
Relationships
Our business depends
on our relationship with
The Coca Cola Company
and FEMSA, and changes
in this relationship may
adversely affect us.
Consumer Preferences
Changes in consumer
preferences, purchase
drivers, and consumption
habits might generate
variability in the demand
for some of our products.
Coca-Cola Trademarks
Coca-Cola’s and our
brand reputation or brand
violations could adversely
affect our business.
Competition
Competition could
adversely affect our
business, financial
performance, and results
of operations.
Cyber Incidents
Since our business is
highly leveraged by
information systems and
digital services, it could be
significantly affected in the
event of a security breach
or cyber incident that
affects the confidentiality,
availability, or integrity
of information and
information systems.
• Changes in consumer
• Offer affordable prices, returnable packaging,
preferences.
• Lower pricing by
competitors.
effective promotions, access to retail outlets and
sufficient shelf space, enhanced customer service,
and innovative products.
• Identify, stimulate, and satisfy consumer
preferences.
• Business disruption.
• Theft or unauthorized
exposure of sensitive or
confidential information.
• Regulatory
noncompliance.
• Fraud.
• Economic loss.
• Reputational damage
and/or impact on share
value.
• A systemic approach to cyber security based on
industry standards and The Coca-Cola Company
Business Resilience Framework.
• Oversight by the Board’s Audit Committee, the
senior management, and a Chief Information
Security Officer.
• Cybersecurity-focused organizational structure.
• Risk management process supported by periodic
independent assessments.
• Personnel awareness and training program
regarding cybersecurity, social engineering, and
phishing prevention.
• Continuous investment to strengthen the security
of existing processes and technologies.
• Security by design approach to the new business
digital initiatives.
• Continuous improvement of monitoring, incident
response, and resilience capabilities.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 1 1
Main Risk
Potential Impacts
Key Mitigation Actions
Main Risk
Potential Impacts
Key Mitigation Actions
Economic, Political, and
Social Conditions
Adverse economic
conditions, political,
and social events in
the countries where we
operate and elsewhere,
and changes in
governmental policies
may adversely affect
our business, financial
condition, results of
operations, and prospects.
Regulations
Taxes and changes in
regulations in the regions
where we operate could
adversely affect our
business.
• Through a risk management strategy, hedge our
exposure to interest rates, exchange rates, and
raw material costs.
• Evaluate annually, or more frequently, when the
circumstances require, the possible financial
effects of these conditions and, to the extent
possible, anticipate mitigation measures.
• Develop scenarios and contingency plans for
adverse political and social developments that
allow for business continuity considering, among
other options: alternative distribution routes,
stock management to prioritize critical SKUs, etc.
• Affect and reduce
consumer per capita
income, which could
result in decreased
consumer purchasing
power.
• Lower demand for our
products, lower real
pricing of our products
or a shift to lower margin
products.
• Negatively affect our
company and materially
affect our financial
condition, results
of operations, and
prospects.
• Sudden changes in
our production due to
last-minute regulatory
adjustments, which could
imply increased costs.
• Increase in operating and
compliance costs.
• Restrictions imposed on
our operations.
• Identify regulatory risks and proposals of changes
to regulations that directly affect our operation or
financial condition.
• Advocacy work to provide our views on legislators’
• Limitations on the use
proposed regulatory changes.
of certain ingredients or
packaging material (PET).
• The imposition of new
taxes, increases in
existing taxes, or changes
in the interpretation of tax
laws and regulation by tax
authorities that may have
a material adverse effect
on our business, financial
condition and results of
operations.
Legal Proceedings
Unfavorable outcomes of
legal proceedings could
adversely impact our
business.
Weather Conditions,
Natural Disasters, and
Public Health Crises
Adverse weather
conditions, natural
disasters, and public
health crises may
adversely affect our
business, financial
condition, results of
operations, and prospects.
Acquisitions and
Business
Alliances
Inability to successfully
integrate acquisitions
or achieve expected
synergies could adversely
affect our operations.
• Investigations and
• Comply with applicable laws and regulations and
proceedings on tax,
consumer protection,
environmental, and labor
matters.
comply with workplace rights policy.
• Impact consumer
• Implement business continuity plans and safety
patterns and beverage
sales.
protocols to protect employees and avoid
significant disruptions to our business.
• Affect plants’ installed
• Insure assets and operations against such adverse
capacity, road
infrastructure, and points
of sale.
events.
• Negatively affect our
business, financial
condition, results
of operations, and
prospects.
• Difficulties and
• Integrate acquired or merged businesses’
unforeseen liabilities
or additional costs
in restructuring and
integrating operations.
operations in a timely and effective way, retaining
key qualified and experienced professionals.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 12
Main Risk
Potential Impacts
Key Mitigation Actions
Main Risk
Potential Impacts
Key Mitigation Actions
Foreign Exchange
Depreciation of the local
currencies of the countries
where we operate relative
to the U.S. dollar could
adversely affect our
financial condition and
results.
Climate Change
Adverse weather
conditions could adversely
affect our business and
results of operations.
Social Media
Negative or inaccurate
information on social
media could adversely
affect our reputation.
• Financial loss.
• Increase cost of some raw
• Closely monitor developments that may affect
exchanges rates.
materials.
• Hedge our exposure to the U.S. dollar with respect
• Adversely affect our
results, financial
condition, and cash flows
in future periods.
to certain local currencies, our U.S. dollar-
denominated debt obligations, and the purchase
of certain U.S. dollar-denominated raw materials.
Water
Water shortages or failure
to maintain our current
water concessions could
adversely affect our
business.
• Negatively affect
consumer patterns and
reduce sales.
• Identify sources of our operations’ CO2e
emissions.
• Support and comply with climate change
• Affect plants’ installed
mitigation measures.
capacity, road
infrastructure, raw
material supply, and
points of sale.
• Damage to our brands
or corporate reputation
without affording us an
opportunity for correction.
• Identify and reduce our environmental footprint
through efficient use of water, energy, and
materials.
• Effective brand protection.
• Proactive external communication.
Raw Materials
Increases in the price of
raw materials we use to
manufacture our products
could adversely affect
our production costs.
Insufficient availability
of raw materials could
limit the production of our
beverages.
• Water supply may be
insufficient to meet our
future production needs.
• Water supply may be
adversely affected due to
shortages or changes in
governmental regulations
or environmental
changes.
• Water concessions
or contracts may be
terminated or not
renewed.
• Efficient water usage.
• Execute water conservation and replenishment
projects.
• Maintain 100% legal compliance.
• Develop a water risk index, including four issues
that need to be assessed: community and public
perception risks, scarcity of water and other
inputs, regulatory risks, and legal risks for each of
our bottling plants.
• Advocacy work with Governments to provide best
practices on proposed regulations.
• Update water risk assessment tool and work plans
that contemplate aspects such as climate change,
resilience to hydrological stress, media and
social vulnerabilities, as well as regulations and
production volumes for each of our bottling plants.
• Secure water concessions for our production
facilities.
• Shortage or insufficient
• Implement measures to mitigate the negative
availability of raw
materials may adversely
affect our capacity
to ensure production
continuity.
• Adjustments to our
product portfolio
according to availability.
effect of product pricing on our margins such as
hedging via derivative instruments.
• Proactively address risk of supply on our value
chain.
• Strict compliance with our Supplier Guiding
Principles.
• Strategically adjust our product portfolio to enable
us to minimize the impact of certain operating
disruptions.
STRATEGIC MANAGEMENT OF CLIMATE
RISKS AND OPPORTUNITIES
The impacts of climate change are not only relevant for the planet,
but also for the communities where we operate. Accordingly, identi-
fying climate-related risks and opportunities will enable us to be pre-
pared to mitigate its effects, build resilience in the communities, and
ensure that our organization’s growth is responsible and serves our
stakeholders. To not only respond to our stakeholders’ concerns, but
also to prepare for future climate change challenges, we identified
and quantified the main related risks and opportunities, as well as
their potential financial impacts in the short, medium, and long term.
→ For more information please visit our 2023 Task Force on Climate-
Related Financial Disclosures (TCFD) Report on page 121.
→ For more information please see our 20-F Report.
APPENDICES
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 14
FINANCIAL SUMMARY
INCOME STATEMENT
Total revenues
Cost of goods sold
Gross profit
Operative expenses
Other expenses, net
Comprehensive financing result
Income before income taxes and share of the profit or of associates and joint ventures
accounted for using the equity method
Income taxes
Share in the profit (loss) of equity accounted investees, net of taxes
Consolidated net income
Equity holders of the parent for continuing operations
Non-controlling interest net income for continuing operations
RATIOS TO REVENUES (%)
Gross margin
Net income margin
CASH FLOW
Operative cash flow
Capital expenditures (2)
Total cash, cash equivalents
Amounts expressed in millions of U.S. dollars and
Mexican pesos, except data per share and headcount.
U.S. (*)
2023
2022 (1)
2021
2020
2019
14,502
7,943
6,560
4,503
75
278
1,704
245,088
134,228
110,860
76,098
1,272
4,697
28,792
226,740
126,440
100,300
68,981
983
4,549
25,787
194,804
106,206
88,598
60,720
807
4,219
22,852
183,615
100,804
82,811
56,444
3,611
6,678
16,077
520
13
1,197
1,156
41
8,781
215
20,226
19,536
690
6,547
386
19,626
19,034
592
6,609
88
16,331
15,708
623
5,428
(281)
10,368
10,307
61
45.2
8.3
45.2
8.3
44.2
8.7
45.5
8.4
45.1
5.6
2,502
1,266
42,289
21,396
35,491
19,665
32,721
13,865
35,147
10,354
1,838
31,060
40,277
47,248
43,497
194,471
106,964
87,507
60,537
2,490
6,071
18,409
5,648
(131)
12,630
12,101
529
45.0
6.5
31,289
11,465
20,491
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 15
BALANCE SHEET
Current assets
Investment in shares
Property, plant and equipment, net
Intangible assets, net
Deferred charges and other assets, net
Total Assets
Liabilities
Short-term bank loans and notes payable
Interest payable
Other current liabilities
Long-term bank loans and notes payable
Other long-term liabilities
Total Liabilities
Equity
Non-controlling interest in consolidated subsidiaries
Equity attributable to equity holders of the parent
FINANCIAL RATIOS (%)
Current
Leverage
Capitalization
Coverage
DATA PER SHARE
Book Value (3)
Income tributable to the holders of the parent (4)
Dividends paid (5)
Headcount (6)
U.S. (*)
2023
2022 (1)
2021
2020
2019
4,008
547
4,659
5,986
985
16,185
67,738
9,246
78,730
101,162
16,644
273,520
79,212
8,452
71,205
103,122
16,004
277,995
80,364
7,494
62,183
102,174
19,352
271,567
72,440
7,623
59,460
103,971
19,572
263,066
8
45
3,196
3,851
1,173
8,273
7,912
395
7,516
140
764
54,012
65,074
19,825
139,815
133,705
6,680
127,025
8,524
862
48,574
70,145
18,014
146,119
131,876
6,491
125,385
2,453
811
42,957
83,329
14,445
143,995
127,572
6,022
121,550
5,017
712
37,116
82,461
15,303
140,609
122,457
5,583
116,874
1.23
1.05
0.33
10.80
1.23
1.05
0.33
10.80
1.37
1.11
0.39
8.68
1.74
1.13
0.41
6.11
1.69
1.15
0.43
5.13
0.447
0.069
0.040
7.558
1.162
0.725
7.460
1.133
0.679
7.232
0.935
0.634
6.954
0.610
0.608
104,241
104,241
97,211
83,754
82,334
56,796
9,751
61,187
112,050
18,055
257,839
11,485
439
39,086
58,492
18,652
128,154
129,685
6,751
122,934
1.11
0.99
0.37
5.51
7.315
0.723
0.443
82,186
(1) Information considers full-year of KOF’s territories and eleven months of CVI Refrigerantes Ltda. ("CVI").
(2) Includes investments in property, plant and equipment, refrigeration equipment and returnable bottles and cases, net of disposals of property, plant and equipment.
(3) Based on 16,806.7 million ordinary shares as of December 31, 2023, 2022, 2021, 2020 and 2019.
(4) Computed based on the weighted average number of shares outstanding during the periods presented:16,806.7 million for 2023, 2022, 2021, 2020 and 2019.
(5) Dividends paid during the year based on the prior year's net income, using 16,806.7 millions outstanding ordinary shares for 2023, 2022, 2021, 2020 and 2019.
(6) Includes third-party.
*
Exchange rate as of December 31, 2023 Ps. 16.8998 per U.S. dollar solely for the convenience of the reader according to the federal USA reserve.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 16
MANAGEMENT DISCUSSION AND ANALYSIS
Results for the Year Ended
December 31, 2023
Compared to the Year
Ended December 31, 2022
Consolidated Results
The comparability of our financial and operating performance in 2023 as compared to 2022 was
affected by the following factors: (1) translation effects from fluctuations in exchange rates; (2) our
results in Argentina, whose economy satisfied the conditions to be considered a hyperinflationary
economy and (3) the ongoing integration of mergers and acquisitions completed in recent years,
specifically the acquisitions of CVI in Brazil in January 2022. To translate the full-year results of
Argentina for the years ended December 31, 2023 and 2022, we used the exchange rate at De-
cember 31, 2023 of 808.45 Argentine pesos per U.S. dollar and the exchange rate at December
31, 2022 of 177.16 Argentine pesos per U.S. dollar. The depreciation of the exchange rate of the
Argentine peso at December 31, 2023, as compared to the exchange rate at December 31, 2022,
was 356.3%. In addition, the average appreciation of currencies used in our main operations rela-
tive to the U.S. dollar in 2023, as compared to 2022, was 5.8% for the Brazilian real, 10.7% for the
Mexican peso, and of 15.3% for the Colombian peso relative to the U.S. dollar.
Total Revenues. Our consolidated total revenues increased by 8.1% to Ps. 245,088 million in 2023
as compared to 2022, mainly as a result of volume growth, our revenue management initiatives
and favorable mix effects. These effects were partially offset by unfavorable currency translation
effects from most of our operating currencies into Mexican pesos.
Total sales volume increased by 7.8% to 4,047.8 million unit cases in 2023 as compared to 2022,
driven mainly by growth in all of our territories, including a strong performance in Mexico, Brazil,
Colombia and Guatemala in 2023.
• Sales volume of our bottled water category, excluding bulk water, increased by 17.6% in 2023 as
compared to 2022.
• Sales volume of our bulk water category increased by 24.6% in 2023 as compared to 2022.
Consolidated average price per unit case decreased by 0.4% to Ps. 58.54 in 2023, as compared to
Ps. 58.75 in 2022, mainly as a result of the negative translation effect resulting from the depreci-
ation of most of our operating currencies relative to the Mexican peso. This was partially offset by
favorable price-mix effects and revenue management initiatives.
Gross Profit. Our gross profit increased by 10.5% to Ps. 110,860 million in 2023 as compared to
2022, with a gross margin increase of 100 basis points as compared to 2022 to reach 45.2% in
2023. This gross margin increase was mainly driven by our top-line growth, declining packaging
costs, and favorable raw material hedging initiatives. These effects were partially offset by higher
sweetener costs across our territories.
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 over-
head costs. Concentrate prices are determined as a percentage of the retail price of our products in
local currency, net of applicable taxes. Packaging material purchases, mainly PET resin and alumi-
num, and HFCS, used as a sweetener in some countries, are denominated in U.S. dollars.
• In 2023, sales volume of our sparkling beverage portfolio increased by 5.2%, sales volume of our
colas portfolio increased by 6.1%, and sales volume of our flavored sparkling beverage portfolio
increased by 2.0%, in each case as compared to 2022.
• Sales volume of our still beverage portfolio increased by 6.5% in 2023 as compared to 2022.
Administrative and Selling Expenses. Our administrative and selling expenses increased by
10.3% to Ps.76,098 million in 2023 as compared to 2022. Our administrative and selling expenses
as a percentage of total revenues increased by 60 basis points to 31.0% in 2023 as compared to
2022, mainly driven by increased marketing, maintenance and labor expenses. These effects were
partially offset by an operating foreign exchange gain in Mexico as a result of the appreciation of
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 17
the Mexican Peso. In 2023, we continued investing across our territories to support marketplace
execution, increase our cooler coverage, and increase our production capacity.
the deferred tax, compared to the favorable effects that were recognized in the previous year. For
more information, see Note 24 to our consolidated financial statements.
Other Expenses Net. We recorded other expenses net of Ps.1,272 million in 2023 as compared to
Ps.983 million in 2022, this increase was mainly as a result of an increase of provisions and pre-op-
erational expenses. For more information, see Notes 19 and 25.6 to our consolidated financial
statements.
Share in the Profit (Loss) of Equity Accounted Investees, Net of Taxes. In 2023, we recorded a
gain of Ps.215 million in the share in the profit of equity accounted investees, net of taxes, mainly
due to the results of Jugos del Valle, our associate in Mexico and Fountain Agua Mineral LTDA, as
compared to a gain of Ps.386 million registered during the previous year.
Comprehensive Financing Result. The term “comprehensive financing result” refers to the
combined financial effects of net interest expenses, net financial foreign exchange gains or losses,
net gains or losses on the monetary position of hyperinflationary countries where we operate and
market value gain (loss) on financial instruments. Net financial foreign exchange gains or losses
represent the impact of changes in foreign exchange rates on financial assets or liabilities denom-
inated in currencies other than local currencies, and certain gains or losses resulting from deriv-
ative 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 2023 recorded an expense of Ps.4,607 million as compared to
an expense of Ps.4,549 million in 2022. This 3.3% increase was mainly driven by a higher foreign
exchange loss of Ps.1,046 million as compared to a loss of Ps.324 million recorded during the same
period of 2022, as our cash exposure in U.S. dollars was negatively impacted by the appreciation
of the Mexican peso. In addition, we recognized a lower gain in monetary position in inflationary
subsidiaries, recording Ps.93 million during 2023, as compared to a gain of Ps.536 million during
the previous year. These effects were partially offset by a gain in the market value of financial
instruments of Ps.169 million during 2023, as compared to a loss of Ps.672 million during 2022.
In addition, we recorded net interest expense, of Ps.3,914 million, as compared to an expense of
Ps.4,089 million in 2022, [mainly driven by increases in interest income as a result of an increase
in interest rates.
Net Income (Equity holders of the parent). We reported a net controlling interest income of
Ps.19,536 million in 2023, as compared to Ps.19,034 million in 2022. This 2.6% increase was
mainly driven by operating income growth, partially offset by an increase in our effective tax rate
during the year.
Results by Consolidated Reporting Segment
Mexico and Central America
Total Revenues. Total revenues in our Mexico and Central America consolidated reporting segment
increased by 14.0% to Ps.149,362 million in 2023 as compared to 2022, mainly as a result of a
volume increase in all of our territories coupled with favorable price-mix effects.
Total sales volume in our Mexico and Central America consolidated reporting segment increased by
9.4% to 2,394.8 million unit cases in 2023 as compared to 2022, as a result of a volume increase
in all our territories.
• Sales volume of our sparkling beverage portfolio increased by 6.0% in 2023 as compared to
2022, mainly driven by a 6.7% increase in our colas beverage portfolio.
• Sales volume of our still beverage portfolio increased by 7.6% in 2023 as compared to 2022, due
to an 8.0% increase in Mexico.
• Sales volume of bottled water, excluding bulk water, increased by 17.2% in 2023 as compared to
2022, due to double-digit increases in both Mexico and Central America.
• Sales volume of our bulk water portfolio increased by 25.9% in 2023 as compared to 2022, due
to a double-digit increase in Mexico and Central America.
Income Taxes. In 2023, our effective income tax rate increased to 30.50%, as compared to our
effective income tax rate of 25.4% in 2022 mainly as a result of lower favorable effects in 2023 in
Sales volume in Mexico increased by 8.7% to 2,052.9 million unit cases in 2023, as compared to
1,889.9 million unit cases in 2022, mainly as a result of solid volume performance.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 18
• Sales volume of our sparkling beverage portfolio increased 4.4% in 2023 as compared to 2022,
driven by a 5.2% increase in our colas portfolio and a 0.9% increase in our flavored sparkling
beverage portfolio.
• Sales volume of our still beverage portfolio increased by 8.0% in 2023 as compared to 2022.
• Sales volume of bottled water, excluding bulk water, increased by 16.6% in 2023 as compared
to 2022.
• Sales volume of our bulk water portfolio increased by 25.3% in 2023 as compared to 2022.
South America
Total Revenues. Total revenues in our South America consolidated reporting segment decreased
by 0.01% to Ps.95,726 million in 2023 as compared to 2022, mainly as a result of volume growth,
favorable price-mix and our revenue management initiatives. These factors were partially offset by
unfavorable currency translation effects resulting from the depreciation of most of our operating
currencies as compared to the Mexican peso. Total revenues for beer amounted to Ps. 6,117 mil-
lion in 2023 as compared to Ps. 5,600 million in 2022.
Sales volume in Central America increased by 14.2% to 341.9 million unit cases in 2023, as com-
pared to 299.5 million unit cases in 2022, mainly as a result of solid execution, and a solid perfor-
mance in all our territories across the region.
Total sales volume in our South America consolidated reporting segment increased by 5.5% to
1,653.1 million unit cases in 2023 as compared to 2022, mainly as a result of strong volume
growth in Brazil, Colombia and Uruguay coupled with a slight volume growth in Argentina.
• Sales volume of our sparkling beverage portfolio increased by 14.0% in 2023 as compared to
• Sales volume of our sparkling beverage portfolio increased by 4.3% in 2023 as compared to
2022, driven by a 14.7% increase in colas and 10.7% increase in our flavored sparkling beverage
portfolio.
• Sales volume of our still beverage portfolio increased by 6.0% in 2023 as compared to 2022.
• Sales volume of bottled water, excluding bulk water, increased by 22.7% in 2023 as compared to
2022.
2022, mainly driven by a 5.1% increase in our colas portfolio. Sales volume of our still beverage
portfolio increased by 5.0% in 2023 as compared to 2022, driven mainly by a 46.2% increase in
Uruguay and 14.8% increase in Argentina. Sales volume of our bottled water category, excluding
bulk water, increased by 18.0% in 2023 as compared to 2022, driven mainly by a 52.4% increase
in Brazil and a 31.1% increase in Argentina.
• Sales volume of our bulk water portfolio increased by 287.6% in 2023 as compared to 2022.
• Sales volume of our bulk water portfolio increased by 10.7% in 2023 as compared to 2022, due
Gross Profit. Our gross profit in our Mexico and Central America consolidated reporting segment
increased by 15.5% to Ps.71,665 million in 2023 as compared to 2022 and gross profit margin
increased 60 basis points to 48.0% as compared to 2022. This gross margin increase was driven
mainly by our top-line growth, declining packaging costs and the appreciation of the Mexican Peso
as applied to our U.S. dollar-denominated raw material costs. These effects were partially offset by
increases in sweeteners costs.
Administrative and Selling Expenses. Administrative and selling expenses as a percentage of
total revenues in our Mexico and Central America consolidated reporting segment increased by
120 basis points to 32.4% in 2023 as compared to 2022. Administrative and selling expenses, in
absolute terms, increased by 18.4% in 2023 as compared to 2022 driven mainly by an increase in
operating expenses such as labor, marketing and maintenance.
to an increase in Colombia and Argentina, partially offset by a 4.6% decrease in Brazil.
Sales volume in Brazil increased by 5.8% to 1,075.1 million unit cases in 2023, as compared to
1,016.2 million unit cases in 2022.
• Sales volume of our sparkling beverage portfolio increased by 5.6% in 2023 as compared to
2022, as a result of an increase of 6.8% in our colas portfolio and an increase of 2.2% in our fla-
vored sparkling beverage portfolio.
• Sales volume of our still beverage portfolio increased] by 3.4% in 2023 as compared to 2022.
• Sales volume of our bottled water, excluding bulk water, increased by 13.1% in 2023 as com-
pared to 2022.
• Sales volume of our bulk water portfolio decreased by 4.6% in 2023 as compared to 2022.
Sales volume in Colombia increased by 5.3% to 347.6 million unit cases in 2023, as compared to
330.1 million unit cases in 2022.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 1 19
• Sales volume of our sparkling beverage portfolio increased by 4.0% in 2023 as compared to
2022, mainly driven by a 3.6% growth in colas and 5.7% volume growth in our flavored sparkling
beverage portfolio.
• Sales volume of our still beverage portfolio increased] by 2.3% in 2023 as compared to 2022.
• Sales volume of bottled water, excluding bulk water, increased by 15.5% in 2023 as compared to
Sales volume in Uruguay increased by 10.9% to 51.7million unit cases in 2023, as compared to
46.6 million unit cases in 2022.
• Sales volume of our sparkling beverage portfolio increased by 3.3% in 2023 as compared to
2022.
2022.
• Sales volume of our bulk water portfolio increased by 11.5% in 2023 as compared to 2022.
• Sales volume of our still beverage portfolio increased by 46.2% in 2023 as compared to 2022.
• Sales volume of bottled water increased by 52.4% in 2023 as compared to 2022.
Sales volume in Argentina increased by 2.7% to 178.7 million unit cases in 2023, as compared to
173.9 million unit cases in 2022.
• Sales volume of our sparkling beverage portfolio decreased] by 3.1% in 2023 as compared to
2022, mainly impacted by a 0.9% decrease in colas and 11.7% decrease in our flavored sparkling
beverage portfolio.
• Sales volume of our still beverage portfolio increased by 14.8% in 2023 as compared to 2022.
• Sales volume of bottled water, excluding bulk water, increased by 31.1% in 2023 as compared to
2022.
• Sales volume of our bulk water portfolio increased by 50.7% in 2023 as compared to 2022.
Gross Profit. Gross profit in our South America consolidated reporting segment amounted to
Ps.39,195 million, an increase of 2.4% in 2023 as compared to 2022, with a 90 basis point margin
expansion to 40.9%. This increase in gross profit was mainly driven by a favorable price-mix effect,
our raw material hedging strategies and an increase in our top-line, partially offset by an increase in
sweeteners costs.
Administrative and Selling Expenses. Administrative and selling expenses as a percentage of to-
tal revenues in our South America consolidated reporting segment decreased by 40 basis points to
29.0% in 2023 as compared to 2022 driven mainly by savings and efficiencies. Administrative and
selling expenses, in absolute terms, decreased by 1.4% in 2023 as compared to 2022.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 12 0
CAPITAL AND COMPANY ENGAGEMENT
Capital
Human
Nature
Company Engagement
Capital
Company Engagement
Capital
Company Engagement
Our people are the core of our company. In
line with our people-centric culture, we aim
to increase opportunities for all collabora-
tors to fulfill their careers, foster a culture of
well-being that encompasses a holistic view
of self-care and prevention, and ensure they
enjoy work-life balance at every stage of their
careers. Furthermore, we are committed to
advancing our company's diversity, equity,
and inclusion efforts, with respect and pro-
tection for human rights.
Our business is committed to the responsible
use of natural resources. We are dedicated
to increasing water efficiency in our opera-
tions and securing water availability for our
operations; replenishing the water we use on
the production of our beverages to its source;
and improving access to water, sanitation in
our communities. We also work to increase
energy efficiency across our value chain and
integrate clean and renewable energy sources
to reduce carbon emissions. Our commitment
extends to accelerating the transition to a
circular economy and a world without waste,
strengthening our PET collection and use of
recycled resin across our operations, while
reducing packaging and operational waste.
Social and
Relationship
Financial
The development of our social ambitions and
strategy is founded on an understanding that
our license to operate relies on developing
mutually beneficial relationships between
our company and our internal and external
stakeholders. Internally, we are guided by an
understanding that our people are the core of
Coca-Cola FEMSA, and the best way to grow
is to ensure that our talent can live fulfilling
lives—balancing their purpose in and out of
the workplace. Externally, we are focused on
our relationships with local communities and
the value chain. Recognizing that our opera-
tions have an enormous impact on our society
and communities close to our plants, our goal
is to continue to add shared value to ensure
sustainable growth for our company and com-
munity serve side by side.
Our financial and operating discipline, robust
capital structure, financial flexibility, trans-
formative digital initiatives, and adaptability
to changing market dynamics empower us
to capture both organic and inorganic growth
opportunities in our industry. This approach
ensures the creation of sustainable long-term
value for our investors.
Intellectual
We are accelerating our business's digital
transformation to become the world’s pre-
ferred and most sustainable commercial
platform. We collaborate to create prioritized
digital and analytical solutions that expedite
the deployment of our commercial platforms
and solutions. Our approach uses agile cells
to enhance our competitiveness, proactively
tackle industry challenges, capitalize on mar-
ket opportunities, and promote intellectual
growth across our organization.
Manufactured Our highly experienced teams operate 56
bottling plants and 252 distribution centers
across nine countries, deliver more than 4.0
billion unit cases of beverages through a
primary and secondary fleet to more than 2.1
million points of sale, and serve a population
of more than 272 million.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 12 1
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES REPORT
The impacts of climate change are not only relevant for the planet, but also for the communities
where we operate. Accordingly, identifying climate-related risks and opportunities will enable
us to be prepared to mitigate its effects, build resilience in the communities, and ensure that our
organization’s growth is responsible and serves all of our stakeholders.
To not only respond to our stakeholders’ concerns, but also to prepare for future climate change
challenges, we performed in 2023 a renewed assessment in order to identify and quantify the main
climate-related risks and opportunities, as well as their potential financial impacts in the short,
medium, and long term. This report was prepared based on the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD).
Governance
Organization’s Governance Around Climate-Related Risks and Opportunities
At Coca-Cola FEMSA, the Chairman of the Board oversees and ensures the implementation of our
company’s Sustainability Strategy, aligning our business priorities to fulfill our commitment to
creating economic value and generating social and environmental well-being for our stakeholders.
4. Chief Financial Officer: Responsible for finance, legal, risk management, and sustainable sourcing.
5. Chief Supply Chain and Engineering Officer: Responsible for our environmental pillars (climate
action, water stewardships and world without waste).
The Sustainability Committee meets four times a year to review climate change-related issues,
as well as risks and opportunities. In this way, goals, strategies, and objectives are defined and
integrated into our corporate strategy.
Risk Management
Strategy: Identification of actual and potential impacts of climate-related risks and opportunities
on the organization’s businesses, strategy, and financial planning
Risk Management: Processes used by the organization to identify, assess, and manage cli-
mate-related risks. Coca-Cola FEMSA’s risk management methodology is based on criteria estab-
lished in ISO 31000 and the Internal Control-Integrated Framework (ICIF-2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). The assessment
includes our own operations and upstream activities.
We established a Sustainability Committee comprised of our company’s CEO, CFO, Human Re-
sources, Supply Chain, and Corporate Affairs Directors, and permanent guests from the FEMSA
sustainability team, among others.
For more information about our risk management methodology, please visit Ethics and Gover-
nance on page 94 and refer to the GRI index, standards 2-12 and 2-13.
1. Chief Executive Officer: Oversee and ensure the implementation of our company’s Sustain-
ability Framework
We assess physical and transitional risks and opportunities in line with TCFD recommendations
using a five-step method:
2. Chief Operating Officers: Supervise and ensure that our company’s Sustainability Framework
is implemented in their divisions.
3. Chief Corporate Affairs Officer: Responsible for our company’s Sustainability Framework and
our community development priorities.
1. Identification of climate risks and opportunities (qualitative analysis).
2. Definition of climate scenarios and time horizons.
3. Identification of variables associated with climate scenarios.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 122
Time Horizons: We used three-time horizons with three different scenarios, which helped us to
understand the potential impact of climate-related risks and opportunities on our business. We
chose them for scenario analysis due to the relative abundance of data available for reference
and their compatibility with our business plans and schedules. They are also aligned with national
and international objectives on climate change: a “short-term” period (2030), a “medium-term”
period (2040), and a “long-term” period (2050). Each of the three scenarios and time horizons
presents its own social, political-regulatory, economic, and technological-energy context, with
important differences and consequences regarding climate change. The IPCC and IEA scenar-
ios are those recommended by the TCFD, with wide market adoption. The vast majority of the
physical climate models follow the IPCC’s Representative Concentration Pathways (RCPs). NGFS
scenarios are compatible with the Financial Stability Board and provide comprehensive databases
of market variables. All three sets of scenarios are consistent and must be updated frequently.
Risk Matrix: Please see our Risk Matrix in Ethics and Governance on page 110.
For more information please visit our →20-F report.
4. Estimation of risk and opportunity parameters.
5. Calculation of value at risk from climate change (includes a quantitative estimate of the ex-
pected and stressed impact of risks and opportunities).
Multidisciplinary groups in our operations (consisting of areas such as sustainability, strategic
planning, operations, marketing, finance, corporate affairs, etc.) work together to identify, prior-
itize, and quantify the main climate-related risks and opportunities. As a result of our review of
recommended scenarios and multidisciplinary working sessions, we considered three scenarios
in our analysis, using a combination of those presented by the International Energy Agency (IEA),
the Intergovernmental Panel on Climate Change (IPCC), and the Network for Greening the Finan-
cial System (NGFS).
This combination will help us to assess the physical and transitional risks and opportunities within
several temperature-rise scenarios by adhering to TCFD recommendations:
1. Net Zero Scenario, global temperature rises 1.5°C
Assumption: Net zero emissions are achieved globally by 2050 through international coopera-
tion and social involvement.
Selected climate scenarios: a) IPCC (SSP1 – 1.9), b) IEA (NZE), c) NGFS (Net Zero 2050)
2. “Moderate Transition” Scenario, global temperature rises 1.8°C
Assumption: Only those economies with the objective of achieving net zero emissions by
2050 will achieve it through international cooperation and social involvement.
Selected climate scenarios: a) IPCC (SSP1 – 2.6), b) IEA (APS), c) NGFS (Below 2°C)
3. “No Ambition” Scenario, global temperature rises 2.7°C
Assumption: Developed economies do not achieve net zero emissions by 2050. There is lack
of impulse for political agents, who are limited to fulfilling their commitments.
Selected climate scenarios: a) IPCC (SSP2 – 4.5), b) IEA (Stated Policies), c) NGFS (Deter-
mined Contributions)
OVERVIEW
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 123
Risks and Opportunities Related to Climate
The next table not only summarizes, but also quantifies the main identified risks and opportunities. We identify both physical and transition risks, as well as current and emerging risks and opportunities.
The development of climate change related risks may be influenced by changes in market conditions, regulatory frameworks, technological advancements, and other external factors.
The financial impact was defined with the following ranges: Low (0 to 50), medium (from 51 to 150), and high (more than 150) million US dollars.
Type
Category
Risk / Opportunity
Financial
impact
Description
Physical risks
Chronic
Variation of average precipitation High
Acute
Extreme rainfall and flooding
Low
Transition
risks
Legal /
Political
Market
Increase in GHG emissions prices Medium
Increase in the cost of raw
materials associated with
generated emissions
High
Increase in the cost of sugar due
to changes in weather conditions
High
As rainfall decreases in the geolocations of the smaller basins, there would be
a potential limitation of water extraction and, therefore, a decrease in beverage
production.
The occurrence of floods could generate complications in production. Additionally,
damage and/or losses to fixed assets may occur.
Imposing a tax on business revenues could mean significant additional carbon
costs according to own emissions of scope 1 and 2
The increase in the carbon price that impacts the cost of key raw materials (sugar,
recycled and non-recycled PET) could mean an increase in the production costs
given that, when a carbon tax is implemented, the producer could pass this cost
on to the business.
The climatological changes that climate change may bring may result in the yields
of sugarcane crops being affected (decrease in supply) and the prices of refined
sugar may increase.
See section for information about
management and mitigation
Foster a sustainable future
Water stewardship
Foster a sustainable future
Climate action
Ethics and Governance
Supply Chain Management
Foster a sustainable future
World without waste
Ethics and Governance
Supply Chain Management
Foster a sustainable future
Climate action
Opportunities Energy
sources
Resource
efficiency
Use of low-emission energy
sources and new technologies in
own consumption and promotion
of decentralized generation
Improvement in the efficiency of
facilities and production processes
Note: Emerging regulations are described in our risk matrix.
High
Economic benefit of using renewable energy in operations compared to the
consumption of energy with a high concentration of carbon.
Medium
Economic benefit from the development of efficiency projects related to
packaging, energy and water.
Foster a sustainable future
Water stewardship, World Without
Waste, Climate action
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 124
In addition, the following risks and opportunities were also identified:
Transition Risks:
• Legal/political- Operation limits (input / output): The limits on the transit of the business's
vehicle fleet in certain geographic areas due to the implementation of regulations that promote
a more aggressive reduction of emissions from mobile sources would affect the distribution
process.
• Technology - Disruptive technologies in production processes: Lack of investment in new tech-
nologies.
• Reputation - Concern of stakeholders: new demands from stakeholders.
Opportunities:
• Products and services - Development and/or expansion of low-emission goods and services and
diversification of the business model: The implementation of a new product distribution model,
aligned with the energy transition and the decarbonization of the economy.
• Resource efficiency - Reduction in operating expenses due to recycling: The use and expansion
of recycling processes to introduce materials to a new production cycle, in addition to selling
them to third parties.
• Resource efficiency - Improvement in the efficiency of distribution and transportation: Work
with suppliers to reduce scope 3 emissions from product distribution.
• Resource efficiency - Reduction of water use and consumption: Economic benefits from water
efficiency projects.
• Resilience - Increasing supply chain security through substitution/diversification: Work with
suppliers to ensure low-emission raw materials.
Goals and Metrics
Metrics and targets used to assess and manage relevant climate-related risks and opportunities
where such information is material.
In 2020, we became the first Mexican company and the third in Latin America to achieve the
official approval of our emissions reduction targets by the Science Based Target initiative (SBTi),
aligned with the goal of the 2015 Paris Agreement to limit global warming to well below 2°C
above preindustrial levels. Accordingly, our 2030 commitments (compared with the 2015 base-
line) are:
• Reduce 50% absolute GHG emissions from our operations (scope 1 and 2) by 2030 compared
with a 2015 baseline year.
• Achieve 100% renewable electricity for our operations.
• Reduce 20% absolute GHG emissions from the value chain by 2030 compared with a 2015
baseline year.
Moreover, we meticulously report and verify by a third party our progress in our integrated report
and to the CDP in accordance with their guidelines enhancing transparency regarding our emis-
sion sources and progress to date.
To read about or plans, goals, progress, and commitments towards climate change please see
Foster a Sustainable Future, page 48.
OVERVIEW
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 12 5
PERFORMANCE IN DETAIL
The following Performance in Detail tables represent Coca-Cola FEMSA's sustainability results, meticulous-
ly aligned with our updated Sustainability Framework. This comprehensive data not only showcases our
progress in 2023 but also extends to include a detailed account from the previous two years, reflecting our
dedication to adherence to best industry practices. Through this effort, we aim to provide a clear view of
our sustainability journey, underscoring our commitment to transparency and continuous improvement.
Disclosure
Beverage
Beverage produced
Water stewardship
Water
Water withdrawal
Unit
2021
2022
2023
Disclosure
thousands of Megaliters
18.97
20.58
22.21
Total water withdrawal
thousands of Megaliters
27.90
30.24
30.99
Municipal water
Rainwater
Wells
Surface water
Water discharged
thousands of Megaliters
thousands of Megaliters
thousands of Megaliters
thousands of Megaliters
Total water discharged
thousands of Megaliters
thousands of Megaliters
thousands of Megaliters
8.43
0.01
18.07
1.49
8.57
4.13
4.44
9.32
0.01
19.28
1.64
8.56
3.94
4.62
9.24
0.01
21.74
0.00
8.38
4.46
3.92
Liters of water used per liter of
beverage produced
1.47
1.46
1.42
thousands of Megaliters
12.87
13.51
13.88
Sewer
River
Efficiency
Water efficiency
Water stressed areas
Water withdrawal in areas with
water stress
Replenishment
Replenish water we use in our
production, focusing on medium
and high stress sites
%
98%
+100%
+100%
World without waste
Waste
Industrial waste
Waste generated
Waste recycled
Waste recycled
Waste directed to disposal
Waste directed to disposal
Hazardous waste (1)
Waste efficiency
Unit
kton
kton
%
kton
%
kton
2021
2022
2023
119.60
116.76
129.77
127.84
178.22
174.58
98%
2.84
2.0%
2.05
99%
1.93
1.5%
2.36
98%
3.64
2.0%
1.69
Waste per liter of beverage
Grams
6.30
6.31
8.17
Zero waste
Bottling plants certified as zero
waste
Distribution centers certified as
zero waste
%
%
Materials
PET
Total used PET
Used virgin PET
Used recycled PET
Used recycled PET
Other materials
Paper
kton
kton
kton
%
Tons
46%
77%
84%
0%
0%
1%
270.60
187.50
83.10
31%
321.22
235.71
85.51
27%
331.86
221.97
109.89
33%
0.95
0.95
2
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APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 126
Unit
Thousand Km
2021
NA
2022
2023
NA 492,422.47
Disclosure
Paper - recycled content
Aluminum
Aluminum - recycled content
Glass
Glass - recycled content
Reusable packaging / Recycling
Returnable/refillable bottles from
total volume
PET collected from the one we put
in the market
Climate action (2)
GHG Emissions
Absolute Greenhouse Gas
Emissions
Emissions Scope 1
Emissions Scope 2
Emissions Scope 3 (3)
Emissions Intensity (Scope 1 + 2)
Unit
%
Tons
%
Tons
%
%
%
2021
1%
31.8
70%
87.4
30%
2022
1%
31.8
70%
87.4
30%
2023
-
36.6
64%
119.5
36%
33.7%
31.5%
32.0%
45%
26%
31%
Disclosure
Total fleet road kilometers
travelled
Environmental management
Environmental violations
Number of violations of legal
environmental obligations/
regulations
Sustainable Sourcing
Supplier information
Total suppliers
Tier 1 suppliers
kton of CO2e
3,898.64 3,788.75 3,462.48
kton of CO2e
kton of CO2e
kton of CO2e
grams of CO2e per liter of
beverage produced
567.85
554.50
576.95
50.99
52.11
26.95
3,279.79
3,182.15
2,858.58
32.62
29.48
27.19
Energy
Total energy use
Electricity from non-renewable
sources
Electricity from renewable
sources
Energy from fuels
TJ
TJ
TJ
TJ
Global use of renewable energy (4) %
3,379.07 4,165.42 3,909.35
1,020.79
751.37
497.86
1,158.55
1,480.27
1,647.05
1,619.22
1,933.77
1,764.44
53%
66%
77%
Efficiency
Energy efficiency
Fleet
Fleet fuel management
Fleet fuel consumed
Percentage renewable
liters of beverage produced per
megajoule of energy used
5.66
5.97
6.11
TJ
%
NA
<1
NA
<1
5,539.94
1.3
Assessment and development
Total number of suppliers
assessed
#
#
#
%
#
#
#
#
#
#
#
#
#
#
#
#
#
Total significant suppliers (Tier 1) #
Percentage of total spend on
significant suppliers in Tier 1
Total number of significant
suppliers in non Tier 1
Total number of significant
suppliers (Tier 1 and non Tier 1)
Supplier assessment
Total suppliers assessed with our
Supplier Guiding Principles
By country
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico
Nicaragua
Panama
Uruguay
0
0
0
14,583
14,408
16,589
16,523
14,061
13,912
520
NA
175
695
570
NA
66
636
405
35%
149
554
699
665
749
42
266
56
47
57
143
24
36
28
41
187
45
38
68
217
13
34
22
34
223
60
38
61
246
20
35
32
1,013
820
922
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 127
Disclosure
Unit
% of significant suppliers
assessed (5)
Number of suppliers assessed
with substantial actual/potential
negative impacts (6)
Suppliers identified as having
significant actual and potential
negative environmental impacts
with which improvements were
agreed upon as a result of
assessment
Number of suppliers with
substantial actual/potential
negative impacts that were
terminated
Total number of suppliers
supported in corrective action
plan implementation (7)
% of suppliers assessed with
substantial actual/potential
negative impacts supported
in corrective action plan
implementation
Total number of suppliers in
capacity building programs (8)
% of significant suppliers in
capacity building programs
Certifications of Agricultural Crops
% of sugar volume from Bonsucro
certified suppliers
Local suppliers
Buying of local suppliers vs. total
ESG maturity in suppliers
ESG assessment to suppliers
Suppliers with low ESG
compliance
Suppliers with medium ESG
compliance
%
#
%
#
#
%
#
%
%
%
%
%
2021
49%
2022
21%
2023
30%
NA
NA
43
100%
100%
100%
Disclosure
Suppliers with high ESG
compliance
Integral Employee Well-being
Hires
Total hires
By country
NA
NA
7
1,013
820
922
100%
100%
100%
NA
NA
NA
NA
948
33%
40%
52%
71%
94.69%
90.37%
95.03%
NA
NA
NA
NA
36%
32%
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico
Nicaragua
Panama
Uruguay
By gender
Male
Female
By age group
18-34
35-44
45-60
60+
<30
30-39
40-49
50-59
60+
Internal hires
Open positions filled by internal
candidates
Hiring costs
Unit
%
2021
NA
2022
NA
2023
32%
#
#
#
#
#
#
#
#
#
#
%
%
%
%
%
%
%
%
%
%
%
%
17,751
20,872
29,179
NA
NA
NA
NA
NA
NA
NA
NA
NA
79%
21%
80%
16%
4%
0%
413
6,401
725
256
2,543
420
6,905
779
467
2741
10,176
17,493
138
102
118
83%
17%
82%
25%
3%
0%
123
133
118
82%
18%
60%
30%
8%
1%
1%
32%
55%
31%
Average hiring cost
Mexican pesos
1,603.77
2,411.34
1,709.65
OVERVIEW
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SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 128
Unit
2021
2022
2023
Disclosure
Unit
Disclosure
Turnover
Total turnover rate
Voluntary
Involuntary
Voluntary turnover by age group
18-34
35-44
45-59
60+
<30
30-50
>50
Involuntary turnover by age group
18-34
35-44
45-59
60+
<30
30-50
>50
Voluntary turnover by gender
Male
Female
Involuntary turnover by gender
Male
Female
Voluntary turnover by country
Argentina
Brazil
Colombia
Costa Rica
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
20.20%
28.80%
30.88%
11.30%
9.65%
8.90%
19.10%
10.14%
20.74%
Guatemala
Mexico (9)
Nicaragua
Panama
Uruguay
16.76%
6.12%
3.27%
23.39%
10.19%
7.85%
6.38%
20.81%
16.76%
5.75%
1.37%
6.00%
4.00%
0.35%
28.67%
13.67%
9.35%
11.10%
8.80%
0.80%
11.07%
13.33%
9.17%
12.72%
8.26%
1.88%
Involuntary turnover by country
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico (9)
Nicaragua
Panama
Uruguay
Parental leave
Employees that returned to work
after parental leave
Male
Female
Employees that continue working
12 months after parental leave
Male
Female
9.10%
7.50%
20.2%
12.0%
18.27%
2.47%
Health & Safety
Workers covered by an OHS
management system
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
2021
100.50%
7.00%
4.90%
1.90%
16.50%
2022
3.39%
2023
2.31%
12.09%
21.11%
9.24%
1.19%
9.61%
7.17%
1.69%
4.85%
8.08%
15.50%
11.19%
10.89%
81.62%
31.93%
2.34%
5.34%
1.40%
8.23%
14.50%
13.71%
5.50%
7.80%
5.69%
6.39%
2.10% 116.73%
8.00%
4.70%
5.70%
2.40%
17.70%
2.54%
5.16%
11.66%
11.20%
97.0%
98.5%
100%
NA
NA
NA
NA
NA
97.4%
98.7%
78.7%
80.6%
63.6%
100%
100%
92.7%
93.9%
98.8%
9.50%
6.90%
16.80%
10.30%
5.33%
6.38%
8.37%
4.26%
6.70%
8.35%
11.49%
20.44%
% of employees who are covered
by OHSM system
%
100%
100%
100%
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 12 9
Disclosure
% of workers who are not
employees but whose work and/
or workplace is controlled by the
organization who are covered by
OHSM system
Training on Health & Safety
Total hours of training in health
and safety
Number of employees trained on
health and safety
Fatalities
Total fatalities
Internal causes
Employees
Contractors
Communities
Incident Rate
Total TIR
TIR - Employees
TIR - Third Parties
Lost Time Incident Rate
Total LTIR
LTIR - Employees
LTIR - Third Parties
Training
Average training hours
By gender
Male
Female
By contribution level
Strategic leaders (top
management)
Tactical leaders (middle
management)
Unit
%
#
#
#
#
#
#
#
n per 200,000 hours worked
n per 200,000 hours worked
n per 200,000 hours worked
n per 200,000 hours worked
n per 200,000 hours worked
n per 200,000 hours worked
#
#
#
#
#
2021
100%
2022
100%
2023
100%
NA
339,922
240,694
35,056
41,937
41,829
17
8
0
5
12
1.06
1.04
NA
0.66
0.58
NA
28
27
36
53
67
38
9
0
4
34
0.90
0.88
0.95
0.61
0.60
0.64
22
21
27
28
33
34
8
4
3
27
1.60
2.02
0.72
0.88
1.06
0.51
25
24
29
24
33
Disclosure
Unit
2021
2022
2023
People leaders (junior
management)
Individual contributors
Operations contributors
Interns
By age group
18-34
35-44
45-59
60+
18-29
30 - 50
51+
Total training by topic
Health & Safety
Sustainability
Human rights
Technical capabilities
Leadership
Others
Average invested amount
per employee training and
development
Human Capital Return on
Investment ((Total Revenue -
(Operative Expenses - Employee
Related Expenses)) / Employee
Related Expenses)
Performance
Employees receiving regular
performance and career
development reviews
Well-being
Lost days
#
#
#
#
#
#
#
#
#
#
#
73
38
22
31
NA
NA
NA
NA
34
29
20
10
25
20
18
13
39
30
17
48
30
24
16
#
#
#
#
#
#
Mexican pesos
NA
NA
NA
NA
NA
NA
2,098
339,922
NA
NA
NA
NA
NA
2,257
240,694
32,362
22,187
944,705
106,354
894,776
2,806
HC ROI
4.57
5.12
5.03
%
97%
97%
98%
General illness index
Lost days per 100 employees
534.40
467.50
339.75
OVERVIEW
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 130
Unit
2021
2022
2023
Disclosure
Unit
2021
2022
2023
Disclosure
Climate assessment
Engagement level result in annual
organizational climate assessment
Employees who participated
in the organizational climate
assessment
Volunteer program
Total volunteering initiatives
Total volunteers (internal and
external)
Total volunteering hours
%
%
#
#
#
91%
92%
91%
92%
89%
93%
Average Tenure
Average tenure of board members
in years
Years
Anticorruption / Ethics / Code of Conduct
Communication and training about anticorruption
2,432
2,337
2,181
93,012
105,958
129,388
Employees adhered to the
company’s anticorruption process
and policies
Employees trained in
anticorruption and ethics
254,873
250,812
302,531
Ethics Line
%
%
#
%
%
%
%
%
%
Total complaints received
Complaints by category
Operational
Financial information
Human Resources
Complaints by status
In review
Substantiated
Unsubstantiated
Anticorruption
Cost of fines, penalties or
settlements in relation to
corruption
13.40
12.81
10.93
100%
100%
100%
NA
NA
80%
1,616
1,371
2,163
12%
0%
88%
29%
32%
39%
12%
2%
86%
45%
24%
31%
12%
1%
87%
32%
30%
38%
Mexican pesos
-
-
-
Human Rights + Diversity, Equity and Inclusion
Employees
Employees + Non-employee
workers
#
Employees
Non-employee workers
Gender (internal employees)
Male
Female
#
#
#
%
#
84,568
97,213
104,241
74,574
9,994
80,447
16,766
86,811
17,430
65,218
68,969
73,319
87.45%
85.73%
84.46%
9,356
11,478
13,492
Total investment in volunteering
Million USD
0.28
8.7
1.5
Collective bargaining
Employees covered by a collective
agreement
Community Development
Community Investment
Total community investment
Total of people benefited directly by
community initiatives
Priority plants with a community
engagement plan with MARRCO
Methodology
Countries with an impact
assessment and community program
Ethics & Governance
Board
Board type / one-tier system
Executive directors
Non executive directors
Independent directors
Board by gender
Male
Female
%
62%
62.10%
65.82%
Million Mexican pesos
#
NA
423,961
47.2
321,685
88.6
359,343
#
%
#
#
#
#
#
0
3
4
100%
100%
100%
0
8
9
17
0
0
8
8
16
0
0
8
8
14
2
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SUSTAINABILITY
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 131
Disclosure
Unit
2021
2022
2023
Disclosure
Unit
12.55%
14.27%
15.54%
Female
Age group (internal employees)
18-34
35-44
45-59
60+
<30
30-50
>50
Country (internal employees)
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico
Nicaragua
Panama
Uruguay
%
%
%
%
%
%
%
%
#
#
#
#
#
#
#
#
#
Contribution level (internal employees)
#
Strategic leaders (top
management)
Male
Female
Tactical leaders (middle
management)
Male
Female
People leaders (junior
management)
Male
%
%
#
%
%
#
%
54%
29%
16%
1%
38%
54%
7%
34%
57%
9%
2,346
2,462
2,583
19,278
22,034
24,090
3,159
1,189
2,952
3,351
1,261
3,068
3,482
1,358
3,242
42,291
45,565
49,224
712
1,247
681
769
1,275
662
819
1,327
686
NA
79%
21%
NA
75%
25%
NA
61%
116
78%
22%
898
73%
27%
127
73%
27%
934
71%
29%
2,375
2,427
71%
69%
Individual contributors
Male
Female
Operations contributors
Male
Female
Nationality (internal employees)
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico
Nicaragua
Panama
Uruguay
Venezuela
Others
%
#
%
%
#
%
%
%
%
%
%
%
%
%
%
%
%
%
Nationality (share in management positions)
Argentina
Brazil
Colombia
Costa Rica
Guatemala
Mexico
Nicaragua
Panama
Uruguay
Venezuela
%
%
%
%
%
%
%
%
%
%
2021
39%
NA
77%
23%
NA
94%
6%
3%
26%
4%
<1%
4%
58%
<1%
2%
<1%
<1%
<1%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
2022
29%
2023
31%
25,651
27,553
74%
26%
72%
28%
51,721
55,770
92%
8%
3%
27%
4%
2%
4%
56%
1%
2%
<1%
1%
<1%
6%
17%
7%
3%
3%
59%
1%
1%
<1%
1%
91%
9%
3%
27%
4%
1%
4%
56%
1%
1%
1%
<1%
<1%
5%
21%
8%
2%
2%
58%
<1%
<1%
1%
2%
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 13 2
Disclosure
Others
Women
Share in management positions
(strategic and tactical leaders)
Share in total management positions
(strategic, tactical and people
leaders)
Share in top management positions
(as % of total management
positions)
Total in non-managerial positions
(individual contributors)
Women in management positions in
revenue-generating functions
Women in STEM-related positions
Gender pay gap (10)
Mean gender pay gap (men vs.
women)
Median gender pay gap (men vs.
women)
Disabilities
Employees with a disability
Human Rights
Total hours of training in human
rights
Product portfolio
Customer satisfaction (11)
Unit
%
%
%
%
%
%
%
%
%
#
#
%
2021
NA
2022
<1%
2023
1%
28.0%
28.4%
29.0%
NA
28.2%
30.3%
Notes
NA: Not Available.
Data reported for Water Stewardship, World Without Waste and Climate Action do not include the 7
plants acquired in Mexico at the end of 2022, which are still in the required one-year alignment process to
Coca-Cola FEMSA's standards.
(1) All hazardous waste is either recycled, sent to compost or to incineration for energy recovery.
(2) Our emissions and energy performance reflect all our operations and are calculated based on the SBTi
methodology.
(3) Our SBTi target does not include electricity from our customers’ cold beverage equipment.
(4) Includes plants and distribution centers. In 2021, we obtained I-REC for the renewable energy supply of
our operations, including plants and distribution centers.
(5) From total assessments made by The Coca-Cola Company to significant suppliers identified.
(6) Suppliers with a low performance evaluation: those who have been evaluated on several occasions and
have not demonstrated a significant improvement. In-site audits are made in order to perform a root
cause analysis and a period of time is given for improvements (otherwise the supplier will be penalized).
(7) All suppliers assessed, no matter their performance evaluation, have an action plan.
(8) All suppliers assessed participate in an ESG training program (minimum of 6 months) and additional
suppliers were part of the Supplier Leadership Program for Climate Transition.
(9) 2021 and 2022 does not include turnover at the Mexico Corporate Head Office.
(10) The salary analysis does not consider unionized or tabulated (fixed value) employees.
(11) CSM is a qualitative and quantitative index that measures customer service in commercial and
distribution areas. In addition to this, we implement comprehensive measurement and listening tools, as
well as standard cycles to attend customers’ requests.
NA
0.8%
1.0%
23.0%
26.0%
28.0%
26.4%
15.9%
12.0%
7.0%
11.6%
13.0%
NA
NA
NA
NA
NA
2.8%
3.4%
NA
1,132
NA
12,293
22,187
88.1%
90.9%
91.2%
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 133
SASB CONTENT INDEX
Table 1. Sustainability Disclosure Topics & Metrics
Topic
Fleet Fuel Management Fleet fuel consumed
Accounting metric
Energy Management
Water Management
Percentage renewable
Operational energy consumed
Percentage grid electricity
Percentage renewable
Total water withdrawn
Total water consumed
Percentage of each in regions with High or Extremely High Baseline Water Stress
Code
FB-NB-110a.1
FB-NB-130a.1
FB-NB-140a.1
Response
Performance in detail
Climate action
Performance in detail
Climate action
Performance in detail
Water stewardship
Description of water management risks and discussion of strategies and practices to mitigate
those risks
FB-NB-140a.2
Foster a sustainable future
Water stewardship
Health & nutrition
Revenue from zero- and low-calorie or energy-free and low-energy beverages
Revenue from no-added-sugar beverages
Revenue from artificially sweetened beverages
Discussion of the process to identify and manage products and ingredients related to nutritional
and health concerns among consumers
FB-NB-260a.1
Not currently reported.
FB-NB-260a.2
Grow the Core
Coca-Cola FEMSA’s Commitment to
Responsible Marketing, Informed Choices, and
Quality
OVERVIEW
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 134
Topic
Product Labelling &
Marketing
Accounting metric
Percentage of advertising impressions (1) made on children and (2) made on children promoting
products that meet dietary guidelines
Code
FB-NB-270a.1
Revenue from products labelled as (1) containing genetically modified organisms (GMOs) and (2)
non-GMO
Number of incidents of non-compliance with industry or regulatory labelling or marketing codes
Total amount of monetary losses as a result of legal proceedings associated with marketing or
labelling practices
FB-NB-270a.2
FB-NB-270a.3
FB-NB-270a.4
Packaging Lifecycle
Management
Total weight of packaging
Percentage made from recycled or renewable materials
Percentage that is recyclable, reusable, or compostable
Discussion of strategies to reduce the environmental impact of packaging throughout its lifecycle
Environmental & Social
Impacts of Ingredient
Supply Chain
Suppliers’ social and environmental responsibility audit (1) nonconformance rate and (2)
associated corrective action rate for (a) major and (b) minor non-conformances
FB-NB-410a.1
FB-NB-410a.2
FB-NB-430a.1
Ingredient Sourcing
Percentage of beverage ingredients sourced from regions with High or Extremely High Baseline
Water Stress
FB-NB-440a.1
List of priority beverage ingredients and discussion of sourcing risks related to environmental and
social considerations
FB-NB-440a.2
Table 2. Activity
Metrics
Activity Metric
Volume of products sold
Number of production facilities
Total fleet road kilometers travelled
Code
FB-NB-000.A
FB-NB-000.B
FB-NB-000.C
Response
Grow the Core
Coca-Cola FEMSA’s Commitment to
Responsible Marketing, Informed Choices, and
Quality
Not currently reported.
Grow the Core
Coca-Cola FEMSA’s Commitment to
Responsible Marketing, Informed Choices, and
Quality
Performance in detail
World without waste
Foster a sustainable future
World without waste
Performance in detail
Sustainable Sourcing
Ethics and Governance
Supply Chain Management
Performance in detail
Water stewardship
Ethics and Governance
Risk management
Response
Coca-Cola FEMSA at a Glance
Our footprint
Performance in detail
Climate action
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 135
GRI CONTENT INDEX
Disclosure
GRI 2: General Disclosures 2021
2-1 Organizational details
Response
Coca-Cola FEMSA at a Glance
Appendix
Shareholder and Analyst Information
About Our Integrated Report
2-2 Entities included in the organization’s sustainability
reporting
Appendix
About Our Integrated Report
2-3 Reporting period, frequency and contact point
Appendix
Shareholder and Analyst Information
About Our Integrated Report
2-4 Restatements of information
2-5 External assurance
Information about any restatements is provided in the footnotes to the relevant data.
Appendix
Independent Limited Verification Report
2-6 Activities, value chain and other business relationships
Coca-Cola FEMSA at a Glance
2-7 Employees
2-8 Workers who are not employees
Foster a Sustainable Future
Integral Employee Well-being
Appendix
Performance in detail
2-9 Governance structure and composition
2-10 Nomination and selection of the highest governance body
Ethics and Governance
Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/
2-11 Chair of the highest governance body
OVERVIEW
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COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 136
Disclosure
Response
2-12 Role of the highest governance body in overseeing the
management of impacts
Ethics and Governance
Risk Management
2-13 Delegation of responsibility for managing impacts
Appendix
Task Force on Climate-Related Financial Disclosures Report
The Risk Management Methodology at Coca-Cola FEMSA is based on criteria established in ISO 31000 and the Internal Control-
Integrated Framework (ICIF-2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
best practices are included in the methodology: description of the risk, likelihood and impact, description of risk appetite, prioritization
of identified risks and description of mitigation action (control activities). These risks are evaluated and registered in a Risk and
Controls Matrix.
Besides the responsibilities of our CEO to manage and monitor the risk management process, our CFO has dedicated risk management
responsibility on an operational level and our Administration and Corporate Control Officer (who reports directly to FEMSA’s audit
committee) has the responsibility for monitoring and auditing risk management performance on an operational level.
2-14 Role of the highest governance body in sustainability
reporting
Ethics and Governance
Foster a Sustainable Future
Our Sustainability Priorities
2-15 Conflicts of interest
Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/
2-16 Communication of critical concerns
Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
2-17 Collective knowledge of the highest governance body
Ethics and Governance
Code of Conduct: https://coca-colafemsa.com/wp-content/uploads/2022/09/KOF_Codigo_de_etica_english_ALTA_sep_2022.pdf
2-18 Evaluation of the performance of the highest governance body Form 20-F and other reports: https://coca-colafemsa.com/en/investor-relations/reports-and-results/
2-19 Remuneration policies
2-20 Process to determine remuneration
2-21 Annual total compensation ratio
Ethics and Governance
Not currently reported
2-22 Statement on sustainable development strategy
Letter to Our Stakeholders
OVERVIEW
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 137
Disclosure
2-23 Policy commitments
2-24 Embedding policy commitments
2-25 Processes to remediate negative impacts
Response
Please see the following sections for references to our policies and commitments:
Grow the Core
Coca-Cola FEMSA’s Commitment to Responsible Marketing, Informed Choices, and Quality
Foster a Sustainable Future
Water stewardship
World Without Waste
Integral Employee Well-being
Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
Respect for Human Rights
Cybersecurity
Supply Chain Management
Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
Performance in detail
Climate action
Ethics and Governance
2-26 Mechanisms for seeking advice and raising concerns
2-27 Compliance with laws and regulations
2-28 Membership associations
→ Associations and Memberships
2-29 Approach to stakeholder engagement
Foster a Sustainable Future
Coca-Cola FEMSA’s Path to Sustainable and Inclusive Growth
2-30 Collective bargaining agreements
GRI 3: Material Topics 2021
3-1 Process to determine material topics
3-2 List of material topics
Appendix
Capital and Company Engagement
Foster a Sustainable Future
Integral Employee Well-being
Appendix
Performance in detail
Foster a Sustainable Future
Our Sustainability Priorities
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 138
Disclosure
3-3 Management of material topics
Response
Our material topics are integrated in our Sustainability Framework. For detail on the management of each material topic, please see its
corresponding section of our Annual Report with a focus on:
Grow the Core
Foster a Sustainable Future
Ethics and Governance
GRI 201: Economic Performance 2016
201-1 Direct economic value generated and distributed
Appendix
Financial Highlights
201-2 Financial implications and other risks and opportunities
due to climate change
Appendix
Task Force on Climate-Related Financial Disclosures Report
GRI 203: Indirect Economic Impacts 2016
203-1 Infrastructure investments and services supported
GRI 204: Procurement Practices 2016
204-1 Proportion of spending on local suppliers
Foster a Sustainable Future
Water Stewardship
World Without Waste
Integral Employee Well-being
Community Development
Ethics and Governance
Supply Chain Management
Appendix
Performance in detail
GRI 205: Anti-corruption 2016
205-2 Communication and training about anti-corruption
policies and procedures
Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
205-3 Confirmed incidents of corruption and actions taken
Appendix
Performance in detail
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 139
Disclosure
GRI 301: Materials 2016
301-1 Materials used by weight or volume
301-2 Recycled input materials used
301-3 Reclaimed products and their packaging materials
GRI 302: Energy 2016
302-1 Energy consumption within the organization
302-3 Energy intensity
302-4 Reduction of energy consumption
302-5 Reductions in energy requirements of products and
services
GRI 303: Water and Effluents 2018
Response
Coca-Cola FEMSA at a Glance
Our Sustainability Goals
Foster a Sustainable Future
World Without Waste
Appendix
Performance in detail
Foster a Sustainable Future
Climate Action
Appendix
Performance in detail
303-1 Interactions with water as a shared resource
303-2 Management of water discharge-related impacts
Foster a Sustainable Future
Water Stewardship
303-3 Water withdrawal
303-4 Water discharge
303-5 Water consumption
Appendix
Performance in detail
All water discharged is measured against The Coca-Cola Company’s standard requirements and those required per countries’
regulations. We always use approved methods, calibrated equipment, and defined frequencies. Some of our limits within the water
discharged parameters are BOD <50 mg/L, Phosphorus <2 mg/L, Total Nitrogen <5 mg/L, Temperature variation (receiving water) ≤5 °C,
Dissolved oxygen >4 mg/L, pH 6.5 to 8, and Total Suspended Solids <50 mg/L. The analysis of water quality is performed quarterly unless
regulations require more frequent analysis. All production facilities have their own control to ensure the quality of discharged water.
GRI 304: Biodiversity 2016
304-1 Operational sites owned, leased, managed in, or adjacent
to, protected areas and areas of high biodiversity value outside
protected areas
Foster a Sustainable Future
Water Stewardship
304-3 Habitats protected or restored
OVERVIEW
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ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 140
Disclosure
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2) GHG emissions
305-3 Other indirect (Scope 3) GHG emissions
305-4 GHG emissions intensity
305-5 Reduction of GHG emissions
Response
Coca-Cola FEMSA at a Glance
Our Sustainability Goals
Foster a Sustainable Future
Climate Action
Appendix
Performance in detail
GRI 306: Waste 2020
306-1 Waste generation and significant waste-related impacts
306-2 Management of significant waste-related impacts
Coca-Cola FEMSA at a Glance
Our Sustainability Goals
306-3 Waste generated
306-4 Waste diverted from disposal
306-5 Waste directed to disposal
Foster a Sustainable Future
World Without Waste
Appendix
Performance in detail
GRI 308: Supplier Environmental Assessment 2016
308-1 New suppliers that were screened using environmental
criteria
Ethics and Governance
Supply Chain Management
308-2 Negative environmental impacts in the supply chain and
actions taken
Appendix
Performance in detail
GRI 401: Employment 2016
401-1 New employee hires and employee turnover
401-2 Benefits provided to full-time employees that are not
provided to temporary or part-time employees
401-3 Parental leave
Foster a Sustainable Future
Internal Employee Well-being
Appendix
Performance in detail
Minimum number of weeks of fully paid maternity leave are 12 and minimum number of weeks of paternity leave are 2.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 141
Disclosure
Response
GRI 402: Labor/Management Relations 2016
402-1 Minimum notice periods regarding operational changes
Notices of significant operational changes are done in compliance with applicable laws in the countries where we operate.
GRI 403: Occupational Health and Safety 2018
403-1 Occupational health and safety management system
403-2 Hazard identification, risk assessment, and incident
investigation
403-3 Occupational health services
Coca-Cola FEMSA at a Glance
Our Sustainability Goals
Foster a Sustainable Future
Integral Employee Well-being
403-4 Worker participation, consultation, and communication
on occupational health and safety
403-5 Worker training on occupational health and safety
Appendix
Performance in detail
403-6 Promotion of worker health
403-7 Prevention and mitigation of occupational health and
safety impacts directly linked by business relationships
403-8 Workers covered by an occupational health and safety
management system
403-9 Work-related injuries
403-10 Work-related ill health
GRI 404: Training and Education 2016
404-1 Average hours of training per year per employee
404-2 Programs for upgrading employee skills and transition
assistance programs
404-3 Percentage of employees receiving regular performance
and career development reviews
Foster a Sustainable Future
Integral Employee Well-being
Appendix
Performance in detail
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 2
Disclosure
Response
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees
405-2 Ratio of basic salary and remuneration of women to men
Ethics and Governance
Board of Directors
Foster a Sustainable Future
Integral Employee Well-being
Appendix
Performance in detail
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and corrective actions taken
Ethics and Governance
Nurturing a Culture of Psychological Safety Through Our Comprehensive Ethical System
Incidents of discrimination are reported within Human Resources complaints in the Ethics Line.
GRI 407: Freedom of Association and Collective Bargaining 2016
407-1 Operations and suppliers in which the right to freedom of
association and collective bargaining may be at risk
None of our operations have compromised our workers’ right to freedom of association. As part of our commitment, FEMSA and
Coca-Cola FEMSA published a general consultation of our Labor & Human Rights policy, in which we state:
“3. Freedom of Association and Trade-Union Freedom: We respect the right of Employees to freedom of association or affiliation to
a labor union, as well as the right to form or join, voluntarily and freely, a labor union without fear of retaliation or intimidation. We
respect the autonomy, institutionally, internal administration and ancestry that trade union organizations have with their members. We
attend to the collective work relations with the legitimate trade union organizations that
affiliate and represent their Employees”.
https://coca-colafemsa.com/wp-content/uploads/2022/02/Human-and-Labor-Rights_v3.pdf
GRI 408: Child Labor 2016
408-1 Operations and suppliers at significant risk for incidents
of child labor
Ethics and Governance
Supply Chain Management
We value, respect, and protect the people who work at Coca-Cola FEMSA and do not allow child labor. We comply with all child labor
laws and support the eradication of child labor and exploitation. We expect the same ethical conduct from our business partners.
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 143
Disclosure
Response
GRI 409: Forced or Compulsory Labor 2016
409-1 Operations and suppliers at significant risk for incidents
of forced or compulsory labor
Ethics and Governance
Supply Chain Management
We value, respect, and protect the people who work at Coca-Cola FEMSA and do not allow forced labor. We comply with all labor laws
and support the eradication of forced or compulsory labor. We expect the same ethical conduct from our business partners.
GRI 413: Local Communities 2016
413-1 Operations with local community engagement, impact
assessments, and development programs
Foster a Sustainable Future
Community Development
GRI 414: Supplier Social Assessment 2016
414-1 New suppliers that were screened using social criteria
414-2 Negative social impacts in the supply chain and actions
taken
Appendix
Performance in detail
Ethics and Governance
Supply Chain Management
Appendix
Performance in detail
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 144
INDEPENDENT
LIMITED
ASSURANCE
REPORT
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(cid:4)(cid:68)(cid:94)(cid:100)(cid:28)(cid:90)(cid:24)(cid:4)(cid:68)(cid:3)–(cid:3)(cid:62)(cid:75)(cid:69)(cid:24)(cid:90)(cid:28)(cid:94)(cid:3)–(cid:3)(cid:87)(cid:4)(cid:90)(cid:47)(cid:94)(cid:3)(cid:882)(cid:3)(cid:47)(cid:94)(cid:100)(cid:4)(cid:69)(cid:17)(cid:104)(cid:62)(cid:3)(cid:3)
(cid:18)(cid:47)(cid:104)(cid:24)(cid:4)(cid:24)(cid:3)(cid:24)(cid:28)(cid:3)(cid:68)(cid:30)(cid:121)(cid:47)(cid:18)(cid:75)(cid:3)–(cid:3)(cid:18)(cid:47)(cid:104)(cid:24)(cid:4)(cid:24)(cid:3)(cid:24)(cid:28)(cid:3)(cid:87)(cid:4)(cid:69)(cid:4)(cid:68)(cid:6)(cid:3)–(cid:3)(cid:18)(cid:47)(cid:104)(cid:24)(cid:4)(cid:24)(cid:3)(cid:24)(cid:28)(cid:3)(cid:39)(cid:104)(cid:4)(cid:100)(cid:28)(cid:68)(cid:4)(cid:62)(cid:4)(cid:3)–(cid:3)(cid:89)(cid:104)(cid:47)(cid:100)(cid:75)(cid:3)
(cid:3)
(cid:3)
(cid:3)
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(cid:3)
(cid:100)(cid:381)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:17)(cid:381)(cid:258)(cid:396)(cid:282)(cid:3)(cid:381)(cid:296)(cid:3)(cid:24)(cid:349)(cid:396)(cid:286)(cid:272)(cid:410)(cid:381)(cid:396)(cid:400)(cid:3)(cid:381)(cid:296)(cid:3)(cid:18)(cid:381)(cid:272)(cid:258)(cid:3)(cid:18)(cid:381)(cid:367)(cid:258)(cid:3)(cid:38)(cid:28)(cid:68)(cid:94)(cid:4)(cid:853)(cid:3)(cid:94)(cid:856)(cid:4)(cid:856)(cid:17)(cid:3)(cid:282)(cid:286)(cid:3)(cid:18)(cid:856)(cid:115)(cid:856)(cid:3)(cid:894)(cid:346)(cid:286)(cid:396)(cid:286)(cid:349)(cid:374)(cid:258)(cid:296)(cid:410)(cid:286)(cid:396)(cid:3)“KOF”),(cid:3)
(cid:47)(cid:374)(cid:282)(cid:286)(cid:393)(cid:286)(cid:374)(cid:282)(cid:286)(cid:374)(cid:410)(cid:3)(cid:62)(cid:349)(cid:373)(cid:349)(cid:410)(cid:286)(cid:282)(cid:3)(cid:4)(cid:400)(cid:400)(cid:437)(cid:396)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)(cid:381)(cid:296)(cid:3)(cid:18)(cid:381)(cid:272)(cid:258)(cid:3)(cid:18)(cid:381)(cid:367)(cid:258)(cid:3)(cid:38)(cid:28)(cid:68)(cid:94)(cid:4)(cid:853)(cid:3)(cid:94)(cid:856)(cid:4)(cid:856)(cid:17)(cid:856)(cid:3)(cid:282)(cid:286)(cid:3)(cid:18)(cid:856)(cid:115)(cid:856)(cid:3)
(cid:3)
(cid:3)
(cid:94)(cid:272)(cid:381)(cid:393)(cid:286)(cid:3)
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(cid:349)(cid:374)(cid:272)(cid:367)(cid:437)(cid:282)(cid:286)(cid:282)(cid:3)(cid:349)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)“In(cid:410)(cid:286)(cid:336)(cid:396)(cid:258)(cid:410)(cid:286)(cid:282)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:3)2023” ((cid:346)(cid:286)(cid:396)(cid:286)(cid:349)(cid:374)(cid:258)(cid:296)(cid:410)(cid:286)(cid:396)(cid:3)“(cid:47)(cid:374)(cid:410)(cid:286)(cid:336)(cid:396)(cid:258)(cid:410)(cid:286)(cid:282)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)”) (cid:258)(cid:374)(cid:282)(cid:3)(cid:373)(cid:286)(cid:374)(cid:410)(cid:349)(cid:381)(cid:374)(cid:286)(cid:282)(cid:3)(cid:349)(cid:374)(cid:3)“Annex A”(cid:3)(cid:296)(cid:381)(cid:396)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:296)(cid:349)(cid:400)(cid:272)(cid:258)(cid:367)(cid:3)(cid:455)(cid:286)(cid:258)(cid:396)(cid:3)(cid:296)(cid:396)(cid:381)(cid:373)(cid:3)(cid:58)(cid:258)(cid:374)(cid:437)(cid:258)(cid:396)(cid:455)(cid:3)(cid:1005)(cid:3)
(cid:410)(cid:381)(cid:3)(cid:24)(cid:286)(cid:272)(cid:286)(cid:373)(cid:271)(cid:286)(cid:396)(cid:3)(cid:1007)(cid:1005)(cid:853)(cid:3)(cid:1006)(cid:1004)(cid:1006)(cid:1007)(cid:856)(cid:3)
(cid:60)(cid:75)(cid:38)(cid:3)(cid:396)(cid:286)(cid:400)(cid:393)(cid:381)(cid:374)(cid:400)(cid:349)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:349)(cid:286)(cid:400)(cid:3)
(cid:60)(cid:75)(cid:38)(cid:3)(cid:346)(cid:258)(cid:400)(cid:3)(cid:271)(cid:286)(cid:286)(cid:374)(cid:3)(cid:396)(cid:286)(cid:400)(cid:393)(cid:381)(cid:374)(cid:400)(cid:349)(cid:271)(cid:367)(cid:286)(cid:3)(cid:296)(cid:381)(cid:396)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:393)(cid:396)(cid:286)(cid:393)(cid:258)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:853)(cid:3)(cid:272)(cid:381)(cid:374)(cid:410)(cid:286)(cid:374)(cid:410)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:393)(cid:396)(cid:286)(cid:400)(cid:286)(cid:374)(cid:410)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)“(cid:47)(cid:374)(cid:410)(cid:286)(cid:336)(cid:396)(cid:258)(cid:410)(cid:286)(cid:282)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)”(cid:853)(cid:3)(cid:410)(cid:258)(cid:364)(cid:349)(cid:374)(cid:336)(cid:3)(cid:349)(cid:374)(cid:410)(cid:381)(cid:3)(cid:272)(cid:381)(cid:374)(cid:400)(cid:349)(cid:282)(cid:286)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:272)(cid:381)(cid:374)(cid:410)(cid:286)(cid:374)(cid:410)(cid:400)(cid:3)
(cid:894)(cid:272)(cid:396)(cid:349)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:895)(cid:3)(cid:393)(cid:396)(cid:381)(cid:393)(cid:381)(cid:400)(cid:286)(cid:282)(cid:3)(cid:349)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:39)(cid:367)(cid:381)(cid:271)(cid:258)(cid:367)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)(cid:349)(cid:374)(cid:336)(cid:3)(cid:47)(cid:374)(cid:349)(cid:410)(cid:349)(cid:258)(cid:410)(cid:349)(cid:448)(cid:286)(cid:3)(cid:894)(cid:39)(cid:90)(cid:47)(cid:895)(cid:3)(cid:94)(cid:410)(cid:258)(cid:374)(cid:282)(cid:258)(cid:396)(cid:282)(cid:400)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:272)(cid:381)(cid:373)(cid:393)(cid:258)(cid:374)(cid:455)(cid:918)(cid:400)(cid:3)(cid:381)(cid:449)(cid:374)(cid:3)(cid:393)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:349)(cid:374)(cid:282)(cid:349)(cid:272)(cid:258)(cid:410)(cid:381)(cid:396)(cid:400)(cid:856)(cid:3)
(cid:100)(cid:346)(cid:349)(cid:400)(cid:3)(cid:396)(cid:286)(cid:400)(cid:393)(cid:381)(cid:374)(cid:400)(cid:349)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:3)(cid:349)(cid:374)(cid:272)(cid:367)(cid:437)(cid:282)(cid:286)(cid:400)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:286)(cid:400)(cid:410)(cid:258)(cid:271)(cid:367)(cid:349)(cid:400)(cid:346)(cid:373)(cid:286)(cid:374)(cid:410)(cid:853)(cid:3)(cid:349)(cid:373)(cid:393)(cid:367)(cid:286)(cid:373)(cid:286)(cid:374)(cid:410)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:373)(cid:258)(cid:349)(cid:374)(cid:410)(cid:286)(cid:374)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:349)(cid:374)(cid:410)(cid:286)(cid:396)(cid:374)(cid:258)(cid:367)(cid:3)(cid:272)(cid:381)(cid:374)(cid:410)(cid:396)(cid:381)(cid:367)(cid:400)(cid:3)(cid:272)(cid:381)(cid:374)(cid:400)(cid:349)(cid:282)(cid:286)(cid:396)(cid:286)(cid:282)(cid:3)(cid:374)(cid:286)(cid:272)(cid:286)(cid:400)(cid:400)(cid:258)(cid:396)(cid:455)(cid:3)(cid:410)(cid:381)(cid:3)(cid:258)(cid:367)(cid:367)(cid:381)(cid:449)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)
(cid:349)(cid:374)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:272)(cid:381)(cid:374)(cid:410)(cid:258)(cid:349)(cid:374)(cid:286)(cid:282)(cid:3)(cid:349)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)“In(cid:410)(cid:286)(cid:336)(cid:396)(cid:258)(cid:410)(cid:286)(cid:282)(cid:3)(cid:90)(cid:286)(cid:393)(cid:381)(cid:396)(cid:410)” (cid:410)(cid:381)(cid:3)(cid:271)(cid:286)(cid:3)(cid:296)(cid:396)(cid:286)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:373)(cid:258)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:367)(cid:3)(cid:373)(cid:349)(cid:400)(cid:400)(cid:410)(cid:258)(cid:410)(cid:286)(cid:373)(cid:286)(cid:374)(cid:410)(cid:3)(cid:282)(cid:437)(cid:286)(cid:3)(cid:410)(cid:381)(cid:3)(cid:296)(cid:396)(cid:258)(cid:437)(cid:282)(cid:3)(cid:381)(cid:396)(cid:3)(cid:286)(cid:396)(cid:396)(cid:381)(cid:396)(cid:856)(cid:3)(cid:3)
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(cid:68)(cid:258)(cid:396)(cid:272)(cid:346)(cid:3)(cid:1005)(cid:1013)(cid:853)(cid:3)(cid:1006)(cid:1004)(cid:1006)(cid:1008)(cid:853)(cid:3)(cid:68)(cid:286)(cid:454)(cid:349)(cid:272)(cid:381)(cid:3)(cid:18)(cid:349)(cid:410)(cid:455)(cid:856)(cid:3)
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(cid:3)
(cid:3)
(cid:3)
(cid:3)
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(cid:393)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)
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(cid:381)(cid:296)(cid:3)(cid:39)(cid:90)(cid:47)(cid:3)(cid:272)(cid:381)(cid:374)(cid:410)(cid:286)(cid:374)(cid:410)(cid:3)
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(cid:272)(cid:381)(cid:437)(cid:374)(cid:410)(cid:396)(cid:455)(cid:3)
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(cid:47)(cid:24)(cid:3)
(cid:47)(cid:24)(cid:3)
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(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:393)(cid:286)(cid:396)(cid:3)
(cid:336)(cid:286)(cid:374)(cid:282)(cid:286)(cid:396)(cid:3)
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(cid:381)(cid:393)(cid:286)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:3)
(cid:87)(cid:286)(cid:396)(cid:272)(cid:286)(cid:374)(cid:410)(cid:258)(cid:336)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)
(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:393)(cid:286)(cid:396)(cid:3)(cid:258)(cid:336)(cid:286)(cid:3)
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(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:393)(cid:286)(cid:396)(cid:3)(cid:367)(cid:286)(cid:448)(cid:286)(cid:367)(cid:3)
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(cid:393)(cid:381)(cid:400)(cid:349)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:3)
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(cid:393)(cid:381)(cid:400)(cid:349)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:3)(cid:381)(cid:437)(cid:410)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:381)(cid:410)(cid:258)(cid:367)(cid:3)
(cid:94)(cid:100)(cid:28)(cid:68)(cid:3)(cid:393)(cid:381)(cid:400)(cid:349)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:3)
(cid:90)(cid:286)(cid:400)(cid:349)(cid:374)(cid:3)(cid:373)(cid:258)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:367)(cid:400)(cid:3)(cid:437)(cid:400)(cid:286)(cid:282)(cid:3)
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(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:69)(cid:4)(cid:3)
1 Own performance indicator based on GRI.
2 The information reported does not include the operation in Venezuela.
(cid:4)(cid:374)(cid:374)(cid:286)(cid:454)(cid:3)(cid:4)(cid:856)(cid:3)
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OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 145
INDEPENDENT
LIMITED
ASSURANCE
REPORT
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3 The information includes the operations in Venezuela.
(cid:3)
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OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 146
INDEPENDENT
REASONABLE
ASSURANCE
REPORT
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included in the “Integrated Report 2023” (hereinafter “Integrated Report”) and mentioned in “Annex A”(cid:3)(cid:296)(cid:381)(cid:396)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:296)(cid:349)(cid:400)(cid:272)(cid:258)(cid:367)(cid:3)(cid:455)(cid:286)(cid:258)(cid:396)(cid:3)(cid:296)(cid:396)(cid:381)(cid:373)(cid:3)(cid:58)(cid:258)(cid:374)(cid:437)(cid:258)(cid:396)(cid:455)(cid:3)(cid:1005)(cid:3)
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(cid:3)
OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 147
INDEPENDENT
REASONABLE
ASSURANCE
REPORT
SOCIAL BOND
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OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 14 8
INDEPENDENT
REASONABLE
ASSURANCE
REPORT
GREEN BOND
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OVERVIEW
STRATEGIC PRIORITIES
SUSTAINABILITY
ETHICS AND GOVERNANCE
APPENDICES
COC A-COLA FEMSA | 2 023 IN T E GR AT E D RE P OR T | 149
SHAREHOLDER
& ANALYST
INFORMATION
INVESTOR RELATIONS
Jorge Collazo
Lorena Martín
Marene Aranzabal
Emilio Villacís
kofmxinves@kof.com.mx
SUSTAINABILITY
Jordi Cueto-Felgueroso
Carolina Vásquez
sostenibilidad@kof.com.mx
CORPORATE COMMUNICATION
Luis Carrillo
Daniel Insulza
Aldana Solano
LEGAL COUNSEL OF THE COMPANY
Carlos L. Díaz Sáenz
Mario Pani Nº 100
Col. Santa Fe Cuajimalpa 05348,
Ciudad de Mexico, Mexico.
Phone: (52 55) 1519 5000
INDEPENDENT ACCOUNTANTS
Mancera, S.C.
A member firm of Ernst & Young Global
Antara
Polanco Av. Ejército Nacional Torre
Paseo 843-B Piso 4 Colonia Granada
11520 Ciudad de Mexico,
Mexico Phone: (52 55) 5283 1400
STOCK EXCHANGE INFORMATION
Coca-Cola FEMSA’s common stock
is traded on the Bolsa Mexicana de
Valores (the Mexican Stock Exchange)
under the symbol KOFUBL and on the
New York Stock Exchange, Inc. (NYSE)
and Bolsa Institucional de Valores
under the symbol KOF.
TRANSFER AGENT AND REGISTRAR
Bank of New York
Bank of New York 101 Barclay Street
22W New York,
New York 10286, U.S.A
COCA-COLA FEMSA,
S.A.B. DE C.V.
Mario Pani N° 100
Col. Santa Fe Cuajimalpa 05348,
Ciudad de Mexico,
Mexico (52 55) 1519 5000
KOF NEW YORK STOCK EXCHANGE Quarterly Stock Information
U.S. Dollars per ADS
Quarter ended
Dec-29
Sep-29
Jun-30
Mar-31
$ High
95.4
79.81
83.85
81.86
$ Low
94.4
77.77
82.15
80.17
2023
$ Close
94.64
78.44
83.31
80.47
KOFUBL MEXICAN STOCK EXCHANGE Quarterly Stock Information
Mexican Pesos
Quarter ended
Dec-29
Sep-29
Jun-30
Mar-31
$ Low
159.7
135.64
140.58
144.18
$ High
161.61
138.21
143.33
147.34
2023
$ Close
160.97
136.78
143.08
144.73
U.S. Dollars per ADS
Quarter ended
Dec-29
Sep-29
Jun-30
Mar-31
$ High
68.91
59.15
56.23
55.15
$ Low
67.49
57.65
54.64
53.40
2022
$ Close
67.88
58.39
55.28
54.95
Mexican Pesos
Quarter ended
Dec-29
Sep-29
Jun-30
Mar-31
$ High
133.22
118.81
113.16
109.80
$ Low
131.05
116.02
110.56
106.28
2022
$ Close
131.84
117.67
111.34
109.53
ABOUT OUR INTEGRATED REPORT
From our headquarters in Mexico City, we present the 2023 edition of our Integrated Report.
This report was developed following the guidelines of the International Integrated Reporting
Council (IIRC) and in accordance with the GRI (Global Reporting Initiative) Standards, as
well as material indicators of the SASB (Sustainability Accounting Standards Board) for the
Non-Alcoholic Beverage Industry.
The information contained in this report corresponds to the period from January 1 to
December 31, 2023. It includes data from the countries where Coca-Cola FEMSA, S.A.B.
de C.V. has operations or a majority share. Its operations encompass franchise territories
in Mexico, Brazil, Guatemala, Colombia, and Argentina, and, nationwide, in Costa Rica,
Nicaragua, Panama, and Uruguay.
The company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index,
FTSE4Good Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others.
CHIEF FINANCIAL OFFICER
GERARDO CRUZ CELAYA
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 www.sec.gov, the BMV’s website at www.
bmv.com.mx, and our website at www.coca-colafemsa.com. 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 leading brands to a population of more than 272 million. With over 86
thousand employees, the company markets and sells approximately 4.0 billion unit cases
through more than 2.1 million points of sale a year. Operating 56 manufacturing plants
and 252 distribution centers, Coca-Cola FEMSA is committed to generating economic, so-
cial, and environmental value for all of its stakeholders across the value chain. The com-
pany is a member of Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good
Emerging Index, and the S&P/BMV Total Mexico ESG Index, among others. Its operations
encompass franchise territories in Mexico, Brazil, Guatemala, Colombia, and Argentina,
and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay, and in Venezuela through its
investment in KOF Venezuela. For further information, please visit
www.coca-colafemsa.com
1. For comparability purposes, the non-financial quantitative data for 2022, 2021,
2020, 2019, and 2018 is represented without Venezuela, since as of December 31,
2017, Venezuela is a deconsolidated operation reported as an investment in shares.
Moreover, the 2017 information is represented without the Philippines.
2. References herein to “Mexican pesos” or “Ps.” are to the lawful currency of the
United Mexican States, or Mexico