Provided by MZ Technologies

FORM 6-K

Securities and Exchange Commission
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934


For the month of April 2010 Commission file number 1-12260


COCA-COLA FEMSA, S.A.B. de C.V.
(Translation of Registrant’s name into English)


Guillermo González Camarena No. 600
Col. Centro de Ciudad Santa Fé
Delegación Alvaro Obregón
México, D.F. 01210

(Address of principal office)


        (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

             (Check One) Form 20-F  x  Form 40-F    

        (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

             (Check One) Yes    No  x 

        (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82-   .)


Stock Listing Information 

Mexican Stock Exchange 
Ticker: KOFL 

NYSE (ADR)
Ticker: KOF 

               
               
  2010 FIRST-QUARTER RESULTS
             
               
               
      First Quarter    
       
        2010   2009   Δ% 
     
Ratio of KOF L to KOF = 10:1    Total Revenues   23,595   22,526   4.7%
     
    Gross Profit   10,715   10,443   2.6%
     
    Operating Income   3,518   3,305   6.4%
     
    Net Controlling Interest Income   2,110   1,327   59.0%
     
    EBITDA(1)   4,476   4,274   4.7%
     

  Net Debt (2)   4,473   5,971   -25.1%
   
  (3) EBITDA/ Interest Expense, net   14.98   9.06    
     
  (3) EBITDA/ Interest Expense   12.26   7.63    
     
  (3) Earnings per Share   5.04   2.87    
     
  Capitalization(4)   22.8%   20.2%    
   
  Expressed in millions of Mexican pesos.
  (1) EBITDA = Operating income + Depreciation + Amortization & Other operative Non-cash Charges.
  See reconciliation table on page 8 except for Earnings per Share
  (2) Net Debt = Total Debt - Cash
  (3) LTM figures
  (4) Total debt / (long-term debt + stockholders' equity)
   
   

Total revenues reached Ps. 23,595 million in the first quarter of 2010, an increase of 4.7% compared to the first quarter of 2009, mainly driven by double-digit total revenue growth in our Mercosur division. On a currency neutral basis and excluding the acquisition of Brisa in Colombia, total revenues grew approximately 19%.
Consolidated operating income grew 6.4% to Ps. 3,518 million for the first quarter of 2010, mainly driven by double-digit operating income growth recorded in our Mercosur and Latincentro divisions. Our operating margin reached 14.9% for the first quarter of 2010.
Consolidated net controlling interest income increased 59.0% to Ps. 2,110 million in the first quarter of 2010, mainly reflecting a more favorable comprehensive financing result in combination with higher operating income, resulting in earnings per share of Ps. 1.14 in the first quarter of 2010.

Mexico City (April 22, 2010), Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) (“Coca- Cola FEMSA” or the “Company”), the largest Coca-Cola bottler in Latin America in terms of sales volume, announces results for the first quarter of 2010.

"Our operations were able to deliver solid results for the quarter, growing revenues and EBITDA by approximately 19 and 17 percent, respectively, on a currency neutral basis. We continued to benefit from the strong performance of our sparkling beverage portfolio, supported by a 6 percent growth of brand Coca-Cola across our territories. The still beverage category, driven mainly by the Jugos del Valle line of juice-based beverages, grew significantly in our Latincentro and Mercosur divisions. Additionally, we benefited from the integration of the Brisa water business in Colombia. Our Company is in a very strong financial position and we believe that we are taking the right steps to constantly develop new capabilities that allow us to maximize the potential of our business and capture the value of learning." said Carlos Salazar Lomelin, Chief Executive Officer of the Company.

   
   
   

For Further Information: 

Investor Relations 

José Castro
jose.castro@kof.com.mx
(5255) 5081-5120 / 5121

Gonzalo García 
gonzalojose.garciaa@kof.com.mx
 
(5255) 5081-5148 

Roland Karig 
roland.karig@kof.com.mx
 
(5255) 5081-5186 

Website: 
www.coca-colafemsa.com 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

April 22, 2010  Page 1 

 


CONSOLIDATED RESULTS

Our consolidated total revenues increased 4.7% to Ps. 23,595 million in the first quarter of 2010, compared to the first quarter of 2009 despite a negative currency translation effect, mainly due to the devaluation of the Venezuelan bolivar (Refer to Recent Developments). On a currency neutral basis and excluding the acquisition of Brisa in Colombia, total revenues grew approximately 19%, driven by growth in both pricing and volumes.

Total sales volume increased 6.3% to reach 589.4 million unit cases in the first quarter of 2010 as compared to the same period in 2009 as a result of (i) increases in sparkling beverages across our divisions, mainly due to a 6% increase in the Coca-Cola brand, accounting for more than 65% of incremental volumes, (ii) our bottled water business, driven by the acquisition of Brisa in Colombia, representing less than 20%, and (iii) still beverages sales volume, supported by the Jugos del Valle line of business across our territories, accounting for approximately 15% of incremental sales volume. Excluding Brisa, total sales volume increased 4.1% .

Our gross profit increased 2.6% to Ps. 10,715 million in the first quarter of 2010, compared to the first quarter of 2009. Cost of goods sold increased 6.6%, mainly driven by higher year-over-year sweetener costs, which were partially offset by the appreciation of the Colombian peso(1), the Brazilian real(1) and the Mexican peso(1) as applied to our U.S. dollar-denominated raw material cost. Gross margin reached 45.4% in the first quarter of 2010 as compared to 46.4% in the same period in 2009.

Our consolidated operating income increased 6.4% to Ps. 3,518 million in the first quarter of 2010, mainly driven by double-digit operating income growth in our Latincentro and Mercosur divisions. Operating expenses grew 0.8% in the first quarter of 2010, mainly as a result of (i) continued marketing expenses in the Latincentro division, due to the integration of the Brisa portfolio in Colombia and the continued expansion of the Jugos del Valle line of business in Colombia and Central America, (ii) higher labor costs in Venezuela and (iii) higher labor and freight costs in Argentina. Our operating margin was 14.9% in the first quarter of 2010, an expansion of 20 basis points compared to the same period in 2009.

During the first quarter of 2010, we recorded Ps. 156 million in the other expense line. These expenses mainly reflected the recording of employee profit sharing.

Our comprehensive financing result in the first quarter of 2010 recorded an expense of Ps. 179 million as compared to an expense of Ps. 938 million in the same period of 2009, mainly driven by the quarterly appreciation of the Mexican peso as applied to a lower U.S. dollar-denominated net debt position and lower net interest expenses.

During the first quarter of 2010, income tax, as a percentage of income before taxes, was 29.8% compared to 30.7% in the same period of 2009.

Our consolidated net controlling interest income(2) increased by 59.0% to Ps. 2,110 million in the first quarter of 2010 as compared to the first quarter of 2009, mainly as a result of a more favorable comprehensive financing result in combination with higher operating income. Earnings per share (EPS) in the first quarter of 2010 were Ps. 1.14 (Ps. 11.43 per ADS) computed on the basis of 1,846.5 million shares outstanding (each ADS represents 10 local shares)

(1) See page 13 for average and end of period exchange rates for the first quarter.
(2) Previously referred to as Majority Net Income; name changed in accordance with Mexican Financial Reporting Standards.

April 22, 2010  Page 2 


BALANCE SHEET

As of March 31, 2010, we had a cash balance of Ps. 14,681 million, including US$ 749 million denominated in U.S. dollars, an increase of Ps. 4,727 million compared to December 31, 2009, as a result of cash generated by our operations and unused cash reserves from new financing during the year.

As of March 31, 2010, total short-term debt was Ps. 2,586 million and long-term debt was Ps. 16,568 million. Total debt increased by Ps. 3,229 million compared with year-end 2009 mainly due to the issuance of a Yankee Bond in the amount of US$ 500 million, net of the maturity of a Certificado Bursátil in the amount of Ps. 2,000 million, both during February of 2010. Net debt decreased Ps. 1,498 million compared to year-end 2009, mainly as a result of cash generated during the quarter. KOF’s total debt balance includes U.S. dollar-denominated debt in the amount of US$ 854 million. (1)

The weighted average cost of debt for the quarter was 5.8% . The following charts set forth the Company’s debt profile by currency and interest rate type and by maturity date as of March 31, 2010:

Currency    % Total Debt(1)   % Interest Rate Floating(1)(2)
     
Mexican pesos    35.4%    39.2% 
U.S. dollars    54.8%    3.0% 
Colombian pesos    2.6%    100.0% 
Venezuelan bolivars    1.2%    0.0% 
Argentine pesos    6.0%    5.8% 
     

(1) After giving effect to cross-currency swaps and interest rate swaps.
(2) Calculated by weighting each year’s outstanding debt balance mix.

Debt Maturity Profile

Maturity Date    2010    2011    2012    2013    2014    2015 + 
             
% of Total Debt    11.7%    3.0%    20.7%    10.0%    7.3%    47.3% 
             

Consolidated Cash Flow    
Expressed in millions of Mexican pesos (Ps.) as of March 31, 2010    
 
    Mar-10 
    Ps. 
   
Income before taxes    3,183 
Non cash charges to net income    1,169 
   
    4,352 
Change in working capital    (1,239)
   
Resources Generated by Operating Activities    3,113 
   
Investments    (957)
Debt increase    4,058 
Other    (265)
   
Increase in cash and cash equivalents    5,949 
   
Cash and cash equivalents at begining of period    7,841 
Translation Effect    (607)
Cash and cash equivalents at end of period    13,183 
Marketable securities    1,498 
Cash, cash equivalents and marketable securities at end of period    14,681 
 

April 22, 2010  Page 3 


MEXICO DIVISION OPERATING RESULTS

Revenues

Total revenues from our Mexico division increased 2.0% to Ps. 8,305 million in the first quarter of 2010, as compared to the same period in 2009. Increased average price per unit case accounted for incremental revenues during the quarter. Average price per unit case reached Ps. 30.55, an increase of 2.6%, as compared to the first quarter of 2009, reflecting higher volumes from the Coca-Cola brand, which carries higher average price per unit case and selective price increases implemented during the quarter. Excluding bulk water under the Ciel brand, our average price per unit case was Ps. 35.50, a 1.0% increase as compared to the same period in 2009.

Total sales volume decreased 0.4% to 271.3 million unit cases in the first quarter of 2010, as compared to the first quarter of 2009. The Coca-Cola brand in multi-serve and single-serve presentations grew 3%, driving an increase in sparkling beverages; and the still beverage category grew 6% mainly driven by the Jugos del Valle product line. These increases were offset by a 9% volume decline in our bottled water business, including bulk water.

Operating Income

Our gross profit decreased 1.8% to Ps. 4,004 million in the first quarter of 2010 as compared to the same period in 2009. Cost of goods sold increased 5.8% as a result of higher sweetener costs, which were partially offset by the appreciation of the Mexican peso(1) as applied to our U.S. dollar-denominated raw material cost. Gross margin decreased from 50.1% in the first quarter of 2009 to 48.2% in the same period of 2010.

Operating income decreased 16.6% to Ps. 1,112 million in the first quarter of 2010, compared to Ps. 1,334 million in the same period of 2009. Operating expenses grew 5.4% mainly due to continued marketing investment to support our execution in the marketplace, widen our cooler coverage and broaden our returnable base availability. Our operating margin was 13.4% in the first quarter of 2010, compared to 16.4% in the same period of 2009.

(1) See page 13 for average and end of period exchange rates for the first quarter.

April 22, 2010  Page 4 


LATINCENTRO DIVISION OPERATING RESULTS (Colombia, Venezuela, Guatemala, Nicaragua, Costa Rica and Panama)

As of June 1, 2009, Coca-Cola FEMSA started to distribute the Brisa portfolio in Colombia.

Revenues

Total revenues reached Ps. 7,384 million in the first quarter of 2010, a decrease of 8.3% as compared to the same period of 2009 due to a negative currency translation effect, mainly as a result of the devaluation of the Venezuelan bolivar. On a currency neutral basis and excluding the acquisition of Brisa in Colombia, total revenues increased approximately 36% due to pricing initiatives across the division and volume growth in Colombia and Central America.

Total sales volume in our Latincentro division increased 15.5% to 153.3 million unit cases in the first quarter of 2010 as compared to the same period of 2009. Volume growth resulted from (i) incremental water volumes, driven by the consolidation of the Brisa water business in Colombia, contributing approximately 55% of incremental volumes, (ii) a 7% increase in sparkling beverages across the division, mainly driven by an 8% increase in the Coca-Cola brand, representing approximately 40% of incremental volumes and (iii) the strong performance of the Jugos del Valle line of business in Colombia and Central America, representing the balance. Excluding the acquisition of Brisa in Colombia, the divisions’ total volumes would have grown 6.1% .

Operating Income

Gross profit reached Ps. 3,381 million, a decrease of 7.9% in the first quarter of 2010, as compared to the same period of 2009. Cost of goods sold decreased 8.5% due to a negative currency translation effect, mainly as a result of the devaluation of the Venezuelan bolivar. In local currency, cost of goods sold increased mainly driven by higher year-over-year sweetener costs across the division, which were partially compensated by the appreciation of the Colombian peso(1) as applied to our U.S. dollar-denominated raw material cost. Gross margin expanded 20 basis points to 45.8% in the first quarter of 2010.

Our operating income increased 17.8% to Ps. 1,230 million in the first quarter of 2010, compared to the first quarter of 2009. Operating expenses decreased 18.2% due to a negative currency translation effect, mainly as a result of the devaluation of the Venezuelan bolivar. In local currency, operating expenses grew as a result of continued marketing expenses, mainly due to the integration of the Brisa portfolio in Colombia and the continued expansion of the Jugos del Valle line of business in Colombia and Central America; and higher labor costs in Venezuela. Our operating margin reached 16.7% in the first quarter of 2010, resulting in a 370 basis points expansion.

(1) See page 13 for average and end of period exchange rates for the first quarter.

April 22, 2010  Page 5 


MERCOSUR DIVISION OPERATING RESULTS (Brazil and Argentina)

Volume and average price per unit case exclude beer results.

Revenues

Total revenues increased 24.8% to Ps. 7,906 million in the first quarter of 2010, as compared to the same period of 2009. Excluding beer, which accounted for Ps. 763 million during the quarter, revenues increased 24.6% to Ps. 7,143 million. Higher average prices per unit case and volume growth accounted for approximately 70% of incremental revenues and a positive currency translation effect, resulting from the depreciation of the Mexican peso against the Brazilian real,(1) represented approximately 30% of incremental revenues. On a currency neutral basis, our Mercosur division’s revenues increased approximately 17%.

Total sales volume in our Mercosur division increased 10.5% to 164.8 million unit cases in the first quarter of 2010 as compared to the same period of 2009. Volume growth was a result of (i) 9% growth in sparkling beverages, driven by a 15% increase in the Coca-Cola brand in Brazil, accounting for approximately 75% of incremental volumes (ii) 60% growth in the still beverage category, driven by flavored water in Argentina and the Jugos del Valle line of business in Brazil, contributing close to 20% of incremental volumes, and (iii) a 15% increase in our bottled water category, representing the balance.

Operating Income

In the first quarter of 2010, our gross profit increased 23.6% to Ps. 3,330 million, as compared to the same period in 2009. Cost of goods sold increased 25.6% mainly due to higher cost of sweetener in the division which was partially compensated by the appreciation of the Brazilian real(1) as applied to our U.S. dollar-denominated raw material cost. Gross margin in the Mercosur division decreased 40 basis points to 42.1% in the first quarter of 2010.

Operating income increased 26.9%, reaching Ps. 1,176 million in the first quarter of 2010, as compared to Ps. 927 million in the same period of 2009. Operating expenses increased 21.9% mainly driven by higher labor and freight costs in Argentina. Our operating margin was 14.9% in the first quarter of 2010, an increase of 30 basis points as compared to the first quarter of 2009.

(1) See page 13 for average and end of period exchange rates for the first quarter.

April 22, 2010  Page 6 


RECENT DEVELOPEMENTS

CONFERENCE CALL INFORMATION

Our first-quarter 2010 Conference Call will be held on: April 22, 2010, at 11:00 A.M. Eastern Time (10:00 A.M. Mexico City Time). To participate in the conference call, please dial: Domestic U.S.: 866-700-7477 or International: 617-213-8840. We invite investors to listen to the live audiocast of the conference call on the Company’s website, www.coca-colafemsa.com

If you are unable to participate live, an instant replay of the conference call will be available through April 29, 2010. To listen to the replay, please dial: Domestic U.S.: 888-286-8010 or International: 617-801-6888. Pass code: 47320266.

Coca-Cola FEMSA, S.A.B. de C.V. produces and distributes Coca-Cola, Sprite, Fanta, Lift and other trademark beverages of The Coca-Cola Company in Mexico (a substantial part of central Mexico, including Mexico City and southeast Mexico), Guatemala (Guatemala City and surrounding areas), Nicaragua (nationwide), Costa Rica (nationwide), Panama (nationwide), Colombia (most of the country), Venezuela (nationwide), Brazil (greater São Paulo, Campiñas, Santos, the state of Mato Grosso do Sul, part of the state of Goias and part of the state of Minas Gerais) and Argentina (federal capital of Buenos Aires and surrounding areas), along with bottled water, beer and other beverages in some of these territories. The Company has 31 bottling facilities in Latin America and serves over 1,500,000 retailers in the region. The Coca-Cola Company owns a 31.6% equity interest in Coca-Cola FEMSA.

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance and should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control that could materially impact the Company’s actual performance.

References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

(6 pages of tables to follow)

April 22, 2010  Page 7 


Expressed in millions of Mexican pesos(1)                
 
 
    1Q 10  % Rev    1Q 09  % Rev    Δ% 
           
Volume (million unit cases) (2)   589.4      554.2      6.3% 
Average price per unit case (2)   38.54      39.29      -1.9% 
           
Net revenues    23,476      22,386      4.9% 
Other operating revenues    119      140      -15.0% 
           
Total revenues    23,595  100%    22,526  100%    4.7% 
Cost of goods sold    12,880  54.6%    12,083  53.6%    6.6% 
           
Gross profit    10,715  45.4%    10,443  46.4%    2.6% 
           
Operating expenses    7,197  30.5%    7,138  31.7%    0.8% 
           
Operating income    3,518  14.9%    3,305  14.7%    6.4% 
           
Other expenses, net    156      330      -52.7% 
           
    Interest expense    370      637      -41.9% 
    Interest income    81      71      14.1% 
           
    Interest expense, net    289      566      -48.9% 
    Foreign exchange loss    170      367      -53.7% 
    Gain on monetary position in Inflationary subsidiries    (146)     (86)     69.8% 
    Market value (gain) loss on ineffective portion of derivative instruments    (134)     91      -247.3% 
           
Comprehensive financing result    179      938      -80.9% 
           
Income before taxes    3,183      2,037      56.3% 
           
Income taxes    950      626      51.8% 
           
Consolidated net income    2,233      1,411      58.3% 
           
Net controlling interest income    2,110  8.9%    1,327  5.9%    59.0% 
           
Net non-controlling interest income    123      84      46.4% 
           
Operating income    3,518  14.9%    3,305  14.7%    6.4% 
Depreciation    639      708      -9.7% 
Amortization and other operative non-cash charges    319      261      22.2% 
           
EBITDA (3)   4,476  19.0%    4,274  19.0%    4.7% 
           

(1) Except volume and average price per unit case figures.
(2) Sales volume and average price per unit case exclude beer results
(3) EBITDA = Operating Income + depreciation, amortization & other operative non-cash charges.
   As of June 1st, 2009, we integrated the operation of Brisa in the results of Colombia.

April 22, 2010  Page 8 


Consolidated Balance Sheet                 
Expressed in millions of Mexican pesos.                 
 
 
Assets        Mar 10        Dec 09 
 
Current Assets                 
Cash and cash equivalents    Ps.    13,183    Ps.    7,841 
Marketable securities        1,498        2,113 
Total accounts receivable        4,441        5,931 
Inventories        4,591        5,002 
Other current assets        2,097        2,752 
 
Total current assets        25,810        23,639 
 
Property, plant and equipment                 
Property, plant and equipment        52,483        58,640 
Accumulated depreciation        (24,094)       (27,397)
 
Total property, plant and equipment, net        28,389        31,243 
 
Other non-current assets        53,546        55,779 
 
Total Assets    Ps.    107,745    Ps.    110,661 
 
 
 
Liabilities and Sharekholders' Equity        Mar 10        Dec 09 
 
Current Liabilities                 
Short-term bank loans and notes    Ps.    2,586    Ps.    5,427 
Suppliers        8,089        9,368 
Other current liabilities        6,249        8,653 
 
Total Current Liabilities        16,924        23,448 
 
Long-term bank loans        16,568        10,498 
Other long-term liabilities        6,700        8,243 
 
Total Liabilities        40,192        42,189 
 
Shareholders' Equity                 
Non-controlling interest        2,404        2,296 
Total controlling interest        65,149        66,176 
 
Total shareholders' equity        67,553        68,472 
 
Total Liabilities and Equity    Ps.    107,745    Ps.    110,661 
 

As a result of the devaluation of the Venezuelan bolivar, the balance sheet of our Venezuelan subsidiary reflects a reduction, which originates a decrease of the shareholder’s equity by an amount of Ps. 3,700 million.

As of January 1, 2010, in accordance with Mexican Financial Reporting Standards, restricted cash is presented as part of other current assets (previously presented as part of cash and cash equivalents). December 2009 figures reflect this change for comparison purposes.

April 22, 2010  Page 9 


Mexico Division                 
Expressed in millions of Mexican pesos(1)                
 
 
    1Q 10  % Rev    1Q 09  % Rev    Δ% 
           
Volume (million unit cases)   271.3      272.4      -0.4% 
Average price per unit case    30.55      29.78      2.6% 
           
Net revenues    8,287      8,110      2.2% 
Other operating revenues    18      31      -41.9% 
           
Total revenues    8,305  100.0%    8,141  100.0%    2.0% 
Cost of goods sold    4,301  51.8%    4,064  49.9%    5.8% 
           
Gross profit    4,004  48.2%    4,077  50.1%    -1.8% 
           
Operating expenses    2,892  34.8%    2,743  33.7%    5.4% 
           
Operating income    1,112  13.4%    1,334  16.4%    -16.6% 
Depreciation, amortization & other operative non-cash charges    454  5.5%    432  5.3%    5.1% 
           
EBITDA (2)   1,566  18.9%    1,766  21.7%    -11.3% 
           
 
(1) Except volume and average price per unit case figures.                 
(2) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.             
 
                 
                 
Latincentro Division                 
Expressed in millions of Mexican pesos(1)                
 
 
    1Q 10  % Rev    1Q 09  % Rev    Δ% 
           
Volume (million unit cases)   153.3      132.7      15.5% 
Average price per unit Case    48.12      60.63      -20.6% 
           
Net revenues    7,377      8,046      -8.3% 
Other operating revenues            133.3% 
           
Total revenues    7,384  100.0%    8,049  100.0%    -8.3% 
Cost of goods sold    4,003  54.2%    4,377  54.4%    -8.5% 
           
Gross profit    3,381  45.8%    3,672  45.6%    -7.9% 
           
Operating expenses    2,151  29.1%    2,628  32.7%    -18.2% 
           
Operating income    1,230  16.7%    1,044  13.0%    17.8% 
Depreciation, amortization & other operative non-cash charges    326  4.4%    327  4.1%    -0.3% 
           
EBITDA (2)   1,556  21.1%    1,371  17.0%    13.5% 
           
 
(1) Except volume and average price per unit case figures. 
(2) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges. 
Since June 2009, we integrated Brisa in the operations of Colombia. 
 

April 22, 2010  Page 10 


Mercosur Division                 
Expressed in millions of Mexican pesos(1)                
Financial figures include beer results                 
 
 
    1Q 10  % Rev    1Q 09  % Rev    Δ% 
           
Volume (million unit cases) (2)   164.8      149.1      10.5% 
Average price per unit case (2)   42.77      37.71      13.4% 
           
Net revenues    7,812      6,230      25.4% 
Other operating revenues    94      106      -11.3% 
           
Total revenues    7,906  100.0%    6,336  100.0%    24.8% 
Cost of goods sold    4,576  57.9%    3,642  57.5%    25.6% 
           
Gross profit    3,330  42.1%    2,694  42.5%    23.6% 
           
Operating expenses    2,154  27.2%    1,767  27.9%    21.9% 
           
Operating income    1,176  14.9%    927  14.6%    26.9% 
Depreciation, Amortization & Other operative non-cash charges    178  2.3%    210  3.3%    -15.2% 
           
EBITDA (3)   1,354  17.1%    1,137  17.9%    19.1% 
           
 
(1) Except volume and average price per unit case figures.                 
(2) Sales volume and average price per unit case exclude beer results                 
(3) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.             
 

April 22, 2010  Page 11 


SELECTED INFORMATION

For the three months ended March 31, 2010 and 2009

Expressed in millions of Mexican pesos.

    1Q 10        1Q 09 
       
Capex    939.3    Capex    710.3 
       
Depreciation    639.0    Depreciation    708.0 
       
Amortization & Other non-cash charges    319.0    Amortization & Other non-cash charges    261.0 
       

VOLUME

Expressed in million unit cases

    1Q 10    1Q 09 
     
    Sparkling    Water (1)   Bulk Water (2)    Still (3)   Total    Sparkling    Water (1)   Bulk Water (2)   Still (3)   Total 
                   
Mexico    199.7    11.0    45.5    15.1    271.3    196.1    14.9    47.1    14.3    272.4 
Central America    29.9    1.7    0.1    2.9    34.6    27.0    1.5    0.0    2.4    30.9 
Colombia    45.2    6.8    7.9    4.5    64.4    40.4    2.3    2.3    3.6    48.6 
Venezuela    49.6    3.1    0.4    1.2    54.3    49.0    2.0    0.6    1.6    53.2 
Latincentro    124.7    11.6    8.4    8.6    153.3    116.4    5.8    2.9    7.6    132.7 
Brazil    106.8    6.5    0.8    3.8    117.9    93.8    5.6    0.6    3.0    103.0 
Argentina    42.2    0.3    0.3    4.1    46.9    42.9    0.4    0.2    2.6    46.1 
Mercosur    149.0    6.8    1.1    7.9    164.8    136.7    6.0    0.8    5.6    149.1 
                     
Total    473.5    29.4    54.9    31.6    589.4    449.2    26.7    50.8    27.5    554.2 
                     

(1)Excludes water presentations larger than 5.0 Lt
(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations
(3) Still Beverages include flavored water

April 22, 2010  Page 12 


March 2010
Macroeconomic Information

        Inflation (1)    
    LTM    1Q 2010    YTD 
       
 
Mexico    4.96%    2.40%    1.03% 
Colombia    1.83%    1.78%    1.94% 
Venezuela    26.22%    5.80%    4.81% 
Brazil    5.30%    2.31%    1.15% 
Argentina    9.66%    3.47%    1.61% 
       

(1) Source: inflation is published by the Central Bank of each country.

Average Exchange Rates for each Period

    Quarterly Exchange Rate (local currency per USD)
    1Q 10    1Q 09    Δ% 
       
 
Mexico    12.7997    14.3623    -10.9% 
Guatemala    8.1855    7.9545    2.9% 
Nicaragua    20.9678    19.9693    5.0% 
Costa Rica    556.9514    566.4632    -1.7% 
Panama    1.0000    1.0000    0.0% 
Colombia    1,948.0475    2,411.8284    -19.2% 
Venezuela    4.1613    2.1500    93.5% 
Brazil    1.8024    2.3113    -22.0% 
Argentina    3.8390    3.5432    8.3% 
       

End of Period Exchange Rates

    Exchange Rate (local currency per USD)
    Mar 10    Mar 09    Δ% 
       
 
Mexico    12.4640    14.3317    -13.0% 
Guatemala    7.9861    8.1135    -1.6% 
Nicaragua    21.0927    20.0883    5.0% 
Costa Rica    528.7800    568.3500    -7.0% 
Panama    1.0000    1.0000    0.0% 
Colombia    1,928.5900    2,561.2100    -24.7% 
Venezuela    4.3000    2.1500    100.0% 
Brazil    1.7810    2.3152    -23.1% 
Argentina    3.8780    3.7200    4.2% 
       

April 22, 2010  Page 13 




SIGNATURES

           Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



  COCA-COLA FEMSA, S.A.B. DE C.V.
  (Registrant)
 
 
 
Date: April 22, 2010 By: /s/ HÉCTOR TREVIÑO GUTIÉRREZ
  Name:  Héctor Treviño Gutiérrez
  Title:    Chief Financial Officer