Created

MEXICAN
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
Table_Of_Contents
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT I
Table Of
Table OfApr
Contents
Contents
---------------------------------------------------
TABLE1
TABLE2
TABLE3
TABLE4
TABLE5
TABLE6
TABLE7
TABLE8
TABLE9
TABLE10
TABLE11
TABLE12
TABLE13
INCOME
TABLE14
TABLE15
TABLE16
TABLE17
TABLE18 STATEMENT
TABLE19
TABLE20
TABLE21
TABLE22
TABLE23
TABLE24
TABLE25
TABLE26
TABLE27
TABLE28
TABLE29
TABLE30
TABLE31
TABLE32
TABLE33
TABLE34
NAME AND
NAME
TABLE35
TABLE36
TABLE37 AND TITLE
BENEFICIAL
TABLE38
TITLE2
TITLE3
TITLE4
TITLE5
TITLE6
OWNERS
OWNERS2
TABLE39
BENEFICIAL
TABLE40
TABLE41
TABLE42
TABLE43 OWNERS3
OWNERS4
TABLE44
TABLE45
TABLE46
TABLE47
TABLE48
TABLE49
TABLE50
TABLE51
TABLE52
TABLE53
TABLE54
TABLE55
INCOME STATEMENT2
STATEMENT3
CASH
INCOME
TABLE56
CASH
TABLE57
TABLE58 FLOWSTATEMENT4
STATEMENT5
FLOW2
TABLE59
TABLE60
INCOME
TABLE61
TABLE62 STATEMENT6
STATEMENT7
STATEMENT8
TABLE63
INCOME
TABLE64
TABLE65
TABLE66
TABLE67
TABLE68 STATEMENT9
TABLE69
TABLE70
TABLE71
TABLE72
TABLE73
TABLE74
TABLE75
TABLE76
TABLE77
BENEFICIAL
TABLE78
TABLE79
TABLE80
TABLE81 OWNERS5
TABLE82
TABLE83
TABLE84
TABLE85
INCOME
TABLE86
TABLE87 STATEMENT10
TABLE88
TABLE89
TABLE90
TABLE91
TABLE92
TABLE93
TABLE94
TABLE95
TABLE96
TABLE97
TABLE98
TABLE99
TABLE100
TABLE101
TABLE102
TABLE103
TABLE104
TABLE105
TABLE106
TABLE107
TABLE108
TABLE109
TABLE110
INCOME
TABLE111
TABLE112
TABLE113
TABLE114 STATEMENT11
TABLE115
TABLE116
TABLE117
TABLE118
TABLE119
TABLE120
TABLE121
TABLE122
TABLE123
TABLE124
TABLE125
TABLE126
TABLE127
TABLE128
TABLE129
TABLE130
TABLE131
TABLE132
TABLE133
TABLE134
INCOME STATEMENT12
TABLE135
TABLE136
TABLE137
TABLE138
TABLE139
TABLE140
TABLE141
TABLE142
TABLE143
TABLE144
TABLE145
TABLE146
TABLE147
TABLE148
TABLE149
TABLE150
TABLE151
TABLE152
TABLE153
TABLE154
TABLE155
TABLE156
TABLE157
TABLE158
TABLE159
TABLE160
TABLE161
TABLE162
TABLE163
TABLE164
TABLE165
TABLE166
TABLE167
TABLE168
TABLE169
TABLE170
TABLE171
TABLE172
INCOME
TABLE173
CASH STATEMENT13
FLOW3
FLOW4
STOCKHOLDERS
TABLE174
TABLE175
TABLE176
TABLE177 EQUITY
EQUITY2
EQUITY3
TABLE178
TABLE179
TABLE180
TABLE181
TABLE182
TABLE183
TABLE184
TABLE185
TABLE186
TABLE187
TABLE188
TABLE189
TABLE190
TABLE191
TABLE192
TABLE193
TABLE194
TABLE195
TABLE196
TABLE197
TABLE198
TABLE199
TABLE200
TABLE201
TABLE202
TABLE203
CASH
TABLE204 FLOW5
TABLE205
TABLE206
TABLE207
TABLE208
TABLE209
TABLE210
TABLE211
TABLE212
TABLE213
TABLE214
TABLE215
TABLE216
TABLE217
TABLE218
TABLE219
TABLE220
TABLE221
TABLE222
TABLE223
TABLE224
TABLE225
TABLE226
TABLE227
TABLE228
TABLE229
TABLE230
TABLE231
TABLE232
TABLE233
TABLE234
TABLE235
TABLE236
TABLE237
TABLE238
TABLE239
TABLE240
TABLE241
TABLE242
BALANCE
TABLE243
TABLE244
TABLE245 SHEET
TABLE246
TABLE247
TABLE248
TABLE249
TABLE250
TABLE251
TABLE252
TABLE253
TABLE254
Created
MEXICAN
TABLE1 byECONOMIC
FormFiled:
PeriodType:
End:EDGAR
20-F
Dec Online,
31,2015 Inc.
DEVELOPMENT INC
Date
Table Of Apr
Contents
American 21,
Title of2014
each
Depositary class:
Shares, Name of each exchange
two registered:
each New on which
representing
BD
Share,Unit
Seriestwo
2.88%
4.38%D-L 10
Series BD
consisting
Shares,
Senior D-BUnits,
of
Notes dueand
one
Shares
without each
Series
and
par
2023
2043 B
value New York
York Stock
Stock Exchange
Exchange
Created
MEXICAN
TABLE2
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
2,161,177,770
1,417,048,500
AR
OMIC Online, Inc.
DEVELOPMENT
31,2015
1, 2014 INC
BD Units,
Shares
represent
Series
B
The D-B
Units, each
and
each
B Units two consisting
a Shares
totalSeries
of and ofoffive
aD-L one
Shares,
2,161,177,770
consisting
represent Series
4,322,355,540
total Series
of Series BBShare,
without par two
value.
Shares,
BSeries
Shares
7,085,242,500 D-L Series
The BDD-B
Units
4,322,355,540
Shares.
without
Series B par value.
Shares.
Created
MEXICAN
TABLE3
Form
Period
Date byECONOMIC
Type:
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
INTRODUCTION 1
References
Currency Translations
Forward-Looking and Estimates
Information 1
Created
MEXICAN
TABLE4 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
ITEM 4.

ITEM 4A.
ITEM 5.

ITEM 6.
eated
XICAN
BLE4
m
iod
e byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
le Of Contents
Selected
Dividends
Exchange
Risk Consolidated Financial Data
Rate Information
Factors
INFORMATION ON THE COMPANY
The Company
Overview
Corporate
Ownership
Significant
Business
Coca-Cola Background
Structure
Subsidiaries
Strategy
FEMSA
FEMSA
Equity
Insurance
Capital Comercio
Investment
Other Business
Description in the
of Property,
Expenditures
Regulatory Matters Heineken
Plant
and Group
and Equipment
Divestitures
UNRESOLVED STAFF COMMENTS
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
Overview
Recent
Operating
Critical
Future
Operating
Liquidity of
ImpactEvents,
Developments
Leverage
Accounting Trends
Judgments
of Recently
Results
and Capital and
Resources Uncertainties
and
Issued Estimates Standards not yet in Effect
Accounting
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
Directors
Senior
EVA Management
Compensation
Stock of Directors
Incentive Plan and Senior Management
 2
4
6
7
18
18
21
22
23
41
46
48
49
58
58
58
59
60
64
65
72
79
79
86
89
Created
MEXICAN
TABLE5 byECONOMIC
FormFiled:
Period
Date Type:
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31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
ITEM 7.

ITEM 8.

ITEM 9.

ITEM 10.

ITEM 11.

ITEM 12.
ITEM 12A.
ITEM 12B.
ITEM 12C.
ITEM 12D.
ITEM 13.- 14.
ITEM 15.
ITEM 16A.
ITEM 16B.
by
N
pe:
nd: EDGAR
d:ECONOMIC
20-F
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Contents Insurance
Ownership
Board Policies
by Management
Practices
Employees
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
Major
Voting Shareholders
Related-Party
Trust
Interest
Business
Coca-Cola Transactions
ofTransactions
Management
Company in Certain
between Transactions
FEMSA, Coca-Cola FEMSA and The
FINANCIAL INFORMATION
Consolidated
Dividend
Legal Financial Statements
Policy
Proceedings
Significant Changes
THE OFFER AND LISTING
Description
Trading on
Price History of Securities
Markets
the Mexican Stock Exchange
ADDITIONAL INFORMATION
Bylaws
Taxation
Material Contracts
Documents on Display
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
InterestRisk
Foreign
Equity
CommodityRate RiskRisk
Currency
Price Exchange Rate Risk
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
DEBT SECURITIES
WARRANTS AND RIGHTS
OTHER SECURITIES
AMERICAN DEPOSITARY SHARES
NOT APPLICABLE
CONTROLS AND PROCEDURES
AUDIT COMMITTEE FINANCIAL EXPERT
CODE OF ETHICS
 90
91
92
93
93
94
96
97
97
98
98
98
99
100
102
102
109
111
118
118
118
121
124
124
124
124
124
124
125
125
127
127
Created
MEXICAN
TABLE6
Form
Period
Date byECONOMIC
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2014 Inc.
DEVELOPMENT INC
Table Of
Income
IFRS
Total
Gross
Income Contents
Statement
revenues
Profit
before IncomeData:Taxes and US$ 17,861
7,469 Ps. 263,449110,171
Share
and
Using
Income of
Joint
the the
taxes
Consolidated
Controlling
Non-controlling Profit
Ventures
Equity
net
interest of Associates
Accounted
Method
income
net
interest income
net for 1,610
424
1,534
1,132 23,744
6,253
22,630
16,701
Basic
income:
Per controlling
Series
Diluted B
D Share interest netincome 402
0.06
0.07 5,929
0.83
1.04
income:
Per
Weighted
Series
Series
Financial
IFRS Bcontrolling
Series
outstanding
D
Allocation
B
D
B(in
D
of Share
average
Shares interest
earnings:
Shares
Position
numbernet
millions):
Data:
of shares 0.06
0.07
9,246.40
8,644.70
46.11%
53.89%
0.83
1.04
9,246.40
8,644.70
46.11%
53.89%
Total
Current
Capital
Total assets
Long-term
Other liabilities
debt(5)
long-term
stock
equity
Controlling liabilities
interest US$ 25,503
3,343
5,623
936
227
15,601
11,557 Ps. 376,173 49,319
82,935
13,797
3,347
230,122
170,473
Non-controlling
Other
IFRS
Capital
Gross Information
Depreciation interest
expenditures(6)
margin(7) US$ 4,044 59,649
612 Ps. 9,029 18,163
1,231
42% 42%
Ps. 258,097109,654
25,080
7,756 Ps. 238,309101,300
27,530
7,949 Ps. 201,540 84,296
23,552
7,618
22,155
15,922
6,233
0.79
1.00 28,051
20,707
7,344
1.03
1.30 20,901
15,332
5,569
0.77
0.96
0.79
0.99
9,246.40
8,644.70 1.03
1.29
9,246.40
8,644.70 0.76
0.96
9,246.40
8,644.70
46.11%
53.89%
Ps. 359,192159,392
48,869
72,921 Ps. 295,942 46.11%
53.89%
48,516
28,640 Ps. 263,362 46.11%
53.89%
39,325
23,819
14,852
3,346
222,550
63,158 8,625
3,346
210,161
155,259
54,902 8,047
3,345
192,171
144,222
47,949
Ps. 8,805 17,882
42% Ps. 7,175 15,560
43% Ps. 5,694 12,666
42%
Created
MEXICAN
TABLE7 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
MayOf
Date Contents
Dividend
4, 2010 Paid
and November 3, 2010(1) with Fiscal
Respect
was Year
to which
Dividend
Declared 2009 Aggregate
Amount
of Dividend
Declared
Ps. 2,600,000,000
November
May
May 4,
November
3,
November 3,
2011
2,
2012
6, 2010
and
2011
and
2012 November
November 2,
6, 2011(2)
2012(3) 2010
2011 Ps.
Ps. 4,600,000,000
6,200,000,000
May 7,
December
May
November 18,and
7, 2013
November 7,
2015
5, 2013 November
November 7,
2013(5)
and
2015 5, 2013(4)
2015(6) 2012
2012
2014 Ps.
Ps. 6,684,103,000
6,684,103,000
7,350,000,000
Per
Ps. Series
Share
Ps. 0.1296
0.0648
0.2294 B
Dividend Per
$ Series
Share
$ B
Dividend(7)
0.01
0.02 Per
Ps. Series
Share D
Dividend
Ps. 0.1621
0.0810
0.28675 Per
$ Series
Share
$ D
Dividend(7)
0.01
0.02
Ps.
Ps. 0.1147
0.3092
0.1546
0.3333 $ 0.01
0.02
0.01
0.03 Ps. 0.14338
0.3865
0.1932
0.4166 $ 0.01
0.03
0.01
0.03
Ps. 0.1666
0.3333
0.3665
0.1833 $ $
N/A 0.01
0.03 Ps.
Ps. 0.2083
0.4166
0.4581
0.2291 $ $
N/A 0.02
0.03
Created
MEXICAN
TABLE8
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Exchange Rate Information
average
Release
currency The
and
dollar,
of following
as
units year-endtable
published
Foreign
and bysets
noon
Exchange
therefore the forth,Federal
exchange
U.S.
Rates.
represent for
Thethe
rate, periods
haveindicated,
expressed
Reserve
rates
nominal Board
not
historical in the
inbeen
Mexican
figures.its high,
pesos
H.10
restated low,
per
Weekly
in U.S.
constant

Year ended December 31, 2011 High 13.43

2010
2012
2013
2014 14.79 Low
13.19
14.25
14.37 12.16
11.51
12.63
12.84 Exchange Rate
11.98 Average(1) 13.37 Year End
12.64
12.46
13.14
12.86 12.38
13.95
12.96
13.10
14.75
Created
MEXICAN
TABLE9 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2013:
First
SecondContents
Quarter
Quarter High 13.41
Ps.12.88 Exchange Rate
Low
Ps.12.32 11.98 Period End
Ps.12.32
12.99
Third
Fourth
2014:
First
Second
Third
FourthQuarter
Quarter
Quarter
Quarter
Quarter
Quarter 13.43
13.25
Ps.13.51
13.14
13.48
14.79 Ps.13.00 12.50
12.77
12.85
12.93 13.16
13.10
Ps.13.06
12.97
13.43
14.75
October
November
December
2015:
January
February
March 13.57
13.92
14.79
Ps.15.01
15.10 Ps.14.56 13.39
13.54
13.94 13.48
13.92
14.75
14.75 Ps.15.01
14.93 14.94
15.25
First Quarter 15.58 14.56
Created
MEXICAN
TABLE10 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Operations by Segment-Overview
Year Ended December 31, 2014 and % of growth (decrease) vs. last year
(in million of Mexican pesos, except for employees and percentages)

Total
Gross
Share revenues
Profit
of net
associates
accounted
method, the (loss)
and
for
of jointprofit
using
taxes the of
ventures
equity Coca-Cola
Ps. 147,298FEMSA (125) (6
68,382 (143 %) FEMSA
%)(2) Ps. Comercio
109,624 39,386
37
Total assets
Employees 212,366
83,371 (2 %) 43,722
110,671
 12%
14%
236% CB Equity(1)
Ps. - --
5,244 -
14%
10%
7% 85,742 4%
-
Created
MEXICAN
TABLE11 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
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Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Total Revenues Summary by Segment(1)

Coca-Cola
FEMSA
Other FEMSA
Comercio
Consolidated total revenues Ps.147,298
Ps. 2014 Year
263,449109,624
20,069 Ps. Ended December 31, 17,254
Ps. 258,097
156,011 2013
97,572
Ps. 238,309
Ps. 147,739 2012
86,433
15,899
Created
MEXICAN
TABLE12 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Total Revenues Summary by Geographic Area(1)

MexicoAmerica(3)
South and Central
Venezuela
Consolidated America(2)
total revenues 2014 Year
Ps. 186,736263,449
69,172
8,835 Ended December 31,258,097
Ps. 171,726 2013
55,157
31,601
 2012
Ps. 155,576238,309
56,444
26,800
Created
MEXICAN
TABLE13
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Significant Subsidiaries
The following table sets forth our significant subsidiaries as of December 31,
2014:

Name ofComercio
CIBSA: Company
Coca-Cola
Emprex:
FEMSA
CB FEMSA
Equity(2) Jurisdiction
Establishment
Mexico
MexicoKingdom
United of Percentage
Owned100.00%
47.9 %(1)
100.00%
Created
MEXICAN byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
INCOME_STATEMENT
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Operations by Consolidated Reporting Segment-Overview
Year Ended December 31, 2014

Total
Revenues
(millions of Percentage of Gross Profit
MexicoAmerica(2)
South and Central
Venezuela)
Venezuela America(1)
(excluding Mexican pesos)
8,966 Total
71,965
66,367 6.10% (millions
Revenues
48.90%
45.00% Mexican of
pesos)
36,453
27,372
4,557
Consolidated 147,298 100.00% 68,382
Percentage
Gross Profit of
53.30%
40.00%
6.70%
100.00%
Created
MEXICAN
TABLE14 byECONOMIC
FormFiled:
Period
Date Type:
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Colas:Contents
Coca-Cola Light Mexico
Central
America(1)
and
South
America(2) Venezuela

Zero
Life
Flavored
Ameyal
Canada
Chinotto
Crush sparkling beverages:
Dry Mexico
Central
America(1)
and South
America(2)
Venezuela

Escuis
Fanta
Fresca
Frescolita
Hit
Kist
Kuat

Lift
Mundet
Quatro
Schweppes
Simba
Sprite
Victoria
Yoli
Water:
Alpina
Aquarius(3)
Bonaqua
Brisa Mexico
Central
America(1)
and
South
America(2) Venezuela
Ciel
Crystal
Dasani
Manantial
Nevada
Other
Del
FUZE Categories:
Cepita(4)
Prado(5)
Estrella Azul(6)
Tea Mexico
Central
America(1)
and America(2)
South
Venezuela

Hi-C(7)
Santa
Jugos
Matte
Valle Clara(8)
del Valle(4)
Leo(9)
Powerade(10)
Frut(11)



Created
MEXICAN
TABLE15 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
MexicoContents
and Central America 1,754.90 Year Ended
2014 2013 December
(1) of unit
(millions cases) 31,1,798.00
CentralAmerica
South
ColombiaAmerica(3)
Brazil(4)
Argentina
Venezuela (excluding Venezuela) 163.60
298.40
733.50
225.80
241.10 155.60
275.70
525.20
227.10
222.90
Consolidated Volume 3,417.30 3,204.50
2012(2)1,720.30
151.20
255.80
494.20
217.00
207.70
3,046.20
Created
MEXICAN
TABLE16
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F 31,Online,
Dec21,
Apr 2014 Inc.
DEVELOPMENT INC
Table Of
Total
Growth Contents
Sales of 2015
(%) Volume
(millions unit cases) 1,918.50
(1.80) Year Ended December 31,1,953.60
2014 2013(1) 4.40
Unit Case beverages
Sparkling
Water(3) Volume Mix by Category
Still beverages 5.50 (in percentages)
73.20
21.30 73.10
21.20
5.70
Total 100.00 100.00
2012(2)1,871.50
23.90
73.00
21.40
5.60
100.00
Created
MEXICAN
TABLE17
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F 31,Online,
Dec21,
Apr 2014 Inc.
DEVELOPMENT INC
Table Of
Total
Growth Contents
Sales of 2015
(%) Volume
(millions unit cases) 1,257.70
22.60 Year Ended December 31,1,028.10
2014 2013(1) 6.30
Unit Case beverages
Sparkling
Water(2) Volume Mix by Category
Still beverages 6.20 (in percentages)
84.10
9.70 84.10
10.10
5.80
Total 100.00 100.00
 2012
967.00
2.00
84.90
10.00
5.10
100.00
Created
MEXICAN
TABLE18
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F 31,Online,
Dec21,
Apr 2014 Inc.
DEVELOPMENT INC
Table Of
Total
Growth Contents
Sales of 2015
(%) Volume
(millions unit cases) Year Ended
2014 December 31,
241.10
8.20 2013
222.90
7.30 2012
207.70
9.40
Unit Case beverages
Sparkling
Water(1) Volume Mix by Category
Still beverages 7.80 (in percentages)85.60
85.70
6.50 6.90
7.50 87.90
5.60
6.50
Total 100.00 100.00 100.00
Created
MEXICAN
TABLE19
Form
Period
Date byECONOMIC
Type:
End:
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Apr 31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
ProductContents
Sales and Distribution
The following table provides
centers an overview
and the retailers of Coca-Cola
to which it sells its FEMSA's
products: distribution

Distribution
Retailers(3) centers Mexico and As of December
Central 31, 2014
America(1) 176 South
955,383
America(2) 814,864
66 Venezuela 181,605
33
Created
MEXICAN
TABLE20
Form
Period
Date byECONOMIC
Type:
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2014 Inc.
DEVELOPMENT INC
Table Of
OXXO Contents
Stores
Total Growth

Total OXXO
Store growthstores
(% change over previous year) 2014
12,853
9.70% Year 10.60%
Ended
2013December 31,
11,721
Year Ended December 31,2012
10,601
10.90% 2011
9,561
13.50% 2010
8,426
14.90%
Created
MEXICAN
TABLE21 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
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Apr Online,
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2014 Inc.
DEVELOPMENT INC
Table Of Contents FEMSA Comercio-Operating Indicators

Total FEMSA
OXXO Comercio
same-store revenues
sales(1) 2014
12.40%
2.70% Year (percentage
Ended
2013December
12.90%
2.40% 31,
increase
previous 2012
compared to
year)
16.60%
7.70%
ncrease
vious year) 2011
compared to 19.00%
9.20% 2010
16.30%
5.20%
Created
MEXICAN
TABLE22
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
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Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents Bottling Facility Summary
As of December 31, 2014

Country
Mexico
Guatemala
Nicaragua
Costa
Panama Rica Installed Capacity
(thousands 67,700 Utilization(1)0%
of unit cases)2,939,936
45,500
81,200
56,700 58%
69%
68%
57%
Colombia
Venezuela
Brazil
Argentina 532,616
275,542
1,044,932
340,397 56%
86%
67%
65%
Created
MEXICAN
TABLE23
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents Bottling Facility by Location
As of December 31, 2014

Country
Mexico Plant
San Cristbal
Cuautitln,
Los Reyes
Toluca, de
delas
Estado
la
Estado Paz, deCasas,
deChiapas
Mxico
Estado
Mxico Mxico Facility
of Area 317
(thousands
sq. meters) 45
35
50
Len, Guanajuato
Morelia,
Coatepec,
La
Poza Michoacn
Ixtacomitn,
Apizaco,
Pureza
Rica, Tabasco
Tlaxcala
Veracruz
Altamira,
Veracruz Tamaulipas 124
50
117
80
142
300
42
Pacfico,
Toluca,
San Juan
Quertaro,
Cayaco, Estado
Cuernavaca,
Estado
del dedeMxico
Morelos
Ro,
Quertaro
Acapulco Mxico(Ojuelos)
Quertaro 89
37
41
84
80
104
Guatemala Guatemala City 46
Nicaragua Managua 54
Costa Rica Calle Blancos,
Coronado, SanSan
JosJos 52
14
Panama Panama City 29
Colombia Barranquilla
Bogot, DCCundinamarca
Bucaramanga
Cali
Manantial,
Tocancip
Medelln 37
105
26
76
67
298
47
Created
MEXICAN
TABLE24
Form
Period
Date byECONOMIC
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2014 Inc.
DEVELOPMENT INC
Table Of
CountryContents
Venezuela Plant
Antmano
Barcelona Facility Area 141
(thousands
of sq. meters) 15
Maracaibo
Valencia 68
100
Brazil Campo
Jundia
Mogi
Belo dasGrande
Cruzes 36
191
119
BaurHorizonte
Porto
Maring
Marilia
CuritibaReal
Itabirito 73
108
160
159
119
39
320
Argentina Alcorta,Grande,
Monte BuenosBuenos
Aires Aires 73
32
Created
MEXICAN
TABLE25
Form
Period
Date byECONOMIC
Type:
End:
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2014 Inc.
DEVELOPMENT INC
Table Of
CapitalContents
Expenditures and Divestitures
Our15,560
the following manner: December
Ps.
from consolidated
31, million
2014,
operations capital
2013 andexpenditures,
by2012
respectively,
generated were
ourand werenet
Ps. ofthe
subsidiaries. disposals,
for18,163 partfor
million,
most
These amounts Ps.the years
17,882
financed
were ended
million
from cashand
invested in

Coca-Cola
FEMSA
Other FEMSA
Comercio 2014
Ps. 11,3131,659
5,191
Total Ps. 18,163
r2ditures,
and were
were net
Ps.
subsidiaries.ofthe
disposals,
for18,163 most
These partfor
million,
amounts Ps.the years
17,882
financed
were ended
million
from cashand
invested in

Year
(In
Ps. EndedofDecember
millions
11,703 31,
Mexican pesos) 2013 2012
496 Ps. 10,2594,707
5,683 594
Ps. 17,882 Ps. 15,560
Created
MEXICAN
TABLE26
Form
Period
Date byECONOMIC
Type:
End:
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Apr Online,
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21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Operating Results
The
the following
years endedtable sets forth
December 31,our consolidated
2014, 2013, and income
2012: statement under IFRS for

Net sales
Other operating revenues 2014(1)
$ 45 Ps.(in millions of
17,816 2014
U.S.
262,779
670 Year and
dollars
Ps. Ended December
2013
Mexican 31,
pesos)
Total of
Cost revenues
goods sold 17,861
10,392 263,449
153,278
Gross
Selling
Other
Interest profit
Administrative
expenses
income
expenses
expense
income expenses 7,469
694
4,679
74
(86)
(454)
58 110,171
10,244
69,016
1,098
(1,277)
(6,701)
862
Foreign
Monetary
Market exchange
position
value
instruments gain on(loss),
(loss), net
net
financial (61)
(22)
5 (903)
(319)
73
Income
of the
ventures
equity
Income
Share
joint ofbefore
profit
method
taxes
the
ventures income
ofprofit
associates
accounted of
accountedfortaxesand
using
associates
for and
using share
joint
the and 1,610
424 23,744
6,253
the equity method, net of taxes 348 5,139
Consolidated net income $ 1,534 Ps. 22,630 Ps.
Controlling interest
Non-controlling net income
interest net income 1,132
402 16,701
5,929
Consolidated net income $ 1,534 Ps. 22,630 Ps.
 Year and
f U.S. dollars Ended December
2013
Mexican 31, Ps.
pesos)
256,804
1,293 2012
236,922
1,387
258,097
148,443 238,309
137,009
109,654
9,963
69,574
651
(1,439)
(4,331)
1,225 101,300
9,552
62,086
1,745
(1,973)
(2,506)
783
(724)
(427)
8 (176)
(13)
8
25,080
7,756
4,831 27,530
7,949
8,470
22,155 Ps. 28,051
15,922
6,233 20,707
7,344
22,155 Ps. 28,051
Created
MEXICAN
TABLE27
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
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2014 Inc.
DEVELOPMENT INC
Table
NetOf Contents
sales
Coca-Cola FEMSA 2014 Ps. 155,175156,011
Ps. 146,948109,624 2013
FEMSA
Total
Coca-Cola
FEMSA
Cost
FEMSA of
Coca-Cola Comercio
revenues
FEMSA
Comercio
goods sold
FEMSA
Comercio 109,624
147,298
78,916
70,238 97,572
97,572
83,076
62,986
Gross
Coca-Cola
FEMSA
Coca-Cola
FEMSA
Selling profit
FEMSA
Comercio
Administrative expenses
FEMSA
Comercio
expenses 68,382
39,386
6,385
2,042 72,935
34,586
6,487
1,883
Coca-Cola
FEMSA
FEMSA
Gross
Coca-Cola FEMSA
Comercio
Depreciation
Coca-Cola FEMSA
Comercio
margin(1)(2)
FEMSA 40,464
28,492
6,072
2,779
46.40% 44,828
24,707
6,371
2,328
46.70%
FEMSA
Share
joint
the of
equity
Coca-Cola
FEMSA Comercio
the
ventures profit
method,
FEMSA
Comercio
CB Equity(3) of
accountedassociates
net of for
taxes and
using 35.90%
(125)
37
5,244 35.40%
289
11
4,587
 Year Ended
Ps.Percentage
146,907 December
Growth
2012
86,433 31, 2014 vs. 201312.40%
(Decrease) -5.30% 2013 vs. 2012
5.60%
12.90%
147,739
86,433
79,109
56,183
68,630 -5.60%
12.40%
-5.00%
11.50%
-6.20% 5.60%
12.90%
5.00%
12.10%
6.30%
30,250
6,217
1,666
40,223
21,686 13.90%
-1.60%
8.40%
-9.70%
15.30% 14.30%
4.30%
13.00%
11.40%
13.90%
5,078
1,940
46.50%
35.00% (0.3p.p.
0.5p.p. -4.70%
19.40%
))(4) 25.50%
20.00%
0.2p.p.
0.4p.p.
180
(23)
8,311 (143.3%236.40%
14.30% 60.60%
147.80%
-44.80%
Created
MEXICAN
TABLE28 byECONOMIC
FormFiled:
Period
Date Type:
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Apr Online,
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2014 Inc.
DEVELOPMENT INC
Table Of Contents Principal Sources and Uses of Cash
Years ended December 31, 2014, 2013 and 2012
(in millions of Mexican pesos)

Net
Net cash
cash flows
activities
activities
Dividends paid provided
flows (used in) by operating
investing
provided activities
by financing 2014 Ps. 28,758(16,493)
Ps. 37,364(15,608)
(9,288)
(3,152) 2013
(55,231)
20,584
 2012
Ps. 30,785(14,643)
(3,418)
(9,186)
Created
MEXICAN
TABLE29
Form
Period
Date byECONOMIC
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End:
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Apr Online,
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21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Off-Balance Sheet Arrangements
We do not have any material off-balance sheet arrangements.
Contractual Obligations
The table below sets forth our contractual obligations as of December 31, 201

Long-Term
Mexican
Brazilian
Colombian Debt
pesos
reais
pesos Less
1 Ps.than
year - 180
492 1 -
U.S. dollars
Argentine
Capital
Brazilian
Interest
Mexican
Brazilian pesos
Leases
reais
payments(1)
pesos
reais 30
141
261
1,463
82
Colombian
U.S. dollars
Argentine
Interest
Currency
Mexican
BrazilianRatepesos
pesos
pesos
reaisSwaps and Cross
Swaps(2) 29
1,832
186
1,650
2,768
Colombian
U.S. dollars
Argentine
Operating
Mexican pesos
pesos
leases
pesos 28
1,240
187
3,434
bligations as of December 31, 2014.

3
Ps.years
6,072 287
277
2,108 3 5 Maturity
(in-millions of Mexican
yearspesos)19,516
--
179 In
5 excess of
400
385
2,686
142
16 129
2,363
110
-
3,627
117
3,755
5,497
16 3,102
2,826
3,164
4,144
51
6,474 1,713
-
5,866
In excess
years
Ps. of
9,988 Total16,06065,087
- Ps.
111 757
769
43,433
50
12,193
81 541
825
18,705
415
-
13,200
9,439
15,211 45
21,761
303
17,670
26,640
7,862
-
15,672 44
14,959
238
31,446
Created
MEXICAN
TABLE30 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
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Apr Online,
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2014 Inc.
DEVELOPMENT INC
Table Of
U.S. Contents
dollars Less than
1 year 196 1 -
Others
Commodity
Sugar(3)
Aluminum(3)
Expected
pension
seniority price
benefits
and contracts
to
retirement
premiums, be paid
plans,for 29
1,341
361
medical
Other services
long-term andpost-retirement
post-employment
liabilities(4) 622
-
3 years 347
989
1778 3 Maturity
(in millions -
of Mexican pesos) 5 years 342
--7
In5 excess
years of 361
-3
557
- 565 1,657
8,024
Total 1,246
47
2,330
538
3,401
8,024
Created
MEXICAN
TABLE31
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Overview of Debt Instruments
DecemberThe 31,
following
2014: table shows the allocations of total debt of our company as of

FEMSA
and Total Debt Profile
Coca-Cola of the Company
FEMSA Total
Short-term
Argentine
Brazilian
Bank
Units
Senior loans
Long-term
Mexicanof
Debt
pesos:
reais
Debt(1)
pesos:
Investment
notes (UDIs) Ps. -Others 3,599
148 FEMSA
(in millions
- Ps. 301 12,461 -- Comercio
of Mexican -- Debt
pesos) Ps. 301 12,461
148
3,599
U.S.
Bankdollars:
Senior
Bank
Capitalloans
BrazilianNotes
loans
Colombian reais:
leases
pesos: 14,209
440
65 6,986
43,893
316
760 -
- 6,986
58,102
756
825
Argentine
Bank
Total
Average
Mexican
U.S. loans pesos:
Cost(2)
pesos
dollars -
Ps. 18,461 7.80%
6.50% Ps. 66,027 769
541
4.90% Ps. - - Ps. 84,488 769
541
5.60%
Brazilian
Argentine
Colombian
Total reais
pesos
pesos --
6.60% 6.10%
11.00%
26.90%
5.90%
8.00% -- 6.10%
10.90%
26.90%
5.90%
7.70%
Created
MEXICAN
TABLE32 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Taxes,Contents Loss
As
(in of Contingencies
December
millions 31, 2014
of Mexican pesos)
Labor primarily indirect taxes
Legal Ps. 2,271 427
1,587
Total Ps. 4,285
Created
MEXICAN
TABLE33 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Derivative financial instruments
position Maturity
less 1than
year
Ps. 63 Ps. 1,0361 - 3Fair Value At December 31, 2014
Maturity
years
Fair Value
years
(in At December
Maturity 3 -of
Ps.millions
3,017 31, 2014
5 Mexican pesos) Maturity
excess
years ofin5
Ps. 2,068 Fair
AssetValue
Ps. 6,184
Created
MEXICAN
TABLE34
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Series BApr
Contents
Directors

Jos Antonio
Fernndez
Carbajal
Executive
Chairman
the Board of Born:
(Chairman):
First
Termelected
(Director):
expires:
Principal
Other occupation:
directorships:
Business experience:
Education:
Alternate director:
Mariana
Garza
Lagera
Gonda(2)
Director Born:
First
Term
Other elected:
expires:
Principal occupation:
directorships:
Education:
Alternate director:
Paulina
Garza
Lagera
Gonda(2)
Director Born:
First
Term elected:
expires:
Principal
Other occupation:
directorships:
Education:
Alternate director:
Jos
Fernando
Caldern
Rojas
Director Born:
First
Term elected:
Otherexpires:
Principal occupation:
directorships:
Education:
Alternate director:
February
2001
1984
2016 1954
Executive
FEMSA
Chairman
FEMSA,
yWoodrow
deC.V.
the US Chairman
of
Estudios
Mexico the
Fundacin ofBoard
boards
Superiores the
FEMSA
Foundation;
Supervisory deboard
ofTelevisa,
directors
A.C., of directors
of Coca-Cola
Instituto
Monterrey,
Vice-Chairman
and member of
Tecnolgico
(ITESM)
of
of the and
the
Heineken
de
(Televisa)
the Holding
(Peoles),
and
Wilson
preparatory,
committees
Joined FEMSA's ofheld Board,
Grupo
Co-chairman
Center,
and
Heineken
strategic Industrias
of
Mexico
selection
N.V. the
and
planning Peoles,
S.A.B.
advisory
Institute; board
member
appointment
department S.A.B.
in ofof
1988,
was after
appointedwhich
Cerveza's he held
commercial
Deputy managerial
Chief division
Executive positions
and OXXO. at He
FEMSA
a position
January
Chairman
Holds
from in
1, 1991,
he
2014,
an Reyes
ITESM
Federico industrialand
he
of our Garca Chief
until
was
board December
appointed
of directors
engineering degree and an of
Executive31, Officer
Officer
2013.
Executive in
On 1995,
MBA
April
1998
2016 1970
Private
Member investor
of the
FEMSA,
Holds
and a an ITESM
Master
Thunderbird
International
Eva Mara ofboards
and
industrial of
Museo directors
engineering
International
American
Management
Garza Lagera de
Graduate of Coca-Cola
Historia
degree
Management
Gonda(1)School Mexicana
from ITESM
of from the
March
1999
2016 1972
PrivateaPez
Alternate
Coca-Colainvestor
member
FEMSA of the board ofdegree
directors of ITESM
Holds
Othn business
Garzaadministration from
July
1984
2016
Chief 1954
Executive Officer
of directors
Servicios
C.V.,
Member
de Regio
Industrias,
C.V.
consulting
Institucin
BBVA of of
the
(Alfa), Franca
Administrativos
Franca,
S.A.
board
de
Bancomer de S.A.
C.V.
boards
ITESM,
of
Banca BBVAofand
and de
de Chairman
Servicios,
directors
member
Bancomer,
Mltiple,
(Bancomer)
S.A.
Monterrey,
C.V.,
Grupoand
of deof
Alfa,
of the
S.A.,
the
C.V.,
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Franca boards
de
S.A.B.
regional
Financiero
and
of
Down
boardcorporate
Fundacin
Holds A.C.;
Obispadooflaw
Universidad
a Facultad
specialization
Francisco
practices
UANL,
President
A.C. and
Autnoma
degree
Jos de
studies A.C.;
of
member
Derecho
from
Calderninde ofand
committees
founder
Patronato
Nuevo
UANL
tax at ythemember
and
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ofof Alfa;
Centro
del Museo
external
Criminologa
Len
completed
of the
del audit
member
Integral
advisory
(UANL) of
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
NAME_AND_TITLE
Form 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
de Of Contents
Consuelo
GarzaGarza
Director Born:
First
Term elected:
expires:
Business
Alternate experience:
director:
Max Michel
Suberville
Director Born:
First elected:
Term
Other expires:
Principal occupation:
directorships:
Education:
Alternate director:
Alberto
Bailleres
Gonzlez
Director Born:
First elected:
Term expires:
Principal occupation:
Other directorships:
Education:
Alternate director:
ENT INC
October 1930
FounderGarza
and former
Pro-Superacin
Alfonso President
Personal
Garza(4) of Asociacin
(a non-profit Nacional
organization) 1995
2016
July 1932
Investor
Member ofFianzas
Provincial,
S.A., and the boards
S.A.B. (GNP),ofmember
Dorama, directors
Afianzadora
S.A.; of Grupo
member Nacional
Sofimex,
ofGrupo
the 1985
2016
boards
Holds aof
corporate
Profuturo,
Profuturo
Institute
studies directors
practices
S.A.B.
ofGNP
graduate
at deand
committees
C.V.
Pensiones,
degree
Technology
Harvard and S.A.
from
University of
of
de
The the
C.V.audit
Peoles,
(Profuturo), and and
Massachusetts
completed post-graduate
Max Michel Gonzlez(5)
August
Chairman
following
S.A. 1931
dede ofHierro,
the
companies
C.V.: boards
Peoles, ofde
which
GNP, directors
are part
Fresnilloofplc,
of the
Grupo BAL,
Grupo 1989
2016
Palacio
S.A.B.
de C.V.,
Instituto
founding
A.C.
Member de
andC.V.
Tecnolgico
member
of the S.A.B.
Valores
Chairman
of
boards of the
Autnomo
Fundacin
of C.V.,
Mexicanos Grupo
Casa
governance
dedeMxico
Alberto
directors of Profuturo,
de Bolsa
board
(ITAM)
Bailleres,
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and
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Bancomer),
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member
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Holds an of
International
deBBVA
Grupo
the Bancomer,
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Kuo,
advisory
Council
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economics andDine,
S.A.B.
board
degree S.A.
S.A.B.
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Date byECONOMIC
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Form 20-F
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Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Francisco
Javier
Fernndez
Carbajal(6)
Director Born:
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Chief 1955
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Created
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2014 Inc.
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Table Of Contents Director:

82
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table
Brbara
Garza
Lagera
Gonda(2)
Directorof Contents Born:
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Term elected:
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PMENT INC

82
-------------------------------------------------------------------------------------------------------------------------------
December
1998
2016 1959
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committee
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Created
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Date byECONOMIC
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Form 20-F
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2014 Inc.
DEVELOPMENT INC
Table Of
RicardoContents
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2003
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Date byECONOMIC
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Form 20-F
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2014 Inc.
DEVELOPMENT INC
Table Of
Jos
Canal Contents
Manuel
DirectorHernando Born:elected:
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Michael Larson
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Created
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Table Of
FEMSA Contents
Jos Antonio
Fernndez
Carbajal
Executive
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1987
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Has 1965 experience in international finance in
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Created
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TABLE35
Form
Period
Date byECONOMIC
Type:
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2014 Inc.
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Table Of
Jos
Ornelas
Vice
of Contents
Gonzlez
President
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April
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2001
Has 1951several managerial positions in FEMSA
held
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2009
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TABLE36
Form
Period
Date byECONOMIC
Type:
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Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Carlos
Aldrete
Ancira
General
and Contents
Eduardo
Counsel
Secretary Born: FEMSA:
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current to
the Board
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Santa
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August
1979
1996 1956
Secretary
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ofUANL
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August
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2014
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asCoca-Cola
Development Strategic
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1981
1993
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from
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Created
MEXICAN
TABLE37
Form
Period
Date byECONOMIC
Type:
End:
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2014 Inc.
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Table Of
FEMSA Contents
Comercio
Eduardo
Padilla
Chief
Executive
Officer
FEMSA Silva
of
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current FEMSA:
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position:
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experience
within business
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ENT INC
January
1997
2004
Director 1955
of Planning and Control of FEMSA
to 1999
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Date byECONOMIC
Type:
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Apr Online,
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Table
EvaOf Contents
Beneficial
Garza
Mariana Owner
Lagera
Garza Gonda
Lagera Gonda Series B
Shares 2,769,980
2,944,090 Percent of
Class 0.03% Series D-B
Shares 5,539,960
5,888,180
Barbara
Paulina
Consuelo
Alberto
Alfonso Garza
GarzaLagera
Bailleres
Garza de Gonda
Garza
Gonzlez
Garza 2,665,480
69,908,559
9,610,577
827,090 0.76%
0.10%
0.01% 5,330,960
139,817,118
19,221,154
1,654,180
Percent
Class of
0.13%
0.14%
0.12% Series D-L
Shares 5,539,960
5,888,180
5,330,960 Percent of
Class 0.14%
0.13%
0.12%
3.23%
0.44%
0.04% 139,817,118
19,221,154
1,654,180 3.23%
0.44%
0.04%
Created
MEXICAN
Period
Date byECONOMIC
Type:
End: EDGAR
BENEFICIAL_OWNERS2
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Apr Online,
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Table Of Contents Series B Series D-B34,759,260
Beneficial
Max
and Jos
Rojas(1)
Juan Owner
Michel
Francisco Suberville
Jos
Guichard Caldern
Fernando
Michel Rojas
Caldern Shares 9,117,131 Percent
17,379,630
8,317,759 of
Class 0.19%
0.09%
0.10% Shares 16,635,518
18,234,262
Percent
Class of
0.80%
0.38% Series D-L 34,759,260
Shares 16,635,518 Percent of
Class 0.80%
0.38%
0.42% 18,234,262 0.42%
Created
MEXICAN
TABLE38
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F Online,
Deccompany:
Apr 31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents Non-Union 111,816 2014 Total
Sub-holding
Coca-Cola
FEMSA FEMSA(1)
Other Comercio(2)
Total 10,896 Union
34,221
66,699 49,150
43,972
11,802
104,924 83,371
110,671
22,698
216,740
Non-Union 107,456
9,424 Union
33,846
64,186 2013 Total
51,076
38,803
10,322
100,201 19,746 Non-Union 101,001
84,922
102,989
207,657 9,371 Union
32,272
59,358 2012
41,123
32,585
7,551
81,259
Total 73,395
91,943
16,922
182,260
Created
MEXICAN
TABLE39 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Sub-holding Company Collective
Bargaining 238
Agreements 2014
Coca-Cola
Others
Total FEMSA
FEMSA Comercio(1) 120 Labor Unions
150
508 1145
46
165
Created
MEXICAN
Period
Date byECONOMIC
Type:
End: EDGAR
BENEFICIAL_OWNERS3
FormFiled: 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents Ownership of Capital Stock as of March 14, 2015

Series BOwned
Shares(1)
Shareholder
Technical
Trust(4)
William
Aberdeen H.Committee
Participants under
Gates
Asset theand
III(5)
ManagementTrustPLC(6)
Voting Shares 278,873,490 Percent
6,922,159,485
270,325,410 of Class
74.86%
3.02%
2.92%
Series D-B
Shares Shares(2)
Owned - Percent
of Class Series D-L
- Shares Shares(3)
Owned - Percent
of Class Total
of Shares
FEMSA
- Capital Stock
38.69%
557,746,980
540,650,820 12.90%
12.51% 557,746,980
540,650,820 12.90%
12.51% 7.79%
7.55%
Created
MEXICAN byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
BENEFICIAL_OWNERS4
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Class
SeriesContents
B Shares (no par value) Number 9,246,420,270 Percentage51.68%
Capital of
Total
Units
BD
B D-B
D-L
Shares
Units
Units
Total Units Shares
Shares (no
(no par
par value)
value) 4,322,355,540
17,891,131,350
2,161,177,770
1,417,048,500
3,578,226,270 24.16%
100%
60.40%
39.60%
100%
Percentage
Full of 0%
Voting 100%
Rights 100%
23.47%
76.63%
100%
Created
MEXICAN
TABLE40
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Price Contents
History
NYSE. The
low
Units and
closingfollowing
and
BD closing
saleUnits tables
sale
on
prices and set forth,
theprices andfor
Mexican
the thethe
Stock
average periods
average
Exchange
daily indicated,
daily
trading and the the
trading
volumes reported
volumes
reported
for the for high,
the
high,
ADSs low
on B and
the

B Units(1)
2010
2011
2012
2013 High(2) 126.00
57.99
81.00
99.00 Nominal
Low(2) pesos
50.00 Close(3)115.23
44.00
75.00 99.00 Close US$(4)4.68
57.90
78.05 5.59
7.65
First
Second
Third
Fourth
2014
First
SecondQuarter
Quarter
Quarter
Quarter
Quarter
Quarter 121.80
120.00
111.00
106.90
110.00 99.00
102.00
107.00
103.00
104.00 117.00
114.00
106.00
104.00 9.50
8.87
8.67
8.09
8.12
8.02
Third
FourthQuarter
OctoberQuarter
November
December
2015
January 116.00
125.00
122.50
126.00 109.00
103.00
116.50
120.00
123.00 112.00
122.50
115.00
125.00
122.50
125.00 8.34
8.31
8.53
8.99
8.31
8.33
February
March
First Quarter 129.50
131.50 130.50
121.00 128.99
131.49 8.56
8.63
AverageVolume
Trading
(Units) Daily1,629
1,500
6,004
1,046
5,266
4,260
74,261
1,286
3,650
1,956
1,525
2,436
966
644
982
2,059
1,832
1,775
Created
MEXICAN
TABLE41 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents BD Units(1)
2010
2011
2012
2013 High(2) 147.24
71.21
97.80
130.64 Nominal
Low(2) pesos
53.22 Close(3)138.97
64.01
88.64 97.02 Close US$(4)
69.32
129.31 5.60
6.95
9.99
First
Second
Third
Fourth
2014
First
SecondQuarter
Quarter
Quarter
Quarter
Quarter
Quarter 151.72
135.12
131.76
126.17
129.52 129.11
121.59
123.61
117.05
109.62
118.34 131.31
127.00
126.40
121.61
121.59 11.28
10.11
9.65
9.31
9.38
Third
FourthQuarter
OctoberQuarter
November
December
2015
January 129.65
129.52
134.71
131.09
132.63 121.11
117.39
128.37
120.87
123.68 123.63
130.88
129.52
132.76
130.88
125.19 9.21
8.87
9.61
9.54
8.87
8.34
February
March
First Quarter 142.98
143.54 125.19
135.30
123.68 142.98
143.11 9.49
9.39
AverageVolume
Trading
(Units) Daily
3,177,203
2,709,323
2,135,503
2,359,740
3,025,003
3,417,003
3,133,631
3,063,251
2,771,898
2,403,749
2,290,740
2,240,021
2,142,217
2,480,668
2,344,006
2,524,297
2,742,988
2,560,379
Created
MEXICAN
TABLE42 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents ADSs(1)
2010
2011
2012
2013 High(2) 101.70
57.38
73.00 U.S. dollars
Low(2) 40.49
52.67
52.95 Close(3)100.70
55.92
69.71 AverageVolume
Trading
(ADSs) Daily
534,197
553,338
537,000
First
Second
Third
Fourth
2014
First
SecondQuarter
Quarter
Quarter
Quarter
Quarter
Quarter 114.91
124.96
106.11
100.23
96.94
100.22 101.30
91.41
92.57
88.66
82.59
90.57 113.50
103.19
97.09
97.87
93.24
93.65 581,561
698,259
565,178
571,771
658,259
379,657
Third
FourthQuarter
OctoberQuarter
November
December
2015
January 100.26
96.24
98.28
92.31
90.43 92.03
81.94
87.30
94.97
81.94
82.97 92.05
88.03
96.24
97.04
88.03
83.56 301,778
339,972
332,263
280,598
339,310
363,635
February
March
First Quarter 95.26
95.74 83.56
86.53
82.97 95.26
93.50 370,612
491,355
426,634
Created
MEXICAN
TABLE43 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Principal by Year of Maturity

Short-term
Fixed rate
Argentine
Bank loans
Interest debt:
debt:
pesos:
rate(1) 2015
301
30.90% 2016 2017
Variable
Brazilian
Bank
U.S. rate
loans
Interest debt:
reais:
rate(1)
dollars: 148
12.60% -- --
Subtotal 449 - -
Long-term
Fixed
U.S.
Interestrate
dollars:
Senior Notesdebt:
debt:
rate(1)(Coca-Cola
2023 FEMSA) -- --- ---
Senior
Bank
Mexican
Units ofNotes
Loans
Interest rate(1)due 2043
Pesos:
Investment (UDIs) 30
3.90%
Domestic
Interest
Brazilian
Bank
Financeloans
Interest
Argentine
Senior Notes
rate(1)
reais:
leases
rate(1)
Pesos: --
116
4.10%
223
4.70% 120
4.30%
192
4.60%- 3,599
4.20%
123
4.50%
168
4.60%-
Bank Loans
Interest
Subtotal
Variable
U.S. rate(1)
rate
BankDollars:
Loans debt:Notes 124
24.90%
493 131
27.50%
443 54
30.20%
3,944
Interest
Mexican
Domestic
Interest
Bank rate(1)
Loans
Argentine
Bank loans
Interest
pesos:
Senior
rate(1)
pesos:
rate(1) 17
24.90%--- 2,108
0.90%
2,473
3.40%
215
21.30%- ---
Brazilian
Bank
Bank loans
Finance
Interest
Colombian reais:
leases
rate(1)
loans pesos: 64
12.30%
38
10%
492 27
9.70%
25
10%
277 17
7.60% --
Interest rate(1) 5.90% 5.90%
Subtotal 611 5,125 17
Total long-term debt 1,104 5,568 3,961
At December
2018 31, 2014 2019 2020 and for percentages)
thereafter Carrying
Value Fair At December 31, 2013
Carrying
(in millions
--
of Mexican pesos,
--
except
-- 301 Value
30.90%
148
12.60% 304
30.90%
148
12.60%
Value 495
25.40%
34
9.70%
- - - 449 452 529
14,668
2.40% --- 29,225
4.50%
4,308
2.90% 43,893
3.80%
4,308
2.90% 46,924
3.80%
4,117
2.90% 34,272
3.70%
3,736
2.90%
--- -
9,900
4.40%
--
9,988
6.20%
9,900
4.40%
30
3.90%
3,599
4.20%
9,988
6.20%
9,594
4.40%
30
3.90%
3,599
4.20%
9,677
6.20%
8,377
4.40%
123
3.80%
3,630
4.20%
9,987
6.20%
91
5.10%
88
4.60%- 54
5.20%
41
4.60%-- 97
4.90%
50
4.60%
-- 601
762
4.60%
309
26.80% 553
642
4.60%
302
26.80% 337
3.10%
965
4.60%
358
20.30%
14,847
4,848
0.90% 95 53,568 73,390
6,956
0.90%
2,473 75,438
7,001
0.90%
2,502 61,785
5,843
0.90%
2,517
-- -- -- 3.40%
-
232
21.50% 3.40%
-
227
21.50% 3.90%
4,132
4.00%
180
25.70%
17
7.60% -- 17
7.60% -- 14
6.00% -- 156
6.70%
63
10%
769
5.90% 146
6.70%
63
10%
766
5.90% 167
11.30%
100
10%
1,495
5.70%
4,865 17 14 10,649 10,705 14,434
19,712 112 53,582 84,039 86,143 76,219
At December 31, 2013
Fair
Value 489
25.40%
34
9.70%
523
35,327
3.70%
3,486
2.90%
7,566
4.40%
125
3.80%
3,630
4.20%
9,427
6.20%
311
3.10%
817
4.60%
327
20.30%
61,016
5,897
0.90%
2,500
3.90%
4,205
4.00%
179
25.70
167
11.30%
100
10.00%
1,490
5.70%
14,538
75,554
Created
MEXICAN
TABLE44 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Derivative financial instruments: 2015 2016 2017
Interest receive
Mexican
Variable
Interest
Variable rate
pesos:
to
pay
to
pay swaps:
fixed:(2)
rate(1)
rate(1)
fixed:(3)
rate(1) -- -- --
Interest
Cross
Units
Mexican
Fixed of
to receive
currency
Investment
pesos
variable
pay rate(1)
swaps:
and
rate(1) (UDIs)
variabletorate 2,500
Interest
U.S. to receive
dollars
Variable
Interest
Fixed
Interest
Fixed to to
pay
receive
pay
receive
fixed
to
fixed rate(1)
Mexican
rate(1)
variable rate(1)
rate(1)
rate(1) pesos ---- ---- 3.10%
4.20%
---
Interest
U.S.
Fixed
Interest pay
receive
dollars
to rate(1)
to
variable
pay
receive
Variablereceive rate(1)
Brazilian
rate(1)
rate(1)
to variable reais 30
13.70%
3.90% -- --
Interest pay rate(1)
rate(1) -
At December
2018 31,
(in millions 2014 2019
of Mexican 2020 and for percentages)
thereafter
pesos, except Carrying
Value Fair
Value
-- -- -- -- --
-
6,476
3.20%
2.40% -
- -
- 2,500
3.10%
4.20%
6,476
3.20%
2.40% ----
--
6,623
11.20%
2.70% --- 11,403
4.60%
4.00%
1,267
5.70%
2.90%
--
11,403
4.60%
4.00%
1,267
5.70%
2.90%
6,653
11.30%
2.70% --
20,311
11.30%
1.50% - 20,311
11.30%
1.50%
At December 31, 2013
Carrying
Value Fair
Value
2,538
8.60%
4.00%
2,538
8.60%
4.00% --
2,500
4.10%
4.20%
- ----
11,403
5.10%
4.00%
2,575
7.20%
3.80%
6,017
9.50%
2.70%
18,046
9.50%
1.50% --
Created
MEXICAN
TABLE45
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
DecTotal
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents Revenues by Currency At December 31, 2014

RegionAmerica
Mexico and Central America(1)
Venezuela(2)
South Currency
Mexican
Bolvar peso
reais,and
fuerte
Brazilian
peso, Colombian others
Argentine
peso % of Consolidated
Total Revenues 26.10%
70.50%
3.30%
Created
MEXICAN
TABLE46
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
ForeignContents
Currency Change in Exchange
2014
FEMSA
Coca-Cola FEMSARisk(1)(2) Rate
+9%MXN/EUR
-9% MXN/EUR
+7%MXN/USD
+14%BRL/USD
+9%COP/USD
+11%ARS/USD
-7%MXN/USD
-14%BRL/USD
-9%COP/USD
Effect on Equity
Ps. (278)
96 Ps.
278
119
42
22
(119)
(96)
(42)
2013
FEMSA
Coca-Cola FEMSA -11%ARS/USD
+7%MXN/EUR
-7% MXN/EUR
+11%MXN/USD
+13%BRL/USD
+6%COP/USD Ps. (22)
(157)
67 Ps.
157
86
19
2012
FEMSA -11%MXN/USD
-13%BRL/USD
-6%COP/USD
+9%MXN/EUR/
+11%MXN/USD
-9%MXN/EUR/ Ps. (67)
(86)
(19)
(250)
104 Ps.
Coca-Cola FEMSA -11%MXN/USD (204)
 Effect
Ps. or Losson Profit ---
Ps. ---
Ps. --
Created
MEXICAN
TABLE47
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Country Currency Exchange
as of2015
AprilRate
17, (Devaluation) /
Mexico
Brazil
Venezuela
Colombia
Argentina
Costa Rica
Guatemala
Nicaragua
Panama
Mexican
Brazilian
Bolvar
Argentine
Coln
Quetzal
Cordoba
peso
reais
fuerte
Colombian
U.S. dollar peso
peso 15.39
3.05
196.66
2,493.93
8.87
537.38
7.68
26.98
1.00 (1) Revaluation4.60%
15.00%
293.40%
4.20%
3.70%
-1.50%
1.10%
1.40%
0.00%
Euro
Peru
Chile Zone Euro
Nuevo
Chilean Sol
peso 0.93
3.13
612.30 13.10%
4.50%
0.80%
Created
MEXICAN
TABLE48
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC of Mexican pesos)
Table Of
Country
Mexico
Brazil Contents Currency
Mexican
Brazilian peso
reais ReductionEquity
Stockholders'
(in millions in960
1,429
1,826
Venezuela
Colombia
Costa Rica
Argentina
Guatemala
Nicaragua
Panama Bolvar
Coln fuerte
Colombian
Argentine
Quetzal
Cordoba
U.S. dollar peso
peso 276
269
96
71
61
246
Peru
Euro Zone Nuevo
Euro Sol 19
7,612
Created
MEXICAN
TABLE49
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
in Of Contents
Depositary
Issuance service
and
connection delivery
of with of distributions,
share ADSs, including Feetopayable by ADS
5.00 holders
100 ADSs
stock splits
Distribution
Withdrawal dividends(1)
shares underlying ADSs portion
Up
portion thereof)
US$ 0.02
5.00
thereof) per ADS
100 ADSs (or
(or
Created
MEXICAN
TABLE50 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Audit Contents
fees Ps. 2014
(in15 Year101
millions ended December
of Mexican pesos)31, 2013 2012
Audit-related
fees fees
Tax fees
Other
Total Ps. 101
124 3
5 Ps.
Ps. 129 6 Ps.
10
12 Ps. 88
107 5
9
Created
MEXICAN
TABLE51 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of ContentsPurchases of Equity Securities

Period
April 2014 Total
Number
BD Unitsof
Purchased
517,855 Average
Price
Paid
BD per
Ps. Units
111.99 Total
SharesNumber
Purchased
Part of
Announced
or (or as of
Units)
Publicly
- Programs Plans
Maximum
Appropriate
dollar
(or
Be Units)
- Purchased
the Plans Number
Value) U.S.
that
or May(or
ofUnder
Shares
Yet
Programs
Created
MEXICAN
TABLE52
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
NYSE Contents
Standards
Directors
the board independence:
independent.of directors mustA majority
be of

Executive
directors sessions:
scheduledmust Non-management
meet at
executive
management. regularlywithout
sessions

Nominating/Corporate
Committee:
governance Acommittee
of independent Governance
nominating/corporate
composed
directors entirely
is required.

Compensation
committee
directors Committee:
is composed
required. A compensation
entirely independent
Our Corporate Governance Practices
Directors
the
whom independence:
withMexican
required to
must Securities
have
a maximumbe a board
of Pursuant
Law, we areto of
of directors
21 members,
independent. 25%
The
forth,Mexican
in article
"independence," Securities
26, the
which Law
definition sets
differs
the
of one
the
NYSE.
Securities
independent
an
the employee
companysetLaw,
Listed forth
Company
Generally,
if(iii)
or indirector
aits
such
ais Section
under Manual
the
director:
relevant is
subsidiaries; isfrom
303A.02
of
Mexican
not
(i)its
officer the
of
is
or an
partner
client,
of the
individual
influence
subsidiaries;
orover
participant
group of the of
employee
supplier,
company;
with
the
company; the
debtor,
debtor
or asignificant
company
shareholder
controlling
of
(v)
member of any of the aforementioned
persons. (iv)
an
or
is a is
creditor, a (ii)
or
important
creditor
family
In accordance
Securities
required
to to
theordinary Law,
make with
our the Mexican
shareholders
aisdetermination are
as
at an
board
make aindependence
shareholders,
challenge
independence that meeting
though of
determination.
ofdetermination
directors of our notasour
of
the our
CNBVdirectors
required
to
directors. theOurmayto
Executive
and
non-management
directors
executive sessions:
applicable
are notMexican
sessions. andUnder
required toour
law,
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2014 Inc.
DEVELOPMENT INC
Table Of Contents
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4.80
4.90
4.10
4.11
4.12
4.13
4.14
4.15
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Supplemental
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reference
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Created
MEXICAN
TABLE55 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
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Apr Online,
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2014 Inc.
DEVELOPMENT INC
Table Of Contents
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4.21
4.22
4.23
4.24
4.25
4.26
4.27
4.28
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12.10
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13.10
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Consent of Mancera, S.C.
Consent of KPMG Accountants N.V.
Created
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Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT3
Form 20-F
Dec21,
Apr Online,
31,2015
2014 Inc. S.A.B. DE INC
DEVELOPMENT
Table Of Contents
FOMENTO ECONMICO MEXICANO, C.V. AND SUBSIDIARIES

MONTERREY, N.L., MXICO

INDEX TO FINANCIAL STATEMENTS

Audited consolidated
S.A.B. de C.V. financial statements of Fomento Econmico Mexicano,
Report of Mancera S.C., A Member Practice of Ernst & Young Global F-1
Consolidated
and 2013 statements of financial position as of December 31, 2014 F-2
Consolidated
2013 income statements for the years ended December 31, 2014,
and 2012 F-3
Consolidated
December statements
31, 2014,of comprehensive income for the
2013 years
and ended
2012 F-4
Consolidated statements31,
December of changes
2014, 2013in equity
andfor2012
the years ended F-5
Consolidated statements
2014, 2013 and 2012 of cash flows for the years ended December 31, F-6
Notes to the audited consolidated financial statements F-7
Audited consolidated financial statements of Heineken N.V.
Report of KPMG Accountants N.V. F-105
Consolidated
2013 income statements for the years ended December 31, 2014,
and 2012 F-106
Consolidated
December statements
31, 2014,of comprehensive income for the
2013 years
and ended
2012 F-107
Consolidated
and 2013 statements of financial position as of December 31, 2014 F-108
2014, 2013statements
Consolidated and 2012 of cash flows for the years ended December 31, F-109
Consolidated statements31,
December of changes
2014, 2013in equity
andfor2012
the years ended F-110
Notes to the audited consolidated financial statements F-113
Created
MEXICAN
CASH_FLOW
Form
Period
Date byECONOMIC
Type:
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DEVELOPMENT INC
Table Of Contents
FOMENTO ECONMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES
MONTERREY, N.L., MEXICO
Consolidated Statements of Financial Position
As of December 31, 2014 and 2013.
pesos (Ps.)Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican

ASSETS
Current
Cash andAssets:
cash equivalents Note 5 December
2014 (*) 2,407 December
2014
Investments
Accounts
Inventories
Recoverable
Other receivable,
current taxes
financial
assets net
assets 9 $
6
7
8 10 Ps.
939
1,167
544
176
121
Total current assets 5,364
Investments
ventures
Property,
Intangible
Deferred in
plant associates
and
assets,
tax assets
financial
Other assets, net
assets
net and joint
equipment, net 10
11
12
24
13 6,926
5,127
6,883
426
444
333
TOTAL ASSETS $ 25,503 Ps. 376,173
LIABILITIES
Bank
Current
Interest
Suppliers
Accounts AND
Liabilities:
loans and
portion
payable
payable of EQUITY
notes payable
long-term debt 18 $ 30
75
33
1,794
527
Taxes
Other payable
current financial liabilities 25 554
330
Total current liabilities 3,343
Long-Term
Bank loans
Deferred
Other
Provisions Liabilities:
taxand
Post-employment
employee benefitsnotes
liabilities
financial
and payable
andlong-term
other long-term
liabilities
other liabilities 18
16
24
25 5,623
285
247
22
382
Total long-term liabilities 6,559
Total liabilities 9,902
Equity:
Controlling
Capital
Retained stock
Additional
Cumulative
income interest:
paid-in
earnings capital
other comprehensive (loss) 227
1,739
9,974
(383)
Total controlling interest 11,557
Non-controlling interest in consolidated
subsidiaries 21 4,044
Total equity 15,601
TOTAL LIABILITIES AND EQUITY $ 25,503 Ps. 376,173
 December
2014 17,214
144 Ps. December 2013
35,497
13,842 27,259
126
12,798
8,030
2,597
1,788 18,289
9,141
3,977
1,979
79,112 73,569
102,159
75,629
101,527
6,278
6,551
4,917 98,330
73,955
103,293
3,792
2,753
3,500
Ps. 376,173 Ps. 359,192
Ps. 449 1,104
482
26,467
7,778
8,177
4,862 Ps. 529 3,298
409
26,632
6,911
6,745
4,345
49,319 48,869
82,935
4,207
3,643
328
5,619 72,921
4,074
2,993
1,668
6,117
96,732 87,773
146,051 136,642
3,347
25,649
147,122
(5,645) 3,346
25,433
130,840
(227)
170,473 159,392
59,649 63,158
230,122 222,550
Ps. 376,173 Ps. 359,192
Created
MEXICAN byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
INCOME_STATEMENT4
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
FOMENTO ECONMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES
MONTERREY, N.L., MEXICO
Consolidated Income Statements
For the years ended December 31, 2014, 2013 and 2012.
pesos (Ps.), exceptAmounts expressed
per share amounts.in millions of U.S. dollars ($) and in millions of Mexican

Net sales
Other operating revenues Note 2014
$ (*) 17,816
45 Ps.
Total of
Cost revenues
goods sold 17,861
10,392
Gross profit 7,469
Administrative
Selling
Other
Interest
Foreign expenses
income
expenses
expense
income
exchange expenses
loss, net 19
18 694
4,679
74
(86)
(454)
58
(61)
Monetary
Market position
value
instruments loss,
gain on net
financial (22)
5
Income
share
and
using
Income
Share
and ofbefore
of
joint
the
joint the
equity
taxes
the income
profit
ventures of
method
profit
ventures taxes and
of associates
accounted for
associates
accounted for 24 1,610
424
using
taxes the equity method, net of 10 348
Consolidated net income $ 1,534 Ps.
Attributableinterest
Controlling
Non-controlling to: interest 1,132
402
Consolidated net income $ 1,534 Ps.
Basic
income:net
netcontrolling
"B" share interest $ 0.06
Per series
series
Diluted
income:
Per "D"
controlling
"B"
"D" share interest 23
23 0.07 Ps.
0.07
0.06
ons of Mexican

2014
262,779
670 Ps. 2013 Ps.
256,804
1,293 2012
236,922
1,387
263,449
153,278 258,097
148,443 238,309
137,009
110,171 109,654 101,300
10,244
69,016
1,098
(1,277)
(6,701)
862
(903) 9,963
69,574
651
(1,439)
(4,331)
1,225
(724) 9,552
62,086
1,745
(1,973)
(2,506)
783
(176)
(319)
73 (427)
8 (13)
8
23,744
6,253
5,139 25,080
7,756
4,831 27,530
7,949
8,470
22,630 Ps. 22,155 Ps. 28,051
16,701
5,929 15,922
6,233 20,707
7,344
22,630 Ps. 22,155 Ps. 28,051
0.83
1.04 Ps.
1.04
0.83 0.79
0.99 Ps.
1.00
0.79 1.03
1.30
1.03
1.29
Created
MEXICAN
Period
Date byECONOMIC
Type:
End: EDGAR
INCOME_STATEMENT5
FormFiled: 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
FOMENTO ECONMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES
MONTERREY, N.L., MEXICO
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2014, 2013 and 2012.
pesos (Ps.) Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican

Consolidated
Other
Items
consolidated
tax:
Unrealized may
loss net
comprehensive
that be
neton income income:
reclassified
income, ofto
netfor
available Note 2014
$ (*) 1,534 Ps. 22,630 2014
sale
of securities
Valuation
derivative
instruments
Exchange
translation
and of
associates the effective
financial
differences
of foreign on portion
the
operations 6 -
33
(831) -
493
(12,256)
Share
income
ventures ofofother comprehensive
associates and joint 10 30 441
Total items that may be
reclassified (768) (11,322)
Items
of tax:that
reclassified
income
benefit will
to not
in subsequent
Remeasurements
liability to
of be
consolidated
the netnet
periods, net
defined 16 (24) (361)
Total items that will not be
reclassified (24) (361)
Totalofother
net tax comprehensive loss, (792) (11,683)
Consolidated
net of tax comprehensive income, $ 742 Ps. 10,947
Controlling
income
Reattribution
interest by
income
YOLI interest
to
of other
by other comprehensive
to non-controlling
comprehensive
acquisition of FOQUE
Grupo 765
-- 11,283
Reattribution
interest
income of non-controlling
comprehensive
acquisition of --
Controlling interest, net of
reattribution $ 765 Ps. 11,283
Non-controlling
comprehensive
Reattribution
interest of interest
income
from controlling (23) (336)
income
YOLI of other
by
Reattribution
interest
income by from
other comprehensive
acquisition of
of Grupo
controlling
comprehensive
acquisition FOQUE -- --
Non-controlling interest, net of
reatribution $ (23) Ps. (336 )
Consolidated
net of tax comprehensive income, $ 742 Ps. 10,947
Ps. 22,155 2013 2012
(2) Ps. 28,051(5,250)
(2)
(246)
1,151
(2,629) (243)
(781)
(1,726) (6,276)
(112) (279)
(112) (279)
(1,838) (6,555)
Ps. 20,317 Ps. 21,496
15,030
(36) 15,638
-
- 29
Ps. 14,994 Ps. 15,667
5,287
36 5,858
-
- (29)
Ps. 5,323 Ps. 5,829
Ps. 20,317 Ps. 21,496
Created
MEXICAN
TABLE56 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Created
MEXICAN
TABLE56
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
FOMENTOContents
ECONMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES
MONTERREY, N.L., MEXICO
Consolidated Statements of Changes in Equity
For the years ended December 31, 2014, 2013 and 2012.
Amounts expressed in millions of Mexican pesos (Ps.)

Balances at January 1, 2012

Net income
Other comprehensive income, net of tax
Comprehensive
Dividends
Issuance
Acquisition
shares
Other (see income
declared
(repurchase)
ofNote
Grupo
transactions
movements 4)
of of shares
ofFomento associated
Queretano
non-controlling
equity method ofinterest with share-based
through
associates, issuance payment plans
of Coca-Cola
net of taxes FEMSA
Balances at December 31, 2012
Net income
Other comprehensive income, net of tax
Comprehensive
Dividends
Issuance
Acquisition
Note 4) of
acquisitions
Increase in shareincome
declared
(repurchase)
Grupo of
Yoli
(see
of shares
4) associated
through
Note issuance
non-controlling ofwith
interest share-based
Coca-Cola FEMSA payment
sharesplans
(see
Other movements of equity method of associates, net of taxes
Balances at December 31, 2013
Net income
Other comprehensive income, net of tax
Comprehensive
Dividends
Issuance
Other movements income
declared
(repurchase) of shares
of equity associated
method with share-based
of associates, net of taxes payment plans
 Unrealized Valuation Exchange
Differences
Capital
Stock
Ps. 3,345 Additional
Paid-in
Capital
Ps. 20,656 Retained
Earnings
Ps. 114,487 Gain
(Loss)
Ps. 4 on
Available
for sale
Securities the 365 ofof
Effective
Portion
Derivative
Financial
Instrument
Ps. on
and the
Translation
of Foreign
Operations
Associates
Ps. 5,717
20,707 (2) (17) (3,725)
1 (50)
2,134 20,707
(6,200)
(486) (2) (17)
1 (3,725)
(31)
3,346 22,740 128,508 2 349 1,961
15,922 (2) (170) (1,214)
(172)
2,865 15,922
(13,368) (2) (170)
2 (1,214)
32
(222)
3,346 25,433 130,840 - 181 779
16,701 126 (4,412)
1 216 16,701
(419) 126 (4,412)
Remeasurements
of the
Defined
Benefit
Ps. Net
Liability
(352) Total
Controlling
Interest
Ps. 144,222 Non-Controlling
Interest
Ps. 47,949 Total192,171
Ps. Equity
(1,296) 20,707
(5,040) 7,344
(1,515) 28,051
(6,555)
(1,296)
1 15,667
(6,200)
(49)
2,105
-
(486) 5,829
(2,986)
(12)
4,172
(50)
- 21,496
(9,186)
(61)
6,277
(50)
(486)
(1,647) 155,259 54,902 210,161
458 15,922
(928) 6,233
(910) 22,155
(1,838)
458
2 14,994
(13,368)
(172)
2,901
- 5,323
(3,125)
(7)
5,120
430
515 20,317
(16,493)
(179)
8,021
430
515
(222) - (222)
(1,187) 159,392 63,158 222,550
(1,132) 16,701
(5,418) 5,929
(6,265) 22,630
(11,683)
(1,132) 11,283
-
217
(419) (336)
(3,152)
(21)
- 10,947
(3,152)
196
(419)
Created
MEXICAN
CASH_FLOW2
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
FOMENTO ECONMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES
MONTERREY, N.L., MEXICO
Consolidated Statements of Cash Flows
For the years ended December 31, 2014, 2013 and 2012.
pesos (Ps.) Amounts expressed in millions of U.S. dollars ($) and in millions of Mexican

Cash
Income flows
Adjustments
Non-cash
Employee before from
for:
operating operating
income taxes
expenses activities: 2014
$ (*) 1,958
14 Ps. 2014
28,883
209 Ps.
Depreciation
Amortization
Loss
assets
Gain (gain)
on
Disposal
Impairment
Share
joint of
venturesofprofit
sale
the on of
ofprofit
sharing
sale
shares
long-lived of
long-lived
of
accounted long-lived
assets
assets
associates and
77
612
67
-
10
1,138
9,029
985
-7
153
145
equity
Interest
Foreign
Monetary
Market method,
instruments income
expense
exchange
position
value net of
loss,
(gain)loss, net using
taxes for
net
on financial the (348)
(58)
454
61
22
(5) (5,139)
(862)
6,701
903
319
(73)
Cash
before
and
Accounts
assets
Other flow
changes
employee fromfinancial
receivable
current
Inventories operating
in operating
profit sharing
and activities
other
assets accounts
current 2,874
(336)
118
(76) 42,398
(4,962)
1,736
(1,122)
Derivative
Suppliers
Other current
Post-employment
employee financial
and
long-term
benefits other
financialinstruments
and accounts
liabilities liabilities
other payable
long-term 17
468
(155)
54
(28) 245
6,910
(2,308)
793
(416)
Cash generated
Income taxes paid from operations 2,936
(401) 43,274
(5,910)
Net cash generated by operating
activities 2,535 37,364
Cash flows
Acquisition from investing activities:
net
(see ofNote
acquired cash
Acquisition
Refrigerantes,
Acquisition
Brasileira
Other
acquired
Investment 4)of
(see
de
(see
of
of
acquisitions,
in
Grupo
acquired
Note
Companhia
net
Spaipa
Bebidas,
Note
shares
of
net
Fomento
(see
4)Yoli,
4)cash
S.A.
ofnet
of
Note
net ofQueretano,
4)
cash de
Fluminense
acquired
Industria
of
cash cash
Coca-Cola FEMSA
--
--
--
--
Philippines,
Other
joint
Disposalsinvestments
ventures
associates,
Purchase
Proceeds of
of
fromInc.(seeCCFPI
in
subsidiaries
net of Note
cash
investments
investments (see
associates
10)
and Note 10)
and (4)
(41)
40 (58)
(607)
589
Interest
Derivative
Dividends
Long-lived
Proceeds
assets received
joint ventures financial
received
assets
from the instruments
from
acquisitions
sale associates
of long-lived and 59
(2)
132
(1,152)
14 863
(25)
1,949
(16,985)
209
Acquisition
Investment of
in intangible
other
Collection in other financial assets assets
financialassets assets (48)
(54)
(3)
- (706)
(796)
(41)
-
Net cash used in investing activities (1,059) (15,608)
Cash
Proceeds
Payments
Interestflows
Derivative
Dividends paid from
from
ofof bank
financial financing
borrowings
loans
instruments activities: 363
(388)
(270)
(154) 5,354
(5,721)
(3,984)
(2,267)
Acquisition
interests
Increase
interest
Other inpaid
financing non-controlling
shares of
activities non-controlling (214)
33- (3,152)
482-
Net cash (used
financing activities in) generated by (630) (9,288)
Increase
equivalents (decrease) in cash and cash 846 12,468
Initial balance of cash and cash
equivalents 1,848 27,259
Effects
inflationofeffects
equivalents exchange
heldon rateand
in cash
foreign changes
cash and
currencies (287) (4,230)
Ending balance of cash and cash
equivalents $ 2,407 Ps. 35,497 Ps.
 2013
29,911
752
1,936
8,805 Ps. 2012
36,000
1,683
1,650
7,175
891
(41)
122
- 715
(132)
(2,148)
133
384
(4,831)
(1,225)
4,331
724
427
(8) (8,470)
(783)
2,506
176
13
(8)
41,794
(1,948)
(1,508)
(1,541)
402
517 38,894
(746)
(977)
(2,289)
(17)
3,833
(109)
417
(317) (18)
329
(209)
37,707
(8,949) 38,800
(8,015)
28,758 30,785
-
(1,046)
(4,648) (1,114)
---
(23,056)
(3,021)
(8,904)
(335) (1,207)
-
(118)
1,488
1,224
119
1,759 1,055
(2,808)
2,534
777
94
1,697
(16,380)
252
(1,077)
(1,436)
(52)
- (14,844)
362
(441)
(1,264)
516-
(55,231) (14,643)
78,907
(39,962)
(3,064)
697
(16,493)
- 14,048
(5,872)
(2,172)
(209)
(9,186)
(6)
515
(16) -
(21)
20,584 (3,418)
(5,889) 12,724
36,521 25,841
(3,373) (2,044)
27,259 Ps. 36,521
Created
MEXICAN
TABLE57
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents %
Subholding
Coca-Cola
C.V. and Company
FEMSA, S.A.B. de
subsidiaries
("Coca-Cola FEMSA") theOwnership
December
47.9%
(63.0% of 31,
(1)
voting
shares) December
2014 47.9%
(63.0%
the of 31,
(1)
voting
shares) 2013

FEMSA
C.V. andComercio,
("FEMSA S.A. de
subsidiaries
Comercio") 100% 100%
CB Equity, LLP ("CB
Equity") 100% 100%
Other companies 100% 100%
Activities
Production,
and marketing
Coca-Cola
beverages
Guatemala,
Costa Rica, distribution
of and
trademark
in certain
Mexico,
Nicaragua,
Panama,
Colombia,
Brazil,
10).
2014,At28.1%
Company
owns The Venezuela,
Argentina
Philippines (see
December Note
Coca-Cola
(TCCC)
of 31,
indirectly
Coca-Cola
FEMSA's
addition,
Coca-Cola
stock
Bolsa are
(Mexican capital
shares
representing 24.0%
FEMSA's
traded
Mexicana
Stock stock.
on
de the In
ofcapital
Valores
Exchange
"BMV").
Depositary
trade
Stock
(NYSE).on Its
theAmerican
Shares
Exchange,New ("ADS")
York
Inc
Operation
small-box
in
theMexico,
underUnited
"OXXO." of chains
retail
Colombia
States,
the trade name of
formatsand
mainly
This
in theCompany
Heineken
shares, N.V.
Holding
which
aggregate
economic
entities holds
and N.V.
represents
interest
("Heineken a in
20%
both
Company").
Companies
production
distribution
commercial
equipment
cases; engaged
and
of coolers, in the
refrigeration
and
as well
transportation plastic
as
logistics
and
to maintenance
FEMSA's
to third services
subsidiaries
parties.
Created
MEXICAN
TABLE58 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Country or Zone Functional
Recording /peso
Currency 2014 Exchange
Average
Rate Rates of2013
for Exchange Local Currencies Translated to Me
Guatemala
Costa
Panama Rica
Colombia
Nicaragua
Argentina
Venezuela Quetzal
Colon
U.S. dollar
Colombian
Cordoba
Argentine
Bolivar peso 1.72
0.02
13.30
0.01
0.51
1.64
1.28 1.62
0.03
12.77
0.01
0.52
2.34
2.13
Brazil
Euro Zone
Philippines Reai
Euro () peso
Philippine 5.66
17.66
0.30 5.94
16.95
0.30
Rates of Local Currencies Translated
2012
1.68
0.03 to Mexican
Exchange
December Rate Pesos
31, as of 2014
1.94
0.03 December 31,
2013
1.67
0.03
13.17
0.01
0.56
2.90
3.06
6.76
16.92 14.72
0.01
0.55
1.72
0.29
5.54
17.93 13.08
0.01
0.52
2.01
2.08
5.58
17.98
0.31 0.33 0.29
Created
MEXICAN
TABLE59
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Buildings
Machinery
Distributionand
Refrigeration equipment
equipment
equipment Years
15-50
10-20
7-15
5-7
Returnable
Leasehold
Information
Other bottles
improvements
technology
equipment equipment 1.5-3shorter of lease term or 15 years
The
3-5
3-10
Created
MEXICAN
TABLE60 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Preliminaryin5,390
Estimate Additional 2014
Final
Purchase
Total current
acquired assets
of Ps.
non-current
Distribution (including cash
3,800)
rights assets Ps. Disclosed 5,918
13,731 Fair
(300Value (1,859)
2013 Ps. Adjustments - )(1) Ps. Price
Allocation
assets
Total liabilities 25,039
(5,734) (1,073 (2,159) )(2)
Net assets acquired 19,305 (3,232)
Goodwill 7,551 3,232
 2014
Final 5,918
Purchase
Price
Allocation5,090
11,872
22,880
(6,807)
16,073
10,783
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT6
Form 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Total
Income
Net Contents
Statement
revenues
before
income income taxes Ps. 2013
2,466
354
311
Created
MEXICAN
TABLE61 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Preliminary
Estimate Additional
Total current
acquired assets
of Ps.
non-current
Distribution (including cash
9)assets
rights Ps. Disclosed
2013 in 515 Fair
1,467
2,634 Ps. Value Adjustments(557)
-
254
assets
Total liabilities 4,616
(1,581) (382 (303)
Net assets acquired 3,035 (685)
Goodwill 1,622 685
Total consideration transferred Ps. 4,657 Ps. -
 2014
Final 1,721
Purchase
Price
Allocation
(1) Ps. 515
2,077
)(2) 4,313
(1,963)
2,350
2,307
Ps. 4,657
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT7
Form 20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Income
Total
Loss
Net Contents
Statement
revenues
before
loss taxes 2013
Ps. 981
(39)
(34)
Created
MEXICAN
TABLE62 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total Contents
current
non-current
Distribution assets
rights (including cash acquired of Ps. 63)
assets Ps. 2013
837
2,144
3,503
assets
Total liabilities 6,484
(1,487)
Net assets acquired 4,997
Goodwill 4,133
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT8
Form 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Total
Income
Net Contents
Statement
revenues
before
income taxes Ps. 2013
2,240
70
44
Created
MEXICAN
TABLE63 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total Contents
current
non-current
Distribution assets
rights (including cash acquired of Ps. 107)
assets Ps. 2012
445
2,123
2,921
assets
Total liabilities 5,489
(598)
Net assets acquired 4,891
Goodwill 2,605
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT9
Form 20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Total
Income
Net Contents
Statement
revenues
before
income taxes Ps. 2012
2,293
245
186
Created
MEXICAN
TABLE64
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total
Income Contents
revenues
before income taxes and share of the Unaudited
information
Ps. ended pro
for forma
December the31, financial
-year
2013 270,705
profitincome
Net
share
Basic of
accounting associates
for"B"
Series
net usingand
controlling
"D" the joint
interest ventures
equity method
income per 23,814
20,730
0.76
0.95
Created
MEXICAN
TABLE65
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total
Income Contents
revenues
before income taxes and share ofshare
the Unaudited
information
Ps. ended pro
for forma
December the31, financial
-year
2012 239,297
profitincome
Net
Series
Basic of
accounting associates
"B"
net
"D" for usingand
controlling the joint
interest ventures
equity method
income per 27,618
28,104
1.03
1.30
Created
MEXICAN
TABLE66
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Cash Contents
and bank balances
equivalents (see Note 3.5) Ps. December22,843
31,
2014 Ps. December10,397
12,654 31,
2013
16,862
Ps. 35,497 Ps. 27,259
Created
MEXICAN
TABLE67
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
NoteOf Contents
6. Investments
As of carrying
the December
following 31, 2014
value
is a detail andinvestments
ofofheld-to
the 2013 investments
maturity are classified
is similar
investments: to theirasfair
held-to maturity,
value. The

Held-to
Accrued Maturity
cost (1)
Bank Deposits
Acquisition
interest 2014
Ps. 1 2013
143 Ps. 125
1
Amortized cost Ps. 144 Ps. 126
Ps. 144 126
Created
MEXICAN
TABLE68
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note Contents
7. Accounts Receivable, Net

Trade
The receivables
Allowance
Current for parties
totrade
Coca-Cola
Loans
Other related
Heineken doubtful
customer
Company
employees
Company accounts
notes
(see
(see Notereceivable
(see
Note Note
14) 14)
14) Ps. December 31,
2014
9,083
811 Ps.
(456)
229
1,584
242
273
December 31,
2013
9,294
(489)
185
1,700
275
235
454
Others 2,076 1,144
Ps. 13,842 Ps. 12,798
Created
MEXICAN
TABLE69 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec 31,
Apr Online,
2014 Inc.
DEVELOPMENT INC
Table Of
60-90
90-120
120+ days21,Ps.
Contents
days
2015
December 31, 2014 December 31,
65 Ps.
24
182 2013
208
40
299
Total Ps. 271 Ps. 547
Created
MEXICAN
TABLE70
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Opening
Allowance
Charges
foreignand
Restatement for21,
Contents
balance
hyperinflationary
in the year
write-offs
of
exchange of uncollectible
beginning
economies
rates balance in accounts
and effects of changes 2014
Ps. 489
(90)
(37) 2013
94 Ps.
Ending balance Ps. 456 Ps.
413
(44) Ps.
154
(34) 2012
343
330
(232)
(28)
489 Ps. 413
Created
MEXICAN
TABLE71 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec 31,
Apr Online,
2014 Inc.
DEVELOPMENT INC
Table Of
60-90
90-120
120+ days21,Ps.
Contents
days
2015
December 31, 2014 December 31,
13 Ps.
10
433 2013
69
14
406
Total Ps. 456 Ps. 489
Created
MEXICAN
TABLE72
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note Contents
8. Inventories

Finished
Raw
Spare
Work products
materials
inparts
process
Inventories
Other in transit Ps. December10,989
31,
929 Ps. December10,492
2014
3,493
1,353
279
171
31,
2013
4,934
1,404
238
1,057
164
Ps. 17,214 Ps. 18,289
Created
MEXICAN
TABLE73
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Changes
work
Raw Contents
in inventories
in progress
materials of finishedused
and consumables goods and Ps. 2014 Ps.
92,390
55,038 2013
76,163
49,740
Ps. 2012
68,712
51,033
Created
MEXICAN
TABLE74 byECONOMIC
FormFiled:
PeriodType:
End: EDGAR
20-F
Dec Online,
31,2015 Inc.
DEVELOPMENT INC
Date
Table Of Apr 21,
Contents
Note 9.2014
Other Current Assets and Other Current Financial Assets
9.1 Other current assets

Prepaid expenses
Agreements
Short-term
Other with customers
licenses Ps. December
2014 31, 68 Ps.December
1,375
161
184 31,
2013 1,666
148
55
110
Ps. 1,788 Ps. 1,979
Created
MEXICAN
TABLE75
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents Ps.December
2014 31,
Advertising
Advances
Others for
and
to inventories
promotional
service
leases
Prepaid insurance expenses paid in advance
suppliers 80 Ps.December
380
156
517
29
213 2013 31,
Ps. 1,375 Ps.
December
2013 31,
478
191
309
120
33
535
1,666
Created
MEXICAN
TABLE76
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Restricted
Derivative
Short cash
term financial instruments
note receivable (1) (see Note 20) Ps.December 31,
384 Ps.December
2014 1,000
1,213 31,
2013 3,106
28
843
Ps. 2,597 Ps. 3,977
Created
MEXICAN
TABLE77
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Venezuelan
Brazilian
Colombian bolivars
reais
pesos Ps.December
2014 31, 23 Ps.December
550
640 31,
2013 2,658
340
108
Ps. 1,213 Ps. 3,106
Created
MEXICAN byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
BENEFICIAL_OWNERS5
20-F
Dec
Apr 31, Online,
2014 Inc.
DEVELOPMENT INC
Table Of 10.21,
Contents
Note 2015
Investments in Associates and Joint Ventures
Details
equity of the at
method Company's
the end ofassociates andperiod
the reporting joint ventures accounted for under the
are as follows:

Investee
Heineken
Coca-Cola
Joint Company
FEMSA:
ventures: (1) (2) Ownership Incorporation
Principal
Activity
Beverages Percentage
Place
The of
Netherlands December50.00%
31,
2014
20.00%
Grupo
de
LTDAC.V.
EstanciaPanameo
Dispensadoras
Coca-Cola
("CCFPI") de de
Hidromineral
FEMSA Bebidas
Caf, S.A.P.I.Inc.
Itabirito,
Philippines, Beverages
Services
Bottling
Bottling and
distribution Panama
Mexico
Brazil
Philippines 50.00%
51.00%
Associates:
Promotora
S.A. de
Queretaro,
Industria
S.A. de Industrial
C.V. ("PIASA")
Envasadora
S.A.
Mexicana
C.V. de
("IMER") Azucarera,
de
C.V.("IEQSA")
de Reciclaje, Sugar
production
Canned
bottling
Recycling Mexico 36.30%
32.80%
35.00%
Jugos
KSP
Leao
(3)
Other del Valle,
Alimentos
investments S.A.P.I.
Partiipaes,
e LTDA
Bebidas,
in de C.V.
LTDA Beverages
Beverages Mexico
Brazil 26.30%
38.70%
24.40%
FEMSA's
FEMSA
Caf
C.V. del
(Caffenio)
Other companies
Comercio:
Pacifico,
(1)
investments (1)Coca
S.A.P.I.
(4) de Cola Various
Coffee
Various Various
Mexico
Various Various
Various 40.00%
December50.00%
31,
20.00% Carrying
2013 December Amount
Ps. 83,710 31, 1,740
2014 December 31,
2013
50.00%
51.00% 190 Ps. 80,351 9,398
164
9,021 892
187
142
36.30%
32.80%
35.00%
26.20%
38.70% 2,082
194
98
1,470
91 2,034
181
90
1,470
85
Various 26.10% 1,670
606 2,176
112
Various 40.00% 467
656 466
746
Ps. 102,159 Ps. 98,330
Created
MEXICAN
TABLE78 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total Contents
current assets
non-current assets Ps. December
Peso 109,101 31,
Million of 2014 . Euro
515,282 6,086
28,744
Total
Equityequity
Heineken
Total revenue liabilities
attributable
and liabilities
to equity
other holders
income of Ps. 152,950
230,285
241,148
222,453 8,532
12,846
13,452
12,409
Net
Other
Total
to
cost
income
holders and expenses
attributable
ofholders
the company
comprehensive
comprehensive
equity of the to equity
income
income
companyattributable Ps. 342,313 293,134
30,216
4,210
26,819
34,426
29,826 .. . 19,350
16,570
1,708
1,516
238
1,946
1,686
Peso December
Ps. 31,
Million of 2013 . Euro
98,814
500,667
143,913
233,376
222,192 5,495
27,842
8,003
12,978
12,356
Ps. 205,038 11,402
Ps. 333,437 289,605
27,236
23,409
(18,998)
8,238 . 19,429
5,766 .
16,875
1,587
1,364
(1,107)
480
336
Created
MEXICAN
TABLE79 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
EquityContents December
Million
Peso of 31, 2014 Euro
Effectsattributable
Heineken
Purchase
Goodwillof fair
Pricevalue todetermined
equity holders
Allocation by of Ps. 222,453 88,537
107,560 . 12,409 6,000
4,939
Equity attributable
Heineken
Economic adjusted
ownership to equity holders of
percentage Ps. 418,550 20% . 23,348 20%
Investment in Heineken Company Ps. 83,710 . 4,670
December
Million
Peso
Ps. of 31, 2013
205,038 Euro
88,822 . 11,402 6,000
4,939
107,895
Ps. 401,755 20% . 22,341 20%
Ps. 80,351 . 4,468
Created
MEXICAN
TABLE80
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total Contentsassets 2014
Ps. 8,622 2013 2012
Total current
revenue
cost
Net income and
(1) assets
liabilities
non-current liabilities
expenses Ps. 20,796 502 Ps.
17,854
5,612
2,684
20,173 Ps. 20,889 8,232
433 Ps.
18,957
4,080
3,575
20,581 Ps.
16,609 6,958
12,023
3,363
2,352
15,514
858
Created
MEXICAN
TABLE81
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Total Contentsassets 2014
Ps. 8,735 2013 2012
Total current
revenue
cost
Net (loss) and assets
liabilities
non-current liabilities
expenses
income (1) Ps. 18,557 (328) Ps.
22,689
5,901
2,699
19,019 Ps. 16,844 8,622
113 Ps.
18,483
6,547
1,939
16,622 Ps. 1,612
2,187 2,616
1,977
106
2,262
(77)
Created
MEXICAN
TABLE82
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Valuation
financial
Exchange
operations ofdifferences
the effective
instruments portion
onnet of derivative
translating foreign 2014 Ps.
Ps. (257) 1,579 2013 (91)
(3,029)
Remeasurements
liability of the defined benefit (881) 491
2012
Ps. (1,077 ) 113
183
Created
MEXICAN
TABLE83
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note 11.Apr
Contents
Property, Plant and Equipment, Net

Cost as of
Additions
Adjustments
business January
from 1, 2012
of business
fairassets
combinations
of completed value combinations
of pastin as
projects Land
Ps. 5,144 329
206
57 Buildings
Ps. 13,066 415
390
312
progress
Transfer
held forof
Disposals
Effects
rates
Changes to/(from)
sale
changes
in value in the
on classified
foreign exchange
recognition of 137
--
(82)
(107) 339
--
(131)
(485)
inflation effects
Capitalization of borrowing costs 85 471
Cost as of December 31, 2012 Ps. 5,769 Ps. 14,377

Cost as sale
of January 1, 2013 Land
Ps. 5,769 536 Buildings 1,158
Additions
progress
Transfer
held for
Disposals
Effects
rates
Changes
inflation
offrom
ofeffects business
completed
to/(from)
changes
in
Capitalization value assets
in the
on
combinations
projects
foreign
of borrowing
in as
classified
exchange
recognition
costs of -- Ps. 14,377(1,336)
433
389
(11)
(250)
228
167
2,278
--
(291)
1,191
Cost as of December 31, 2013 Ps. 7,094 Ps. 17,544

Cost
Changesas of
Additions
acquisitions
progress inJanuary
of 1, of
fair value
completed 2014
past
projects in as Ps. 7,094 (115)
803 Ps. 17,544 1,717
54
(610)
Transfer
held
ratesforof
Disposals
Effects
Changes
inflation to/(from)
sale
changes
in value
effects assets
in the
on classified
foreign exchange
recognition of --
(17)
(664)
110 --
(144)
(3,125)
355
Capitalization of borrowing costs
Cost as of December 31, 2014 Ps. 7,211 Ps. 15,791
Machinery
and
Equipment
Ps. 40,624 4,607 Refrigeration
Equipment
Ps. 10,636 1,176 Returnable
Bottles
Ps. 4,115 1,434 Investments
in Fixed
Assets
Progress
Ps. in
4,102 Leasehold
Improvements -- Other
486
(462)
1,721
(34)
(963)
84
(39)
901
-
(591)
18
(77)
765
-
(324) -- Ps.
6,511
(5,183)
(14)
8,273 1,320
186
(1)
(100)
Ps. 595 186
--
(69)
(2,051)
1,138
16 (451)
275
- (134)
17
- (28)
(31)
- (60)
- (41)
83
-
Ps. 45,082 Ps. 11,991 Ps. 5,814 Ps. 5,357 Ps. 9,618 Ps. 754

Machinery
and
Equipment Refrigeration Returnable 785 Investments
in Fixedin
Assets Leasehold
Ps. 992 Equipment
45,082 2,814
4,648
(216) Ps. 11,991 1,144
1,107
428 Bottles
-- Ps. 5,814 1,435
96 Progress
-- Ps. 5,357 (6,296)
8,238
614 Improvements
-- Ps. 9,618 1,828
11
36 Other
Ps. 754 264
341
-
(2,049)
(3,678)
2,252
32 (749)
(1,135)
603 (324)
(466)
46 (748)
(291)
165 --
(697)
(103) (15)
(55)
277
-
Ps. 49,877 Ps. 13,389 Ps. 7,386 Ps. 7,039 Ps. 10,693 Ps. 1,566

Ps. 49,877 4,156

891 Ps. 13,389 1,523
2,823 32
(57) Ps. 7,386 1,994
-- Ps. 7,039 (10,050)
398 11,209
(68) Ps. 10,693 1,990
99 Ps. 1,566 (253)
234
(134)
(2,243)
(5,415)
531
33 --
(632)
(1,975)
186 (60)
(323)
-7 -
(5)
(545)
29
263 --
(587)
(44) --3
(79)
(506)
110
Ps. 50,519 Ps. 12,466 Ps. 9,402 Ps. 7,872 Ps. 12,250 Ps. 1,075
Total
Ps. 86,555 14,844
1,184
(210)
-
(34)
(2,274)
(3,357)
2,038
16
Ps. 98,762

Total
Ps. 98,762 16,380
7,066
-
(216)
(4,884)
(7,314)
4,762
32
Ps. 114,588

Ps. 114,58816,985
(113)
-
(134)
(3,767)
(12,597)
1,328
296
Ps. 116,586
Created
MEXICAN
TABLE84
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Accumulated Depreciation asexchange
of January 1, 2012 Land
Ps. - Buildings
Ps. (4,161) (361)
Depreciation
Transfer
for sale
Disposals
Effects
Changes of for
(to)/from
changes
in value
inflation effects thein
on year
assets classified
foreign
the recognitionasofheld
rates -- 158
2001
(288)
Accumulated Depreciation as of December 31,
2012 Ps. - Ps. (4,451)
Accumulated
Depreciation
Transfer
for sale ofeffects
Disposals
Effects
Changes Depreciation
for
(to)/from
changes
in value theinyear
assets
on foreign
the asexchange
of January
classified
recognition 1, 2013
asofheld
rates Ps. - -- Ps. (4,451) (431)
-
200
591
inflation (583)
Accumulated
December 31,Depreciation
2013 as of Ps. - Ps. (4,674)
Accumulated
Depreciation
Transfer
for sale ofeffects
Disposals
Effects
Changes Depreciation
for
(to)/from
changes
in value theinyear
assets
on asexchange
of January
classified
foreign
the recognition 1, 2014
asofheld
rates Ps. - -- Ps. (4,674)1,512
(466)
-
77
inflation (175)
Accumulated Depreciation as of December 31,
2014 Ps. - Ps. (3,726)
Machinery
and
Equipment Refrigeration Returnable Investments
in
Ps.Fixed
Assets
- in Leasehold
Ps. (17,849) 10 Equipment
(3,781)
951
749
(641)
Ps. (6,044)(1,173)
-
492
303
(200)
Bottles
Ps. - Progress
(1,031)(1,149)
200
(5)
(3) -- Improvements
Ps. -- Other
(2,699) (639)
94
68 Ps. (208) (26)
(72)
1
(5)
Ps. (20,561) Ps. (6,622) Ps. (1,988) Ps. - Ps. (3,176) Ps. (315)
Ps. (20,561) 105 Ps. (6,622)(1,452)
(4,380)
1,992
2,061 -
785
755 Ps. (1,988)(1,662)
- Ps. -
33
143 -- Ps. (3,176) (784)
--8 Ps. (315) (122)
682 (96)
-6
73
(996) (442) (6)
Ps. (21,779) Ps. (6,976) Ps. (3,480) Ps. - Ps. (3,270) Ps. (454)
Ps. (21,779) 62 Ps. (6,976)(1,181)
(4,525)
2,086
3,481 -
602
1,046 Ps. (3,480)(1,879)
- Ps. -
57
105 -- Ps. (3,270) (863)
--2 Ps. (454) (115)
517 -1
236
(707) (135) (8) (54)
Ps. (21,382) Ps. (6,644) Ps. (5,205) Ps. - Ps. (3,614) Ps. (386)
Total
Ps. (31,992)
(7,175)
(15)
1,896
1,310
(1,137)
Ps. (37,113)
Ps. (37,113)
(8,805)
105
3,698
3,631
(2,149)
Ps. (40,633)
Ps. (40,633)
(9,029)
62
3,340
6,382
(1,079)
Ps. (40,957)
Created
MEXICAN
TABLE85
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
As Of
of Contents
Carrying Amount
December 31, 2012 Land
Ps. 5,769 Buildings
Ps . 9,926 Machinery
and 24,521
Equipment
Ps. Refrigeration
Equipment
Ps. 5,369 Returnable
Bottles
Ps. 3,826
As of December 31, 2013 Ps. 7,094 Ps. 12,870 Ps. 28,098 Ps. 6,413 Ps. 3,906
As of December 31, 2014 Ps. 7,211 Ps. 12,065 Ps. 29,137 Ps. 5,822 Ps. 4,197
Investments
in Fixed
Assets
Progress
Ps. in
5,357 Leasehold
Improvements
Ps. 6,442 Other
Ps. 439 Total61,649
Ps.
Ps. 7,039 Ps. 7,423 Ps. 1,112 Ps. 73,955
Ps. 7,872 Ps. 8,636 Ps. 689 Ps. 75,629
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT10
Form 20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Interest
exchange
Amount expense,
losses interest
capitalized (1) income and foreign Ps. 7,080 2014
338 Ps. 3,887 2013
57
Net amount in consolidated income statements Ps. 6,742 Ps. 3,830
Ps. 1,937 2012
38
Ps. 1,899
Created
MEXICAN
TABLE86
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note 12.Apr
Contents
Intangible Assets

Cost Rights
Produce to and
Distribute
Coca-Cola
Trademark
Products Other
Indefinite
Lived
Intangible
as of January
Purchases
Acquisition
combinations
Capitalization
developed
Adjustments
past business
Transfer of
development
Disposals
Effect
from of
systems
of fair
completed
systems
1, 2012
business
internally
value
combinationsof Ps. 54,938 --- Goodwill
2,973
(42)
Ps. 4,515 2,605
---
(148)
Assets
Ps. 395 --6
(62)
costs of movements
exchange
Changes
recognition
effects inrates
Capitalization value
of on in
inflation
of the
borrowing (478)
(121)
- - --
Balance as of December 31,
2012 Ps. 57,270 Ps. 6,972 Ps. 339
Cost as of
Purchases
Acquisition
combinations
Transfer
Disposals of
development January
from 1, 2013
business
completed
systems Ps. 57,27019,868 -- Ps. 6,972 14,692-- Ps. 339 --
1,621
(163)
Effect
effectsof movements
exchange
Changes
recognitioninrates
Capitalization
costs value
of on in
inflation
of the
borrowing (1,828)
417 - (356)- (10)
-
Cost as of December 31, 2013 Ps. 75,727 Ps. 21,308 Ps. 1,787
Total
Unamortized
Intangible
Assets Technology
Costs and 35
Management
Systems Systems
Ps. 1,431in 38
Development Alcohol
Licenses Other Total
Amortized
Intangible
Ps. 59,848 5,578
--6
(190)
(62)
Ps. 2,373 -
559
(7)
90
--
(559)
--
Ps. 560 166
-- Ps. 281 -- Assets
106 Ps. 4,645 397--
38
(7)
(478)
(121)
- (97)
- (3)
22 - (3)
- (103)
-
22
Ps. 64,581 Ps. 2,863 Ps. 1,019 Ps. 726 Ps. 384 Ps. 4,992
Ps. 64,58136,181--
(163) Ps. 2,863 164
70
172
-- Ps. 1,019 (172)
644-- Ps. 726 179--
(46) Ps. 384 - Ps. 4,992 1,110
123
196 266
-
(46)
(2,194)
417- (75)
25 113 - - (13)
- (88)
113
25
Ps. 98,822 Ps. 3,219 Ps. 1,604 Ps. 859 Ps. 690 Ps. 6,372
Total
Intangible
Assets
Ps. 64,493 5,578
403
38
(190)
-
(69)
(581)
(121)
22
Ps. 69,573
Ps. 69,57336,447
1,110
-
(209)
(2,282)
530
25
Ps. 105,194
Created
MEXICAN
TABLE87
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Rights
Produce to and
Distribute
Coca-Cola Other
Indefinite
Cost as
Purchases
Change of
in
acquisitions
Transfer
systems ofJanuary
fair value
completed1, 2014
of past
development Trademark
Products
Ps. 75,727 -- Goodwill
(2,416) -- Lived
Ps. 21,3084,117 Intangible
Assets
Ps. 1,787 (205)
13
Disposals
Effect
Changes of effects
inflation movements
in value
Capitalization on in
theexchange
of borrowing costs rates
recognition of (5,343)
2,295
- (251)
- --
(8)
(10)
Cost as of December 31, 2014 Ps. 70,263 Ps. 25,174 Ps. 1,577

Amortization
Impairment
Losses
Amortization
Disposals andof January
as
expense
Effect of movements 1, 2012rates
in exchange Ps. - - Ps. - - Ps. (103 ) -
Amortization as of December 31, 2012 Ps. - Ps. - Ps. (103 )
Amortization
Disposals
Effect as of January
expense
of movements 1, 2013rates
in exchange Ps. - - Ps. - - Ps. (103 ) 103
-
Amortization as of December 31, 2013 Ps. - Ps. - Ps. -

Amortization
impairment
Amortization
Impairment
Disposals
Effect andof January
losses
as
expense
losses
of movements 1, 2014rates
in exchange Ps. - -- Ps. - -- Ps. - --
(36)
Amortization as of December 31, 2014 Ps. - Ps. - Ps. (36 )

Carrying
As Amount31, 2012
of December Ps. 57,270 Ps. 6,972 Ps. 236
As of December 31, 2013 Ps. 75,727 Ps. 21,308 Ps. 1,787
As of December 31, 2014 Ps. 70,263 Ps. 25,174 Ps. 1,541
Total
Unamortized
Intangible Technology
Costs and 227
Management Total
Amortized
Assets
Ps. 98,822 1,496
13
(8)
(5,604)
2,295
Systems
-- Ps. 3,219 - Systems
278
(387)
(152)
(2)
Ps. 1,604in (278)
Development --- Alcohol
229
(1)
Licenses
Ps. 859 168 Other
--- Ps. 690 44
(17)
--
(33)
(13)
Intangible
Assets
Ps. 6,372 (420)
668
(17)
-
(166)
(2)
42 42
Ps. 97,014 Ps. 3,225 Ps. 1,554 Ps. 1,027 Ps. 671 Ps. 6,477

Ps. (103 ) - Ps. (1,116 )(202)

65 Ps. -
25 - Ps. (114 ) (36)
- Ps. (130 ) (66)
- Ps. (1,360(304)
(3) ) 25
62
Ps. (103 ) Ps. (1,228 ) Ps. - Ps. (150 ) Ps. (199 ) Ps. (1,577 )
Ps. (103 ) 103 Ps. (1,228 ) 2 Ps. -
(271)
35 - Ps. (150 ) (73)
46
- Ps. (199 ) (72)
-9 Ps. (1,577(416)
) 48
44
Ps. - Ps. (1,462 ) Ps. - Ps. (177 ) Ps. (262 ) Ps. (1,901 )

Ps. - -- Ps. (1,462 )(268)

(36) - Ps. -
387 -- Ps. (177 ) (58)
- Ps. (262 ) (97)
-9 Ps. (1,901(423)
) -9
387
Ps. (36 ) Ps. (1,343 ) Ps. - Ps. (235 ) Ps. (350 ) Ps. (1,928 )

Ps. 64,478 Ps. 1,635 Ps. 1,019 Ps. 576 Ps. 185 Ps. 3,415
Ps. 98,822 Ps. 1,757 Ps. 1,604 Ps. 682 Ps. 428 Ps. 4,471
Ps. 96,978 Ps. 1,882 Ps. 1,554 Ps. 792 Ps. 321 Ps. 4,549
Total
Intangible
Assets
Ps. 105,1941,479
681
-
(428)
(5,770)
2,293
42
Ps. 103,491

Ps. (1,463 ) (304)

25
62
Ps. (1,680 )
Ps. (1,680 ) (416)
151
44
Ps. (1,901 )

Ps. (1,901) (423)

(36)
387
9
Ps. (1,964)

Ps. 67,893
Ps. 103,293
Ps. 101,527
Created
MEXICAN
TABLE88
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Cost Contents
of expenses
goods
Administrative
Selling sold
expenses Ps. 12 2014
156 Ps. 10
255 2013
249 Ps. 3
157 2012
204
97
Ps. 423 Ps. 416 Ps. 304
Created
MEXICAN
TABLE89
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
MexicoContents
Guatemala
Nicaragua December
Ps. 55,137 31,
2014
352
418 December
Ps. 55,126 31,
2013
303
390
Costa Rica
Panama
Colombia
Venezuela
Brazil
Argentina 1,188
884
5,344
823
29,622
88 1,134
785
5,895
3,508
28,405
103
Total Ps. 93,856 Ps. 95,649
Created
MEXICAN
TABLE90
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
CGUOf
MexicoContents
Colombia Pre-tax
WACC 5.50%
6.40% Post-tax
WACC 5.00%
5.90% Expected2015-2024
Term
Inflation Annual Long- 51.10%
3.50%
3.00% Expected
Rates Volume Growth
2015-2024
Venezuela
Costa
Panama Rica
Guatemala
Nicaragua
Argentina
Brazil 12.90%
7.70%
10.00%
12.70%
7.60%
9.90%
6.20% 12.30%
7.60%
9.40%
12.20%
7.20%
9.30%
5.60% 4.70%
5.00%
6.00%
3.80%
22.30%
6.00%
2.30%
5.30%
3.90%
2.70%
4.30%
4.10%
2.50%
3.80%
Created
MEXICAN
TABLE91
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
CGUOf
MexicoContents
Colombia Pre-tax
WACC 5.70%
6.60% Post-tax
WACC 5.10%
6.00% Expected2014-2024
Term
Inflation Annual Long- 32.20%
3.90%
3.00% Expected
Rates Volume Growth
2014-2024
Venezuela
Costa
Panama Rica
Guatemala
Nicaragua
Argentina
Brazil 11.50%
7.50%
10.40%
13.10%
7.70%
11.60%
6.60% 10.80%
7.20%
9.70%
12.50%
7.10%
10.90%
5.90% 5.00%
5.20%
6.30%
4.20%
11.10%
6.00%
1.30%
5.00%
2.50%
2.40%
5.20%
4.10%
5.70%
3.80%
4.40%
Created
MEXICAN
TABLE92
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
CGUOf Contents Change ChangeCAGR
in Volume
Mexico
Colombia
Venezuela
Costa Rica
Guatemala
Nicaragua
Panama
Argentina
Brazil
+1.5
+0.6
+5.8
+3.6
+1.9
+3.5
+2.0 % in WACC
+2.2 %
%
Growth (1)-1.00%
-1.00%
-1.00%
Effect
Passesonby
-0.60% Passes
Passes
Valuation
6.62x
6.17x
by 8.94x
1.78x
4.67x
1.77x
7.00x
65.61x
1.86x
Created
MEXICAN
TABLE93
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
31, Online,
2014 Inc.
DEVELOPMENT INC
Table Of
Note 13.Apr
Contents
Other 2015
Assets, Net and Other Financial Assets
13.1 Other assets, net

Agreement
Long term
Guarantee
Prepaid
Advances with customers,
prepaid
deposits
bonuses
to acquire(1) netplant
advertising
property, expenses
and equipment December
Ps. 239 31,
2014
87
1,400
92
988
Recoverable
Others taxes 1,329
782
Ps. 4,917
December
Ps. 314 31,
2013
102
1,147
116
866
185
770
Ps. 3,500
Created
MEXICAN
TABLE94
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F Online,
Decaccounts
Apr 31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Non-current
Derivative
Other financial
non-current receivable
instruments
financial (see Note 20)
assets December 31,
Ps.155 97 December
2014
6,299 Ps. 1,120 31,
2013
1,472
161
Ps. 6,551 Ps. 2,753
Created
MEXICAN
TABLE95
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
BalanceContents
Balances
Due from The
with Coca-Cola
BBVA Company
Bancomer, S.A. (see Note
de C.V. (2)7) (1)(9) December
Ps. 1,584 31,
2014
4,083
(2)
Instituto
Monterrey,
Due from Grupo
Tecnolgico
A.C.
Grupo (3)
Heineken
Compaa Financiero
y de
Company
Estrella Azul Banorte,
Estudios
(1)(7)
(3)
Panamea de Bebidas, S.A.
Superiores de
deC.V.
S.A.P.I de C.V. 3,653
126
811
59
(3)(8) receivables
Other (1)(4) -
1,209
Due
Due to The Coca-Cola
BBVA Bancomer,
Caffenio
Grupo
British
Othertopayables
Heineken (6)(7)
Financiero
American Company
Company
(6) S.A.
Banamex,
Tobacco
(6)(7) (6)(9)
de C.V. (5) (6)
S.A.
Mexico de C.V. (5) Ps. 4,343 2,408
149
111
-
1,206
December
Ps. 1,700 31,
2013
2,357
817
171
454
-
893
924
Ps. 5,562 2,339
1,080
1,962
280
605 7
Created
MEXICAN
TABLE96
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Income:Contents
Transactions
Services to Heineken Company 2014
Logistic
S.A.
Salesde
shares
Superiores
Logistic
Other services
C.V.
ofto Instituto
de
services
revenues to Grupo
(3)Monterrey,
Grupo Inmobiliario San
toTecnologico
fromJugos A.C.
del
related y (1)
Industrial
(3) Saltillo,
Agustin,
de (1)
Valle
parties S.A.
Estudios Ps. 3,544 313
-
513
670
Expenses:
Purchase
Purchases
Company
Purchase ofofconcentrate
(2)
(1)
of raw
coffee
baked material
from
goods from
and
Caffenio
and The
beerCoca-Cola
(1)from Heineken Ps. 28,08415,133
1,404
Bimbo,
Purchase
Tobacco
Company
S.A.P.I.
Purchase
S.A.B.
de
Azucarera,
Interest
of
Mexico
Advertisement
(2)(4)
ofC.V.
S.A.
expense
de
(1)
sugarde
C.V.
cigarettes
(3)
expense
juices from
andC.V.
(3)
from
fees paid
Jugos tosnacks
British
Promotora
(1)paid The
del
to
from
American
Coca-Cola
Valle,
Industrial
BBVA
Grupo
Bancomer,
3,674
-
1,167
2,592
1,020
S.A.
C.V. de
Purchase
Promotora
(3)
Purchase C.V.
Advertising of
of (3)
sugar
sugar,
Mexicana
canned
paid to from
cans
de
Grupo Beta
and San Miguel
aluminum
Embotelladores,
products from
Televisa, IEQSA
S.A.B. (3)
lids from
S.A.
(1)
(3) de 99
1,389
567
591
158
Interest
Banamex,
Insurance
Nacional expense
Superiores
Donations S.A.
premiumsde
Provincial,
de
to paid
C.V.
Instituto to
for
S.A.B.
Monterrey,
Fundacin Grupo
(3)
policies
(3)
Tecnolgico
A.C.
FEMSA, Financiero
with
(3) Grupo
y de(3)
A.C. Estudios -2
140
42
Purchase
del
Industrial
Donations
(3)
Interest
(2) of
Atlntico,
Pet,
to
expenseplastic
S.A.
Difusinbottles
(formerly
S.A.)
paid(3)y
to from
Fomento
The Embotelladora
Complejo
Cultural,
Coca-Cola A.C.
Company 174
734
Other expenses with related parties 321
Ps. 2,412 2013 2012
- Ps. 2,979
287
471
399 242
391
431
341
Ps. 25,98511,865
1,383
2,860 Ps. 23,88611,013
342
2,394
2,460
1,291
2,628
956 2,342
1,052
1,985
423
77
1,557
670
615
92 205
1,439
711
483
124
19
67
78
27 -
57
109
864
124
-
60
299 99
29
24
389
Created
MEXICAN
TABLE97
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
RelatedContents
Heineken Party
Company Commitment
Supply Conditions
Supply
in ofAt
Mexico's
contract
five years all
may
or beer
OXXO
beend products
stores.
renewed
additional The
for
periods.
contract
exclusive
another
the
Jun next
term, Jan
30, OXXOthe
3contract
supplier
years.
1st,
2020. will
of
2010 of
to the
not
with
beer hold
for
Commitment
Created
MEXICAN
TABLE98
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Short-term
Termination
Share employee
Postemployment
based benefits
payments benefits paid
benefits Ps. 964 2014
45 Ps. 1,268 2013
114
283 37 Ps. 1,022 2012
25
306 37
13
275
Created
MEXICAN
TABLE99
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of 15.21,
Contents
Note Balances and Transactions in Foreign Currencies
Assets,
of realized
the end liabilities
in
and
liabilities
Mexican pesos aand andyears
currency transactions
different
for transactions
the
(contractual endedthan
ondenominated
the
asfunctional
December
denominated
amounts) are incurrency
31,
in foreign
follows: foreign
2014, currencies
of the
2013
currencies, and are those
Company.
2012,
expressed inAs
assets,

Balances
As ofdollars
U.S.
Euros
Other December
currencies 31, 2014 Assets
Short-Term
Ps. 5,890 27
32 Long-Term
Ps. 989 1,214
- Liabilities
Short-Term
Ps. 7,218 50 27 Long-
Ps. Term 31
66,140 -
Total Ps. 5,949 Ps. 2,203 Ps. 7,295 Ps. 66,171
As ofdollars
U.S.
Euros
Other December
currencies 31, 2013 Ps. 5,340 333
- Ps. 969 -
186 Ps. 6,061 251
152 Ps. 53,929 115
-
Total Ps. 5,673 Ps. 1,155 Ps. 6,464 Ps. 54,044
Created
MEXICAN
TABLE100 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Purchases
Transactions
For
U.S.the
December
Euros
Other year
dollars ended
31, 2014
currencies Revenues
Ps. 2,817 178 Disposal
7 Shares
Ps. - - Other
Revenues
Ps. 641 - Ps. 15,006 of 10
Raw
Materials 80 Interest
Expense
Ps. 1,669 15
-
Total Ps. 3,002 Ps. - Ps. 641 Ps. 15,096 Ps. 1,684
For the
December
U.S.
Euros
Other year ended
31,
dollars 2013
currencies Ps. 2,013 -1 Ps. - - Ps. 605 -3 Ps. 15,017 55 - Ps. 435 -9
Total Ps. 2,014 Ps. - Ps. 608 Ps. 15,072 Ps. 444
For the
Decemberyear
U.S. dollars
Euros
Other ended
31, 2012
currencies Ps. 1,631 - Ps. 1,127- Ps. 717 - Ps. 12,016 - Ps. 380 -
Total Ps. 1,631 Ps. 1,127 Ps. 717 Ps. 12,016 Ps. 380
Consulting
Fees
Ps. 14 - Assets
Acquisitions
Ps. 478 -5 Other
Ps. 2,068 13
4
Ps. 14 Ps. 483 Ps. 2,085
Ps. 11 - Ps. 80 -2 Ps. 1,348 15
3
Ps. 11 Ps. 82 Ps. 1,366
Ps. 13 - Ps. 154 32
- Ps. 1,585 68
10
Ps. 13 Ps. 186 Ps. 1,663
Created
MEXICAN
TABLE101
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
USOfdollar
Euro ContentsDecember 31,2014
14.72
17.92 2013 April 17, 16.57
13.08
18.01 2015
15.39
Created
MEXICAN
TABLE102
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Mexico Contents
Financial:
Discount
benefit rate used
obligation to calculate the defined December 31,2014 December 31,
7.00% 2013
7.50%
Salary
Future increase
pension
Healthcare
Biometric:
Mortality
Disability (1)cost
(2)
Normal retirement increases
increase rate EMSSA
IMSS 4.50%
3.50%
5.10%
2009
- 2007
97 EMSSA
IMSS 4.79%
3.50%
5.10%
82-89
- 2007
97
Employee turnoveragetable (3) 60 years
BMAR 60 years
BMAR
December 31, 2012
7.10%
4.79%
3.50%
EMSSA
IMSS - 2007
97
60 years
BMAR 5.10%
82-89
Created
MEXICAN
TABLE103
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Brazil Contents
Financial:
Discount
defined rate
benefitused to calculate the
obligation December12.00%
31,
2014 December10.70%
31,
2013 December 31, 2012
Salary
Future
Normal increase
pension
Biometric:
Mortality
Disability (1)(2)
(3) increases
retirement
Employee turnover tableage EMSSA
IMSS
65 -(4)
years
Brazil 97 7.20%
6.20%
2009 UP84
IMSS
65 97 6.80%
-(4)
years
Brazil 5.80% UP84
IMSS
65 97 9.30%
-(4)
years
Brazil 5.00%
4.00%
Created
MEXICAN
TABLE104
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Venezuela
Financial:
Discount
benefit rate used
obligation to calculate the defined December 31,2014 December
1.00% 31,2013
1.00%
Salary increase
Biometric:
Mortality
Disability
Normal
Employee (1)
(2)
retirement
turnoverage
table (3) EMSSA
IMSS
65 years
BMAR 2009
- 2007
97 EMSSA
IMSS
65 82-89
- 2007
97
years
BMAR
December 31, 2012
1.50%
EMSSA
IMSS
65 82-89
- 2007
97
years
BMAR
Created
MEXICAN
TABLE105 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
2015 Pension
549 andPlans1,064
Retirement Seniority
Premiums Post
Retirement
Medical
Services Post-
employment
(Venezuela)
2016 to 2024 Ps.
2017
2018
2019
2020 192 Ps.
202
210
183 52 41 Ps.
43
45
273 14 31 Ps.
32
33
245 7 8
9
10
75
Total
Ps. 622 272
285
294
271
1,657
Created
MEXICAN
TABLE106 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Defined
Pension and Retirement
benefit
plan at fairPlans:
obligation
funds value December
Ps. 31,
2014
5,270 (2,015)
Net defined
Effect due tobenefit liability
asset ceiling 3,255
-
Net defined benefit liability after asset ceiling Ps. 3,255

Seniority Premiums:
Defined benefit obligation
premium plan funds at fair value Ps. 563 (87)
Net defined benefit liability Ps. 476

Postretirement
Defined benefit Medical
Medical services funds atServices:
obligation fair value Ps. 338 (56)
Net defined benefit liability Ps. 282

Post-employment:
Defined benefit obligation
Post-employment plan funds at fair value Ps. 194 -
Net defined benefit liability Ps. 194
Total post-employment and other long-term employee
benefits Ps. 4,207
December
Ps. 31,
2013
4,866 (2,230)
2,636
94
Ps. 2,730

Ps. 475 (90)

Ps. 385

Ps. 267 (51)

Ps. 216

Ps. 743 -
Ps. 743
Ps. 4,074
Created
MEXICAN
TABLE107 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec 31,
Apr Online,
2014 Inc.
DEVELOPMENT INC
Table Of
Defined
Pension plan21,
Contents
benefit 2015
obligation
funds at fair value December
Ps. 313 31,
2013
(498)
Net defined
Effect due tobenefit asset
asset ceiling (185)
94
Net defined benefit asset after asset ceiling Ps. (91 )
Created
MEXICAN
TABLE108
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Type
Fixed
Traded
Bank Contents
of Instrument
return:
securities
instruments December 31,
2014 19%
8%
Federal
countries
Variable
Publicly government instruments of the respective
return: shares
traded 57%
16%
100%
December 31,
2013 15%
6%
57%
22%
100%
Created
MEXICAN
TABLE109 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Debt: Contents
Cementos Mexicanos. S.A.B. de C.V. December 31,
2014
Ps.
Grupo
El
Grupo Televisa,
Financiero
Puerto de
Financiero
Telfonos
Capital:
Fomento de S.A.B.
Liverpool,
Industrial Bimbo, de
Banorte,
Banamex,
Mxico,
Econmico S.
S.A. C.V.
S.A.B.
S.A.B.
A.
de
Mexicano, de
B. de
S.A.B.
C.V. de
C.V.
C.
de
S.A.B.C.V.
V.
C.V. --7
45
125
3
Coca-Cola
Alfa,
Grupo FEMSA,
Televisa,
S.A.B.
Aeroportuario
Industrial
The Coca-Cola
Gentera S.A,B.
S.A.B.
de C.V. de
del
Bimbo,
Company de C.V.
C.V.
Sureste,
S.A.B. de C.V. dedeC.V.
S.A.B. C.V. 96
12
118
7
December
2013
Ps. 31, -3
5
3
22
4
85
19
-3
4
1
Created
MEXICAN
TABLE110 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Brazil
Debt: Contents
Portfolio
HSBC-Sociedad de inversin Atuarial INPC (Brazil) December
Ps. 383 31,
2013
Capital: 114
Created
MEXICAN byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
INCOME_STATEMENT11
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Current
Service Past Service -9 Income
Gain Statement
or Loss
December
Pension
Seniority 31,retirement
and 2014
premiums
Postretirement
Post-employment medical plans
services
Venezuela Cost221 10
Ps. 75
24 Cost54
Ps. on Settlement
Ps. (193) (27)
-
Total Ps. 330 Ps. 63 Ps. (220)
December
Pension
Seniority 31,retirement
and 2013
premiums
Postretirement
Post-employment medical plans
services
Venezuela Ps. 220 55
11
48 Ps. 12 - Ps. (7) -
Total Ps. 334 Ps. 12 Ps. (7)
December
Pension
Seniority 31,retirement
and 2012
premiums
Postretirement
Post-employment medical plans
services
Venezuela Ps. 185 42
8
48 Ps. - -
381 Ps. 1 -
Total Ps. 283 Ps. 381 Ps. 1
Net
on Interest
the
Defined Net OCI
of
Ps.the(2)Net
Remeasurements
Benefit
Liability
Ps. 279 28 Defined
(1) 18
16 Benefit
Liability
998 76
74
99
Ps. 341 Ps. 1,247
Ps. 164 15 Ps. 470
22
67 44
14
312
Ps. 268 Ps. 840
Ps. 136 17 Ps. 499
14
63 38
25
71
Ps. 230 Ps. 633
Created
MEXICAN
TABLE111
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table OfofContents
Amount
income
net accumulated
as
tax of the in from
beginning other
of comprehensive
the period, December
Ps. 585 31,
2014 December
Ps. 469 31,
2013
Actuarial
rates
tax
Actuarial
demographic losses
Remeasurements
gains arising
during
arising
assumptionsfrom the exchange
year,
changes netinof (173)
318
41 (26)
251
--
changesbenefit
Changes
defined
ceiling in the and
in financial (losses)
effect
asset assumptions
of the
to arising
limiting
asset from
a net 171
- (109)
Amount
income
of accumulated
tax as in the
of the end of other comprehensive
period, net Ps. 942 Ps. 585
December
Ps. 190 31,
2012
(13)
20
-
281
(9)
Ps. 469
Created
MEXICAN
TABLE112
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Pension
Initial
CurrentContents
and
balance Retirement
service cost Plans: December
Ps. 4,866 31,
2014
221 December
Ps. 4,495 31,
2013
220
Past service
Interest
Settlement
Remeasurements
obligation
Foreign
Benefits cost
expense
exchange
paid of the
(gain) net
lossdefined benefit 54
353
(482)
378
42
(162) -
311
(7)
(143)
(60)
(152)
Plan amendments
Acquisitions - 28
174
Ending balance Ps. 5,270 Ps. 4,866

Seniority
Initial
Current
Past Premiums:
balance
service
service cost Ps. 475 75 Ps. 324 55
Interest
Curtailmentpaidcost
expense
Remeasurements
obligation
Benefits
Acquisitions of the net defined benefit 9
33
(27)
29
(37)
6 24
-2
(36)
106
Ending balance Ps. 563 Ps. 475

Postretirement
Initial
Current
Interest
obligation
Benefits paid Medical
balance
service
expense
Remeasurements of theServices:
cost net defined benefit Ps. 267 60 Ps. 267
10
20
(19) 11
17
(11)
(17)
Ending balance Ps. 338 Ps. 267

Post-employment:
Initial
Current
Past balance
service
service cost Ps. 743 - Ps. 594
24 48
Interest
obligation
Foreign
Benefits paidcost
expense
Remeasurements
exchange of the net
(gain) lossdefined benefit 18
54
(638)
(7) -
67
238
(187)
(17)
Ending balance Ps. 194 Ps. 743
December
Ps. 3,972 31,
2012
185
-1
288
238
(67)
(154)
-
32
Ps. 4,495

Ps. 241 42
-
19
(2)
33
(23)
14
Ps. 324

Ps. 235 8
17
25
(18)
Ps. 267

Ps. - 48
381
63
108
-
(6)
Ps. 594
Created
MEXICAN
TABLE113
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Total
InitialContents
Plan Assets:
balance December
Ps. 2,371 31,
2014 December 31,
2013 December
1,991 31,
2012
Actual
Foreign
Life
Benefits
Plan
Effect return
paid
Acquisitions on trust
exchange
annuities
amendments
due to settlementassets
(gain) loss - Ps. 2,110
133
(8)
197
(535) 29
(73)
88
--
201
16 Ps. 145
(91)
29
(12)
48
-
Ending balance Ps. 2,158 Ps. 2,371 Ps. 2,110
Created
MEXICAN
TABLE114
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
+0.5%:
definedContents
Discount rate
benefit used to calculate
obligation the
and the
net interest
benefit
Pension
Seniority and onretirement
liability
premiums
Postretirement
Post-employment the net
medical defined
plans
services Current
Service
Ps. 209 Cost 22 Past52 Cost -8
Service
71 Ps.
10
Total Ps. 312 Ps. 60
Expected
Pension salary
Seniorityand
premiums
Postretirement
Post-employment increase
retirement
medical plans
services Ps. 231 78 Ps. 56
10
27 -9
Total Ps. 346 Ps. 65
Assumed rate of
Postretirement increase
medical in healthcare costs
services Ps. 11 Ps. -

-0.5%:
Discount
defined
net rate
benefit
interest
benefit
Pension used to calculate
obligation
onretirement
liability
and the net defined
plans the
and the Ps. 234
Seniority premiums
Postretirement
Post-employment medical services 11 Ps. 57
79
26 -9
Total Ps. 350 Ps. 66
Expectedand
Pension
Seniority salary
premiums
Postretirement
Post-employment increase
retirement
medical plans
services Ps. 210 73 Ps. 53
10
22 -8
Total Ps. 315 Ps. 61
Assumed rate of
Postretirement increase
medical in healthcare costs
services Ps. 10 Ps. -
Income
Gain on)Statement (25)
or
Loss(95
Settlement Net
the Interest on
Net
Defined
Benefit
Liability
(Asset) OCI
Remeasurements
of the
Defined
Benefit Net
Liability (Asset)
Ps. - Ps. 192 29
16
17 Ps. 545 36
35
85
Ps. (120 ) Ps. 254 Ps. 701
Ps. (111 ) (28)
- Ps. 206 30
16
19 Ps. 1,083 93
74
124
Ps. (139 ) Ps. 271 Ps. 1,374
Ps. - Ps. 17 Ps. 88

Ps. (108 ) - Ps. 198

(29) 29 Ps. 1,070
16
19 113
87
117
Ps. (137 ) Ps. 262 Ps. 1,387
Ps. (99 ) - Ps. 183
(27) 27 Ps. 547
16
15 69
74
79
Ps. (126 ) Ps. 241 Ps. 769
Ps. - Ps. 15 Ps. 34
Created
MEXICAN
TABLE115
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Wages Contents
and salaries 2014
Ps. 35,6591,138 2013
Social
Employee
Post
expensessecurity
Share-based
Termination(Note costs
profit
employment sharing
benefits recognized in other
19)
payments
benefits - Ps. 36,9951,936
5,872
514
283
431 5,741
607
-
306
480
Ps. 43,897 Ps. 46,065
 2012
Ps. 31,5613,874
1,650
514
381
275
541
Ps. 38,796
Created
MEXICAN
TABLE116 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
SharesContents
Beginning balance
acquired by the Administrative FEMSA UBD 2014
7,001,428 Number of Shares 2013
8,416,027
Trustto
trust toemployees
employees
released
Forfeitures from Administrative
upon vesting 517,855
(2,755,528)
- 2,285,948
(3,700,547)
-
Ending balance 4,763,755 7,001,428
KOFL 2014
1,780,064
330,730
(812,261) 2013
2,421,876
407,487
(1,049,299)
- -
1,298,533 1,780,064
Created
MEXICAN
TABLE117
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
31, Online,
2014 Inc.
DEVELOPMENT INC
Table Of
Note 18.Apr
Contents
Bank 2015
Loans and Notes Payables

(in
Bankmillions
Short-term
Fixed rate
Argentine
loans
Interest rateof Mexican pesos)
debt:
debt:
pesos 2015 Ps. -
Ps. 301 30.90% 2016
Variable
Brazilian
Bank rate
loans
Interest Reais
rate debt: 148
12.60% --
Total short-term debt Ps. 449 Ps. -
Long-term
Fixeddollars
U.S.
Interest
Senior rate
notes
rate
note debt:
debt:
(FEMSA USD 2023) Ps. - -- Ps. - --
Bank
Mexican
Units loans
Interest
of
Domestic
Interest
Brazilian
Bank
rate
loanspesos
investment
senior
rate
reais (UDIs) 2043)
notes 30
3.90%
--
116
4.10% -
120
4.30%
Finance
Interest
Argentine
Bank leases
rate
loans
Interest ratepesos 223
4.70%
124
24.90% 192
4.60%
131
27.50%
Subtotal Ps. 493 Ps. 443
At Carrying
Value at 31,
Ps.December
- 31, (1) 2017
-- Ps. -
2018
-- Ps. -
2019 2020 and
Thereafter
-- Ps. - --
December
Ps. 301 2014
30.90%
148
12.60%
Ps. - Ps. - Ps. - Ps. - Ps. 449
Ps. - -- Ps. 14,6682.40%
-- Ps. - -- Ps. 29,2254.50%
4,308
2.90%
9,900
4.40% Ps. 43,893 3.80%
4,308
2.90%
9,900
4.40%
30
3,599
4.20%
- - - --
9,988
6.20% 3.90%
3,599
4.20%
9,988
6.20%
123
4.50%
168
4.60%
54
30.20% 91
5.10%
88
4.60%
- 54
5.20%
41
4.60%
- 97
4.90%
50
4.60%
- 601
762
4.60%
309
26.80%
Ps. 3,944 Ps. 14,847 Ps. 95 Ps. 53,568 Ps. 73,390
Fair Value at
December
Ps. 304 31,2014 Carrying
Value at 31,
December
2013(1)
148 Ps. 495 25.40%
34
9.70%
Ps. 452 Ps. 529
Ps. 46,924 9,594
30 Ps. 34,272 3.70%
4,117 3,736
2.90%
8,377
4.40%
123
3,599
9,677 3.80%
3,630
4.20%
9,987
6.20%
553
642
302 337
3.10%
965
4.60%
358
20.30%
Ps. 75,438 Ps. 61,785
Created
MEXICAN
TABLE118
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
(inOf Contents
millions
Variable of debt:
rate Mexican pesos) 2015 2016 At December 31, (1) 2017
U.S.
Bank dollars
Interest
Mexican
Domestic
Interest
Bank loans
rate
pesos
senior
rate
loans notes Ps.- -- Ps. 2,10821.30%
0.90%
2,473
3.40% Ps.- ---
Argentine
Bank
Interest
Bank
Finance loans
Brazilian
loans pesos
rate
reais
leases 17
24.90%
64
12.30%
38 215
27
9.70%
25 17
7.60%
Interest
Colombian
Bank
Interest rate
loans
ratepesos 10.00%
492
5.90% 10.00%
277
5.90% --
Subtotal Ps. 611 Ps. 5,125 Ps. 17
Total long-term
Current portion debt
of long term debt Ps. 1,104 Ps. 5,568 Ps. 3,961
 2018 Ps. -
Ps. 4,848 0.90% 2019 2020 and
Thereafter Carrying
Value at 31,
December 2014 Fair
Value at 31,
December 2014 Carrying
Value at 31,
December
2013 (1)
-- --- Ps. - -- Ps. 6,956 0.90%
2,473
3.40%
232
21.50%
Ps. 7,001 2,502
227
Ps. 5,843 0.90%
2,517
3.90%
4,132
4.00%
180
25.70%
17
7.60%
-- 17
7.60%-- 14
6.00%
-- 156
6.70%
63
10.00%
769
5.90% 146
63
10.00%
766 167
11.30%
100
10.00%
1,495
5.70%
Ps. 4,865 Ps. 17 Ps. 14 Ps. 10,649 Ps. 10,705 Ps. 14,434
Ps. 19,712 Ps. 112 Ps. 53,582 Ps. 84,039(1,104) Ps. 86,143 Ps. 76,219(3,298)
Ps. 82,935 Ps. 72,921
Created
MEXICAN
TABLE119
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Hedging
Cross
Units Contents
Derivative
currency
of Financial
swaps:
investments Instruments
to Mexican pesos and(1)variable rate: 2015
Fixeddollars
Interest
U.S.
Fixed
Interestto
to variable(2)
pay rate
receive
to rate
Mexican
variable(3)
pay rate
receive rate pesos: Ps. - ---
Variable
Interest
Fixed
Interest
U.S. to to fixed
pay
pay
dollars rate
receive
fixedrate
receive
to rate
rate
Brazilian reais:
Fixed
Interest
Interestto variable
pay rate
receive
Variablereceive rate
to variable
pay raterate 30
13.70%
3.90%-
Interest
Mexican
Variable
Interest rate
pesos
to
pay swap:
fixed
rate rate(2):
Interest receive
Variable to
pay fixed
rate
receive rate
rate(3):
rate --
Ps. - 2016 2017
Ps. 2,500 2018
(notional amounts 2019
in millions of Mexican2020 and
Thereafter
pesos)
--- -- Ps. -
3.10%
4.20% --- Ps. -
6,476
3.20%
2.40% --- Ps. - -
11,403
4.60%
4.00%
--
1,267
5.70%
-- -- 6,623
11.20%
2.70%
20,311
11.30% - 2.90%
1.50% - -
-- -- -- -- --
 2014 Ps. 2,500
Ps. 2,500 11,403
3.10%
4.20% 2013
4.10%
4.20%
4.60%
4.00%
6,476
3.20%
2.40%
1,267 11,403
5.10%
4.00%
-
2,575
5.70%
2.90%
6,653
11.30%
2.70%
20,311 7.20%
3.80%
6,017
9.50%
2.70%
18,046
11.30%
1.50% 9.50%
1.50%
-- 2,538
8.60%
4.00%
2,538
8.60%
4.00%
Created
MEXICAN
TABLE120
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents 2014
Interest
Finance on
Finance
Derivative debts
charges
operating
charges and
for
instruments borrowings
payable under
employee
charges
payable capitalized
underbenefits interest
finance leases 6 Ps. 3,055 2013
Ps. 3,992 2,413
(117)
341
66 (59)
268
825
225
17
Ps. 6,701 Ps. 4,331
Ps. 2,029 2012
(38)
230
142
98
45
Ps. 2,506
Created
MEXICAN
TABLE121
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
31, Online,
2014 Inc.
DEVELOPMENT INC
Table Of
Note 19.Apr
Contents
Other 2015
Income and Expenses

Gain
Sale
Write on
of sale
waste shares
off-contingencies
Recoveries from (see
long-lived
ofmaterial
other (see
previous Note
Note 4)
assets
assets
years 25.5) Ps. - 2014
- Ps. -
276
44
475
89 2013
41
170
43
120
Insurance
Others rebates 18
196 -
277
Other income Ps. 1,098 Ps. 651
Contingencies
or disposals
Loss on Exchange
Impairment
Disposal
Foreign
Securitiessale
oftaxes associated
ofoflong-lived
long-lived
long-lived
from with
assets
Colombia(1)prior acquisitions
assets
assets -7
145
153
147
69 385
-
122
99
51
Severance
Donations
Legal fees
acquisitions
Effect
Other of new payments
(2)
and other
labor expenses
law (LOTTT)from(seepast
Note 16) (3) 277
172
31
-
276 190
119
110
-
363
Other expenses Ps. 1,277 Ps. 1,439
Ps. 1,215 2012
132
38
43
76
-
241
Ps. 1,745
213
-
384
133
40
349
200
-
381
233
Ps. 1,973
Created
MEXICAN
TABLE122
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note 20.Apr
Contents
Financial Instruments
Fair Value of Financial Instruments
following
measured at fair value, as The
fair Company
classified
value
table
of as
based measures
level31,
2 applying
on
summarizes
December the
expectedthefair
cash
the Company's
2014 and 2013: value
income
flows of its assets
approachfinancial
discounted
financial assets
method,
toand
net whichand
present
liabilities liabilities
estimates
value. the
The

Derivative financial (current

(current asset) December
Level 1 31, 2014 313
-
asset)
Derivative
liability) financial instrument
instrument (non-current
(non-current 112
ties
.es the
The

Level 2 December
34 Level
384 1 31, 2013 272 Level 2
6,299
39 -2 26
1,472
75
1,526
Created
MEXICAN
TABLE123
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Carrying
Fair valuevalue 2014 Ps. 76,74876,077
Ps. 84,48886,595 2013
Created
MEXICAN
TABLE124 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date Amount Fair Value Liability
Notional December 31, Fair Value Asset
2014 December 31, 2014
Created
MEXICAN
TABLE125 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date Amount Fair Value Liability
Notional December 31, Fair Value Asset
2013 December 31, 2013
Created
MEXICAN
TABLE126 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date2015
2016 4,411 1,192 Fair
Notional
Amount
Ps. Value
Ps. - Liability
December
2014 31, Fair298
Value Asset
December
(26) Ps. 31, 2014
-
Created
MEXICAN
TABLE127 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date2014
2015 3,002 614 Fair
Notional
Amount
Ps. Value
December
2013
Ps. Liability
(17 - Fair
)31, Value
- Asset
December
2013
Ps. 31,
1
Created
MEXICAN
TABLE128 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc. Fair
DEVELOPMENT 31,INC
Table Of Contents
Maturity Date2015 Notional
Amount
Ps. 402
Value Liability
December
2014 Fair Value Asset
Ps. - December 2014
Ps. 56 31,
Created
MEXICAN
TABLE129 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date2015 Notional
Amount12,670
Fair Value Liability
2014 Ps. Fair Value
2014Asset
December 31,
2018 Ps.
2017
2019
2023 30 Ps.
2,711
33,410
369 -- 6
1,209
3,002
15
2,060
Created
MEXICAN
TABLE130 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date2014 Notional
Amount12,670 Fair Value Liability
83 Ps. December 31, 2013 - Ps. Fair Value
2013Asset
December 31,
2017 Ps.
2015
2018
2023 1,358
2,711
23,930 (825)
(350)
Fair Value
2013Asset
December 31, 18
11
1,180
-
Created
MEXICAN
TABLE131 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date2017 Ps. Notional
2015
2016 37 Ps. Fair
Amount1,341
952 Value
2014Liability
December 31,
(285)
(101)
(2)
Created
MEXICAN
TABLE132 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date Amount Fair Value Liability
Notional December 31, 2014
Created
MEXICAN
TABLE133 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Fair Value Asset

103 Ps. Fair Value

2013Liability
December 31,
Maturity Date2016 Ps. Notional
2014
2015 Amount1,183
730 December 31,
(246)
- Ps.
(48) 2013 -2
Created
MEXICAN
TABLE134 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Maturity Date Amount Fair Value Liability
Notional December 31, 2013
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT12
Form 20-F
Decswaps
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents Impact
Type
Forward
foreignof currency
Interest
Commodity
Options
currency
Forward
foreign
Derivatives
rate
agreements
to to
to purchase
price contracts
purchase
agreements
currency foreign
purchase
Incomeof in
Interest
Foreign
Cost of
Cost
Consolidated
Statement
expense
exchange
goods
goods sold
sold
2014
Ps. (337) (291)
(38)
-
(22)
 2013 Ps. (147) 2012
Ps. (214) 1,710
(362) 126
- -6
13
Created
MEXICAN
TABLE135
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Decswaps
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Type
Cross
Others Contents
ofcurrency
Interest Derivatives
rate swaps Impact
Market
gain in Consolidated
value
(loss)
financial on
instruments Income Statement Ps. 2014
10
3 Ps.
59 2013
(7) Ps.
33
(19) 2012
(4)
(2)
(29)
Created
MEXICAN
TABLE136
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Foreign
2014
FEMSA Contents
Currency
(3) Risk Change in Rate
Exchange +9% MXN/EUR
-9% MXN/EUR Ps. Effect
Equityon(278)
278
Coca-Cola FEMSA +7%
+14%
+9%
-7% +11%
-14%
-9% MXN/USD
BRL/USD
COP/USD
ARS/USD
MXN/USD
BRL/USD
COP/USD Ps. 119
96
42
22
(119)
(96)
(42)
2013
FEMSA (3) -11% ARS/USD
+7% MXN/EUR
-7%MXN/EUR Ps. (22)
(157)
157
Coca-Cola FEMSA +11%
+13%
-6% +6%
-11% MXN/USD
BRL/USD
COP/USD
MXN/USD 67
86
19
(67)
2012
FEMSA (3) FEMSA
Coca-Cola MXN/EUR/+11% -13%
+9%MXN/EUR/-11%
-9% -11% BRL/USD
COP/USD
MXN/USD Ps. (86)
(19)
(250)
104
(204)
Effect
Profit
Ps. onLoss
- or -
Ps. - ---
Ps. - -
--
-
Created
MEXICAN
TABLE137
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr 31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Cross
2014
FEMSA Contents
Currency
(3) Swaps(1)(2) Change
-7% in+7%
Exchange
MXN/USD Rate
MXN/USD Effect or
Profit onLoss (22)
22
Coca-Cola
2013
FEMSA (3) FEMSA -14%
-11% USD/BRL
+7%
+14% MXN/USD
USD/BRL (481)
(3,935)
415
2,990
Coca-Cola
2012
FEMSA
Coca-Cola FEMSA
(3) FEMSA -11% MXN/USD
-13% -USD/BRL
MXN/USD (1,581)
(392)
(3,719)
-
(234)
Created
MEXICAN
TABLE138
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
NetOf
2014
FEMSA Contents
Cash inFEMSA
(3) Foreign Currency(1) Change
+9%
-9% in Exchange Rate
EUR/+7%USD
EUR/-7%USD Ps. Effect
Profit on (233)
or Loss233
Coca-Cola
2013
FEMSA
Coca-Cola (3) FEMSA +7%USD
-7%USD
+7%
-7% EUR/+11%
-11%EUR/-11%
+11% USD
USD USD
USD Ps. (747)
747
335
(335)
(1,090)
1,090
2012
FEMSA (3) FEMSA
Coca-Cola +9%
-9%
+15%EUR/+11%
EUR/-11%
USD USD
USD Ps. 809
(809)
(362)
Created
MEXICAN
TABLE139
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Commodity Price Contracts (1) Change in --U.S.$ Effect on
2014
Coca-Cola
Coca-Cola FEMSA
2013
2012
Coca-Cola FEMSA
FEMSA Sugar
Sugar --- 27%
Aluminum
Aluminum
Sugar
Aluminum 18%
30% 19% Rate
- 17%
20%
Equity
Ps.
Ps. (528)
(87)
(36)
Ps.
(66)(298)
(732)
Created
MEXICAN
TABLE140
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2014
FEMSA Contents
Interest Rate Swap (1)
(2) Change in Bps. Effect on (528)
Equity
Coca-Cola
2013
FEMSA
Coca-Cola
2012
FEMSA
Coca-Cola FEMSA
FEMSA
FEMSA (2) (100
(2) (100
(100
Bps.
Bps. )))
Bps. -- --
(32)
(57)
Created
MEXICAN
TABLE141
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of
Change
Effect Contents
InterestonEffect
in of
interest
profit Unhedged
loss rate Portion Bank Loans +100
Ps. ) 2014 Ps.
Bps.
(244 +100 ) 2013
Bps.
(332
+100
Ps. ) 2012
Bps.
(198
Created
MEXICAN
TABLE142
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Non-derivative
Notes and financial
bonds liabilities: 2015
Ps. 3,381 1,603 2016 2017
Loans fromfinancial
Obligations
Derivative banks
under finance leases
liabilities 289 Ps. 5,845 3,023
2,316 237 Ps. 6,653 1,218
2,393 271
180
 2018
94 Ps. 2,835 2019
Ps. 21,342(1,906)
5,015 2020
- Ps.
78
45 and (2,060)
thereafter
81,029 122
54
Created
MEXICAN
TABLE143
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Note 21.Apr
Contents
Non-Controlling Interest in Consolidated Subsidiaries
An
for analysis of FEMSA's
the years ended non-controlling
December 31, interest
2014 in and
its consolidated
2013 is as subsidiaries
follows:

Coca-Cola
Other FEMSA December
Ps. 59,202 31,
447 December
2014 Ps. 62,719 31,
2013
439
Ps. 59,649 Ps. 63,158
Created
MEXICAN
TABLE144
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
NetOf
Balance
Other Contents
Exchange at
income beginning
of non
comprehensive
diferences of the
controlling
income:
on year
interest
translation of (1)
foreign 2014 Ps. 54,902 6,233
Ps. 63,158(6,264)
5,929 2013
operation
Remeasurements
liability
Valuation
derivative
Increase
Acquisitions of the
financial
in capital
effectsof the
effective net
instruments
stock defined
portion
(see Note 4 ) of benefits (110)
109
- (664)
(80)
(166)
515
5,550
Disposal
Dividends
Share effects
based payment (3,152)
(21) -
(3,125)
(7)
Balance at end of the year Ps. 59,649 Ps. 63,158
 2012
Ps. 47,949(1,342)
7,344
(60)
(113)
-
4,172
(50)
(2,986)
(12)
Ps. 54,902
Created
MEXICAN
TABLE145
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Exchange ofdiferences
Remeasurements
Valuation on net
of the
the effective translation
defined
portion foreign
benefitsoperation
of derivative liability December
Ps. (6,326)31,
2014
(316)
financial instruments (129)
Cumulative other comprehensive income Ps. (6,771)
December
Ps. (62) 31,
2013
(206)
(238)
Ps. (506)
Created
MEXICAN
TABLE146 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contentsassets December
Ps. 31, 2014 December 31, 2013
Total non-current
current
revenue
Totalcash
Net consolidated
from
assets
flowliabilities
liabilities
net income
comprehensive
operating
used in income
activities
investing
financing activities activities Ps. 38,128
147,298
(1,005 )174,238
28,403
73,845
10,966
24,406
(11,137)
(11,350)
Ps.
Ps. 43,231
9,791 173,434
156,011 32,398
67,114
11,782
22,097
49,481
23,506
Created
MEXICAN
TABLE147
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Units Contents "B" Units 1,417,048,500 "BD" Units 2,161,177,770 Total 3,578,226,270
Shares:
Series
Subseries"B"
"D" "D-L"
"D-B" 7,085,242,500
- 2,161,177,770
8,644,711,080
4,322,355,540 9,246,420,270
8,644,711,080
4,322,355,540
Total shares 7,085,242,500 10,805,888,850 17,891,131,350
Created
MEXICAN
TABLE148
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
FEMSA Contents
Coca-Cola FEMSA (100% of dividend) Ps. - 2014 Ps. 13,3685,950
6,012 2013 Ps. 6,200 5,625
2012
Created
MEXICAN
TABLE149
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
"B"
"D"Of
Series ofApr
Contents21,
Shares Ps. - 2014 2013
- Ps. 0.666670.83
Created
MEXICAN
TABLE150 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
NetOf Contents
Controlling
Shares expressedInterest
in Income
millions: Per Shares
"B" Series 2014 "D"
7,701.08 Per Shares
Series
8,999.92 Per Shares
"B" Series 2013
7,341.74
Weighted
shares
share
Effect
with
based
Weighted for
of average
basic
dilution
nonvested
payment
average number
earnings
associated
shares
plans for of
per
share 9,240.54
5.88 8,621.18
23.53 9,238.69
7.73
shares
of adjusted
dilution fornumber of
the effect 9,246.42 8,644.71 9,246.42
Per Shares
"D" Series
8,579.98 Per Shares
"B" Series 2012 "D"
9,548.21 Per Shares
Series
11,158.58
8,613.80
30.91
8,644.71 9,237.49
8.93
9,246.42 8,609.00
35.71
8,644.71
Created
MEXICAN
TABLE151
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
CurrentContents
Deferred tax
Origination
(Recognition) expense
tax expense:
and reversal of
utilization of tax
temporary
losses differences 2014 Ps. 7,855 (212)
Ps. 7,810 (2,874)
1,303 2013
257
Total deferred tax (income) expense (1,571) 45
Change in the statutory rate (1) 14 (144)
Ps. 6,253 Ps. 7,756
Ps. 7,412 2012
103
434
537
-
Ps. 7,949
Created
MEXICAN
TABLE152 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Created
MEXICAN
TABLE152
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Decin
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Recognized Consolidated Statement of Other Comprehensive Income (OCI)

Income
Exchange
Share oftax
Unrealized related
loss
gain to
(gain)
onof
differences
Remeasurements
the other items
onnet
the charged
cash
available forflow
sale
translation
defined
comprehensive or recognized
hedges
securities
of foreign
benefit
income directly
operations
ofliability
associates andin joint
OCI ventures
during the year:
Total income tax cost (benefit) recognized in OCI
Ps. 219 2014
(60)
(49)
189 2013
- Ps. (128) (1,203)
1,384
(56) 2012
(1) Ps. (120) (1,012)
(1)
(113)
(304)
Ps. 299 Ps. (4) Ps. (1,550)
Created
MEXICAN
TABLE153
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
MexicanContents
Difference statutory
taxincome tax income
rate 2014 %)
30.00%
Annual in between
translation effects
inflation
Difference between
Non-deductible
Taxable
Change
Others the book
expenses
(non-taxable)
statutory and
adjustment
statutory
income,
Mexican tax inflationary
nettax tax ratesvalues and
rate (3.1
(4.4
(1.1 0.90%
3.70%
0.10%
0.20% %)
26.30%
(0.2 2013 %) (0.3
30.00% 2012 %)
30.00%
(1.2
(0.6 - %) (0.8
1.20%
1.00%
0.70% (1.3
(0.6 1.10%
0.80%
- %)
30.90% 28.90%
Created
MEXICAN
TABLE154
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Deferred Income Tax Related to:

Allowance
Inventories
Other current forinassets
doubtful accounts Consolidated
of Financial
December
Ps. (242 ) 31,Statement
Position as of (1,654)
2014 December
114 Ps.
132 (148 ) 31,
2013
1479
Property,
Investments
ventures
Other
Finite
assets plant
assets
useful
Indefinite lived and
lived equipment,
associates
intangible
intangible and
assets net
joint (176)
226
246
75 (452)
(271)
(188)
384
299
Post-employment
employee
Derivative
Provisions
Temporary
Employee
Tax loss benefits
financial and
non-deductible
profit
carryforwardssharingother
instrumentslong-term
provision
payable (753)
(38)
(1,318)
2,534
(268)
(3,249) (636)
61
(860)
(150)
(255)
(393)
Cumulative
income
Exchange
of foreign
Other (1) other
operations
liabilities comprehensive
differencesinon translation
OCI (303)
2,135
(96) (479)
2,195
(62)
Deferred
share
and
using joint
the tax
of the (income)
income
profit
ventures
equity of expense
net recorded
associates
accounted
method for in
Deferred tax (income) expense, net
income
Deferred tax asset taxes, net
liability Ps. 3,643 (2,635) Ps. 2,993 (3,792)
(6,278) (799)
Consolidated
Ps. Statement
2014
(106 ) (968) of Income
2013 2012
87 Ps. (24 ) (630)
77
(18)
422
(133)
(195)
(92) (2) Ps. (33 ) 1,589
(2)
109
115
236
88
30
51
(104)
(101)
238
(38)
32
(40)
(99)
(477)
2,450
(13)
(2,874)
- 62
(164)
562
(27)
(212)
- (14)
(12)
51
(13)
434
-
475 (131) 72
Ps. (1,464 ) (93) Ps. 10 (109) Ps. 2,112 (1,575)
Ps. (1,557 ) Ps. (99 ) Ps. 537
Created
MEXICAN
TABLE155
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
in Of
Income
OCI Contents
Unrealizedtax
as
Remeasurements
Total deferredrelated
ofloss
the oftothe
year:
(gain)
tax incomeitems
onnet charged
derivative
defined
related or recognized
financial
benefit
toOCI directly
instruments
liability 12
Ps. (303) 2014
(315)
 2013
(209) (270)
Ps. (479)
Created
MEXICAN
TABLE156
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Initial
Change Contents
Deferredbalance
inofthe
tax provision
statutory
income for
net the
rate year
recorded inhedges
share of 2014
Ps. (799) (1,571)
14 2013
Ps. (1,328) (144)
45
the profit
accounted
Acquisition
Disposal
Effects
Unrealizedin of associates
for
of using the
subsidiaries
subsidiaries
equity:
loss (gain)
gainon of onand
available joint
equity
(see
cashfor ventures
method
Note
flow 4)
sale of 93
(516)
--
109 109
647
-2
(149)
securities
Exchange
foreign
Retained
Restatement differences
liability operations
Remeasurements
earnings
effect of onnet
ofthe translation
associates
beginningdefined benefit
balances 617
(427)
(180) (1)
102
(121)
associated with hyperinflationary economies 25 39
Ending balance Ps. (2,635) Ps. (799)
 2012
Ps. (1,586)1,575
537
-
(77)
16
(76)
(1)
(974)
(532)
(189)
(21)
Ps. (1,328)
Created
MEXICAN
TABLE157
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
TaxOf Contents
Loss Carryforwards
follows:The subsidiaries
effect in Mexico and
net of consolidation Braziland
benefits have taxyears
their loss carryforwards. Theastax
of expiration are

Year 2015
2016
2017
2018
2019 Tax
Ps. -Loss
Carryforwards -3
24
No2020
2021
2022
2023 and thereafter
expiration (Brazil) 10
13
41
1,860
7,842
Tax losses used in consolidation 9,793
(1,059)
Ps. 8,734
Created
MEXICAN
TABLE158
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Balance
Additions
Usage ofApr
Contents
Translationat
tax 21,
beginning
losses
effect of the year
of beginning balances Ps. 558 2014
22 Ps. 91
8,199
(45) 2013
593
(122)
(4)
Balance at end of the year Ps. 8,734 Ps. 558
Created
MEXICAN
TABLE159
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec25.
Apr Online,
31,Other
21, 2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Note Liabilities, Provisions, Contingencies and Commitments
25.1 Other current financial liabilities

Sundry creditors
Derivative financial instruments December
Ps. 4,515 31, 2014 December
347 Ps. 3,998 31,
2013
347
Total Ps. 4,862 Ps. 4,345
Created
MEXICAN
TABLE160 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Provisions
Taxes
Others payable December
Ps. 4,285 31,
444 December
2014
890 Ps. 4,674 31,
2013
558
885
Total Ps. 5,619 Ps. 6,117

25.3 Other
Derivative
Security financialinstruments
financial
deposits liabilities December
Ps. 151 31,
177 December
2014 Ps. 1,526 31,
2013
142
Total Ps. 328 Ps. 1,668
Created
MEXICAN
TABLE161 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Indirect
Labor
Legal taxes (1) December
Ps. 2,271 31,
2014 December
427 Ps.
1,587 3,300 31,
2013
1,063
311
Total Ps. 4,285 Ps. 4,674
Created
MEXICAN
TABLE162
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Balance
Penalties at beginning
and other of the year combination
charges December
Ps. 3,300 31,
2014
220 December
Ps. 1,263 31,
2013
New contingencies
Reclassification
Heineken
Contingencies
Cancellation
Payments
Current and
portion
Brazil amnesty
Restatement
in
addedtax contingencies
in business
expiration
adoption with 38
1,349
1,190
(798)
(2,517)
-
(599) --1
263
2,143
(5)
(303)
(163)
subsidiaries inofhyperinflationary
the beginning balance of
economies 88 101
Balance at end of the year Ps. 2,271 Ps. 3,300
December
Ps. 1,405 31,
2012
107
56
--
117
(124)
(157)
(52)
(89)
Ps. 1,263
Created
MEXICAN
TABLE163
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Balance
Penaltiesat beginning
and of the year December
Ps. 1,063 31,
2014 December
Ps. 934 31,
2013
New
Contingencies
Cancellation
Payments
Restatement
subsidiaries ofother
contingencies
in added
and charges
in business
expiration
the beginning
hyperinflationary combination
balance of
economies 107
145
442
(53)
(57)
(60) 139
187
157
(226)
(69)
(59)
Balance at end of the year Ps. 1,587 Ps. 1,063
December
Ps. 1,128 31,
2012
189
134
15
(359)
(91)
(82)
Ps. 934
Created
MEXICAN
TABLE164
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
NotOf
Later Contents
later
thanthan 1 year
1 years
5 year and not later than 5 years Mexican
Pesos
Ps. 3,434 15,672 U.S.
12,340 Dollars
Ps. 196 689 Others
361 Ps. 29 15
3
Total Ps. 31,446 Ps. 1,246 Ps. 47
Created
MEXICAN
TABLE165 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
NotOf Contents
later
Later thanthan 1 year
1 year and not later than 5 years Minimum
Payments
Ps. 299 2014 Present
Value
596 Ps. of 568
Payments
263
Total mnimum
Less lease payments
amount representing finance charges 895
64 831
-
Present value of minimum lease payments 831 831
Minimum
Payments
Ps. 322 2013 Present
Value of
Payments
852 Ps. 276 789
1,174
109 1,065
-
1,065 1,065
Created
MEXICAN
TABLE166
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Balance at beginning of the year December
Ps. - 31,
2014 December 31,
2013 December
153 31,
2012
New
Payments
Cancellation (25) Ps.
199
(142) 90 (35) Ps.
179
(234) 195
(258)
-
Balance at end of the year Ps. 32 Ps. - Ps. 90
Created
MEXICAN
TABLE167
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
AprDec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2014
Total Contents
revenues
Intercompany
Gross profit revenue Coca-Cola
FEMSA
Ps. 147,298 68,382 FEMSA
Comercio
3,475 Ps. 109,624
39,386 CB -
Equity
Ps. --
Administrative
Selling
Other
Interest
Other expenses
income
expenses
netexpense
income expenses
finance expenses (5,546)
379 (686)
23 16
Income
share
and
using
Income
Share
and joint
jointofbefore
of
the the
equity
taxes
the income
profit
ventures of
method
profit
ventures taxes(3)
and
of associates
accounted
associates
accounted for
for 14,952
3,861 7,959
541 8
2
using
taxes the equity method, net of (125) 37 5,244
Consolidated net income
Depreciation
Non-cash
depreciation andother
items
and amortization
than
amortization (2) 6,949
693 2,872
204 -
Investments
joint
Total assets in associates and
ventures
liabilities 17,326
212,366
102,248 742
43,722
31,860 83,710
85,742
2,005
Investments in fixed assets (4) 11,313 5,191 -
Other
Ps. (1) 10,067
20,069 4,871 Consolidation
Adjustments
Ps. (13,542)
(13,542)
(2,468) Consolidated
Ps. 263,449110,171
-
10,244
69,016
(1,093)
1,068 624
(624) 1,098
(1,277)
(6,701)
862
(1,149)
905
1,849
(17) (80)
-- 23,744
6,253
5,139
22,630
193
87 - 10,014
984
381
51,251
26,846 -
(16,908) 102,159
376,173
146,051
1,955 (296) 18,163
Created
MEXICAN
TABLE168
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
AprDec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2013
Total Contents
revenues Coca-Cola
FEMSA
Ps. 156,011 72,935 FEMSA
Comercio CB -
Equity
Intercompany
Gross
Interest
Other
Income
profit
Administrative
Selling
Other expenses
income
expenses
netexpense
income
revenue
expenses
finance expenses
taxes(3) --- Ps. 97,57234,586
3,116
(3,341)
654
-- Ps.
(601)
-5
--
12
share
and
using
Income
Share
and
using
taxes joint
jointofbefore
of
the
the the
taxes
the income
profit
ventures
equity
profit
ventures
equity of
accounted
method and
of associates
associates
accounted
method, net offor
for 17,224
5,731
289 2,890
339
11 4,587 4
1
Consolidated net income
Depreciation
Non-cash
depreciation andother
items
and amortization
than
amortization (2) 7,132
12 2,443
197 -
Investments
joint
Total assets in associates and
ventures
liabilities 16,767
216,665
99,512 734
39,617
37,858 80,351
82,576
1,933
Investments in fixed assets (4) 11,703 5,683 -
Other
Ps. (1) 9,624
17,254 Consolidation
Adjustments Consolidated69,574
--- Ps. (12,740)
4,670
(865)
1,030 --- Ps. 258,097109,654
(12,740)
(2,537)
476
(476)
-
9,963
651
(1,439)
(4,331)
1,225
(1,143)
5,120
1,685
(56) (158)
-- 25,080
7,756
4,831
22,155
121
108 - 9,696
317
478
45,487
21,807 (25,153)
(24,468) - 98,330
359,192
136,642
831 (335) 17,882
Created
MEXICAN
TABLE169
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
AprDec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2012
Total Contents
revenues Coca-Cola
FEMSA
Ps. 147,739 68,630 FEMSA
Comercio CB Equity
Intercompany
Gross
Interest
Other
Income
profit
Administrative
Selling
Other expenses
income
expenses
netexpense
income
revenue
expenses
finance expenses
taxes(3) --- Ps. 86,43330,250
2,873
(1,955)
424 ---5 Ps. -
(445)
19 --
18
share
and
using
Income
Share
and
using
taxes ofbefore
of
joint
the
joint
the the
taxes
the income
profit
ventures
equity
profit
ventures
equity of
accounted
method and
of associates
associates
accounted
method, net offor
for 19,992
6,274
180 6,146
729
(23) 10
-
8,311
Consolidated net income
Depreciation
Non-cash
depreciation andother
items
and amortization
than
amortization (2) 5,692
580 2,031
200 -
Investments
Total assets in associates and joint
ventures
liabilities 5,352
166,103
61,275 459
31,092
21,356 77,484
79,268
1,822
Investments in fixed assets (4) 10,259 4,707 -
Other
Ps. (1) 8,884
15,899 Consolidation
Adjustments Consolidated62,086
--- Ps. (11,762)
4,647
(511)
727 --- Ps. 238,309101,300
(11,762)
(2,227)
405
(405)
-
9,552
1,745
(1,973)
(2,506)
783
(181)
1,620
946 2 (238)
-- 27,530
7,949
8,470
28,051
293
237 (126)- 7,890
1,017
545
31,078
12,409 -
(11,599)
(11,081) 83,840
295,942
85,781
959 (365) 15,560
Created
MEXICAN
TABLE170 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2014
MexicoContents
and Central
(3) America (1)(2) Total186,736
Revenues
Ps. Total
Non139,899
AssetsCurrent
South
Europe America
Venezuela
Consolidation adjustments - Ps.
69,172
8,835
(1,294) 67,078
6,374
83,710
-
Consolidated Ps. 263,449 Ps. 297,061
Created
MEXICAN
TABLE171 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
2013
MexicoContents
and Central
(3) America (1)(2) Total171,726
Revenues
Ps. Total
Non133,571
AssetsCurrent
South
Europe America
Venezuela
Consolidation adjustments - Ps.
55,157
31,601
(387) 61,143
10,558
80,351
-
Consolidated Ps. 258,097 Ps. 285,623
Created
MEXICAN
TABLE172
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
2012
Mexico
South Contents
and Central
(3) America (1) Total
Revenues
Ps. 155,576
EuropeAmerica
Venezuela
Consolidation adjustments 56,444
26,800
-
(511)
Consolidated Ps. 238,309
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
INCOME_STATEMENT13
Form 20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
For
In OftheContents
year
millions
Revenue
Other income of ended
EUR 31 December Note 5
8 2014
19,257
93
Raw materials,
Personnel
Amortisation,
impairments
Total
Results expenses
from
income consumables
expenses
depreciation
operating and and
activities services 9
10
11 (12,053)
(3,080)
(1,437)
(16,570)
2,780
48
Interest
Other
Net
Share
ventures
income netexpenses
finance finance
oftax)
before expenses
profit
and income/(expenses)
of associates
impairments
income and joint
thereof (net of 12
16 (457)
(79)
(488)
148
Income
Profit
Attributable
Equity
profit) tax
holders
Non-controlling
Profit expense
to: the tax
ofinterests
Company (net 13 2,440
(732)
1,708
1,516
192
1,708
Weighted
diluted
Basic
Diluted average
earnings
earningsper
pernumber
share of shares - basic
share(EUR)
(EUR) 23
23 574,945,645
576,002,613
2.64
2.63
 2013
19,203
226
(12,186)
(3,108) 2012
18,383
1,510
(11,849)
(3,031)
(1,581)
(16,875)
2,554
47
(579)
(61)
(593) (1,316)
(16,196)
3,697
62
(551)
168
(321)
146
2,107
(520)
1,587
1,364 213
3,589
(515)
3,074
2,914
223
1,587 160
3,074
575,062,357
576,002,613
2.37 575,022,338
576,002,613
5.07
5.06
Created
MEXICAN
TABLE173
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Consolidated Statement of Comprehensive Income

For
In thethat
Profit
Other
Items
loss: year
millions of ended
will EUR
comprehensive
not be31 Decemberto profit or
income:
reclassified Note 2014
1,708
Actuarial
Items
profit that
or
Currency
Recycling
profit or
Effective gains
may
loss:
of
loss and
be
translation
currency
portion losses
ofsubsequently
differences
net translation
investment reclassified
differences
hedges to
to 24/28 24 (344)
697
-
(5)
flow
to
Net hedges
Effective
profit or
change portion
loss
in fair of changes
cash
value flow inhedges
fair value
available-for-sale of cash
transferred 24 (99)
(3)
(1)
investments
Share of other
associates/joint
Other
Total transferred
comprehensive
comprehensive comprehensive
ventures to
income,
income profit or of
net loss
income taxof 24
24 -
(7)
238
1,946
Attributable
Non-controlling
Total to: ofinterests
Equitycomprehensive
holders the Company
income 1,686
260
1,946
 2013
1,587 2012
3,074
197
(1,282)
1
13 (404)
39
-6
16
(4)
(53)
-5 14
41
135
(148)
(1,107)
480 (1)
(318)
2,756
336
144
480 2,608
148
2,756
Created
MEXICAN
CASH_FLOW3
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Consolidated Statement of Financial Position

As
In at 31
millions
Assets
Property,
Intangible
Investments December
of in
plant EUR
assets and equipment
associates and joint ventures Note 14
15
16 2014
8,718
16,341
2,033
Other
Advances
Deferred
Total
Other
Trade investments
to
tax
non-current
Inventories
investments
and other and
customers
assetsassets receivables
receivables 17
18
19
17
20 737
254
661
28,744
1,634
13
2,743
Prepayments
Income
Cash
Assets
Total and tax
classified
current
assets and
assetsasaccrued
receivables
cash held forincome
equivalents sale 21
7 317
23
668
688
6,086
34,830
Equity
Share
Reserves
Retained
Equity capital
premium
earnings
attributable
Non-controlling to equity holders of the Company
interests 22
22 922
2,701
(427)
9,213
12,409
1,043
Total
Tax equity
Liabilities
Loans
Employee
Provisions
Deferred and
liabilities borrowings
benefits
tax liabilities 25
28
30
18 13,452
9,499
3
1,443
398
1,503
Total
Bank
Loans
Trade non-current
overdrafts
and
and
Tax liabilities
Provisions
Liabilities other liabilities
borrowings
payables
classified as held for sale 21
25
31
30
7 12,846
595
1,671
5,533
390
165
178
Total current
liabilities liabilities
equity and liabilities 8,532
21,378
34,830
 2013
8,454
15,934
1,883
762
301
508
27,842
1,512
11
2,427
218
-
1,290
37
5,495
33,337
922
2,701
(858)
8,637
11,402
954
12,356
9,853
112
1,202
367
1,444
12,978
178
2,195
5,131
317
171
11
8,003
20,981
33,337
Created
MEXICAN
CASH_FLOW4
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Consolidated Statement of Cash Flows

For
In the
millions
Operating
Profit
Adjustmentsyear
Amortisation, ended
ofexpenses
EUR
activities
for: 31 December
depreciation andof impairments Note 11 2014
1,708
1,437
Net
Gain
and interest
on sale
intangible
associates
Investment
impairments of
assets
income
of property,
andand
associates plant
share
and and
subsidiaries, equipment,
joint
profit
joint ventures
and
ventures 12
8 409
(93)
dividend
Other
Change
Total
income
held-for-trading
Income tax
non-cash
Cash change
working flow expenses
from
capital
in trade
in and
inventorieson
items
and
working
provisions
available-for-sale
investments
operations before
provisions
other
and receivables
payables
capital
employee
and
changes
benefitsin and 13 (158)
732
244
4,279
(104)
(325)
456
27
(166)
Cash
Interest
Income
tax flow
Dividends paid
taxesfrom
received
received operations
paid
related to interest, dividend and income 4,140
(522)
60
125
(745)
(1,082)
Cash flow from operating activities 3,058
Investing
Proceeds
equipment
Purchase
Loans
Repayment activities
issuedfrom
of and sale
intangible
on to ofto
intangible
property,customers
loans property,
plantassets
assets plant
andofother
customers and
equipment
investments 14
15 144
(1,494)
(57)
(117)
40
Cash
Free
venturesflow
activities
operating
Acquisition and(used
of cashin)/from
of/additions
other
subsidiaries, flow
subsidiaries, tooperational
investments
netnet cash
associates,
of cash investing
acquired
joint
disposed (1,484)
1,574
(159)
(7)
Disposal
Cash flowof
investments
disposals associates,
(used in)/from joint ventures
acquisitions
investing and
and
activitiesotherof 6/7 6 (27)
4
(189)
(1,673)
Financing
Proceeds activities
Cash flow from
Repayment
Dividends
Purchase
Acquisition
Other paid
ownof
(used loans
loans
shares andfinancing
ofnon-controlling
and
in)/from borrowings
borrowings
interests
activities 858
(2,443)
(723)
(9)
(137)
1
(2,453)
Net cash
Effect
Cash andflow
of movements in exchange
cash equivalents 1rates
as at 31January
December 21 (1,068)
1,112
29
73
 2013
1,587
1,581 2012
3,074
1,316
532
(226) 489
(1,510)
(160)
520
156
3,990
(42)
5 (238)
515
(65)
3,581
(52)
(64)
88
51
(58)
3,983
(557)
56
148 217
101
(164)
3,518
(490)
82
184
(716)
(1,069)
2,914 (599)
(823)
2,695
152
(1,369)
(77)
(143)
41
(1,396) 131
(1,170)
(78)
(143)
50
(1,210)
1,518
(17)
(53)
460
165 1,485
(3,311)
(1,246)
-
142
555
(841) (4,415)
(5,625)
1,663
(2,474)
(710)
(21)
(209)
(1)
(1,752) 6,837
(2,928)
(604)
-3
(252)
3,056
321
846
(55)
1,112 126
606
114
846
Created
MEXICAN
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
STOCKHOLDERS_EQUITY
Form 20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Consolidated Statement of Changes in Equity

In millions
Balance
Profit
Other
Total asofretained
EUR
atshareholders
1 January
comprehensive
comprehensive 2012
income
income Note Share
24 capital 922
Transfer
Dividends to
Acquisition
without
Balance aasto
Purchase/reissuance
Own shares
Share-based of
change earnings
atdelivered
payments own/non-controlling
non-controlling
in control
31 December interests
2012 shares 6 ---
922
Share
premium 2,701 Translation(575)
reserve Hedging (69)
reserve Fair
value
reserve 159 Other
legal
reserves 1,026 Reserve
for own (43)
shares
---
2,701 ---
48
(527) ---
58
(11) ---
(9)
150
222
--4
226
(473)
779 ---
17
(26)
Retained 5,696
earnings 2,692 Equity
attributable
to equityof the
holders
Company 9,817
2,914 Non-
controlling
interests (110)
318
160 Total
equity 10,135
3,074
(407)
2,285
473
(494)
-
(17)
15 (306)
2,608
(494)
-
15 (12)
148
- (318)
2,756
(604)
-
15
(212)
7,746 (212)
11,734 715
1,071 503
12,805
Created
MEXICAN
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
STOCKHOLDERS_EQUITY2
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions ofretained
EUR Note Share
Balance
Profit
Other
Total
Own
as at 1
comprehensive
Transfer
Dividends toto
shares
January
comprehensive 2013
income
income
earnings
shareholders
Purchase/reissuance own/non-controlling shares 24 capital 922
---
Share-based
Acquisition
without
Balance aas atdelivered
of
changepayments
non-controlling
in control
31 December interests
2013 6 922
Share
premium Translation (527) Hedging 13 Fair
value Other
legal Reserve
for own
--- reserve (1,194)
2,701
2,701 --- reserve (11)
(1,721) ---2 reserve --- reserves (188)
150
(53)
97 --- shares (26)
779
214
805 ---6
(21)
(41)
Retained 1,150 Equity
attributable
to equityof 11,734
holders the Non-
earnings 7,746
206
1,356
188
(530)
-8
(6)
(125)
Company --8 controlling
1,364
(1,028)
336
(530)
(21)
(125)
interests 1,071
223
(79)
144
(185)
(76)
Total
-- equity 12,805
1,587
(1,107)
480
--8
(715)
(21)
(201)
8,637 11,402 954 12,356
Created
MEXICAN
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
STOCKHOLDERS_EQUITY3
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions ofretained
EUR Note Share
Balance
Profit
Other
Total
Own
as at 1
comprehensive
Transfer
Dividends toto
shares
January
comprehensive 2014
income
income
earnings
shareholders
Purchase/reissuance own/non-controlling shares 24 capital 922
---
Share-based
Acquisition
without
Balance aas atdelivered
of
changepayments
non-controlling
in control
31 December interests
2014 6 922
Share
premium Translation 624 Hedging Fair
value Other
legal Reserve
for own
--- reserve (1,721)
2,701
2,701 --- reserve (101)
(1,097) ---2 reserve 97
(99) --- reserves (236)
(1)
96 --- shares (41)
805
174
743 ---4
(33)
(70)
Retained 8,637 Equity
attributable
to equityof 11,402
holders the Non-
earnings 1,342
(352)
990
236
(512)
-
(4)
47
(181)
Company -- controlling
1,516
170
1,686
(512)
(33)
47
(181)
interests (224)
192
68
260
32
20
Total
--1 equity
954 12,356
1,708
238
1,946
--
(736)
(1)
48
(161)
9,213 12,409 1,043 13,452
Created
MEXICAN
TABLE174
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Year-end
In
BRL
GBP
MXN
NGN
PLN
RUB
SGD
USD
VND
EUR
in 1000 0.00 Year-end
2014
0.31
1.28
0.06
0.23
0.01
0.62
0.82
0.04 0.00 Year-end
2013
0.31
1.20
0.06
0.24
0.02
0.57
0.73
0.03 0.00 Average
2012
0.37
1.23
0.06
0.25
0.02
0.62
0.76
0.04 0.00 Average
2014
0.32
1.24
0.06
0.24
0.02
0.59
0.75
0.04
2013
0.35
1.18
0.06
0.00
0.24
0.02
0.60
0.75
0.04
Average 2012
0.40
1.23
0.06
0.01
0.24
0.03
0.62
0.78
0.04
Created
MEXICAN
TABLE175
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
OfOther
Contents
Buildings
Plant and equipment
fixed assets 30
10
3 - 40 years
30
10
Created
MEXICAN
TABLE176
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
OfSoftware
Contents
Strategic
Other brands
brands
Customer-related
Reacquired rights and contract-based intangibles 40
15
5
3 --
Capitalised development costs
50
25
20
12
7 years
3 years
Created
MEXICAN
TABLE177
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Revenue
Third Contents
millions
partyofrevenue1
EUR Note 2014
6,765
Interregional
Total revenue revenue 713
7,478
Other
Results
Net
Share
ventures
Income
Profit income
from
finance
of operating
expenses
profit
and
tax of
expense activities
associates
impairments and(net
thereofjoint 8
12
16
13 16
781
-
Attributable
Equity holders
Non-controlling to: ofinterests
the Company profit)
EBIT
EBIT2 reconciliation
Eia2 (beia)2
EBIT 27 781
71
852
Beer volumes
Consolidated
Attributable
associates
Group (in million
beer
share
beervolume2
volume2 of jointhectolitres)
volume2 ventures and 42,454
-
42,454
Current segment
Non-current
Investment
segment
Unallocated
Total assets assets
insegment
associates
assets
assets assets
and joint ventures 2,467
7,370
25
9,862
Segment
Unallocated
Total liabilities
equity liabilities
and liabilities 4,291
Purchase
Acquisition
Purchases
Depreciation
(Impairment)ofofP, PP,&reversal
PE& Eassets
ofintangible
goodwill
intangible
of
and assets
of 14
15 345
-8
(325)
P, P & E assets
Amortisation
(Impairment)
intangible and reversal of impairment
impairment of
of 14
15 (2)
(42)
-
Western Europe6,800
2013
656
7,456 2012
7,140
645
7,785 2014
2,853
2,868 Central and
15 Eastern Europe2013
3,082
15
3,097 2012
3,255
25
3,280
50
737
2 13
723
1 60
287
33 119
231
15 9
320
24
739
115
854 724
224
948 320
(27)
293 246
60
306 344
12
356
42,224
-
42,224 44,288
-
44,288 42,319
3,712
46,031 44,261
3,743
48,004 47,269
3,735
51,004
2,036
7,262
43
9,341 2,007
8,015
22
10,044 892
3,045
276
4,213 982
3,128
194
4,304 1,082
3,423
196
4,701
3,571 4,121 1,275 1,242 1,347
264
9
24 260
7
26 201
100 191
-6 197
-
(329)
(7)
(65)
(17) (344)
(36)
(86)
(7) -5
(213)
(1)
(18) (235)
(9)
(17)
(99) 12
(247)
15
(16)
-
 5 The Americas
2014
4,626
4,631 2013
4,486
9
4,495 2012
4,507
16
4,523
7
660
60 56
681
70 2
593
81
720
121
841 751
39
790 674
86
760
53,210
3,775
56,985 51,209
3,717
54,926 53,124
3,785
56,909
1,668
5,382
792
7,842 1,236
5,193
823
7,252 1,193
5,649
835
7,677
1,195 1,027 1,072
291
---
13
(219)
(92) 261
-
12
(211)
(1)
(97) 250
36
14
(201)
(17)
(103)
- -
Created
MEXICAN
TABLE178
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Revenue
Third partyofrevenue1
Interregional
Total revenue EUR
revenue Note 2014
-
2,643
Other
Results
Net
Share
ventures
Income
Profit income
from
finance
of operating
expenses
profit
and
tax of
expense activities
associates
impairments and(net
thereofjoint 8
12
16
13 10
606
28
Attributable
Equity holders
Non-controlling to: ofinterests
the Company profit)
EBIT (beia)2
EBIT2
Eia2
EBIT reconciliation 27 634
49
683
Beer volumes
Consolidated
Attributable
associates
Group (in million
beer
share
beervolume2
volume2 of jointhectolitres)
volume2 ventures and 25,003
4,282
29,285
Current
Total segment
Non-current
Investment
segment
Unallocated
assets assets
insegment
associates
assets
assets assets
and joint ventures 1,162
2,527
253
3,942
Segment
Unallocated
Total liabilities
equity liabilities
and liabilities 972
Purchase
P & E of
Acquisition
Purchases
Depreciation
(Impairment)
P,
Amortisation ofP,
of ofPP,&reversal
and PE& Eassets
goodwill
intangible
intangible assets
of impairment
impairment of
of 14
15
14 425
-2
(213)
(3)
(6)
(Impairment)
intangible and
assets reversal of 15 (18)
Africa
Middle East2,554
2013
- 2012
-
2,639 2014
2,087
2,0881 Asia Pacific2,037
2013
2,0361 2012
-
527 2014
283
(734)
(451)
1
606
37 -1
616 -
407
29 -
376
26 1,486
1,546
109 -
39
(2)
643
2
645 617
38
655 436
146
582 402
163
565 1,655
(1,388)
267 37
(20)
17
23,281
4,119
27,400 23,289
4,200
27,489 18,296
5,748
24,044 17,347
5,345
22,692 3,742
13,202
16,944 --
939
2,216
238
3,393 959
2,073
281
3,313 752
6,881
621
8,254 757
6,254
476
7,487 913
7,166
534
8,613 (868)
845
66
43
853 760 600 449 513 421
461
--2
(183) 395
-2
(176)
(8) 243
-1
(83)
(2) 142
-5
(80) 20
2,720
---
(11) 14
--
28
(27)
(6)
- (6)
- (148)
- -2
(179) (24) (25)
-
Head Office &
Other/
Eliminations 2013
245
(681) 2012
315
(686) - Consolidated19,203
2014 2013
- 2012
-
(436) (371) 19,257 18,383
-
(77)
(4) -
(101)
(3) 93
2,780
(488)
148
(732)
1,708 226
2,554
(593)
146
(520)
1,587 1,510
3,697
(321)
213
(515)
3,074
1,516
192
1,708 1,364
223
1,587 2,914
160
3,074
(81)
12
(69) (104)
36
(68) 2,928
340
3,268 2,700
391
3,091 3,910
(992)
2,918
-- -- 181,282
17,517
198,799 178,322
16,924
195,246 171,712
24,922
196,634
(475)
1,400
109
1,034 (629)
1,619
82
1,072 6,073
26,050
2,033
34,156
674
34,830 5,475
25,453
1,883
32,811
526
33,337 5,525
27,945
1,950
35,420
560
35,980
319 238 8,754
12,624
13,452
34,830 7,461
13,520
12,356
33,337 8,051
15,124
12,805
35,980
50
-
28
(35)
(1) 48
480
24
(38) 1,519
100
57
(1,080) 1,369
9
77
(1,073) 1,170
3,243
78
(1,017)
(12)
- -2
(12) (8)
(331)
(18) (16)
(376)
(116) (44)
(247)
(7)
Created
MEXICAN
TABLE179
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Property,
Intangible
Inventories
Trade and of
plantEUR1
assets
other and equipment
receivables 39
15
4
3
Assets acquired 61
Loans
Bank and
Tradeoverdraft
Deferred and
Liabilities borrowings,
tax currentcurrent
liabilities
other
assumed liabilities 5
2
14
26
Total net identifiable assets 35
Created
MEXICAN
TABLE180
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31, Online,
2014 Inc.
DEVELOPMENT INC
Table
In Of
Consideration
Fair value of 21,
Contents
millions
Non-controlling
Net EUR1
identifiable
Goodwill
2015
transferred2
previously
interests
assets
acquisition held equity interest in the acquiree
acquired
(provisional) 77
58
-
(35)
100
Created
MEXICAN
TABLE181
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
CurrentContents
millions
Property,
Intangible
Other ofliabilities
assets EUR
plant
assets
non-currentand equipment
assets 2014
96
236
332
24 2013
19
18
-
Current liabilities
Non-current (103)
(75)
510 (10)
(1)
26
Created
MEXICAN
TABLE182
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec 31, Online,
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Gain on Aprof 21,
Contents
millions
sale EUR 2015
property,
intangibleplant
of subsidiaries, andventures
assets
joint equipment
and associates 2014
41
-
52
93
2013
87
-
139
226 2012
22
2
1,486
1,510
Created
MEXICAN
TABLE183
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31, Online,
2014 Inc.
DEVELOPMENT INC
Table
In
RawOf
millions
Inventory
Marketing
Transport for of 21,
Contents
materials
Non-returnable
Goods EUR
resale 2015
packaging
movements
and selling
expenses expenses 2014
1,782
2,551
1,495
(15)
2,447
1,050 2013
1,868
2,502
1,551
2
2,418
1,031 2012
1,892
2,376
1,616
(85)
2,250
1,029
Energy
Repair
Other and
and water
maintenance
expenses 548
458
1,737
12,053 564
482
1,768
12,186 562
458
1,751
11,849
Created
MEXICAN
TABLE184
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Wages Contents
millions
Compulsoryand
Contributions
Expenses ofsalaries
EUR
social
to
related tosecurity
defined
defined contributions
contribution plans
benefit plans Note 28 2014
2,107
337
42
(31)
Equity-settled
Other personnel other
share-based
expenses long-term
payment employee
plan benefits 29 8
48
569
3,080
 2013
2,125
346
41
11
10 2012
2,078
352
39
22
11
12
534
3,108 517
3,031
Created
MEXICAN
TABLE185
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
TheOf
Other
Central
The Contents
Netherlands
Western
and
Americas Europe
Eastern Europe 2014
3,897
13,137
14,839
22,610 2013
4,054
13,924
15,946
23,951 2012
4,053
14,410
16,835
25,035
Africa
Asia Middle
Pacific East 12,975
8,678
76,136 14,062
8,996
80,933 14,604
1,254
76,191
Created
MEXICAN
TABLE186
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec 31, Online,
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Intangible
ImpairmentApr
Contents
millions
Property, 21,
ofon
EUR
plant 2015
and
assets equipment assets
available-for-sale Note 14
15 2014
1,088
349
-
1,437 2013
1,089
492
-
1,581
 2012
1,061
254
1
1,316
Created
MEXICAN
TABLE187
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table
NetOf
Interest
Dividend Apr
Contents
millions
income
change
21,
ofexchange
inEUR
expenses
income
gain/(loss)
foreign onfrom
fair available-for-sale
disposal
value investments
of available-for-sale
of derivatives investments 2014
48
(457)
10
-
173
Unwinding
Interest
Other on
net discount
the
financenet ongain/(loss)
provisions
defined benefit
income/(expenses) obligation (205)
(5)
(49)
(3)
(79)
Net finance income/(expenses) (488)
2013
47
(579)
15
--
16
(31) 2012
62
(551)
25
192
15
(5)
(56)
(61) (7)
(51)
1
168
(593) (321)
Created
MEXICAN
TABLE188
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
CurrentContents
millions
taxofand
year
Under/(over) EUR
expense
provided in of
prior years 2014
666
(9)
657
Deferred
Origination
Previously
Changes
Under/(over)tax
in expense
tax reversal
unrecognised
rate
Utilisation/(benefit) of
provided tax
in temporary
deductible
losses
prior differences
temporary
recognised
years differences 21
(5)
10
32
17
75
Total income tax expense in profit or loss 732
2013
740
13
753
(173) 2012
639
(6)
633
(100)
-
(32)
(13)
(15)
(233)
520 (28)
4
(6)
12
(118)
515
Created
MEXICAN
TABLE189
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Profit
Share ofApr
Contents
millions
impairments
Profit of
before
net
before
associates
thereof)
21,
EUR
income
profit
thereof
income
and joint tax
ofventures
associates
tax excludingand jointimpairments
share
(including ventures
of profit ofand 2014
2,440
(148)
2,292
 2013
2,107
(146)
1,961 2012
3,589
(213)
3,376
Created
MEXICAN
TABLE190
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Income
rate
Effect Contents
oftax
tax
jurisdictions using
rates the Company's
in foreign domestic tax 0%
25.00
3.80 2014
573
87
Effect of
Recognition
temporary
Utilisationnon-deductible
tax
unrecognised
Unrecognised or incentives
of previously
differences
recognition
tax losses
current expenses
and
of
year exempt income
unrecognised
previously
taxyears
losses 2.70
(4.00)
(0.20)
(0.10)
0.70 61
(93)
(5)
(3)
17
Effect
Other of changes
Withholding
Under/(over) taxes in tax
provided
reconciling items inrate
prior 0.40
2.60
0.30
0.70
31.90 10
60
8
17
732
 0%
25.00
4.10
4.60
(8.30) 2013
490
79
90
(162) 0%
25.00
1.90
(14.00) 2012
845
63
64
(472)
-
(0.60)
1.30
(1.60)
2.10
(0.10) -
(11)
26
(32)
42
(2) (0.80)
(0.50)
0.10
0.80
0.20 (28)
(17)
25
4
27
6
-
26.50 -
520 (0.10)
15.30 (2)
515
Created
MEXICAN
TABLE191
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
ChangesContents
millionsinoftranslation
aEUR
fair value Note 2014
Changes
Other as hedging
result reserve
of reserve
actuarial gains and losses 24 -3
11
108
96
218
2013
10
(2)
(43)
(66)
(1)
(102) 2012
(24)
(18)
(22)
113
-
49
Created
MEXICAN
TABLE192
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Cost
Balance
ChangesContents
millionsinof
as atEUR
1 January
consolidation 2013 Note Land and 5,267
buildings (204) Plant and 6,927
equipment (138)
Purchases
as held
Disposals of
construction
Transfer for completed
(to)/from
sale assets
hyperinflation projects under
classified 60
77
(24)
(90)
- 162
288
(25)
(86)
2
Effect of as
Balance movements in exchange
at 31 December 2013 rates (152)
4,934 (225)
6,905
Balance
Changes
Purchases as at
insale
of 1 January
consolidation
completed 2014 4,934
839 6,905
2
279
construction
Transfer
Effect
Balance (to)/from
as heldoffor
Disposals movements
as inprojects
assets
at 31 December exchange under
classified
2014 rates 91
(72)
(93)
37
4,989 383
(175)
(90)
1
7,305
Depreciation
Balance
Changes
Impairment
Reversal
Transfer as
Depreciation atand
insale
losses
impairment
to/(from) impairment
1 January
consolidation
charge for 2013
the
losses
assets losses
year rates
classified 11 (1,753)
17
(163)
(3)
1 (3,678)
59
(416)
(15)
2
as heldoffor
Disposals
Effect
Balance movements
as at in
31 December exchange
2013 70
357
(1,789) 16
119
86
(3,827)
Balance
Changes
Impairment
Transfer
Disposals as
Depreciation at
insale1 January
consolidation
charge
losses
to/(from)
as heldoffor for
assets 2014
the year
classified 11 (1,789)
4
(154)
(5)
302 (3,827)
11
(415)
(3)
42
79
Effect
Balance movements
as at in exchange
31 December 2014 rates 6
(1,906) 14
(4,099)
Carrying
As at 31 amount2013
1 January
December 2013 3,514
3,145 3,249
3,078
As at 311 January
December 20142014 3,145
3,083 3,078
3,206
Other fixed 4,494
assets (28)
375 Under
construction
526
12
772 Total 17,214
(358)
1,369
202
(5)
(290)
1
(133)
4,616 (567)
-
(38)
705 -3
(54)
(466)
(548)
17,160
4,616
1
471
149
7 705
-
686
(623)
(4) 17,160
12
1,519
-
(244)
(234)
41
5,051 (1)
30
793 (418)
109
18,138
(2,939)
40
(494)
(5)
4
3 --- (8,370)
116
(1,073)
(23)
267
229
72
(3,090) 418
193
(8,706)
(3,090)
-3
(511)
(8)
210 --- (8,706)
18
(1,080)
(8)
36
319
(19)
(3,415) 1
(9,420)
1,555
1,526 526
705 8,844
8,454
1,526
1,636 705
793 8,454
8,718
Created
MEXICAN
TABLE193 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Cost Contents
millions ofat
EUR Note Goodwill 11,040
Balance
Changes
Disposals
Transfers
Effect of as
in
to 1 January
consolidation
Purchased/internally
assets
movements held
in 2013
developed
for sale
exchange
Balance as at 31 December 2013 rates (167)
-
(466)
10,407
Balance
Changes of as
Disposals
Transfers
Effect
Balance astoat
in at 1
31January
consolidation
Purchased/internally
assets
movements held 2014
and
developed
for other
sale
in exchange
December 2014 transfers
rates 10,407
98
-
(259)
557
10,803
Amortisation
Balance and impairment losses
Changesof as
Amortisation
Impairment
Disposals
Transfers
Effect
Balance toat
in 1 January
consolidation
charge
losses
assets
movements
as at for
held 2013
the
for year
sale
in exchange
31 December 2013 rates 11 (297)
--
(94)
(391)
Balance
Effect of as
Changes
Impairment
Disposals
Transfers toat
in
Amortisation 1 January
consolidation
charge
losses
assets
movements for
held 2014
the
for year
sale
in exchange 11 (391)
--
(16)
Balance as at 31 December 2014 rates (407)
Carrying
As at 31 amount2013
1 January
December 2013 10,743
10,016
1 January
As at 31 2014
December 2014 10,016
10,396
Brands Customer- (46) based
related Contract- (7) Software,
research and 84
development
- intangibles2,304
4,332
(153)
(328)
3,851 - intangibles 780
(148)
2,110 - and other 502
(1)
(4)
(88)
680 (9) Total
(38)
(1)
(32)
506 18,958
(376)
77
(42)
(1)
(1,062)
17,554
3,851
15
-
(2)
208
4,072 2,110
17
-1
(85)
131
2,174 680
30
-
63
773 506
(47)
56
(2)
-1
514 17,554
113
57
(4)
(344)
960
18,336
(289)
22
(101)
(5)
-
14 (382)
27
(176)
-
20 (23)
--4
(62)
10 (279)
7
(37)
(17)
30
1
7 (1,270)
56
(376)
(116)
34
1
51
(359) (511) (71) (288) (1,620)
(359)
--2
(98)
(2)
(5) (511)
--
(147)
21
(13) (71)
--
(43)
(29) (288)
-1
(43)
(1) (1,620)
1
(331)
(18)
1
20
(48)
(462) (650) (143) (333) (1,995)
4,043
3,492 1,922
1,599 757
609 223
218 17,688
15,934
3,492
3,610 1,599
1,524 609
630 218
181 15,934
16,341
Created
MEXICAN
TABLE194
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In
TheOf
Western
Central
Brazil Contents
millions
andofEastern
Americas EUR
Europe Europe
(excluding (excluding Russia)
Brazil) 2014
3,377
1,499
1,862
83 2013
3,246
1,419
1,707
82
Africa
Asia
Head Middle
Pacific
Office East
and (aggregated)
other (aggregated) 491
2,604
480
10,396 482
2,364
716
10,016
Created
MEXICAN
TABLE195 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
perContents
cent Pre-tax WACC Expected annual
long-term inflation
Western
Central
(excluding
The
Brazil
Africa
Asia
Head
Europe
and
Middle
Pacific
Office Eastern
Russia)
Americas East
and Europe
(excluding
other Brazil) 13.8-23.1 9.80 2018-2024
9.30
15.70
13.50
16.10
10.50 3.6-9.11.80
2.20
3.50
4.40
4.70
3.90
Expected
growth volume(0.10)
rates
2018-2024 0.10
1.00
3.6-7.4 2.10
3.60
2.90
Created
MEXICAN
TABLE196
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Carrying
Share
Profit
Other of:Apr
or of 21,
Contents
millionsloss EUR
amount
from
comprehensive of interests
continuing
incomeoperations Joint Ventures2014
1,964
135
(7)
128 2013
1,814
130
5
135
Associates 2014
69
13
- 2013
69
16
-
Created
MEXICAN
TABLE197
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions of EUR
other
Available-for-sale
Non-current
Loans investments and receivables
investments
derivatives
to customers Note 32 2014
253
97
68
Other
Long-termloans
Held-to-maturity
Other receivable
prepayments
Indemnification
receivablesreceivable
investments 32 82
84
9
3
141
737
Current otherheld
Investments investments
for trading 32 13
2013
247
67
65
50
88
113
4
128
762
11
Created
MEXICAN
TABLE198
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents Assets
In millions
Property,
Intangible
Investments
Inventories
Loans
Employee
Provisions
Other
Tax and
items
losses
of EUR
plant and
assets equipment
borrowings
benefits
carry forward
assets/(liabilities)
Set-off
2014
80
83
131
20
1
366
112
288
177
1,258 1 Liabilities (1,340)
2013
119
84
128
19
317
113
261
220
1,262
2014
(607)
(8)
(10)
(1)
(20)
(113)
-
(2,100)
Net tax of tax
assets/(liabilities) (597)
661 (754)
508 597
(1,503)
 2013
(655)
(1,318)
(9) Net 2014
(527)
(1,257)
123
19 2013
(536)
(1,234)
119
19
--
(2)
(12)
(202)
(2,198)
754
(1,444)
(9)
365
92
175
177
-
(842) -1
315
101
59
220
(936)
Created
MEXICAN
TABLE199
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of Apr
of 21,
Contents
millions EUR 2014
2015
2016
2017
2018
2019 2014
-
30
40
14
33
51 2013
16
33
28
29
23
-
After 2019
Unlimited
Recognised
Unrecognisedrespectively
as deferred2018
tax but not
assets unlimited
gross 277
1,048
1,493
(786)
707 330
1,447
1,906
(978)
928
Created
MEXICAN
TABLE200 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions of EUR Balance
1 January 2014 Changes in
Property,
Intangible
Investments
Inventories
Loans
Employeeand
Provisions
Other
Tax
Net
plant
taxitems
losses
and equipment
assets
borrowings
benefits
carry forward
assets/(liabilities) 1 consolidation
(536)
(1,234)
119
19
315
101
59
220
(936)
---
(2)
(2)
(4)
Effect
in of (79)
movements
foreign
exchange Recognised
1 in income (22) Recognised 31 Balance
December (1,257)
-9
(11)
7
2
98
(5)
22 -1 in
40
(1)
(36)
(4)
(21)
(32)
(75)
equity --- Transfers (17)
96
14
110
22
18
-2
(7)
25
(4)
41
2014
(527)
123
19
(9)
365
92
175
177
(842)
Created
MEXICAN
TABLE201 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions of EUR Balance
1 January 2013 Changes in
Property,
Intangible
Investments
Inventories
Loans
Employeeand
Provisions
Other
Tax
Net
plant
taxitems
losses
and equipment
assets
borrowings
benefits
carry forward
assets/(liabilities) 2 consolidation
(620)
(1,535)
122
13
383
108
47
238
(1,242)
19
43
---2
(5)
(9)
50
Effect of 127
movements
in foreign
exchange Recognised Recognised 31 Balance
December (1,234)
- in
29
(6)
(6)
(1)
(44)
(10)
89
income 1291 in
30
-4
(6)
(1)
79
(3)
233
equity (70)
--3
2
6
(59)
Transfers 14
--3
2
(1)
(20)
(5)
(7)
2013
(536)
119
19
1
315
101
59
220
(936)
Created
MEXICAN
TABLE202
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In
RawOf
Workmillions
Finished
Goods of 21,
Contents
materials
in EUR
progress
products
for
Non-returnable
Other resale
inventoriespackaging
and spare parts 2014
297
181
398
240
166
352 2013
271
176
388
218
171
288
1,634 1,512
Created
MEXICAN
TABLE203
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Other
Trade Apr
Derivatives of 21,
Contents
millions EUR
receivables due from associates and joint ventures Note 32
 2014
2,017
580
24
122
2,743 2013
1,804
556
22
45
2,427
Created
MEXICAN
Form
Period
Date byECONOMIC
CASH_FLOW5
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Bank
Cash Apr
of 21,
Contents
millions EUR
overdrafts
and cash equivalents in the statement of cash flows Note 32
25
2014
668
(595)
73 2013
1,290
(178)
1,112
Created
MEXICAN
TABLE204
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Dividends
The following dividends were declared and paid by HEINEKEN:

In millions
Final
qualifying
Interim
Total of EUR
dividend previous
ordinary
dividend
dividend year
shareand
current
declared EUR0.53,
EUR0.36, respectively
yearpaid respectively EUR0.56
EUR0.36 per
per 2014
305
207
512
2013
323
207
530
Created
MEXICAN
TABLE205
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Number
Effect Contents
Weightedof of
ownshares
shares
average 1number
January
held 2014
576,002,613
(1,056,968)
the
Effectyear
Weighted
for theof own
year shares
average held of
number of basic
dilutedshares
sharesfor 574,945,645
1,056,968
576,002,613
 2013
576,002,613
(940,256)
575,062,357
940,256 2012
576,002,613
(980,275)
575,022,338
980,275
576,002,613 576,002,613
Created
MEXICAN
TABLE206 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions oftocurrency
EUR Amount
before
tax 2014 Amount
net of
Other
Currencycomprehensive
Actuarial
Recycling
differences
Effective
hedges
value
gains
portion
of cash
and
translation
of profit
of or
netincome
losses
differences
translation
loss
investment
changes
flowinhedges
fair - Tax
(440)
590
(6) 96
107
-1 tax (344)
697
-
(5)
Effective
transferred
Net change toinflow
portion
available-for-sale
transferred
Share to
of other
associates/joint
profit
fair
profit
hedges
ofinvestments
cash
or
or loss
value
loss
comprehensive
ventures income of
(108)
(5)
(4)
-
(7) -
9
2
3 (99)
(3)
(1)
-
(7)
Total other comprehensive income 20 218 238
Amount
before
tax 2013 Amount
net of Amount
before 2012 Amount
net of
263
18
171 Tax
(1,244)
(3) - tax
(66)
(38)
(5)
(1)
197
13
161 tax
(1,282)
(4) -8 Tax
(517)
59
16
57 - tax
113
(20)
(2)
(16)
(404)
39
-6
14
41
(63)
- 6
(1,005) 10
-
(1)
(102) (53)
- 5
(1,107) 203
(192)
(1)
(367) (68)
44
-
49 135
(148)
(1)
(318)
Created
MEXICAN
TABLE207
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Unsecured
Secured
Finance ofbank
bank
lease EUR
bond issues
loans
loans
liabilities Note 26 2014
7,802
481
45
10 2013
8,083
422
16
5
Other non-current
Non-current
Non-current interest-bearing
interest-bearing
derivatives
non-interest-bearing
liabilities liabilities
liabilities
liabilities 1,153
9,491
-8
9,499 1,271
9,797
47
9
9,853
Created
MEXICAN
TABLE208
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec 31, Online,
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Current
Current
Apr
Contents
millions of 21,
portion
portionEURof2015
of unsecured
secured
finance
other bonds
bank
bank
lease issued
loans
loans
liabilities
non-current interest-bearing Note 26 2014
967
3
11
5
121
Total current
liabilities
Deposits from
Bank overdrafts
Current portion
third of non-current
parties (mainly
interest-bearing liabilities interest-bearing
employee loans) 21 1,107
564
1,671
595
2,266
 2013
904
261
12
4
471
1,652
543
2,195
178
2,373
Created
MEXICAN
TABLE209
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014 Inc.
DEVELOPMENT INC
Table
In Of
Current
Bank
Cash,
Net
Contents
millions
Non-current
Deposits portion
from
overdrafts
cash of2015
ofinterest-bearing
EUR
third non-current
parties
equivalents
interest-bearing debtand
liabilities
interest-bearing
(mainly
current
position employee liabilities
loans)
other investments
Note
17/21 21 2014
9,491
1,107
564
11,162
595
11,757
(681)
11,076
 2013
9,797
1,652
543
11,992
178
12,170
(1,302)
10,868
Created
MEXICAN
TABLE210 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions ofatcurrent
EUR Unsecured
bond issues Unsecured Secured bank
Balance
Effect of
Transfers
Charge
derivatives
Proceeds
Repayments
as
Consolidation
to
to/(from)1 January
changes
movements in 2014
exchange
liabilities
equity in relation rates
to - bank
8,083
12
(916)
31
355
(137)
loans422
--9
(4)
521
(476)
loans
Other
Balance as at 31 December 2014 374
7,802 4819
16 Finance lease (3)
liabilities Other non-current1,271
interest-bearing
liabilities Non-current
derivatives 47 Non-current
non-interest-(3)
bearing
liabilities 1 Total
--2
(8)
33
452 --5
101
7
(6)
5
(353)
117
110
3
6
1,153 --2
(2)
(1)
(38)
8 ---9
(3)
(4)
9,853
(6)
31
(1,289)
147
1,020
(613)
356
9,499
Created
MEXICAN
TABLE211
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Unsecured ofbond
EUR Category
issue
programmeunder EMTN Currency
EUR
Unsecured bond issue
programmeunder EMTN GBP
SGD
EUR
SGD
Unsecured
Unsecured bond
bond programme
issue
issue under
under EMTN
EMTN EUR
SGD
EUR
USD
Unsecured bond programme
issue
programmeunder EMTN EUR
Unsecured bond programme
issue under EMTN EUR
EUR
Unsecured
Unsecured bond
bond programme
issue
programme
issue under
under EMTN
APB MTN
144A/RegS EUR
SGD
USD
Unsecured bank
Unsecured bond loans
issues issue
n.a.
bank
German under 144A/RegS
facilities
Schuldschein notes USD
various
PLN
EUR
NGN
EUR
Unsecured
Secured
Secured bank
bankbank loans
loans
loans bank
various
bank
various facilities
facilities PGK
BIF
various
GBP
HTG
ETB
various
Other interest-bearing
Other interest-bearing liabilities
liabilities 2002 US
2005 S&Nprivate
placement
2008
2011 US private
placement USD
USD
GBP
Other interest-bearing
Depositslease
Finance from third liabilities
parties
liabilities 2010
2008
various
n.a. US
facilities private
from placement
JV's USD
EUR
various
Nominalrate %7.10
interest 7.30 Repayment2014 Carrying
amount - Face value 2014
2014
508 508 Carrying
- amount 2013
906
479 Face value 2013
2.70
4.60
2.30
1.30 2015
2016
2017 47
399
61
99 47
400
62
100 41
399
57
99
2.20
0.70
1.10
2.50 2018
2019 59
-
164
844 59
-
165
850 54
60
-
843
2.10
2.00
3.50
2.90 2020
2021
2024
2025 996
497
741 1,000
500
750 995
496
741
3.50
3.30
2.60
3.50 2029
2033 199
179
91 200
180
100 -
179
90
3.0-4.0 0.80
1.40
3.40
2.80
4.00 2014-2020 2043
2015
2017
2022
2023
2042
75
24
411
1,026
614
819
402
75
24
412
1,030
618
824
412
75
361
901
539
720
353
various
1.0-6.0
1.0-6.2 3.20
5.10
13.00
4.70 various
2013-2016 2014
2016
2014
2016
2019 17
-
207
121
-8
110
35 17
-
207
121
-8
111
35 28
46
207
110
202
111
10.0-15.0
various
various 1.80
8.50
10
5.60 various
various 2017
2016
2019
2021
2014 10
16
20
121 10
16
20
121 --9
19
4527
5.40
5.90
2.80
7.30
7.20
4.60 2015
2017
2016 -
43
74
32
41
597 -
43
74
32
41
597 229
38
65
30
38
526
various
various 6.30 various
various 2018 321
150
16
564
15
11,162 321
150
16
564
15
11,227 282
61
21
543
11,9929 12,04
 906
480
43
400
57
100
55
60
-
850
1,000
500
750
-
180
100
75
363
906
543
725
363
28
46
207
110
206
111
--7
9
19
435
218
38
65
30
38
526
282
61
21
543
12,0409
Created
MEXICAN
TABLE212 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Future
minimum
lease
payments 2014
In millions
Less than
Between
More of
one
thanone EUR
five year
and five years
years 5 Interest
8
2
15 2014 --
Present
of
lease
paymentsvalue2014
minimum Future
minimum
lease
5 payments 2013 4 Interest 2013 Present
of value2013
minimum
lease
payments
8
2
15 5
-9 --
 4
5
-9
Created
MEXICAN
TABLE213
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 21,31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
Results
Share Contents
millions
of
impairments
EBIT ofitems
from EUR
operating
profit of activities
associates
thereof (net ofin and
income joint
tax)ventures and 20141
2,780
148
2,928
Exceptional
intangible
EBIT
Share (beia)
of
impairments
Consolidated
Attributable assets
profit of
thereof and
operating
share amortisation
included
associates
(beia) EBIT
and
(net
profit
ofequity
operating ofjoint
(beia) of
income
profitof acquisition-related
ventures
from tax)
joint and (net 340
3,268
(139)
3,129
ventures
Group
Profit
profit)
Exceptional
intangible and
operatingassociates
attributable
items
assets profit
to
and and
(beia) impairments
holders
amortisation
included in EBIT
finance ofthe thereof
Company
acquisition-related
costs 230
3,359
1,516
340
(1)
Exceptional items
Net profit (beia) included in income tax
non-controlling expense
interest (52)
(45)
1,758
20131
2,554
146
2,700
391 20121
3,697
213
3,910
(992)
3,091
(150)
2,941
251
3,192 2,918
(252)
2,666
440
3,106
1,364
391
(11)
(151)
(8)
1,585 2,914
(992)
(206)
(55)
-
1,661
Created
MEXICAN
TABLE214
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31, Online,
2014 Inc.
DEVELOPMENT INC
Table
In Of
Fairmillions
Present
Total
Present
Asset present
value of 21,
Contents
value
of
value
ceiling EUR
of 2015
unfunded
funded
value
netof
defined defined
defined
defined
benefit
of employee
items benefit
benefit
benefit
plan
obligations obligations
obligations
obligations
assets 2014
358
8,551
8,909
(7,547)
1,362
2
Recognised
Other liability
long-term for defined benefit
benefits obligations 1,364
79
1,443
 2013
306
7,368
7,674
(6,553)
1,121
2
1,123
79
1,202
Created
MEXICAN
TABLE215 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Balance
Included
Current
Past
Effect
Expense of as
in
service
service
Administration
any at21,
ofprofit
EUR
1expense
January
or loss
cost
cost/(credit)
settlement
recognised in personnel
Note Presentobligations
benefit value of defined 7,674
2014
75
(103)
-
(7)
expenses
Interest
Included expense/(income)
in
Remeasurement
Actuarial
Demographic OCI
loss/(gain) loss/(gain):
arising
assumptions from rates 10
12 (35)
326
291
12
Financial
Experience
Return on assumptions
adjustments 1,185
(112)
interest
Effect of
Other
Changes inplan
income
movements
reclassification
Contributions
employer
By the plan
Benefits paid
assets
paid:
participants
inexcluding
consolidation exchange
and -
257
1,342
(86)
-
26
(338)
(398)
Balance as at 31 December 8,909
 Fair value
benefit ofassets
plan defined(6,553) Present value of net 1,121
2013
7,844
80
(42)
-
38
288
326
2014
-- 4
(277)
(273)4 2013
(6,401)
--3
(232)
(229)3 obligations 2014
75
(103)
49
184
(7)
(31)
2013
1,443
80
(42)
-3
41
56
97
16
(167)
(6)
-
(100)
(257) -
(645)
(225)
(870) -
(106)
76
(30) 12
1,185
(112)
(645)
32
472 16
(167)
(6)
(106)
(24)
(287)
48
-
26
(313)
(239)
7,674 32
(195)
(26)
338
149
(7,547) (185)
(26)
313
107
(6,553)5 (54)
(195)
-
(249)
1,362 53
(185)
-
(132)
1,121
Created
MEXICAN
TABLE216
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Equity
Europe
Northern
Japan
Asia
Other other of 21,
Contents
millions EUR
instruments:
America Quoted 764
712
204
234
242 Unquoted 2014
-1 Total 764
712
204
234
243
Debt instruments:
Corporate
Derivatives
Properties bonds
and -
real investment
estate grade
non-investment grade 2,156
2,857
186
3,043
132
278 35
(4)
212 2,157
3,078
128
490
Cash
Balance and
Investment
Other ascash
plan funds
assets
at 31equivalents
December 178
916
210
1,714
6,913 16
309
65
598
634 194
1,225
275
2,312
7,547
Quoted 711 Unquoted 2013
582
197
177
252
1,919 -- Total 711
582
197
177
252
1,919
2,150
39
2,189
423
233
107
979 20
214
12
2282 2,209
425
447
119
1,207
184
1,926
6,034 43
499
519 227
2,425
6,553
Created
MEXICAN
TABLE217
Form
Period byECONOMIC
Type:
End: EDGAR
20-F
Dec21, Online,
31,2015 Inc.
DEVELOPMENT INC
Date
InFiled:
Table Of
per
Future
Apr
Contents
cent
Discount rate
salary
pensionas at2014
31 December
increases
increases The Netherlands0.30
2014
1.80
2.00 2013
3.60
2.00
1.40 2014
3.60
-
2.90
UK* 2013
4.60
-
3.20
Created
MEXICAN
TABLE218 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F Online,
Dec 31,2015
Apr 2014 Inc.
DEVELOPMENT INC
Table
In Of
per
Future
Medical rate21,
Contents
cent
Discountsalary
pension
cost asincreases
at rate
31 December
increases
trend Other
1.0-1.9
1.0-3.5
0.2-1.8
3.5-4.5 Western,
and Eastern
2014 Central 2013 The Americas4.50
Europe
2.4-3.6
1.0-3.5
1.0-1.8
3.4-4.5 2014
7.30
3.50
5.10
2.90 Africa Middle East 2014
2013
7.60
3.90
5.10 15
8.40
3.20
6.80 2013
14.00
9.20
2.00
7.50
Created
MEXICAN
TABLE219 byECONOMIC
FormFiled:
Period
Date Type:
End:EDGAR
20-F Online,
Dec 31,2015
Apr 2014 Inc.
DEVELOPMENT INC
Table
In Of
per
Future
Medical
Life rate21,
Contents
cent
Discountsalary
pension
cost
expectancy (0.5%
growth
growth
trend movement)
(0.25%
(1 rate
year)(0.5%movement)
(0.25% movement)
movement) 31 December
Increase in 2014 (721)
assumption 5 Decrease
45
301
285 in825
assumption (44)
(265)
(5)
(287)
31 December
Increase in 2013 (560)
assumption 4 Decrease
14
236 in636
assumption (22)
(225)
(3)
231 (236)
Created
MEXICAN
TABLE220
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online, Inc.
DEVELOPMENT
31,Performance
2014
2015 INC
Table
LTVOf Contents
2012-2014
2013-2015
2014-2016 period
1 January start
2012
2013
2014 Performance period2016
31 December end
2014
2015
Created
MEXICAN
TABLE221
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F Online,
Decgranted
Apr 31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of
Grant
Share
Share Contents
date/employees
rights
rights toentitled
granted to Executive
senior 2012
Board in 2013
management 2012
in 2013 Number* 66,746
703,382
50,278
560,863
20142014 51,702
597,744
Based on share price 35.77
50.47
49.08
Created
MEXICAN
TABLE222
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec21,
Apr 31, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents Weighted
share priceaverage
201444.80 Number of 1,257,106
share
Outstanding
Granted
Forfeited
Vested during
Performance
Outstanding as
during
during at
the
the
the 1 January
year
year
year
adjustment
as at 31 December - rights
42.41
49.08
36.69
44.42 2014 649,446
(112,593)
(216,229)
823,688
2,401,418
Weighted
share priceaverage
201340.52
35.42
50.47
33.27 Number
- rights of 1,357,826
2013 share
611,141
(120,014)
(331,768)
(260,079)
42.41 1,257,106
Created
MEXICAN
TABLE223
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Share
Share
Apr
Contents
millions
rights
rights
21,
of granted
EUR
granted in 2013
in 2010
2011
2012
2014 Note 2014
-
20
17
11 2013
--8
(3)
5 2012
2
-5
Created
MEXICAN
TABLE224
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
BalanceContents
millions inof EUR Note -2 Onerous
6 Restructuring164 contracts (13)
Changes
Effect
Unwinding
Balance of as
Provisions as
at
used 1 January
consolidation
made
reversed
movements
of
at during
31during
during
discounts
December
2014
the
in the year
year
the
exchange year
2014 rates 92
(91)
(7)
162
32
--2
34
(1)
54
Non-current
Current 79
83 41
13
Other 9 Total
342
(2)
87
(16)
(79) 538
(2)
213
(120)
(87)
13
6
347 8
563
278
69 398
165
Created
MEXICAN
TABLE225
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Trade Contents
millions
Accruals
Taxation
Returnable ofpackaging
and
and EUR
payablesdeferred
social income
security contributions
deposits Note 2014
2,339
1,211
802
580 2013
2,140
1,047
804
507
Interest
Derivatives
Dividends
Other payables 32 132
104
45
320
5,533 188
149
36
260
5,131
Created
MEXICAN
TABLE226
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
Trade
Cash
CurrentContents
millions
and
and
Investments of EUR
other
cash receivables,
derivatives
held for trading excluding current derivatives
equivalents Note 21
20
17
Available-for-sale
Non-current
Loans
Other to customers
loans
Indemnification
Held-to-maturity investments
derivatives
receivable
receivable
investments
Other non-current receivables 17
17
 2014
2,621
668
122
13
253
97 2013
2,382
1,290
45
11
247
67
68
82
9
3
141
4,077 65
50
113
4
128
4,402
Created
MEXICAN
TABLE227
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Western
Central
The
Africa Contents
millions
andofEastern
Americas
Middle EUR
Europe
East Europe 2014
1,000
497
470
293 2013
956
466
428
237
Asia
Head Pacific
Office/eliminations 223
138
2,621 178
117
2,382
Created
MEXICAN
TABLE228
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec 31, Online,
2014 Inc.
DEVELOPMENT INC
InFiled:
Table
NotOf
Past
More past
due Apr
31- -21,
Contents
millions0of
thandue
120 EUR
30
1202015
days
daysdays Gross 2014 185 Impairment 2014(283)
2,296
197
347
3,025 (9) Gross 2013
(76)
(36)
(404) 2,016
281
191
312
2,800
Impairment 2013(287)
(83)
(15)
(33)
(418)
Created
MEXICAN
TABLE229
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
BalanceContents
millions inof EUR 2014 2013
Changes
Effect
Balance of as
Impairment
Allowance as at
used1
31January
consolidation
loss recognised
released
movements
at in exchange rates
December 418
2
85
(38)
(66)
3
404 461
(3)
66
(66)
(32)
(8)
418
Created
MEXICAN
TABLE230
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
BalanceContents
millions inof EUR 2014 2013
Changes
Allowance
Effect
Balance of as
Impairment as at
used1
31January
consolidation
loss recognised
released
movements
at in exchange rates
December 150
-2
10
(21)
(6)
135 158
3
-5
(14)
(2)
150
Created
MEXICAN
TABLE231
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Financial of EUR
liabilities
Interest-bearing liabilities Carrying
amount (11,757) Contractual
cash flows (14,202) 1Less than
Trade
interest,and
Derivative
(liabilities)
Interest
accounting
Forward rateother
dividends payables,
financial
swaps
(net)
exchange and
assets
used for
contracts excluding
derivatives
and
hedge
used for (5,252)
163 (5,252)
238
hedge
Commodity
accountingaccounting,
Derivatives (net)
not used(net)
derivativesforused
hedge for hedge (64)
(11)
19
(16,902) (66)
(10)
19
(19,273)
Less than
year (2,831)
(5,252) 1-2
years 2-5
- years
(876) (4,269)
- 5More than
years 2014
(6,226)
96
(60)
(7)
19 12
(6)
(3) 130
-3 ---
(8,035) (876) (4,136) (6,226)
Created
MEXICAN
TABLE232
FormFiled:
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions of EUR Carrying (12,170)
amount Contractual
Financial
Trade
interest,and
Derivative
(liabilities)
Interest
accounting
liabilities
Interest-bearing
Non-interest-bearing
rateother
dividends liabilities
financial
swaps
(net) liabilities
payables,
and
assets
used excluding
derivatives
forand
hedge (9) cash
(4,752)
(86)
flows (16,212)
(9)
(4,752)
(32)
Forward
Commodity
accounting
Derivatives
(net) exchange
(net)
not usedcontracts
derivativesforused
hedge used
for for hedge
hedge
accounting 35
(26)
(7)
(17,015) 36
(26)
(7)
(21,002)
1Less than
year (2) 1-2 years 5More than 2013
(4,340)
(4,752)
(84)
34 -2 2-5 years
(1,477)
(2)
40
(3,691)
(2)
-
12
years (6,704)
(3)
--
(24)
(7)
(9,175) (2)
-
(1,439) -
(3,681) -
(6,707)
Created
MEXICAN
TABLE233
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Trade
Cash Contents
millions
Financialand
and assets
other
cash receivables
equivalents EUR 14
98 GBP 12 USD 2014
44
Intragroup
Financial
Interest
Intragroup
Gross
Estimated
year
assets
liabilities
bearing
Non-interest-bearing
Trade and other liabilities
liabilities
balance sheet
forecast liabilities
payables
exposure
sales nextexchange
purchases year
next (17)
(1)
(135)
(728)
(755)
186
(1,739) --1
464
(878)
(9)
1
(409)
(2)
93
4,727
(5,464)
(1)
(93)
(706)
(1,400)
1,373
(1,562)
Gross
contracts
Net exposure
notional
Profitexposure
Sensitivity
Equity or loss amount
analysis forward (2,308)
99
(2,209)
(35)
(6) (411)
396
(15)
(1) (1,589)
950
(639)
(31)
(2)
EUR 12 GBP
15
90 -- USD
461 2013
37
158
4,556
(12)
(13)
(105)
(414)
(427)
167 (855)
(1)
(3)
(398)
- (6,183)
(3)
(124)
(282)
(1,841)
1,408
(1,559)
(1,819)
(373)
(2,192)
9 (10)
(408)
397
(11)
- (1,533)
(1,966)
1,533
(433)
15
(1) (6)
Created
MEXICAN
TABLE234
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Fixed
Financial
Net
Apr
Contents
millions
rate of 21,
EUR
instruments
assets
liabilities
interest rate swaps 2014
99
(10,225)
56
(10,070) 2013
96
(11,017)
471
(10,450)
Variable
Financial rate
Net interest instruments
assets
liabilities
rate swaps 917
(1,532)
(56)
(671) 1,488
(1,153)
(471)
(136)
Created
MEXICAN
TABLE235
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In
31
NetOf Contents
millions
December
Variable ofrate
rate
interest EUR
2014
instruments
swaps Profit
100 bp or loss (5)
increase - 100 bp decrease -5
Cash flow sensitivity (net)
31
Net
Cash December
Variable rate
interest
flow 2013
instruments
rate swaps
sensitivity (net) 3
(4)
(1) (3)
4
1
 Equity
100 bp increase (5)
- 100 bp decrease -5
3
(4)
(1) (3)
4
1
Created
MEXICAN
TABLE236
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table
31 Of Apr
Contents
millions
December
Aluminium of 21,
EUR
2014
hedges 10 per cent increase 34 Equity
10 per cent decrease (34)
Created
MEXICAN
TABLE237
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Interest
Assets of swaps:
rate EUR Carrying
amount 166 Expected
cash flows (1,607)
1,701 1Less than
year 605
Liabilities
Forward
Assets
Liabilities
Commodity
Assets
Liabilitiesexchange contracts:
derivatives: (3)
24
(88)
5
(15) (1,463)
1,541
9
(19) (509)
1,394
(1,454)
6
(13)
89 162 29
1-2 years 82
(70)
147 2-5 years 1,014
(884) More than 2014
5 years ---
(153)
2
(5)
3 -1
(1)
130
Created
MEXICAN
TABLE238
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of Contents
millions
Interest
Assets of swaps:
rate EUR Carrying (45)
amount 63 Expected
cash flows (1,543)
1,607 Less than
1 year 79 1-2
Liabilities
Forward
Assets
Liabilities
Commodity
Assets
Liabilitiesexchange contracts:
derivatives: 39
(4)
-
(26) 643
(607)
-
(26) (79)
530
(496)
-
(24)
27 74 10
years 561
(509)
113 2-5 years 967
(955) More than 2013
5 years ---
(111)
-
(2)
52 --
12
Created
MEXICAN
TABLE239
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
In Of
Bank
FinanceContents
millions
loans
Unsecured ofbond
leaseEUR issuesliabilities
liabilities Carrying amount
2014 (15) Fair value (9,296)
(540)
(8,769) 2014
(540)
(15) Carrying amount
2013 (711)
(8,987)
(9)
Other interest-bearing (1,275) (1,275) (1,742)
Fair value (8,951)
2013
(711)
(9)
(1,742)
Created
MEXICAN
TABLE240
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F Online,
Decderivative
Apr 31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
31 Of Contents
December
Non-current
Current 2014
Available-for-sale
derivative
Investments held investments
assets
for assets
trading Level 1 -- Level 2
99
13 - Level 3
86
97
122 68
--
Non-current
Loans
Current and derivative
borrowings
derivative liabilities
liabilities 112
(9,296) 305
(8)
(1,829)
(104)
(1,941) 68
Created
MEXICAN
TABLE241
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F Online,
Decderivative
Apr 31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table
31 Of Contents
December
Non-current
Current 2013
Available-for-sale
derivative
Investments held investments
assets
for assets
trading Level 1 -- Level 2
120
11 - Level 3
68
67
45 59
--
Non-current
Loans
Current and derivative
borrowings
derivative liabilities
liabilities 131
(8,951) 180
(47)
(2,461)
(149)
(2,657) 59
Created
MEXICAN
TABLE242
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21, Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of
Level 3 Apr
Contents
Details
31 of the determination
December of level
2014 are set out 3 fair value measurements as at
below:

In millions
Balance
Fair valueas
Disposals
Transfers
Balance ofat
atEUR
Available-for-sale
1 investments
31January
asadjustments based
recognised
December on level
in other 3
comprehensive income
2014
59
10
(1)
-
68 2013
134
16
(1)
(90)
59
Created
MEXICAN
Form
Period
Date byECONOMIC
BALANCE_SHEET
Type:
End:
Filed: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Lease
Property,
Raw
Other &Apr
Contents
millions 21,
ofsheet
EUR
operational
plant
materials lease
andsheet
off-balance
Off-balance commitments
equipment
purchase ordered
contracts
obligations
obligations Total 20143,400
993
158
2,008
6,559 Less than
1 year 530 1-5
155
154
1,396
2,235
Undrawn committed bank facilities 2,871 5
years 319
4
1,766
913
3,002 More than
5 years - Total 20134,526
519
238
565
1,322 701
160
2,279
7,666
2,866 - 2,397
Created
MEXICAN
TABLE243
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents
Guarantees

In millions
Guarantees
(to third
Other
Guarantees ofto
EUR
banks for loans
parties)
guarantees Total 2014 946
354
592 Less than
1 year 152 1-5 years
222
374 190
291
481
More than
5 years 12 Total 2013 703
79
91 280
423
Created
MEXICAN
TABLE244
Form
Period
Date byECONOMIC
Type:
End: EDGAR
20-F
Dec Online,
31,2015
2014 Inc.
DEVELOPMENT INC
InFiled:
Table Of
Executive Apr
Contents
millions
Supervisory
Total 21,
ofBoard
EUR
Board 2014
15.40
1.00
16.40 2013
10.00
1.00
11.00 2012
6.80
1.00
7.80
Created
MEXICAN
TABLE245
Period
Date byECONOMIC
FormFiled:
Type:
End:EDGAR
20-F
Dec21,
Apr 31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of Contents
thousands of EUR J.F.M.L. van
Boxmeer D.R. 2014
Hooft1,690
Graafland
Fixed
APB salary
Short-Term
Matching
Long-Term
bonus
Pension
Termination
Total1 Variable
share
and pay
entitlement
Variable award
retention
contributions
benefit1 1,150
2,769
640
2,972
750
709
-
8,990 - Total
650
1,118
517
387
2,000
6,362
1,800
3,887
1,157
4,662
750
1,096
2,000
15,352
Created
MEXICAN
TABLE246
Period
Date byECONOMIC
FormFiled:
Type:
End:EDGAR
20-F
Dec21,
Apr 31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
Fixed Contents
thousands
salary
Short-Term of EUR
Variable pay J.F.M.L. van
Boxmeer 1,150
1,127 D.R.
Graafland 2013
Hooft1,300
650
455 Total 1,800
1,582
Matching
Long-Term
APB bonus
Pension
Total1 share
and entitlement
Variable
contributions
Termination benefit award
retention 564
475
3,039
470
-
6,825 228
227
277
-
3,137 792
702
4,339
747
-
9,962
Created
MEXICAN
TABLE247
Period
Date byECONOMIC
FormFiled:
Type:
End:EDGAR
20-F
Dec21,
Apr 31,Online,
2014
2015 Inc.
DEVELOPMENT INC
Table
In Of
Fixed Contents
thousands
salary
Short-Term of EUR
Variable Pay J.F.M.L. van
Boxmeer 1,050
1,361 D.R. Hooft 2012
Graafland 650
602 Total 1,700
1,963
Matching
Long-Term
APB bonus
Pension
Termination
Total1 share entitlement
Variable
and award
retention
contributions
benefit 681
912
496
-
4,500 301
477
318
-
2,348 982
1,389
814
-
6,848
Created
MEXICAN
TABLE248
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
DecBoard
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Supervisory
The individual members of the Supervisory Board received the following
remuneration:

In thousands
G.J.
C.J.A.
J.A.
M.
M.R. Wijers2
devan
Fernndez
Das of Carbajal
Lede3EUR
Carvalho
Hessels4 2014
163
--
105
88
141 20131
136
51
108
88
141
- 20121
56
166
105
85
141
23
J.M.
A.M.
M.E.
J.G.
H.
J.M. de Jong5
Fentener
Minnick
V.C.O.B.J. vanSanjins
Navarre
Astaburuaga
Scheffers6
Hut7 Vlissingen 25
91
83
73
95
81
58 86
90
80
75
95
51
- 86
73
78
98
-
Total 1,003 1,001 997
Created
MEXICAN
TABLE249 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
To millions
Sale of
associates
FEMSA of 21,
Contents EUR
products,
andservices and royalties
joint ventures 75 Transaction value 2013
2014
857
932 70
699
769
Raw
Othermaterials,
Goods expenses consumables
for resale --joint
jointventures
FEMSA and services
ventures -
201 -
142
2012
107
649
756 2014
136
157 Balance
21 as outstanding 2013
at 31 December 26
129
155 2012
31
114
145
-
175 -
46 -
25 -
27
Created
MEXICAN
TABLE250
Period
Date byECONOMIC
FormFiled:
Type:
End: EDGAR
20-F
Dec
Apr Online,
31,2015
21, 2014 Inc.
DEVELOPMENT INC
Table Of Contents
Heineken International
Brouwerijen
Nederland B.V.
B.V.
B.V. Country
The of incorporation
Netherlands
Cuauhtmoc
Cervejarias
Heineken
Nigerian
Heineken Moctezuma
Kaiser
France
Breweries
USA
UK Brasil
S.A.S.
Inc.
Ltd Plc. Holding,
S.A. S.A. de C.V. Mexico
Brazil
France
Nigeria
United States
Brau
Grupa
LLC UnionEspaa
Italia
Zywiec
Heineken
Vietnam BreweryS.A. S.A. AG
S.p.A.
sterreich
Breweries
Ltd. VietnamKingdom
Spain
Italy
Austria
Poland
Russia
% of ownership100%
2014 2013
100%
100%
54.30%
100%
99.80% 100%
54.10%
100%
99.40%
65.20%
100%
60% 65.20%
100%
60%
Created
MEXICAN
TABLE251
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Summarised
Current
Assets
Liabilities
Total of 21,
Contents
millions
current EUR
Balance
net Sheet
assets 2014
274
(554)
(280) 2013
213
(469)
(256)
Non-current
Assets
Liabilities
Total non-current net assets 943
(303)
640 726
(184)
542
Created
MEXICAN
TABLE252
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table
In Of
Netmillions
Summarised
Revenue
Profit
Income before
tax
profit of 21,
Contents
fromEUR
Income
income Statement
tax
continuing operations
discontinuing operations 2014
1,281
297
(97)
200
-1 2013
1,302
303
(95)
208
-
Other
Total comprehensive
comprehensive income/(loss)
income 201 (18)
190
Total comprehensive
Dividend paid to NCI income attributable to NCI 92
82 87
42

In
Netmillions
Summarised
Cash flow
Interest
Income ofpaid
paid
tax EUR
Cash
from
generated Flow
operating activities
fromcash
operating
Investing activities 2014
405
(13)
(115)
277
(162) 2013
530
(25)
(81)
424
(157)
Net cash
change
Exchange used in financing
in cash
difference and activities
equivalents (145)
(30)
3 (268)
(1)
 2012
1,264
277
(88)
189
-9
198
91
42

2012
360
(30)
(99)
231
(181)
(110)
(60)
5
Created
MEXICAN
TABLE253
Form
Period
Date byECONOMIC
Type:
End:
Filed: EDGAR
20-F
Dec10
Apr 31,
21, Online,
2014
2015 Inc.
DEVELOPMENT INC
Table Of Contents
Amsterdam, February 2015 Executive
Van Board
Boxmeer Supervisory Board
Wijers
Hooft Graafland Fernndez Carbajal
Das
de Carvalho
Fentener van Vlissingen
Minnick
Navarre
Astaburuaga Sanjins
Scheffers
Hut
Created
MEXICAN
TABLE254 byECONOMIC
FormFiled:
Period
Date Type:
End: EDGAR
20-F
Dec21,
Apr Online,
31,2015
2014 Inc.
DEVELOPMENT INC
Table Of Contents Exhibit 8.1
Significant Subsidiaries
The following table sets forth our significant subsidiaries as of December 31,
2014:

Name ofComercio
CIBSA: Company
Coca-Cola
Emprex:
FEMSA
CB FEMSA
Equity(2) Jurisdiction
Establishment
Mexico
Mexico
United of
Kingdom Percentage
Owned
100.00%
47.90%
100.00% (1)