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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Statement [Line Items] |
Disclosure of financial instruments at fair value through profit or loss [text block] |
|  | December 31, 2020 |  | December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Financial instrument (current asset) |  | 488 |  | 85 |  | 91 |  | 917
Financial instrument (non-current asset) |  | 3,002 |  | 31,069 |  | 2,880 |  | 21,570
Financial instrument (current liability) |  | 83 |  | 1,045 |  | 47 |  | 801
Financial instrument (non-current liability) |  | — |  | 3,743 |  | — |  | 1,672
Fair Value of Company's Publicly Traded Debt | The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2020 and 2019, which is considered to be level 1 in the fair value hierarchy.
|  | 2020 |  | 2019
Carrying value |  | Ps. | 188,665 |  | Ps. | 117,951
Fair value |  |  | 208,134 |  |  | 124,038
Disclosure of Outstanding Interest Rate Swap Agreements | At December 31, 2020, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2020 |  | December 31, 2020
2021 |  | Ps. | 449 |  | Ps. | (6) |  | Ps. | —
2022 |  |  | 458 |  |  | (16) |  |  | —
2023 |  |  | 12,918 |  |  | (492) |  |  | —
2024 |  |  | 2,294 |  |  | (126) |  |  | —
At December 31, 2019, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2019 |  | December 31, 2019
2020 |  | Ps. | 4,365 |  | Ps. | (142) |  | Ps. | —
2021 |  |  | 405 |  |  | (24) |  |  | —
2022 |  |  | 414 |  |  | (20) |  |  | —
2023 |  |  | 12,770 |  |  | (79) |  |  | 245
2024 |  |  | 3 |  |  | — |  |  | —
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | At December 31, 2020, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2020 |  | December 31, 2020
2021 |  | Ps. | 9,042 |  | Ps. | (1,040) |  | Ps. | 4
2022 |  |  | 66 |  |  | (41) |  |  | —
2023 |  |  | 23 |  |  | (2) |  |  | —
2024 |  |  | 2 |  |  | — |  |  | —
At December 31, 2019, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2019 |  | December 31, 2019
2020 |  | Ps. | 8,447 |  | Ps. | (292) |  | Ps. | 34
2021 |  |  | 215 |  |  | — |  |  | 27
2022 |  |  | 52 |  |  | — |  |  | 5
Summary of Outstanding Collar Options to Purchase Foreign Currency |
At December 31, 2019, the Company paid a net premium of Ps. 43 million for the following outstanding collar options to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2019 |  | December 31, 2019
2020 |  | Ps. | 107 |  | Ps. | — |  | Ps. | 2
Disclosure of Outstanding Cross Currency Swap Agreements | At December 31, 2020, the Company had the following outstanding cross – currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2020 |  | December 31, 2020
2021 |  | Ps. | 4,575 |  | Ps. | (5) |  | Ps. | 169
2022 |  |  | 376 |  |  | — |  |  | 23
2023 |  |  | 24,103 |  |  | — |  |  | 10,808
2024 |  |  | 1,577 |  |  | (9) |  |  | 264
2025 |  |  | 10,750 |  |  | (2,481) |  |  | —
2027 |  |  | 6,982 |  |  | (464) |  |  | 80
2029 |  |  | 1,519 |  |  | — |  |  | 122
2030 |  |  | 3,790 |  |  | (107) |  |  | 192
2043 |  |  | 8,869 |  |  | — |  |  | 2,706
At December 31, 2019, the Company had the following outstanding cross – currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2019 |  | December 31, 2019
2020 |  | Ps. | 17,252 |  | Ps. | (307) |  | Ps. | 883
2021 |  |  | 702 |  |  | — |  |  | 49
2022 |  |  | 375 |  |  | — |  |  | 3
2023 |  |  | 23,466 |  |  | (594) |  |  | 7,122
2024 |  |  | 1,788 |  |  | (53) |  |  | —
2026 |  |  | 772 |  |  | (63) |  |  | —
2027 |  |  | 6,596 |  |  | (843) |  |  | —
2029 |  |  | 1,371 |  |  | — |  |  | 121
2043 |  |  | 8,869 |  |  | — |  |  | 576
Disclosure of Fair Value of Commodity Price Contracts | At December 31, 2020, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2020 |  | December 31, 2020
2021 |  | Ps. | 1,260 |  | Ps. | (18) |  | Ps. | 275
2022 |  |  | 366 |  |  | — |  |  | 70
At December 31, 2019, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2019
2020 |  | Ps. | 1,554 |  | Ps. | 53
2021 |  |  | 98 |  |  | 15
At December 31, 2020, Coca-Cola FEMSA had the following aluminum price contracts:
|  |  |  |  | Fair Value Asset
|  | Notional |  | December 31,
Maturity Date |  | Amount |  | 2020
2021 |  | Ps. | 695 |  | Ps. | 125
2022 |  |  | 99 |  |  | 17
At December 31, 2019, Coca-Cola FEMSA had the following aluminum price contracts:
|  |  |  |  | Fair Value Liability
|  | Notional |  | December 31,
Maturity Date |  | Amount |  | 2019
2020 |  | Ps. | 394 |  | Ps. | 4
At December 31, 2020, Coca-Cola FEMSA had the following PX+MEG (resine) contracts:
|  |  |  |  | Fair Value Liability
|  | Notional |  | December 31,
Maturity Date |  | Amount |  | 2020
2021 |  | Ps. | 729 |  | Ps. | (65)
At December 31, 2019, Coca-Cola FEMSA had the following PX+MEG (resine) contracts:
|  |  |  |  | Fair Value Liability
|  | Notional |  | December 31,
Maturity Date |  | Amount |  | 2019
2020 |  | Ps. | 320 |  | Ps. | (28)
Disclosure of Detailed Information about Treasury Lock Contracts | At December 31, 2019, the Company had the following outstanding treasury locks agreements:
|  |  |  |  | Fair Value Liability |  | Fair Value Asset
|  | Notional |  | December 31, |  | December 31,
Maturity Date |  | Amount |  | 2020 |  | 2020
2020 |  | Ps. | 10,365 |  | Ps. | — |  | Ps. | 102
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria | 10 Net effects of expired contracts that met hedging criteria
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
|  | Income Statement |  | 2020 |  | 2019 |  | 2018
Cross currency swaps (1) |  | Interest expense |  | Ps. | (109) |  | Ps. | 199 |  | Ps. | 157
Cross currency swaps (1) |  | Foreign exchange |  |  | 1,212 |  |  | 480 |  |  | 642
Interest rate swaps |  | Interest expense |  |  | (163) |  |  | 515 |  |  | —
Forward agreements to purchase foreign currency |  | Foreign exchange |  |  | (167) |  |  | (116) |  |  | (87)
Commodity price contracts |  | Cost of goods sold |  |  | (129) |  |  | (391) |  |  | (258)
Options to purchase foreign currency |  | Cost of goods sold |  |  | 8 |  |  | (63) |  |  | (8)
Forward agreements to purchase foreign currency |  | Cost of goods sold |  |  | 839 |  |  | (163) |  |  | 240
Treasury locks |  | Interest expense |  |  | 153 |  |  | — |  |  | —
This amount corresponds to the settlement of cross currency swaps portfolio in Brazil presented as part of the other financial activities.
Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes | 21.11 Net effect of changes in fair value of derivative financial instruments that did not meet the hedging criteria for accounting purposes.
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
Derivative |  | Income Statement |  | 2020 |  | 2019 |  | 2018
Forward agreements to purchase foreign currency |  | Market value gain (loss) on financial statements |  | Ps. | — |  | Ps. | 4 |  | Ps. | (12)
Cross currency swaps |  | Market value (loss) on financial statements |  |  | (212) |  |  | (293) |  |  | (116)
21.12 Net effect of expired contracts that did not meet the criteria for hedge accounting purposes
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
Type of Derivatives |  | Income Statement |  | 2020 |  | 2019 |  | 2018
Cross-currency swaps |  | Market value loss on financial instruments |  | Ps. | (212) |  | Ps. | (293) |  | Ps. | (186)
Embedded derivatives |  | Market value gain on financial instruments |  |  | — |  |  | 4 |  |  | —
Summary of Sensitivity Analysis of Interest Rate Risks Management | The following disclosures provide a sensitivity analysis of the interest rate risks management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy:
|  | Change in |  |  |
Interest Rate Swap (1) |  | Bps. |  | Effect on Equity
2020 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (354)
2019 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (432)
Coca-Cola FEMSA |  | (100 Bps.) |  |  | (37)
2018 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (359)
Coca-Cola FEMSA |  | (100 Bps.) |  |  | (1,976)
| (1) |  | The sensitivity analysis effects include all subsidiaries of the Company.
| (2) |  | Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans |  | 2020 |  | 2019 |  | 2018
Change in interest rate |  |  | +100 Bps. |  |  | +100 Bps. |  |  | +100 Bps.
Effect on profit loss |  | Ps. | (110) |  | Ps. | (50) |  | Ps. | (145)
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which the Company could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing at December 31, 2020.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2026 and
|  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | thereafter
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds |  | Ps. | 5,646 |  | Ps. | 4,981 |  | Ps. | 45,553 |  | Ps. | 2,746 |  | Ps. | 4,306 |  | Ps. | 191,771
Loans from Banks |  |  | 6,605 |  |  | 1,310 |  |  | 558 |  |  | 2,825 |  |  | 3,772 |  |  | 5,640
IFRS 16 lease obligation |  |  | 89 |  |  | 53 |  |  | 38 |  |  | 31 |  |  | 24 |  |  | —
Derivative financial liabilities |  |  | 1,621 |  |  | 1,472 |  |  | (3,700) |  |  | 1,185 |  |  | 2,546 |  |  | (10,457)
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates | As of December 31, 2020, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |
Net exposure |  | 2,887 |  | 1,892 |  | 2 |
Average exchange rate MXN/USD |  | 23.26 |  | 23.46 |  | 20.01 |
Net exposure |  | 910 |  | 601 |  | 43 |
Average exchange rate BRL/USD |  | 5.33 |  | 5.20 |  | 4.53 |
Net exposure |  | 511 |  | 212 |  | — |
Average exchange rate COP/USD |  | 3,750 |  | 3,740 |  | — |
Net exposure |  | 96 |  | — |  | — |
Average exchange rate ARS/USD |  | 92.97 |  | — |  | — |
Net exposure |  | 225 |  | 58 |  | — |
Average exchange rate URY/USD |  | 45.92 |  | 45.69 |  | — |
Foreign exchange currency swap contracts |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 44,107 |
Average exchange rate MXN/USD |  | — |  | — |  | 14.70 |
Net exposure |  | 58 |  | — |  | 9,652 |
Average exchange rate BRL/USD |  | 5.15 |  | — |  | 4.00 |
Net exposure |  | — |  | 71 |  | 981 |
Average exchange rate BRL/MXN |  | — |  | 0.26 |  | 0.26 |
Net exposure |  | 404 |  | 709 |  | 1,688 |
Average exchange rate COP/USD |  | 3,454 |  | 2,992 |  | 3,296 |
Net exposure |  | — |  | 3,333 |  | 1,519 |
Average exchange rate CLP/USD |  | — |  | 696.02 |  | 677.00 |
Interest rate risk |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 11,403 |
Interest rate average MXN |  | — |  | — |  | 7.17 | %
Net exposure |  | — |  | — |  | 4,716 |
Interest rate average CLP |  | — |  | — |  | 4.95 | %
Commodities risk |  |  |  |  |  |  |
Aluminum |  | 325 |  | 370 |  | 99 |
Average price (USD/Ton) |  | 1,654 |  | 1,720 |  | 1,740 |
Sugar |  | 869 |  | 391 |  | 365 |
Average price (USD cent/Lb) |  | 12.13 |  | 11.87 |  | 12.17 |
PX+MEG |  | 364 |  | 364 |  | — |
Average price (USD /Ton) |  | 730 |  | 730 |  | — |
As of December 31, 2019, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  | Ps. | 4,373 |  | Ps. | 2,086 |  | Ps. | — |
Average exchange rate MXN/USD |  |  | 20.00 |  |  | 20.20 |  |  | — |
Net exposure |  |  | 746 |  |  | 378 |  |  | 267 |
Average exchange rate BRL/USD |  |  | 4.05 |  |  | 4.19 |  |  | 4.44 |
Net exposure |  |  | 220 |  |  | 85 |  |  | — |
Average exchange rate COP/USD |  |  | 3,491 |  |  | 3,460 |  |  | — |
Net exposure |  |  | 137 |  |  | — |  |  | — |
Average exchange rate ARS/USD |  |  | 79.23 |  |  | — |  |  | — |
Net exposure |  |  | 335 |  |  | 87 |  |  | — |
Average exchange rate URY/USD |  |  | 37.55 |  |  | 40.03 |  |  | — |
Foreign exchange currency option contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | 107 |  |  | — |  |  | — |
Average exchange rate COP/USD |  |  | 3,252 |  |  | — |  |  | — |
Foreign exchange currency swap contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | 9,423 |  |  | — |  |  | 18,428 |
Average exchange rate MXN/USD |  |  | 19.54 |  |  | — |  |  | 15.93 |
Net exposure |  |  | — |  |  | 4,365 |  |  | 9,140 |
Average exchange rate BRL/USD |  |  | — |  |  | 3.41 |  |  | 4.00 |
Net exposure |  |  | — |  |  | 84 |  |  | 1,195 |
Average exchange rate BRL/MXN |  |  | — |  |  | 0.21 |  |  | 0.21 |
Net exposure |  |  | — |  |  | — |  |  | 2,403 |
Average exchange rate COP/USD |  |  | — |  |  | — |  |  | 3,075 |
Net exposure |  |  | — |  |  | 3,007 |  |  | 1,371 |
Average exchange rate CLP/USD |  |  | — |  |  | 696.02 |  |  | 677.00 |
Interest rate risk |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | — |  |  | 4,365 |  |  | — |
Interest rate average BRL |  |  | — |  |  | 8.34 | % |  | — | %
Net exposure |  |  | — |  |  | — |  |  | 11,403 |
Interest rate average MXN |  |  | — |  |  | — |  |  | 7.17 | %
Net exposure |  |  | — |  |  | — |  |  | 2,197 |
Interest rate average CLP |  |  | — | % |  | — |  |  | 6.26 | %
Commodities risk |  |  |  |  |  |  |  |  |  |
Aluminum |  |  | 276 |  |  | 118 |  |  | — |
Average price (USD/Ton) |  |  | 1,796 |  |  | 1,812 |  |  | — |
Sugar |  |  | 1,192 |  |  | 361 |  |  | 98 |
Average price (USD cent/Lb) |  |  | 13.09 |  |  | 12.73 |  |  | 13.45 |
PX+MEG |  |  | 160 |  |  | 160 |  |  | — |
Average price (USD /Ton) |  |  | 848 |  |  | 848 |  |  | — |
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges |
|  | Hedging |  | Costs of hedging
|  | reserve |  | reserve
Balances at beginning of the period |  | Ps. | 431 |  | Ps. | —
Cash flows hedges |  |  |  |  |  |
Fair value changes: |  |  |  |  |  |
Foreign exchange currency risk – Purchase of stock |  |  | 82 |  |  | —
Foreign exchange currency risk – Other stock |  |  | (626) |  |  | —
Interest rate risk |  |  | 2,991 |  |  | —
The amounts included in non-financial costs: |  |  |  |  |  |
Taxes due to changes in reserves during the period |  |  | 12 |  |  | —
Balances at the end of the period |  | Ps. | 2,890 |  | Ps. | —
Schedule of Reconciliation of Each Component of Equity and Analysis of Other Comprehensive Income |
|  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | exchange |  | Foreign |  | Cross-currency |  | Interest |  | Treasury |  | Commodity |  | Total holders |  | Non-controlling |  |
|  | forward contracts |  | currency option |  | swaps |  | rate swaps |  | Lock contracts |  | price contracts |  | of the parent |  | interest |  | Total
As at January 1, 2019 |  | Ps. | 53 |  | Ps. | 17 |  | Ps. | 1,296 |  | Ps. | 351 |  | Ps. | — |  | Ps. | (136) |  | Ps. | 1,065 |  | Ps. | (120) |  | Ps. | 945
Financial instruments – purchases |  |  | (244) |  |  | 2 |  |  | 78 |  |  | — |  |  | 102 |  |  | 29 |  |  | (33) |  |  | (71) |  |  | (104)
Change in fair value of financial instruments recognized in OCI |  |  | — |  |  | — |  |  | (77) |  |  | (416) |  |  | — |  |  | 3 |  |  | (490) |  |  | (1,101) |  |  | (1,591)
Amount reclassified from OCI to profit or loss |  |  | (68) |  |  | (26) |  |  | 451 |  |  | 36 |  |  | — |  |  | 198 |  |  | 591 |  |  | 631 |  |  | 1,222
Foreign currency revaluation of the net foreign operations |  |  | — |  |  | — |  |  | (176) |  |  | — |  |  | — |  |  | — |  |  | (176) |  |  | (93) |  |  | (269)
Effects of changes in foreign exchange rates |  |  | — |  |  | — |  |  | 30 |  |  | 9 |  |  | — |  |  | 3 |  |  | 42 |  |  | 22 |  |  | 64
Tax effect |  |  | 103 |  |  | 7 |  |  | — |  |  |  |  |  | (31) |  |  | (74) |  |  | (465) |  |  | 195 |  |  | (270)
As at December 31, 2019 |  | Ps. | (156) |  | Ps. | — |  | Ps. | 1,602 |  | Ps. | (20) |  | Ps. | 71 |  | Ps. | 23 |  | Ps. | 534 |  | Ps. | (537) |  | Ps. | (3)
Financial instruments – purchases |  |  | (840) |  |  | 2 |  |  | (2,145) |  |  | — |  |  | — |  |  | 351 |  |  | (2,632) |  |  | (170) |  |  | (2,803)
Change in fair value of financial instruments recognized in OCI |  |  | (483) |  |  | — |  |  | 6,922 |  |  | (762) |  |  | — |  |  | 9 |  |  | 5,686 |  |  | 1,425 |  |  | 7,387
Amount reclassified from OCI to profit or loss |  |  | 277 |  |  | (2) |  |  | 2,461 |  |  | 129 |  |  | (102) |  |  | (37) |  |  | 2,726 |  |  | 943 |  |  | 3,670
Foreign currency revaluation of the net foreign operations |  |  | — |  |  | — |  |  | (3,588) |  |  | — |  |  | — |  |  | — |  |  | (3,588) |  |  | (1,893) |  |  | (3,588)
Effects of changes in foreign exchange rates |  |  | 7 |  |  | — |  |  | 92 |  |  | 14 |  |  | — |  |  | (8) |  |  | 105 |  |  | 55 |  |  | (1,846)
Tax effect |  |  | 163 |  |  | — |  |  | — |  |  |  |  |  | 31 |  |  | (108) |  |  | (977) |  |  | (106) |  |  | (1,246)
As at December 31, 2020 |  | Ps. | (1,032) |  | Ps. | — |  | Ps. | 5,344 |  | Ps. | (639) |  | Ps. | — |  | Ps. | 230 |  | Ps. | 1,854 |  | Ps. | (283) |  | Ps. | 1,571
Market risk [member] |
Statement [Line Items] |
Disclosure of Sensitivity Analysis of Market Risks Management | The following disclosures provide a sensitivity analysis of the market risks management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period of time, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy:
|  | Change in |  |  |
Foreign Currency Risk |  | Exchange Rate |  | Effect on Equity
2020 |  |  |  |  |
FEMSA (1) |  | +19% MXN/EUR |  | Ps. | 327
|  | ‑19% MXN/EUR |  |  | (327)
|  | +21% BRL/USD |  |  | 240
|  | ‑21% BRL/USD |  |  | (240)
Coca-Cola FEMSA |  | +19% MXN/USD |  |  | 884
|  | ‑19% MXN/USD |  |  | (884)
|  | +21% BRL/USD |  |  | 357
|  | ‑21% BRL/USD |  |  | (357)
|  | +9% UYU/USD |  |  | 21
|  | ‑9% UYU/USD |  |  | (21)
|  | +16% COP/USD |  |  | 142
|  | ‑16% COP/USD |  |  | (142)
|  | +2% ARS/USD |  |  | 2
|  | ‑2% ARS/USD |  |  | (2)
2019 |  |  |  |  |
FEMSA (1) |  | +9% MXN/EUR |  | Ps. | 57
|  | ‑9% MXN/EUR |  |  | (57)
|  | +13% BRL/USD |  |  | 202
|  | ‑13% BRL/USD |  |  | (202)
Coca-Cola FEMSA |  | +9% MXN/USD |  |  | 739
|  | ‑9% MXN/USD |  |  | (739)
|  | +13% BRL/USD |  |  | 155
|  | ‑13% BRL/USD |  |  | (155)
|  | +5% UYU/USD |  |  | 23
|  | ‑5% UYU/USD |  |  | (23)
|  | +10% COP/USD |  |  | 54
|  | ‑10% COP/USD |  |  | (54)
|  | +25% ARS/USD |  |  | 88
|  | ‑25% ARS/USD |  |  | (88)
2018 |  |  |  |  |
FEMSA (1) |  | +12 MXN/EUR |  | Ps. | 116
|  | ‑12% MXN/EUR |  |  | (116)
Coca-Cola FEMSA |  | +13% MXN/USD |  |  | 668
|  | ‑13% MXN/USD |  |  | (668)
|  | +16% BRL/USD |  |  | 413
|  | ‑16% BRL/USD |  |  | (413)
|  | +8% UYU/USD |  |  | 46
|  | ‑8% UYU/USD |  |  | (46)
|  | +12% COP/USD |  |  | 2
|  | ‑12% COP/USD |  |  | (2)
|  | +27% ARS/USD |  |  | 522
|  | ‑27% ARS/USD |  |  | (522)
| (1) |  | Does not include Coca-Cola FEMSA.
|  | Change in |  |  |  |  |  |
Cross Currency Swaps (1) (2) |  | Exchange Rate |  | Effect on Equity |  | Effect on Profit or Loss
2020 |  |  |  |  |  |  |  |
FEMSA (3) |  | +13% CLP/USD |  | Ps. | — |  | Ps. | 717
|  | ‑13% CLP/USD |  |  | — |  |  | (717)
|  | +19% MXN/USD |  |  | — |  |  | 6,381
|  | ‑19% MXN/USD |  |  | — |  |  | (6,381)
|  | +16% COP/USD |  |  | — |  |  | 426
|  | ‑16% COP/USD |  |  | — |  |  | (426)
|  | +19% MXN/BRL |  |  | — |  |  | 238
|  | ‑19% MXN/BRL |  |  | — |  |  | (238)
Coca-Cola FEMSA |  | +19% MXN/USD |  |  | 5,507 |  |  | —
|  | ‑19% MXN/USD |  |  | (5,507) |  |  | —
|  | +21% BRL/USD |  |  | 2,161 |  |  | —
|  | ‑21% BRL/USD |  |  | (2,161) |  |  | —
2019 |  |  |  |  |  |  |  |
FEMSA (3) |  | +11% CLP/USD |  | Ps. | — |  | Ps. | 546
|  | ‑11% CLP/USD |  |  | — |  |  | (546)
|  | +9% MXN/USD |  |  | — |  |  | 1,805
|  | ‑9% MXN/USD |  |  | — |  |  | (1,805)
|  | +10% COP/USD |  |  | — |  |  | 286
|  | ‑10% COP/USD |  |  | — |  |  | (286)
|  | +13% MXN/BRL |  |  | — |  |  | 177
|  | ‑13% MXN/BRL |  |  | — |  |  | (177)
Coca-Cola FEMSA |  | +9% MXN/USD |  |  | 2,315 |  |  | —
|  | ‑9% MXN/USD |  |  | (2,315) |  |  | —
|  | +13% BRL/USD |  |  | 645 |  |  | —
|  | ‑13% BRL/USD |  |  | (645) |  |  | —
2018 |  |  |  |  |  |  |  |
FEMSA (3) |  | +10% CLP/USD |  | Ps. | — |  | Ps. | 368
|  | ‑10% CLP/USD |  |  | — |  |  | (368)
|  | +13% MXN/USD |  |  | — |  |  | 2,706
|  | ‑13% MXN/USD |  |  | — |  |  | (2,706)
|  | +12% COP/USD |  |  | — |  |  | 283
|  | ‑12% COP/USD |  |  | — |  |  | (283)
|  | +15% MXN/BRL |  |  | — |  |  | 27
|  | ‑15% MXN/BRL |  |  | — |  |  | (27)
Coca-Cola FEMSA |  | +13% MXN/USD |  |  | 3,130 |  |  | —
|  | ‑13% MXN/USD |  |  | (3,130) |  |  | —
|  | +16% BRL/USD |  |  | 9,068 |  |  | —
|  | ‑16% BRL/USD |  |  | (9,068) |  |  | —
| (1) |  | The sensitivity analysis effects include all subsidiaries of the Company.
| (2) |  | Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk.
| (3) |  | Does not include Coca-Cola FEMSA.
|  | Change in |  |  |
Net Cash in Foreign Currency (1) |  | Exchange Rate |  | Effect on Profit or Loss
2020 |  |  |  |  |
FEMSA (2) |  | +18% EUR/ +19 % USD |  | Ps. | 8,827
|  | ‑18% EUR/ -19 % USD |  |  | (8,827)
Coca-Cola FEMSA |  | +18% USD |  |  | 5,755
|  | ‑18% USD |  |  | (5,755)
2019 |  |  |  |  |
FEMSA (2) |  | +9% EUR/ +9 % USD |  | Ps. | 3,833
|  | ‑9% EUR/ -9 % USD |  |  | (3,833)
Coca-Cola FEMSA |  | +8% USD |  |  | 940
|  | ‑8% USD |  |  | (940)
2018 |  |  |  |  |
FEMSA (2) |  | +12% EUR/ +13 % USD |  | Ps. | 8,596
|  | ‑12% EUR/ -13 % USD |  |  | (8,596)
Coca-Cola FEMSA |  | +13% USD |  |  | 1,868
|  | ‑13% USD |  |  | (1,868)
| (1) |  | The sensitivity analysis effects include all subsidiaries of the Company.
| (2) |  | Does not include Coca-Cola FEMSA.
|  | Change in |  |  |
Commodity Price Contracts (1) |  | U.S.$ Rate |  | Effect on Equity
2020 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar - 32 | % | Ps. | (515)
|  | Aluminum - 16 | % | Ps. | (289)
2019 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar - 24 | % | Ps. | (255)
|  | Aluminum - 15 | % | Ps. | (1,164)
2018 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar - 30 | % | Ps. | (341)
|  | Aluminum - 22 | % | Ps. | (55)
| (1) |  | Effects on commodity price contracts are only in Coca-Cola FEMSA.

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