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Equity Accounted Investees | 12 Months Ended
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Dec. 31, 2020
IFRS Text Block [Abstract] |
Equity Accounted Investees | Note 10. Equity Accounted Investees As of December 31, 2020 and 2019, Company’s equity accounted investees are as follows:
|  |  |  |  |  | Ownership Percentage |  |  | Carrying Value
|  | Principal |  |  |  | December 31, |  | December 31, |  |  | December 31, |  |  | December 31,
Investee |  | Activity |  | Place of Incorporation |  | 2020 |  | 2019 |  |  | 2020 |  |  | 2019
Heineken (1) (2) |  | Beverages |  | The Netherlands |  | 14.8 | % | 14.8 | % | Ps. | 87,291 |  | Ps. | 83,789
Coca-Cola FEMSA: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Joint ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compañía Panameña de Bebidas, S.A.P.I. de C.V. |  | Beverages |  | Mexico |  | - | % | 50.0 | % |  | — |  |  | 486
Dispensadoras de Café, S.A.P.I. de C.V. |  | Services |  | Mexico |  | 50.0 | % | 50.0 | % |  | 181 |  |  | 172
Fountain Agua Mineral, L.T.D.A. |  | Beverages |  | Brazil |  | 50.0 | % | 50.0 | % |  | 720 |  |  | 851
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Promotora Industrial Azucarera, S.A. |  | Sugar production |  |  |  | 36.4 | % | 36.4 | % |  | 3,335 |  |  | 3,274
de C.V. (“PIASA”) |  |  |  | Mexico |  |  |  |  |  |  |  |  |  |
Industria Envasadora de Querétaro, S.A. |  | Canned bottling |  | Mexico |  | 26.5 | % | 26.5 | % |  | 192 |  |  | 194
de C.V. (“IEQSA”) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industria Mexicana de Reciclaje, S.A. de C.V. (“IMER”) |  | Recycling |  | Mexico |  | 35.0 | % | 35.0 | % |  | 121 |  |  | 121
Jugos del Valle, S.A.P.I. de C.V. |  | Beverages |  | Mexico |  | 28.8 | % | 28.8 | % |  | 1,945 |  |  | 1,929
Leao Alimentos e Bebidas, L.T.D.A. |  | Beverages |  | Brazil |  | 24.7 | % | 24.7 | % |  | 446 |  |  | 1,931
Other investments in Coca-Cola FEMSA’s companies |  | Various |  | Various |  | Various |  | Various |  |  | 683 |  |  | 793
FEMSA Comercio: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Raizen Conveniências (4) |  | Proximity |  | Brazil |  | 50.0 | % | — |  |  | 2,763 |  |  | 3,410
Other investments (1) (3) |  | Various |  | Various |  | Various |  | Various |  |  | 593 |  |  | 520
|  |  |  |  |  |  |  |  |  | Ps. | 98,270 |  | Ps. | 97,470
| (1) |  | Associate.
| (2) |  | As of December 31, 2020 and 2019 comprised of 8.63% of Heineken, N.V. and 12.26% of Heineken Holding, N.V., which represents an economic interest of 14.76% in Heineken Group. The Company has significant influence, mainly, due to the fact that it participates in the Board of Directors of Heineken Holding, N.V. and the Supervisory Board of Heineken N.V.; and for the material transactions between the Company and Heineken Group.
| (3) |  | Joint ventures.
| (4) |  | On November 1, 2019, FEMSA Comercio – Proximity Division closed the acquisition of a 50% interest of Raízen Conveniências. The consideration amounted to R$ 357 million paid in cash and R$367 through notes payable, and such amounts include FEMSA Comercio’s prorrata portion of the investment requirements for the initial period of operations of the joint venture. Raízen is a company formed in 2010 from Cosan and Royal Dutch Shell in Brazil. The Joint Venture between FEMSA Comercio – Proximity Division and Raízen is limited to the convenience and proximity store business and excludes any other Raízen operations.
During 2020 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. and to Compañía Panameña de Bebidas, S.A.P.I de C.V. for the amounts of Ps. 23 and Ps. 1,302, respectively. There were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2019 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. and Promotora Industrial Azucarera, S.A. de C.V. in the amounts of Ps. 204 and Ps. 111, respectively, and there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. During 2020 the Company recognized impairments on its investment in Compañía Panameña de Bebidas, S.A.P.I. de C.V. and Leao Alimentos y Bebidas LTDA. for the amounts of Ps. 1,463 and Ps. 1,038, respectively. During 2019 the Company recognized an impairment on its investment in Compañía Panameña de Bebidas, S.A.P.I. de C.V. for the amount of Ps. 948, which was included in the other expenses line. On September 30, 2020, Coca-Cola FEMSA that its joint venture with The Coca-Cola Company (Compañía Panameña de Bebidas, S.A..P.I. de C.V.) successfully sold 100% of its stock interest in Estrella Azul, a dairy products company in Panama. As part of the transaction, Coca-Cola FEMSA agreed with the buyer to receive payments in the future if the business of Estrella Azul achieves certain volume and EBITDA targets during the 2022-2027 period. Coca-Cola FEMSA estimated the amount of the payments to be received based on the forecasts of the business and calculated their net present value. As of December 31, 2020, the financial asset recognized in the consolidated statement of financial position has a total value of Ps. 8. This transaction is presented in the other expenses line of the consolidated financial statements as Coca-Cola FEMSA concluded did not achieve the requirements to be considered as a discontinued operation under IFRS 5. During 2020, Coca-Cola FEMSA received dividends from Industria Envasadora de Querétaro, S.A. de C.V. for the amount of Ps. 16 and during 2019, Coca-Cola FEMSA received dividends from Promotora Mexicana de Embotelladores, S.A. de C.V. for the amount of Ps. 1. On April 30, 2010, the Company acquired an economic interest of 20% of Heineken Group. Heineken’s main activities are the production, distribution and marketing of beer worldwide. On September 18, 2017, the Company concluded the sale of a portion of its investment, representing 5.2% combined economic interest, consisting of 22,485,000 Heineken N.V. shares and 7,700,000 Heineken Holding N.V. shares at the price of €. 84.50 and €. 78.00 per share, respectively. The Company recognized an equity (loss) income of Ps. (434), Ps. 6,428 and Ps. 6,478 net of taxes based on its economic interest in Heineken Group for the years ended December 31, 2020, 2019 and 2018, respectively. The economic interest as of December 31, 2020 and 2019 was 14.8%. The Company’s share of the net (loss) income attributable to equity holders of Heineken Group exclusive of amortization of adjustments amounted to Ps. (842) (€. (30) million), Ps. 6,885 (€.319 million) and Ps. 6,320 (€.281 million), for the years ended December 31, 2020, 2019 and 2018, respectively. Summarized financial information in respect of the associate Heineken Group accounted for under the equity method is set out below.
|  | December 31, 2020 |  | December 31, 2019
Amounts in millions |  | Peso |  | Euro |  | Peso |  | Euro
Total current assets |  | Ps. | 221,182 |  | €. | 9,020 |  | Ps. | 177,829 |  | €. | 8,419
Total non-current assets |  |  | 824,210 |  |  | 33,612 |  |  | 804,443 |  |  | 38,085
Total current liabilities |  |  | 266,497 |  |  | 10,868 |  |  | 259,952 |  |  | 12,307
Total non-current liabilities |  |  | 425,984 |  |  | 17,372 |  |  | 356,671 |  |  | 16,886
Total equity |  |  | 352,911 |  |  | 14,392 |  |  | 365,648 |  |  | 17,311
Equity attributable to equity holders (1) |  |  | 328,393 |  |  | 13,392 |  |  | 341,062 |  |  | 16,147
Total revenue and other income |  | Ps. | 479,996 |  | €. | 19,771 |  | Ps. | 511,125 |  | €. | 24,064
Total cost and expenses |  |  | 461,108 |  |  | 18,993 |  |  | 433,959 |  |  | 20,431
Net (loss) income |  | Ps. | (2,136) |  | €. | (88) |  | Ps. | 50,424 |  | €. | 2,374
Net (loss) income attributable to equity holders |  |  | (4,953) |  |  | (204) |  |  | 46,006 |  |  | 2,166
Other comprehensive (loss) income |  |  | (48,944) |  |  | (2,016) |  |  | 3,951 |  |  | 186
Total comprehensive (loss) income |  | Ps. | (51,080) |  | €. | (2,104) |  | Ps. | 54,375 |  | €. | 2,560
Total comprehensive (loss) income attributable to equity holders |  |  | (51,639) |  |  | (2,127) |  |  | 49,447 |  |  | 2,328
| (1) |  | Following the IFRS Interpretations Committee agenda decision in January 2019 regarding tax deposits (relating to taxes other than income tax), Heineken Group changed its accounting policy with regards to payments relating to contingent liabilities.
Reconciliation from the equity of the associate Heineken Group to the investment of the Company.
|  | December 31, 2020 |  | December 31, 2019 |
Amounts in millions |  | Peso |  | Euro |  | Peso |  | Euro |
Equity attributable to equity holders of Heineken (1) |  | Ps. | 328,393 |  | €. | 13,392 |  | Ps. | 341,062 |  | €. | 16,147 |
Economic ownership percentage |  |  | 14.76 | % |  | 14.76 | % |  | 14.76 | % |  | 14.76 | %
Investment in Heineken investment exclusive of goodwill and other adjustments |  | Ps. | 48,471 |  | €. | 1,977 |  | Ps. | 50,341 |  | €. | 2,383 |
Effects of fair value determined by purchase price allocation |  |  | 17,226 |  |  | 702 |  |  | 14,839 |  |  | 703 |
Goodwill |  |  | 21,594 |  |  | 881 |  |  | 18,609 |  |  | 881 |
Heineken investment |  | Ps. | 87,291 |  | €. | 3,560 |  | Ps. | 83,789 |  | €. | 3,967 |
| (1) |  | Related to the change in Heineken’s accounting policy mentioned in the table above, the Company recognized the accumulated effects as of January 1, 2019.
As of December 31, 2020 and 2019, the fair value of the Company’s investment in Heineken N.V. Holding and Heineken N.V. represented by shares equivalent to 14.8% of its outstanding shares amounted to Ps. 176,718 (€.7,255 million) and Ps. 164,504 (€.7,769 million) based on quoted market prices of those dates. As of April 9, 2021, fair value amounted to €. 7,347 million. During the years ended December 31, 2020, 2019 and 2018, the Company received dividends distributions from Heineken Group, amounting to Ps. 2,322, Ps. 3,031 and Ps. 2,872, respectively. For the years ended December 31, 2020, 2019 and 2018 the equity (loss) earnings recognized for associates of Coca-Cola FEMSA was Ps. (124), Ps. 84 and Ps. 44, respectively. For the years ended December 31, 2020, 2019 and 2018 the equity (loss) earnings recognized for joint ventures of Coca-Cola FEMSA was Ps. (157), Ps. (215) and Ps. (270), respectively. For the year ended December 31, 2020, 2019 and 2018, the Company’s share of other comprehensive income from equity investees, net of taxes are as follows:
|  | 2020 |  | 2019 |  | 2018
Items that may be reclassified to consolidated net income: |  |  |  |  |  |  |  |  |
Valuation of the effective portion of derivative financial instruments |  | Ps. | (14) |  | Ps. | — |  | Ps. | (355)
Exchange differences on translating foreign operations |  |  | (5,934) |  |  | 1,058 |  |  | (5)
Total |  | Ps. | (5,948) |  | Ps. | 1,058 |  | Ps. | (360)
Items that may not be reclassified to consolidated net income in |  |  |  |  |  |  |  |  |
subsequent periods: |  |  |  |  |  |  |  |  |
Remeasurements of the net defined benefit liability |  | Ps. | (111) |  | Ps. | (389) |  | Ps. | 597

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