As of December 31, 2021 and 2020, Company’s equity method accounted investees are as follows:

(1)	Associate.

(2)

As of December 31, 2021 and 2020 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, because 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.

During 2021 and 2020 Coca-Cola FEMSA received dividends from Industria Envasadora de Querétaro, S.A. de C.V. ("IEQSA") for the amount of Ps. 16 and Ps. 16, respectively. In 2020 Coca-Cola FEMSA received dividends from Promotora Mexicana de Embotelladores, S.A. de C.V. for the amount of Ps. 1.

In 2021 Coca-Cola FEMSA made capital contributions to Jugos del Valle, S.A.P.I. de C.V. for the amounts of Ps. 44 and there were no changes in the ownership percentage as a result of capital contributions made by the other shareholders. In 2021 Coca-Cola FEMSA made a capital reduction on Leao Alimentos y Bebidas LTDA. for the amount of Ps. 46, and there were no changes in the ownership percentage as a result of the capital reduction.

In 2021, Coca-Cola FEMSA recognized an impairment on its investment in Trop Frutas Do Brasil LTDA. for the amount of Ps. 250, which was included in the other expenses line.

During 2020 Coca-Cola FEMSA 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 other expenses line.

On September 30, 2020, Coca-Cola FEMSA announced 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, 2021 and 2020, the financial asset recognized in the consolidated statement of financial position has a total value of Ps. 5 and Ps. 8, respectively. 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.

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 income (loss) of Ps. 10,775, Ps. (434) and Ps. 6,428 net of taxes based on its economic interest in Heineken Group for the years ended December 31, 2021, 2020 and 2019, respectively. The economic interest as of December 31, 2021 and 2020 was 14.8%. The Company’s share of the net income (loss) attributable to equity holders of Heineken Group exclusive of amortization of adjustments amounted to Ps. 11,635 (€.491 million), Ps. (842) (€. (30) million) and Ps. 6,885 (€.320 million), for the years ended December 31, 2021, 2020 and 2019, respectively. Summarized financial information in respect of the associate Heineken Group accounted for under the equity method is set out below.

December 31, 2021

December 31, 2020

Amounts in millions

Peso

Euro

Peso

Euro

Total current assets

Ps.

222,653

€.

9,578

Ps.

221,182

€.

9,020

Total non-current assets

912,929

39,272

824,210

33,612

Total current liabilities

281,141

12,094

266,497

10,868

Total non-current liabilities

396,489

17,056

425,984

17,372

Total equity

457,952

19,700

352,911

14,392

Equity attributable to equity holders

403,463

17,356

328,393

13,392

Total revenue and other income

Ps.

555,269

€.

23,462

Ps.

479,996

€.

19,771

Total cost and expenses

449,171

18,979

461,108

18,993

Net income (loss)

Ps.

83,662

€.

3,535

Ps.

(2,136)

€.

(88)

Net income (loss) attributable to equity holders

78,668

3,324

(4,953)

(204)

Other comprehensive income (loss)

31,713

1,340

(48,944)

(2,016)

Total comprehensive income (loss)

Ps.

115,375

€.

4,875

Ps.

(51,080)

€.

(2,104)

Total comprehensive income (loss) attributable to equity holders

107,968

4,562

(51,639)

(2,127)

Reconciliation from the equity of the associate Heineken Group to the investment of the Company.

December 31, 2021

December 31, 2020

Amounts in millions

Peso

Euro

Peso

Euro

Equity attributable to equity holders of Heineken

Ps.

403,463

€.

17,356

Ps.

328,393

€.

13,392

Economic ownership percentage

14.76

14.76

Investment in Heineken investment exclusive of goodwill and other adjustments

Ps.

59,534

€.

2,561

Ps.

48,471

€.

1,976

Effects of fair value determined by purchase price allocation

16,342

703

17,226

703

Goodwill

20,473

881

21,594

881

Heineken investment

Ps.

96,349

€.

4,145

Ps.

87,291

€.

3,560

As of December 31, 2021 and 2020, 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. 181,059 (€.7,779 million) and Ps. 176,718 (€.7,255 million) based on quoted market prices of those dates. As of April 8, 2022, issuance date of these consolidated financial statements, fair value amounted to €. 6,985 million.

During the years ended December 31, 2021, 2020 and 2019, the Company received dividends distributions from Heineken Group, amounting to Ps. 2,005, Ps. 2,322 and Ps. 3,031, respectively.

For the years ended December 31, 2021, 2020 and 2019 the equity (loss) earnings recognized for associates of Coca-Cola FEMSA was Ps. 85, Ps. (124) and Ps. 84, respectively.

For the years ended December 31, 2021, 2020 and 2019 the equity (loss) earnings recognized for joint ventures of Coca-Cola FEMSA was Ps. 3, Ps. (157) and Ps. (215), respectively.

For the year ended December 31, 2021, 2020 and 2019, the Company’s share of other comprehensive income from equity investees, net of taxes are as follows:


	2021		2020		2019
Items that may be reclassified to consolidated net income, net of taxes:
Valuation of the effective portion of derivative financial instruments	Ps.	32	Ps.	(14)	Ps.	—
Exchange differences on translating foreign operations		2,893		(5,934)		1,058
Total	Ps.	2,925	Ps.	(5,948)	Ps.	1,058
Items that may not be reclassified to consolidated net income in subsequent periods, net of taxes:
Remeasurements of the net defined benefit liability	Ps.	590	Ps.	(111)	Ps.	(389)