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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Schedule of Fair value of Financial Instruments | The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2024, and December 31, 2023:
|  | December 31, 2024 |  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Financial instruments (current asset) |  | 40 |  | 1,238 |  | 228 |  | 203
Financial instruments (non-current asset) |  | 16,461 |  | 16,907 |  | 14,279 |  | 11,394
Financial instruments (current liability) |  | 320 |  | 8 |  | 202 |  | 536
Financial instruments (non-current liability) |  | — |  | 4,625 |  | — |  | 8,653
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, 2024 and December 31, 2023, which is considered to be level 1 in the fair value hierarchy.
|  | December 31, 2024 |  | December 31, 2023
Carrying value |  | Ps. | 148,204 |  | Ps. | 136,824
Fair value |  |  | 132,174 |  |  | 125,043
Disclosure of Outstanding Interest Rate Swap Agreements | As of December 31, 2024, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 |  | December 31, 2024
2027 |  | Ps. | 2,339 |  | Ps. | — |  | Ps. | 1
2032 |  |  | 10,134 |  |  | (1,784) |  |  | —
As of December 31, 2023, the Company has the following outstanding interest rate swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  | December 31, 2023
2024 |  | Ps. | 2 |  | Ps. | — |  | Ps. | 65
2032 |  |  | 8,447 |  |  | (1,381) |  |  | —
Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency | As of December 31, 2024, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 | December 31, 2024
2025 |  | Ps. | 8,052 |  | Ps. | (138) |  | Ps. | 560
As of December 31, 2023, the Company had the following outstanding forward agreements to purchase foreign currency:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  | December 31, 2023
2024 |  | Ps. | 11,449 |  |  | Ps. | (573) |  |  | Ps. | 36 |
Disclosure of Outstanding Cross Currency Swap Agreements | As of December 31, 2024, the Company had the following outstanding cross–currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 | December 31, 2024
2025 |  | Ps. | 4,483 |  | Ps. | — |  | Ps. | 679
2026 |  |  | 7,243 |  |  | (1) |  |  | 547
2027 |  |  | 19,300 |  |  | (137) |  |  | 836
2028 |  |  | 6,819 |  |  | (211) |  |  | —
2029 |  |  | 2,182 |  |  | — |  |  | 615
2030 |  |  | 26,086 |  |  | (68) |  |  | 3,166
2033 |  |  | 263 |  |  | (31) |  |  | —
2035 |  |  | 10,000 |  |  | (2,248) |  |  | —
2043 |  |  | 12,492 |  |  | — |  |  | 3,588
2050 |  |  | 3,471 |  |  | — |  |  | 1,714
As of December 31, 2023, the Company had the following outstanding cross–currency swap agreements:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  | December 31, 2023
2024 |  | Ps. | 954 |  |  | Ps. | (35) |  |  | Ps. | 103 |
2025 |  |  | 49,834 |  |  |  | (2) |  |  |  | 119 |
2026 |  |  | 6,045 |  |  |  | (1,017) |  |  |  | 98 |
2027 |  |  | 8,949 |  |  |  | (1,391) |  |  |  | 9 |
2028 |  |  | 6,009 |  |  |  | — |  |  |  | 89 |
2029 |  |  | 20 |  |  |  | — |  |  |  | 337 |
2030 |  |  | 13,633 |  |  |  | (803) |  |  |  | — |
2032 |  |  | 845 |  |  |  | (51) |  |  |  | — |
2033 |  |  | 4,931 |  |  |  | — |  |  |  | 117 |
2035 |  |  | 10,000 |  |  |  | (3,809) |  |  |  | — |
2043 |  |  | 5,398 |  |  |  | — |  |  |  | 1,877 |
2050 |  |  | 3,471 |  |  |  | — |  |  |  | 1,235 |
Disclosure of Fair Value of Commodity Price Contracts | As of December 31, 2024, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 | December 31, 2024
2025 |  | Ps. | 3,108 |  | Ps. | (183) |  | Ps. | 6
2026 |  |  | 2,214 |  |  | (118) |  |  | —
2027 |  |  | 440 |  |  | (27) |  |  | —
As of December 31, 2023, Coca-Cola FEMSA had the following sugar price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 | December 31, 2023
2024 |  | Ps. | 2,593 |  | Ps. | (130) |  | Ps. | 206
2025 |  |  | 745 |  |  | (72) |  |  | —
As of December 31, 2024, Coca-Cola FEMSA had the following aluminum price contracts:
|  | Notional |  | Fair Value Liability |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 |  | December 31, 2024
2025 |  | Ps. | 828 |  | Ps. | (2) |  | Ps. | 33
As of December 31, 2023, Coca-Cola FEMSA had the following aluminum price contracts:
|  | Notional |  | Fair Value Liability |  |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2023 |  |  | December 31, 2023
2024 |  | Ps. | 647 |  | Ps. | — |  |  | Ps. | 21 |
As of December 31, 2024, the Company had the following diesel price contracts:
|  | Notional |  | Fair Value Liability |  |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 |  |  | December 31, 2024
2025 |  | Ps. | 22 |  | Ps. | — |  |  | Ps. | — |
As of December 31, 2024, the Company had the following PX + MEG price contracts:
|  | Notional |  | Fair Value Liability |  |  | Fair Value Asset
Maturity Date |  | Amount |  | December 31, 2024 |  |  | December 31, 2024
2025 |  |  | 72 |  |  | (5) |  |  |  | — |
As of December 31, 2024, the Company had the following outstanding option agreements to purchase foreign currency:
|  | Notional |  | Liability |  |  | Asset
Maturity Date |  | Amount |  | December 31, 2024 |  |  | December 31, 2024
2025 |  | Ps. | 3,701 |  | Ps. | (24) |  |  | Ps. | 248 |
Disclosure of Net Effects of Expired Contracts Met Hedging Criteria |
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
|  | Income Statement |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cross-currency swaps (1) |  | Interest expense |  | Ps. | — |  |  | Ps. | (392) |  |  | Ps. | (1) |
Cross-currency swaps (1) |  | Foreign exchange |  |  | — |  |  |  | (747) |  |  |  | (5) |
Interest rate swaps |  | Interest expense |  |  | — |  |  |  | — |  |  |  | — |
Forward agreements to purchase foreign currency |  | Foreign exchange |  |  | (3) |  |  |  | 180 |  |  |  | 565 |
Commodity price contracts |  | Cost of goods sold |  |  | (15) |  |  |  | 430 |  |  |  | 614 |
Options to purchase foreign currency |  | Cost of goods sold |  |  | 39 |  |  |  | — |  |  |  | — |
Forward agreements to purchase foreign currency |  | Cost of goods sold |  |  | 136 |  |  |  | (1,834) |  |  |  | (681) |
(1)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 |
|  | Impact in Consolidated |  |  |  |  |  |  |  |  |
Type of Derivatives |  | Income Statement |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Cross currency swaps and interest rate swaps |  | Market value gain (loss) on financial instruments |  | Ps. | 938 |  | Ps. | 141 |  | Ps. | (2,270) |
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, 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
2024 |  |  |  |  |
FEMSA (1) |  | +13% MXN/USD |  | Ps. | 15 |
|  | ‑13% MXN/USD |  |  | (15) |
|  | +5% CHF/EUR |  |  | 125 |
|  | ‑5% CHF/EUR |  |  | (125) |
|  | +7% CHF/USD |  |  | 7 |
|  | ‑7% CHF/USD |  |  | (7) |
Coca-Cola FEMSA |  | +13% MXN/USD |  |  | 183 |
|  | ‑13% MXN/USD |  |  | (183) |
|  | +13% BRL/USD |  |  | 50 |
|  | ‑13% BRL/USD |  |  | (50) |
|  | +11% COP/USD |  |  | 34 |
|  | ‑11% COP/USD |  |  | (34) |
|  | +2% ARS/USD |  |  | 11 |
|  | ‑2% ARS/USD |  |  | (11) |
|  | +5% UYU/USD |  |  | 13 |
|  | ‑5% UYU/USD |  |  | (13) |
|  | +5% CRC/USD |  |  | 14 |
|  | -5% CRC/USD |  |  | (14) |
2023 |  |  |  |  |
FEMSA (1) |  | +11% MXN/USD |  | Ps. | 9 |
|  | ‑11% MXN/USD |  |  | (9) |
|  | +7% CHF/EUR |  |  | 78 |
|  | ‑7% CHF/EUR |  |  | (78) |
|  | Change in |  |  |
Foreign Currency Risk |  | Exchange Rate |  | Effect on Equity
|  | +7% EUR/USD |  |  | (6) |
|  | ‑7% EUR/USD |  |  | 6 |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 465 |
|  | ‑11% MXN/USD |  |  | (465) |
|  | +12% BRL/USD |  |  | 521 |
|  | ‑12% BRL/USD |  |  | (521) |
|  | +16% COP/USD |  |  | 225 |
|  | ‑16% COP/USD |  |  | (225) |
|  | +120% ARS/USD |  |  | 685 |
|  | ‑120% ARS/USD |  |  | (685) |
|  | +5% UYU/USD |  |  | 20 |
|  | ‑5% UYU/USD |  |  | (20) |
|  | +7% CRC/USD |  |  | 15 |
|  | -7% CRC/USD |  |  | (15) |
2022 |  |  |  |  |
FEMSA (1) |  | +10% MXN/USD |  | Ps. | 6 |
|  | ‑10% MXN/USD |  |  | (6) |
|  | +10% MXN/EUR |  |  | 1 |
|  | ‑10% MXN/EUR |  |  | (1) |
|  | +7% CHF/EUR |  |  | 44 |
|  | ‑7% CHF/EUR |  |  | (44) |
Coca-Cola FEMSA |  | +10% MXN/USD |  |  | 512 |
|  | ‑10% MXN/USD |  |  | (512) |
|  | +18% BRL/USD |  |  | 550 |
|  | ‑18% BRL/USD |  |  | (550) |
|  | +7% UYU/USD |  |  | 25 |
|  | ‑7% UYU/USD |  |  | (25) |
|  | +17% COP/USD |  |  | 112 |
|  | ‑17% COP/USD |  |  | (112) |
|  | +3% ARS/USD |  |  | 10 |
|  | ‑3% ARS/USD |  |  | (10) |
|  | +7% CRC/USD |  |  | 24 |
|  | -7% CRC/USD |  |  | (24) |
(1)Does not include Coca-Cola FEMSA
|  | Change in |  |  |  |  |  |
Cross Currency Swaps (1) |  | Exchange Rate |  | Effect on Equity |  | Effect on Profit or Loss
2024 |  |  |  |  |  |  |  |
FEMSA (2) |  | +13% MXN/USD |  | Ps. | — |  |  | Ps. | 2,424 |
|  | ‑13% MXN/USD |  |  | — |  |  |  | (2,424) |
|  | +13% BRL/USD |  |  | — |  |  |  | 163 |
|  | ‑13% BRL/USD |  |  | — |  |  |  | (163) |
|  | +6% PEN/USD |  |  | — |  |  |  | 16 |
|  | ‑6% PEN/USD |  |  | — |  |  |  | (16) |
|  | +11% COP/USD |  |  | — |  |  |  | 434 |
|  | ‑11% COP/USD |  |  | — |  |  |  | (434) |
|  | +12% CLP/USD |  |  | — |  |  |  | 709 |
|  | ‑12% CLP/USD |  |  | — |  |  |  | (709) |
Coca-Cola FEMSA |  | +13% MXN/USD |  |  | 1,863 |  |  |  | — |
|  | ‑13% MXN/USD |  |  | (1,863) |  |  |  | — |
|  | +13% BRL/USD |  |  | 2,187 |  |  |  | — |
|  | ‑13% BRL/USD |  |  | (2,187) |  |  |  | — |
2023 |  |  |  |  |  |  |  |
FEMSA (2) |  | +14% CLP/USD |  | Ps. | — |  |  | Ps. | 678 |
|  | ‑14% CLP/USD |  |  | — |  |  |  | (678) |
|  | +11% MXN/USD |  |  | — |  |  |  | 1,796 |
|  | ‑11% MXN/USD |  |  | — |  |  |  | (1,796) |
|  | +16% COP/USD |  |  | — |  |  |  | 425 |
|  | ‑16% COP/USD |  |  | — |  |  |  | (425) |
|  | +12% BRL/USD |  |  | — |  |  |  | 34 |
|  | ‑12% BRL/USD |  |  | — |  |  |  | (34) |
|  | +8% EUR/USD |  |  | — |  |  |  | 742 |
|  | ‑8% EUR/USD |  |  | — |  |  |  | (742) |
Coca-Cola FEMSA |  | +11% MXN/USD |  |  | 1,314 |  |  |  | — |
|  | ‑11% MXN/USD |  |  | (1,314) |  |  |  | — |
|  | +12% BRL/USD |  |  | 1,683 |  |  |  | — |
|  | ‑12% BRL/USD |  |  | (1,683) |  |  |  | — |
2022 |  |  |  |  |  |  |  |
FEMSA (2) |  | +21% CLP/USD |  | Ps. | — |  |  | Ps. | 966 |
|  | ‑21% CLP/USD |  |  | — |  |  |  | (996) |
|  | +10% MXN/USD |  |  | — |  |  |  | 2,647 |
|  | ‑10% MXN/USD |  |  | — |  |  |  | (2,647) |
|  | +21% COP/USD |  |  | — |  |  |  | 354 |
|  | ‑21% COP/USD |  |  | — |  |  |  | (354) |
|  | +18% USD/BRL |  |  | — |  |  |  | 18 |
|  | ‑18% USD/BRL |  |  | — |  |  |  | (18) |
|  | +10% EUR/USD |  |  | — |  |  |  | 1,315 |
|  | ‑10% EUR/USD |  |  | — |  |  |  | (1,315) |
|  | +10% EUR/MXN |  |  | — |  |  |  | 902 |
|  | ‑10% EUR/MXN |  |  | — |  |  |  | (902) |
Coca-Cola FEMSA |  | +10% MXN/USD |  |  | 1,220 |  |  |  | — |
|  | ‑10% MXN/USD |  |  | (1,220) |  |  |  | — |
|  | +18% BRL/USD |  |  | 2,893 |  |  |  | — |
|  | ‑18% BRL/USD |  |  | (2,893) |  |  |  | — |
(1)Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk. (2)Does not include Coca-Cola FEMSA.
|  | Change in |  |  |
Net Cash in Foreign Currency (2) |  | Exchange Rate |  | Effect on Profit or Loss
2024 |  |  |  |  |
FEMSA (1) |  | +13% EUR/ +13 % USD |  | Ps. | 14,855 |
|  | ‑13% EUR/ -13 % USD |  |  | (14,855) |
Coca-Cola FEMSA |  | +13% USD |  |  | 1,397 |
|  | ‑13% USD |  |  | (1,397) |
2023 |  |  |  |  |
FEMSA (1) |  | +11% EUR/ +11 % USD |  | Ps. | 14,617 |
|  | ‑11% EUR/ -11 % USD |  |  | (14,617) |
Coca-Cola FEMSA |  | +11% USD |  |  | 1,797 |
|  | ‑11% USD |  |  | (1,797) |
2022 |  |  |  |  |
FEMSA (1) |  | +10% EUR/ +10 % USD |  | Ps. | 1,779 |
|  | ‑10% EUR/ -10 % USD |  |  | (1,779) |
Coca-Cola FEMSA |  | +10% USD |  |  | 2,282 |
|  | ‑10% USD |  |  | (2,282) |
(1)Does not include Coca-Cola FEMSA. (2)Differential for the variation in total cash at the exchange rate as of December 31, 2024 and exchange rate sensitivity.
|  | Change in |  |  |
Commodity Price Contracts |  | U.S.$ Rate |  | Effect on Equity
2024 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -29 | % | Ps. | (1,578) |
|  | Alumimum -22 | % | Ps. | (189) |
2023 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -29 | % | Ps. | (765) |
|  | Alumimum -22 | % | Ps. | (2,812) |
2022 |  |  |  |  |
Coca-Cola FEMSA |  | Sugar -22 | % | Ps. | (333) |
|  | Alumimum -35 | % | Ps. | (4,520) |
|  | Change in |  |  |
Options to purchase foreign currency (MXN to USD) |  | U.S.$ Rate |  | Effect on Equity
2024 |  |  |  |  |
Coca-Cola FEMSA |  | (13) | % | Ps. | (136) |
2023 |  |  |  |  |
Coca-Cola FEMSA |  | — |  | % | Ps. | — |
2022 |  |  |  |  |
Coca-Cola FEMSA |  | (35) | % | Ps. | (4,520) |
|  | Change in |  |  |
Options to purchase foreign currency (BRL to USD) |  | U.S.$ Rate |  | Effect on Equity
2024 |  |  |  |  |
Coca-Cola FEMSA |  | (13) | % | Ps. | (119) |
2023 |  |  |  |  |
Coca-Cola FEMSA |  | — |  | % | Ps. | — |
2022 |  |  |  |  |
Coca-Cola FEMSA |  | — |  | % | Ps. | — |
|  | Change in |  |  |
Options to purchase foreign currency (COP to USD) |  | U.S.$ Rate |  | Effect on Equity
2024 |  |  |  |  |
Coca-Cola FEMSA |  | (11) |  | % | Ps. | (54) |
2023 |  |  |  |  |
Coca-Cola FEMSA |  | — |  | % | Ps. | — |
2022 |  |  |  |  |
Coca-Cola FEMSA |  | — |  | % | Ps. | — |
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
2024 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (148) |
2023 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (9) |
2022 |  |  |  |  |
FEMSA (2) |  | (100 Bps.) |  | Ps. | (90) |
(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 |  | 2024 |  | 2023 |  | 2022
Change in interest rate |  |  | +100 Bps. |  |  | +100 Bps. |  |  | +100 Bps.
Effect on profit loss |  | Ps. | (258) |  |  | Ps. | (250) |  |  | Ps. | (249) |
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities | The following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities. It includes expected net cash outflows from derivative financial liabilities that are in place as of December 31, 2024. Such expected net cash outflows are determined based on each particular settlement date of an instrument. 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 and excluding lease liabilities) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing on December 31, 2024.
|  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 and thereafter |  | Total
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and bonds |  | Ps. | 4,306 |  |  | Ps. | 16,326 |  |  | Ps. | 11,498 |  |  | Ps. | 18,382 |  |  | Ps. | 7,627 |  |  | Ps. | 117,900 |  |  | Ps. | 176,039 |
Loans from Banks |  |  | 7,784 |  |  |  | 662 |  |  |  | 734 |  |  |  | 546 |  |  |  | 211 |  |  |  | 57 |  |  |  | 9,994 |
Derivative financial liabilities |  |  | (1,161) |  |  |  | (1,397) |  |  |  | (1,307) |  |  |  | (726) |  |  |  | (902) |  |  |  | (3,978) |  |  |  | (9,471) |
Disclosure of Financial Liabilities That Are Part of Supplier Finance Arrangements | All trade payables subject to the supplier finance arrangement, included in the table below, are recorded as suppliers in the consolidated statement of financial position.
|  | 2024 |  | 2023
Carrying amount of trade payables that are part of a supplier finance arrangement |  | Ps. | 10,590 |  | Ps. | 2,416
Of which suppliers have received payment |  |  | 22,001 |  |  | 823
| January 01, 2023
| Ps. | 3,697
|  | 2,831
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates | As of December 31, 2024, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |
Net exposure |  | 1,455 |  | 126 |  | — |
Average exchange rate MXN/USD |  | 18.74 |  | 20.71 |  | — |
Net exposure |  | 951 |  | 45 |  | — |
Average exchange rate BRL/USD |  | 5.50 |  | 6.07 |  | — |
Net exposure |  | 275 |  | 22 |  | — |
Average exchange rate COP/USD |  | 4,134 |  | 4,164 |  | — |
Net exposure |  | 517 |  | 60 |  | — |
Average exchange rate ARS/USD |  | 1,198 |  | 1,286 |  | — |
Net exposure |  | 169 |  | 113 |  | — |
Average exchange rate URY/USD |  | 41.59 |  | 44.13 |  | — |
Net exposure |  | 240 |  | 152 |  | — |
Average exchange rate CRC/USD |  | 531.13 |  | 540.05 |  | — |
Foreign exchange currency swap contracts |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 35,064 |
Average exchange rate MXN/USD |  | — |  | — |  | 20.51 |
Net exposure |  | — |  | — |  | 17,903 |
Average exchange rate BRL/USD |  | — |  | — |  | 5.09 |
Net exposure |  | 561 |  | 593 |  | 2,761 |
Average exchange rate COP/USD |  | 3,817.00 |  | 3,420.15 |  | 4,271.98 |
Net exposure |  | — |  | — |  | 325 |
Average exchange rate CLP/USD |  | — |  | — |  | 816.00 |
Net exposure |  | — |  |  | — |  |  | 583 |  |
Average exchange rate EUR/USD |  | — |  | — |  | 1.09 |
Net exposure |  | — |  |  | — |  |  | 67 |  |
Average exchange rate PEN/USD |  | — |  |  | — |  |  | 3.74 |  |
Foreign exchange currency options contracts |  |  |  |  |  |  |
Notional amount (in millions of pesos) |  | 568 |  | 1,127 |  | — |
Average exchange rate MXN/USD |  | 19.55 |  | 20.61 |  | — |
Notional amount (in millions of pesos) |  | 472 |  | 928 |  | — |
Average exchange rate BRL/USD) |  | 5.77 |  | 6.04 |  | — |
Notional amount (in millions of pesos) |  | 307 |  | 299 |  | — |
Average exchange rate COP/USD) |  | 4,313.00 |  | 4,361.66 |  | — |
Interest rate risk |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |
Net exposure |  | — |  | — |  | 10,134 |
Interest rate average BRL |  | — |  | — |  | 0.16 | %
Net exposure |  | — |  | 2 |  | — |
Interest rate average CLP |  | — |  | 6.10 | % | — |
Commodities risk |  |  |  |  |  |  |
Aluminum |  | 440 |  | 389 |  | — |
Average price (USD/Ton) |  | 2,480.15 |  | 2,542.39 |  | — |
Diesel (in millions of pesos) |  | 11 |  | 11 |  | — |
Average price (USD/Gallons) |  | 2.14 |  | 2.14 |  | — |
PX+MEG (in millions of pesos) |  | 72 |  | — |  | — |
Average proce (USD/Ton) |  | 950.00 |  | — |  | — |
Sugar |  | 3,476 |  | 1,500 |  | 787 |
Average price (USD cent/Lb) |  | 19.38 |  | 19.14 |  | 17.94 |
As of December 31, 2023, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Foreign exchange currency risk |  |  |  |  |  |  |  |  |  |
Foreign exchange currency forward contracts |  |  |  |  |  |  |  |  |  |
Net exposure |  | Ps. | 3,049 |  | Ps. | 1,781 |  | Ps. | — |
Average exchange rate MXN/USD |  |  | 18.39 |  |  | 18.40 |  |  | — |
Net exposure |  |  | 2,486 |  |  | 1,370 |  |  | — |
Average exchange rate BRL/USD |  |  | 5.10 |  |  | 5.07 |  |  | — |
Net exposure |  |  | 757 |  |  | 334 |  |  | — |
Average exchange rate COP/USD |  |  | 4,436 |  |  | 4,316 |  |  | — |
Net exposure |  |  | 150 |  |  | — |  |  | — |
Average exchange rate ARS/USD |  |  | 668.06 |  |  | — |  |  | — |
Net exposure |  |  | 344 |  |  | 163 |  |  | — |
Average exchange rate URY/USD |  |  | 40.18 |  |  | 40.66 |  |  | — |
Net exposure |  |  | 154 |  |  | 117 |  |  | — |
Average exchange rate CRC/USD |  |  | 558.89 |  |  | 556.00 |  |  | — |
Foreign exchange currency swap contracts |  |  |  |  |  |  |  |  |  |
|  | Maturity |
|  | 1‑6 months |  | 6‑12 months |  | More than 12 |
Net exposure |  |  | — |  |  | — |  |  | 43,095 |
Average exchange rate MXN/USD |  |  | — |  |  | — |  |  | 17.77 |
Net exposure |  |  | 174 |  |  | — |  |  | 14,022 |
Average exchange rate BRL/USD |  |  | 4.81 |  |  | — |  |  | 5.05 |
Net exposure |  |  | — |  |  | 1,109 |  |  | 1,822 |
Average exchange rate COP/USD |  |  | — |  |  | 3,601.94 |  |  | 3,743.16 |
Net exposure |  |  | — |  |  | 286,246 |  |  | 2,082 |
Average exchange rate CLP/USD |  |  | — |  |  | 870.50 |  |  | 764.40 |
Net exposure |  |  | — |  |  |  | — |  |  |  | 10,939 |  |
Average exchange rate EUR/USD |  |  | — |  |  |  | — |  |  |  | 1.09 |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |  |  |  |
Net exposure |  |  | — |  |  | — |  |  | 8,447 |
Interest rate average BRL |  |  | — |  |  | — |  |  | 0.16 | %
Net exposure |  |  | — |  |  | 2 |  |  | — |
Interest rate average CLP |  |  | — |  |  |  | 3.57 |  | % |  | — |  |
Commodities risk |  |  |  |  |  |  |  |  |  |
Aluminum |  |  | 298 |  |  | 349 |  |  | — |
Average price (USD/Ton) |  |  | 2,304 |  |  | 2,364 |  |  | — |
Sugar |  |  | 1,703 |  |  | 890 |  |  | 745 |
Average price (USD cent/Lb) |  |  | 22.43 |  |  | 22.18 |  |  | 22.62 |
Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges | As of December 31, 2024, a reconciliation per category of equity components and an analysis of OCI components, net of tax; generated by the cash flow hedges were as follows:
|  | Hedging
|  | reserve
Balances at beginning of the period |  | Ps. | 956 |
Cash flows hedges |  |  |
Fair value changes: |  |  |
Foreign exchange currency risk – Purchase of stock |  |  | 844 |
Foreign exchange currency risk – Other stock |  |  | 1,436 |
Interest rate risk |  |  | (64) |
Commodity price contracts – Purchase of stock |  |  | (4,747) |
The amounts reclassified to profit and loss: |  |  |
Foreign exchange currency risk – Other stock |  |  | 4,708 |
Interest rate risk |  |  | (45) |
The amounts included in non-financial costs: |  |  |
Foreign exchange currency risk – Purchase of stock |  |  | (98) |
Commodity price contracts – Purchase of stock |  |  | (2) |
Taxes due to changes in reserves during the period |  |  | 133 |
Balances at the end of the period |  | Ps. | 3,121 |
Schedule of Reconciliation of Each Component of Equity and Analysis of Other Comprehensive Income | Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
|  | Foreign currency option |  |  | Cross-currency swaps |  | Interest rate swaps |  |  | Commodity price contracts |  | Equity holders of the parent |  | Non-controlling interest |  | Total
As at January 1, 2023 |  | Ps. | (223) |  |  |  | Ps. | 2,049 |  |  | Ps. | 111 |  |  |  | Ps. | 22 |  |  | Ps. | 1,958 |  |  | Ps. | (77) |  |  | Ps. | 1,881 |
Financial instruments – purchases |  |  | (350) |  |  |  |  | 50 |  |  |  | — |  |  |  |  | (59) |  |  |  | (359) |  |  |  | (608) |  |  |  | (967) |
Change in fair value of financial instruments recognized in OCI |  |  | (595) |  |  |  |  | (1,514) |  |  |  | 64 |  |  |  |  | 128 |  |  |  | (1,917) |  |  |  | (2,078) |  |  |  | (3,995) |
Amount reclassified from OCI to profit or loss |  |  | 848 |  |  |  |  | 2,698 |  |  |  | 201 |  |  |  |  | (171) |  |  |  | 3,576 |  |  |  | 746 |  |  |  | 4,322 |
Foreign currency revaluation of the net foreign operations |  |  | — |  |  |  |  | 1,277 |  |  |  | — |  |  |  |  | — |  |  |  | 1,277 |  |  |  | 1,577 |  |  |  | 2,854 |
Effects of changes in foreign exchange rates |  |  | 2 |  |  |  |  | — |  |  |  | — |  |  |  |  | (1) |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Tax effect |  |  | 45 |  |  |  |  | (3,335) |  |  |  | (19) |  |  |  |  | 33 |  |  |  | (3,276) |  |  |  | 136 |  |  |  | (3,140) |
As at December 31, 2023 |  | Ps. | (273) |  |  |  | Ps. | 1,225 |  |  | Ps. | 357 |  |  |  | Ps. | (48) |  |  | Ps. | 1,260 |  |  | Ps. | (304) |  |  | Ps. | 956 |
Financial instruments – purchases |  |  | 41 |  |  |  |  | (261) |  |  |  | — |  |  |  |  | 88 |  |  |  | (54) |  |  |  | 332 |  |  |  | 278 |
Change in fair value of financial instruments recognized in OCI |  |  | 345 |  |  |  |  | 6,898 |  |  |  | (64) |  |  |  |  | (133) |  |  |  | 7,082 |  |  |  | 3,949 |  |  |  | 11,031 |
Amount reclassified from OCI to profit or loss |  |  | (45) |  |  |  |  | (4,039) |  |  |  | — |  |  |  |  | (1) |  |  |  | (4,103) |  |  |  | (125) |  |  |  | (4,228) |
Foreign currency revaluation of the net foreign operations |  |  | — |  |  |  |  | (2,194) |  |  |  | — |  |  |  |  | — |  |  |  | (2,194) |  |  |  | (2,842) |  |  |  | (5,036) |
Effects of changes in foreign exchange rates |  |  | 12 |  |  |  |  | (14) |  |  |  | — |  |  |  |  | (1) |  |  |  | (3) |  |  |  | (10) |  |  |  | (13) |
Tax effect |  |  | (105) |  |  |  |  | 733 |  |  |  | (64) |  |  |  |  | 15 |  |  |  | 548 |  |  |  | (415) |  |  |  | 133 |
As at December 31, 2024 |  | Ps. | (25) |  |  |  | Ps. | 2,348 |  |  | Ps. | 229 |  |  |  | Ps. | (80) |  |  | Ps. | 2,536 |  |  | Ps. | 585 |  |  | Ps. | 3,121 |

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