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<SEC-DOCUMENT>0000891092-03-001759.txt : 20030729
<SEC-HEADER>0000891092-03-001759.hdr.sgml : 20030729
<ACCEPTANCE-DATETIME>20030728201909
ACCESSION NUMBER:		0000891092-03-001759
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030728
FILED AS OF DATE:		20030729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA FEMSA SA DE CV
		CENTRAL INDEX KEY:			0000910631
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12260
		FILM NUMBER:		03807022

	BUSINESS ADDRESS:	
		STREET 1:		GUILLERMO GONZALEZ CAMARENA NO. 600
		STREET 2:		COL. CENTRO DE CIUDAD SANTA FE
		CITY:			DELEGACION ALVARO OB
		STATE:			O5
		ZIP:			DF 01210
		BUSINESS PHONE:		5255335300

	MAIL ADDRESS:	
		STREET 1:		GUILLERMO GONZALEZ CAMARENA NO. 600
		STREET 2:		COL. CENTRO DE CIUDAD SANTA FE
		CITY:			DELEGACION ALVARO OB
		STATE:			O5
		ZIP:			DF 01210
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>e15305_6k.txt
<DESCRIPTION>FORM 6-K
<TEXT>

                                    FORM 6-K

                       Securities and Exchange Commission
                             Washington, D.C. 20549
                            Report of Foreign Issuer
                        Pursuant To Rule 13a-16 Or 15d-16
                                     Of The
                         Securities Exchange Act of 1934

For the month of July 2003                        Commission file number 1-12260

                          COCA-COLA FEMSA, S.A. de C.V.
                 (Translation of Registrant's name into English)

                       Guillermo Gonzalez Camarena No. 600
                         Col. Centro de Ciudad Santa Fe
                            Delegacion Alvaro Obregon
                               Mexico, D.F. 01210
                          (Address of principal office)

      (Indicate by check mark whether the  registrant  files or will file annual
reports under cover of Form 20-F or Form 40-F.)

      (Check One) Form 20-F [x] Form 40-F [ ]

      (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

      (Check One) Yes { ] No [x]

      (If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b). 82- .)

<PAGE>

                                                                  CONFORMED COPY

                                    FORM 6-K

                       Securities and Exchange Commission
                             Washington, D.C. 20549
                            Report of Foreign Issuer
                        Pursuant To Rule 13a-16 Or 15d-16
                                     Of The
                         Securities Exchange Act of 1934

For the month of July 2003                        Commission file number 1-12260

                          COCA-COLA FEMSA, S.A. de C.V.
                 (Translation of Registrant's name into English)
                       Guillermo Gonzalez Camarena No. 600
                         Col. Centro de Ciudad Santa Fe
                            Delegacion Alvaro Obregon
                               Mexico, D.F. 01210
                          (Address of principal office)

      (Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)

      (Check One) Form 20-F [x] Form 40-F [ ]

      (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

      (Check One) Yes [ ] No [x]

      (If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b). 82- .)



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e15305ex99-1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
PRESS RELEASE                                             [LOGO] Coca-Cola FEMSA
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION:
Alfredo Fernandez / Julieta Naranjo
Investor Relations Department
Coca-Cola FEMSA, S.A. de C.V.
(52-55) 5081-5120 / 5121 / 5148
afernandeze@kof.com.mx / jnaranjo@kof.com.mx
WEBSITE: www.cocacola-femsa.com.mx

     COCA-COLA FEMSA announces second quarter and first half of 2003 results

                               SECOND-QUARTER 2003

>     Consolidated  unit case volume reached 461.7 Million Unit Cases ("MUC")(1)
      during the second quarter of 2003.

>     Consolidated   revenues  reached   Ps.8,778.9   million  and  consolidated
      operating income totaled  Ps.1,742.2  million during the second quarter of
      2003, reaching a consolidated operating margin of 19.8%.

Mexico City (July 28, 2003) - Coca-Cola  FEMSA,  S.A. de C.V.  (NYSE:  KOF; BMV:
KOFL)  ("Coca-Cola  FEMSA" or the "Company"),  the largest  Coca-Cola bottler in
Latin America and second largest Coca-Cola bottler in the world, announced today
its consolidated results for the second quarter and the first half of 2003.

"Our company is going through a significant transformation.  I feel very pleased
with the smooth and rapid integration process that we are implementing.  We have
found significant opportunities and a strong pool of management talent that will
let us enhance the top line and  streamline  operating  facilities in all of our
territories.

"We  believe  that our  experience  managing  the  pricing  architecture  of our
products  developing   packaging   presentations  by  consumption  occasion  and
distribution channel will help us increase the profitability of our territories.
We intend to develop the best  portfolio of products and packaging  presentation
with the right pricing  architecture  in every  country,  to leverage the strong
brand  equity of brand  Coca-Cola.  In every single  country  where we currently
operate, brand Coca-Cola commands a wide preference among consumers.

"We have  initiated  a cross  fertilization  process  of  management  putting in
practice the strong drive of the Coca-Cola  FEMSA culture and  implementing  the
appropriate mechanisms to reward accountability and performance among the strong
pool of management  talent that we selected to run our new  territories.  We are
just at the  beginning  and we believe  that we are on the right  track"  stated
Carlos Salazar, Chief Executive Officer of the Company.

- ----------
(1)   The unit case is equal to 24 eight-ounce servings.


                                       1
<PAGE>

We began  consolidating  the  results of our new  territories  during the second
quarter of 2003 in accordance  with Mexican GAAP.  Panamerican  Beverages,  Inc.
("Panamco")  had  historically  prepared its financial  statements in accordance
with  U.S.  GAAP  and  presented  the  information  in  U.S.  dollars.  We  have
historically and will continue to prepare our financial statements in accordance
with Mexican GAAP and present the  information in Mexican pesos.  The results of
our new territories in Mexican GAAP and Mexican pesos are different from and may
not be comparable to those reported by Panamco for prior  periods.  In addition,
Panamco  results will not be included in our  financial  statements  for periods
prior to May 2003.

Financial  information,  both on a consolidated  basis and by country,  includes
three and six months results of the original Coca-Cola FEMSA territories (Valley
of Mexico,  Southeast of Mexico and Buenos Aires) and only two months of our new
territories acquired from Panamco.  Coca-Cola FEMSA's financial information will
not be comparable with previous quarters until the third quarter of 2004, and on
a yearly basis, until the end of 2005.

However,  volume  performance  figures  for  the  second  quarter  of  2003  are
comparable  for previous  periods,  as  presented in a separate  section in this
press release.

CONSOLIDATED RESULTS

During the second  quarter of 2003, our  consolidated  volume totaled 461.7 MUC.
Consolidated  operating  income  reached  Ps.1,742.2  million  during the second
quarter of 2003.

The integral cost of financing loss totaled Ps.1,218.9 million during the second
quarter of 2003,  reflecting the new financial  position after the  acquisition,
and being the combined effect of:

(i)   accrued  interest  expenses  related to the existing debt and  acquisition
      financing assumed in connection with the Panamco transaction;

(ii)  a foreign  exchange loss generated  mainly by (i) the  appreciation of the
      Mexican peso against the U.S dollar applied towards our U.S.  dollars cash
      balances  from March 31,  2003 to the  acquisition  date of  Panamco  (the
      foreign exchange rate at closing was Ps.10.188 per U.S. dollar);  and (ii)
      the  devaluation of the Mexican peso versus the U.S. dollar applied to the
      U.S.  dollar-denominated  acquisition  financing  from the  closing of the
      transaction to the end of the second quarter of 2003; and

(iii) the  consolidated  monetary  position  gain,  as  a  result  of  inflation
      adjustments  applied to the  consolidated  net  monetary  position  of our
      operations.

The income tax, tax on assets and  employee  profit  sharing as a percentage  of
income  before  taxes  was  24.7% in the  second  quarter  of  2003,  reflecting
deduction  for  tax  purposes  of  fees  and  expenses  related  to the  Panamco
acquisition,  which  were  capitalized  as  part  of the  acquisition  cost  for
financial purposes.

Consolidated  net income  was  Ps.360.8  million in the second  quarter of 2003,
resulting in earnings per share ("EPS") of Ps.0.213(U.S.$0.204 per ADR) computed
under the


                                       2
<PAGE>

basis of 1,692.9 million compounded average shares outstanding. Number of shares
differs from the total number of shares used for the six months computation.

BALANCE SHEET

On June 30, 2003,  Coca-Cola  FEMSA recorded a cash balance of Ps.3,699  million
(U.S.  $354.4  million) and total short and long-term  bank debt of  Ps.29,612.0
million (U.S.$2,836.1 million).

OPERATING RESULTS BY TERRITORY

MEXICAN OPERATING RESULTS

Revenues

Revenues in the Mexican  territories  reached  Ps.6,298.3 million for the second
quarter  of 2003  resulting  in an  average  price  per  unit  case of  Ps.27.16
(U.S.$2.60).  Excluding  Ciel water  volumes in five,  nineteen and twenty liter
packaging presentations, average price per unit case was Ps.30.3 (U.S. $2.90).

Income from Operations

Gross profit totaled Ps.3,362.0,  reaching a 53.4% margin as percentage of total
revenues for the second-quarter 2003. During the quarter, the company closed one
plant and experienced higher sugar prices. Packaging costs were higher than last
year and were impacted by the  devaluation  of the Mexican peso against the U.S.
dollar year over year.

During the quarter the Company closed fifteen distribution facilities in our new
territories,  and implemented a headcount reduction driven by the closing of the
former Panamco  headquarter  offices in Miami and Mexico City.  Operating profit
totaled  Ps.1,611.0  million,  reaching a 25.6% margin as a percentage  of total
revenues.


CENTRAL AMERICAN OPERATING RESULTS (Guatemala, Nicaragua, Costa Rica and Panama)

Revenues

Total revenues  reached  Ps.489.4  million during May and June of 2003.  Average
price per unit case was Ps.28.63 (U.S.$2.74) during this period.


                                       3
<PAGE>

Income from Operations

Gross profit totaled  Ps.235.3  million during May and June of 2003,  reaching a
48.1% gross margin as a percentage of total revenues during the same period.  We
realized some savings from  procurement,  which offset the cost increase of U.S.
dollar-denominated  packaging  costs during these two months.  Operating  income
totaled Ps.39.3 million during May and June, reaching an operating income margin
of 8.0% as a percentage of total revenues.

COLOMBIAN OPERATING RESULTS

Revenues

Total revenues  reached Ps.515.0 million during May and June of 2003, an average
price per unit case of Ps.18.80 (U.S.$1.80).

Income from Operations

Gross profit totaled  Ps.234.8  million during May and June of 2003,  reaching a
45.6% gross margin as a  percentage  of total  revenues  during the same period.
During the period the Company  experienced higher packaging costs and the impact
of the  devaluation of the U.S.  dollar versus the Colombian peso applied to the
U.S. dollar denominated expenses. Operating income was Ps.52.2 million, reaching
a 10.1% margin as a percentage of total revenues during May and June of 2003.

VENEZUELAN OPERATING RESULTS

Revenues

Total revenues  reached Ps.488.8 million during May and June of 2003 and average
price per unit case in Venezuela  reached  Ps.19.88  (U.S.$1.90).  A significant
devaluation of the Venezuelan  bolivar  against the U.S.  dollar and a change of
packaging mix were partially offset by strong price increases.

Income from Operations

Gross profit totaled  Ps.211.0  million during May and June of 2003,  reaching a
43.2% gross margin as a  percentage  of total  revenues  during the same period.
Better  asset  utilization  and higher  operating  efficiencies  should  help us
increase  the  profitability  of  this  territory  in  the  following  quarters.
Operating income was Ps.28.0 million reaching an operating income margin of 5.7%
during May and June of 2003, after recording losses during the last months.


                                       4
<PAGE>

BRAZILIAN OPERATING RESULTS

Revenues

Total  revenues  reached  Ps.570.1  million  during May and June of 2003 and the
average price per unit case was Ps.14.50 (U.S.$1.39). Declining volume trend was
reversed  since  May,  as well as  declining  net  revenues  trend due to a more
balanced price architecture and improved execution in the market.

Income from Operations

Gross profit during May and June of 2003 totaled  Ps.183.0  million,  reaching a
32.1% margin as percentage of total  revenues.  The Company  experienced  higher
sweetener  and  packaging  costs during this period.  The  Brazilian  operations
reported a slight  operating  loss for May and June of 2003,  totaling  Ps.(7.0)
million. However, as a result of the implementation of new commercialization and
point of sale development  strategies,  we regained our path to profitability in
our Brazilian  territories during the month of June of 2003,  achieving positive
operating income for the first time during the last ten months.

ARGENTINE OPERATING RESULTS

Financial  information and sales volume figures in our Argentine  operations are
fully comparable with previous periods.

Revenues

Total  revenues  reached  Ps.417.3  million,  a 20.9%  increase  as  compared to
second-quarter  2002 and the  average  price per unit case grew by 4.1% over the
second quarter of 2002 to Ps.14.85 (U.S.$1.42).

Income from Operations

Gross profit as a percentage of total sales  increased  from 30.9% in the second
quarter of 2002 to 34.6% in 2003.  this  improvement  was  mainly  driven by (i)
higher sales volume,  (ii) an  improvement  in our operating  efficiencies,  and
(iii) an  appreciation  of the Argentina peso versus the U.S.  dollar applied to
the U.S. dollar-denominated raw materials and expenses.

In Argentina, operating expenses as a percentage of total revenues decreased 340
basis  points  from 34.4% in the  second  quarter of 2002 to 31.0% in the second
quarter of 2003, as a result of the  appreciation  of the Argentina  peso versus
the U.S.  dollar  applied  to the U.S.  dollar-denominated  expenses.  Operating
income during the second  quarter of 2003 in our Argentine  territories  reached
Ps.15.0  million and  operating  margin rose from a negative  (4.8)%  during the
second quarter of 2002 to 3.6% during the second quarter of 2003.


                                       5
<PAGE>

2Q 2003 COMPARABLE VOLUME PERFORMANCE

We are providing sales volume for the three months of the second quarter of 2003
in all of our  territories.  Volume growth figures are comparable  with previous
periods.

Territory                                        2Q2002      2Q2003%      Change
                                                  (MUC)       (MUC)

Mexico                                            266.4       273.1         2.5%
Central America                                    24.8        26.3         6.0%
Colombia                                           42.3        40.7        -3.8%
Venezuela                                          39.5        37.7        -4.6%
Brazil                                             71.5        56.8       -20.6%
Argentina                                          23.3        27.1        15.5%

Total                                             467.8       461.7        -1.3%

MEXICO

Sales volume  information  for 2002 and 2003 is the  combination of sales volume
from our new  territories  acquired in Mexico (Golfo and Bajio) and our original
territories (Valley of Mexico and Southeast of Mexico).

Second-quarter  2003 sales volume  reached  273.1 MUC, a 2.5%  increase over the
same period of 2002.  Excluding volumes generated from promotional activity with
powder  products(2) last year, volume increased was 4%. This increase was mainly
driven by 8.3% volume growth in the Valley of Mexico.

The 4.0% sales volume growth during the second quarter of 2003, excluding volume
generated  from  promotional  activity  with  powder  products  last year in the
Mexican  territories  was mainly the result of (i) the solid  performance of our
flavored brands including Fanta  Multi-Flavors  and Lift Manzana Verde, (ii) the
incremental  sales volume reached by Ciel still and mineral water,  representing
more than 30% of the  incremental  volume  during the quarter and,  (iii) volume
growth from brand Coca-Cola.

CENTRAL AMERICA (Guatemala, Nicaragua, Costa Rica and Panama)

In the  second  quarter  of 2003,  total  sales  volume in our  Central  America
territories  increased  by 6.0% to 26.3 MUC as  compared  to the same  period of
2002, as a result of sales volume increases in Nicaragua, Costa Rica and Panama,
which more than offset a slight volume decline in Guatemala.

(2)   We distributed  our Kin light powdered  beverage brand on a  complimentary
      basis  during  last  year in  order  to  better  examine  this  category's
      potential  and evaluate  consumption  patterns and price  strategies.  The
      total  amount of Kin light sold during the second  quarter of 2002 was 3.8
      MUC.


                                       6
<PAGE>

COLOMBIA

During the second quarter of 2003, total sales volume in our Colombian territory
decreased  by 3.8% as compared to the same period of 2002 driven by the economic
situation  of the  country  that has  depressed  per  capita  income  and forced
consumers to adjust their consumption habits.

VENEZUELA

In  Venezuela,  volume  declined  4.6% during the second  quarter of 2003,  as a
consequence of strong price  increases  implemented  during the first quarter of
2003 and a weak economic environment.

BRAZIL

During the second  quarter of 2003,  sales volume in our  Brazilian  territories
decreased by 20.6% as compared to the same period of 2002, reflecting the impact
of strong price increases  implemented during the first quarter of 2003, and the
reduction  of  indirect  channels  aimed at  retaking  control  of  selling  and
distribution  capabilities  of our business.  These  initiatives are expected to
allow us to control the  pricing  architecture  of our  products  and  packaging
presentations   in  order  to  increase  the   profitability  of  our  Brazilian
territories.

ARGENTINA

In the second quarter of 2003,  total sales volume in our Buenos Aires territory
increased  by 16.2%  as  compared  to the  same  period  of  2002.  We  continue
capitalizing the results of our returnable packaging  presentation  strategy for
our core brands  implemented  during 2002.  Our core  brands,  in terms of sales
volume,  grew by  almost  30% and  Coca-Cola  light  combined  with  the  recent
introduction of Fanta light drove the premium category  generating slightly more
than 5% of the  incremental  volume  during the quarter.  During this period our
value protection brands decreased,  representing 11.7% of our total sales volume
as compared to 19.9% during second quarter of 2002.

SUMMARY OF SIX MONTHS RESULTS

For the six months ended June 30, 2002,  consolidated sales volume reached 888.6
MUC. The volume decline of our operations in Brazil, Colombia and Venezuela, was
partially  offset by volume  growth in our Mexican,  Central  America and Buenos
Aires territories during the first half of 2003.

During the first six months of 2003, total revenues reached Ps.12,938.5 million,
resulting in a consolidated average unit price per case of Ps.24.87 (U.S.$2.38).
Gross  margin as a percentage  of total  revenues was 50.5% in the first half of
2003.  Consolidated operating income was Ps.2,736.8 million, 21.2% as percentage
of total revenues during the first six months in 2003.

Consolidated  net income totaled  Ps.831.2  during the first six months of 2003.
Net income per share reached  Ps.0.533  (U.S.$ 0.511 per ADR) computed under the
basis of 1,559.0 million compounded average shares outstanding.


                                       7
<PAGE>

RECENT DEVELOPMENTS

- -     As a result of the Panamco  acquisition,  in accordance with Mexican GAAP,
      we recognized as intangible  assets with indefinite  lives, the difference
      between the price paid and the book value  (fair  value) of the net assets
      acquired.  The identified  intangibles  in Panamco were Ps.31,533  million
      (equivalent  to  U.S.$3,020.1  million),  which are  mainly  the  bottling
      contracts with The Coca-Cola Company. The value of these intangible assets
      already  considered  restructuring  charges that we expected to take as we
      streamline  our operations  within the next year. We will annually  review
      the carrying value of these long-lived assets for recoverability.  We also
      review for impairment whenever events or changes in circumstances indicate
      that the carrying amount of an asset may not be  recoverable.  If they are
      impaired, we are required to recognize a loss by writing off part of their
      value.  The analysis we perform  requires that we estimate the future cash
      flows attributable to these assets, and these estimates require us to make
      a variety of judgments  about our future  operations,  including,  without
      limitation,  volume, prices, costs, inflation, exchange rates and interest
      rates.  Although  no  assurances  can be given,  we do not  expect to take
      write-offs with respect to these assets during 2003.

- -     On July 16,  2003 the  Company  raised  Ps.5,750  million,  equivalent  to
      approximately   U.S.$550   million,   through  three  bond   offerings  of
      "Certificados  Bursatiles" (Mexican peso denominated-bonds) in the Mexican
      debt capital  markets,  in what is  considered  the largest and one of the
      most successful debt offerings completed in Mexican history. Fitch and S&P
      rated the bond offerings  with local  currency  credit ratings of AAA/AA+,
      respectively. The following table provides the characteristics of each one
      of the issues:

<TABLE>
<CAPTION>
<S>                    <C>                    <C>                      <C>
Main Terms             2yrs TIIE Based Note   5 yrs CETES Based Note   6 yrs Fixed Rate Notes
Amount                          Ps.2,750 MM              Ps.2,500 MM                Ps.500 MM
Tenor/Amortization            2 year bullet            5 year bullet            6 year bullet
Rate                 28 day TIIE + [50 bps]   91day CETE + [115] bps                    9.90%
</TABLE>

      The proceeds  from the offerings  will be used to refinance  approximately
      65% of the bridge loans put in place for the acquisition of Panamco.

- -     During May and June of 2003,  we closed  four of the fifty two plants that
      we had on May 6, 2003.  We closed one plant in the Bajio region in Mexico,
      one in Panama and two in South  America.  We expect to  realize  permanent
      cost savings and operating  efficiencies as a result of the  consolidation
      of these facilities.

- -     As part of the  integration  plan in our  Mexican  territories,  we closed
      during  May and  June of  2003,  15 of the 97  distribution  centers  that
      Panamco had in our new Mexican territories. We expect to realize permanent
      cost savings and operating  efficiencies as a result of the  consolidation
      of these distribution facilities.


                                       8
<PAGE>

CONFERENCE CALL INFORMATION

Our Second-Quarter  2003 Conference Call will be held on: Monday, July 28, 2003,
10:30 A.M.  Eastern Time (9:30 A.M.  Mexico City Time).  To  participate  in the
conference call,  please dial:  Domestic U.S.:  888-339-2688 and  International:
617-847-3007.

If you are unable to participate  live, an instant replay of the conference call
will be available  through August 28, 2003. To listen to the replay please dial:
Domestic U.S.: 888-286-8010; International: 617-801-6888, Passcode: 80167389.

                                       ***

Coca-Cola FEMSA, S.A. de C.V. produces Coca-Cola,  Sprite, Fanta, Lift and other
trademark  beverages of The Coca-Cola  Company in Mexico (a substantial  part of
central  Mexico,  including  Mexico City and  Southeast  of  Mexico),  Guatemala
(Guatemala  City and  surrounding  areas),  Nicaragua  (nationwide),  Costa Rica
(nationwide),  Panama  (nationwide),  Colombia (most of the country),  Venezuela
(nationwide),  Brazil  (greater  Sao  Paulo,  Campinas,  Santos and part of Mato
Grosso do Sul) and Argentina (Gran Buenos Aires), along with bottled water, beer
and other beverages in some of these territories.

The  Company has 48 bottling  facilities  in Latin  America and serves more than
1,400,000 retailers Latin America. Coca-Cola FEMSA currently accounts for almost
10% of Coca-Cola global sales, approximately 40% of all Coca-Cola sales in Latin
America. The Coca-Cola Company owns a 39.6% equity interest in Coca-Cola FEMSA.

                                      ***

Figures  for  the   Company's   operations   in  Mexico  and  its   consolidated
international  operations  were  prepared in accordance  with Mexican  generally
accepted  accounting  principles  ("Mexican GAAP"). All figures are expressed in
constant  Mexican pesos with  purchasing  power at June 31, 2003. For comparison
purposes, 2002 and 2003 figures from the Company's operations have been restated
taking into  account  local  inflation  of each  country  with  reference to the
consumer  price index and converted from local currency into Mexican pesos using
the exchange rate as of the end of the period.  In addition,  all comparisons in
this report for the second  quarter of 2003,  which ended on June 30, 2003,  are
made against the figures for the  comparable  period in 2002,  unless  otherwise
noted.

This news release may contain  forward-looking  statements  concerning Coca-Cola
FEMSA's future  performance  and should be considered as good faith estimates by
Coca-Cola  FEMSA.  These   forward-looking   statements   reflect   management's
expectations  and are based upon currently  available  data.  Actual results are
subject to future events and uncertainties,  many of which are outside Coca-Cola
FEMSA's control that could materially impact the Company's actual performance.

References  herein to "U.S.$" are to United  States  dollars.  This news release
contains  translations  of certain peso  amounts into U.S.  dollars at specified
rates solely for the convenience of the reader. These translations should not be
construed as representations  that the peso amounts actually represent such U.S.
dollar amounts or could be converted into U.S. dollars at the rate indicated.

                                      ***

                          (8 pages of tables to follow)


                                       9
<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
Consolidated Balance Sheet
As of June 30, 2003 and December 31, 2002
Millions of Mexican pesos (Ps.)
Expressed in currency with purchasing power as of June 30, 2003
- --------------------------------------------------------------------------------

ASSETS                                                   2003         2002
- --------------------------------------------------------------------------------
Current Assets
   Cash and cash equivalents                          Ps.  3,699   Ps.  6,259
- --------------------------------------------------------------------------------
   Accounts receivable:
    Trade                                                    889          565
    Notes                                                     59           12
    Prepaid taxes                                            867          245
    Other                                                    797          208
- --------------------------------------------------------------------------------
                                                            2,612       1,030
- --------------------------------------------------------------------------------
   Inventories                                             2,436          775
   Prepaid expenses                                          329           74
- --------------------------------------------------------------------------------
Total current assets                                       9,076        8,138
- --------------------------------------------------------------------------------
Property, plant and equipment
   Land                                                    2,250          796
   Buildings, machinery and equipment                     22,041        9,088
   Accumulated depreciation                               (9,379)      (3,329)
   Construction in progress                                1,019          371
   Bottles and cases                                       1,091          294
- --------------------------------------------------------------------------------
Total property, plant and equipment                       17,022        7,220
- --------------------------------------------------------------------------------
Investment in shares                                       1,481          127
Deferred charges, net                                      1,189          860
Intangibles                                               31,585          262
- --------------------------------------------------------------------------------
TOTAL ASSETS                                          Ps. 60,353   Ps. 16,607
================================================================================


LIABILITIES & STOCKHOLDERS' EQUITY                       2003         2002
- --------------------------------------------------------------------------------
Current Liabilities
     Short-term bank loans and notes                  Ps.  3,534   Ps.      0
     Interest payable                                      176.7           82
     Suppliers                                             3,184        1,634
     Accounts payable and others                           2,173          670
     Taxes payable                                           871          229
- --------------------------------------------------------------------------------
Total Current Liabilities                                  9,939        2,615
- --------------------------------------------------------------------------------
Long-term bank loans                                      26,078        3,209
Pension plan and seniority premium                           520          188
Other liabilities                                          3,744        1,202
- --------------------------------------------------------------------------------
Total Liabilities                                         40,281        7,214
- --------------------------------------------------------------------------------
Stockholders' Equity
Minority interest                                            152            0
Majority interest
     Capital stock                                         2,587        2,399
     Additional paid in capital                           11,151        1,688
     Retained earnings of prior years                      9,205        6,662
     Net income for the period                               825        2,542
     Cumulative results of holding
       non-monetary assets                                (3,848)      (3,898)
- --------------------------------------------------------------------------------
Total majority interest                                   19,920        9,393
- --------------------------
- --------------------------------------------------------------------------------
Total stockholders' equity                                20,072        9,393
- --------------------------------------------------------------------------------
TOTAL LIABILITIES & EQUITY                            Ps. 60,353   Ps. 16,607
================================================================================

<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
INCOME STATEMENT
For the three months ended June 30, 2003 and 2002(1)
Expressed in million of mexican pesos(2)
with purchasing power as of June 30, 2003

<TABLE>
<CAPTION>
                         ----------------------------------   ------------------  ----------------   -----------------
                                                                   Mexican        Central American       Colombian
                                     Consolidated                 Operations         Operations          Operations
                         ----------------------------------   ------------------  ----------------   -----------------
                                                                         %Total            %Total              %Total
                          2003           2002         % VAR     2003    Revenues   2003   Revenues    2003    Revenues
- ---------------------    ----------------------------------   ------------------  ----------------   -----------------
<S>                      <C>           <C>             <C>    <C>         <C>      <C>      <C>       <C>      <C>
Sales volume
  (millions
  unit cases)              365.7         157.0        132.9     230.7               16.8                        27.4
Average unit
  price per case           23.85         30.29        (21.3)    27.16              28.63                       18.80
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Net revenues             8,719.6       4,755.3         83.4   6,265.3              480.7                       515.0
Other operating
  revenues                  59.3          25.0        137.2      33.0                8.8                        (0.0)
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Total revenues           8,778.9       4,780.3         83.6   6,298.3     100.0    489.4    100.0     515.0    100.0
Cost of sales            4,408.3       2,175.3        102.7   2,936.3      46.6    254.1     51.9     280.2     54.4
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Gross profit             4,370.6       2,605.0         67.8   3,362.0      53.4    235.3     48.1     234.8     45.6
- ---------------------    ----------------------------------   --------------------------  ----------------------------
  Administrative
    expenses               542.9         358.5         51.4     360.7       5.7     30.8      6.3      47.5      9.2
  Selling expenses       2,091.2       1,006.3        107.8   1,392.2      22.1    165.3     33.8     135.1     26.2
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Operating expenses       2,634.1       1,364.8         93.0   1,752.9      27.8    196.1     40.1     182.6     35.5
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Goodwill amortization       (5.7)         14.0       (140.7)     (2.0)     (0.0)      --       --        --       --
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Operating income         1,742.2       1,226.2         42.1   1,611.0      25.6     39.3      8.0      52.2     10.1
- ---------------------    ----------------------------------   --------------------------  ----------------------------
  Interest expense         371.8          86.0        332.4
  Interest income           57.3          56.5          1.4
  Interest expense,
    net                    314.6          29.4        970.0
  Foreign exchange
    loss (gain)            918.2         (79.9)    (1,249.2)
  Loss (gain) on
    monetary position      (13.9)       (269.1)       (94.8)
- ---------------------    ----------------------------------
Integral cost of
  financing              1,218.9        (319.6)      (481.4)
Other (income)
  expenses, net             44.3          58.0        (23.5)
- ---------------------    ----------------------------------
Income before taxes        479.0       1,487.8        (67.8)
Taxes                      118.2         658.7        (82.1)
- ---------------------    ----------------------------------
Consolidated net
  income                   360.8         829.1        (56.5)
- ---------------------    ----------------------------------
Majority net
  income                   360.8         829.1        (56.5)
- ---------------------    ----------------------------------   --------------------------  ----------------------------
Non-cash items (3)         438.8         286.1         53.4     251.8       4.0     43.2      8.8      52.7     10.2
- ---------------------    ----------------------------------   --------------------------  ----------------------------
</TABLE>

(1)   Includes  information for the three months of our original territories and
      two months of our new territories acquired from Panamco.

(2)   Except volume and average price per unit case figures.

(3)   Depreciation,  amortization and other non-cash items (including returnable
      bottle breakage expenses).

<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
INCOME STATEMENT
For the three months ended June 30, 2003 and 2002(1)
Expressed in million of mexican pesos(2)
with purchasing power as of June 30, 2003

<TABLE>
<CAPTION>
                                  ---------------------   --------------------   -------------------------------------------------
                                  Venezuelan Operations   Brazilian Operations                 Argentine Operations
                                  ---------------------   --------------------   -------------------------------------------------
                                               %Total                  %Total              *%Total              %Total
                                    2003      Revenues      2003      Revenues     2003    Revenues   2002     Revenues     % VAR
- ------------------------           -------------------     -------------------   -------------------------------------------------
<S>                                <C>         <C>          <C>         <C>       <C>       <C>       <C>        <C>         <C>
Sales volume
  (millions unit
  cases)                            24.6                     39.1                  27.1                23.3                  16.2
Average unit
  price per case                   19.88                    14.50                 14.85               14.28                   4.1
- ------------------------           -------------------     -------------------   -------------------------------------------------
Net revenues                       488.8                    567.6                 402.3               332.7                  20.9
Other operating
  revenues                          (0.0)                     2.5                  15.0                12.5                  20.0
- ------------------------           -------------------     -------------------   -------------------------------------------------
Total revenues                     488.8       100.0        570.1       100.0     417.3     100.0     345.2      100.0       20.9
Cost of sales                      277.9        56.8        387.0        67.9     272.8      65.4     238.4       69.1       14.4
- ------------------------           -------------------     -------------------   -------------------------------------------------
Gross profit                       211.0        43.2        183.0        32.1     144.5      34.6     106.8       30.9       35.3
- ------------------------           -------------------     -------------------   -------------------------------------------------
  Administrative
    expenses                        34.1         7.0         43.6         7.7      26.3       6.3      26.4        7.6       (0.4)
  Selling expenses                 148.9        30.5        146.4        25.7     103.2      24.7      92.3       26.7       11.8
- ------------------------           -------------------     -------------------   -------------------------------------------------
Operating expenses                 183.0        37.4        190.1        33.3     129.5      31.0     118.7       34.4        9.1
- ------------------------           -------------------     -------------------   -------------------------------------------------
Goodwill
  amortization                        --          --           --          --        --        --       4.6        1.3     (100.0)
- ------------------------           -------------------     -------------------   -------------------------------------------------
Operating income                    28.0         5.7         (7.0)       (1.2)     15.0       3.6     (16.5)      (4.8)    (190.5)
- ------------------------           -------------------     -------------------   -------------------------------------------------
Non-cash items (3)                  40.0         8.2         13.2         2.3      41.6      10.0      59.4       17.2      (30.0)
- ------------------------           -------------------     -------------------   -------------------------------------------------
</TABLE>

(1)   Includes  information for the three months of our original territories and
      two months of our new territories acquired from Panamco.

(2)   Except volume and average price per unit case figures.

(3)   Depreciation,  amortization and other non-cash items (including returnable
      bottle breakage expenses).

<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
INCOME STATEMENT
For the six months ended June 30, 2003 and 2002(1)
Expressed in million of mexican pesos(2)
with purchasing power as of June 30, 2003

<TABLE>
<CAPTION>
                           ---------------------------------  -----------------  ------------------  -----------------
                                                                   Mexican        Central American       Colombian
                                       Consolidated               Operations         Operations          Operations
                           ---------------------------------  -----------------  ------------------  -----------------
                                                                         %Total             %Total              %Total
                              2003         2002        % VAR    2003    Revenues   2003    Revenues    2003    Revenues
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
<S>                         <C>           <C>           <C>    <C>         <C>     <C>       <C>       <C>       <C>
Sales Volume(millions
  unit cases)                  515.9        297.6       73.3     349.3              16.8                27.4
Average unit price
  per case                     24.87        29.71      (16.3)    28.39             28.63               18.80
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Net revenues                12,829.5      8,842.3       45.1   9,916.4             480.7               515.0
Other operating
  revenues                     109.0         65.3       66.9      49.6               8.8                (0.0)
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Total revenues              12,938.5      8,907.6       45.3   9,966.0     100.0   489.4     100.0     515.0     100.0
Cost of sales                6,410.9      4,104.4       56.2   4,618.3      46.3   254.1      51.9     280.2      54.4
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Gross profit                 6,527.6      4,803.2       35.9   5,347.7      53.7   235.3      48.1     234.8      45.6
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
  Administrative
    expenses                   865.9        689.9       25.5     655.9       6.6    30.8       6.3      47.5       9.2
  Selling expenses           2,924.9      1,912.2       53.0   2,120.8      21.3   165.3      33.8     135.1      26.2
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Operating expenses           3,790.8      2,602.1       45.7   2,776.7      27.9   196.1      40.1     182.6      35.5
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Goodwill amortization             --         29.3     (100.0)       --        --      --        --        --        --
Fixed asset adjustment            --           --         --        --        --      --        --        --        --
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Operating income             2,736.8      2,171.8       26.0   2,571.0      25.8    39.3       8.0      52.2      10.1
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
  Interest expense             466.6        160.2      191.3
  Interest income              121.7        121.6        0.1
  Interest expense,
    net                        344.8         38.5      795.7
  Foreign exchange
    loss (gain)                936.7       (215.5)    (534.7)
  Loss (gain) on
    monetary position            2.8       (455.2)    (100.6)
- ------------------------   ----------------------------------
Integral cost of
  financing                  1,284.3       (632.2)    (303.1)
Other (income)
  expenses, net                 99.5         64.3       54.7
- ------------------------   ----------------------------------
Income before taxes          1,353.0      2,739.7      (50.6)
Taxes                          521.8      1,118.8      (53.4)
- ------------------------   ----------------------------------
Consolidated net
  income                       831.2      1,620.9      (48.7)
- ------------------------   ----------------------------------
Majority net income            831.2      1,620.9      (48.7)
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
Non-cash items (3)             650.5        538.8       20.7     417.0       4.2    43.2       8.8      52.7      10.2
- ------------------------   ----------------------------------  -----------------  ------------------  -----------------
</TABLE>

(1)   Includes  information  for the six months of our original  territories and
      two months of our new territories acquired from Panamco

(2)   Except volume and average price per unit case figures.

(3)   Depreciation,  amortization and other non-cash items (including returnable
      bottle breakage expenses).

<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
INCOME STATEMENT
For the six months ended June 30, 2003 and 2002(1)
Expressed in million of mexican pesos(2)
with purchasing power as of June 30, 2003

<TABLE>
<CAPTION>
                                   --------------------   --------------------   ------------------------------------------------
                                        Venezuelan             Brazilian
                                        Operations            Operations                       Argentine Operations
                                   --------------------   --------------------   ------------------------------------------------
                                                %Total                %Total                 %Total             %Total
                                     2003      Revenues    2003      Revenues      2003     Revenues   2002    Revenues    % VAR
- ---------------------------        --------------------   --------------------   ------------------------------------------------
<S>                                 <C>         <C>        <C>         <C>         <C>       <C>       <C>       <C>        <C>
Sales Volume (millions
  unit cases)                        24.6                   39.1                    58.7                52.6                11.5
Average unit price
  per case                          19.88                  14.50                   14.67               14.65                 0.0
- ---------------------------        ------                  -----                   -----               -----               -----
Net revenues                        488.8                  567.6                   861.1               770.5                11.8
Other operating
  revenues                           (0.0)                   2.5                    48.1                32.9                46.2
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Total revenues                      488.8       100.0      570.1       100.0       909.2     100.0     803.4     100.0      13.2
Cost of sales                       277.9        56.8      387.0        67.9       593.5      65.3     527.5      65.7      12.5
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Gross profit                        211.0        43.2      183.0        32.1       315.7      34.7     275.9      34.3      14.4
- ---------------------------        --------------------   --------------------   ------------------------------------------------
  Administrative
    expenses                         34.1         7.0       43.6         7.7        54.1       6.0      55.4       6.9      (2.3)
  Selling expenses                  148.9        30.5      146.4        25.7       208.1      22.9     203.8      25.4       2.1
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Operating expenses                  183.0        37.4      190.1        33.3       262.2      28.8     259.2      32.3       1.2
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Goodwill amortization                  --          --         --          --          --        --       9.1       1.1    (100.0)
Fixed asset adjustment                 --          --         --          --          --        --        --        --        --
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Operating income                     28.0         5.7       (7.0)       (1.2)       53.5       5.9       7.6       0.9     603.9
- ---------------------------        --------------------   --------------------   ------------------------------------------------
Non-cash items (3)                   40.0         8.2       13.2         2.3        84.4       9.3     112.2      14.0     (24.8)
- ---------------------------        --------------------   --------------------   ------------------------------------------------
</TABLE>

(1)   Includes  information  for the six months of our original  territories and
      two months of our new territories acquired from Panamco

(2)   Except volume and average price per unit case figures.

(3)   Depreciation,  amortization and other non-cash items (including returnable
      bottle breakage expenses).

<PAGE>

                              SELECTED INFORMATION

For the three months ended June 30, 2003

Expressed in million Mexican pesos as of June 30, 2003

                                                                       ---------
                                                                         2Q 2002
- --------------------------------------------------------------------------------
Capex                                                                     289.4
- --------------------------------------------------------------------------------
Depreciation                                                              160.1
- --------------------------------------------------------------------------------
Amortization & Others                                                     126.0
- --------------------------------------------------------------------------------

                                                                       ---------
                                                                         2Q 2003
- --------------------------------------------------------------------------------
Capex                                                                      431.0
- --------------------------------------------------------------------------------
Depreciation                                                               236.9
- --------------------------------------------------------------------------------
Amortization & Others                                                      201.9
- --------------------------------------------------------------------------------

VOLUME (MUC)
Expressed in million unit cases

<TABLE>
<CAPTION>
                            -------------------------------------------------------    ---------------------------------------------
                                                   2Q 2002                                                 2Q 2003
                            -------------------------------------------------------    ---------------------------------------------
                                      Colas   Flavors   Water   Beer   Others Total    Colas   Flavors   Water   Beer   Others Total
- -----------------------------------------------------------------------------------    ---------------------------------------------
<S>                                   <C>       <C>     <C>      <C>     <C>  <C>      <C>       <C>     <C>      <C>     <C>  <C>
Mexico (1)                            157.9     43.7    59.6     0.0     5.2  266.4    159.0     49.4    63.1     0.0     1.6  273.1
Central America                        17.2      5.9     1.1     0.0     0.6   24.8     18.4      6.4     0.6     0.0     0.9   26.3
Colombia                               25.5      9.1     7.6     0.0     0.1   42.3     25.2      9.1     6.4     0.0     0.0   40.7
Venezuela                              18.9     13.9     4.4     0.0     2.3   39.5     21.6     11.1     3.0     0.0     2.0   37.7
Brazil                                 34.6     19.7     3.5    13.4     0.3   71.5     30.3     13.6     2.2    10.4     0.3   56.8
Argentina                              15.5      7.5     0.3     0.0     0.0   23.3     19.7      7.1     0.3     0.0     0.0   27.1
- -----------------------------------------------------------------------------------    ---------------------------------------------
Total                                 269.6     99.8    76.5    13.4     8.5  467.8    274.2     96.7    75.6    10.4     4.8  461.7
- -----------------------------------------------------------------------------------    ---------------------------------------------
</TABLE>

(1)   Water volume in 2Q 2003, includes 3.2 MUC of Ciel 5.0 Lt presentation

PACKAGE MIX BY PRESENTATION
Expressed as a Percentage of Total Volume

<TABLE>
<CAPTION>
                                      --------------------------------------------       -------------------------------------------
                                                       2Q 2002                                             2Q 2003
                                      --------------------------------------------       -------------------------------------------
                                       Ret         Non-Ret     Fountain      Jug          Ret         Non-Ret     Fountain      Jug
- ----------------------------------------------------------------------------------       -------------------------------------------
<S>                                    <C>          <C>           <C>        <C>          <C>          <C>           <C>        <C>
Mexico                                 27.6         52.8          1.3        18.3         27.5         54.0          1.2        17.3
Central America                        53.5         42.8          3.7          --         50.4         44.4          5.2          --
Colombia                               56.3         32.5          2.9         8.3         54.3         35.6          3.0         7.1
Venezuela                              38.3         52.0          3.0         6.7         36.0         57.4          2.6         4.0
Brazil                                 13.1         83.2          3.7          --         13.0         82.9          4.1          --
Argentina                               7.2         86.8          6.0          --         24.4         71.2          4.4          --
- ----------------------------------------------------------------------------------       -------------------------------------------
</TABLE>

<PAGE>

                              SELECTED INFORMATION

For the six months ended June 30, 2003

Expressed in million Mexican pesos as of June 30, 2003

                                                                       ---------
                                                                         1H 2002
- --------------------------------------------------------------------------------
Capex                                                                      521.5
- --------------------------------------------------------------------------------
Depreciation                                                               305.3
- --------------------------------------------------------------------------------
Amortization & Others                                                      233.5
- --------------------------------------------------------------------------------

                                                                       ---------
                                                                         1H 2003
- --------------------------------------------------------------------------------
Capex                                                                      779.8
- --------------------------------------------------------------------------------
Depreciation                                                               356.3
- --------------------------------------------------------------------------------
Amortization & Others                                                      294.2
- --------------------------------------------------------------------------------

VOLUME (MUC)
Expressed in million unit cases

<TABLE>
<CAPTION>
                               -------------------------------------------------   -------------------------------------------------
                                                   1H 2002                                               1H 2003
                               -------------------------------------------------   -------------------------------------------------
                                Colas    Flavors  Water     Beer   Others  Total    Colas   Flavors   Water     Beer   Others  Total
- --------------------------------------------------------------------------------   -------------------------------------------------
<S>                             <C>      <C>      <C>       <C>     <C>    <C>      <C>      <C>      <C>       <C>      <C>   <C>
Mexico (1)                      293.6     80.9    104.5      0.0     6.4   485.4    292.4     92.7    113.3      0.0     3.0   501.4
Central America                  33.5     11.5      2.2      0.0     1.0    48.2     34.9     12.7      1.2      0.0     1.8    50.6
Colombia                         52.2     19.3     16.4      0.0     0.4    88.3     52.2     18.7     13.8      0.0     0.0    84.7
Venezuela                        38.5     28.3      8.9      0.0     4.7    80.4     38.1     19.1      5.3      0.0     3.4    65.9
Brazil                           71.2     42.6      8.2     27.6     0.6   150.2     67.5     32.1      5.2     22.1     0.8   127.7
Argentina                        34.1     18.0      0.5      0.0     0.2    52.8     41.7     16.0      0.6      0.0     0.0    58.3
- --------------------------------------------------------------------------------   -------------------------------------------------
Total                           523.1    200.6    140.7     27.6    13.3   905.3    526.8    191.3    139.4     22.1     9.0   888.6
- --------------------------------------------------------------------------------   -------------------------------------------------
</TABLE>

(1)   Water volume in 1H 2003, includes 6.2 MUC of Ciel 5.0 Lt presentation

PACKAGE MIX BY PRESENTATION
Expressed as a Percentage of Total Volume

<TABLE>
<CAPTION>
                                      ---------------------------------------------      -------------------------------------------
                                                        1H 2002                                             1H 2003
                                      ---------------------------------------------      -------------------------------------------
                                        Ret        Non-Ret     Fountain       Jug         Ret        Non-Ret      Fountain      Jug
- -----------------------------------------------------------------------------------      -------------------------------------------
<S>                                    <C>          <C>           <C>        <C>          <C>          <C>           <C>        <C>
Mexico                                 28.4         52.5          1.3        17.8         27.3         54.4          1.3        17.0
Central America                        53.1         43.1          3.8          --         50.4         44.1          5.5          --
Colombia                               56.1         32.6          2.9         8.4         53.4         36.5          2.7         7.4
Venezuela                              40.5         49.9          3.1         6.5         34.8         59.0          2.6         3.6
Brazil                                 12.9         83.7          3.4          --         11.8         84.6          3.6          --
Argentina                               4.7         90.2          5.1          --         23.7         72.2          4.1          --
- -----------------------------------------------------------------------------------      -------------------------------------------
</TABLE>

<PAGE>

                                    June 2003
                            Macroeconomic Information

                         -----------------------------  ------------------------
                          Inflation                     Foreing Exchange Rate(1)
                             LTM       YTD        2Q        (Per US Dollar)
                         -----------------------------  ------------------------

- ---------------          -----------------------------  ------------------------
   Mexico                   4.27%     1.25%     -0.07%            10.4410
  Colombia                  7.22%     5.01%      1.59%         2,817.3200
 Venezuela                 37.67%     18.35%     8.20%         1,853.0000
   Brazil                  19.05%     7.25%      1.77%             2.8720
 Argentina                  9.76%     1.80%     -0.30%             2.8000
- ---------------          -----------------------------  ------------------------

(1)   Figures as of June 30, 2003


<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                COCA-COLA FEMSA, S.A. DE C.V.
                                                (Registrant)

Date:  July 28, 2003                            By: /s/ HECTOR TREVINO GUTIERREZ
                                                    ----------------------------
                                                Name: Hector Trevino Gutierrez
                                                Title: Chief Financial Officer



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
