<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e15972ex99-1.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 third quarter of 2003 results

                               THIRD-QUARTER 2003

>     Consolidated  unit case volume reached 453.0 Million Unit Cases ("MUC")(1)
      during the third quarter of 2003.

>     Consolidated   revenues  reached   Ps.10,490.1  million  and  consolidated
      operating  income totaled  Ps.1.693.4  million during the third quarter of
      2003, resulting in a consolidated operating margin of 16.1%.

Mexico City (October 23, 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  third  quarter  and the nine  months  ended
September 30, 2003.

"We are pleased with the way that the  integration  process is  progressing.  By
implementing better commercial  practices,  consolidating  operating facilities,
adjusting  the  pricing   architecture   of  our  packages  and  products,   and
implementing  best  practices  in our  regions,  we have  been  able to  build a
stronger  presence  in  our  new  territories.  The  integration  of  all  these
initiatives  is  helping us pave the way  towards  expected  synergies."  stated
Carlos Salazar, Chief Executive Officer of the Company.

CONSOLIDATED RESULTS

During the third quarter of 2003,  our  consolidated  volume  totaled 453.0 MUC.
Consolidated  operating  income  reached  Ps.1,693.4  million  during  the third
quarter of 2003.

The integral cost of financing  loss totaled  Ps.910.9  million during the third
quarter of 2003,  reflecting the new financial  position after the  acquisition,
and being the combined effect of:

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


                                       1
<PAGE>

(i)   accrued  interest  expenses  related to the existing debt and  acquisition
      financing assumed in connection with the Panamco  transaction,  which more
      than offset interest income generated by our cash balances;

(ii)  a foreign exchange loss generated mainly by the devaluation of the Mexican
      peso against the U.S.  dollar,  as applied to the U.S.  dollar-denominated
      debt; and

(iii) a  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 33.6% in the third  quarter  of 2003,  reflecting  the
deduction  for tax  purposes of fees  associated  with the Panamco  acquisition,
which were capitalized as part of the acquisition cost for financial purposes.

Consolidated  net income  was  Ps.507.4  million  in the third  quarter of 2003,
resulting  in  earnings  per share  ("EPS")  of  Ps.0.275  (U.S.$0.250  per ADR)
computed under the basis of 1,846 million shares outstanding.

BALANCE SHEET

On  September  30,  2003,  Coca-Cola  FEMSA  recorded a cash balance of Ps.4,510
million  (U.S.$410.4  million) and total  short-term debt of Ps.4,779.2  million
(U.S.$434.9  million) and long-term  debt of Ps.25,552.9  million  (U.S.$2,325.1
million).

During the third quarter of 2003, the Company  pre-paid  U.S.$489 million of the
U.S.  dollar-denominated  bridge loan and Ps.666.2 million of the Mexican pesos-
denominated  bridge loan,  used for the  acquisition  of Panamco.  The following
chart sets forth the current  debt  breakdown  of the  Company by  currency  and
interest rate type as of September 30, 2003:

--------------------------------------------------------------------------------
                                       Interest Rate Type
                                     ----------------------
Currency            % Total Debt     % Floating     % Fixed     Average Rate(1)
--------------------------------------------------------------------------------
U.S. dollars            50%             22%           78%            4.71%
--------------------------------------------------------------------------------
Mexican Pesos           48%             55%           45%            6.81%
--------------------------------------------------------------------------------
Colombian Pesos          2%             100%           -             10.28%
--------------------------------------------------------------------------------
(1) Annualized average interest rate per currency for the third-quarter 2003.

We began  consolidating  the  results of our new  territories  during the second
quarter of 2003 in accordance with Mexican GAAP.  Corporacion  Interamericana de
Bebidas S.A de C.V., formerly known as 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  for the nine months ended  September  30, 2003 both on a
consolidated basis and by country,  includes nine months results of the original
Coca-


                                       2
<PAGE>

Cola FEMSA territories (Valley of Mexico,  Southeast of Mexico and Buenos Aires)
and  only  five  months  of our  new  territories  acquired  from  Panamco.  Our
consolidated  results  for  the  third  quarter  of  2002  do  not  include  new
territories. 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.

For comparison purposes, we present sales volume figures recorded by Panamco for
the third quarter of 2002 and the nine months ended September 30, 2002.

OPERATING RESULTS BY TERRITORY

MEXICAN OPERATING RESULTS

Revenues

Revenues in the Mexican  territories  reached  Ps.6,794.7  million for the third
quarter of 2003. Average price per unit case was Ps.26.27 (U.S.$2.39). Excluding
Ciel water volumes in five,  nineteen and twenty liter packaging  presentations,
average price per unit case was Ps.30.29 (U.S.$2.76).

Third-quarter 2003 sales volume reached 256.2 MUC, a 1.8% increase over the same
period of 2002,  mainly  driven by a 4.0% volume  growth in  CSDs(2).  Excluding
volumes generated from promotional  activity with powder  products(3) last year,
volume increased 3.2% mainly as a result of (i) the successful line extension of
flavor core brands Fresca and Lift,  (ii) the volume growth of brand  Coca-Cola,
and (iii) incremental volumes from water Ciel.

During the quarter we launched Coca-Cola Vainilla in the Valley of Mexico in two
different  presentations,  450 ml PET  non-returnable  and 8 oz can, testing new
alternatives in the cola category segment.

Income from Operations

Gross profit totaled Ps.3,598.3,  reaching a 53.0% margin as percentage of total
revenues for the third-quarter 2003. During the quarter, the company experienced
higher raw material prices and the impact of the devaluation of the Mexican peso
against the U.S.  dollar  applied to our U.S.  dollar-denominated  raw materials
year over year.  Operating profit totaled Ps.1,518.8  million,  reaching a 22.4%
margin as a percentage of total revenues.

----------
(2)   Carbonated Soft Drinks.

(3)   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 distributed during the third quarter of 2002 was
      3.5 MUC.


                                       3
<PAGE>

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

Revenues

Total  revenues  reached  Ps.766.4  million  during  the third  quarter of 2003.
Average price per unit case was Ps.28.66 (U.S.$2.61) during this period.

In the  third  quarter  of 2003,  total  sales  volume  in our  Central  America
territories  increased  by 9.3% to 26.9 MUC as  compared  to the same  period of
2002,  mainly driven by the strong  performance of brand  Coca-Cola and the core
flavor brands in every country within our Central American region.

In the third quarter of 2003, we introduced a 2.0 Lt returnable PET presentation
in Guatemala and Nicaragua,  1.5 Lt  non-returnable  PET in Panama, as well as a
2.5 Lt  non-returnable  PET presentation in Guatemala in order to strengthen our
presence in the market.  These  packaging  presentations  are intended to foster
future consumption of soft drinks in these territories.

Income from Operations

Gross profit totaled Ps.383.0 million during the third quarter of 2003, reaching
a 50% gross margin as a  percentage  of total  revenues  during the same period.
During this period the company  experienced  lower costs of raw materials due to
improved  procurement terms and an initial shift from  non-returnable  packaging
presentations to returnable  packaging  presentations.  Operating income totaled
Ps.64.5  million during the  third-quarter  2003,  reaching an operating  income
margin of 8.4% as a percentage of total revenues.

COLOMBIAN OPERATING RESULTS

Revenues

Total  revenues  reached  Ps.801.7  million during the third quarter of 2003, an
average price per unit case of Ps.19.25 (U.S.$1.75).

During the third quarter of 2003, total sales volume in our Colombian  territory
decreased  by 8.4% as  compared  to the same  period of 2002,  mainly  driven by
revenue and asset  management  initiatives  implemented  with the  objective  of
increasing the  profitability  of our business.  We are  reinforcing  our market
presence with the  re-introduction  of family size in  returnable  PET packaging
presentations for brand Coca-Cola in some of the main cities of Colombia.

Income from Operations

Gross profit totaled Ps.375.0 million during the third quarter of 2003, reaching
a 46.8% gross margin as a percentage of total  revenues  during the same period.
During the quarter  the  Company  experienced  lower  sweetener  costs and lower
packaging   costs   driven  by  an  initial   shift  to   returnable   packaging
presentations,  offsetting lower fixed costs and expenses  absorption due to the
decrease of sales volume. Operating income


                                       4
<PAGE>

was Ps.67.6  million,  reaching an 8.4% margin as a percentage of total revenues
during the third quarter of 2003.

VENEZUELAN OPERATING RESULTS

Revenues

Total  revenues  reached  Ps.819.2  million during the third quarter of 2003 and
average price per unit case in Venezuela reached Ps.20.64 (U.S.$1.88), driven by
price increases implemented at the beginning of the year.

Due to the  challenging  economic  situation in Venezuela  and the impact of our
price increases implemented in the first-quarter 2003, our volume declined 15.7%
during  the third  quarter  of 2003 as  compared  to the third  quarter of 2002.
During the third quarter of 2003 we started to see the recovery of our Coca-Cola
brand  as a  result  of the  commercial  strategies  implemented  in the  market
including the re-introduction of the 1.0 Lt returnable glass package.

Income from Operations

Gross profit totaled Ps.331.0  million during third quarter of 2003,  reaching a
40.4% gross margin as a  percentage  of total  revenues  during the same period.
During the third  quarter of 2003 we  experienced  higher  costs of  U.S.-dollar
denominated  raw materials  due to the  devaluation  of the Bolivar  against the
U.S.-dollar  year over year,  and a lower  fixed cost  absorption  driven by the
volume  decline.  Operating  income was Ps.20.3  million  reaching an  operating
income margin of 2.5% during the third quarter of 2003.

BRAZILIAN OPERATING RESULTS

Revenues

Total revenues reached Ps.916.0 million during the third quarter of 2003 and the
average price per unit case was Ps.15.20 (U.S.$1.38).

During the third  quarter of 2003,  sales  volume in our  Brazilian  territories
decreased  by 14.2% as compared  to the same  period of 2002,  mainly due to the
implementation  of  initiatives  intended to take over  third-party  selling and
distribution,  as well as packaging  diversification  strategies  to improve the
profitability of our business.

Following our packaging and product diversification strategy during the quarter,
we launched  Coca-Cola light lemon and Kuat Laranja (guarana flavor with orange)
and a new value protection brand, Sintonia, in several flavors. We also launched
several returnable and non-returnable  packages during the quarter,  including a
200  ml  returnable  glass   presentation   for  brand  Coca-Cola,   a  2.25  Lt
non-returnable  PET presentation for core flavors,  a 1.75 Lt non-returnable PET
presentation  and a 1.0  Lt  non-returnable  PET  presentation  both  for  brand
Coca-Cola.


                                       5
<PAGE>

Income from Operations

Gross profit during the third quarter of 2003 totaled Ps.327.6 million, reaching
a 35.8% margin as percentage of total revenues.  The Company  experienced  lower
sugar prices and a change of product mix during the quarter.  As a result of the
implementation   of  new   commercialization   and  point  of  sale  development
strategies,  we reached positive  operating income of Ps.18.8 million during the
third quarter of 2003 and an operating margin of 2.1%.

ARGENTINE OPERATING RESULTS

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

Revenues

Total revenues  reached  Ps.456.9  million,  a 13.6% increase as compared to the
third-quarter  2002 and the  average  price  per unit case grew by 9.2% over the
third quarter of 2002 to Ps.15.18  (U.S.$1.38).  This increase was mainly driven
by a product shift from our less profitable  value  protection  brands,  Tai and
Crush, toward our core and premium brands.

In the third quarter of 2003,  total sales volume in our Buenos Aires  territory
increased  by 5.5% as  compared to the same period of 2002.  This  increase  was
mainly  driven by the growth of our core brands in  returnable  packages,  which
represented almost 25% of our total sales volume during the third-quarter  2003,
and the growth of our premium brands,  which represented almost 13% of our total
volume sales during the third quarter of 2003. During the quarter, we introduced
Crush tonica targeting low to middle socioeconomic segments.

Income from Operations

Gross profit as a percentage of total revenues increased from 34.4% in the third
quarter of 2002 to 37.3% in 2003.  This  improvement  was  mainly  driven by (i)
higher sales volume, (ii) an appreciation of the Argentina peso against the U.S.
dollar applied to the U.S.  dollar-denominated  raw materials and expenses,  and
(iii) a decrease in the cost of sweetener.

In Argentina, operating expenses as a percentage of total revenues decreased 430
basis  points  from  31.9% in the  third  quarter  of 2002 to 27.6% in the third
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 third quarter of 2003 in our  Argentine  territories  reached
Ps.44.1 million and operating  margin rose from 2.5% during the third quarter of
2002 to 9.7% during the third quarter of 2003.

SUMMARY OF NINE MONTHS RESULTS

For the nine months ended September 30, 2003,  consolidated sales volume reached
1,344.2 MUC. The volume decline of our operations in Brazil, Colombia and


                                       6
<PAGE>

Venezuela, was partially offset by volume growth in our Mexican, Central America
and Buenos Aires territories during the first nine months of 2003.

During  the  first  nine  months of 2003,  total  revenues  reached  Ps.23,660.0
million,  resulting  in a  consolidated  average unit price per case of Ps.24.28
(U.S.$2.21).  Gross  margin as a percentage  of total  revenues was 49.8% in the
first nine months of 2003. Consolidated operating income was Ps.4,463.6 million,
18.9% as percentage of total revenues during the first nine months in 2003.

Consolidated net income totaled Ps.1.353.0 during the first nine months of 2003.
Net income per share reached  Ps.0.817  (U.S.$0.743  per ADR) computed under the
basis of 1,656.2 million compounded average shares outstanding.

CONFERENCE CALL INFORMATION

Our third-Quarter  2003 Conference Call will be held on: October 23, 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.: 800-901-5247 and International: 617-786-4501.

If you are unable to participate  live, an instant replay of the conference call
will be available  through  November 21,  2003.  To listen to the replay  please
dial:  Domestic  U.S.:  888-286-8010;  International:   617-801-6888,  Passcode:
66252405.

                                      ***

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 34 bottling  facilities  in Latin  America and serves more than
1,400,000 retailers in the region. 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  September  30,  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  third  quarter  of 2003,  which  ended on
September 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)



                                       7
<PAGE>

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

ASSETS                                                   2003             2002
--------------------------------------------------------------------------------
Current Assets
   Cash and cash equivalents                       Ps.  4,510       Ps.  6,325
--------------------------------------------------------------------------------
   Accounts receivable:
    Trade                                                 929              571
    Notes                                                  66               12
    Prepaid taxes                                         753              247

    Other                                                 835              211
--------------------------------------------------------------------------------
                                                        2,583            1,041
--------------------------------------------------------------------------------
   Inventories                                          2,616              784
   Prepaid expenses                                       196               75
--------------------------------------------------------------------------------
Total current assets                                    9,905            8,225
--------------------------------------------------------------------------------
Property, plant and equipment
   Land                                                 2,361              805
   Buildings, machinery and equipment                  23,027            9,193
   Accumulated depreciation                            (9,810)          (3,369)
   Construction in progress                               895              375
   Bottles and cases                                    1,050              297
--------------------------------------------------------------------------------
Total property, plant and equipment                    17,523            7,301
--------------------------------------------------------------------------------
Investment in shares                                      747              129
Deferred charges, net                                   1,243              870
Intangibles                                            31,615              264
--------------------------------------------------------------------------------
TOTAL ASSETS                                       Ps. 61,033       Ps. 16,789
================================================================================


LIABILITIES & STOCKHOLDERS' EQUITY                       2003             2002
--------------------------------------------------------------------------------
Current Liabilities
   Short-term bank loans and notes                 Ps.  4,783       Ps.    --

   Interest payable                                       422               82
   Suppliers                                            3,488            1,651
   Accounts payable and others                          1,905              677
   Taxes payable                                        1,005              232
--------------------------------------------------------------------------------
Total Current Liabilities                              11,603            2,642
--------------------------------------------------------------------------------
Long-term bank loans and notes                         25,583            3,243
Pension plan and seniority premium                        549              190
Other liabilities                                       2,753            1,215
--------------------------------------------------------------------------------
Total Liabilities                                      40,488            7,290
--------------------------------------------------------------------------------
Stockholders' Equity
Minority interest                                         159               --
Majority interest
   Capital stock                                        2,613            2,424
   Additional paid in capital                          11,179            1,705
   Retained earnings of prior years                     9,299            6,733
   Net income for the period                            1,339            2,566
   Cumulative results of
     holding non-monetary assets                       (4,044)          (3,929)
--------------------------------------------------------------------------------
Total majority interest                                20,386            9,499
--------------------------------------------------------------------------------
Total stockholders' equity                             20,545            9,499
--------------------------------------------------------------------------------
TOTAL LIABILITIES & EQUITY                         Ps. 61,033       Ps. 16,789
================================================================================

<PAGE>

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

<TABLE>
<CAPTION>
                                 -------------------------------     ------------------     ----------------   -----------------
                                                                                            Central American       Colombian
                                            Consolidated             Mexican 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)             453.0       157.7      187.3       256.2                  26.9                41.6
Average unit price per case         23.11       29.07     (20.5)       26.27                 28.66               19.25
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Net revenues                     10,466.2     4,580.2      128.5     6,729.3                 769.8               801.7
Other operating revenues             23.9        45.7      (47.7)       65.4                  (3.4)                0.0
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Total revenues                   10,490.1     4,625.9      126.8     6,794.7    100.0        766.4   100.0       801.7    100.0
Cost of sales                     5,346.0     2,132.9      150.6     3,196.4     47.0        383.4    50.0       426.7     53.2
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Gross profit                      5,144.1     2,493.0      106.3     3,598.3     53.0        383.0    50.0       375.0     46.8
----------------------------     -------------------------------     ------------------     ----------------   -----------------
    Administrative expenses         708.9       371.2       91.0       467.7      6.9         46.6     6.1        71.7      8.9
    Selling expenses              2,741.8       964.8      184.2     1,611.8     23.7        271.8    35.5       235.7     29.4
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Operating expenses                3,450.7     1,336.0      158.3     2,079.5     30.6        318.4    41.5       307.4     38.3
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Goodwill amortization                             5.1     (100.0)         --       --           --      --          --       --
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Operating income                  1,693.4     1,151.9       47.0     1,518.8     22.4         64.5     8.4        67.6      8.4
----------------------------     -------------------------------     ------------------     ----------------   -----------------
    Interest expense                664.1        85.1      680.4
    Interest income                  80.5        64.3       25.2
    Interest expense, net           583.6        20.9    2,692.4
    Foreign exchange
      loss (gain)                   736.4        32.1    2,194.2
    Loss (gain) on
      monetary position            (409.1)       40.9   (1,100.4)
----------------------------     -------------------------------
Integral cost of
  financing                         910.9        93.9      870.1
Other (income)
  expenses, net                      18.5        18.1        2.1
----------------------------     -------------------------------
Income before taxes                 764.0     1,039.9      (26.5)
Taxes                               256.6       376.2      (31.8)
----------------------------     -------------------------------
Goodwill Impairment                    --      (446.6)        NA
----------------------------     -------------------------------
Consolidated net income             507.4       217.1      133.7
----------------------------     -------------------------------
Majority net income                 499.1       217.1      129.9
Minority net income                   8.3          --       N.A.
----------------------------     -------------------------------     ------------------     ----------------   -----------------
Non-cash items (2)                  620.1       267.2      132.1       344.6      5.1         64.9     8.5        85.6     10.7
----------------------------     -------------------------------     ------------------     ----------------   -----------------
</TABLE>

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

(2)   Depreciation,  amortization,returnable  bottle breakage and other non-cash
      items related to working capital.


<PAGE>

Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries
INCOME STATEMENT
For the three months ended September 30, 2003 and 2002
Expressed in million of mexican  pesos(1)
with purchasing  power as of September 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)               39.7                    60.0                    28.6                 27.1                5.5
Average unit price per case          20.64                   15.20                   15.18                13.98                8.7
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Net revenues                         819.2                   911.6                   434.7                379.3               14.6
Other operating revenues               0.0                     4.3                    22.2                 22.8               (2.6)
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Total revenues                       819.2     100.0         916.0     100.0         456.9     100.0      402.1     100.0     13.6
Cost of sales                        488.2      59.6         588.4      64.2         286.5      62.7      263.9      65.6      8.6
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Gross profit                         331.0      40.4         327.6      35.8         170.4      37.3      138.2      34.4     23.3
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
    Administrative expenses           37.3       4.6          63.6       6.9          21.9       4.8       27.4       6.8    (20.1)
    Selling expenses                 273.3      33.4         245.2      26.8         104.4      22.9      100.7      25.0      3.7
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Operating expenses                   310.7      37.9         308.8      33.7         126.3      27.6      128.1      31.9     (1.4)
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Goodwill amortization                   --            --        --            --        --         --        --       --
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Operating income                      20.3       2.5          18.8       2.1          44.1       9.7       10.1       2.5    336.6
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
Non-cash items (2)                    65.0       7.9          21.9       2.4          38.0       8.3       61.4      15.3    (38.2)
-----------------------------     ----------------------   ----------------------    ----------------------------------------------
</TABLE>

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

(2)   Depreciation,  amortization,returnable  bottle breakage and other non-cash
      items related to working capital.


<PAGE>

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

<TABLE>
<CAPTION>
                                   ---------------------------------   ---------------------  ------------------- -----------------
                                                                                                   Central            Colombian
                                              Consolidated               Mexican Operations   American 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)                968.8       455.3      112.8        605.5                  43.6               69.0
Average unit price per case            24.28       29.69     (18.2)        27.66                 29.14              19.30
-----------------------------      ---------------------------------   ----------             ----------          ---------
Net revenues                        23,525.4    13,519.3       74.0     16,748.8               1,271.7            1,332.3
Other operating revenues               134.6       111.8       20.4        115.5                   5.8               (0.0)
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Total revenues                      23,660.0    13,631.1       73.6     16,864.3      100.0    1,277.4    100.0   1,332.3    100.0
Cost of sales                       11,880.4     6,283.2       89.1      7,862.7       46.6      648.8     50.8     715.4     53.7
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Gross profit                        11,779.6     7,347.9       60.3      9,001.6       53.4      628.6     49.2     616.9     46.3
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
    Administrative expenses          1,590.8     1,068.6       48.9      1,130.4        6.7       78.8      6.2     120.7      9.1
    Selling expenses                 5,725.3     2,898.2       97.5      3,754.7       22.3      444.4     34.8     374.8     28.1
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Operating expenses                   7,316.1     3,966.8       84.4      4,885.1       29.0      523.1     41.0     495.4     37.2
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Goodwill amortization                     --         5.1     (100.0)          --         --         --       --        --       --
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Operating income                     4,463.6     3,346.6       33.4      4,116.5       24.4      105.5      8.3     121.4      9.1
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
    Interest expense                 1,140.3       247.0      361.7
    Interest income                    206.9       187.2       10.5
    Interest expense, net              933.4        59.8    1,460.9
    Foreign exchange
      loss (gain)                    1,683.0      (186.9)  (1,000.5)
    Loss (gain) on
      monetary position               (409.6)     (419.1)      (2.3)
-----------------------------      ---------------------------------
Integral cost of financing           2,206.8      (546.2)    (504.0)
Other (income) expenses, net           119.8        83.4       43.6
-----------------------------      ---------------------------------
Income before taxes                  2,136.9     3,809.4      (43.9)
Taxes                                  783.9     1,507.1      (48.0)
-----------------------------      ---------------------------------
Goodwill Impairment                       --      (446.6)        NA
-----------------------------      ---------------------------------
Consolidated net income              1,353.0     1,855.7      (27.1)
-----------------------------      ---------------------------------
Majority net income                  1,338.0     1,855.7      (27.9)
Minority net income                     15.0          --         --
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
Non-cash items (2)                   1,284.4       812.1       58.2        766.0        4.5      110.1      8.6     139.9     10.5
-----------------------------      ---------------------------------   ---------------------  ------------------- -----------------
</TABLE>

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

(2)   Depreciation,  amortization,returnable  bottle breakage and other non-cash
      items related to working capital.


<PAGE>

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

<TABLE>
<CAPTION>
                                  ------------------------  ---------------------  ------------------------------------------------
                                    Venezuelan Operations     Brazilian Operatio                   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)                64.3                    99.1                   87.3                79.8                9.5
Average unit price per case           21.11                   15.20                  15.00               14.57                3.0
-----------------------------     ----------                --------               -------            --------               ------
Net revenues                        1,357.3                 1,505.7                1,309.7             1,162.2               12.7
Other operating revenues               (0.0)                    6.9                   71.1                56.3               26.3
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Total revenues                      1,357.3      100.0      1,512.6       100.0    1,380.8      100.0  1,218.5     100.0     13.3
Cost of sales                         794.0       58.5        993.5        65.7      889.6       64.4    799.9      65.6     11.2
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Gross profit                          563.2       41.5        519.2        34.3      491.2       35.6    418.6      34.4     17.3
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
    Administrative expenses            74.8        5.5        109.2         7.2       76.9        5.6     83.7       6.9     (8.1)
    Selling expenses                  437.3       32.2        398.4        26.3      315.8       22.9    307.8      25.3      2.6
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Operating expenses                    512.1       37.7        507.6        33.6      392.7       28.4    391.5      32.1      0.3
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Goodwill amortization                    --         --           --          --         --         --      9.3       0.8   (100.0)
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Operating income                       51.1        3.8         11.5         0.8       98.5        7.1     17.8       1.5    453.4
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
Non-cash items (2)                    109.0        8.0         35.7         2.4      123.8        9.0    175.4      14.4    (29.4)
-----------------------------     ------------------------  ---------------------  ------------------------------------------------
</TABLE>

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

(2)   Depreciation,  amortization,returnable  bottle breakage and other non-cash
      items related to working capital.


<PAGE>

                              SELECTED INFORMATION

For the three months ended September 30, 2003

Expressed in million Mexican pesos as of September 30, 2003

                                                                     -----------
                                                                        3Q 2002
--------------------------------------------------------------------------------
Capex                                                                    284.3
--------------------------------------------------------------------------------
Depreciation                                                             124.3
--------------------------------------------------------------------------------
Amortization & Others                                                    142.9
--------------------------------------------------------------------------------

                                                                     -----------
                                                                        3Q 2003
--------------------------------------------------------------------------------
Capex                                                                    868.1
--------------------------------------------------------------------------------
Depreciation                                                             314.5
--------------------------------------------------------------------------------
Amortization & Others                                                    305.6
--------------------------------------------------------------------------------

VOLUME (MUC)
Expressed in million unit cases

<TABLE>
<CAPTION>
                            -------------------------------------------------    -------------------------------------------------
                                                 3Q 2002                                              3Q 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)                   152.0    42.9    51.9      --      4.8    251.6      154.1    48.6    52.2      --      1.3    256.2
Central America               17.0     5.8     1.0      --      0.8     24.6       18.8     6.5     1.1      --      0.5     26.9
Colombia                      27.2     9.9     8.1      --      0.2     45.4       25.3     9.9     6.4      --       --     41.6
Venezuela                     23.2    15.7     5.0     0.7      2.5     47.1       21.8    12.2     3.6      --      2.1     39.7
Brazil                        34.6    18.1     3.3    13.7      0.3     70.0       32.2    13.5     2.3    11.6      0.4     60.0
Argentina                     19.3     7.4     0.3      --      0.1     27.1       20.9     7.4     0.2      --      0.1     28.6
-----------------------------------------------------------------------------    -------------------------------------------------
Total                        273.3    99.8    69.6    14.4      8.7    465.8      273.1    98.1    65.8    11.6      4.4    453.0
-----------------------------------------------------------------------------    -------------------------------------------------
</TABLE>

(1)   Water volume in 3Q 2003, includes 3.1 MUC of Ciel 5.0 Lt presentation.

PACKAGE MIX BY PRESENTATION
Expressed as a Percentage of Total Volume

<TABLE>
<CAPTION>
                          ------------------------------------------------             ---------------------------------------
                                              3Q 2002                                                  3Q 2003
                          ------------------------------------------------             ---------------------------------------
                            Ret         Non-Ret      Fountain        Jug                Ret     Non-Ret    Fountain      Jug
--------------------------------------------------------------------------             ---------------------------------------
<S>                         <C>           <C>           <C>          <C>                <C>       <C>          <C>       <C>
Mexico                      28.8          53.1          1.2          16.8               28.6      54.6         1.3       15.5
Central America             51.7          42.0          6.3            --               56.0      38.5         5.5         --
Colombia                    54.0          34.9          3.0           8.1               55.6      34.3         3.3        6.9
Venezuela                   35.8          55.4          3.0           5.8               36.7      55.8         2.9        4.6
Brazil                      12.2          83.7          4.2            --               11.8      84.1         4.1         --
Argentina                   19.1          75.8          5.1            --               25.3      71.1         3.6         --
--------------------------------------------------------------------------             ---------------------------------------
</TABLE>


<PAGE>

                              SELECTED INFORMATION

For the nine months ended September 30, 2003

Expressed in million Mexican pesos as of September 30, 2003

                                                                     -----------
                                                                        9M 2002
--------------------------------------------------------------------------------
Capex                                                                    811.4
--------------------------------------------------------------------------------
Depreciation                                                             433.3
--------------------------------------------------------------------------------
Amortization & Others                                                    378.8
--------------------------------------------------------------------------------

                                                                     -----------
                                                                        9M 2003
--------------------------------------------------------------------------------
 Capex                                                                 1,675.4
--------------------------------------------------------------------------------
 Depreciation                                                            681.1
--------------------------------------------------------------------------------
 Amortization & Others                                                   603.3
--------------------------------------------------------------------------------

VOLUME (MUC)
Expressed in million unit cases

<TABLE>
<CAPTION>
                         ----------------------------------------------------   --------------------------------------------------
                                               9M 2002                                                 9M 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)                 445.7   123.7   156.4      --     11.4     737.2      446.5    141.2   165.6      --      4.5    757.8
Central America             50.6    17.1     2.9      --      2.0      72.6       53.7     19.4     3.3      --      1.5     77.9
Colombia                    79.4    29.3    24.5      --      0.5     133.7       77.6     28.6    20.2      --      0.3    126.7
Venezuela                   61.5    44.1    13.9     2.1      7.2     128.8       61.0     31.1     8.9      --      5.7    106.7
Brazil                     105.3    60.7    11.6    41.2      0.9     219.7       99.7     45.6     7.5    33.8      1.2    187.8
Argentina                   53.4    25.4     0.6      --      0.4      79.8       62.7     23.5     0.9      --      0.2     87.3
-----------------------------------------------------------------------------   --------------------------------------------------
Total                      795.9   300.3   209.9    43.3     22.4   1,371.8      801.2    289.4   206.4    33.8     13.4  1,344.2
-----------------------------------------------------------------------------   --------------------------------------------------
</TABLE>

(1)   Water  volume in the nine  months  2003,  includes  9.3 MUC of Ciel 5.0 Lt
      presentation.

PACKAGE MIX BY PRESENTATION
Expressed as a Percentage of Total Volume

<TABLE>
<CAPTION>
                           ----------------------------------------------              --------------------------------------
                                               9M 2002                                                 9M 2003
                           ----------------------------------------------              --------------------------------------
                             Ret         Non-Ret      Fountain       Jug                 Ret     Non-Ret   Fountain     Jug
-------------------------------------------------------------------------              --------------------------------------
<S>                         <C>           <C>           <C>         <C>                 <C>       <C>         <C>      <C>
Mexico                      28.5          52.8          1.2         17.4                27.7      54.5        1.3      16.5
Central America             52.3          41.5          6.2           --                52.1      42.3        5.6         -
Colombia                    55.4          33.3          3.1          8.3                54.0      35.8        3.0       7.2
Venezuela                   38.8          51.9          3.1          6.2                36.2      57.2        2.7       3.9
Brazil                      12.7          83.4          3.8           --                11.7      84.2        4.1         -
Argentina                    9.5          85.4          5.1           --                24.2      71.9        3.9         -
-------------------------------------------------------------------------              --------------------------------------
</TABLE>


<PAGE>

                                 September 2003
                            Macroeconomic Information

                     ----------------------------------  ---------------------
                                   Inflation             Foreign Exchange Rate
                        LTM           YTD      3Q 2003     (Per US Dollar) *
------------         ----------------------------------  ---------------------
  Mexico                4.04%        2.30%       1.04%         10.9900
 Colombia               6.88%        5.42%       0.38%      2,889.3900
Venezuela              26.58%       20.61%       4.57%      1,853.0000
  Brazil               17.79%        9.15%       1.22%          2.9234
Argentina               3.35%        2.32%       0.50%          2.9150
------------         ----------------------------------  ---------------------

*     Figures as of September 30, 2003

</TEXT>
</DOCUMENT>
