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Bank Loans and Notes Payables | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Bank Loans and Notes Payables | Note 18. Bank Loans and Notes Payables
Expressed in millions of mexican pesos. |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 and following years |  |  | Carrying value as of December 31, 2018 |  |  | Fair value as of December 31, 2018 |  |  | Carrying value as of December 31, 2017 |
Short- term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 157 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157 |  |  |  | 141 |  |  |  | 106 |
Interest rate |  |  | 36.75 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36.75 | % |  |  | — |  |  |  | 22.40 | %
Uruguayan pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 771 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 771 |  |  |  | 772 |  |  |  | — |
Interest rate |  |  | 9.96 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9.96 | % |  |  | — |  |  |  | — |
Subtotal |  |  | 928 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 928 |  |  |  | 913 |  |  |  | 106 |
Variable rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombian pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 454 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 454 |  |  |  | 454 |  |  |  | 1,951 |
Interest rate |  |  | 5.58 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.58 | % |  |  | — |  |  |  | 7.28 | %
Subtotal |  |  | 454 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 454 |  |  |  | 454 |  |  |  | 1,951 |
Short- term debt |  |  | 1,382 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,382 |  |  |  | 1,367 |  |  |  | 2,057 |
Long term debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yankee bond |  |  | — |  |  |  | 9,829 |  |  |  | — |  |  |  | — |  |  |  | 17,557 |  |  |  | 11,818 |  |  |  | 39,204 |  |  |  | 40,716 |  |  |  | 48,043 |
Interest rate |  |  | — |  |  |  | 4.63 | % |  |  | — |  |  |  | — |  |  |  | 3.88 | % |  |  | 5.25 | % |  |  | 4.48 | % |  |  | — |  |  |  | 4.09 | %
Colombian pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 728 |
Interest rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9.63 | %
Brazilian reais |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes payable (2) |  |  | 4,653 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,653 |  |  |  | 4,516 |  |  |  | 6,707 |
Interest rate |  |  | 0.38 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.38 | % |  |  | — |  |  |  | 0.38 | %
Bank loans |  |  | 186 |  |  |  | 129 |  |  |  | 78 |  |  |  | 67 |  |  |  | 38 |  |  |  | 24 |  |  |  | 522 |  |  |  | 508 |  |  |  | 934 |
Interest rate |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | % |  |  | — |  |  |  | 5.78 | %
Mexican pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  |  | — |  |  |  | — |  |  |  | 2,498 |  |  |  | — |  |  |  | 7,495 |  |  |  | 8,488 |  |  |  | 18,481 |  |  |  | 17,218 |  |  |  | 18,479 |
Interest rate |  |  | — |  |  |  | — |  |  |  | 8.27 | % |  |  | — |  |  |  | 5.46 | % |  |  | 7.87 | % |  |  | 6.95 | % |  |  | — |  |  |  | 6.95 | %
Uruguayan pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | — |  |  |  | 573 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 573 |  |  |  | 573 |  |  |  | — |
Interest rate |  |  | — |  |  |  | 10.15 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10.15 | % |  |  | — |  |  |  | — |
U.S. Dollar |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial leasings. |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | — |
Interest rate |  |  | 3.28 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3.28 | % |  |  | — |  |  |  | — |
Subtotal |  |  | 4,849 |  |  |  | 10,531 |  |  |  | 2,576 |  |  |  | 67 |  |  |  | 25,090 |  |  |  | 20,330 |  |  |  | 63,443 |  |  |  | 63,531 |  |  |  | 74,981 |
Variable rate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mexican pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,497 |  |  |  | — |  |  |  | — |  |  |  | 1,497 |  |  |  | 1,276 |  |  |  | 1,496 |
Interest rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8.61 | % |  |  | — |  |  |  | — |  |  |  | 8.61 | % |  |  | — |  |  |  | 7.70 | %
Bank loans |  |  | 4,700 |  |  |  | — |  |  |  | 5,400 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,100 |  |  |  | 10,100 |  |  |  | — |
Interest rate |  |  | 8.48 | % |  |  | — |  |  |  | 8.62 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8.56 | % |  |  | — |  |  |  | — |
U. S. Dollar |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | — |  |  |  | — |  |  |  | 4,025 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,025 |  |  |  | 4,062 |  |  |  | 4,032 |
Interest rate |  |  | — |  |  |  | — |  |  |  | 3.34 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3.34 | % |  |  | — |  |  |  | 2.12 | %
Colombian pesos |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 424 |  |  |  | 424 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 848 |  |  |  | 848 |  |  |  | — |
Interest rate |  |  | 5.61 | % |  |  | 5.73 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.67 | % |  |  | — |  |  |  | — |
Brazilian reais |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans |  |  | 244 |  |  |  | 198 |  |  |  | 57 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 505 |  |  |  | 527 |  |  |  | 869 |
Interest rate |  |  | 9.53 | % |  |  | 9.53 | % |  |  | 9.53 | % |  |  | 9.53 | % |  |  | — |  |  |  | — |  |  |  | 9.53 | % |  |  | — |  |  |  | 8.50 | %
Notes payable |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |  |  |  | 15 |
Interest rate |  |  | 0.40 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.40 | % |  |  | — |  |  |  | 0.44 | %
Subtotal |  |  | 5,373 |  |  |  | 622 |  |  |  | 9,482 |  |  |  | 1,503 |  |  |  | — |  |  |  | — |  |  |  | 16,980 |  |  |  | 16,818 |  |  |  | 6,412 |
Long term debt |  |  | 10,222 |  |  |  | 11,153 |  |  |  | 12,058 |  |  |  | 1,570 |  |  |  | 25,090 |  |  |  | 20,330 |  |  |  | 80,423 |  |  |  | 80,349 |  |  |  | 81,303 |
Current portion of long term debt |  |  | 10,222 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,222 |  |  |  | — |  |  |  | 10,114 |
Long- term debt |  |  | — |  |  |  | 11,153 |  |  |  | 12,058 |  |  |  | 1,570 |  |  |  | 25,090 |  |  |  | 20,330 |  |  |  | 70,201 |  |  |  | 80,349 |  |  |  | 71,189 |
(1) | All interest rates shown in this table are weighted average contractual annual rates.
(2) | Promissory note denominated and payable in Brazilian reais; however, it is linked to the performance of the exchange rate between the Brazilian real and the U.S. dollar. As a result, the principal amount under the promissory note may be increased or reduced based on the depreciation or appreciation of the Brazilian real relative to the U.S. dollar.
For the years ended December 31, 2018, 2017 and 2016, the interest expense related to the bank loans and notes payable is comprised as follows and included in the consolidated income statement under the interest expense caption:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Interest on debts and borrowings |  | Ps. | 4,786 |  |  | Ps. | 4,337 |  |  | Ps. | 4,099 |
Capitalized interest |  |  | — |  |  |  | — |  |  |  | (32 | )
Finance charges for employee benefits |  |  | 202 |  |  |  | 182 |  |  |  | 154 |
Derivative instruments |  |  | 2,370 |  |  |  | 4,161 |  |  |  | 3,082 |
Finance operating charges |  |  | 210 |  |  |  | 97 |  |  |  | 168 |
|  | Ps. | 7,568 |  |  | Ps. | 8,777 |  |  | Ps. | 7,471 |
Coca-Cola FEMSA has the following debt bonds: a) registered with the Mexican stock exchange: i) Ps. 2,500 (nominal amount) with a maturity date in 2021 and fixed interest rate of 8.27% and ii) Ps. 7,500 (nominal amount) with a maturity date in 2023 and fixed interest rate of 5.46% iii) Ps. 1,500 (nominal amount) with a maturity date in 2022 and floating interest rate of TIIE + 0.25% iv) Ps. 8,500 (nominal amount) with a maturity date in 2027 and fixed interest rate of 7.87% and b) registered with the SEC : i) Senior notes of US. $ 500 with interest at a fixed rate of 4.63% and maturity date on February 15, 2020, ii) Senior notes of US. $900 with interest at a fixed rate of 3.88% and maturity date on November 26, 2023 and iii) Senior notes of US. $ 600 with interest at a fixed rate of 5.25% and maturity date on November 26, 2043 all of which are guaranteed by our subsidiaries: Propimex, S. de R.L. de C.V., Comercializadora La Pureza de Bebidas, S. de R.L. de C.V., Controladora Interamericana de Bebidas, S. de R.L. de C.V., Grupo Embotellador Cimsa, S. de R.L. de C.V., Refrescos Victoria del Centro, S. de R.L. de C.V., Distribuidora y Manufacturera del Valle de Mexico, S. de R.L. de C.V (as successor guarantor of Servicios Integrados Inmuebles del Golfo, S. de R.L. de C.V.) and Yoli de Acapulco, S. de R.L. de C.V. (“Guarantors”). In Note 27 we present supplemental guarantors consolidating financial information. During 2018 Coca-Cola FEMSA had credit contracts in Mexican and Uruguayan peso with some banks for Ps. 10,100 and Ps. 1,344, respectively. On November 26, 2018, The Company paid the total balance of its bond in USD for USD 445 million The Company has financing from different financial institutions under agreements that stipulate different restrictions and covenants, which mainly consist of maximum levels of leverage and capitalization as well as minimum consolidated net worth and debt and interest coverage ratios. As of the date of these consolidated financial statements, the Company was in compliance with all restrictions and covenants contained in its financing agreements. 18.1 Reconciliation of liabilities arising from financing activities.
|  |  |  |  | Cash flows |  |  | Non-cash flows |  |  |  |
|  | Carrying Value at December 31, 2017 |  |  | Repayments |  |  | Proceeds |  |  | Liability offset |  |  | Foreign Exchange movement |  |  | Translation Effect |  |  | Carrying Value at December 31, 2018 |
Short-term bank loans |  | Ps. | 2,057 |  |  | Ps. | (5,188 | ) |  | Ps. | 4,138 |  |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | 375 |  |  | Ps. | 1,382 |
Short-term notes payable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total short-term from financing activities |  | Ps. | 2,057 |  |  | Ps. | (5,188 | ) |  | Ps. | 4,138 |  |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | 375 |  |  | Ps. | 1,382 |
Long-term bank loans |  |  | 6,563 |  |  |  | (1,702 | ) |  |  | 11,278 |  |  |  | — |  |  |  | — |  |  |  | 433 |  |  |  | 16,572 |
Long-term notes payable |  |  | 74,740 |  |  |  | (9,067 | ) |  |  | — |  |  |  | (2,036 | ) |  |  | 1,157 |  |  |  | (953 | ) |  |  | 63,841 |
Long-term lease liabilities |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 |
Total long-term from financing activities |  | Ps. | 81,303 |  |  | Ps. | (10,769 | ) |  | Ps. | 11,288 |  |  | Ps. | (2,036 | ) |  | Ps. | 1,157 |  |  | Ps. | (520 | ) |  | Ps. | 80,423 |
Current portion of long-term debt (1) |  | Ps. | 10,114 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | Ps. | 108 |  |  | Ps. | 10,222 |
Total from financing activities |  | Ps. | 83,360 |  |  | Ps. | (15,957 | ) |  | Ps. | 15,426 |  |  | Ps. | (2,036 | ) |  | Ps. | 1,157 |  |  | Ps. | (145 | ) |  | Ps. | 81,805 |
|  |  |  |  | Cash flows |  |  | Non-cash flows |  |  |  |
|  | Carrying Value at December 31, 2016 |  |  | Repayments |  |  | Proceeds |  |  | Foreign Exchange movement |  |  | Translation Effect |  |  | Carrying Value at December 31, 2017 |
Short-term bank loans |  | Ps. | 1,573 |  |  | Ps. | (1,013 | ) |  | Ps. | 489 |  |  | Ps. | — |  |  | Ps. | 1,008 |  |  | Ps. | 2,057 |
Short-term notes payable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total short-term from financing activities |  | Ps. | 1,573 |  |  | Ps. | (1,013 | ) |  | Ps. | 489 |  |  | Ps. | — |  |  | Ps. | 1,008 |  |  | Ps. | 2,057 |
Long-term bank loans |  |  | 8,594 |  |  |  | (2,264 | ) |  |  | 1,999 |  |  |  | 190 |  |  |  | (1,956 | ) |  |  | 6,563 |
Long-term notes payable |  |  | 78,742 |  |  |  | (9,832 | ) |  |  | 10,000 |  |  |  | 4,015 |  |  |  | (8,185 | ) |  |  | 74,740 |
Total long-term from financing activities |  | Ps. | 87,336 |  |  | Ps. | (12,096 | ) |  | Ps. | 11,999 |  |  | Ps. | 4,205 |  |  | Ps. | (10,141 | ) |  | Ps. | 81,303 |
Current portion of long-term debt (2) |  | Ps. | 1,479 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | Ps. | 10,114 |
Total from financing activities |  | Ps. | 88,909 |  |  | Ps. | (13,109 | ) |  | Ps. | 12,488 |  |  | Ps. | 4,205 |  |  | Ps. | (9,133 | ) |  | Ps. | 83,360 |
(1) | The current portion for the long term debt as of December 31, 2018 is composed by notes payable in Brazilian reais for Ps. 4,653, bank loans in Brazil for Ps. 430 and a note payable for Ps. 5 in Brazilian reais, a financial leasing in Uruguay for Ps. 10, bank loans for Ps. 424 in Colombia and a bank loan in México for and amount of Ps. 4,700.
(2) | Current portion of long term debt at December 31, 2017 includes: a) bank loans denominated in brazilian reais for an equivalent amount in Ps. 602, b) senior notes denominated in US dollars for an equivalent amount in Ps. 8,774, c) notes payable denominated in Brazilian reais for an equivalent amount in Ps. 10 and d) bank loans denominated in Colombian pesos for an equivalent amount in Ps. 728.

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