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v3.19.1

Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Reconciliation of Changes in Intangible Assets and Goodwill |
|  | Rights to Produce and Distribute Coca-Cola trademark Products |  |  | Goodwill |  |  | Other indefinite lived intangible assets |  |  | Technology Costs and management systems |  |  | Development systems |  |  | Other amortizable |  |  | Total |
Balance as of January 1, 2016 |  | Ps. | 66,392 |  |  | Ps. | 21,037 |  |  | Ps. | 120 |  |  | Ps. | 3,850 |  |  | Ps. | 683 |  |  | Ps. | 330 |  |  | Ps. | 92,412 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127 |  |  |  | 609 |  |  |  | 2 |  |  |  | 738 |
Acquisition from business combinations |  |  | 9,602 |  |  |  | 7,856 |  |  |  | 1,067 |  |  |  | 247 |  |  |  | 3 |  |  |  | 109 |  |  |  | 18,884 |
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 304 |  |  |  | (304 | ) |  |  | — |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (323 | ) |  |  | — |  |  |  | (2 | ) |  |  | (325 | )
Effect of movements in exchange rates |  |  | 8,124 |  |  |  | 4,689 |  |  |  | 61 |  |  |  | 363 |  |  |  | (193 | ) |  |  | 36 |  |  |  | 13,080 |
Changes in value on the recognition of inflation effects |  |  | 1,220 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,220 |
Capitalization of borrowing cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 11 |
Cost as of December 31, 2016 |  | Ps. | 85,338 |  |  | Ps. | 33,582 |  |  | Ps. | 1,248 |  |  | Ps. | 4,579 |  |  | Ps. | 798 |  |  | Ps. | 475 |  |  | Ps. | 126,020 |
Balance as of January 1, 2017 |  | Ps. | 85,338 |  |  | Ps. | 33,582 |  |  | Ps. | 1,248 |  |  | Ps. | 4,579 |  |  | Ps. | 798 |  |  | Ps. | 475 |  |  | Ps. | 126,020 |
Purchases |  |  | 1,288 |  |  |  | — |  |  |  | 7 |  |  |  | 179 |  |  |  | 920 |  |  |  | 446 |  |  |  | 2,840 |
Acquisition from business combinations |  |  | 9,066 |  |  |  | (6,168 | ) |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 64 |  |  |  | 2,968 |
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 412 |  |  |  | (412 | ) |  |  | — |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effect of movements in exchange rates |  |  | (2,318 | ) |  |  | (1,186 | ) |  |  | 101 |  |  |  | (86 | ) |  |  | (15 | ) |  |  | (52 | ) |  |  | (3,556 | )
Changes in value on the recognition of inflation effects |  |  | (727 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 175 |  |  |  | (552 | )
Effect Venezuela (Note 3.3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (139 | ) |  |  | (139 | )
Capitalization of borrowing cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cost as of December 31, 2017 |  | Ps. | 92,647 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 5,090 |  |  | Ps. | 1,291 |  |  | Ps. | 969 |  |  | Ps. | 127,581 |
Balance as of January 1, 2018 |  | Ps. | 92,647 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 5,090 |  |  | Ps. | 1,291 |  |  | Ps. | 969 |  |  | Ps. | 127,581 |
Purchases |  |  | — |  |  |  | — |  |  |  | 50 |  |  |  | 226 |  |  |  | 371 |  |  |  | 28 |  |  |  | 675 |
Acquisition from business combinations |  |  | 4,602 |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 57 |  |  |  | 291 |  |  |  | 4,976 |
Systems Development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | 41 |
Transfer of completed development systems |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 904 |  |  |  | (904 | ) |  |  | — |  |  |  | — |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (93 | ) |  |  | (98 | )
Philippines disposal (Note 5) |  |  | (3,882 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (596 | ) |  |  | (4,478 | )
Effect of movements in exchange rates |  |  | (5, 005 | ) |  |  | (2,499 | ) |  |  | (352 | ) |  |  | (218 | ) |  |  | (38 | ) |  |  | (31 | ) |  |  | (8,143 | )
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57 |  |  |  | 57 |
Capitalization of borrowing cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cost as of December 31, 2018 |  | Ps. | 88,362 |  |  | Ps. | 23,729 |  |  | Ps. | 1,054 |  |  | Ps. | 6,023 |  |  | Ps. | 777 |  |  | Ps. | 666 |  |  | Ps. | 120,611 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balances as of January 1, 2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,438 | ) |  |  | — |  |  |  | (220 | ) |  |  | (1,658 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (427 | ) |  |  | — |  |  |  | (35 | ) |  |  | (462 | )
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 249 |
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (148 | ) |  |  | — |  |  |  | (37 | ) |  |  | (185 | )
Balances as of December 31, 2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,764 | ) |  |  | — |  |  |  | (292 | ) |  |  | (2,056 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (605 | ) |  |  | — |  |  |  | (42 | ) |  |  | (647 | )
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46 |  |  |  | — |  |  |  | 184 |  |  |  | 230 |
Effect Venezuela (Note 3.3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (120 | ) |  |  | (120 | )
Impairment Venezuela |  |  | (745 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (745 | )
Balances as of December 31, 2017 |  | Ps. | (745 | ) |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | (2,323 | ) |  | Ps. | — |  |  | Ps. | (270 | ) |  | Ps. | (3,338 | )
Amortization expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (797 | ) |  |  | — |  |  |  | (201 | ) |  |  | (998 | )
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 93 |  |  |  | 98 |
Philippines disposal (Note 5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 375 |  |  |  | 375 |
Effect of movements in exchange rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 141 |  |  |  | — |  |  |  | (33 | ) |  |  | 108 |
Changes in value on the recognition of inflation effects |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (51 | ) |  |  | — |  |  |  | (1 | ) |  |  | (52 | )
Cost as of December 31, 2018 |  | Ps. | (745 | ) |  | Ps. | — |  |  | Ps. | — |  |  | Ps. | (3,025 | ) |  | Ps. | — |  |  | Ps. | (37 | ) |  | Ps. | (3,807 | )
Balance as of December 31, 2016 |  | Ps. | 85,338 |  |  | Ps. | 33,582 |  |  | Ps. | 1,248 |  |  | Ps. | 2,815 |  |  | Ps. | 798 |  |  | Ps. | 183 |  |  | Ps. | 123,964 |
Balance as of December 31, 2017 |  | Ps. | 91,902 |  |  | Ps. | 26,228 |  |  | Ps. | 1,356 |  |  | Ps. | 2,767 |  |  | Ps. | 1,291 |  |  | Ps. | 699 |  |  | Ps. | 124,243 |
Balance as of December 31, 2018 |  | Ps. | 87,617 |  |  | Ps. | 23,729 |  |  | Ps. | 1,054 |  |  | Ps. | 2,998 |  |  | Ps. | 777 |  |  | Ps. | 629 |  |  | Ps. | 116,804 |
Disclosure of Aggregate Carrying Amounts of Goodwill and Distribution Rights Allocated to Each CGUl | The aggregate carrying amounts of goodwill and distribution rights allocated to each CGU are as follows:
In millions of Ps. |  | 2018 |  |  | 2017 |
Mexico |  | Ps. | 56,352 |  |  | Ps. | 56,352 |
Guatemala |  |  | 1,853 |  |  |  | 488 |
Nicaragua |  |  | 460 |  |  |  | 484 |
Costa Rica |  |  | 1,417 |  |  |  | 1,520 |
Panamá |  |  | 1,182 |  |  |  | 1,185 |
Colombia |  |  | 4,600 |  |  |  | 5,824 |
Uruguay |  |  | 3,003 |  |  |  | — |
Brazil |  |  | 42,153 |  |  |  | 48,345 |
Argentina |  |  | 327 |  |  |  | 50 |
Philippines |  |  | — |  |  |  | 3,882 |
Total |  | Ps. | 111,347 |  |  | Ps. | 118,130 |
Details of Key Assumptions by CGU for Impairment Test | The key assumptions by CGU for impairment test as of December 31, 2018 were as follows:
CGU |  | Pre-tax WACC |  |  | Post –tax WACC |  |  | Expected Annual Long- Term Inflation 2019-2028 |  |  | Expected Volume Growth Rates 2019-2028 |
Mexico |  |  | 7.4 | % |  |  | 5.3 | % |  |  | 4.0 | % |  |  | 1.4 | %
Guatemala |  |  | 9.4 | % |  |  | 7.5 | % |  |  | 3.2 | % |  |  | 7.3 | %
Nicaragua |  |  | 21.2 | % |  |  | 11.0 | % |  |  | 6.2 | % |  |  | 3.8 | %
Costa Rica |  |  | 13.9 | % |  |  | 9.2 | % |  |  | 4.0 | % |  |  | 1.6 | %
CGU |  | Pre-tax WACC |  |  | Post –tax WACC |  |  | Expected Annual Long- Term Inflation 2019-2028 |  |  | Expected Volume Growth Rates 2019-2028 |
Panamá |  |  | 9.2 | % |  |  | 7.0 | % |  |  | 2.4 | % |  |  | 3.0 | %
Colombia |  |  | 7.8 | % |  |  | 5.2 | % |  |  | 3.1 | % |  |  | 4.0 | %
Brazil |  |  | 10.7 | % |  |  | 6.6 | % |  |  | 3.8 | % |  |  | 1.7 | %
Argentina |  |  | 19.6 | % |  |  | 11.3 | % |  |  | 21.9 | % |  |  | 2.7 | %
The key assumptions by CGU for impairment test as of December 31, 2017 were as follows:
CGU |  | Pre-tax WACC |  |  | Post –tax WACC |  |  | Expected Annual Long- Term Inflation 2018-2027 |  |  | Expected Volume Growth Rates 2018-2027 |
Mexico |  |  | 7.3 | % |  |  | 5.3 | % |  |  | 3.7 | % |  |  | 2.2 | %
Guatemala |  |  | 13.9 | % |  |  | 10.7 | % |  |  | 4.7 | % |  |  | 7.1 | %
Nicaragua |  |  | 16.6 | % |  |  | 10.6 | % |  |  | 5.0 | % |  |  | 4.9 | %
Costa Rica |  |  | 11.5 | % |  |  | 7.8 | % |  |  | 3.3 | % |  |  | 2.7 | %
Panama |  |  | 8.3 | % |  |  | 6.5 | % |  |  | 2.3 | % |  |  | 3.4 | %
Colombia |  |  | 9.1 | % |  |  | 6.6 | % |  |  | 3.1 | % |  |  | 3.2 | %
Brazil |  |  | 9.7 | % |  |  | 6.2 | % |  |  | 4.1 | % |  |  | 1.3 | %
Argentina |  |  | 11.0 | % |  |  | 7.3 | % |  |  | 10.7 | % |  |  | 3.1 | %
Philippines |  |  | 9.7 | % |  |  | 5.9 | % |  |  | 3.6 | % |  |  | 3.4 | %
Sumamry of Detailed Information About Sensitivity to Changes in Assumptions |
CGU |  | Change in WACC |  |  | Change in Volume Growth CAGR(1) |  |  | Effect on Valuation
Mexico |  |  | +0.3 | % |  |  | -1.0 | % |  | Passes by 5.0x
Guatemala |  |  | +0.7 | % |  |  | -1.0 | % |  | Passes by 18.4x
Nicaragua |  |  | +0.3 | % |  |  | -0.3 | % |  | Passes by 1.0x
Costa Rica |  |  | +1.7 | % |  |  | -1.0 | % |  | Passes by 1.9x
Panama |  |  | +0.3 | % |  |  | -1.0 | % |  | Passes by 6.9x
Colombia |  |  | +0.6 | % |  |  | -1.0 | % |  | Passes by 3.9x
Brazil |  |  | +1.1 | % |  |  | -1.0 | % |  | Passes by 1.3x
Argentina |  |  | +6.1 | % |  |  | -1.0 | % |  | Passes by 8.9x
(1) | Compound Annual Growth Rate (CAGR)

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