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v3.25.1

Bank Loans and Notes Payables | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about borrowings [abstract] |
Bank Loans and Notes Payables | Bank Loans and Notes Payables
Expressed in millions of Mexican pesos. (1) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and following years | Carrying value as of December 31, 2024 | Fair value as of December 31, 2024 | Carrying value as of December 31, 2023 |
Short- term debt: |
Fixed rate debt: |  |  |  |  |  |  |  |  |  |
Colombian pesos |  |  |  |  |  |  |  |  |  |
Bank loans | 345 | — | — | — | — | — | 345 | 345 | — |
Interest rate | 10.39% |  |  |  |  |  | 10.39% |  | — |
Argentine pesos |  |  |  |  |  |  |  |  |  |
Bank loans | 638 | — | — | — | — | — | 638 | 638 | 73 |
Interest rate | 50.11% |  |  |  |  |  | 50.11% |  | 130.00% |
Uruguayan pesos |  |  |  |  |  |  |  |  |  |
Bank loans | 46 | — | — | — | — | — | 46 | 46 | — |
Interest rate | 10.75% |  |  |  |  |  | 10.75% |  |  |
Euros |  |  |  |  |  |  |  |  |  |
Bank loans | — | — | — | — | — | — | — | — | 15 |
Interest rate |  |  |  |  |  |  |  |  | 17.60% |
Subtotal | 1,029 | — | — | — | — | — | 1,029 | 1,029 | 88 |
Variable rate debt: |  |  |  |  |  |  |  |  |  |
Colombian pesos |  |  |  |  |  |  |  |  |  |
Bank loans | 414 | — | — | — | — | — | 414 | 414 | — |
Interest rate | 10.36% |  |  |  |  |  | 10.36% |  |  |
Short- term debt | 1,443 | — | — | — | — | — | 1,443 | 1,443 | 88 |
Long term debt: |
Fixed rate debt: |  |  |  |  |  |  |  |  |  |
U.S. Dollar |  |  |  |  |  |  |  |  |  |
Yankee bonds (2) | — | — | — | — | — | 43,504 | 43,504 | 39,586 | 36,352 |
Interest rate |  |  |  |  |  | 3.06% | 3.06% |  | 3.05% |
Bank loans | 138 | — | — | — | — | — | 138 | 138 | 140 |
Interest rate | 6.73% |  |  |  |  |  | 6.73% |  | 6.74% |
Mexican pesos |  |  |  |  |  |  |  |  |  |
Senior notes | — | — | 8,495 | 9,961 | 5,492 | — | 23,948 | 22,490 | 23,946 |
Expressed in millions of Mexican pesos. (1) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and following years | Carrying value as of December 31, 2024 | Fair value as of December 31, 2024 | Carrying value as of December 31, 2023 |
Interest rate | — | — | 7.87% | 7.36% | 9.95% | 0.00% | 8.13% |  | 8.13% |
Brazilian reais |  |  |  |  |  |  |  |  |  |
Bank loans | — | — | — | — | — | — | — | — | 21 |
Interest rate |  |  |  |  |  |  |  |  | 6.90% |
Subtotal | 138 | — | 8,495 | 9,961 | 5,492 | 43,504 | 67,590 | 62,214 | 60,459 |
Variable rate debt: |  |  |  |  |  |  |  |  |  |
Mexican pesos |  |  |  |  |  |  |  |  |  |
Senior notes | 1,727 | 2,928 | — | — | — | — | 4,655 | 4,659 | 4,653 |
Interest rate | 10.53% | 10.45% |  |  |  |  | 10.48% |  | 11.57% |
Brazilian reais |  |  |  |  |  |  |  |  |  |
Bank loans | 6 | 3 | — | — | — | — | 9 | 8 | 14 |
Interest rate | 9.08% | 9.08% |  |  |  |  | 9.08% |  | 8.88% |
Subtotal | 1,733 | 2,931 | — | — | — | — | 4,664 | 4,667 | 4,667 |
Long term debt | 1,871 | 2,931 | 8,495 | 9,961 | 5,492 | 43,504 | 72,254 | 66,881 | 65,126 |
Current portion of long term debt | 1,871 | — | — | — | — | — | 1,871 | — | 52 |
Long- term debt | — | 2,931 | 8,495 | 9,961 | 5,492 | 43,504 | 70,383 | 66,881 | 65,074 |
(1) All interest rates shown in this table are weighted average contractual annual rates. (2) Interest rate derivatives that have been designated as fair value hedge relationships have been used by the Company to mitigate the volatility in the fair value of existing financing instruments due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “market value gain (loss) in financial instruments” in the period in which they occur. Since 2022, the Company is applying fair value hedging to the hedged portion of the Senior Notes of US$705, which are linked to an interest rate swap. The hedging gain or loss will adjust the carrying amount of the hedged item and will be recognized in the consolidated income statements under “market value gain (loss) in financial instruments”. For the years ended on December 31, 2024, and 2023, the Company recorded in the consolidated income statements a gain of Ps. 383 and a loss of Ps. 371, respectively. As of December 31, 2024, and 2023 the carrying value of the Senior Note of US$705 is being reduced by an amount of Ps. 1,659 and 1,277 respectively, stemming from the impacts of fair value hedging. The fair value of bank loans is calculated based on the discounted value of contractual cash flows whereby the discount rate is estimated using rates currently offered for debt of similar amounts and maturities, which is considered to be level 2 in the fair value hierarchy. The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2024 and 2023, which is considered to be level 1 in the fair value hierarchy. For the years ended December 31, 2024, 2023 and 2022, 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:
| 2024 | 2023 | 2022
Interest on debts and borrowings | Ps. 4,361 | Ps. 4,215 | Ps. 4,104
Finance charges for employee benefits (See Note 15.4) | 305 | 297 | 286
Derivative instruments (Interest) | 2,147 | 2,086 | 1,706
Interest expense for leases (See Note 9) | 349 | 278 | 132
Finance operating charges | 370 | 226 | 272
| Ps. 7,532 | Ps. 7,102 | Ps. 6,500
The Company has the following debt bonds: a) registered with the Mexican stock exchange: i) Ps. 8,500 (nominal amount) with a maturity date in 2027 and fixed interest rate of 7.87%, ii) Ps. 1,727 (nominal amount) with a maturity date in 2025 and floating interest rate of Equilibrium Interbank Interest Rate (TIIE) + 0.08%, iii) Ps. 3,000 (nominal amount) with a maturity date in 2028 and fixed interest rate of 7.35%, iv) Ps. 6,965 (nominal amount) on a Sustainability-Linked Bond (“SLB”) with a maturity date in 2028 and fixed rate of 7.36%, and v) Ps. 2,435 (nominal amount) on an SLB with a maturity date in 2026 and floating rate of TIIE + 0.05%, vi) Ps.5,500 (nominal amount) with a maturity date in 2029 and a fixed rate of 9.95%, vii) Ps. 500 (nominal amount) with a maturity date in 2026 and a floating rate of TIIE + 0.05% and b) registered with the SEC: i) Senior notes of US. $ 1,041 with interest at a fixed rate of 2.75% and maturity date on January 22, 2030, ii) Senior notes of US. $ 705 with interest at a fixed rate of 1.85% and maturity date on September 1, 2032 and iii) Senior notes of US. $ 489 with interest at a fixed rate of 5.25% and maturity date on November 26, 2043 all of which are guaranteed by the Company´s 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., and Yoli de Acapulco, S. de R.L. de C.V. (“Guarantors”). In September 2021, the Company issued the first SLB in the Mexican Market on a dual-tranche transaction for an amount of Ps. 9,400; such bonds were used to prepay bank loans in Mexico with maturity dates in 2025 and 2026. The bond’s interest rate depends on the Company achieving key performance indicators, and in the event that such indicators are not met by the dates established in the offering documents (2024 and 2026), the interest rate on the bonds will increase by 25 basis points. As of December 31, 2024 based on our external consulting firm review and the evidence presented by the Company, the indicator was met and was reliably obtained, is fairly presented, has no significant deviations or omissions, and was prepared based on the requirements set forth in the supplement to the notes. During 2022, the Company repurchased a portion of the following notes registered with the SEC i) Senior notes of US. $ 209 with maturity date on January 2030, and ii) Senior notes of US. $111 with maturity date on November 2043, representing a net savings of Ps. 408 (nominal amounts). The amounts shown on the first paragraph already consider these repurchases Additionally, during 2022, the Company issued a social and sustainable bond in the Mexican Market on a dual-tranche transaction for an amount of Ps. 6,000. During the second quarter of 2023, the Company paid on the maturity date May 12, 2023 a Certificado Bursátil for i) Ps. 7,500 (nominal value) and a fixed interest rate of 5.46% Additionally, during 2024 and 2023, the Company obtained bank loans in Argentina for Ps. 657 and 73 respectively. 17.1 Reconciliation of liabilities arising from financing activities.
|  | Cash flows |  | Non-cash impact |
| Carrying Value at December 31, 2023 | Repayments | Proceeds |  | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2024
Short-term bank loans | Ps. 88 | Ps. — | Ps. 1,394 |  | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (39) | Ps. 1,443
Total short-term from financing activities | Ps. 88 | Ps. — | Ps. 1,394 |  | Ps. — | Ps. — | Ps. — | Ps. — | Ps. (39) | Ps. 1,443
Long-term bank loans | 175 | (28) | — |  | — | — | — | — | — | 147
Long-term notes payable | 64,951 |  | — |  | — | (3) | (383) | 7,542 | — | 72,107
Total long-term from financing activities | Ps. 65,126 | Ps. (28) | Ps. — |  | Ps. — | Ps. (3) | Ps. (383) | Ps. 7,542 | Ps. — | Ps. 72,254
Lease liabilities | Ps. 2,521 | Ps. (856) | Ps. — |  | Ps. 1,046 | Ps. 464 | Ps. — | Ps. 11 | Ps. (2) | Ps. 3,184
Total from financing activities | Ps. 67,735 | Ps. (884) | Ps. 1,394 |  | Ps. 1,046 | Ps. 461 | Ps. (383) | Ps. 7,553 | Ps. (41) | Ps. 76,881
|  | Cash flows |  | Non-cash impact |
| Carrying Value at December 31, 2022 | Repayments | Proceeds |  | New leases | Others | Fair value in Hedge Instruments | Foreign Exchange movement | Translation Effect | Carrying Value at December 31, 2023
Short-term bank loans | Ps. — | Ps. (1) | Ps. 87 |  | Ps. — | Ps. — | Ps. — | Ps. 24 | Ps. (22) | Ps. 88
Total short-term from financing activities | Ps. — | Ps. (1) | Ps. 87 |  | Ps. — | Ps. — | Ps. — | Ps. 24 | Ps. (22) | Ps. 88
Long-term bank loans | 1,152 | (900) | 64 |  | — | — | — | 152 | (293) | 175
Long-term notes payable | 77,517 | (7,500) | — |  | — | 78 | 371 | (5,515) |  | 64,951
Total long-term from financing activities | Ps.78,669 | Ps.(8,400) | Ps.64 |  | Ps.— | Ps.78 | Ps.371 | Ps.(5,363) | Ps.(293) | Ps.65,126
Lease liabilities | Ps. 2,135 | Ps. (690) | Ps. — |  | Ps. 586 | Ps. 538 | Ps. — | Ps. (20) | Ps. (28) | Ps. 2,521
Total from financing activities | Ps. 80,804 | Ps. (9,091) | Ps. 151 |  | Ps. 586 | Ps. 616 | Ps. 371 | Ps. (5,359) | Ps. (343) | Ps. 67,735

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