2013 2014

MXN Thousands Q3 Q4 Q1 Q2 Q3
Net sales 11,101,298 11,091,525 11,107,585 10,972,589 11,328,722
Cost of goods sold 7,142,924 6,995,322 7,106,166 6,973,176 7,314,908
Gross profit 3,958,374 4,096,203 4,001,419 3,999,413 4,013,814
Other income (expenses), net (18,294) (31,862) (12,087) (84,750)
Operating expenses 2,833,353 2,985,408 2,969,864 2,920,576 2,984,143
Operating Income 1,125,021 1,129,089 1,063,417 1,090,924 1,114,421
Net of financial (income) expenses
Net of financial income (39,965) (47,077) (71,328) (76,149) (60,355)
Exchange rate (profit) loss 7,943 (7,776) (1,996) (13,507) 15,197
Financial instruments (20,850) (10,110) (15,239) 22,360
Financial income, net (32,022) (75,703) (83,434) (104,895) (22,798)
Share in the results of associated 2,570 393 1,264 0 (1,531)
companies
Income before taxes 1,159,613 1,205,185 1,148,115 1,195,819 1,135,688
Income tax expense 252,971 481,406 352,385 353,236 380,791
Net consolidated income 906,642 723,779 795,730 842,583 754,897
Non-controlling interest 6,385 11,682 6,053 10,163 6,682

D&A 233,306 251,659 240,810 247,933 251,390

EBITDA 1,358,327 1,380,748 1,304,227 1,338,857 1,365,811

Margin 12.2% 12.4% 11.7% 12.2% 12.1%

Efective tax rate 21.8% 39.9% 30.7% 29.5% 33.5%

14 2015 2016
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
11,584,068 11,630,439 11,846,679 12,176,182 12,529,593 12,508,871 12,902,969 13,701,451
7,286,470 7,098,653 7,145,055 7,462,370 7,618,416 7,548,581 7,853,104 8,646,753
4,297,598 4,531,786 4,701,624 4,713,812 4,911,177 4,960,290 5,049,865 5,054,698
(283) 20,508 (3,976) (13,576) 17,657 4,591 (26,194) 18,874
3,096,220 3,145,208 3,324,916 3,323,382 3,403,848 3,398,415 3,532,608 3,987,655
1,201,661 1,366,070 1,380,684 1,404,006 1,489,672 1,557,284 1,543,451 1,048,169

(62,331) (56,516) (60,579) (61,158) (70,542) (78,463) (69,578) (54,440)

74,826 13,042 15,598 30,490 18,299 12,116 (15,355) 24,919
122,586 42,133 (24,311) (16) 16,162 7,811 (4,279) (14,628)
135,081 (1,341) (69,292) (30,684) (36,081) (58,536) (89,212) (44,149)

6,043 4,401 5,389 (1,406) 3,111 1,890 (4,208) (3,206)

1,072,623 1,371,812 1,455,365 1,433,284 1,528,864 1,617,710 1,628,455 1,089,112

350,006 428,191 456,092 457,013 498,223 506,363 527,823 335,867
722,617 943,621 999,273 976,271 1,030,641 1,111,347 1,100,632 753,245
11,230 9,551 9,562 9,911 13,648 14,670 10,411 17,114

260,527 274,649 291,494 291,348 312,137 331,899 344,229 434,801

1,462,188 1,640,719 1,672,178 1,695,354 1,801,809 1,889,183 1,887,680 1,482,970

12.6% 14.1% 14.1% 13.9% 14.4% 15.1% 14.6% 10.8%

32.6% 31.2% 31.3% 31.9% 32.6% 31.3% 32.4% 30.8%

16 2017 2018
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
14,354,402 14,799,454 14,967,515 15,021,975 17,751,304 18,275,482 18,869,644 18,757,695
9,124,731 9,436,963 9,180,255 9,267,811 11,277,714 11,658,174 12,258,793 12,332,371
5,229,671 5,362,491 5,787,260 5,754,164 6,473,590 6,617,308 6,610,851 6,425,324
(80,910) (12,723) (26,874) (34,462) (572,824) 39,363 (146,344) (42,887)
4,211,296 4,120,839 4,179,970 4,361,961 5,186,930 5,143,303 5,446,593 5,311,585
1,099,285 1,254,375 1,634,164 1,426,665 1,859,484 1,434,642 1,310,602 1,156,626

(47,004) (24,552) (15,012) (21,377) 465,338 545,918 662,502 582,570

(68,489) 155,819 53,420 32,827 (11,394) 66,697 (52,026) 90,928
11,245 102,346 (66,055) (35,179) 6,700 23,853 (13,745) 0
(104,248) 233,613 (27,647) (23,729) 460,644 636,468 596,731 673,498

(768) 670 196 1,489 38 944 356 (1,073)

1,202,765 1,021,432 1,662,007 1,451,883 1,398,878 799,118 714,227 482,055

(25,263) 317,124 514,298 444,697 920,182 297,218 314,146 265,580
1,228,028 704,308 1,147,709 1,007,186 478,696 501,900 400,081 216,475
22,809 23,002 21,441 22,030 32,548 23,909 29,280 11,736

495,263 470,828 461,455 437,585 500,729 598,083 559,703 584,148

1,594,548 1,725,203 2,095,619 1,864,250 2,360,213 2,032,725 1,870,305 1,740,774

11.1% 11.7% 14.0% 12.4% 13.3% 11.1% 9.9% 9.3%

(2.1%) 31.0% 30.9% 30.6% 65.8% 37.2% 44.0% 55.1%

18 2019
Q4 Q1 Q2 Q3
19,516,418 18,707,496 18,875,744 18,984,001
12,643,988 12,088,819 12,036,884 12,297,051
6,872,430 6,618,677 6,838,860 6,686,950
(118,574) (7,570) (128,732) (764,944)
5,481,493 5,171,651 5,515,250 5,944,838
1,509,511 1,454,596 1,452,342 1,507,056

593,843 629,693 649,985 598,508

(47,987) 11,870 27,124 1,165
0 0 0 0
545,856 641,563 677,109 599,673

(2,008) 16,831 13,642 15,454

961,647 829,864 788,875 922,837

86,231 270,197 252,875 282,201
875,416 559,667 536,000 640,636
20,967 0 0 0

627,465 700,278 757,797 799,392

2,136,976 2,154,874 2,210,139 2,306,448

10.9% 11.5% 11.7% 12.1%

9.0% 32.6% 32.1% 30.6%

 2013 2014
MXN Thousands Q3 Q4 Q1 Q2
ASSETS
Cash and cash equivalents 952,008 8,442,052 9,943,695 7,814,799
Investments in financial instruments 0 20,850 30,960 1,046,826
Accounts receivable 2,560,928 2,649,672 2,552,812 2,357,422
Taxes and other accounts receivable 1,523,036 909,162 1,213,133 1,327,470
Related parties 159,787 193,883 158,241 74,407
Inventories 2,591,038 2,628,997 2,831,207 3,377,850
Prepaid expenses 154,970 231,083 372,606 354,561
Current assests 7,941,767 15,075,699 17,102,654 16,353,335
Investments in associates 121,756 53,863 95,823 40,693
Property, plant and equipment, net 9,523,984 9,933,806 10,063,340 10,619,712
Right of use assets
Intangible and other assets 1,276,527 1,269,469 1,234,709 1,357,824
Long term recoverable taxes 0 0
Investments in financial instruments
Deferred income tax 0 0 289,925 302,935
Non-current assets 10,922,267 11,257,138 11,683,797 12,321,164
Total assets 18,864,034 26,332,837 28,786,451 28,674,499

LIABILITIES
Short-term debt 2,576,169 646,421 646,892 30,180
Current lease liabilities
Suppliers 2,120,199 2,261,357 2,233,075 2,053,341
Financial instruments liability 0 0 0 0
Related parties 2,782,014 667,837 1,444,059 1,250,296
Taxes and other accounts payable 1,198,876 621,362 1,297,417 1,321,596
Current liabilities 8,677,258 4,196,977 5,621,443 4,655,413
Non current lease liabilities
Long-term debt 1,706,328 80,752 73,155 65,453
Deferred income tax and other taxes payable 1,246,624 1,680,009 1,513,932 1,477,647
Taxes payable in the long term
Other accounts payable 502,725 170,735 586,366 639,286
Long-term liabilities 3,455,677 1,931,496 2,173,453 2,182,386
Total liabilities 12,132,935 6,128,473 7,794,896 6,837,799

SHAREHOLDERS EQUITY
Capital Stock 1,419,819 1,492,652 1,492,652 1,492,652
Net premium in share placement 0 13,691,891 13,691,891 13,691,891
Retained earnings 3,181,563 2,166,700 4,737,044 4,696,045
Income of the year 1,866,786 2,578,883 789,677 1,622,098
Equity attributable to equity holders of the 6,468,168 19,930,126 20,711,264 21,502,686
parent
Non-controlling interest 262,931 274,238 280,291 334,014
Total shareholders equity 6,731,099 20,204,364 20,991,555 21,836,700
Total liabilities and shareholders equity 18,864,034 26,332,837 28,786,451 28,674,499
2014 2015 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

7,755,880 5,414,288 6,316,711 6,513,958 8,632,478 7,984,975 7,327,572 7,811,949

1,090,494 1,782,178 1,780,612 1,400,478 1,438,627 1,292,456 1,755,295 1,011,586
2,702,657 3,261,593 2,789,335 2,914,614 3,207,082 3,199,193 3,192,470 3,354,025
2,068,501 1,809,711 2,206,608 2,574,947 2,348,271 2,467,506 2,242,526 2,387,439
101,338 136,380 97,015 101,496 110,401 106,792 116,136 134,308
2,884,111 2,783,671 3,008,187 2,991,605 2,729,872 3,066,660 3,596,014 3,775,944
313,049 189,869 290,329 301,933 327,381 202,242 306,491 355,864
16,916,030 15,377,690 16,488,797 16,799,031 18,794,112 18,319,824 18,536,504 18,831,115
96,356 59,446 104,765 110,196 108,917 111,911 113,803 109,754
11,208,066 12,361,206 12,573,779 12,901,363 13,183,617 13,843,154 14,223,361 14,614,300

1,338,211 1,598,158 1,974,835 1,974,006 1,996,120 1,925,788 2,626,719 2,639,373

408,984 0 0 0 0 0 0

313,470 264,465 270,190 256,583 271,035 273,505 308,952 289,198

12,956,103 14,692,259 14,923,569 15,242,148 15,559,689 16,154,358 17,272,835 17,652,625
29,872,133 30,069,949 31,412,366 32,041,179 34,353,801 34,474,182 35,809,339 36,483,740

30,601 31,029 31,462 31,901 32,231 32,070 52,795 82,446

2,465,943 2,324,063 2,149,054 2,193,168 3,611,463 4,252,318 3,944,248 3,876,066

146,080 189,385 0 0 0 7,602 0
1,142,639 340,337 1,346,120 1,158,907 1,113,785 294,119 2,255,747 1,590,577
1,514,722 1,799,934 2,547,879 2,509,885 2,431,460 2,206,112 2,039,516 2,922,761
5,193,905 4,641,443 6,263,900 5,893,861 7,188,939 6,784,619 8,299,908 8,471,850

57,643 49,723 41,694 33,552 25,412 17,654 34,285 177,780

1,493,516 1,492,700 1,514,184 1,409,171 1,380,610 1,289,138 1,279,361 441,859

579,453 584,927 609,226 722,867 723,387 740,205 752,734 763,854

2,130,612 2,127,350 2,165,104 2,165,590 2,129,409 2,046,997 2,066,380 1,383,493
7,284,517 6,768,793 8,429,004 8,059,451 9,318,348 8,831,616 10,366,288 9,855,343

1,492,652 1,492,652 1,492,652 1,492,652 1,492,652 1,492,652 1,492,866 1,492,866

13,690,728 13,690,728 13,690,728 13,690,728 13,690,728 13,690,728 13,707,014 13,707,014
4,736,921 4,760,068 6,580,606 6,609,375 6,686,826 6,263,365 8,843,141 8,957,255
2,370,311 3,081,694 934,070 1,923,782 2,890,145 3,907,138 1,096,677 2,186,898

22,290,612 23,025,142 22,698,056 23,716,537 24,760,351 25,353,883 25,139,698 26,344,033

297,004 276,014 285,306 265,191 275,102 288,683 303,353 284,364

22,587,616 23,301,156 22,983,362 23,981,728 25,035,453 25,642,566 25,443,051 26,628,397
29,872,133 30,069,949 31,412,366 32,041,179 34,353,801 34,474,182 35,809,339 36,483,740
2016 2017 2018
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

5,234,920 4,266,101 2,512,313 2,229,564 2,788,912 6,733,382 4,218,589 2,445,641

1,027,589 1,017,149 1,014,131 188,997 6,422 9,040 318,898
3,901,684 4,082,293 4,258,689 4,319,212 4,306,450 5,215,179 6,683,047 6,742,196
2,776,338 3,006,837 3,316,657 2,840,283 3,039,681 5,056,017 3,198,576 3,556,697
38,487 45,202 41,158 44,233 69,766 48,625 53,444 46,813
3,456,178 3,897,223 3,954,298 4,424,043 4,111,166 5,311,923 5,536,854 5,661,046
297,313 242,499 466,333 482,173 334,344 398,462 513,454 576,548
16,732,509 16,557,304 15,563,579 14,339,508 14,839,316 22,770,010 20,213,004 19,347,839
106,634 105,926 107,905 119,720 121,235 126,507 127,300 132,926
16,529,558 17,857,702 17,648,879 17,873,765 18,380,722 23,389,463 22,794,202 22,727,557

6,100,307 5,998,062 5,608,023 5,549,621 5,642,503 29,203,692 27,558,022 26,084,418

0 0 0 0 0 0 1,722,555 1,673,784

303,810 313,088 353,170 385,762 302,862 676,925 799,052 875,714

23,040,309 24,274,778 23,717,977 23,928,868 24,447,322 53,396,587 53,001,131 51,494,399
39,772,818 40,832,082 39,281,556 38,268,376 39,286,638 76,166,597 73,214,135 70,842,238

. .
2,102,020 2,218,939 1,057,067 27,786 22,062 26,605,256 13,200,602 1,415,369

4,368,487 5,329,201 5,015,677 4,730,197 4,923,592 8,150,501 7,305,131 7,179,518

0 0 97,232 31,517 0 88,255 124,582 8,658
1,124,010 145,941 1,140,002 2,139,648 1,641,837 460,349 1,268,599 2,226,816
3,352,349 2,563,078 2,232,902 2,392,320 2,509,104 3,230,033 2,973,982 3,509,975
10,946,866 10,257,159 9,542,880 9,321,468 9,096,595 38,534,394 24,872,896 14,340,336

165,712 156,481 138,368 68,083 63,818 2,347,844 15,463,751 26,263,776

372,597 684,659 471,595 516,892 563,985 1,475,481 1,399,882 1,275,524
0 0 0 0 896,911 804,321 722,632
779,431 746,909 714,636 707,146 698,801 2,384,295 2,314,213 2,302,332
1,317,740 1,588,049 1,324,599 1,292,121 1,326,604 7,104,531 19,982,167 30,564,264
12,264,606 11,845,208 10,867,479 10,613,589 10,423,199 45,638,925 44,855,063 44,904,600

1,492,866 1,491,486 1,490,081 1,490,153 1,490,059 1,489,969 1,489,656 1,489,197

13,707,014 13,408,351 13,109,425 13,126,038 13,106,506 13,088,939 13,028,355 12,954,471
9,083,825 9,633,946 12,785,420 10,910,735 11,131,827 12,253,944 12,964,510 10,323,186
2,923,029 4,128,248 681,306 1,807,575 2,792,731 3,320,090 477,920 848,721

27,206,734 28,662,031 28,066,232 27,334,501 28,521,123 30,152,942 27,960,441 25,615,575

301,478 324,843 347,845 320,286 342,316 374,730 398,631 322,063

27,508,212 28,986,874 28,414,077 27,654,787 28,863,439 30,527,672 28,359,072 25,937,638
39,772,818 40,832,082 39,281,556 38,268,376 39,286,638 76,166,597 73,214,135 70,842,238
2018 2019
Q3 Q4 Q1 Q2 Q3

2,135,056 2,550,118 1,250,153 1,778,045 2,775,820

322,687 432,895 153,693 249,026 347,676
6,431,861 6,445,296 6,464,992 6,548,138 6,231,669
3,664,172 4,284,821 4,386,235 4,946,488 5,133,513
37,208 27,404 22,901 28,331 32,566
4,749,539 5,218,883 5,230,500 5,521,990 5,528,936
470,285 470,173 787,114 868,114 413,230
17,810,808 19,429,590 18,295,588 19,940,132 20,463,410
131,701 129,839 565,884 572,171 510,026
22,045,586 22,277,358 21,649,959 21,587,847 21,517,623
2,186,097 2,103,591 2,395,560
24,058,004 31,128,962 30,358,930 29,517,601 28,783,764
1,601,180 1,375,059 1,420,961 1,619,226 1,526,084
162,297 0 0
1,247,088 1,428,156 1,635,363 1,858,710 1,135,227
49,083,559 56,339,374 57,979,491 57,259,146 55,868,284
66,894,367 75,768,964 76,275,080 77,199,278 76,331,695

1,457,515 2,593,066 3,804,739 4,985,996 4,980,960

397,265 551,761 673,880
6,956,413 8,780,879 8,180,110 9,010,015 9,628,925
29,339 5,710 0 20,072 47,817
1,700,765 1,557,251 2,904,200 2,309,417 1,791,031
3,346,635 3,537,215 3,636,187 3,613,021 3,243,449
13,490,667 16,474,121 18,922,501 20,490,282 20,366,062
1,801,218 1,582,370 1,783,218
25,990,352 23,906,156 22,774,989 22,483,775 23,216,627
1,124,067 2,224,168 2,149,249 2,114,842 1,200,806
634,001 726,743 647,466 619,462 548,331
2,043,661 6,867,699 6,427,273 5,570,717 5,311,929
29,792,081 33,724,766 33,800,195 32,371,166 32,060,911
43,282,748 50,198,887 52,722,696 52,861,448 52,426,973

1,488,356 1,487,567 1,487,567 1,486,956 1,488,289

12,836,921 12,734,483 12,734,483 12,836,655 12,855,079
7,899,024 9,084,878 8,770,556 8,918,471 7,825,079
1,053,532 1,907,981 559,668 1,095,639 1,736,275

23,277,833 25,214,909 23,552,274 24,337,721 23,904,722

333,786 355,168 110 109 0

23,611,619 25,570,077 23,552,384 24,337,830 23,904,722
66,894,367 75,768,964 76,275,080 77,199,278 76,331,695
MXN Thousands 2013
Operating activities: Q3
Income before taxes 3,048,042
Depreciation, amortization, and trademarks impairment 813,897
Changes in net financial expenses (income) 17,244
Results from the sale of property, plant and equipment 14,074
Result on disposal of Associates 20,994
Other items 54,918
Total 3,969,169
Changes in operation assets and liabilities
Accounts receivable (216,625)
Inventories (167,907)
Related parties 415,718
Suppliers 165,395
Taxes, other accounts receivable and prepaid expenses (1,214,118)
Other assets and liabilities (321,782)
Net cash flow provided by operating activities 2,629,850

Investing activities
Acquisition of property, plant, equipment, and intangibles (618,808)
Acquisition of intangibles and other assets (263,700)
Proceeds from sale of property, plant, and equipment 17,710
Dividends collected from associates
Investments in Financial instruments
Bussiness acquisitions, net of cash received
Interest collected
Cash received on the sale of investments
Net cash flow used in investing activities (864,798)

Financing activities
Net of financing and payment of financing (623,314)
Payment of lease liabilities
Repurchase of shares 0
Dividends paid to equity holders of the parent (750,970)
Dividends paid to non-controlling interest (29,891)
Net cash flows provided (used) in financing activities (1,404,175)

Net increase of cash and equivalents 360,877

Adjustments to cash due to exchange rate fluctuations (708)
Cash and equivalents at beginning of the year 591,839
Cash and equivalents at the end of the period 952,008
2013 2014 2015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
4,253,227 1,148,115 2,343,936 3,479,622 4,552,242 1,371,812 2,827,178 4,260,465 5,789,329
1,065,558 240,810 488,743 740,133 1,000,661 274,649 566,143 857,491 1,169,628
(50,683) (79,986) (164,521) (212,334) (150,565) (15,071) (99,532) (160,715) (226,363)
2,674 (6,885) (7,441) (6,091) (9,787) 4,401 7,270 735 8,406
20,601 (5,776)
74,221 17,806 37,071 57,473 68,254 16,711 32,437 49,492 69,718
5,365,598 1,319,860 2,697,788 4,058,803 5,455,029 1,652,502 3,333,496 5,007,468 6,810,718

(82,154) (124,948) 82,913 (273,663) (258,379) (96,762) (223,323) (608,260) (502,109)

(202,211) (201,716) (731,620) (253,112) (149,646) (216,535) (206,034) 94,563 (240,076)
(1,348,046) 1,058,871 936,683 880,596 7,361 827,200 761,580 734,059 (50,057)
264,539 (771) (135,482) 93,337 (353,754) 192,402 68,537 1,350,048 1,845,869
(1,388,289) (391,174) (784,698) (1,813,997) (2,064,797) (153,542) (1,070,784) (982,009) (1,784,847)
(555,209) 221,070 204,078 276,577 407,795 (232,022) 29,438 (57,051) (84,962)
2,054,228 1,881,192 2,269,662 2,968,541 3,043,609 1,973,243 2,692,910 5,538,818 5,994,536

(1,232,706) (396,257) (1,312,854) (2,035,838) (3,736,165) (743,645) (1,130,525) (1,512,619) (2,353,529)

(1,350)
24,473 8,902 22,861 28,753 25,599 4,532 18,588 28,419 38,180

0 (1,035,185) (1,081,740) (1,767,511) 3,182 374,502 337,463 469,740

0 0 0 0
21,640
0
(1,187,943) (387,355) (2,325,178) (3,088,825) (5,478,077) (735,931) (737,435) (1,146,737) (1,845,609)

9,426,527 15,554 75,012 (556,253) (546,504) (8,794) (191,525) (205,711) (245,118)

0 (6,804) (640,413) (9,797) (17,260) (13,217) (9,826) (6,216) (35,296)

(2,411,862) 0 (5,936) (315,490) (631,285) (946,067) (1,261,557)
(29,891) (32,340) 0 (29,676) (29,676) (29,676)
6,984,774 8,750 (571,337) (566,050) (596,104) (337,501) (862,312) (1,187,670) (1,571,647)

7,851,059 1,502,587 (626,853) (686,334) (3,030,572) 899,811 1,093,163 3,204,411 2,577,280

(846) (944) (400) 162 2,808 2,612 6,507 13,779 (6,593)
591,839 8,442,052 8,442,052 8,442,052 8,442,052 5,414,288 5,414,288 5,414,288 5,414,288
8,442,052 9,943,695 7,814,799 7,755,880 5,414,288 6,316,711 6,513,958 8,632,478 7,984,975
 2016 2017
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,617,712 3,246,165 4,335,277 5,544,709 1,021,432 2,683,440 4,135,323 5,534,201
331,899 676,128 1,110,929 1,606,192 470,828 932,283 1,369,868 1,870,597
(82,186) (160,765) (238,619) (148,347) 21,356 (40,879) (25,217) 479,233
6,015 (5,601) (13,777) (26,856) 26,840 2,797 16,073 (48,279)
0 0 0 (488,107)
23,912 53,711 83,393 106,343 25,937 50,295 75,660 (2,393)
1,897,352 3,809,638 5,277,203 7,082,041 1,566,393 3,627,936 5,571,707 7,345,252

33,452 (119,930) (404,462) (566,015) (221,301) (316,763) (290,148) (854,702)

(451,801) (606,001) (134,589) (543,150) (90,475) (608,898) (290,540) (378,589)
967,770 740,999 672,232 672,232 1,197,357 1,136,263 842,209 56,641
(346,071) 67,876 168,220 254,818 24,773 (136,242) (166,248) 884,892
(428,281) (1,418,965) (2,008,243) (2,808,953) (1,480,007) (1,743,772) (2,196,937) (2,526,990)
(179,730) 349,547 489,063 (169,895) (24,844) 163,715 331,550 12,152
1,492,691 2,823,164 4,059,424 3,921,078 971,896 2,122,239 3,801,593 4,538,656

(564,289) (1,793,533) (2,484,676) (3,004,372) (976,554) (1,947,765) (2,732,667) (3,816,255)

(80,697)
5,249 37,069 61,871 148,729 18,331 104,217 126,172 225,361

(462,581) 275,666 275,666 280,709 (515) 1,000,000 988,292 1,753,614

(835,570) (835,569) (5,598,400) 0 (11,708) 0 (22,354,685)
26,863 71,643 93,170 170,889
(5,414,079) 0 0 0 3,222,652
(1,857,191) (2,316,367) (7,745,539) (7,989,013) (931,875) (783,613) (1,605,730) (20,798,424)

38,268 16,205 1,949,108 1,919,479 (1,162,325) (2,266,838) (2,279,033) 20,057,951

20,661 23,470 5,981 (247,485) (300,331) (283,645) (303,272) (320,930)

(333,512) (668,095) (1,002,144) (1,334,889) (331,545) (709,340) (1,086,246) (1,463,210)
0 (29,400) (29,400) (29,400) (49,000) (49,000) 578,525
(274,583) (657,820) 923,545 307,705 (1,794,201) (3,308,823) (3,717,551) 18,852,336

(639,083) (151,023) (2,762,570) (3,760,230) (1,754,180) (1,970,197) (1,521,688) 2,592,568

(18,323) (22,003) 12,515 41,356 392 (66,340) 44,499 (125,287)
7,984,978 7,984,975 7,984,975 7,984,975 4,266,101 4,266,101 4,266,101 4,266,101
7,327,572 7,811,949 5,234,920 4,266,101 2,512,313 2,229,564 2,788,912 6,733,382
 2018 2019
Q1 Q2 Q3 Q4 Q1 Q2 Q3
799,047 1,513,274 1,995,401 2,957,047 829,864 1,618,710 2,541,546
598,083 1,157,786 1,741,934 2,369,398 700,275 1,458,090 2,257,482
498,764 1,165,576 1,713,687 2,287,485 658,462 1,300,699 1,921,672
(1,279) (4,840) (1,799) 6,769 1,465 (5,944) (55,200)
11,781 (3,782) (3,782) 0 0 0 0
(944) (1,300) (227) 1,782 (16,831) (30,473) (45,927)
1,905,452 3,826,713 5,445,215 7,622,481 2,173,235 4,341,082 6,619,573

57,683 (97,385) 16,401 (281,220) (177,563) (209,867) 27,392

(346,944) (483,691) 305,005 103,332 (302,570) (591,337) (661,928)
1,173,917 1,020,629 951,900 1,105,558 219,039 (2,973) (149,241)
(87,635) (75,538) (134,730) 1,748,603 (398,132) 412,955 1,010,947
(1,101,395) (1,960,583) (2,736,857) (3,342,084) (918,208) (2,632,651) (2,872,502)
136,718 504,829 306,334 (203,286) (193,022) 86,558 (367,203)
1,737,796 2,734,973 4,153,269 6,753,384 402,778 1,403,766 3,607,038

(1,111,796) (1,597,169) (1,972,662) (2,434,936) (396,297) (807,468) (1,219,932)

(110,651) (151,390) (80,600) (133,000) (254,234)
46,684 67,075 86,652 171,566 18,941 46,010 78,109
69,915
0 (6,572) (7,068) (3,763) (1,617) (2,080) 3,687
(113,230) 0 0 256,243 (1) 1 1
84,422 143,364 181,700 220,732 33,285 60,064 99,679
(12,094) (60,964) (60,964) (59,837) 0 (131,973) (131,973)
(1,106,014) (1,454,266) (1,882,994) (2,001,385) (426,290) (968,447) (1,354,747)

(2,390,174) (4,112,089) (4,894,049) (6,508,972) (738,980) (403,085) (548,608)

(148,340) (307,933) (504,900)
(60,898) (135,241) (253,632) (356,858) 0 102,783 121,318
(377,571) (767,238) (1,143,792) (1,505,963) (374,558) (750,108) (1,121,968)
(105,841) (105,841) (105,841)
(2,828,643) (5,120,410) (6,397,314) (8,477,634) (1,261,878) (1,358,344) (2,054,159)

(2,196,861) (3,839,703) (4,127,039) (3,725,635) (1,285,390) (923,025) 198,132

(317,932) (448,039) (471,287) (457,629) (14,575) 150,953 27,572
6,733,382 6,733,382 6,733,382 6,733,382 2,550,118 2,550,117 2,550,117
4,218,589 2,445,641 2,135,056 2,550,118 1,250,153 1,778,045 2,775,820
KL & MXN Thousands 2013 2014
Volume (KL) Q3 Q4 Q1 Q2
Mexico 770,158 733,445 733,123 735,371
Brazil
US
CAM 10,217 9,387 9,985 7,778
Total Volume 780,376 742,832 743,108 743,150

Sales Q3 Q4 Q1 Q2
Mexico Branded 10,448,387 10,444,180 10,386,193 10,398,142
Mexico Raw Materials and Others 510,686 510,213 570,854 455,002
Mexico Total Sales 10,959,073 10,954,393 10,957,047 10,853,145
Brazil
US
CAM 142,225 137,132 150,538 119,444
Total Sales 11,101,298 11,091,525 11,107,585 10,972,589

EBITDA Q3 Q4 Q1 Q2
Mexico 1,357,946 1,377,110 1,301,103 1,342,646
Brazil
US
CAM 381 3,638 3,124 (3,789)
Total EBITDA 1,358,327 1,380,748 1,304,227 1,338,857

EBITDA Margin Q3 Q4 Q1 Q2
Mexico 13.0% 12.6% 11.9% 12.4%
Brazil
US
CAM 0.3% 2.7% 2.1% -3.2%
Total EBITDA Margin 12.2% 12.4% 11.7% 12.2%
2014 2015 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
751,154 729,971 716,979 741,423 775,331 785,887 754,978 772,514 793,001

14,565
8,397 8,438 24,667 24,900 25,869 24,811 31,587 37,579 37,345
759,551 738,409 741,646 766,323 801,200 810,698 786,565 810,093 844,911

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
10,674,303 10,734,563 10,672,333 10,935,436 11,296,303 11,563,882 11,268,342 11,643,967 11,947,952
522,855 712,405 552,085 491,356 423,489 486,238 640,257 589,369 501,574
11,197,158 11,446,968 11,224,418 11,426,792 11,719,792 12,050,119 11,908,599 12,233,336 12,449,526

548,381
131,564 137,100 406,021 419,887 456,390 479,474 600,272 669,633 703,544
11,328,722 11,584,068 11,630,439 11,846,679 12,176,182 12,529,593 12,508,871 12,902,969 13,701,451

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1,371,969 1,477,211 1,619,333 1,662,568 1,654,329 1,773,659 1,852,029 1,873,495 1,573,117

(80,293)
(6,158) (15,023) 21,386 9,610 41,025 28,150 37,154 14,185 (9,854)
1,365,811 1,462,188 1,640,719 1,672,178 1,695,354 1,801,809 1,889,183 1,887,680 1,482,970

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
12.3% 12.9% 14.4% 14.5% 14.1% 14.7% 15.6% 15.3% 12.6%

-14.6%
-4.7% -11.0% 5.3% 2.3% 9.0% 5.9% 6.2% 2.1% -1.4%
12.1% 12.6% 14.1% 14.1% 13.9% 14.4% 15.1% 14.6% 10.8%
16 2017 2018
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
784,658 786,669 762,551 787,095 779,721 768,813 780,083 801,312 798,989
66,401 90,104 97,975 108,322 105,815
20,906 21,925 21,443 21,949 21,608 21,064 21,563 21,015 22,101
39,503 40,449 37,736 38,767 36,297 35,073 33,934 31,945 33,054
845,066 849,042 821,730 847,811 904,028 915,054 933,554 962,593 959,960

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
12,188,999 12,529,144 12,834,183 13,059,420 13,098,561 12,945,555 13,296,500 13,626,958 13,895,654
536,798 571,572 601,730 514,366 764,080 770,071 899,238 565,972 595,934
12,725,797 13,100,716 13,435,913 13,573,787 13,862,640 13,715,626 14,195,738 14,192,930 14,491,588
2,348,257 3,064,018 3,131,693 3,094,464 3,474,554
839,810 869,965 815,353 748,886 819,457 786,181 855,933 826,479 903,922
788,795 828,773 716,249 699,303 720,950 709,657 686,280 643,822 646,354
14,354,402 14,799,454 14,967,515 15,021,975 17,751,304 18,275,482 18,869,644 18,757,695 19,516,418

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,798,427 1,752,192 2,103,146 1,921,769 2,109,566 1,896,562 1,853,460 1,730,404 1,904,373
379,065 235,757 144,164 197,427 221,634
(146,252) (34,784) (30,066) (75,707) (103,845) (91,505) (54,095) (157,792) 6,165
(57,626) 7,795 22,539 18,189 (24,573) (8,088) (73,223) (29,265) 4,803
1,594,548 1,725,203 2,095,619 1,864,250 2,360,213 2,032,725 1,870,305 1,740,774 2,136,976

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
14.1% 13.4% 15.7% 14.2% 15.2% 13.8% 13.1% 12.2% 13.1%
16.1% 7.7% 4.6% 6.4% 6.4%
-17.4% -4.0% -3.7% -10.1% -12.7% -11.6% -6.3% -19.1% 0.7%
-7.3% 0.9% 3.1% 2.6% -3.4% -1.1% -10.7% -4.5% 0.7%
11.1% 11.7% 14.0% 12.4% 13.3% 11.1% 9.9% 9.3% 10.9%
 2019
Q1 Q2 Q3
769,677 773,256 784,716
94,089 94,761 106,910
20,080 19,719 19,918
34,761 36,910 37,339
918,607 924,646 948,882

Q1 Q2 Q3
13,739,519 14,082,121 14,057,380
410,568 384,441 260,793
14,150,088 14,466,562 14,318,174
3,056,807 2,839,001 3,088,718
831,735 860,197 859,808
668,867 709,983 717,301
18,707,496 18,875,744 18,984,001

Q1 Q2 Q3
1,904,179 1,962,282 1,729,700
231,245 220,365 547,413
16,255 24,015 27,397
3,195 3,476 1,937
2,154,874 2,210,139 2,306,448

Q1 Q2 Q3
13.5% 13.6% 12.1%
7.6% 7.8% 17.7%
2.0% 2.8% 3.2%
0.5% 0.5% 0.3%
11.5% 11.7% 12.1%
KL & MXN Thousands 2013 2014
Volume (KL) Q3 Q4 Q1 Q2 Q3
Milk 629,085 597,283 602,115 596,027 616,320
Other Dairy 110,151 107,360 105,608 108,995 112,803
Beverages and Others 41,139 38,189 35,385 38,128 30,428
Total Volume 780,376 742,832 743,108 743,150 759,551
0 0 0 0 0

Net Sales Q3 Q4 Q1 Q2 Q3
Milk 7,323,587 7,244,643 7,288,469 7,166,272 7,373,595
Other Dairy 3,011,817 3,067,208 2,997,526 3,086,350 3,209,563
Beverages and Others 255,208 269,460 250,736 264,964 222,708
Raw Materials and Others 510,686 510,213 570,854 455,002 522,855
Total Sales 11,101,298 11,091,525 11,107,585 10,972,589 11,328,722
0 0 0 0 0
 2015 2016
Q4 Q1 Q2 Q3 Q4 Q1 Q2
612,480 600,347 604,616 632,947 652,259 643,328 642,609
103,916 102,814 117,802 124,351 122,255 114,707 132,453
22,013 38,484 43,904 43,902 36,184 28,530 35,032
738,409 741,646 766,323 801,200 810,698 786,565 810,093
0 0 0 0 0 0 0

Q4 Q1 Q2 Q3 Q4 Q1 Q2
7,549,520 7,536,847 7,471,036 7,731,041 8,016,389 8,083,561 8,059,184
3,152,102 3,370,688 3,679,300 3,809,629 3,836,845 3,557,934 3,972,055
170,041 170,819 204,987 212,023 190,121 227,118 282,360
712,405 552,085 491,356 423,489 486,238 640,257 589,369
11,584,068 11,630,439 11,846,679 12,176,182 12,529,593 12,508,871 12,902,969
0 0 0 0 0 0 0
2016 2017 2018
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
669,955 679,522 675,921 647,130 676,279 683,277 681,299 680,428
142,239 136,407 144,817 142,885 142,717 191,195 203,924 220,033
32,717 29,138 28,304 31,715 28,814 29,555 29,832 33,093
844,911 845,066 849,042 821,730 847,811 904,028 915,054 933,554
0 0 0 0 0 0 0 0

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
8,542,657 8,927,013 9,004,540 8,972,176 9,275,529 9,495,652 9,462,224 9,528,613
4,359,887 4,612,981 4,945,527 5,066,653 4,918,250 7,098,936 7,649,402 8,001,616
297,333 277,610 277,815 326,956 313,830 392,636 393,786 440,178
501,574 536,798 571,572 601,730 514,366 764,080 770,071 899,238
13,701,451 14,354,402 14,799,454 14,967,515 15,021,975 17,751,304 18,275,482 18,869,644
0 0 0 0 0 0 0 0
2018 2019
Q3 Q4 Q1
704,099 706,326 680,177
226,140 222,855 214,299
32,354 30,779 24,132
962,593 959,960 918,607
0 0 0

Q3 Q4 Q1 Q2 Q3
9,833,106 10,052,054 9,947,636 10,016,975 9,978,285
7,935,264 8,471,101 7,924,281 7,987,045 8,250,611
423,353 397,330 425,011 487,283 494,311
565,972 595,934 410,568 384,441 260,793
18,757,695 19,516,418 18,707,496 18,875,744 18,984,001
0 0 0 0 0