| Consolidated Capital Expenditures: Consolidated capital expenditures increased 13.3% y-o-y to MXN 2.233 billion in 1Q09, mainly driven by manufacturing investments at Coca-Cola FEMSA, and the accelerated expansion in store openings at FEMSA Comercio.
Consolidated Balance Sheet: As of March 31, 2009, FMX’s cash balance was MXN 12.507 billion ($880.2 million), an increase of MXN 1.018 billion ($71.6 million) y-o-y. Short-term debt was MXN 15.494 billion ($1.090 billion) while long-term debt was MXN 31.606 billion ($2.224 billion). The net debt increased by MXN 5.545 billion ($390.2 million) mainly driven by the appreciation of the US dollar as applied to US dollar liability position, new bank loans and the issuance of MXN 2.0 billion in Certificates Bursátiles by Coca-Cola FEMSA in January 2009.
Consistent with FEMSA’s conservative approach, as of March 31, 2009, the ratio of net debt to EBITDA was only 1.1x, while the mix of US dollar-denominated debt represented 19.9% and mix of fixed interest rate represented 50.3%. In terms of debt profile, FMX had approximately MXN 13.4 billion ($945 million) due in 2009, which have been totally refinanced as of April 29, 2009. For 2010 and 2011, FMX has minor debt maturities, and its debt profile currently extends as far out as 2017.
As a matter of policy, FEMSA follows a conservative approach with respect to its leverage position and seeks to maintain low leverage ratios. FEMSA also seeks to manage risk, through derivative instruments, by which it aims to minimize the volatility and uncertainty of operating results by hedging interest rates, foreign exchange rates and the prices of certain of raw materials.
On May 4, 2009, FMX paid a first equal part of announced dividend in the amount of MXN 1,620 million, consisting of MXN 0.100985875 per each Series D share and MXN 0.0807887 per each Series B share, which amounted to MXN 0.4847322 per BD Unit or MXN 4.847322 per ADS, and MXN 0.4039435 per B Unit.
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