SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF FEBRUARY
2003
FOMENTO ECONOMICO MEXICANO, S.A. DE C.V.
(Exact name of Registrant as specified in its charter)
Mexican Economic Development, Inc.
(Translation of Registrant's name into English)
United Mexican States
(Jurisdiction of incorporation or organization)
General Anaya No. 601 Pte.
Colonia Bella Vista
Monterrey, NL 64410 Mexico
(Address of principal executive offices)
(Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F
of Form 40-F.)
Form 20-F x Form 40-F
-
(Indicate by check mark whether the
registrant by furnishing the information
contained in this Form is also thereby
furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes No x
-
(If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82--.)
1
FOR FURTHER INFORMATION:
Juan Fonseca / (52) 81 83 28 62 45 / juan.fonseca@femsa.com.mx
Alan Alanis / (52) 81 83 28 62 11 / alan.alanis@femsa.com.mx
Arturo Ballester / (52) 81 83 28 61 89 / arturo.ballester@femsa.com.mx
Notice of Correction to FEMSA's Fourth Quarter 2002
Consolidated Income Statement
Monterrey, Mexico (February 21, 2003) Fomento Economico Mexicano, S.A. de
C.V. (NYSE: FMX; BMV: FEMSA UBD, FEMSA UB) today communicated the existence of
some minor clerical differences in the tables attached to their fourth quarter
and full year 2002 report, filed and published on Wednesday, February 19, 2003.
The differences are part of the Consolidated Income Statement for the
Fourth Quarter 2002, and they have no impact on the reported EBIT or Net Income
figures. They can be found in the table titled "Income Statement for the Fourth
Quarter" on page 10 of the press release. We attach the table as reported,
highlighting the figures that were incorrect, as well as the amended table with
all the correct figures.
2
Income Statement
For the fourth quarter of:
Millions of year end pesos of December 31, 2002
REPORTED
----------------------------------------------------------------------------------------------
FEMSA Coca-Cola FEMSA FEMSA FEMSA FEMSA
Cerveza FEMSA Empaques Comercio* Logistica Consolidado
----------------------------------------------------------------------------------------------
2002 2001 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
- -----------------------------------------------------------------------------------------------------------------------
Net sales 5,104.2 5,190.8 4,478.5 4,268.4 1,707.5 1,544.1 3,400.8 2,812.2 347.4 375.5 13,554.0 12,720.0
Other revenues 66.9 34.6 28.8 30.9 5.2 2.8 0.0 0.2 (0.5) 2.1 61.0 36.0
- -----------------------------------------------------------------------------------------------------------------------
Total revenues 5,171.1 5,225.4 4,507.3 4,299.3 1,712.7 1,546.9 3,400.8 2,812.4 346.9 377.6 13,615.0 12,756.0
Cost of good sold 2,249.3 2,232.7 2,127.0 1,938.3 1,313.6 1,220.7 2,446.3 2,076.0 303.3 333.8 6,905.0 6,298.0
- -----------------------------------------------------------------------------------------------------------------------
Gross margin 2,921.8 2,992.7 2,380.3 2,361.0 399.1 326.2 954.5 736.4 43.6 43.8 6,710.0 6,458.0
- -----------------------------------------------------------------------------------------------------------------------
Administrative expenses 522.6 528.3 366.6 333.8 53.9 40.0 76.8 57.2 14.3 31.9 1,132.9 1,083.2
Sales expenses 1,474.0 1,504.7 836.4 960.6 115.2 91.0 725.4 582.3 0.0 0.0 3,158.0 3,140.0
Management fee paid to
Labatt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.0 31.7
Goodwill amortization 0.0 0.0 5.1 24.2 0.0 0.0 0.0 0.0 0.0 0.0 5.1 24.2
- -----------------------------------------------------------------------------------------------------------------------
Operating expenses 1,996.6 2,033.0 1,208.1 1,318.6 169.1 131.0 802.2 639.5 14.3 31.9 4,325.0 4,279.0
- -----------------------------------------------------------------------------------------------------------------------
Operating income 925.2 959.7 1,172.2 1,042.4 230.0 195.2 152.3 96.9 29.3 11.9 2,385.0 2,179.0
Participation in
affiliated companies 58.2 35.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58.0 36.0
- -----------------------------------------------------------------------------------------------------------------------
Comparable EBIT 983.4 995.0 1,172.2 1,042.4 230.0 195.2 152.3 96.9 29.3 11.9 2,443.0 2,215.0
Management fee 96.6 105.5 0.0 0.0 26.0 23.1 26.2 48.5 0.0 0.0 0.0 0.0
- -----------------------------------------------------------------------------------------------------------------------
Total EBIT 886.8 889.5 1,172.2 1,042.4 204.0 172.1 126.1 48.4 29.3 11.9 2,443.0 2,215.0
- -----------------------------------------------------------------------------------------------------------------------
Depreciation 265.2 229.9 116.5 151.4 83.8 57.7 26.4 22.8 8.0 9.3 496.1 469.7
Other non-cash charges 394.3 286.4 95.0 106.0 28.9 22.8 22.1 26.4 1.1 1.3 524.5 483.7
- -----------------------------------------------------------------------------------------------------------------------
EBITDA 1,546.3 1,405.8 1,383.7 1,299.8 316.7 252.6 174.6 97.6 38.4 22.5 3,463.6 3,168.4
- -----------------------------------------------------------------------------------------------------------------------
Comparable
- -----------------------------------------------------------------------------------------------------------------------
EBIT/Revenues 19.0 19.0 26.0 24.2 13.4 12.6 4.5 3.4 8.4 3.2 17.9 17.4
- -----------------------------------------------------------------------------------------------------------------------
EBITDA/Revenues 31.8 28.9 30.7 30.2 20.0 17.8 5.9 5.2 11.1 6.0 25.4 24.8
- -----------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------
EBIT/Revenues 17.1 17.0 26.0 24.2 11.9 11.1 3.7 1.7 8.4 3.2 17.9 17.4
- -----------------------------------------------------------------------------------------------------------------------
EBITDA/Revenues 29.9 26.9 30.7 30.2 18.5 16.3 5.1 3.5 11.1 6.0 25.4 24.8
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Capital Expenditures 894 874 557 310 106 24 123 485 225 10 1,867 1,696
- -----------------------------------------------------------------------------------------------------------------------
3
Income Statement
For the fourth quarter of:
Millions of year end pesos of December 31, 2002
CORRECTED
----------------------------------------------------------------------------------------------
FEMSA Coca-Cola FEMSA FEMSA FEMSA FEMSA
Cerveza FEMSA Empaques Comercio* Logistica Consolidado
----------------------------------------------------------------------------------------------
2002 2001 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
- -----------------------------------------------------------------------------------------------------------------------
Net sales 5,104.2 5,190.8 4,478.5 4,268.4 1,707.5 1,544.1 3,400.8 2,812.2 347.4 375.5 13,554.0 12,720.0
Other revenues 66.9 34.6 28.8 30.9 5.2 2.8 0.0 0.2 (0.5) 2.1 61.0 36.0
- -----------------------------------------------------------------------------------------------------------------------
Total revenues 5,171.1 5,225.4 4,507.3 4,299.3 1,712.7 1,546.9 3,400.8 2,812.4 346.9 377.6 13,615.0 12,756.0
Cost of good sold 2,249.3 2,232.7 2,127.0 1,938.3 1,313.6 1,220.7 2,446.3 2,076.0 303.3 333.8 6,905.0 6,298.0
- -----------------------------------------------------------------------------------------------------------------------
Gross margin 2,921.8 2,992.7 2,380.3 2,361.0 399.1 326.2 954.5 736.4 43.6 43.8 6,710.0 6,458.0
- -----------------------------------------------------------------------------------------------------------------------
Administrative expenses 522.6 528.3 366.6 333.8 53.9 40.0 76.8 57.2 14.3 31.9 1,132.9 1,083.2
Sales expenses 1,474.0 1,504.7 836.4 960.6 115.2 91.0 725.4 582.3 0.0 0.0 3,158.0 3,140.0
Management fee paid to
Labatt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.0 31.7
Goodwill amortization 0.0 0.0 5.1 24.2 0.0 0.0 0.0 0.0 0.0 0.0 5.1 24.2
- -----------------------------------------------------------------------------------------------------------------------
Operating expenses 1,996.6 2,033.0 1,208.1 1,318.6 169.1 131.0 802.2 639.5 14.3 31.9 4,325.0 4,279.0
- -----------------------------------------------------------------------------------------------------------------------
Operating income 925.2 959.7 1,172.2 1,042.4 230.0 195.2 152.3 96.9 29.3 11.9 2,385.0 2,179.0
Participation in
affiliated companies 58.2 35.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58.0 36.0
- -----------------------------------------------------------------------------------------------------------------------
Comparable EBIT 983.4 995.0 1,172.2 1,042.4 230.0 195.2 152.3 96.9 29.3 11.9 2,443.0 2,215.0
Management fee 96.6 105.5 0.0 0.0 26.0 23.1 26.2 48.5 0.0 0.0 0.0 0.0
- -----------------------------------------------------------------------------------------------------------------------
Total EBIT 886.8 889.5 1,172.2 1,042.4 204.0 172.1 126.1 48.4 29.3 11.9 2,443.0 2,215.0
----------------------------------------------------------------------------------------------
Depreciation 265.2 229.9 116.5 151.4 83.8 57.7 26.4 22.8 8.0 9.3 501.0 475.7
Other non-cash charges 394.3 286.4 95.0 106.0 28.9 22.8 22.1 26.4 1.1 1.3 556.3 450.7
- -----------------------------------------------------------------------------------------------------------------------
EBITDA 1,546.3 1,405.8 1,383.7 1,299.8 316.7 252.6 174.6 97.6 38.4 22.5 3,500.3 3,141.4
- -----------------------------------------------------------------------------------------------------------------------
Comparable
- -----------------------------------------------------------------------------------------------------------------------
EBIT/Revenues 19.0 19.0 26.0 24.2 13.4 12.6 4.5 3.4 8.4 3.2 17.9 17.4
- -----------------------------------------------------------------------------------------------------------------------
EBITDA/Revenues 31.8 28.9 30.7 30.2 20.0 17.8 5.9 5.2 11.1 6.0 25.7 24.6
- -----------------------------------------------------------------------------------------------------------------------
Total
- -----------------------------------------------------------------------------------------------------------------------
EBIT/Revenues 17.1 17.0 26.0 24.2 11.9 11.1 3.7 1.7 8.4 3.2 17.9 17.4
- -----------------------------------------------------------------------------------------------------------------------
EBITDA/Revenues 29.9 26.9 30.7 30.2 18.5 16.3 5.1 3.5 11.1 6.0 25.7 24.6
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Capital Expenditures 894 874 557 310 106 24 327 485 20 10 1,875 1,712
- -----------------------------------------------------------------------------------------------------------------------
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
FOMENTO ECONOMICO MEXICANO, S.A. DE C.V.
By: /s/ Federico Reyes
----------------------
Federico Reyes
Executive Vice President of Planning and Finance
Date: February 24, 2003
5