FEMSA Reports Progress Achieved in the Year 2002 During Its Annual Shareholders Meeting; The Stockholders Approved the Payment of a Dividend for 397 Million Pesos
MONTERREY, Mexico--(BUSINESS WIRE)--March 11, 2003--Fomento Economico Mexicano, S.A. de C.V. ("FEMSA") (BMV:FEMSA UBD) (BMV:FEMSA UB) (NYSE:FMX), the Leader in Latin Beverages, held its annual General Ordinary Stockholders Meeting today, at which the shareholders approved the annual report presented by the Board of Directors, the consolidated financial statements for the year ended December 31, 2002, the declaration of the dividend corresponding to fiscal year 2002, and the composition of the Board of Directors for the year 2003.
Jose Antonio Fernandez Carbajal, Chairman of the Board and Chief Executive of FEMSA, stated: "During the year 2002 we advanced firmly in the progress on our strategic goals, despite a challenging business climate, characterized by prolonged economic adversity, capital market volatility and heightened geopolitical risk. Indeed, the lean environment brought out the best in us. In 2002 we delivered positive operating and financial results. Our consolidated total revenues grew to Ps. 52,941 million (US$ 5.062 billion), an increase of 5.7% over last year in real peso terms. Our consolidated operating income rose to Ps. 9,491 million (US$ 907 million), up 11.2%. Our operating margin expanded 90 basis points to 17.9% of total revenues."
The stockholders approved the payment of a dividend in the amount of 397 million pesos. The dividend will be paid on May 30, 2003, upon submittal of Coupon Number 1, as follows: 0.067 pesos for each Series B share and 0.08375 pesos for each Series D share. This corresponds to actual dividend payments of 0.402 pesos for each UBD Unit and 0.335 pesos for each UB Unit. Therefore, each ADS will receive a dividend payment of 4.02 pesos.
In addition, stockholders approved 3,000 million pesos as the maximum amount that could potentially be used in stock repurchases, as per the current legislation.
The Board of Directors was appointed as follows:
BOARD OF DIRECTORS
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SERIES "B"
DIRECTORS ALTERNATE DIRECTORS
HONORARY LIFE Eugenio Garza Laguera Mariana Garza de Trevino
CHAIRMAN
CHAIRMAN Jose Antonio Fernandez Federico Reyes Garcia
Carbajal
Juan Carlos Braniff Hierro Paulina Garza de Marroquin
Jose Calderon Ayala Francisco Jose Calderon
Rojas
Consuelo Garza de Garza Alfonso Garza Garza
Max Michel Suberville Max Michel Gonzalez
Alberto Bailleres Arturo Fernandez Perez
Eduardo A. Elizondo Juan Guichard Michel
Ricardo Guajardo Touche Eva Garza de Fernandez
Alfredo Livas Cantu Jose Gonzalez Ornelas
Roberto Servitje Sendra Alfredo Martinez Urdal
Carlos Salguero Eduardo Padilla Silva
Barbara Garza de Braniff Carlos Salazar Lomelin
Jose Manuel Canal Hernando Othon Paez Garza
SERIES "D"
DIRECTORS ALTERNATE DIRECTORS
Luis Tellez Kuenzler Armando Garza Sada
Alexis E. Rovzar de la Lorenzo Garza Hinojosa
Torre
Helmut Paul Antonio Elosua Muguerza
Lorenzo H. Zambrano Francisco Garza Zambrano
Robert E. Denham Sergio Deschamps Ebergenyi
EXAMINERS: Ernesto Gonzalez Davila Ernesto Cruz Velasquez de
Leon
SECRETARIES: Alfredo Livas Carlos E. Aldrete Ancira
The assembly approved the appointment of the following persons
as members of the support Committees for the Board of Directors:
AUDIT COMMITTEE
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PRESIDENT: Alexis E. Rovzar de la Torre
Jose Manuel Canal Hernando
Helmut Paul
Eduardo Elizondo
TECHNICAL SECRETARY: Jose Gonzalez Ornelas
EVALUATION AND COMPENSATION COMMITTEE
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PRESIDENT: Roberto Servitje Sendra
Max Michel Suberville
Lorenzo H. Zambrano
Arturo Fernandez Perez
Carlos Salguero
TECHNICAL SECRETARY: Ricardo Gonzalez Sada
FINANCE AND PLANNING COMMITTEE
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PRESIDENT: Juan Carlos Braniff Hierro
Ricardo Guajardo Touche
Alfredo Livas Cantu
Luis Tellez Kuenzler
Robert E. Denham
TECHNICAL SECRETARY: Federico Reyes Garcia
This report may contain certain forward-looking statements concerning FEMSA's future performance that should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact the Company's actual performance.
FEMSA is Latin America's largest beverage company in terms of sales. Founded in 1890 and headquartered in Monterrey, Mexico, FEMSA is strategically comprised of and operates by means of the following subsidiaries: FEMSA Cerveza, which produces, distributes and exports various brands of beer such as Tecate, Carta Blanca, Superior, Sol, XX Lager, Dos Equis and Bohemia; Coca-Cola FEMSA, the largest bottler for The Coca-Cola Co. in Mexico, which produces and distributes carbonated beverages such as Coca-Cola, Coca-Cola Light, Fanta, Sprite and Quatro; and the Strategic Businesses Division, which groups the packaging (FEMSA Empaques) and retail (FEMSA Comercio) operations, whose main objective is to offer strategic competitive advantages to the beverage subsidiaries.
CONTACT: FEMSA S.A. de C.V., Monterrey Corporate Communications: Jaime Toussaint, 011/528-328-6150 jtouelo@femsa.com.mx or Investor Relations: Juan Fonseca, 011/528-328-6245 jffonser@femsa.com.mx