FEMSA Reports Solid Growth in Profitability for the Year 2001 During Its Annual Shareholders Meeting
MONTERREY, Mexico, Mar 13, 2002 (BUSINESS WIRE) --
The Stockholders Approved the Payment of a Dividend for 665 Million Pesos Fomento Economico Mexicano, S.A. de C.V. ("FEMSA" or "the Company") (NYSE:FMX) (BMV:FEMSA UBD) (BMV:FEMSA UB), Mexico's largest and one of Latin America's leading beverage companies, 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 Dec. 31, 2001, the declaration of the dividend corresponding to fiscal year 2001, the appointment of a new member to the auditing committee and the Board of Directors for the year 2002.
Jose Antonio Fernandez Carbajal, Chairman of the Board and Chief Executive of FEMSA, stated: "The year 2001 was one of progress in the implementation of our strategy, where we stayed the course in the face of unexpected challenges. We achieved solid growth in profitability, generated approximately $1.3 billion dollars of cash flow and reduced net debt to approximately $108 million dollars, its lowest level since 1996. We also made great strides in the implementation of investment projects which will be the backbone of our sustainable competitive advantage going forward."
The stockholders also approved the payment of a dividend in the amount of 665 million pesos. The dividend will be paid on May 31, 2002, upon submittal of Coupon Number 5, as follows: 0.112 pesos for each Series B share and 0.140 pesos for each Series D share. The foregoing will result in actual dividend payments of 0.672 pesos for each UBD Unit and 0.560 pesos for each UB Unit. Therefore, each ADS will receive a dividend payment of 6.72 pesos.
In addition, stockholders approved 3,000,000,000.00 pesos as the maximum amount which could potentially be used in stock repurchases, as per the current legislation.
Stockholders approved the appointment of a new auditing committee conformed by the following members of the Board of Directors: Alexis Rovzar as President, Jose Calderon Ayala, Arturo Fernandez Perez, Eduardo A. Elizondo and Helmut Paul. Jose Gonzalez Ornelas was appointed secretary of the auditing committee.
The Board of Directors was appointed as follows:
BOARD OF DIRECTORS
SERIES "B"
DIRECTORS
HONORARY LIFE CHAIRMAN Eugenio Garza Laguera
CHAIRMAN Jose Antonio Fernandez Carbajal
Juan Carlos Braniff
Jose Calderon Ayala
Consuelo Garza de Garza
Max Michel Suberville
Alberto Bailleres
Eduardo A. Elizondo
Ricardo Guajardo Touche
Alfredo Livas Cantu
Roberto Servitje
Carlos Salguero
Luis Tellez Kuenzler
ALTERNATE DIRECTORS
Eva Garza Gonda de Fernandez
Federico Reyes Garcia
Carlos Salazar Lomelin
Francisco J. Calderon Rojas
Alfonso Garza Garza
Max Michel Gonzalez
Arturo Fernandez Perez
Eduardo Padilla Silva
Alfredo Martinez Urdal
Carlos E. Aldrete Ancira
Paulina Garza Gonda de Marroquin
Fernando Elizondo Barragan
Arturo Estrada Treanor
SERIES "D"
DIRECTORS
Barbara Garza Gonda de Braniff
Alexis E. Rovzar de la Torre
Helmut Paul
Lorenzo H. Zambrano Trevino
Robert E. Denham
ALTERNATE DIRECTORS
Mariana Garza Gonda de Trevino
Javier L. Barragan
Sergio Deschamps Perez
Othon Paez Garza
Lorenzo Garza Sepulveda
DIRECTORS ALTERNATE DIRECTORS
EXAMINERS: Jose Manuel Canal Hernando Ernesto Gonzalez Davila
SECRETARIES: Alfredo Livas Carlos E. Aldrete Ancira
In the course of the extraordinary assembly, celebrated along with the ordinary assembly, FEMSA's stockholders approved the change in certain articles of the Company's by-laws, in order to comply with the reforms to the Securities Market Law ("Ley del Mercado de Valores"), along with certain general regulations mandated by the National Banking and Securities Commission.
In addition, stockholders approved the listing of the shares of stock of Fomento Economico Mexicano, S.A. de C.V., in the Latin American Securities Market of the Madrid Stock Exchange ("Latibex"). Through Latibex, FEMSA will access new financing channels and will allow European investors to directly purchase FEMSA's stock. The listing will be done in euros, pertaining to similar requirements of inscription and maintenance as those existing in Mexico.
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 one of Latin America's largest beverage company, exporting to the United States, Canada and select countries in Europe, Asia and Latin America. 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 and distributes 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 Latin America, 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), retail (FEMSA Comercio) and logistics (FEMSA Logistica) operations, whose main objective is to offer competitive advantages to the beverage subsidiaries.
CONTACT:
FEMSA S.A. de C.V., Monterrey
Investor Relations:
Juan Fonseca, 011/528-328-6245
jffonser@femsa.com.mx
or
Corporate Communications:
Jaime Toussaint, 011/528-328-6150
jtouelo@femsa.com.mx
Copyright © 2002 Business Wire. All rights reserved.