Edgar Filing: MEXICAN ECONOMIC DEVELOPMENT INC

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2012

FOMENTO ECONÓMICO MEXICANO, S.A.B. 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, Nuevo León 64410
México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1): _______

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7): _______

Indicate by check mark whether by furnishing the information contained in this

Form, the registrant 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-_____________

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf of the

undersigned, thereunto duly authorized.

FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.

	By: /s/ Javier Astaburuaga
	Javier Astaburuaga
	Chief Financial Officer

Date: March 30, 2012

FEMSA Presents 2011 Financial Information under IFRS

Monterrey, Mexico, March 30, 2012 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or “the Company”) today presented its 2011 quarterly and full year financial information under International Financial Reporting Standards (IFRS). The purpose of this exercise is to provide investors and other market participants with a set of quarterly and full year information reflecting the application of International Financial Reporting Standards. This data set will also constitute a comparable basis for future reporting periods.

The information presented here is non-audited, however it is based on the audited results reported for the year ended December 31, 2011 under Mexican Financial Reporting Standards and has been converted to International Financial Reporting Standards (IFRS). For more details refer to the notes to the financial statements for 2011 contained in the annual report of FEMSA.

The transition date from Mexican Financial Reporting Standards to IFRS for the Company is January 1, 2011 and the Company applied the provisions of IFRS 1 “first time adoption” in the presentation of financial information. The adoption date is January 1, 2012.

###

FEMSA is a leading company that participates in the non-alcoholic beverage industry through Coca-Cola FEMSA, the largest independent bottler of Coca-Cola products in the world in terms of sales volume; in the retail industry through FEMSA Comercio, operating the largest and fastest-growing chain of convenience stores in Latin America, and in the beer industry, through its ownership of the second largest equity stake in Heineken, one of the world’s leading brewers with operations in over 70 countries.

Six pages of tables to follow.

FEMSA

Consolidated Income Statement

Millions of Pesos

	For the twelve months of:
	2011 MX GAAP			% of rev.		Adjustments			2011 IFRS			% of rev.
Total revenues		203,044			100.0		(1,504	)		201,540			100.0	(A)
Cost of sales		118,009			58.1		(773	)		117,236			58.2	(A) (B) (C) (D)
Gross profit		85,035			41.9		(731	)		84,304			41.8	(A)
Administrative expenses		8,249			4.1		(99	)		8,150			4.0	(A) (C) (E)
Selling expenses		49,882			24.5		724			50,606			25.1	(A) (B) (C) (F)
Other Operating expenses (income), net ⁽²⁾		-			-		654			654			0.4	(G) (H) (I)
Income from operations ⁽¹⁾		26,904			13.3		(2,010	)		24,894			12.4	(A) (B) (C) (D) (E) (F) (G) (H) (I)
Other Non Operating expenses (income)		2,830					(2,021	)		809				(C) (G) (H)
Interest expense		(2,934	)				687			(2,247	)			(F)
Interest income		999					(24	)		975
Interest expense, net		(1,935	)				663			(1,272	)			(F)
Foreign exchange (loss) gain		1,165					(190	)		975				(I)
(Loss) gain on monetary position		146					(92	)		54				(A)
Gain (loss) on financial instrument		(159	)				48			(111	)			(J)
Integral result of financing		(783	)				429			(354	)			(A) (F) (I) (J)
Income before income tax		23,291					440			23,731				(A) (B) (D) (E) (J)
Income tax		7,687					(134	)		7,553				(A) (K)
Participation in Heineken results		5,080					(199	)		4,881				(L)
Net consolidated income		20,684					375			21,059				(A) (B) (D) (E) (J) (K)
Net majority income		15,133					291			15,424				(A)
Net minority income		5,551					84			5,635				(A)

⁽¹⁾ Income from operations = Gross profit - Administrative and selling expenses - Other operating expenses (income), net

⁽²⁾ Other Operating expenses (income), net = Other operating expenses +(-) Equity method from operated associates

(A) Elimination of inflation effects recognized on non-hyperinflationary economies under IFRS (Argentina, Costa Rica and Nicaragua).

(B) Change on depreciation and amortization based on the IFRS Balance of Assets.

(C) Reclassification of employee profit sharing from “Other expenses to “Cost of sales” and “Administrative and Selling expenses”.

(D) Elimination of provisions for severance, labor cost of past services and actuarial gain or loss.

(E) Change on executive bonus reserve.

(F) Reclassification of commissions for cash in transit from “Interest expense” to “Selling expenses”.

(G) Reclassification of equity method operated associets from “Other expenses” to “Other Operating expenses(income)”.

(H) The expenses related to severance payments resulting from restructuring programs, contingencies, gain (loss) on sales of long lived assets and write off´s were reclassified from “Other expenses” to “Other operating expenses (income), net”.

(I) Reclassification of operating “Foreign exchange (loss) gain” from “Integral result of financing” to “Other operating (expenses) income”.

(J) Elimination of Embedded financial derivatives.

(K) Change of deferred income tax provision.

(L) The Participation in Heinken results is presented net of income tax.

	2011 MX GAAP		% of rev.		Adjustments			2011 IFRS		% of rev.
EBTIDA & CAPEX
Income from operations		26,904		13.3		(2,010	)		24,894		12.4	(A) (B) (C) (D) (E) (F) (G) (H) (I)
Depreciation		4,604		2.3		1,012			5,616		2.8	(B)
Amortization & other non cash charges		2,450		1.1		(1,244	)		1,206		0.5	(B) (D) (G) (H) (I)
EBITDA		33,958		16.7		(2,242	)		31,716		15.7	(A) (C) (E) (F) (H)
CAPEX		12,515				-			12,515

March 30, 2012

FEMSA

Consolidated Balance Sheet

Millions of Pesos

As of December 31:

	2010 MX GAAP		Adjustments			2010 IFRS		2011 IFRS
*ASSETS*
Cash and cash equivalents		27,163		(392	)		26,771		27,170	(A)
Accounts receivable		7,702		(1	)		7,701		10,498
Inventories		11,314		-			11,314		14,360
Other current assets		5,281		346			5,627		6,913	(A)
Total current assets		51,460		(47	)		51,413		58,941
Investments in shares		68,793		-			68,793		78,643
Property, plant and equipment, net		41,911		44			41,955		54,413	(B) (C)
Intangible assets		52,340		(8,087	)		44,253		62,987	(C)
Other assets		9,074		(2,034	)		7,040		8,846	(B) (C)
TOTAL ASSETS		223,578		(10,124	)		213,454		263,830

LIABILITIES & STOCKHOLDERS´ EQUITY
Bank loans		1,578		-			1,578		638
Current maturities long-term debt		1,725		(1	)		1,724		4,935
Interest payable		165		-			165		216
Operating liabilities		27,048		(254	)		26,794		32,526	(D) (E)
Total current liabilities		30,516		(255	)		30,261		38,315
Long-term debt		21,510		(55	)		21,455		23,138
Labor liabilities		1,883		455			2,338		2,584	(F)
Other liabilities		16,656		(10,410	)		6,246		7,690	(G)
Total liabilities		70,565		(10,265	)		60,300		71,727
Total stockholders’ equity		153,013		141			153,154		192,103	(C) (E) (F) (G)
LIABILITIES AND STOCKHOLDERS’ EQUITY		223,578		(10,124	)		213,454		263,830

(A) Reclassification of Restrictive Cash from “Cash and cash equivalents” to “Other current assets”.

(B) Reclassification of leasehold improvements from “Other assets” to “Property, plant and equipment, net”.

(C) Elimination of inflation effects of “Property, Plant and Equipment”, “Intangible Assets” and “Other Assets” related to non-hyperinflationary periods.

(D) Elimination of Embedded financial derivatives.

(E) Application of IFRS 2 "Share-Based Payment".

(F) Elimination of unamortized actuarial gains and past services.

(G) Elimination of deferred income tax recognized on the FEMSA-Heineken transaction and recalculation of deferred income tax base on the IFRS balance sheet.

March 30, 2012

FEMSA

Consolidated Income Statement

Millions of Pesos

	1Q 2011			2Q 2011			3Q 2011			4Q 2011
Total revenues		42,920			48,465			50,543			56,744
Cost of sales		25,552			28,414			29,440			32,318
Gross profit		17,368			20,051			21,103			24,426
Administrative expenses		1,824			2,016			1,988			2,224
Selling expenses		10,983			12,053			12,976			13,631
Other Operating expenses (income), net		7			64			35			551
Income from operations		4,554			5,918			6,104			8,020
Other Non Operative expenses (income)		52			66			184			498
Interest expense		(481	)		(535	)		(629	)		(598	)
Interest income		202			256			317			193
Interest expense, net		(279	)		(279	)		(312	)		(405	)
Foreign exchange (loss) gain		(180	)		(107	)		1,028			234
(Loss) gain on monetary position		1			21			(3	)		33
Gain (loss) on financial instrument		74			(13	)		(266	)		94
Integral result of financing		(384	)		(378	)		447			(44	)
Income before income tax		4,118			5,474			6,367			7,478
Income tax		1,305			1,838			2,083			2,236
Participation in Heineken results		557			541			1,682			2,101
Net consolidated income		3,370			4,177			5,966			7,343
Net majority income		2,228			2,827			4,654			5,512
Net minority income		1,142			1,350			1,312			1,831

	1Q 2011		2Q 2011		3Q 2011		4Q 2011
EBTIDA & CAPEX
Income from operations		4,554		5,918		6,104		8,020
Depreciation		1,274		1,308		1,354		1,593
Amortization & other non cash charges		142		184		180		657
EBITDA		5,970		7,410		7,638		10,270
CAPEX		1,266		2,960		2,928		5,239

March 30, 2012

Coca-Cola FEMSA

Results of Operations

Millions of Pesos

	For the twelve months of:
	2011 MX GAAP		% of rev.		Adjustments			2011 IFRS		% of rev.
Total revenues		124,715		100.0		(1,491	)		123,224		100.0	(A)
Cost of sales		67,488		54.1		(803	)		66,685		54.1	(A) (B) (C) (D)
Gross profit		57,227		45.9		(688	)		56,539		45.9	(A)
Administrative expenses		5,185		4.2		(67	)		5,118		4.2	(A) (B) (C) (D)
Selling expenses		31,890		25.5		125			32,015		26.0	(A) (B) (C) (D)
Other Operating expenses (income), net		-		-		667			667		0.5	(E) (F) (G)
Income from operations		20,152		16.2		(1,413	)		18,739		15.2	(A) (B) (C) (D) (E) (F) (G)
Depreciation		3,269		2.6		486			3,755		3.0	(B)
Amortization & other non cash charges		1,577		1.2		(671	)		906		0.8	(B) (D) (E) (F) (G)
EBITDA		24,998		20.0		(1,598	)		23,400		19.0	(A) (C) (F)
CAPEX		7,826				-			7,826

(A) Elimination of inflation effects recognized on non-hyperinflationary economies under IFRS (Argentina, Costa Rica and Nicaragua).

(B) Change on depreciation and amortization based on the IFRS Balance of Assets.

(C) Reclassification of employee profit sharing from “Other expenses” to “Cost of sales” and “Administrative and Selling expenses”.

(D) Elimination of provisions of severance, labor cost of past services and actuarial gain or loss.

(E) Reclassification of equity method operated associets from “Other expenses” to “Other Operating expenses(income)”.

(G) Reclassification of operating “Foreign exchange (loss) gain” from “Integral result of financing” to “Other operating (expenses) income”.

March 30, 2012

FEMSA Comercio

Results of Operations

Millions of Pesos

	For the twelve months of:
	2011 MX GAAP		% of rev.		Adjustments			2011 IFRS		% of rev.
Total revenues		74,112		100.0		-			74,112		100.0
Cost of sales		48,636		65.6		-			48,636		65.6
Gross profit		25,476		34.4		-			25,476		34.4
Administrative expenses		1,438		1.9		(6	)		1,432		1.9	(A) (B) (C) (D)
Selling expenses		17,762		24.0		593			18,355		24.8	(A) (B) (E)
Other Operating expenses (income), net		-		-		112			112		0.2	(F) (G)
Income from operations		6,276		8.5		(699	)		5,577		7.5	(A) (B) (C) (D) (E) (F) (G)
Depreciation		1,175		1.6		518			1,693		2.3	(B)
Amortization & other non cash charges		707		0.9		(452	)		255		0.4	(B) (C) (F) (G)
EBITDA		8,158		11.0		(633	)		7,525		10.2	(B) (D) (E) (F)
CAPEX		4,096				-			4,096

(A) Change on depreciation and amortization based on the IFRS Balance of Assets.

(B) Reclassification of employee profit sharing from “Other expenses” to “Cost of sales” and “Administrative and Selling expenses”.

(C) Elimination of provisions of severance, labor cost of past services and actuarial gain or loss.

(D) Change on executive bonus reserve.

(E) Reclassification of commissions for cash in transit from “Interest expense” to “Selling expenses”.

(G) Reclassification of operating “Foreign exchange (loss) gain” from “Integral result of financing” to “Other operating (expenses) income”.

March 30, 2012

Coca-Cola FEMSA

Results of Operations

Millions of Pesos

	1Q 2011		2Q 2011		3Q 2011		4Q 2011
Total revenues		25,853		28,388		30,077		36,090
Cost of sales		14,070		15,346		16,158		19,646
Gross profit		11,783		13,042		13,919		16,444
Administrative expenses		1,149		1,275		1,271		1,327
Selling expenses		6,815		7,335		8,106		8,796
Other Operating expenses (income), net		4		27		28		608
Income from operations		3,815		4,405		4,514		5,713
Depreciation		845		875		885		1,067
Amortization & other non cash charges		74		116		156		551
EBITDA		4,734		5,396		5,555		7,331
CAPEX		613		1,849		1,795		3,446

FEMSA Comercio

Results of Operations

Millions of Pesos

	1Q 2011		2Q 2011		3Q 2011		4Q 2011
Total revenues		16,110		18,973		19,410		19,619
Cost of sales		11,050		12,538		12,767		12,281
Gross profit		5,060		6,435		6,643		7,338
Administrative expenses		334		351		368		379
Selling expenses		4,096		4,643		4,820		4,796
Other Operating expenses (income), net		2		2		41		67
Income from operations		628		1,439		1,414		2,096
Depreciation		397		404		438		454
Amortization & other non cash charges		39		40		78		98
EBITDA		1,064		1,883		1,930		2,648
CAPEX		704		903		1,112		1,376

March 30, 2012

Coca-Cola FEMSA presents 2011 Financial Information under International Financial Reporting Standards (IFRS)

Mexico City, Mexico – March 29, 2012 – Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL; NYSE: KOF) (“Coca-Cola FEMSA” or the “Company”), the largest public bottler of Coca-Cola products in the world, presents its quarterly and full year 2011 results under International Financial Reporting Standards (IFRS).

Background Information

Beginning in 2012, Mexican companies with securities listed on the Mexican National Securities’ Registry (Registro Nacional de Valores) of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), are required to prepare their financial statements in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).

The information contained in this document is based on audited financial results for the year ended December 31, 2011 prepared in accordance with the Mexican Financial Reporting Standards (Normas de Información Financiera Mexicana or “MFRS”) that have been translated to IFRS.

For comparison purposes, the Company’s transition date is January 1, 2011, and the Company has applied the provisions of IFRS 1 for the presentation of its financial results.

For more information, please refer to the notes to Coca-Cola FEMSA’s 2011 financial statements, contained in its annual report.

v v v

Coca-Cola FEMSA, S.A.B. de C.V. produces and distributes Coca-Cola, Fanta, Sprite, Del Valle, and other trademark beverages of The Coca-Cola Company in Mexico (a substantial part of central Mexico, including Mexico City, the southeast and northeast Mexico), Guatemala (Guatemala City and surrounding areas), Nicaragua (nationwide), Costa Rica (nationwide), Panama (nationwide), Colombia (most of the country), Venezuela (nationwide), Brazil (greater São Paulo, Campiñas, Santos, the state of Mato Grosso do Sul, part of the state of Goias, and part of the state of Minas Gerais), and Argentina (Buenos Aires and surrounding areas), along with bottled water, juices, teas, isotonics, beer, and other beverages in some of these territories. The Company has 35 bottling facilities in Latin America and serves more than 1,700,000 retailers in the region.

March 29, 2012

Page 1

Significant Accounting Effects

Fixed Assets (Property, Plant and Equipment (PPE) – Valuation

The Company valued its fixed assets at their historical costs in all countries, except for Venezuela, where the historical cost was the cost as of the acquisition date, restated pursuant to the rate of inflation (because such country is considered a hyperinflationary economy).

Intangible Assets – Valuation

The Company valued its intangible assets at their historical costs.

With regards to IAS (International Accounting Standard) 38 “Intangible Assets”, the Company identified certain intangible assets that do not meet the requirements to be considered as such under IFRS, mainly launching costs for new products. As such, costs are recognized in our results at the moment they are incurred in.

Differed Income Tax – Calculation

The adjustments under IFRS recognized by the Company affected the calculation of the differed income tax, in terms of the provisions of IAS 12, “Income Tax”.

Presentation of Financial Statements – Changes in the Presentation of Financial Statements

In terms of IAS 1 “Presentation of Financial Statements”, the operating income line is not required under IFRS; nevertheless, we will continue to include this line for the benefit of the reader, as a non-GAAP item.

Other Expenses and Other Products - Recognition as Operating Expenses

Several accounting items that were not included in the results of operations will be reclassified as part of the results of operations under IFRS. These accounting items will include employee profit sharing (participación de los trabajadores en las utilidades or PTU), restructuring costs, fixed assets sales/retirement and the equity method in operative investments.

Employment Termination – Cancelation of the Liabilities for Indemnifications

Under IFRS, the costs related to employment termination will be recognized in the results as of the moment that an agreement has been reached to terminate the employment with the employee. In terms of the foregoing, as of the transition date, the Company has canceled its liabilities for indemnifications.

Inflation – Determination of Hyperinflationary Economies

In terms of NIF B-10 “Recognition of Inflation”, the inflationary effects of the financial information must be recognized when the economy is considered to be inflationary, i.e., when accumulated inflation for the three previous years is equal to or greater than 26%. Furthermore, pursuant to IAS 29, an economy is hyperinflationary when accumulated inflation for the three previous years is close to or exceeds 100% (among other economic indicators). The Company has eliminated the inflationary effects that were previously registered in Mexico for the years 1998 through 2007. For foreign subsidiaries, the accumulated inflation, as of the acquisition date was eliminated (except for Venezuela, which is considered to be a hyperinflationary economy), as of the date when the Company started consolidating them.

Presentation of information under Generally Accepted Accounting Principles in the United States of America (U.S. GAAP)

As a result of the process for adopting IFRS, annual financial information will not be presented under Generally Accepted Accounting Principles in the United States of America (U.S. GAAP).

(7 pages of tables to follow)

March 29, 2012

Page 2

Consolidated Balance Sheet
Expressed in millions of Mexican pesos.	MFRS			Adjust.			IFRS			MFRS			Adjust.			IFRS
Assets	31-Dec-11						31-Dec-11			01-Jan-11						01-Jan-11
Current Assets
Cash, cash equivalents and marketable securities	Ps.	12,661			(488	)	Ps.	12,173		Ps.	12,534			(392	)	Ps.	12,142		(A)
Total accounts receivable		8,634			(2	)		8,632			6,363			(2	)		6,361
Inventories		7,573			(24	)		7,549			5,007			-			5,007
Other current assets		3,206			478			3,684			2,532			356			2,888		(A)
Total current assets		32,074			(36	)		32,038			26,436			(38	)		26,398
Property, plant and equipment
Property, plant and equipment		73,309			(8,664	)		64,645			57,104			(8,134	)		48,970
Accumulated depreciation		(31,807	)		5,104			(26,703	)		(25,230	)		4,492			(20,738	)
Total property, plant and equipment, net		41,502			(3,560	)		37,942			31,874			(3,642	)		28,232		(B)(C)
Other non-current assets		78,032			(7,498	)		70,534			55,751			(6,881	)		48,870		(C)(D)
Total Assets	Ps.	151,608			(11,094	)	Ps.	140,514		Ps.	114,061			(10,561	)	Ps.	103,500

Liabilities and Shareholders' Equity		31-Dec-11			Adjust.			31-Dec-11			01-Jan-11			Adjust.			01-Jan-11
Current Liabilities
Short-term bank loans and notes	Ps.	5,540			-		Ps.	5,540		Ps.	1,840			-		Ps.	1,840
Suppliers		11,852			-			11,852			8,988			-			8,988
Other current liabilities		7,685			11			7,696			6,818			7			6,825
Total Current Liabilities		25,077			11			25,088			17,646			7			17,653
Long-term bank loans		17,034			(56	)		16,978			15,511			(56	)		15,455
Other long-term liabilities		8,717			(3,322	)		5,395			7,023			(1,816	)		5,207		(D)
Total Liabilities		50,828			(3,367	)		47,461			40,180			(1,865	)		38,315
Shareholders' Equity
Non-controlling interest		3,089			(13	)		3,076			2,602			(30	)		2,572
Total controlling interest		97,691			(7,714	)		89,977			71,279			(8,666	)		62,613		(C)(D)
Total shareholders' equity		100,780			(7,727	)		93,053			73,881			(8,696	)		65,185
Liabilities and Shareholders' Equity	Ps.	151,608			(11,094	)	Ps.	140,514		Ps.	114,061			(10,561	)	Ps.	103,500

(A) Reclassification of Restrictive Cash and marketable securities to Other current assets.

(B) Reclassification of leasehold improvements from other assets to Property, plant and equipment, net.

(C) Elimination of Inflation effects (valuing at historical cost)of Property, Plant and Equipment, Intangible Assets and Other Assets related to economies that, under IFRS, are considered as Non-hiperinflationary

(D) Recalculation of deferred income tax

March 29, 2012

Page 3

Consolidated Income Statement
Expressed in millions of Mexican pesos⁽¹⁾	MFRS						Adjust.			IFRS
	2011			% Ing						2011			% Ing
Volume (million unit cases) ⁽²⁾		2,648.7						-			2,648.7
Average price per unit case ⁽²⁾		45.38						(0.54	)		44.84
Net revenues		124,066						(1,428	)		122,638					(A)
Other operating revenues		649						(63	)		586					(A)
Total revenues		124,715			100	%		(1,491	)		123,224			100	%	(A)
Cost of goods sold		67,488			54.1	%		(803	)		66,685			54.1	%	(A)(B)(C)(D)
Gross profit		57,227			45.9	%		(688	)		56,539			45.9	%
Operating expenses		37,075			29.7	%		58			37,133			30.1	%	(A)(B)(C)(D)
Other operative expenses, net		-			0.0	%		667			667			0.5	%	(E)(F)(G)
Operating income ⁽³⁾		20,152			16.2	%		(1,413	)		18,739			15.2	%
Other non operative expenses, net		2,326						(1,849	)		477					(C)(E)(F)
Interest expense		1,736						(63	)		1,673
Interest income		601						(24	)		577
Interest expense, net		1,135						(39	)		1,096
Foreign exchange loss (gain)		(62	)					174			112					(G)
Gain on monetary position in Inflationary subsidiries		(155	)					94			(61	)				(A)
Market value (gain) loss on ineffective portion of derivative instruments		140						(2	)		138					(H)
Comprehensive financing result		1,058						227			1,285
Income before taxes		16,768						209			16,977
Income taxes		5,599						4			5,603					(I)
Consolidated net income		11,169						205			11,374
Net controlling interest income		10,615			8.5	%		204			10,819			8.8	%
Net non-controlling interest income		554						1			555
Operating income ⁽³⁾		20,152			16.2	%		(1,413	)		18,739			15.2	%
Depreciation		3,269						486			3,755					(B)
Amortization and other operative non-cash charges		1,577						(671	)		906					(D)(E)(F)(G)
Operative cash flow ⁽⁴⁾		24,998			20.0	%		(1,598	)		23,400			19.0	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Sales volume and average price per unit case exclude beer sales results

⁽³⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽⁴⁾ Operative cash flow = Operating Income + depreciation, amortization & other operative non-cash charges.

Since October 2011, we integrated Grupo Tampico in the operations of Mexico.

Since December 2011, we integrated Grupo CIMSA in the operations of Mexico.

IFRS Adjustments:

(A) Elimination of inflation effects recognized on non hiperinflationary economies under IFRS (Nicaragua, Costa Rica and Argentina).

(B) Change on depreciation and amortization based on new balance of Assets.

(C) Reclassification of Employee Profit Sharing from other non operative expenses to cost of sales and administrative and selling expenses.

(D) Elimination of provisions of severance, labor cost of past services and actuarial gain or loss.

(E) Reclassification of equity method related with operative investments.

(F) The expenses related to severance payments resulting from restructuring programs , sales, write-off and imparment of long live assets and sales of materials were reclassified from other non operative expense to other operative expenses.

(G) Reclassification of Operative Foreign exchange (loss) gain from Integral result of financing to other operative (expenses) income.

(H) Elimination of Embedded Financial derivatives

(I) Recalculation of deferred income tax

March 29, 2012

Page 4

Consolidated Income Statement
Expressed in millions of Mexican pesos⁽¹⁾	IFRS						IFRS						IFRS						IFRS
	1Q 11			% Ing			2Q 11			% Ing			3Q 11			% Ing			4Q 11			% Ing
Volume (million unit cases) ⁽²⁾		604.8						665.6						645.9						732.3
Average price per unit case ⁽²⁾		40.98						41.19						44.89						47.38
Net revenues		25,725						28,267						29,936						35,897
Other operating revenues		128						121						141						193
Total revenues		25,853			100	%		28,388			100	%		30,077			100	%		36,090			100	%
Cost of goods sold		14,070			54.4	%		15,346			54.1	%		16,158			53.7	%		19,646			54.4	%
Gross profit		11,783			45.6	%		13,042			45.9	%		13,919			46.3	%		16,444			45.6	%
Operating expenses		7,964			30.8	%		8,610			30.3	%		9,377			31.2	%		10,123			28.0	%
Other operative expenses, net		4			0.0	%		27			0.1	%		28			0.1	%		608			1.7	%
Operating income ⁽³⁾		3,815			14.8	%		4,405			15.5	%		4,514			15.0	%		5,713			15.8	%
Other non operative expenses, net		44						59						99						272
Interest expense		342						401						460						468
Interest income		94						146						201						129
Interest expense, net		248						255						259						339
Foreign exchange loss (gain)		13						68						(57	)					88
Gain on monetary position in Inflationary subsidiries		(3	)					(18	)					2						(35	)
Market value (gain) loss on ineffective portion of derivative instruments		(61	)					13						281						(96	)
Comprehensive financing result		197						318						485						296
Income before taxes		3,574						4,028						3,930						5,145
Income taxes		1,231						1,244						1,429						1,603
Consolidated net income		2,343						2,784						2,501						3,542
Net controlling interest income		2,235			8.6	%		2,676			9.4	%		2,302			7.7	%		3,404			9.4	%
Net non-controlling interest income		108						108						199						138
Operating income ⁽³⁾		3,815			14.8	%		4,405			15.5	%		4,514			15.0	%		5,713			15.8	%
Depreciation		845						875						885						1,067
Amortization and other operative non-cash charges		74						116						156						551
Operative cash flow ⁽⁴⁾		4,734			18.3	%		5,396			19.0	%		5,555			18.5	%		7,331			20.3	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Sales volume and average price per unit case exclude beer sales results

⁽³⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽⁴⁾ Operative cash flow = Operating Income + depreciation, amortization & other operative non-cash charges.

Since October 2011, we integrated Grupo Tampico in the operations of Mexico.

Since December 2011, we integrated Grupo CIMSA in the operations of Mexico.

March 29, 2012

Page 5

Mexico & Central America Division
Expressed in millions of Mexican pesos⁽¹⁾	MFRS					Adjust.			IFRS
	2011		% Ing						2011		% Ing
Volume (million unit cases)		1,510.8					-			1,510.8
Average price per unit case		34.39					(0.34	)		34.06
Net revenues		51,960					(507	)		51,453				(A)
Other operating revenues		236					(29	)		207				(A)
Total revenues		52,196		100.0	%		(536	)		51,660		100.0	%	(A)
Cost of goods sold		27,421		52.5	%		(338	)		27,083		52.4	%	(A)(B)(C)(D)
Gross profit		24,775		47.5	%		(198	)		24,577		47.6	%
Operating expenses		15,869		30.4	%		5			15,874		30.7	%	(A)(B)(C)(D)
Other operative expenses, net		-		0.0	%		21			21		0.0	%	(E)(F)(G)
Operating income ⁽²⁾		8,906		17.1	%		(224	)		8,682		16.8	%
Depreciation, amortization & other operative non-cash charges		2,278		4.4	%		(279	)		1,999		3.9	%	(B)(D)(E)(F)(G)
Operative cash flow ⁽³⁾		11,184		21.4	%		(503	)		10,681		20.7	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽³⁾ Operative cash flow = Operating Income + Depreciation, amortization & other operative non-cash charges.

Since October 2011, we integrated Grupo Tampico in the operations of Mexico.

Since December 2011, we integrated Grupo CIMSA in the operations of Mexico.

IFRS Adjustments:

(A) Elimination of inflation effects recognized on non hiperinflationary economies under IFRS (Nicaragua and Costa Rica).

(B) Change on depreciation and amortization based on new balance of Assets.

(C) Reclassification of Employee Profit Sharing from other non operative expenses to cost of sales and administrative and selling expenses.

(D) Elimination of provisions of severance, labor cost of past services and actuarial gain or loss.

(E) Reclassification of equity method related with operative investments.

(G) Reclassification of Operative Foreign exchange (loss) gain from Integral result of financing to other operative (expenses) income.

March 29, 2012

Page 6

Mexico & Central America Division
Expressed in millions of Mexican pesos⁽¹⁾	IFRS						IFRS					IFRS						IFRS
	1Q 11			% Ing			2Q 11		% Ing			3Q 11			% Ing			4Q 11		% Ing
Volume (million unit cases)		331.7						402.2					366.7						410.3
Average price per unit case		33.45						33.55					34.05						35.04
Net revenues		11,096						13,494					12,486						14,377
Other operating revenues		22						38					46						101
Total revenues		11,118			100.0	%		13,532		100.0	%		12,532			100.0	%		14,478		100.0	%
Cost of goods sold		5,797			52.1	%		6,865		50.7	%		6,533			52.1	%		7,888		54.5	%
Gross profit		5,321			47.9	%		6,667		49.3	%		5,999			47.9	%		6,590		45.5	%
Operating expenses		3,656			32.9	%		4,103		30.3	%		4,002			31.9	%		4,113		28.4	%
Other operative expenses, net		(8	)		-0.1	%		23		0.2	%		(6	)		0.0	%		12		0.1	%
Operating income ⁽²⁾		1,673			15.0	%		2,541		18.8	%		2,003			16.0	%		2,465		17.0	%
Depreciation, amortization & other operative non-cash charges		441			4.0	%		506		3.7	%		517			4.1	%		535		3.7	%
Operative cash flow ⁽³⁾		2,114			19.0	%		3,047		22.5	%		2,520			20.1	%		3,000		20.7	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽³⁾ Operative cash flow = Operating Income + Depreciation, amortization & other operative non-cash charges.

Since October 2011, we integrated Grupo Tampico in the operations of Mexico.

Since December 2011, we integrated Grupo CIMSA in the operations of Mexico.

March 29, 2012

Page 7

South America Division
Expressed in millions of Mexican pesos⁽¹⁾	MFRS					Adjust.			IFRS
	2011		% Ing						2011		% Ing
Volume (million unit cases) ⁽²⁾		1,137.9					-			1,137.9
Average price per unit case ⁽²⁾		59.97					(0.81	)		59.16
Net revenues		72,106					(921	)		71,185				(A)
Other operating revenues		413					(34	)		379				(A)
Total revenues		72,519		100.0	%		(955	)		71,564		100.0	%	(A)
Cost of goods sold		40,067		55.3	%		(465	)		39,602		55.3	%	(A)(B)(C)(D)
Gross profit		32,452		44.7	%		(490	)		31,962		44.7	%
Operating expenses		21,206		29.2	%		55			21,261		29.7	%	(A)(B)(C)(D)
Other operative expenses, net		-		0.0	%		646			646		0.9	%	(E)(F)(G)
Operating income ⁽³⁾		11,246		15.5	%		(1,191	)		10,055		14.1	%
Depreciation, amortization & other operative non-cash charges		2,568		3.5	%		94			2,662		3.7	%	(B)(D)(E)(F)(G)
Operative cash flow ⁽⁴⁾		13,814		19.0	%		(1,097	)		12,717		17.8	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Sales volume and average price per unit case exclude beer sales results

⁽³⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽⁴⁾ Operative cash flow = Operating Income + depreciation, amortization & other operative non-cash charges.

IFRS Adjustments:

(A) Elimination of inflation effects recognized on non hiperinflationary economies under IFRS (Argentina).

(B) Change on depreciation and amortization based on new balance of Assets.

(C) Reclassification of Employee Profit Sharing from other non operative expenses to cost of sales and administrative and selling expenses.

(D) Elimination of provisions of severance, labor cost of past services and actuarial gain or loss.

(E) Reclassification of equity method related with operative investments.

(G) Reclassification of Operative Foreign exchange (loss) gain from Integral result of financing to other operative (expenses) income.

March 29, 2012

Page 8

South America Division
Expressed in millions of Mexican pesos⁽¹⁾	IFRS					IFRS					IFRS					IFRS
	1Q 11		% Ing			2Q 11		% Ing			3Q 11		% Ing			4Q 11		% Ing
Volume (million unit cases) ⁽²⁾		273.1					263.4					279.2					322.0
Average price per unit case ⁽²⁾		50.12					52.86					59.13					63.11
Net revenues		14,629					14,773					17,450					21,520
Other operating revenues		106					83					95					92
Total revenues		14,735		100.0	%		14,856		100.0	%		17,545		100.0	%		21,612		100.0	%
Cost of goods sold		8,273		56.1	%		8,481		57.1	%		9,625		54.9	%		11,758		54.4	%
Gross profit		6,462		43.9	%		6,375		42.9	%		7,920		45.1	%		9,854		45.6	%
Operating expenses		4,308		29.2	%		4,507		30.3	%		5,375		30.6	%		6,010		27.8	%
Other operative expenses, net		12		0.1	%		4		0.0	%		34		0.2	%		596		2.8	%
Operating income ⁽³⁾		2,142		14.5	%		1,864		12.5	%		2,511		14.3	%		3,248		15.0	%
Depreciation, amortization & other operative non-cash charges		478		3.2	%		485		3.3	%		524		3.0	%		1,083		5.0	%
Operative cash flow ⁽⁴⁾		2,620		17.8	%		2,349		15.8	%		3,035		17.3	%		4,331		20.0	%

⁽¹⁾ Except volume and average price per unit case figures.

⁽²⁾ Sales volume and average price per unit case exclude beer sales results

⁽³⁾ The Operating income line is presented as a non-GAAP measure for the convenience of the reader

⁽⁴⁾ Operative cash flow = Operating Income + depreciation, amortization & other operative non-cash charges.

March 29, 2012

Page 9