UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 April 2011
Commission File Number 1-12260

(Translation of registrant’s name into English)

(Jurisdiction of incorporation or organization)

(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)

Yes    No  X 

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)

Yes    No  X 

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-__.

CONSOLIDATED RESULTS

Our consolidated total revenues increased 9.5% to Ps. 25,826 million in the first quarter of 2011, compared to the first quarter of 2010 mainly as a result of double-digit total revenue growth in our Mercosur and Mexico divisions. On a currency neutral basis, total revenues grew approximately 11%, mainly driven by average price per unit case growth across our territories, in combination with volume growth in our Mexico and Mercosur divisions.

Total sales volume increased 2.6% to reach 604.8 million unit cases in the first quarter of 2011 as compared to the same period in 2010. The sparkling beverage category grew 2% mainly supported by double-digit volume growth of the Coca-Cola  brand in Mexico and Argentina, contributing more than 65% of incremental volumes. The still beverage category grew 10%, mainly driven by the Jugos del Valle line of business in Mexico and Brazil and the introduction of line extensions of the Matte Leao portfolio in Brazil, representing approximately 20% of the incremental volumes. The bottled water category grew 2% contributing the balance.

Our gross profit increased 9.8% to Ps. 11,766 million in the first quarter of 2011, compared to the first quarter of 2010. Cost of goods sold increased 9.2%, mainly as a result of higher PET and sweetener costs across our territories, which were partially offset by the appreciation of the Brazilian real,⁽¹⁾ the Mexican peso⁽¹⁾ and the Colombian peso⁽¹⁾as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 45.6%, an expansion of 20 basis points as compared to the first quarter of 2010.

Our consolidated operating income increased 10.4% to Ps. 3,883 million in the first quarter of 2011, driven by double-digit operating income growth in our Mexico and Mercosur divisions. Operating expenses increased 9.5% in the first quarter of 2011 mainly as a result of higher labor costs in Venezuela and higher labor and freight costs in Argentina, which were partially compensated by lower operating expenses in Colombia and Central America. Our operating margin was 15.0% in the first quarter of 2011, an expansion of 10 basis points compared to the same period in 2010.

During the first quarter of 2011, we recorded Ps. 235 million in the other expenses, net line. These expenses mainly reflect the recording of employee profit sharing.

Our comprehensive financing result in the first quarter of 2011 recorded an expense of Ps. 152 million as compared to an expense of Ps. 179 million in the same period of 2010.

During the first quarter of 2011, income tax, as a percentage of income before taxes, was 32.6% compared to 29.9% in the same period of 2010. This difference was mainly driven by (i) the recording of a tax incentive during 2010 and (ii) an increase in the tax on shareholder’s equity in the first quarter of 2011, both in one of our Latincentro subsidiaries.

Our consolidated net controlling interest income grew 6.0% reaching Ps. 2,237 million in the first quarter of 2011 as compared to the first quarter of 2010. Earnings per share (EPS) in the first quarter of 2011 were Ps. 1.21 (Ps. 12.11 per ADS) computed on the basis of 1,846.5 million shares outstanding (each ADS represents 10 local shares).

(1) See page 13 for average and end of period exchange rates for the first quarter.

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As of March 31, 2011, we had a cash balance of Ps. 13,488 million, including US$ 581 million denominated in U.S. dollars, an increase of Ps. 954 million compared to December 31, 2010, mainly as a result of cash generated by our operations.

As of March 31, 2011, total short-term debt was Ps. 5,245 million and long-term debt was Ps. 11,766 million. Total debt decreased by Ps. 340 million, compared to year end 2010. Net debt decreased Ps. 1,294 million compared to year-end 2010, mainly as a result of cash generated during the quarter. KOF’s total debt balance includes U.S. dollar-denominated debt in the amount of US$ 673 million.⁽¹⁾

The weighted average cost of debt for the quarter was 5.6%. The following charts set forth the Company’s debt profile by currency and interest rate type and by maturity date as of March 31, 2011:

(1)     After giving effect to cross-currency swaps and interest rate swaps.

(2)     Calculated by weighting each year’s outstanding debt balance mix.

Debt Maturity Profile

Consolidated Cash Flow

The following cash flow statement is presented on a historical basis and the balance sheet included on page 9 is presented in nominal terms. Certain items in the balance sheet may differ from those shown in this cash flow. These differences are presented separately as a part of the Translation Effect in the cash flow in accordance with the Mexican Financial Reporting Standards. 

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Revenues

Total revenues from our Mexico division increased 14.3% to Ps. 9,492 million in the first quarter of 2011, as compared to the same period in 2010. Volume growth accounted for close to 70% of incremental revenues during the quarter and increased average price per unit case represented the balance. Average price per unit case reached Ps. 31.81, an increase of 4.1%, as compared to the first quarter of 2010, mainly reflecting selective price increases across our product portfolio implemented over the past several months. Excluding bulk water under the Ciel  brand, our average price per unit case was Ps. 36.89, a 3.9% increase as compared to the same period in 2010.

Total sales volume increased 9.7% to 297.7 million unit cases in the first quarter of 2011, as compared to the first quarter of 2010. Sparkling beverage volume increased 9%, driven by a 10% growth of the Coca-Cola  brand and an 8% increase in flavored sparkling beverages, accounting for 70% of incremental volumes. Our bottled water portfolio grew 10% and contributed with more than 20% of incremental volumes. Still beverages grew 14% mainly driven by the Jugos del Valle line of products and contributed the balance.

Operating Income

Our gross profit increased 13.4% to Ps. 4,542 million in the first quarter of 2011 as compared to the same period in 2010. Cost of goods sold increased 15.1% mainly as a result of higher PET costs, which were partially compensated by the appreciation of the Mexican peso⁽¹⁾ as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 47.9% in the first quarter of 2011 compared to 48.2% in the same period of 2010.

Operating income increased 23.1% to Ps. 1,369 million in the first quarter of 2011, compared to Ps. 1,112 million in the same period of 2010. Operating leverage achieved through higher revenues, resulted in an operating margin expansion of 100 basis points to reach 14.4% in the first quarter of 2011.

(1) See page 13 for average and end of period exchange rates for the first quarter.

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Revenues

Total revenues were Ps. 6,989 million in the first quarter of 2011, a decrease of 5.3% as compared to the same period of 2010 as a result of volume declines across the division. On a currency neutral basis, total revenues decreased approximately 2%. Higher average prices per unit case in the division were offset by lower volumes, mainly due to the strike in our Valencia production and distribution facilities in Venezuela during the quarter.

Total sales volume in our Latincentro division decreased 14.2% to 131.5 million unit cases in the first quarter of 2011 as compared to the same period of 2010. Our sparkling beverage portfolio declined 14%, while the bottled water and still beverage categories declined 19% and 11%, respectively. Volumes in Venezuela declined 29%, mainly due to the Valencia strike during the quarter. Volumes in Colombia declined 8% mainly as a result of continued bad weather conditions, and volumes in Central America declined approximately 2%.

Operating Income

Gross profit reached Ps. 3,304 million, a decrease of 2.3% in the first quarter of 2011, as compared to the same period of 2010.

Cost of goods sold decreased 7.9%. Higher year-over-year PET and sweetener costs across the division were offset by a benefit from PET inventories in Venezuela and the appreciation of the Colombian peso⁽¹⁾ as applied to our U.S. dollar-denominated raw material costs. Operating leverage achieved by higher average prices per unit case in local currency resulted in a gross margin expansion of 150 basis points to 47.3% in the first quarter of 2011.

Our operating income decreased 8.7% to Ps. 1,123 million in the first quarter of 2011, compared to the first quarter of 2010. Operating expenses increased 1.4% mainly as a result of higher labor costs in Venezuela which were partially offset by lower operating expenses in Colombia and Central America. Our operating margin was 16.1% in the first quarter of 2011, as compared to 16.7% in the same period of 2010.

(1) See page 13 for average and end of period exchange rates for the first quarter.

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Volume and average price per unit case exclude beer results.

Revenues

Total revenues increased 18.2% to Ps. 9,345 million in the first quarter of 2011, as compared to the same period of 2010. Excluding beer, which accounted for Ps. 877 million during the quarter, revenues increased 18.6% to Ps. 8,468 million. Average price per unit case growth accounted for approximately 65% of incremental total revenues. On a currency neutral basis, our Mercosur division’s revenues increased approximately 18%.

Total sales volume in our Mercosur division increased 6.6% to 175.6 million unit cases in the first quarter of 2011 as compared to the same period of 2010. The sparkling beverage category grew 6%, supported by the performance of the Coca-Cola  brand in the division, accounting for 80% of incremental volumes. The still beverage category increased 29%, driven by the Jugos del Valle line of business and the incorporation of line extensions of the Matte Leao portfolio in Brazil and the Cepita  juice brand and Aquarius  flavored water in Argentina, representing the balance. These increases compensated for a slight decline in the bottled water category.

Operating Income

In the first quarter of 2011, our gross profit increased 17.7% to Ps. 3,920 million, as compared to the same period in 2010. Cost of goods sold increased 18.6% mainly due to higher sweetener and PET costs across the division, which were partially compensated by the appreciation of the Brazilian real⁽¹⁾ as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 41.9% in the first quarter of 2011, a decrease of 20 basis points as compared to the first quarter of 2010.

Operating income grew 18.3% to Ps. 1,391 million in the first quarter of 2011, as compared to Ps. 1,176 million in the same period of 2010. Operating expenses increased 17.4% and our operating margin remained flat at 14.9% in the first quarter of 2011.

(1) See page 13 for average and end of period exchange rates for the first quarter.

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       On March 23, 2011, Coca-Cola FEMSA held its Annual Ordinary General Shareholders Meeting during which its shareholders approved the Company’s consolidated financial statements for the year ended December 31, 2010, the declaration of dividends corresponding to fiscal year 2010 and the composition of the Board of Directors and Committees for 2011. Shareholders approved the payment of a cash dividend in the amount of Ps. 4,357.8 million. The dividend will be paid as of April 27, 2011, in the amount of Ps. 2.36 per each ordinary share, equivalent to Ps. 23.60 per ADS.

       On March 28, 2011, Coca-Cola FEMSA announced that, together with The Coca-Cola Company, it had successfully closed the acquisition of Grupo Industrias Lacteas, a leading company with a more than 50-year tradition in the Panamanian dairy and juice-based beverage categories, which reported revenues of US $140.9 million in 2010. As of April, 2011, Coca-Cola FEMSA will start reflecting the profitability of its share of Grupo Industrias Lacteas through the equity method.

       On April 18, 2011, Coca-Cola FEMSA successfully issued two tranches of “Certificados Bursátiles”: a 5 year bond for Ps. 2,500 million at a yield of 28-day TIIE plus 13 (thirteen) basis points; and a 10 year bond for Ps. 2,500 million at a fixed rate of 8.27%. A portion of the proceeds from this placement will be used to pay our KOF 07 “Certificado Bursátil” at maturity on March, 2012, in the amount of Ps. 3,000 million. The remainder of the proceeds will be used by the Company for general corporate purposes, including investment expenses and working capital.

CONFERENCE CALL INFORMATION

Our first-quarter 2011 Conference Call will be held on: April 27, 2011, at 11:00 A.M. Eastern Time (10:00 A.M. Mexico City Time). To participate in the conference call, please dial: Domestic U.S.: 866-700-7477 or International: 617-213-8840. We invite investors to listen to the live audiocast of the conference call on the Company’s website, www.coca-colafemsa.com 

If you are unable to participate live, an instant replay of the conference call will be available through May 4, 2011. To listen to the replay, please dial: Domestic U.S.: 888-286-8010 or International: 617-801-6888. Pass code: 25619443.

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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 and southeast 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 (federal capital of Buenos Aires and surrounding areas), along with bottled water, juices, teas, isotonics, beer and other beverages in some of these territories. The Company has 30 bottling facilities in Latin America and serves close to 1,600,000 retailers in the region. The Coca-Cola Company owns a 31.6% equity interest in Coca-Cola FEMSA.

v v v

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance.

References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

v v v

(6 pages of tables to follow)

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⁽¹⁾ Except volume and average price per unit case figures.
⁽²⁾ Sales volume and average price per unit case exclude beer results.
⁽³⁾ EBITDA = Operating Income + depreciation, amortization & other operative non-cash charges.

 

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(1) As of January 1, 2011, according to Mexican Financial Reporting Standards, advances to suppliers presentation is part of the entry "Other current assets” and "Other non-current assets". Reclassification is made for comparative purposes in 2010

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⁽¹⁾ Except volume and average price per unit case figures.
⁽²⁾ EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.

⁽¹⁾ Except volume and average price per unit case figures.
⁽²⁾ EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.

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SELECTED INFORMATION

For the three months ended March 31, 2011 and 2010

Expressed in millions of Mexican pesos.

VOLUME
Expressed in million unit cases

⁽¹⁾ Excludes water presentations larger than 5.0 Lt
⁽²⁾ Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations
⁽³⁾ Still Beverages include flavored water

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⁽¹⁾ Source: inflation is published by the Central Bank of each country.