MEXICO: Grupo Modelo FY profits edge up

• FY net profits up by 4.4% to MXN 12.3bn (US$964.8m)
• Net sales in 2012 rise by 9.1% to MXN 99.3bn
• Operating profits increase by 14% to MXN 25.1bn
• FY domestic volumes flat, exports up 4.7%

Grupo Modelo has reported a slight rise in full-year profits as its export business outperformed domestic operations.

Net profits in the 12 months to the end of December rose by 4.4% to MXN12.3bn (US$964.8m), the Corona brewer announced yesterday (11 February). Sales in the period increased by 9.1% to MXN99.3bn.

Operating profits in the year saw a 14% jump to MXN25.1bn.

Total volumes in the full-year were flat at 39m hectolitres, but exports rose by 4.7% to 17.7m hectolitres. Volumes in Latin America and Asia saw double-digit growth, with Chile, China and Japan the strongest performers, the company said.

In value terms, exports grew 12% to MXN39.7m, while domestic sales were up by 6.5% to MXN51.6m.

In Q4, the Mexican group, which is in the process of being acquired by Anheuser-Busch InBev pending a lawsuit by the US Department of Justice, net profits fell by 1.8% to MXN3.47bn. Net sales in three month period rose by 4.1% to MXN24.17bn.

Crown Imports, Modelo's JV with Constellation Brands, registered an operating profit of US$443m, from sales of $2.6bn.  

The company said: "In the US, the total Crown Imports portfolio outperformed both the industry and the imported beer category, in comparison to the prior year. Grupo Modelo’s total sales for a portfolio that includes seven brands, registered once again a record volume in that country." 

Constellation last week requested a role in the legal case over A-B InBev's acquisition of Modelo, as it seeks to take full control of Crown Imports. 

For Grupo Modelo's full company statement, click here