Fomento Económico Mexicano B de C : Financial Statements 2023

1	financial statements	femsa integrated annual report 2023

Consolidated Financial Statements

2 Annual Report of the Audit Committee

5 Independent Auditors' Report

9 Consolidated Statements of Financial Position

10 Consolidated Income Statements

11 Consolidated Statements of Comprehensive Income (Loss)

12 Consolidated Statements of Changes in Equity

13 Consolidated Statements of Cash Flows

15 Notes to the Consolidated Financial Statements

2	financial statements	femsa integrated annual report 2023

Annual report of the audit committee

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

To the Board of Directors Fomento Económico Mexicano, S.A.B. de C.V.

In conformity with the provisions of the Securities Market Act, the corporate charter of this Company and the charter of the Audit Committee of Fomento Económico Mexicano, S.A.B. de C.V. (hereafter "the Committee and the Company"), I am pleased to present our Audit Committee Report for the year ended December 31, 2023. In carrying out our work, we abided by the regulations established by the Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE) of the United States of America, the applicable provisions established by the National Banking and Securities Commission (CNBV) of Mexico, as well as the Code of Best Corporate Practices issued by the Business Coordinating Council of Mexico.

The Audit Committee's primary role is to assist the Board in fulfilling its oversight responsibilities in areas such as the integrity of financial reporting, the effectiveness of the risk management framework and system of internal controls as well as consideration of ethics and compliance matters. We are responsible for assessing the quality of the audit performed by, and the independence and objectivity of, the external auditor. The Audit Committee also makes a recommendation to the Board on the appointment or reappointment of the external auditor. In addition, we oversee the work and quality of the internal audit function.

In accordance with the approved work program, the Committee formally convened four times on a quarterly basis and held additional meetings as needed. These meetings were convened to address a range of matters that required significant judgment and were of high importance to FEMSA's consolidated financial statements. The most pertinent activities undertaken by the Committee are outlined below:

Risk Assessment

Based on the information presented by Management and the External and Internal Auditors, the Committee evaluated the effectiveness of the risk management system established for the identification, assessment, and management of business risks of the Company, as well as for the implementation of measures to ensure its effective and efficient operation.

The Committee, in conjunction with Management and both, External and Internal Auditors, reviewed the critical risk factors which may affect the operations and assets of the Company, assessing whether they have been properly identified and managed.

The committee receives regular reports from management on the status of the organization's cybersecurity program, including any identified risks and the steps being taken to mitigate them. The committee also reviews the effectiveness of the organization's cybersecurity controls and considers whether additional measures are necessary to address any emerging threats. In addition, the committee works closely with the organization's internal and external auditors to ensure that cybersecurity risks are properly assessed and monitored as part of the audit process.

Internal Control

The Committee oversaw that Management, in conformity with its responsibilities regarding internal control, had established the general guidelines and the necessary procedures for their appropriate application and compliance. This process included presentations to the Audit Committee by the responsible areas of the most important subsidiaries. Additionally, the Committee properly followed on the comments and remarks made in this regard by the External and Internal Auditors, as a result of their findings.

The Committee observed the actions carried out by the Company in order to comply with section 404 of Sarbanes-Oxley Act and similar provisions issued by the CNBV, both related to the internal control system. During this process, the Committee carried out follow up reviews on implemented main preventive and corrective actions concerning internal control issues, as well as effectuated the presentation of the required information to the authorities.

External Audit

The Committee recommended to the Board of Directors the appointment of the External Auditors of the Company for the fiscal year 2023. For this purpose, The Committee verified their independence, under the criteria and rules applicable and established by the SEC and NYSE, as well as by the requirements established in the Law and in the general provisions applicable to entities and issuers supervised by the CNBV that engage in external audit services of financial statements, which entered into force on August 1st, 2019. The Committee analyzed the approach and work program of the External Auditors, as well as their coordination with the Internal Audit area.

3	financial statements	femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

The Committee reviewed, and submitted for approval of the Board of Directors, the Audit Committee Charter, in order to comply with the new provisions and regulations contained in the Single Circular of External Auditors, issued by the CNBV. Also, the Committee verified the proper compliance with these provisions, particularly those related to the responsibilities of the Committee and the requirements currently applicable to external auditors.

The Committee kept frequent and direct communication with the External Auditors regarding the progress of their work and the observations they presented. The Committee was timely informed of the External Auditor conclusions and reports concerning the annual and quarterly financial statements, and it followed up on the implementation of the observations and recommendations they developed during their work.

The Committee authorized the fees paid to the External Auditors for audit services and other permitted services, ensuring that they do not interfere with their independence and that they comply with the provisions established in this regard by this Committee and by the Board of Directors.

The Committee conducted an annual evaluation of the External Auditors, which included an assessment of all additional services provided. The results of this evaluation were reported to the Board of Directors.

Internal Audit

To preserve its independence and objectivity, the Internal Audit group reports directly to the Audit Committee. In terms of interaction between the Committee and the Internal Auditors, the following can be noted:

The Committee reviewed and approved appropriately, the Internal Audit annual program and the budget for the fiscal year. For its preparation, Internal Audit participated in the risk assessment process and in the validation of the internal control system, to comply with the different applicable provisions.

The Committee received periodic reports regarding the progress of the approved work program, including the variations that may have existed, as well as the corresponding causes.

The Committee followed up on the observations and suggestions that Internal Auditors developed, as well as their timely correction.

The Committee oversaw that a good annual training plan for internal auditors had properly been carried out.

The Committee reviewed and discussed with the Chief Audit Executive the results of the performance appraisal of the Internal Audit service, performed by the business units and by the Committee itself.

Financial Information, Accounting Policies and Reports to Third Parties

The Committee reviewed with the responsible officials the reasonableness and consistency of quarterly and annual financial statements of the Company and recommended to the Board of Directors its approval and authorization for its publication. As part of this process, the Committee took into account the opinion and observations of the External Auditors, and validated that the criteria, accounting policies, and information used by Management to prepare the financial information for the fiscal year 2023 were adequate, sufficient, and that they had been applied consistently with respect to the previous year.

The review performed by the Committee also included the reports and any other financial information required by the Regulatory Bodies in Mexico and in the United States of America, which, based on the results, the Committee recommended to the Board of Directors for their approval and authorization for publication.

Compliance with Applicable Laws and Regulations, Legal Issues and Contingencies The Committee confirmed the existence and reliability of the controls implemented by the Company related to compliance with the different legal provisions to which it is obligated, assuring, when applicable, that appropriate disclosures were made in the financial statements.

The Committee periodically reviewed the existing fiscal, legal, and labor contingencies in the Company and its most important Subsidiaries, overseeing the effectiveness of the procedure implemented for its identification and monitoring, as well as its adequate disclosure and recording.

		4	financial statements	femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

Management presented the main guidelines that govern the anti-corruption policy, as well as the dissemination and validation plan for compliance, which the Committee found adequate.

Code of Ethics

The Committee reviewed the updated version of the Company's Code of Ethics, which incorporates necessary changes by virtue of the social environment in which the Company operates, and the Committee also validated that the Code has provisions regarding compliance with the laws against money laundering and anti-corruption applicable in the countries where the Company operates. Subsequently, the Committee recommended the approval of the Company's Code of Ethics to the Board of Directors.

With the support of Internal Audit, the Committee verified the compliance of the Company Code of Ethics by all employees and Board members as well as the existence of adequate processes to update and disseminate it among employees, including the application of sanctions in those cases where violations were detected.

The Committee reviewed the complaints received through the Company´s whistle-blowing system and followed up on their correct and timely attention.

Training

To comply with the training requirements of Committee´s charter, during the year, its members attended specific courses on relevant topics, such as Internal Controls, Risk Management, Cybersecurity, ESG, Regulatory Compliance, Financial Information and Auditing.

Administrative Activities

In addition to the formal sessions of the Audit Committee, its members held additional sessions with Management to stay informed of the Company's progress and the relevant and unusual activities and events. The Committee also met with both External and Internal Auditors as a specific topic on the agenda, without the presence of Management, to discuss the progress of their work, limitations they could have had and to facilitate any private communication they wished to have with the Committee.

In this fiscal year, The Committee did not consider necessary to request the support and opinion of independent experts as the matters dealt in each session were duly supported by the information presented and therefore the conclusions reached were satisfactory for its members.

The Chairman of the Audit Committee reported quarterly to the Board of Directors the relevant issues arising from the work of the Committee.

The Committee verified the compliance with the requirements of education and experience by the financial expert of the Committee and the independence requirements for each member in accordance with the rules applicable in this matter.

The work carried out by the Committee was thoroughly documented in the minutes for every meeting, which were promptly reviewed and approved by the Committee members. These minutes are accessible for the Board of Directors' consultation and review.

The Committee performed the annual self-assessment and delivered the results to the Chairman of the Board of Directors. The results of the self-assessment were very satisfactory.

Sincerely,

Chairman of the Audit Committee

Fomento Económico Mexicano, S.A.B. de C.V.

March 08th, 2024

5	financial statements	femsa integrated annual report 2023

Independent auditor's report

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

The Board of Directors and Shareholders of Fomento Económico Mexicano, S.A.B. de C.V.

Opinion

We have audited the accompanying consolidated financial statements of Fomento Económico Mexicano, S.A.B. de C.V. and subsidiaries ("the Company"), which comprise the Consolidated Statement of Financial Position as at December 31, 2023, Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Statement of Cash Flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2023 and its financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing ("ISA"). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Company in accordance with "International Code of Ethics for Professional Accountants (including International Independence Standards)" ("IESBA Code") together with the ethical requirements that are relevant to our audit of the consolidated financial statements in México according with the "Codigo de Etica Profesional del Instituto Mexicano de Contadores Publicos" ("IMCP Code"), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the accompanying consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

Impairment Tests for Cash Generating Units Containing Goodwill, Distribution rights

and Other indefinite lived intangible assets - Coca-Cola FEMSA Colombia Description and why the matter is of most significance

At December 31, 2023, the Company has distribution rights, goodwill and other indefinite lived intangible assets with an aggregate carrying value of approximately $3,635 million allocated to Coca-Cola FEMSA Colombia. The related disclosures are included in Note 2.3.2.1, Note 3.16 and Note 13 to the consolidated financial statements, and distribution rights, goodwill and other indefinite lived intangible assets are tested for impairment annually at the cash generating unit (CGUs) level. Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use.

		6	financial statements	femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

Auditing management's annual distribution rights, goodwill and other indefinite lived intangible assets impairment test for Coca-Cola FEMSA Colombia CGU was complex and highly judgmental due to the significant estimation required to determine the value in use of the CGU. In particular, the value in use estimates were sensitive to significant assumptions, such as the discount rate (weighted average cost of capital), revenue growth rates and operating margins.

How our audit addressed the key audit matter

We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's distribution rights, goodwill and other indefinite lived intangible assets impairment review processes, including controls over management's review of the significant assumptions described above, projected financial information and the valuation model used to develop such estimates.

We performed procedures to assess the significant assumptions used in the determination of the value in use of the CGU that included, among others, evaluating the methodology applied by management in performing the impairment test, testing the completeness and accuracy of the projected financial information included in the impairment model, reconciling the carrying value to the general ledger and comparing the prospective financial information to Board approved business plans. We also involved our internal valuation specialists to assist with the evaluation of the discount rate and revenue growth rates used in the discounted cash flow model. We compared the revenue growth rates included in the cash flow projections to external sources of information and actual prior year revenue growth rates. We assessed the historical accuracy of management's estimates by comparing the forecast to actual results. We reperformed management's sensitivity analyses of the discount rate and revenue growth rates to evaluate the change in the value in use of the CGU that would result from changes in the assumptions.

Furthermore, we assessed the adequacy of the related disclosures provided in Note 2.3.2.1, Note 3.16 and Note 13 to the consolidated financial statements.

Other information

Management is responsible for the other information. The other information comprises the information included in annual report presented to the Comisión Nacional Bancaria y de Valores ("CNBV") and the annual report presented to stockholders, but does not include the consolidated financial statements and our auditor's report thereon. The other information is expected to be made available to us after the date of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the annual report presented to the CNBV and the annual report presented to shareholders, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and issuing the declaratory on annual report requested by CNBV which will describe the matter.

		7	financial statements	femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

Responsibilities of management and those charged with governance for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the accompanying consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

		8	financial statements	femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The partner in charge of the audit resulting in this independent auditor's report, is who signs it.

Mancera, S.C.

A member practice of Ernst & Young Global Limited

C.P.C. Carlos Alberto Rochín Casanova

San Pedro Garza García, Nuevo León, Mexico

March 22, 2024

9	financial statements

Consolidated statements of financial position

	Note		2023(1)		2023		2022
ASSETS
CURRENT ASSETS		$	9,770	Ps.	165,112
Cash and cash equivalents	5	Ps.	83,439
Investments	6		1,582		26,728		51
Trade receivables, net	7		2,300		38,863		45,527
Inventories	8		3,445		58,222		62,224
Recoverable taxes	25		1,227		20,738		19,361
Other current financial assets	9		998		16,860		11,369
Other current assets	9		226		3,817		4,478
Current assets held for sale	4.3.2		1,528		25,819		-
Total current assets			21,076		356,159		226,449
NON CURRENT ASSETS			1,553		26,247
Equity method accounted investees	10				103,669
Property, plant and equipment, net	11		8,375		141,530		134,001
Right-of-use assets	12		5,204		87,941		83,966
Intangible assets, net	13		8,475		143,218		190,772
Deferred tax assets	25		1,633		27,598		26,890
Other non-current financial assets	14		868		14,667		23,810
Other non-current assets, net	14		503		8,496		9,258
Total non-current assets			26,611		449,697		572,366
TOTAL ASSETS		$	47,687	Ps.	805,856	Ps.	798,815
LIABILITIES AND EQUITY
CURRENT LIABILITIES		$	145	Ps.	2,453
Bank loans and notes payable	19	Ps.	1,862
Current portion of non-current debt	19		355		5,998		16,479
Lease liabilities	12		724		12,236		12,095
Interest payable			99		1,677		2,075
Trade payable			4,824		81,518		78,400
Accounts payable	26		1,584		26,772		31,842
Income tax payable			572		9,666		5,419
Other current financial liabilities	26		1,804		30,492		28,750
Current liabilities held for sale	4.3.2		685		11,569		-
Total current liabilities			10,792		182,381		176,922
NON-CURRENT LIABILITIES			7,596		128,373
Bank loans and notes payable	19				173,400
Non-current portion lease liabilities	12		4,961		83,837		81,222
Employee benefits	17		409		6,920		7,048
Deferred tax liabilities	25		436		7,371		6,823
Other non-current financial liabilities	26		572		9,665		6,618
Provisions	26		256		4,323		4,685
Other non-current liabilities	26		273		4,617		4,296
Total non-current liabilities			14,503		245,106		284,092
TOTAL LIABILITIES			25,295		427,487		461,014
EQUITY			198		3,348
Capital stock					3,347
Additional paid-in capital			1,041		17,599		17,714
Retained earnings			18,027		304,653		251,192
Other comprehensive income (loss)			(1,283)		(21,740)		(9,649)
Equity attributable to equity holders of the parent			17,983		303,860		262,604
Non-controlling interest	22		4,409		74,509		75,197
TOTAL EQUITY			22,392		378,369		337,801
TOTAL LIABILITIES AND EQUITY		$	47,687	Ps.	805,856	Ps.	798,815

1. Convenience translation to U.S. dollars ($) - See Note 2.2.3

The accompanying notes are an integral part of these consolidated statements of financial position.

femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES MONTERREY, N.L., MEXICO

As of December 31, 2023 and 2022.

In millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.).

10	financial statements

Consolidated income statements

	Note		2023(1)		2023		2022		2021
Net sales	28	$	41,399	Ps.	699,640	Ps.	595,543	Ps.	504,122
Other operating revenues			181		3,052		1,465		1,338
Total revenues			41,580		702,692		597,008		505,460
Cost of goods sold	8		25,041		423,185		355,490		299,276
Gross profit			16,539		279,507		241,518		206,184
Administrative expenses			1,912		32,307		28,077		22,935
Selling expenses			11,168		188,732		149,145		129,057
Other income	20		775		13,102		1,051		5,566
Other expenses	20		370		6,252		2,896		3,725
Interest expense	19		883		14,916		15,853		16,630
Interest income	19		1,042		17,609		3,769		1,488
Foreign exchange (loss) gain, net			(583)		(9,849)		(3,696)		1,321
Gain on monetary position for subsidiaries in
hyperinflationary economies			6		94		531		740
Market value (loss) gain on financial instruments			(26)		(440)		(706)		38
Income before income taxes and share in the profit
of equity method accounted investees			3,420		57,816		46,496		42,990
Income taxes	25		768		12,971		13,275		13,566
Share in the (loss) profit of equity method
accounted investees, net of income taxes	10		(24)		(406)		99		(10)
Net income from continuing operations			2,628		44,439		33,320		29,414
Net income from discontinued operations	4.3		1,908		32,238		1,423		8,264
CONSOLIDATED NET INCOME			4,536		76,677		34,743		37,678
Attributable to:
Equity holders of the parent			3,886		65,689		23,909		28,495
Non-controlling interest			650		10,988		10,834		9,183
CONSOLIDATED NET INCOME		$	4,536	Ps.	76,677	Ps.	34,743	Ps.	37,678
Basic earnings per share from continuing operations
attributable to equity holders of the parent
Per series "B" share	24	$	0.09	Ps.	1.67	Ps.	1.12	Ps.	1.01
Per series "D" share	24		0.11		2.09		1.40		1.26
Diluted earnings per share from continuing operations
attributable to equity holders of the parent
Per series "B" share	24		0.09		1.67		1.12		1.01
Per series "D" share	24		0.11		2.09		1.40		1.26
Basic earnings per share from discontinued operations
attributable to equity holders of the parent
Per series "B" share	24		0.08		1.61		0.07		0.41
Per series "D" share	24		0.10		2.02		0.09		0.52
Diluted earnings per share from discontinued operations
attributable to equity holders of the parent
Per series "B" share	24		0.08		1.61		0.07		0.41
Per series "D" share	24		0.10		2.01		0.09		0.52

1. Convenience translation to U.S. dollars ($) - See Note 2.2.3

The accompanying notes are an integral part of these consolidated income statements.

femsa integrated annual report 2023

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. AND SUBSIDIARIES

MONTERREY, N.L., MEXICO

For the years ended December 31, 2023, 2022 and 2021.

In millions of U.S. dollars ($) and in millions of Mexican pesos (Ps.), except for earnings per share amounts.