Note 21. Non-Controlling Interest in Consolidated Subsidiaries
An analysis of FEMSA’s non-controlling interest in its consolidated subsidiaries for the years ended December 31, 2017 and 2016 is as follows:
| December 31, 2017 |
December 31, 2016 |
|||||||
|
Coca-Cola FEMSA |
Ps. | 82,366 | Ps. | 70,293 | ||||
|
Other |
4,255 | 3,973 | ||||||
|
|
|
|
|
|||||
| Ps. | 86,621 | Ps. | 74,266 | |||||
|
|
|
|
|
|||||
The changes in the FEMSA’s non-controlling interest were as follows:
| 2017 | 2016 | 2015 | ||||||||||
|
Balance at beginning of the year |
Ps. | 74,266 | Ps. | 60,332 | Ps. | 59,649 | ||||||
|
Net income of non controlling interest |
(5,202 | ) | 6,035 | 5,593 | ||||||||
|
Other comprehensive income (loss): |
7,240 | 9,463 | (2,999 | ) | ||||||||
|
Exchange differences on translation of foreign operation |
7,349 | 9,238 | (3,110 | ) | ||||||||
|
Remeasurements of the net defined benefits liability |
30 | (63 | ) | 75 | ||||||||
|
Valuation of the effective portion of derivative financial instruments |
(139 | ) | 288 | 36 | ||||||||
|
Capitalization of issued shares to former owners of Vonpar in Coca-Cola FEMSA |
2,867 | — | — | |||||||||
|
Other acquisitions and remeasurments |
(50 | ) | 1,710 | 1,133 | ||||||||
|
Contribution from non-controlling interest |
11,072 | 892 | 250 | |||||||||
|
Equity instruments |
— | (485 | ) | — | ||||||||
|
Dividends |
(3,622 | ) | (3,690 | ) | (3,351 | ) | ||||||
|
Share based payment |
50 | 9 | 57 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Balance at end of the year |
Ps. | 86,621 | Ps. | 74,266 | Ps. | 60,332 | ||||||
|
|
|
|
|
|
|
|||||||
Non controlling accumulated other comprehensive loss is comprised as follows:
| December 31, 2017 |
December 31, 2016 |
|||||||
|
Exchange differences on translation foreign operation |
Ps. | 7,150 | Ps. | (199 | ) | |||
|
Remeasurements of the net defined benefits liability |
(274 | ) | (304 | ) | ||||
|
Valuation of the effective portion of derivative financial instruments |
56 | 195 | ||||||
|
|
|
|
|
|||||
|
Accumulated other comprehensive loss |
Ps. | 6,932 | Ps. | (308 | ) | |||
|
|
|
|
|
|||||
Coca-Cola FEMSA shareholders, especially the Coca-Cola Company which hold Series D shares, have some protective rights about investing in or disposing of significant businesses. However, these rights do not limit the continued normal operations of Coca-Cola FEMSA.
Summarized financial information in respect of Coca-Cola FEMSA is set out below:
| December 31, 2017 |
December 31, 2016 |
|||||||
|
Total current assets |
Ps. | 55,657 | Ps. | 45,453 | ||||
|
Total non-current assets |
230,020 | 233,803 | ||||||
|
Total current liabilities |
55,594 | 39,868 | ||||||
|
Total non-current liabilities |
89,373 | 110,155 | ||||||
|
Total revenue |
Ps. | 203,780 | Ps. | 177,718 | ||||
|
Total consolidated net (loss) income |
(11,654 | ) | 10,527 | |||||
|
Total consolidated comprehensive income |
Ps. | 3,315 | Ps. | 27,171 | ||||
|
Net cash flow from operating activities |
33,323 | 32,446 | ||||||
|
Net cash flow from used in investing activities |
(10,890 | ) | (26,915 | ) | ||||
|
Net cash flow from financing activities |
(10,775 | ) | (9,734 | ) | ||||