FEMSA(FMX)2024-04-23 21:17Currency and Debt - As of December 31, 2023, Mexican peso-denominated debt represented 52.5% of the total debt[91] - The Mexican peso appreciated by approximately 13.3% against the U.S. dollar compared to 2022[94] - The Mexican peso experienced fluctuations of 5.0% appreciation in 2022 and 3.1% depreciation in 2021 against the U.S. dollar[94] - Future currency devaluations may increase operating costs, negatively impacting financial results[98] Economic and Political Environment - Economic conditions in Mexico are highly correlated with those in the United States due to the USMCA agreement[104] - Political developments in Mexico, including elections in 2023 and 2024, could introduce risks affecting operations and financial performance[99] Security and Operational Risks - Increased criminal activity in Mexico poses risks to business continuity and may negatively impact sales and customer traffic[100] - Volatility in commodity markets and supply chain disruptions due to geopolitical conflicts could adversely affect business operations[92] Corporate Governance - The voting trust owned 38.69% of the capital stock and 74.86% of the capital stock with full voting rights as of March 22, 2024[106] - As of April 23, 2024, there were no restrictions on the company's ability to pay dividends[115]