2024-02-23 15:59:04 ET
Fomento Económico Mexicano, S.A.B. de C.V. (FMX)
Q4 2023 Earnings Conference Call
February 23, 2024 10:00 AM ET
Company Participants
Juan Fonseca - VP, IR
José Antonio Fernández - CEO and Executive Chairman
Paco Camacho - CCO
Eugenio Garza - CFO
Conference Call Participants
Ben Theurer - Barclays
Ricardo Alves - Morgan Stanley
Álvaro García - BTG Pactual
Héctor Maya - Scotiabank
Alan Alanis - Santander
Thiago Bortoluci - Goldman Sachs
Luis Willard - GBM
Federico Galassi - TRG
Presentation
Operator
Hello, and welcome to the FEMSA's Fourth Quarter 2023 Results Conference Call. My name is Melisa and I will be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the presentation. [Operator Instructions]
I'll now turn the call over to Juan Fonseca, Head of Investor Relations. Please go ahead.
Juan Fonseca
Good morning everyone. Welcome to FEMSA's fourth quarter and full year 2023 results conference call.
Today, we are joined by José Antonio Fernández, FEMSA's CEO and Executive Chairman of the Board; Paco Camacho, our Chief Corporate Officer; Eugenio Garza, our CFO; and Jorge Collazo, who Heads Coca-Cola FEMSA Investor Relations.
The plan today is for José Antonio to open the conversation with some high level comments on the full year as well the senior organizational changes announced today. Then we'll [ph] get a bit more into our strategic progress and business trends, followed by Eugenio, who will focus on the results.
Finally, we will turn it back to José Antonio for some closing remarks and open the call to your questions.
José Antonio, please go ahead.
José Antonio Fernández
Thank you, Juan. Good morning everyone. Let me begin by reflecting on a year that was like no other in recent memory, full of activity and new for the company. We kicked things off with the transformational announcement of FEMSA Forward, through which we focus on strategy -- our strategy on our three core business verticals of retail, what we call also Proximity and Health, Coca-Cola FEMSA, and Digital.
We then proceeded to execute on most of its related transactions in record time and with great success, divesting our investment in Heineken through two successful transactions as well as our minority stake in Jetro Restaurant Depot, merging employee solutions with BradyIFS, while reducing our capital exposure to that asset.
The effort is still ongoing as we are in the process of finalizing the remaining divestments. Furthermore, we are poised to begin deploying the capital allocation strategy announced last week that will allow us to increase our leverage towards our stated objective and to avoid capital idle -- to avoid to have idle capital on our balance sheet....
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Fomento Económico Mexicano, S.A.B. de C.V. (FMX) Q4 2023 Earnings Call Transcript