Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) Q4 2023 Earnings Call Transcript

So the investment releases is going to be there precisely to support our growth model. And the interesting part is the way our operating leverage is working, this is coming together with increased return on investment capital. So it increased last year, and we expect ROIC, and we expect it to continue to increase this year. So these are accretive investments that are helping our company become more profitable in terms of return on investment capital. And regarding your second question, we switched Mexico’s model to a growth model. So Mexico had been in yearly sheerly cline in Colas in each year of the last 10 years. And we completely switched that around last year, and we returned to share of growth — share of sales for Cola. And in the case of flavors in Mexico, we have been in 5 years of decline, we really declining share of sales in flavors.

And again, we had a very positive year last year in share of sales in flavors, and that’s the idea. We don’t intend to deviate from this growth model. We intend to seek a balanced sustainable growth where we improve our relative competitive position in terms of share of value year-over-year. Does that help, Ulises?

Ulises Argote: Yes. That’s perfect. Thanks so much for the color there. Congrats on the results.

Operator: As we have no further questions in the queue, I would like to turn it back over to Mr. Collazo for any closing remarks.

Jorge Collazo: Thank you very much, everyone, for your interest in Coca-Cola FEMSA for joining us on today’s call. As always, myself, the rest of the IR team, Lorena, Marene, Emilio, we are available to answer any of your remaining questions. And we look forward to speaking to all of you again very soon. Thank you very much.

Operator: That concludes today’s conference. You may now disconnect. Jorge, you may stay on the line.