Note 20. Non-Controlling Interest in Consolidated Subsidiaries
An analysis of Coca-Cola FEMSA’s non-controlling interest in its consolidated subsidiaries for the years ended December 31, 2017, 2016 and 2015 is as follows:
| 2017 | 2016 | 2015 | ||||||||||
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Mexico |
Ps. | 5,994 | Ps. | 5,879 | Ps. | 3,342 | ||||||
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Colombia |
23 | 22 | 12 | |||||||||
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Brazil |
1,224 | 1,195 | 632 | |||||||||
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Philippines |
10,900 | — | — | |||||||||
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| Ps. | 18,141 | Ps. | 7,096 | Ps. | 3,986 | |||||||
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Non-controlling interests in Mexico primarily represent the individual results of a Mexican holding company Kristine Oversease, S.A.P.I. de C.V. This entity also has non-controlling stakes in certain Brazilian subsidiaries.
As disclosed in Note 4.1.2, commencing on February 1, 2017, the Company started consolidating CCFPI’s financial results in its financial statements. Summarised financial information of CCFPI is disclose in Note 26 of the consolidated financial statements as part of the Asia Segment.
The changes in the Coca-Cola FEMSA’s non-controlling interest were as follows:
| 2017 | 2016 | 2015 | ||||||||||
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Balance at beginning of the year |
Ps.7,096 | Ps.3,986 | Ps. 4,401 | |||||||||
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Efects of business combination |
11,072 | — | — | |||||||||
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Net income of non controlling interest |
1,148 | 457 | 94 | |||||||||
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Exchange differences on translation of foreign operations |
(1,138 | ) | 1,845 | (554 | ) | |||||||
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Remeasurements of the net defined employee benefit liability |
38 | — | 6 | |||||||||
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Valuation of the effective portion of derivative financial instruments, net of taxes |
(74 | ) | 51 | 50 | ||||||||
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Increase in shares of non-controlling interest |
— | 826 | — | |||||||||
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Dividends paid |
(1 | ) | (69 | ) | (11 | ) | ||||||
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Balance at end of the year |
Ps.18,141 | Ps.7,096 | Ps.3,986 | |||||||||
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