Good morning, and welcome, everyone, to FEMSA's Fourth Quarter and Full Year 2014 Financial Results Conference Call. [Operator Instructions] Today's conference is being recorded. [Operator Instructions] During this conference call, management may discuss certain forward-looking statements concerning FEMSA's future performance and should be considered a good faith estimate made by the company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which can materially impact the company's actual performance. At this time, I'd like to turn the conference call over to Javier Astaburuaga, FEMSA's CFO. Please go ahead, sir. Javier Gerardo Astaburuaga Sanjinés: Thank you. Good morning, everyone. Welcome to FEMSA's Fourth Quarter and Full Year 2014 Results Conference Call. Juan Fonseca and Roland Karig are also with us today. And we also have Daniel Rodriguez Cofré with us this morning. As you know, Daniel will be taking over the Chief of Staff and CFO position on April 1, and I will transition to Head of our Corporate Development Efforts at that time. As we normally do during the call, we will focus on the consolidated figures for FEMSA and on FEMSA Comercio's results, as many of you probably had a chance to participate in Coca-Cola FEMSA's conference call yesterday. As you have also likely had the chance to go over our detailed results, we will take the opportunity to focus on the highlights and main trends in our business. However, before we start, I'd like to comment briefly on an important decision made by Coca-Cola FEMSA regarding the exchange rate at which it translates the results of its operations in Venezuela. As you know, we are now using the previously denominated SICAD II rate of VEF 50 per U.S. dollar to translate the fourth quarter and…

[Operator Instructions] We'll take our first question from Andrea Teixeira with JPMorgan. Andrea F. Teixeira - JP Morgan Chase & Co, Research Division: Just more -- if you can elaborate out of your prepared remarks on the -- if I have just one question, on the gas stations. I understand that you're participating under the regulation of the business in Mexico and not only -- it seems not only the business of the convenience stores around but the gas station. If there is also a commitment of CapEx of running off of the gas station itself and that -- and how much you would be committing and how many do you expect to open over the next couple of years? Javier Gerardo Astaburuaga Sanjinés: Sure, Andrea. As you can imagine, I wouldn't like to give you really perspectives for opening of new gas stations going forward. What I can share is that we have been, in the past, through a combination of different models, as I described in the opening remarks, both building and opening or buying or leasing. We have been increasing the number of gas stations in the range of between 30 to 50 gas stations for the last 4, 5 years. And I would say that as a reference number going forward, I think that, things being equal, will continue to be the trend. But again, this is, I would say, a new environment. So we would like to expand maybe more aggressively than we have been able to do in the past. But it is very hard to really put numbers going forward for that. The numbers that I shared with you in terms of the $430 million CapEx are assuming, basically, continuing the trend of opening the new stores as well as continue the trend of building, acquiring or leasing gas stations going forward, also continuing the trend that we have had in the past. Andrea F. Teixeira - JP Morgan Chase & Co, Research Division: And just on the OXXO side would be 1,000 every year, still around that number? Javier Gerardo Astaburuaga Sanjinés: Yes, you're right.

Your next question comes from the line of Alex Robarts with Citi.

Listen, in the remarks, you talked about the margin pressure, and this is more of a short-term question for OXXO. Just wondering, the expenses related to Doña Tota and Farma, you say are mostly nonstructural, nonrecurring. But is it fair to think and assume that we might get some lingering related expenses into the first half of the year or not? I mean, I guess, that was the first bit. And the second bit is, the margin pressure that you seem to suggest also comes from these new assets as you incorporate them, particularly this year. To the extent that we have the gas stations and the investments related to that, is that an incremental pressure as well? So if you kind of just give us a sense of how much potential pressure there could be this year in the OXXO asset, that would be great. Javier Gerardo Astaburuaga Sanjinés: Sure, Alex. On the first one, it's just -- with the effect of Doña Tota, which is worth mentioning that's a part of the growth in the OpEx for the quarter, this is the last quarter in which -- I mean, you remember we basically set consolidating Doña Tota first quarter of this year, this is a business which has substantial higher margins than the convenience stores but also has the more heavy operating expenses structure than operating a convenience store. And this will be, I think, the last quarter in which we'll be having that effect. Starting next year, I think the effect will be minimal. So I think we will be lapping the consequences of having bought this business and consolidating it since 2014. On the gas stations, as I described, we have already had the -- let's say, the structure to run that business in place because…

Next question comes from the line of Jeronimo de Guzman with Morgan Stanley.

I wanted to clarify something also related to these gas stations. First of all, just wanted to see -- so you mentioned that you didn't consolidate the sales from the -- so how were these booked, as I guess you did operate them through third parties? So how are they showing in your financial statements? Javier Gerardo Astaburuaga Sanjinés: They were being only shown as the margins that we were making by operating their gas stations, Jeronimo. So the assets that we already owned and the margins that we were making by operating those gas stations were already on our P&L, but the sales were not. It was basically a commercial margin that we were making because of the service that we were providing on operating those gas stations.

I see. So based on the information that you gave, the sales that were generated from these gas stations, I mean, it's right that it should be a 15% increase in revenues right off the bat for 2015? Javier Gerardo Astaburuaga Sanjinés: You're right on that. Yes, it is a big number, revenues.

Yes, it does seem like it's a pretty big impact on revenues. So I just wanted to see if there's any range you can give us on the margin that these gas stations could have. Because including that on the revenue with much lower -- with lower margin, I don't know how much lower it could have a significant impact on the overall margin for Comercio. Javier Gerardo Astaburuaga Sanjinés: Sure. It will, that's why we will need to help you understand the performance. And what I can tell you is this is a very typical margin for selling gas in Mexico or U.S., which goes to low-single digits, Jeronimo, which is very different from the high-single digits we make on our convenience stores. But again, it is important to have that figure in mind, but it's more important to know that, again, the return on the investment is very good, significantly above cost of capital involved in investing in this line of business.

Yes. I mean, I guess, the sales per unit is much, much higher than what it would be for OXXO based on what the [indiscernible]. Javier Gerardo Astaburuaga Sanjinés: Significantly more higher, yes, you're right.

Okay, that's helpful. And then just wanted to ask you, again, on the SG&A for OXXO, so there were these -- there was the impact of Doña Tota, which goes away, now that it's more comparable, and there was also a lower comparison base. But in terms of the nonrecurring that you mentioned from hurricane Odile, how much of an impact was that in the fourth quarter? Javier Gerardo Astaburuaga Sanjinés: It was mentioned as the last of the reasons because it was not necessarily the biggest one but big also. When OpEx increase, everything that is working against you counts, so it was not a major number within the explanation, but it was there.

I see. Okay. So when you put it all together for OXXO or for Comercio, it seems like you continue to have pretty good gross margin gains from some of the promotions you have with suppliers and some of the sales incentives. I assume those can continue going into 2015. In 2015, maybe the mark -- the OpEx can be a little bit -- you start running into -- yes, the less tough comparisons. I mean, but is it still -- how do you view the margins, I guess, behaving in 2015 given that you still have this big headwind from the pharmacies in spite of the returns being better? Javier Gerardo Astaburuaga Sanjinés: Yes, let me try to frame it this way. If you look at the times in which OXXO had been able to consistently grow same-store sales within a reasonable growth, economic growth and a consumer sentiment, which I would say is also consistent with an environment of economic growth. The combination of growing same-store sales, opening new stores, have a good cost control in place, had produced in the past very important margin expansions, I would say, in very important years in which we expanded margins 200 basis points, sometimes 50 or 60 whatsoever. In the past 2 years, you have to take into account, I think, that all in all, the Mexican economy have grown less than 1.5% in average for the past 2 years, that the consumer sentiment has been impacted by a number of reasons, including the tax reform that impacted a lot of the products we sell at the stores. So in the short term, I think we were able to navigate throughout these couple of years, again, doing the job in terms of the cost containment efforts that we have to…

We'll move on to Armando Perez from Crédit Suisse. Armando Pérez Núñez: After incorporating your Farmacon stores and the 2015 openings, should we expect any additional CapEx for logistics and distribution in this kind of business? Javier Gerardo Astaburuaga Sanjinés: That's a possibility, but short term, I don't think we're going to be facing that. I think we have a full hands with just dealing with the gas stations piece. So as for 2015, I think the guidance we gave in terms of the CapEx for OXXO, for the current businesses, is the one that we believe is going to be executed throughout the year, Armando.

And we'll move on to Luca Cipiccia with Goldman Sachs.

I wanted to follow up on the drugstores and investments as well that you mentioned you made in the fourth quarter. Just want to understand whether that means that you feel you're getting closer to having a format or a structure for the business that satisfies the standard that you want to develop for international footprint. Or in other words, I remember, in the past, we discussed whether you're evaluating if rolling this out under one single banner. You had a new acquisition very recently. So maybe if you can discuss a bit where you stand in terms of reaching the optimal strategy for this new channel, that would be quite helpful. Javier Gerardo Astaburuaga Sanjinés: Sure, Luca. Let me try to explain the main elements that we're trying to assemble to make this a winning business going forward. As we have been describing, we think that we're able to acquire some regional chains as beachheads based on current value propositions and banners, that is brands for consumers in different regions, that is a good starting point as opposed to try a greenfield strategy. So that's for starters. And I think we have been quite successful in making agreements and acquisitions in that regard. What we are now and we have been doing for the past 2 years since we started this strategy is we have been, I would say, confirming some of the hypothesis that we had when we entered the business and learning much more than we anticipated in trying to have better consumer insights into what's driving the decision-making in order to go to an outlet that sells drugs and health and personal care products and convenience products. We are now embarked in that process which involves, as you well pointed out, a strategy that in the…

And just very quickly, as a small follow-up. When you talk about openings, are they also, if you like, balancing the geographic footprint that is still missing in some parts of the country? Or really, the openings that you are doing are -- in the respective region for each of the chains is to see whether you're spreading any of the concepts beyond the regions in which they originally operated? Javier Gerardo Astaburuaga Sanjinés: Yes, we're very cautious about it. I mean, just entering new regions, from a greenfield perspective, it's something that we're still not there. We think this is not the more appropriate and risk-taking attitude. So what we're doing is expanding in the regions in which we are. It's not necessarily expanding only in the cities in which we are but going to adjacent states or adjacent cities that can advance us a little bit and doing it in a very decisively way. But also, we are looking for other regional chains that might fill some holes we have, big holes we have in the geography. We don't have anything basically in Central Mexico, and that's a very interesting region for us and for everybody. So that's the way that we're moving, at least for the time being, Luca.

Yes, I think -- Luca, this is Juan. Just to add to what Javier has said, it is the one example of kind of moving into the contiguous stage is the state of Veracruz. I mean, we're coming from the Yucatán Peninsula and very gradually moving west along the coast of the Gulf of Mexico. But you have to be very careful because you're basically creating a brand from 0.

Our next question will come from Martha Shelton with Itaú. Martha V. Shelton - Itaú Corretora de Valores S.A., Research Division: It's revolving -- just trying to think about how management is feeling in so far as the resources that it's allocating to all of these acquisitions. You've got Doña Tota, you've got the pharmacies, and now you've got the gas stations. Do you feel well enough resourced? And is this really extending management? I'll stop there. Javier Gerardo Astaburuaga Sanjinés: Sure. We feel very good about it, Martha. The amounts that we have put in these businesses as an entry point, I think, are small compared with the size of the company and the size of the opportunity. And so far, we have not really found any surprises telling us that we are overstretching outside of our core skill set. And the performance of the businesses have been, I would say, pretty much in line with our plans starting. And I would say that we're -- if you want to put it this way, we're double-betting on pooling more people to help us develop these businesses faster in a better way. So that's how confident we feel with the new businesses that we're entering in the last couple of years.

We'll move on to Antonio Gonzalez with Crédit Suisse. Antonio Gonzalez - Crédit Suisse AG, Research Division: Just the first one in the -- I guess, following up with the previous question. I want to ask -- obviously, with an upcoming change in CFO, and I understand Daniel Rodriguez moved to Mexico at the beginning of this year, I wanted to ask how are you splitting responsibilities regarding capital allocation. And anything you can share regarding the integration of Daniel so far? I mean, obviously, his role starts effectively only until April. I understand that. But I wanted to know, with you, Javier, staying at the Finance Committee, who will be looking closer at these M&A opportunities? Are you probably going to spend more time just looking at Heineken and Coca-Cola opportunities, while maybe Daniel will be looking more at the FEMSA Comercio opportunities? And how specifically do you incorporate Daniel's experience in South America? And then the second question very quickly is just on the debit card Saldazo in OXXO. I wanted to ask, how many cards do you have now? And what is the impact that you're seeing, if you can quantify it in terms of traffic, when you look at the same-store sales for OXXO? Javier Gerardo Astaburuaga Sanjinés: Sure, Antonio. On the first one, it's pretty simple. It's people that know how FEMSA operates. It's very simple to explain how roles are being played here. In the current model, I've been Chief of Staff for the last 9 years in the company, and Federico Reyes has been just focused on corporate development things, playing several roles as an extension, I would say, of the CFO, now Daniel, as the supporting arm for himself and his whole organization, as also evidently to -- as part of the…

Yes, no, I think -- Antonio, Javier is right. I mean, we closed the year basically with 1.4 million -- or almost 1.4 million. So the rate of new accounts is slightly above 100,000 per month. And the utilization rate continues to be much higher than the industry norm. So not only are people opening the accounts, but they're actually using them actively. So I would say, with a word of caution, but it seems that the trends are certainly not slowing down but perhaps maybe deflating a little bit.

Ladies and gentlemen, that is all the time we have for questions today. I will now turn the conference back over to Mr. Astaburuaga for closing additional remarks. Javier Gerardo Astaburuaga Sanjinés: Just to thank you very much for your participation today, everyone, especially for bearing with me all these years as we try to keep you up to speed on this company that we love so much. I leave you in very, very good hands with Daniel and Juan as always. So long, everyone. Bye-bye.