Dow Jones Company Report

Grupo Bimbo S.A.B. de C.V.

© 2010 Factiva, Inc. All rights reserved.

 Table of Contents
Company Report 3

General Information 3
Industry Classification 3

Performance/Segment Information 4

Peer Comparison 4

Overview and History 4

Overview 4
History 4

Products and Services 5

Sales by Business Segment 5

Key Financial Ratios 6

Balance Sheet - Annual 7

Cash Flow - Annual 8

Income Statement - Annual 9

Balance Sheet - Interim/Quarterly 11

Cash Flow - Interim/Quarterly 12

Income Statement - Interim/Quarterly 13

 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.
Company Report

Company Report
General Information
Industry Classification

Grupo Bimbo S.A.B. de C.V. Grupo Bimbo SAB de CV is a Mexico-based multinational baking company. Its
activities include the production, distribution and sale of a variety of bakery
Selected Legal Status Categories: Public Limited products, such as bread, rolls, cookies, biscuits, cakes, sweets, chocolates,
Company snacks and tortillas, as well as processed food. The Company’s products are
marketed under the Bimbo, Lara, Barcel, Marinela, Ricolino, Coronado, Suandy,
Prolongacion PaseoDe la Reforma No 1000Colonia Tia Rosa, Clever, Chocolates La Corona, El Globo, Lonchibon, Milpa Real and
Desarrollo Santa Fe Del Hogar brands, among others. Through its subsidiaries and affiliates, the
Mexico D.F., Mexico Company has presence in North, Central and South America, and Asia. The
Mexico Company’s facilities comprise 39 production centers in Mexico; 19 production
plants located in 13 Latin American countries; 34 banking plants established in
Phone: 52-586-600 the United States, and a baking plant operating in Beijing, China. In June 2010,
Fax: 52-525-08314 the Company acquired Dulces Vero.
Web: http://www.grupobimbo.com

Ownership Type: Listed

Primary Exchange: MEX
DUNS Number: 810939686

Location Type: 10

Auditor/Accountant: Deloitte & Touche LLP

Fiscal Year-End Date: 31-Dec-2009

Primary Industry Classification

Dow Jones Industry Bread/Bakery Products
SIC 2051 Bread and Other Bakery Products, Except Cookies and Crackers
NAICS 311812 Commercial Bakeries
Secondary Industry Classification
SIC 2051 Bread and Other Bakery Products, Except Cookies and Crackers
SIC 2066 Chocolate and Cocoa Products
SIC 2052 Cookies and Crackers
SIC 2099 Food Preparations, NEC
SIC 2053 Frozen Bakery Products, Except Bread
SIC 2098 Macaroni, Spaghetti, Vermicelli, and Noodles
SIC 6719 Offices of Holding Companies, NEC
NAICS 311320 Chocolate and Confectionery Manufacturing from Cacao Beans
NAICS 311812 Commercial Bakeries
NAICS 311821 Cookie and Cracker Manufacturing
NAICS 311823 Dry Pasta Manufacturing
NAICS 311813 Frozen Cakes, Pies, and Other Pastries Manufacturing
NAICS 551112 Offices of Other Holding Companies
NAICS 311830 Tortilla Manufacturing

Source: Reuters

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.
Performance/Segment Information

Performance/Segment Information

Financial Performance Geographic Segment

(MXN m) (MXN m) Top 5 Segments

Source: Reuters
Peer Comparison

Peer Comparison

Dow Jones Industry: Bread/Bakery Products

Total Number of Companies: 56
Rank Company Name Sales USD m Employees Market Cap Net Income Net Profit
USD m USD m Margin
1 YAMAZAKI BAKING CO., LTD. 10,319.04 22,879 2,768.77 100.70 0.84%
2 Grupo Bimbo S.A.B. de C.V. 9,120.11 102,386 8,654.81 466.84 5.23%
3 IAWS Group PLC 3,885.28 4,973 0.00 0.00 0.00%
4 ARYZTA AG 3,873.05 3,257.34 65.12 1.28%
5 Flowers Foods, Inc. 2,600.85 8,800 2,224.80 130.30 5.14%
6 Canada Bread Company, Limited 1,656.19 8,100 1,184.53 75.23 4.54%
7 WARABEYA NICHIYO CO., LTD. 1,610.04 1,698 205.34 23.47 1.46%
8 Greggs plc 999.69 19,044 708.72 52.21 5.22%
9 Krispy Kreme Doughnuts 346.52 2,460 273.81 -0.16 -0.05%
10 Lotus Bakeries NV 343.96 881 350.84 33.02 8.91%

Source: Reuters, , Factiva

Overview and History

Overview
History

Overview and History

Overview

Grupo Bimbo, S. A. B. de C. V. (Bimbo) is one of the leading baking goods companies in the world. It sells over 5,000 products under
more than 150 brands. The company operates in Mexico and the US. It is headquartered in Mexico City, Mexico and employs about
108,000 people.
The company recorded revenues of MXN82,317 million (approximately $7,465.3 million) during fiscal year ending December 2008

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

(FY2008), an increase of 13.9% over 2007. The operating profit of the company was MXN7,328 million (approximately $664.6 million)
during FY2008, an increase of 14.4% over FY2007. The net profit was MXN4,444 million (approximately $403 million) in FY2008, an
increase of 13.5% over FY2007.
Bimbo is a leading baked goods company in the world. The company produces 5,000 products and has a
portfolio of 150 brands. The company's key products and brands include the following:

Products:

Bread
Buns
Cookies
Cakes
Pastries
Sweet bread
Muffins
Bagels
Packaged foods
Tortillas
Salted
Snacks
Confectionary goods

Brands:

Bimbo
Del Hogar
Gabi
Lara
Lonchibon
Marinela
Milpa Real
Oroweat
Suandy
Tía Rosa
Wonder

History

Grupo Bimbo (Bimbo) was established in Mexico City in 1945. It started its operations with Bimbo Bear products, which comprised large
bread, small bread and toasted products. In the following year, the company started the production of black bread and by the end of the
next year, it introduced cupcake and pound cake in the market. The company established its first distribution warehouse in Puebla in
1949. In the same period, the company set up warehouses in Tuxpan, Poza Rica, Toluca, Pachuca, and the cities of Puebla and
Cuernavaca. It opened two plants in Santa Maria Insurgentes.
In 1956, Bimbo promoted a new company, Pasteles y Biscochos, (Pabisa) and started the production of cakes and pastries under the
Keik brand name. In the same period, the company changed the name of Pasteles y Biscochos to Productos Marinela, and offered a new
range of cupcakes and pound cakes. In the early 1970s, the company entered the snack market by launching Palomitas (popcorn). In
1980, Bimbo was listed on the Mexican Stock Exchange. This provided the group with the capital to expand overseas. The company
acquired Plus Vita, one of the largest bakeries in Brazil, in 2001.
In 2004, the company completed the acquisition of confectionery companies, Joyco de Mexico, Alimentos Duval and Lolimen. The
company also acquired the Spanish company, Corporacion Agrolimen, which included two production facilities and the rights to the
Duvalin, Bocadin and Lunetas brands. In the same year, the company opened its new frozen bread plant, Fripan, with co-investor Rich's
Products in Lerma, Mexico. In the same year, the company launched Linseed Multigrain and 'Silueta' (Silhouette) bars and Light Bimbo
Loaf Bread. The company launched new double-fiber snack bar in 2005. During the same year, the company acquired Chocolates La
Corona and El Globo in Mexico, Lalo in Colombia and Lagos del Sur in Chile.
The company announced the acquisition of Walter M Doldan y Cia and Los Sorchantes, both of Uruguay in 2006. In the same year, the
company announced the acquisition of the Chinese subsidiary of Spanish company, Panrico. In 2006, the company reached an
agreement to acquire certain assets and brands of the "El Molino" pastry chain. In 2007, Bimbo and Grupo Arcor inaugurated the Mundo
Dulce confectionery plant, in Mexico.
In June 2008, Bimbo commenced operations at its new research and nutrition Institute. This institute is located within the facilities of the
Barcel Plant, Lerma, State of Mexico. In December 2008, Bimbo announced signing of an agreement for acquiring the US fresh bakery
business of Weston Foods, Inc. from Dunedin Holdings S.à r.l., a subsidiary of Toronto-based George Weston Limited. This acquisition
would help Bimbo to become one of the largest baked-goods companies in the US. The deal announced earlier was completed in
January 2009.
In May 2009, Organización Barcel, a subsidiary of Bimbo, initiated usage of metalized polypropylene packaging in its products. This
material contains a pro-degradation additive, which includes a bio-degradation function to the packaging once their useful life is over.

Source: DataMonitor

Products and Services

Sales by Business Segment

Products and Services

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Sales by Business Segment

Bimbo is a leading baked goods company in the world. The company produces 5,000 products and has a portfolio of 150 brands. The
company's key products and brands include the following:
Products:
Bread
Buns
Cookies
Cakes
Pastries
Sweet bread
Muffins
Bagels
Packaged foods
Tortillas
Salted
Snacks
Confectionary goods
Brands:
Bimbo
Del Hogar
Gabi
Lara
Lonchibon
Marinela
Milpa Real
Oroweat
Suandy
Tía Rosa
Wonder

Source: DataMonitor

Key Financial Ratios

Key Financial Ratios

Last Financial
Period
Reporting Currency MXN
Relative Valuations
P/E excluding Extraordinary Items 18.37
Price to Sales TTM 0.94
Price to Cash Flow 11.09
Price to Free Cash Flow 10.79
Price to Book 2.73
Price to Tangible Book Value 5.55
Tangible Book Value per Share 16.76
Current Enterprise Value 140,201.50
Current EV / Total Revenue 1.20
Current EV/EBITDA 8.88
Financial Strength
Current Ratio 1.04
Quick Ratio 0.87

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Long Term Debt to Equity 0.80

Debt to Equity 0.92
Interest Coverage 5.83
Profitability
Pre-Tax Margin TTM 7.97%
Pre-Tax Margin, 5-Yr Average 7.95%
Net Profit Margin TTM 5.30%
Net Profit Margin, 5-Yr Average 5.45%
Operating Margin TTM 10.17%
Operating Margin, 5-Yr Average 8.93%
EBIT 11,491,030,00
0
EBIT TTM --
EBIT Margin, 5-Yr Average --
Gross Margin TTM 53.24%
Gross Margin, 5-Yr Average 52.71%
Tax Rate 31.74%
Tax Rate, 5-Yr Average 31.43%
Effectiveness
Return on Average Equity TTM 15.79%
Return on Average Equity, 5-Yr Average 15.30%
Return on Average Assets TTM 6.01%
Return on Average Assets, 5-Yr Average 8.57%
Return on Investment TTM 7.27%
Return on Investment, 5-Yr Average 10.98%
Efficiency
Revenue per Employee TTM 1,136,681
Net Income per Employee TTM 60,190
Asset Turnover TTM 1.14
Receivables Turnover TTM 17.02
Inventory Turnover TTM 19.12

Source: Reuters Publication Date: 03-Aug-2010

Balance Sheet - Annual

Balance Sheet - Annual

Period End Date 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006 31-Dec-2005

Update Type/Date Normal Reclassified Normal Restated Restated
19-Apr-2010 19-Apr-2010 15-Apr-2008 15-Apr-2008 24-Apr-2007
Auditor/Accountant Deloitte & Deloitte & Deloitte & Deloitte & Deloitte &
Touche LLP Touche LLP Touche LLP Touche LLP Touche LLP
Number of Employees 102,386 98,183 91,289 85,616 81,072
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Balance Sheet: (MXN, In millions)
Cash 1,680.12 1,103.32 748.40 937.29 --
Cash and Equivalents -- -- -- -- 4,283.89
Short Term Investments 3,301.64 6,236.26 3,153.45 4,752.74 --
Cash and Short Term Investments 4,981.76 7,339.57 3,901.85 5,690.04 4,283.89
Trade Accounts Receivable, Gross 7,059.45 5,139.04 -- -- --
Provision for Doubtful Accounts (290.11) (130.27) -- -- --
Trade Accounts Receivable, Net 6,769.34 5,008.77 3,946.95 3,614.10 2,923.13
Other Receivables 2,835.67 1,864.68 963.29 831.84 722.63
Total Receivables, Net 9,605.01 6,873.45 4,910.24 4,445.94 3,645.77
Inventories - Finished Goods 767.93 816.79 687.19 668.57 478.06

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Inventories - Work in Progress 75.38 110.77 63.01 42.00 36.02

Inventories - Raw Materials 1,985.82 1,420.03 1,035.62 958.30 819.48
Inventories - Other 139.66 225.65 59.16 74.67 66.78
Total Inventory 2,968.79 2,573.24 1,844.98 1,743.53 1,400.33
Other Current Assets 676.01 634.82 521.35 297.20 332.05
Other Current Assets, Total 676.01 634.82 521.35 297.20 332.05
Total Current Assets 18,231.56 17,421.08 11,178.43 12,176.71 9,662.03
Buildings 12,893.03 9,279.24 8,332.14 7,943.78 7,163.67
Land/Improvements 2,717.07 2,526.21 2,410.12 2,077.56 2,079.68
Machinery/Equipment 39,393.36 34,318.69 30,161.87 28,541.29 25,397.82
Construction in Progress 1,171.20 1,162.21 1,355.48 957.23 730.31
Property/Plant/Equipment, Gross 56,174.66 47,286.36 42,259.61 39,519.85 35,371.48
Accumulated Depreciation (23,411.26) (21,247.38) (18,755.43) (17,958.50) (16,056.11)
Property/Plant/Equipment, Net 32,763.39 26,038.98 23,504.18 21,561.36 19,315.37
Goodwill, Net 20,393.89 6,312.65 3,889.50 3,836.28 --
Long Term Investment - Affiliate Companies 1,478.95 1,415.63 1,156.78 942.89 --
Other Long Term Investments -- -- -- -- 714.03
Total Long Term Investments 1,478.95 1,415.63 1,156.78 942.89 714.03
Deferred Charges 22,866.14 5,696.53 4,014.52 3,770.72 7,456.53
Other Long Term Assets 980.06 1,620.23 1,499.78 1,650.99 1,584.40
Other Long Term Assets, Total 23,846.20 7,316.76 5,514.30 5,421.71 9,040.94
Total Assets 96,713.99 58,505.10 45,243.19 43,938.94 38,732.37
Accounts Payable 5,579.82 5,465.34 4,765.98 4,504.99 3,543.42
Notes Payable/Short Term Debt 4,656.48 2,054.25 2,604.80 3,248.93 266.75
Income Taxes Payable 2,191.65 523.94 536.04 645.45 429.91
Other Current Liabilities 5,118.86 3,819.80 3,002.43 2,583.45 2,497.22
Other Current Liabilities, Total 7,310.51 4,343.73 3,538.47 3,228.90 2,927.13
Total Current Liabilities 17,546.81 11,863.32 10,909.25 10,982.82 6,737.30
Long-Term Debt 32,083.86 9,078.44 3,419.49 5,524.52 8,426.53
Total Long Term Debt 32,083.86 9,078.44 3,419.49 5,524.52 8,426.53
Total Debt 36,740.34 11,132.69 6,024.29 8,773.45 8,693.28
Deferred Income Tax - Long Term Liability 556.10 1,607.86 1,318.72 1,304.19 1,437.99
Total Deferred Income Tax 556.10 1,607.86 1,318.72 1,304.19 1,437.99
Minority Interest 852.63 710.21 581.65 528.37 482.56
Pension Benefits - Underfunded 4,644.05 981.91 1,098.56 1,159.29 1,262.71
Other Long Term Liabilities 925.56 0.00 0.00 -- 110.81
Other Liabilities, Total 5,569.61 981.91 1,098.56 1,159.29 1,373.52
Total Liabilities 56,609.01 24,241.74 17,327.68 19,499.19 18,457.90
Common Stock 8,006.56 8,006.56 8,006.56 8,006.56 7,717.17
Total Common Stock 8,006.56 8,006.56 8,006.56 8,006.56 7,717.17
Retained Earnings 32,216.23 25,231.99 28,754.11 25,425.92 21,521.87
Other Equity (117.80) 1,024.80 (8,845.16) (8,992.74) (8,964.56)
Other Equity, Total (117.80) 1,024.80 (8,845.16) (8,992.74) (8,964.56)
Total Stockholders' Equity 40,104.98 34,263.36 27,915.51 24,439.75 20,274.48
Total Liabilities and Shareholders Equity 96,713.99 58,505.10 45,243.19 43,938.94 38,732.37
Shares Outstanding - Common Stock, Primary 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000
Issue
Total Common Shares Outstanding 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000
Treasury Shares - Common Primary Issue 0 0 -- -- --

Source: Reuters Publication Date: 23-Jul-2010

Cash Flow - Annual

Cash Flow - Annual

Period End Date 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006 31-Dec-2005

Update Type/Date Normal Restated Normal Restated Restated

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

19-Apr-2010 19-Apr-2010 15-Apr-2008 15-Apr-2008 24-Apr-2007

Auditor/Accountant Deloitte & Deloitte & Deloitte & Deloitte & Deloitte &
Touche LLP Touche LLP Touche LLP Touche LLP Touche LLP
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Cash Flow Statement: (MXN, In
millions)
Net Income 8,908.09 6,337.03 3,914.21 3,774.90 3,052.85
Depreciation 3,783.44 2,500.56 2,238.81 2,014.60 1,950.08
Accumulated Depreciation and Depletion 3,783.44 2,500.56 2,238.81 2,014.60 1,950.08
Unusual Items 0.00 100.53 -- -- --
Equity in Net Earnings Loss (42.26) (23.75) -- -- --
Other Non-Cash Items 3,630.76 2,278.15 70.48 (522.84) (744.15)
Cash Taxes Paid 1,679.71 2,265.67 -- -- --
Cash Interest Paid 3,205.30 830.00 -- -- --
Accounts Receivable (188.02) (1,574.00) (398.10) (497.94) (410.59)
Inventories 39.61 (627.63) (145.49) (271.38) (159.19)
Other Assets 333.54 172.82 (224.35) (4.46) 531.33
Accounts Payable (361.62) 840.03 246.96 759.77 123.41
Taxes Payable (1,679.71) (2,265.67) -- -- --
Other Liabilities (510.33) 1,110.55 353.49 (200.61) 84.29
Changes in Working Capital (2,366.52) (2,343.91) (167.49) (214.62) 169.25
Cash from Operating Activities 13,913.50 8,848.60 6,056.00 5,052.04 4,428.03
Purchase of Fixed Assets (3,156.02) (3,989.58) (3,933.61) (2,810.10) (3,377.36)
Purchase/Acquisition of Intangibles (83.11) (415.91) -- -- --
Capital Expenditures (3,239.13) (4,405.49) (3,933.61) (2,810.10) (3,377.36)
Sale of Fixed Assets 0.00 162.29 -- -- --
Net Investment -- -- -- -- 66.53
Purchase of Investments (35,140.02) (2,743.00) (153.90) (172.15) --
Other Investing Cash Flow (19.77) (172.57) (719.87) 116.97 (310.05)
Other Investing Cash Flow Items, Total (35,159.79) (2,753.28) (873.76) (55.18) (243.52)
Cash from Investing Activities (38,398.92) (7,158.76) (4,807.37) (2,865.28) (3,620.88)
Other Financing Cash Flow (3,205.30) (897.28) 12.27 14.81 4.61
Financing Cash Flow Items (3,205.30) (897.28) 12.27 14.81 4.61
Cash Dividends Paid - Common Stock (540.87) (615.00) (530.07) (777.59) (349.97)
Cash Dividends Paid (540.87) (615.00) (530.07) (777.59) (349.97)
Long Term Debt Issued 42,397.71 5,851.75 552.50 0.00 --
Long Term Debt Reduction (16,508.63) (2,605.00) (3,071.52) (212.86) --
Long Term Debt, Net 25,889.08 3,246.75 (2,519.01) (212.86) (239.70)
Issuance (Retirement) of Debt, Net 25,889.08 3,246.75 (2,519.01) (212.86) (239.70)
Cash from Financing Activities 22,142.90 1,734.47 (3,036.81) (975.63) (585.06)
Foreign Exchange Effects (15.30) 13.41 -- -- --
Net Change in Cash (2,357.81) 3,437.72 (1,788.18) 1,211.13 222.08
Net Cash - Beginning Balance 7,339.57 3,901.85 5,690.04 4,478.91 4,061.81
Net Cash - Ending Balance 4,981.76 7,339.57 3,901.85 5,690.04 4,283.89
Cash Interest Paid, Supplemental 3,205.30 830.00 -- -- --
Cash Taxes Paid, Supplemental 1,679.71 2,265.67 -- -- --

Source: Reuters Publication Date: 23-Jul-2010

Income Statement - Annual

Income Statement - Annual

Period End Date 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006 31-Dec-2005

Update Type/Date Normal Normal Normal Restated Restated
19-Apr-2010 05-May-2009 15-Apr-2008 15-Apr-2008 24-Apr-2007
Auditor/Accountant Deloitte & Galaz, Deloitte & Deloitte & Deloitte &

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Touche LLP Yamazaki, Ruiz Touche LLP Touche LLP Touche LLP
Urquiza, S.C.
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Income Statement: (MXN, In millions)
Net Sales 116,353.41 82,317.11 72,293.57 66,836.43 58,642.93
Total Revenue 116,353.41 82,317.11 72,293.57 66,836.43 58,642.93
Cost of Revenue 54,932.86 40,292.77 34,095.04 31,199.48 26,966.68
Gross Profit 61,420.55 42,024.35 38,198.53 35,636.95 31,676.25
Selling, General and Administrative Expense 49,366.88 34,696.04 31,790.93 29,546.16 26,230.32
Labor and Related Expense 562.65 466.51 467.05 455.63 --
Other Unusual Expense 0.00 0.00 -- -- (9.46)
Total Operating Expense 104,862.39 75,455.32 66,353.02 61,201.27 53,187.54
Operating Income 11,491.03 6,861.80 5,940.55 5,635.16 5,455.39
Non Operating Interest Expense (2,837.92) (747.84) (795.07) (965.81) (1,001.17)
Non-Operating Interest Expense, Net (2,837.92) (747.84) (795.07) (965.81) (1,001.17)
Non-Operating Interest Income 519.94 286.67 331.44 443.94 332.16
Non-Operating Investment Income 348.53 (54.46) 289.62 255.40 283.09
Non-Operating Interest/Investment Income 868.47 232.21 621.06 699.34 615.25
Other Non-Operating Income (613.49) (9.13) 73.09 141.76 (140.54)
Other Non-Operating Income, Net (613.49) (9.13) 73.09 141.76 (140.54)
Income Before Tax 8,908.09 6,337.04 5,839.63 5,510.45 4,928.93
Total Income Tax 2,827.07 1,893.09 1,925.42 1,735.55 1,527.90
Income After Tax 6,081.02 4,443.96 3,914.21 3,774.90 3,401.03
Minority Interest (125.12) (124.40) (102.96) (93.74) (78.13)
Equity in Affiliates -- -- -- -- 59.61
Net Income Before Extraordinary Items 5,955.91 4,319.56 3,811.25 3,681.16 3,382.52
Net Income 5,955.91 4,319.56 3,811.25 3,681.16 3,382.52
Miscellaneous Earnings Adjustment -- -- -- -- (407.79)
Total Adjustments to Net Income -- -- -- -- (407.79)
Income Available to Common Excl. 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Extraordinary Items
Income Available to Common Incl. 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Extraordinary Items
Basic Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80
Basic EPS excluding Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Basic EPS including Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Dilution Adjustment -- -- 0.00 0.00 0.00
Diluted Net Income 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Diluted Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80
Diluted EPS excluding Extrordinary Items 5.07 3.67 3.24 3.13 2.53
Diluted EPS including Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Dividends per Share - Common Stock, 0.46 0.52 0.45 0.66 0.30
PrimaryIssue
Gross Dividends - Common Stock 540.87 615.00 530.07 777.59 349.97
Interest Expense, Supplemental 2,837.92 747.84 795.07 965.81 1,001.17
Depreciation, Supplemental 3,783.44 2,500.56 2,238.81 2,014.60 1,950.08
Total Special Items 0.00 0.00 -- -- (9.46)
Normalized Income Before Tax 8,908.09 6,337.04 5,839.63 5,510.45 4,919.47
Effect of Special Items on Income Taxes 0.00 0.00 -- -- (2.93)
Income Taxes Excl. Impact of Special Items 2,827.07 1,893.09 1,925.42 1,735.55 1,524.97
Normalized Income After Taxes 6,081.02 4,443.96 3,914.21 3,774.90 3,394.51
Normalized Income Available To Common 5,955.91 4,319.56 3,811.25 3,681.16 2,968.19
Basic Normalized EPS 5.07 3.67 3.24 3.13 2.52
Diluted Normalized EPS 5.07 3.67 3.24 3.13 2.52

Source: Reuters Publication Date: 23-Jul-2010

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Balance Sheet - Interim/Quarterly

Balance Sheet - Interim/Quarterly

Period End Date 30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009

Update Type/Date Normal Normal Normal Normal Restated
21-Jul-2010 29-Apr-2010 19-Apr-2010 22-Oct-2009 21-Jul-2010
Number of Employees 103,873 102,740 102,386 101,968 101,774
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Interim Balance Sheet: (MXN, In millions)
Cash 2,051.37 1,849.40 1,680.12 1,662.72 1,606.61
Short Term Investments 13,485.21 3,090.20 3,301.64 7,418.68 5,541.04
Cash and Short Term Investments 15,536.58 4,939.60 4,981.76 9,081.40 7,147.65
Trade Accounts Receivable, Gross 7,107.47 7,135.99 -- -- 7,219.65
Provision for Doubtful Accounts (296.75) (287.20) -- -- (350.23)
Trade Accounts Receivable, Net 6,810.72 6,848.79 6,769.34 7,156.32 6,869.43
Other Receivables 4,502.59 3,941.55 2,835.67 4,341.87 4,406.08
Total Receivables, Net 11,313.31 10,790.34 9,605.01 11,498.19 11,275.50
Inventories - Finished Goods 954.84 780.51 767.93 778.07 770.89
Inventories - Work in Progress 101.00 102.94 75.38 97.01 105.30
Inventories - Raw Materials 1,628.37 1,562.42 1,985.82 1,691.59 1,840.95
Inventories - Other 84.95 95.29 139.66 173.07 206.06
Total Inventory 2,769.16 2,541.16 2,968.79 2,739.74 2,923.20
Other Current Assets 734.13 606.46 676.01 1,019.43 1,013.31
Other Current Assets, Total 734.13 606.46 676.01 1,019.43 1,013.31
Total Current Assets 30,353.17 18,877.56 18,231.56 24,338.75 22,359.66
Buildings 11,127.38 10,926.12 12,893.03 21,326.51 20,832.05
Land/Improvements 3,533.60 3,464.96 2,717.07 2,624.10 2,580.18
Machinery/Equipment 39,475.80 38,988.38 39,393.36 35,325.75 34,880.71
Construction in Progress 1,226.51 912.86 1,171.20 1,718.19 1,526.98
Property/Plant/Equipment, Gross 55,363.29 54,292.31 56,174.66 60,994.56 59,819.92
Accumulated Depreciation (24,042.78) (23,191.99) (23,411.26) (27,927.45) (27,203.21)
Property/Plant/Equipment, Net 31,320.51 31,100.32 32,763.39 33,067.10 32,616.71
Goodwill, Net 19,706.57 19,490.49 20,393.89 26,349.47 25,298.26
Long Term Investment - Affiliate Companies 1,497.64 1,476.03 1,478.95 1,427.09 1,397.13
Other Long Term Investments -- 0.00 0.00 0.00 --
Total Long Term Investments 1,497.64 1,476.03 1,478.95 1,427.09 1,397.13
Notes Receivable - Long Term -- 0.00 0.00 0.00 --
Deferred Charges 22,562.15 21,889.92 22,866.14 13,341.66 12,840.47
Deferred Income Tax - Long Term Asset 1,409.85 1,409.65 -- 2,796.16 3,042.91
Other Long Term Assets 400.09 341.22 980.06 306.78 233.92
Other Long Term Assets, Total 24,372.08 23,640.78 23,846.20 16,444.60 16,117.31
Total Assets 107,249.97 94,585.18 96,713.99 101,627.02 97,789.06
Accounts Payable 5,624.94 5,740.60 5,579.82 5,665.22 5,394.18
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Current Portion of Long Term Debt/Capital 3,634.76 3,438.59 4,656.48 9,232.28 2,108.68
Leases
Income Taxes Payable 519.18 1,065.33 2,191.65 877.40 455.59
Other Current Liabilities 7,511.84 5,988.74 5,118.86 9,649.13 8,712.67
Other Current Liabilities, Total 8,031.01 7,054.07 7,310.51 10,526.52 9,168.26
Total Current Liabilities 17,290.72 16,233.26 17,546.81 25,424.02 16,671.12
Long-Term Debt 41,959.55 31,708.45 32,083.86 32,400.09 40,194.08
Total Long Term Debt 41,959.55 31,708.45 32,083.86 32,400.09 40,194.08
Total Debt 45,594.31 35,147.03 36,740.34 41,632.37 42,302.76
Deferred Income Tax - Long Term Liability 1,189.46 826.68 556.10 1,848.41 1,551.04
Total Deferred Income Tax 1,189.46 826.68 556.10 1,848.41 1,551.04

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Minority Interest 759.14 864.81 852.63 871.74 836.04

Pension Benefits - Underfunded 5,290.01 5,186.13 4,644.05 2,775.23 3,129.37
Other Long Term Liabilities -- 0.00 925.56 0.00 --
Other Liabilities, Total 5,290.01 5,186.13 5,569.61 2,775.23 3,129.37
Total Liabilities 66,488.87 54,819.32 56,609.01 63,319.50 62,381.66
Common Stock 8,006.56 8,006.56 8,006.56 8,006.56 8,006.56
Total Common Stock 8,006.56 8,006.56 8,006.56 8,006.56 8,006.56
Additional Paid-In Capital -- -- 0.00 0.00 --
Retained Earnings 33,391.79 32,726.63 32,216.23 29,640.19 27,154.22
Other Equity (637.25) (967.33) (117.80) 660.78 246.62
Other Equity, Total (637.25) (967.33) (117.80) 660.78 246.62
Total Stockholders' Equity 40,761.10 39,765.86 40,104.98 38,307.53 35,407.41
Total Liabilities and Shareholders Equity 107,249.97 94,585.18 96,713.99 101,627.02 97,789.06
Shares Outstanding - Common Stock, Primary 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000
Issue
Total Common Shares Outstanding 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000 1,175,800,000

Source: Reuters Publication Date: 23-Jul-2010

Cash Flow - Interim/Quarterly

Cash Flow - Interim/Quarterly

Period End Date 30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009

Update Type/Date Normal Normal Normal Normal Restated
21-Jul-2010 29-Apr-2010 19-Apr-2010 22-Oct-2009 21-Jul-2010
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Interim Cash Flow Statement: (MXN, In
millions)
Net Income 3,905.62 1,900.15 8,908.09 6,110.36 3,533.19
Depreciation 1,842.23 953.71 3,783.44 2,552.70 1,672.98
Accumulated Depreciation and Depletion 1,842.23 953.71 3,783.44 2,552.70 1,672.98
Unusual Items -- 0.00 0.00 0.00 --
Equity in Net Earnings Loss (24.28) (1.00) (42.26) 1.49 52.84
Other Non-Cash Items 0.00 0.00 361.15 362.22 54.66
Cash Taxes Paid 4,561.41 2,835.83 1,679.71 2,459.66 2,248.95
Cash Interest Paid 1,123.70 457.84 3,205.30 1,893.05 1,199.80
Accounts Receivable (17.11) (78.45) (188.02) 285.45 559.85
Inventories 189.86 318.22 39.61 242.69 82.36
Other Assets 459.60 326.06 333.54 810.10 955.89
Accounts Payable 45.13 160.79 (361.62) (556.13) (863.73)
Accrued Expenses 1,163.89 491.65 3,269.61 (329.80) (160.99)
Taxes Payable (4,561.41) (2,835.83) (1,679.71) (2,459.66) (2,248.95)
Other Liabilities 1,251.35 337.78 (510.33) 2,284.04 1,434.41
Changes in Working Capital (1,468.69) (1,279.79) 903.09 276.69 (241.16)
Cash from Operating Activities 4,254.89 1,573.07 13,913.50 9,303.45 5,072.51
Purchase of Fixed Assets (1,327.27) (290.59) (3,156.02) (1,509.11) (342.60)
Purchase/Acquisition of Intangibles 0.00 (0.04) (83.11) (78.92) (59.15)
Capital Expenditures (1,327.27) (290.64) (3,239.13) (1,588.03) (401.76)
Sale of Fixed Assets -- 0.00 0.00 0.00 --
Sale/Maturity of Investment -- 0.00 0.00 0.00 --
Purchase of Investments 0.00 0.00 (35,140.02) (35,735.50) (35,696.77)
Sale of Intangibles -- 0.00 0.00 0.00 --
Other Investing Cash Flow 4.57 2.96 (19.77) (55.34) (63.48)
Other Investing Cash Flow Items, Total 4.57 2.96 (35,159.79) (35,790.84) (35,760.25)
Cash from Investing Activities (1,322.71) (287.68) (38,398.92) (37,378.87) (36,162.01)
Other Financing Cash Flow (1,123.70) (457.84) (3,205.30) (1,893.05) (1,199.80)

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Financing Cash Flow Items (1,123.70) (457.84) (3,205.30) (1,893.05) (1,199.80)

Cash Dividends Paid - Common Stock (587.90) 0.00 (540.87) (540.87) (540.87)
Cash Dividends Paid (587.90) 0.00 (540.87) (540.87) (540.87)
Repurchase/Retirement, Common -- 0.00 0.00 0.00 --
Common Stock, Net -- 0.00 0.00 0.00 --
Issuance (Retirement) of Stock, Net -- 0.00 0.00 0.00 --
Long Term Debt Issued 10,608.93 387.19 42,397.71 45,645.30 45,060.21
Long Term Debt Reduction (1,287.37) (1,269.59) (16,508.63) (13,399.63) (13,399.63)
Long Term Debt, Net 9,321.55 (882.40) 25,889.08 32,245.66 31,660.58
Issuance (Retirement) of Debt, Net 9,321.55 (882.40) 25,889.08 32,245.66 31,660.58
Cash from Financing Activities 7,609.96 (1,340.24) 22,142.90 29,811.75 29,919.92
Foreign Exchange Effects 12.68 12.68 (15.30) 28.10 977.66
Net Change in Cash 10,554.82 (42.16) (2,357.81) 1,764.42 (191.92)
Net Cash - Beginning Balance 4,981.76 4,981.76 7,339.57 7,316.97 7,339.57
Net Cash - Ending Balance 15,536.58 4,939.60 4,981.76 9,081.40 7,147.65
Cash Interest Paid, Supplemental 1,123.70 457.84 3,205.30 1,893.05 1,199.80
Cash Taxes Paid, Supplemental 4,561.41 2,835.83 1,679.71 2,459.66 2,248.95

Source: Reuters Publication Date: 23-Jul-2010

Income Statement - Interim/Quarterly

Income Statement - Interim/Quarterly

Period End Date 30-Jun-2010 31-Mar-2010 31-Dec-2009 30-Sep-2009 30-Jun-2009

Update Type/Date Normal Normal Normal Normal Restated
21-Jul-2010 29-Apr-2010 19-Apr-2010 22-Oct-2009 21-Jul-2010
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Interim Income Statement: (MXN, In millions)
Net Sales 57,074.57 28,250.38 116,353.41 29,338.45 57,043.25
Total Revenue 57,074.57 28,250.38 116,353.41 29,338.45 57,043.25
Cost of Revenue 26,844.90 13,467.71 54,932.86 13,566.47 27,356.81
Gross Profit 30,229.67 14,782.67 61,420.55 15,771.98 29,686.44
Selling, General and Administrative Expense 24,905.38 12,167.95 49,366.88 12,423.66 24,761.82
Labor and Related Expense 248.28 143.97 562.65 157.67 196.43
Other Unusual Expense -- 0.00 -- 0.00 --
Total Operating Expense 51,998.55 25,779.62 104,862.39 26,147.80 52,315.05
Operating Income 5,076.02 2,470.75 11,491.03 3,190.65 4,728.20
Non Operating Interest Expense (1,383.68) (646.95) (2,837.92) (728.79) (1,375.95)
Non-Operating Interest Expense, Net (1,383.68) (646.95) (2,837.92) (728.79) (1,375.95)
Non-Operating Interest Income 219.78 155.30 519.94 138.59 218.00
Non-Operating Investment Income 49.04 (99.87) 348.53 16.20 170.97
Non-Operating Interest/Investment Income 268.82 55.43 868.47 154.78 388.97
Other Non-Operating Income (55.54) 20.92 (613.49) (35.01) (208.03)
Other Non-Operating Income, Net (55.54) 20.92 (613.49) (35.01) (208.03)
Income Before Tax 3,905.62 1,900.15 8,908.09 2,581.64 3,533.19
Total Income Tax 1,322.70 602.73 2,827.07 818.87 1,032.08
Income After Tax 2,582.92 1,297.42 6,081.02 1,762.77 2,501.12
Minority Interest (61.43) (28.99) (125.12) (31.17) (38.02)
Net Income Before Extraordinary Items 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Discontinued Operations -- 0.00 0.00 0.00 --
Total Extraordinary Items -- 0.00 0.00 0.00 --
Net Income 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Income Available to Common Excl. 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Extraordinary Items
Income Available to Common Incl. 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Extraordinary Items

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 Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.

Basic Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80

Basic EPS excluding Extraordinary Items 2.14 1.08 5.07 1.47 2.09
Basic EPS including Extraordinary Items 2.14 1.08 5.07 1.47 2.09
Diluted Net Income 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Diluted Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80
Diluted EPS excluding Extrordinary Items 2.14 1.08 5.07 1.47 2.09
Diluted EPS including Extraordinary Items 2.14 1.08 5.07 1.47 2.09
Dividends per Share - Common Stock, 0.50 0.00 0.46 0.00 0.46
PrimaryIssue
Gross Dividends - Common Stock 587.90 0.00 540.87 0.00 540.87
Interest Expense, Supplemental 1,383.68 646.95 2,837.92 728.79 1,375.95
Depreciation, Supplemental 1,842.23 953.71 3,783.44 879.45 1,672.98
Total Special Items -- 0.00 -- 0.00 --
Normalized Income Before Tax 3,905.62 1,900.15 8,908.09 2,581.64 3,533.19
Effect of Special Items on Income Taxes -- 0.00 -- 0.00 --
Income Taxes Excl. Impact of Special Items 1,322.70 602.73 2,827.07 818.87 1,032.08
Normalized Income After Taxes 2,582.92 1,297.42 6,081.02 1,762.77 2,501.12
Normalized Income Available To Common 2,521.49 1,268.43 5,955.91 1,731.60 2,463.10
Basic Normalized EPS 2.14 1.08 5.07 1.47 2.09
Diluted Normalized EPS 2.14 1.08 5.07 1.47 2.09

Source: Reuters Publication Date: 23-Jul-2010

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