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Overcoming Challenges to Feed the W Orld. Staple Foods + Solid Overcoming Challenges to Feed the World. Staple Foods + Solid Brands GRUMA 2008 Annual Report FINANCIAL GENERAL HIGHLIGHTS Contact GRUMA, S.A.B. DE C.V. AND SUBSIDIARIES (millions of pesos, except where indicated1) Information Headquarters Río de la Plata 407 Ote. Net Sales by Region INCOME STATEMENT 2008 2007 Var. Col. del Valle, San Pedro Garza García, N.L. 7% 2% 66220 México Sales volume2 4,287 4,243 1% United States Telephone: (52 81) 8399-3300 and Europe Net sales 44,793 35,816 25% Operating income 3,267 1,874 74% 19% Mexico Prolongación Reforma 1230 Operating margin 7.3% 5.2% 206bp Col. Cruz Manca, Santa Fe 43% Venezuela EBITDA3 4,608 2,978 55% Delegación Cuajimalpa Central America EBITDA margin 10.3% 8.3% 197bp 05349 México, D.F. 29% Telephone: (52 55) 9177-0400 Asia and Net (loss) income (11,818) 2,379 (597%) Oceania Majority net (loss) income (12,340) 2,233 (653%) Investor Relations Contacts Rogelio Sánchez Net Sales 2008: Ps. 44.8 billion Tel: (52 81) 8399-3312 [email protected] Lilia Gómez Net Sales Tel: (52 81) 8399-3324 (millions of pesos) [email protected] CAGR7 04-08: 13% BALANCE SHEET 2008 2007 Var. 44,793 Exchange Listings Bolsa Mexicana de Valores (BMV), México www.bmv.com.mx Cash and cash equivalents 1,426 481 197% 35,816 32,190 29,346 Total assets 44,435 33,911 31% 27,367 New York Stock Exchange (NYSE), United States Debt4 14,147 7,854 80% www.nyse.com Total liabilities 35,153 15,334 129% Ticker Symbols BMV: GRUMAB Stockholders’ equity 9,282 18,577 (50%) Majority stockholders’ equity 5,639 15,695 (64%) NYSE: GMK* *Each American Depositary Receipt represents four 2004 2005 2006 2007 2008 ordinary shares Depositary Bank Citibank, N.A. EBITDA Depositary Receipts Department (millions of pesos) Tel: (212) 816-6839 CAGR 04-08: 9% Fax: (212) 816-6865 4,608 OTHER 2008 2007 Var. Corporate Website www.gruma.com Millions of common shares outstanding 563.7 481.5 17% 3,212 3,052 2,978 Independent Registered 2,866 5 Earnings (loss) per share (21.85) 4.63 (572%) Public Accounting Firm PricewaterhouseCoopers LLP Book value per share6 10.0 32.6 (69%) Investments 2,697 2,223 21% Forward-Looking Statements 2004 2005 2006 2007 2008 This report may contain certain forward-looking statements and information relating to GRUMA, S.A.B. de C.V., and its subsidiaries (collectively, “GRUMA”) that are based on the beliefs of its management as well as assumptions made by and information then available to GRUMA. Such statements reflect the views of GRUMA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GRUMA to be materially different from historical results or any future results, performance, or achievements 1 All references herein to “peso” are to the Mexican peso. that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, 2 Thousands of metric tons. governmental, business, or other factors globally or in Mexico, the United Sates, Latin America, or any other countries in which GRUMA does business, 3 EBITDA = operating income + depreciation and amortization affecting operating income. and raw-material prices. If one or more of these risks or uncertainties materializes, or underlying assumptions are proven incorrect, actual results may 4 Measured in dollar terms, debt increased 42% to US$1,023 million. vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GRUMA does not intend, and undertakes no 5 Figures in pesos and based on weighted average of outstanding shares. obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 6 Figures in pesos and based on outstanding shares at year-end. 7 Compounded annual growth rate. Overcoming Challenges to Feed the World Staple Foods + Solid Brands MESSAGE to Shareholders The theme of GRUMA’s 2008 annual report, Overcoming Challenges to Feed My fellow shareholders: the World, conveys GRUMA’s efforts to maintain strong, stable operations in the midst of global recessionary macroeconomic conditions and to bring its high-quality I am pleased to report that, staple products and solid brands to its customers around the world. GRUMA’s stable in 2008, GRUMA achieved operating results in 2008 and its ongoing efforts to strengthen its business will better operating results than enable the company to instill confidence in and deliver value to its key stakeholders: in previous years, despite the customers, consumers, employees, and shareholders. fact that we were operating in an extremely challenging macroeconomic climate. Table of Contents The global economy slid from relative weakness into a deep recession the length 2 Operations and major brands of which remains unknowable. Consumer confidence and 4 Message to shareholders spending, as well as the availability of credit in general, 8 Staple foods: dependable, defensive, diversified plummeted during the year, the fourth quarter in particular. 11 Solid brands: at the heart of our success This affected nearly every Roberto González Barrera region and business sector in Chairman of the Board and 14 Social and environmental responsibility the world, including the food Chief Executive Officer industry. 17 Management’s discussion and analysis of results of operations Despite this exceedingly challenging economic environment, we succeeded in 22 Report of corporate governance committee increasing net sales by 25 percent, to Ps.44,793 million. More importantly, we increased cash generation to Ps.4,609 million, 55 percent more than in 2007. 23 Report of audit committee GIMSA and Gruma Venezuela both reported excellent operating results. Molinera de México also performed well, increasing net sales and taking advantage of 26 Report of independent auditors improvements in inventory management. Despite the severe economic conditions in the United States, Gruma Corporation succeeded by focusing its strategy on 28 Consolidated financial statements maintaining sales volume and reducing costs. 34 Notes to consolidated financial statements Our consolidated 2008 performance reflects the strength of our overall operations. We are creating a sound platform for stronger growth when the global economy 66 Board of directors and management team recovers by strengthening the base of our business: our staple products and leading brands. Staple Foods + Solid Brands 4 Overcoming Challenges to Feed the World Operations and Major Brands Europe United States Mexico Asia Central America Venezuela Oceania About GRUMA GRUMA, S.A.B. de C.V., is one of the world’s leading tortilla and corn flour producers. Established in 1949, worldwide. GRUMA is headquartered in Monterrey, Mexico, and has 92 plants and approximately GRUMA is engaged primarily in the production, marketing, distribution, and sale of tortillas, corn flour, 20 thousand employees. In 2008, GRUMA had net sales of US$3.2 billion, of which 71% came from and wheat flour. With leading brands in most of its markets, GRUMA has operations in the United States, non-Mexican operations. Mexico, Venezuela, Central America, Europe, Asia, and Oceania. GRUMA also exports to about 70 countries MESSAGE to Shareholders The theme of GRUMA’s 2008 annual report, Overcoming Challenges to Feed My fellow shareholders: the World, conveys GRUMA’s efforts to maintain strong, stable operations in the midst of global recessionary macroeconomic conditions and to bring its high-quality I am pleased to report that, staple products and solid brands to its customers around the world. GRUMA’s stable in 2008, GRUMA achieved operating results in 2008 and its ongoing efforts to strengthen its business will better operating results than enable the company to instill confidence in and deliver value to its key stakeholders: in previous years, despite the customers, consumers, employees, and shareholders. fact that we were operating in an extremely challenging macroeconomic climate. Table of Contents The global economy slid from relative weakness into a deep recession the length 2 Operations and major brands of which remains unknowable. Consumer confidence and 4 Message to shareholders spending, as well as the availability of credit in general, 8 Staple foods: dependable, defensive, diversified plummeted during the year, the fourth quarter in particular. 11 Solid brands: at the heart of our success This affected nearly every Roberto González Barrera region and business sector in Chairman of the Board and 14 Social and environmental responsibility the world, including the food Chief Executive Officer industry. 17 Management’s discussion and analysis of results of operations Despite this exceedingly challenging economic environment, we succeeded in 22 Report of corporate governance committee increasing net sales by 25 percent, to Ps.44,793 million. More importantly, we increased cash generation to Ps.4,609 million, 55 percent more than in 2007. 23 Report of audit committee GIMSA and Gruma Venezuela both reported excellent operating results. Molinera de México also performed well, increasing net sales and taking advantage of 26 Report of independent auditors improvements in inventory management. Despite the severe economic conditions in the United States, Gruma Corporation succeeded by focusing its strategy on 28 Consolidated financial statements maintaining sales volume and reducing costs. 34 Notes to consolidated financial statements Our consolidated 2008 performance reflects the strength of our overall operations. We are creating a sound platform for stronger growth when the global economy 66 Board of directors and management team recovers by strengthening the base of our business: our staple products and leading brands. Staple Foods + Solid Brands 4 Overcoming Challenges to Feed the World Our staple and innovative products and leading brands GRUMA’s core products—tortillas, corn flour, and wheat flour—are staples: they accompany most meals and are the foods that people rely on for daily nutrition.
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