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Domino's Domino's Domino's Do Do Do ALSEA KNOWS HOW • 2007 ANNUAL REPORT ALSEA KNOWS HOW • 2007 ANNUAL STARBUCKS DOMINO’S BURGER KING ALSEA’S STARBUCKSPOPEYES•CHILI’S BURGER KING POPEYES•CHILI’S DOMINO’S DOMINO’S STARBUCKS TERRIToRY BURGER KING STARBUCKS POPEYES•CHILI’S BURGER KING POPEYES•CHILI’S DOMINO’S BURGER KING STARBUCKSPOPEYES•CHILI’S DOMINO’S BURGER KING STARBUCKS DOMINO’S 2007 ANNUAL REPORT BURGER KING STARBUCKS POPEYES•CHILI’SDOMINO’S BURGER KING STARBUCKS POPEYES CHILI’S 989 stores MExICo ARBUCKSCOFFEESTARBUCKSCOFFE 565 Domino’s Pizza OFFEESTARBUCKSCOFFEESTARBUCK 195 Starbucks Coffee ARBUCKSCOFFEESTARBUCKSCOFFE 107 Burger King OFFEESTARBUCKSCOFFEESTARBUCK 9 Popeyes ARBUCKS STARBUCKS 23 Chili’s Grill & Bar COFFEE COFFE OFFEESTARBUCKSCOFFEESTARBUCK LATIN AMERICA ARBUCKSCOFFEESTARBUCKSCOFFE OFFEESTARBUCKSCOFFEESTARBUCK KNoWS ARBUCKSCOFFEESTARBUCKSCOFFE COFFE UCOFFEEKS STARBUCKSCOFFEESTARBUCK FEEARBUCKSBURGER STARBUCKS GER RGERKINGKINGCOFFEE COFFE ARGENTINA OFFEESTARBUCKBURGERSTARBUCKSKINGCOFFEESTARBUCK 32 Burger King NGARBUCKSINGCOFFE BURGERSTARBUCKS UCKSRGERBURGERKINGCOFFEE COFFE FEEOFFEEBURGERSTARBUCKSCOFFEESTARBUCK GER KINGSTARBUCKS ING KINGSTARBUCKCOFFEEBURGER COFFE RGERKING COFFEE NGUCKS COFFEBURGERKING FEEINGBURGER BURGER www.alsea.com.mx GERRGER KINGKING Av. Paseo de la Reforma 222 - 3er piso CHILE STARBUCKBURGERKING 29 Burger King Torre 1 Corporativo ING BURGER NGUCKSCOFFE Col. Juárez, Del. Cuauhtémoc 21 Starbucks Coffee RGERBURGERKING C.P. 06600, México D.F. FEE BURGERKING GERING KING BURGER Tel. (5255) 5241 7100 RGERSTARBUCKKING NGCOFFEBURGERKING UCKSNGBURGER BURGER FEERGERKING GER KINGBURGERKING bRAZIL NGNGSTARBUCK BURGER 8 Starbucks Coffee UCKSRGERCOFFEKING FEEBURGERBURGERKING GER NGKING RGERSTARBUCKKING NGNGCOFFEEBURGER ALSEA KNOWS HOW • 2007 ANNUAL REPORT ALSEA KNOWS HOW • 2007 ANNUAL STARBUCKS DOMINO’S BURGER KING ALSEA’S STARBUCKSPOPEYES•CHILI’S BURGER KING POPEYES•CHILI’S DOMINO’S DOMINO’S STARBUCKS TERRIToRY BURGER KING STARBUCKS POPEYES•CHILI’S BURGER KING POPEYES•CHILI’S DOMINO’S BURGER KING STARBUCKSPOPEYES•CHILI’S DOMINO’S BURGER KING STARBUCKS DOMINO’S 2007 ANNUAL REPORT BURGER KING STARBUCKS POPEYES•CHILI’SDOMINO’S BURGER KING STARBUCKS POPEYES CHILI’S 989 stores MExICo ARBUCKSCOFFEESTARBUCKSCOFFE 565 Domino’s Pizza OFFEESTARBUCKSCOFFEESTARBUCK 195 Starbucks Coffee ARBUCKSCOFFEESTARBUCKSCOFFE 107 Burger King OFFEESTARBUCKSCOFFEESTARBUCK 9 Popeyes ARBUCKS STARBUCKS 23 Chili’s Grill & Bar COFFEE COFFE OFFEESTARBUCKSCOFFEESTARBUCK LATIN AMERICA ARBUCKSCOFFEESTARBUCKSCOFFE OFFEESTARBUCKSCOFFEESTARBUCK KNoWS ARBUCKSCOFFEESTARBUCKSCOFFE COFFE UCOFFEEKS STARBUCKSCOFFEESTARBUCK FEEARBUCKSBURGER STARBUCKS GER RGERKINGKINGCOFFEE COFFE ARGENTINA OFFEESTARBUCKBURGERSTARBUCKSKINGCOFFEESTARBUCK 32 Burger King NGARBUCKSINGCOFFE BURGERSTARBUCKS UCKSRGERBURGERKINGCOFFEE COFFE FEEOFFEEBURGERSTARBUCKSCOFFEESTARBUCK GER KINGSTARBUCKS ING KINGSTARBUCKCOFFEEBURGER COFFE RGERKING COFFEE NGUCKS COFFEBURGERKING FEEINGBURGER BURGER www.alsea.com.mx GERRGER KINGKING Av. Paseo de la Reforma 222 - 3er piso CHILE STARBUCKBURGERKING 29 Burger King Torre 1 Corporativo ING BURGER NGUCKSCOFFE Col. Juárez, Del. Cuauhtémoc 21 Starbucks Coffee RGERBURGERKING C.P. 06600, México D.F. FEE BURGERKING GERING KING BURGER Tel. (5255) 5241 7100 RGERSTARBUCKKING NGCOFFEBURGERKING UCKSNGBURGER BURGER FEERGERKING GER KINGBURGERKING bRAZIL NGNGSTARBUCK BURGER 8 Starbucks Coffee UCKSRGERCOFFEKING FEEBURGERBURGERKING GER NGKING RGERSTARBUCKKING NGNGCOFFEEBURGER At Alsea we know: oUR How to have the best people How to operate WE KNoW HoW How to develop brands CoMPANY To INFoRM oUR To THANK oUR How to grow with profitability Corporate Profile SHAREHoLDERS SHAREHoLDERS Alsea is the leading restaurant operator in Latin America— How to continue growing operating brands of proven success such as Domino’s Pizza, Starbucks Coffee, Burger King, Popeyes and Chili’s Grill & How to be socially responsible Bar. The operation of its 989 stores is backed by its Shared Investor Relations COME HAVE COFFEE WITH US! Diego Gaxiola Cuevas Services Center, including the supply chain through DIA, real Valid in all Starbucks Coffee stores in Corporate Finance Mexico and the United States of America estate and development services, as well as administrative [email protected] services such as finances, human resources and technology. Tel. (5255) 5241 7158 Mario Padilla Velasquez Investor Relations [email protected] Tel. (5255) 5241 7158 Mission Vision Our reason for being: Where we are headed: Headquarters Alsea S.A.B. de C.V. To ensure the success of the To be the best and largest Av. Paseo de la Reforma 222 - 3er piso Alsea brands, by employing a restaurant operator with proven Torre 1 Corporativo synergy and critical mass model, success brands in the countries in Col. Juárez, Del. Cuauhtémoc based on human talent and social which we participate. C.P. 06600, México D.F. responsibility Tel. (5255) 5241 7100 Strategic Areas “With people and for We work for: Independent Auditors the people” KPMG Cárdenas Dosal, S.C. SA1 People are our priority Boulevard Manuel Ávila Camacho # 176 Values SA2 To surpass the customer’s Design: milenio3.com.mx Photography: Jaime Jacott / Ricardoprinting: Earth Espinosa Color Houston C.P. 11650 México D.F. What makes us great: expectations with operating Tel. (5255) 5246 8300 excellency CoNTENTS • People, our most important SA3 To be the market leader Information on Alsea’s Stock asset SA4 To be the best strategic The single series shares of Alsea S.A.B. de C.V. have • Customer service partner Financial Highlights 1 Management Discussion & Analysis 22 been traded on the Mexican Stock Exchange (Bolsa • Respect and loyalty SA5 To grow while keeping Mexicana de Valores or BMV) since June 25, 1999. • Personal excellence the company and our Letter of the Chairman of the Board of Directors 2 Audit Committee Report 27 Ticker Symbol: BMV Alsea* • Commitment shareholders’ investment safe We Know How to have the Best People 4 Corporate Practices Committee Report 29 • Oriented to results SA6 Social responsibility We Know How to Operate 8 Independent Auditors’ Report 31 Alsea’s 2007 Annual Report may include certain expectations regarding the results We Know How to Develop Brands 10 Consolidated Balance Sheets 32 of Alsea, S.A.B. de C.V. and its subsidiaries. All such projections, which depend on the We Know How to Grow with Profitability 12 Consolidated Statements of Income 34 judgment of the Company’s Management, are based on currently known information; We Know How to Continue Growing 14 Consolidated Statements of Changes in Financial Position 35 however, expectations may vary as a result of facts, circumstances and events beyond the control of Alsea and its subsidiaries. We Know How to be Socially Responsible 18 Consolidated Statements of Changes in 36 Management 20 Stockholders’ Equity Board of Directors 21 Notes to the Consolidated Financial Statements 38 This Annual Report is printed on Sterling Ultra paper, which contains fiber from well managed forests certified in accordance with the rules and regulations of the FSC and with Elemental Chlorine Free (EFC) bleaching Cert no. SGS-COC-2420 paper making. 100% recycled ALSEA 2007 ANNUAL REPORT • 1 FINANCIAL HIGHLIGHTS(1) % CAGR(6) 2007 % 2006 % 2005 % 2004 % 2003 % Net Sales 21.8 7,047,270 100.0 6,026,444 100.0 4,665,253 100.0 4,003,998 100.0 3,203,454 100.0 Gross Profit 27.0 4,685,201 66.5 3,959,929 65.7 2,896,186 62.1 2,307,507 57.6 1,802,066 56.3 Operating Expenses 31.3 3,984,657 56.5 3,523,848 58.5 2,406,625 51.6 1,718,607 42.9 1,338,857 41.8 Operating Income 25.4 700,544 9.9 436,081 7.2 489,561 10.5 391,313 9.8 283,084 8.8 EBITDA(2) 25.5 1,149,655 16.3 1,007,439 16.7 708,429 15.2 588,900 14.7 463,210 14.5 Consolidated Net Profit 37.4 489,141 6.9 228,629 3.8 285,220 6.1 187,993 4.7 137,402 4.3 Total Assets 5,300,132 100.0 4,040,466 100.0 3,365,885 100.0 2,381,742 100.0 2,006,113 100.0 Cash 209,327 3.9 244,262 6.0 171,261 5.1 158,920 6.7 229,592 11.4 Liabilities with Cost 832,748 15.7 610,868 15.1 798,262 23.7 106,570 4.5 167,700 8.4 Major Shareholder’s Equity 2,997,484 56.6 2,653,876 65.7 1,833,956 54.5 1,538,924 64.6 1,352,057 67.4 ROIC(3) 14.9% 9.6% 18.7% 18.6% 14.9% ROE(4) 16.5% 9.1% 16.9% 13.0% 10.5% ROA(5) 10.3% 5.9% 9.9% 8.6% 7.0% Stock Price(7) 58.9 15.30 14.72 6.94 5.99 2.40 Earnings per Share(7) 27.1 0.77 0.38 0.51 0.33 0.30 Dividend paid per Share(7) 0.11 0.28 0.19 0.16 0.10 Book Value per Share(7) 4.88 4.26 3.24 2.98 2.79 Shares Outstanding (millions)(7) 618.8 623.2 546.4 496.8 467.2 Number of Total Stores 989 865 728 626 560 Employees 19,200 16,797 13,629 10,483 7,336 (1) Figures in thousands of pesos, expressed in purchasing power as of December (4) ROE is defined as net profit divided by major shareholder’s equity. 31, 2007, except per share data, number of stores and employees. (5) ROA is defined as net profit divided by total assets. (2) EBITDA: Operating income before depreciation and amortization. (6) Compound annual growth rate from 2003 to 2007. (3) ROIC is defined as the operating income after taxes divided by the invested (7) For comparative purposes, the number of shares was capital – net (total assets – cash and cash equivalents – liabilities without cost). adjusted based on the split of 4 to 1 carried out in 2007. Consolidated Major Shareholder’s Total Assets EBITDA(2) Net Profit ROIC(3) Equity 588,900 3,203,454 4,003,998 4,665,253 6,026,444 7,047,270 463,210 708,429 1,007,439 1,149,655 137,402 187,993 285,220 228,629 489,143 14.9% 18.6% 18.7% 9.6% 14.9% 1,352,057 1,538,924 1,833,956 2,653,876 2,997,484 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 2 • ALSEA 2007 ANNUAL REPORT ALSEA 2007 ANNUAL REPORT • 3 LETTER OF THE CHAIRMAN OF THE BOARD OF DIRECTORS with the necessary solidity to than those of 2007, such as our spirit that have led Alsea One of our main objectives at the start of 2007 was to take advantage of the growth objective to open more than 135 to occupy the indisputable opportunities within the QSR and total stores of the different brands leadership within its category, open 100 more stores than the amount we had at the end casual-dining segments both in that we operate.
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