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Company Profile CONTENTS Grupo Bimbo Is the Leading Baked Goods Company in the World

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Company Profile CONTENTS Grupo Bimbo Is the Leading Baked Goods Company in the World GR U PO BIMBO | 08 A NN UAL UAL R E port FOCUS ON EXECUTION COMPANY PROFILE CONTENTS Grupo Bimbo is the leading baked goods company in the world. It Financial Highlights 3 generated $82.3 billion pesos in net sales in 2008. Letter from the Chairman 4 www.grupobimbo.com We make over 5,000 products under more than 150 well-known Letter from the CEO 6 Prolongación Paseo de la Reforma No. 1000 brands names in categories such as bread, buns, cookies, cakes, Vision 2010 8 pastries, sweet bread, muffins, bagels, packaged foods, tortillas, salted A company with trustworthy, leading brands 9 Col. Peña Blanca Santa Fé snacks and confectionary goods. Through continuous innovation, we Our customers’ preferred supplier 10 A strong and sound Company 11 Delegación Álvaro Obregón are satisfying consumer tastes and enhancing the nutritional value of A forward looking Company 12 our product portfolio. México D.F., 01210 An extraordinary place to work 13 Our Group is comprised of more than 108,000 associates in 18 Tel: (5255) 5268.6600 Management Committee 14 countries. We have one of the most extensive distribution networks in Board of Directors 15 the world, with more than 41,000 routes and more than 1.8 million Governance Committees 15 points of sale. Grupo Bimbo’s shares are traded on the Mexican Stock Board Members 16 Exchange under the ticker symbol BIMBO. Advisory Board 18 The Group signed an agreement in December 2008 to acquire the Corporate Governance 19 baking business of Weston Foods, Inc. (WFI) in the United States. When Summary of Operations 20 completed in 2009, Grupo Bimbo will be one of the most profitable MD&A 21 08 | ANNUAL REPORT baked goods companies. Consolidated Statements 29 GR U PO BIMBO | 08 A NN UAL UAL R E port FOCUS ON EXECUTION COMPANY PROFILE CONTENTS Grupo Bimbo is the leading baked goods company in the world. It Financial Highlights 3 generated $82.3 billion pesos in net sales in 2008. Letter from the Chairman 4 www.grupobimbo.com We make over 5,000 products under more than 150 well-known Letter from the CEO 6 Prolongación Paseo de la Reforma No. 1000 brands names in categories such as bread, buns, cookies, cakes, Vision 2010 8 pastries, sweet bread, muffins, bagels, packaged foods, tortillas, salted A company with trustworthy, leading brands 9 Col. Peña Blanca Santa Fé snacks and confectionary goods. Through continuous innovation, we Our customers’ preferred supplier 10 A strong and sound Company 11 Delegación Álvaro Obregón are satisfying consumer tastes and enhancing the nutritional value of A forward looking Company 12 our product portfolio. México D.F., 01210 An extraordinary place to work 13 Our Group is comprised of more than 108,000 associates in 18 Tel: (5255) 5268.6600 Management Committee 14 countries. We have one of the most extensive distribution networks in Board of Directors 15 the world, with more than 41,000 routes and more than 1.8 million Governance Committees 15 points of sale. Grupo Bimbo’s shares are traded on the Mexican Stock Board Members 16 Exchange under the ticker symbol BIMBO. Advisory Board 18 The Group signed an agreement in December 2008 to acquire the Corporate Governance 19 baking business of Weston Foods, Inc. (WFI) in the United States. When Summary of Operations 20 completed in 2009, Grupo Bimbo will be one of the most profitable MD&A 21 08 | ANNUAL REPORT baked goods companies. Consolidated Statements 29 *CompANY FActs Countries 18 Plants + 105 Distribution routes more than 41,000 Points of sale + 1,800,000 Brands + 150 SKUs + 5,000 Associates + 100,000 #9 Grupo Bimbo’s ranking on the Reputation Institute’s “Most Respected Companies in the World” in its Global Pulse 2008 Study latIN AMERICA EUROPE ASIA Plants operated by Grupo Bimbo InternationallyFoods, Inc. Plants that will be incorporated with the acquisition of Weston GRUPO BIMBO todAY AMERICA BIMBO S.A. DE C.V. ORGANIZACION BARCEL S.A. DE C.V. BIMBO BAKERIES USA, INC. Advanced GASTRONOMY AND PastRIES Headquartered in Mexico City. Headquartered in Lerma, Mexico. Headquartered in Horsham, PA. United States Headquartered in Mexico City with a presence in 18 states in the Principal brands are Bimbo, Del Hogar, Gabi, Lara, Lonchibon, Principal brands are Barcel, Coronado, Juicee Gummee, La Corona, Principal brands are Arnold, Bimbo, Boboli, Brownberry, Entenmann´s, Republic. Marinela, Milpa Real, Oroweat, Suandy, Tía Rosa and Wonder. Park Lane and Ricolino. Francisco, Freihofer´s, Marinela, Mrs. Baird´s, Oroweat, Stroehmann, Its principal brands are El Globo pastries with 125 years of history, La Thomas’ and Tía Rosa. Balance and El Molino with 80 years. ORGANIZACION LatINOAMERICA ORGANIZACION CENTROAMERICA It produces fine traditional Mexican cakes and pastries. Headquartered in Buenos Aires, Argentina. Operating from San José, Costa Rica. ORGANIZACION ASIA Includes the countries of Argentina, Brazil, Chile, Colombia, Paraguay, Includes the countries of Costa Rica, El Salvador, Guatemala, Operating from Beijing, China under the Bimbo brand. Peru, Uruguay and Venezuela. Honduras, Nicaragua and Panama. Main products are packaged bread in such varieties as white, whole Principal brands are Agua de Piedra, Ana Maria, Bimbo, Cena, Principal brands are Bimbo, Breddy, Europa, Ideal, Lido, La Mejor, wheat, milk and corn, as well as pastries. Firenze, Fuchs, Holsum, Ideal, Lalo, Laura, Maestro Cubano, Mama Marinela, Milpa Real, Monarca, Pix and Ricolino. Ines, Marinela, Moran, Nutrella, Pan Todos, Plucky, Plus Vita, Pullman, Pyc, Ricard, Rollys and Los Sorchantes. 14% 1,800,000 Increase in net sales in 2008 vs. 2007 *Note: Information as of April 2009. Points of sale in 2009 In 2005, we laId out a vIsIon of becomIng the world leader In the bakIng Industry and one of the best companIes In the food Industry by 2010. the process contInues, and our focus remaIns on executIng that vIsIon. 2008 Annual Report GRUPO BIMBO 1 +14% ebItda in 2008 when compared to 2007 grupo bImbo achIeved record top lIne, ebITDA and net majorIty Income In 2008. NET SALES OPERATING INCOME EARNINGS PER SHARE (millions of pesos) (millions of pesos) (pesos) 82,317 72,294 7,328 6,408 3.67 3.24 2007 2008 2007 2008 2007 2008 OPERATING MARGIN EBITDA MARGIN NET MARGIN (% of net sales) (% of net sales) (% of net sales) 12.0 11.9 8.9 8.9 5.3 5.2 2007 2008 2007 2008 2007 2008 2 GRUPO BIMBO 2008 Annual Report 2008 2007 % change Net sales1 82,317 72,294 13.9 Mexico 54,845 49,713 10.3 United States 18,049 16,565 9.0 Latin America 11,346 7,600 49.3 Operating income1 7,328 6,408 14.4 Mexico 6,854 5,892 16.3 United States 124 206 (39.8) Latin America 431 267 61.4 Net Income 4,444 3,914 13.5 Net majority income 4,320 3,811 13.4 Total assets 58,506 45,243 29.3 Total liabilities 23,532 16,746 40.5 Stockholders’ equity 34,974 28,497 22.7 Book value per share2 29.14 23.74 22.7 Earnings per share2 3.67 3.24 13.4 Net debt / EBITDA 0.39 0.25 Net debt / Stockholders’ equity 0.11 0.07 ROA 7.4% 8.4% ROE 12.4% 13.4% Figures corresponding to 2007 are expressed in millions of constant pesos as of December 31, 2007, while those corresponding to 2008 are expressed in millions of pesos in nominal terms. 1 Consolidated results exclude inter-company transactions. 2 Data in Mexican Pesos based on outstanding shares of 1,175,800,000 for 2007 and 2008. fInancIal hIghlIghts TOTAL ASSETS NET SALES EBITDA 18% 14% 5% 9% 59% 21% 65% 86% 23% • Mexico • United States • Latin America 2008 Annual Report GRUPO BIMBO 3 letter from the chaIrman of the board of dIrectors I am pleased to be able to report that the results of the Group were very well in the various administrative areas, studying the possible acquisition satisfactory in 2008. of Weston Foods, Inc. that I just referred to. In spite of the pressures that began to be felt in the fourth quarter, Knowing that this is the largest transaction ever undertaken by the consolidated sales of $82,317 M represented an increase of 13.9% Group, and given its enormous importance, innumerable analytical over 2007. and consulting exercises were performed locally and above all in the Excluding acquisitions, this increase came to 11.9%. Net profits rose United States itself. 13.5% and net majority income rose 13.4% over the prior year. I want to acknowledge in particular the work that was done in this In general, our organizations achieved their goals or came very close respect by, among others, the Committee on Finance and Planning, the to them. Highlights include the results of the Organización Barcel, Finance Department, the Legal Department, the Board of Directors and both in its export division and in the rest of its operations, as well as the our CEO, Lic. Daniel Servitje. Organización Latinoamérica where growth and results were very good. We believe that this mega-transaction will bring the Group to a The operations of BBU in the United States deteriorated seriously level of sales exceeding $9.0 billion dollars and, as we have already in the second quarter, but improved noticeably during the rest of the said, contribute fundamentally and decisively to the consolidation and year. We have great confidence that the recent acquisition of Weston improvement of our operating results in the United States. Foods, Inc. will enable us to strengthen our operations significantly and We are aware that 2009 is going to be a difficult year.
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