Together, Is Grupo Bimbo's Social Responsibility Platform As It Was
Total Page:16
File Type:pdf, Size:1020Kb
2012 Integrated Annual Report 2 GRUPO BIMBO | GRI 2.10 HIGHLIGHTS FROM THE YEAR Total Net Sales registered on 2012 MXN 173.1 BILLION FINANCIAL HIGHLIGHTS Integration of three major acqui- Inauguration of the Piedra Larga sitions: Sara Lee North American wind farm, the largest renewable Fresh Bakery, which included certain energy project in the food industry. disposals; Sara Lee in Iberia; and Far- go in Argentina. The Share Services Center of Grupo Bimbo, received the 2012 Excellency Consolidated sales rose 29.7%, dri- Award and the Barcel Lerma Plant ven by acquisitions and solid organic received the National Quality Prize. growth in Mexico and Latin America. In alliance with Mercedes Benz, the Operating and EBITDA margins new fleet of ecological vehicles was impacted by the integration of integrated to the distribution of Gru- acquisitions. po Bimbo products. This fleet works with the Blue Efficiency and Natural Issued US$800 in senior unsecured Gas technologies. notes and Ps. 5.0 billion in Certifica- dos Bursátiles to refinance existing Grupo Bimbo became 1st place win- indebtedness. ner of the TV/E Corporate Sustai- nability Film Awards in two catego- ries: Community investment and Best short film in the 2012 edition. 2012 Integrated Annual Report GRI 2.8 | GRUPO BIMBO 3 1 NET SALES* 2012 2011 % VARIATION NET SALES *1 GRUPO BIMBO 173,139 133,496 29.7 173,139 Mexico 70,491 64,368 9.5 133,496 United States 78,927 53,810 46.7 116,353 117,163 82,317 Latin America 22,674 18,352 23.6 Iberia 5,182 393 >100 OPERATING INCOME*1 2012 2011 % VARIATION 2008 2009 2010 2011 2012 7,387 9,534 -22.5 Mexico 7,922 7,534 5.1 United States 1,118 3,058 -63.4 EBITDA *1 Latin America -1,101 -949 16.0 15,837 15,468 Iberia -570 -81 >100 14,719 14,076 NET INCOME* 2012 2011 % VARIATION 9,829 2,431 5,206 -53.3 NET MAYORITY 2012 2011 % VARIATION INCOME* 2,028 4,875 -58.4 Total Assets 137,140 143,235 -4.3 2008 2009 2010 2011 2012 Total liabilities* 90,082 94,536 -4.7 Stockholders’ equity* 47,058 48,699 -3.4 Book value per share2 9.51 9.92 -4.1 NET MAYORITY INCOME *1 Earnings per share2 0.43 1.04 -58.4 5,956 5,395 4,875 Net debt to EBITDA 2.7X 2.9X - 4,320 Net debt/stockholders’ 0.80X 0.86X - equity 2,028 ROA 1.8% 3.6% - ROE 5.2% 10.7% - 2008 2009 2010 2011 2012 * Figures expressed in millions of nominal pesos. (1) 2012 and 2011 expressed in accordance with Interna cional Reporting Standards (IFRS). Every other years are expressed in compliance with Mexican Financial Reporting Standards (NIF). Consolidated results exclude inter-company transactions. (2) Data in Mexican pesos based on outstanding shares of 4,703, 200,000 for 2011 and 2012. 2012 Integrated Annual Report 4 GRUPO BIMBO | GRI 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7 Today, Grupo Bimbo is a global baking leader with more than 125,000 associates and operations in 19 countries. ABOUT GRUPO BIMBO Global Leadership, local Commitment. Grupo Bimbo, S.A.B. de C.V. is a global baking leader. We pro- duce more than 10,000 products and we offer a portfolio with more than 100 highly prestigious umbrella brands, that include: Bimbo, Marinela, Barcel, Ricolino, Oroweat, Arnold, Mrs. Baird’s Thomas’, Brownberry, Entenmann’s, Pullman, Plus Vita, Nu- trella, Sara Lee, Fargo, Lactal, Silueta, Ortiz, Martínez, and Eagle. 2012 Integrated Annual Report | GRUPO BIMBO 5 YEAR OF FOUNDATION: 1945 TICKER SYMBOL: BIMBO WEBSITE: www.grupobimbo.com Our 150 plants are distributed around the World, among them, Panama, Paraguay, Peru, Portugal, Spain, United States, Uru- 41 are located in Mexico and 69 in the United States of America. guay, and Venezuela. We reach three continents: America, During 2012 3 new plants were opened and in the first months Asia, and Europe. Our headquarters are located in Mexico of 2013, we acquired the plant at Las Canarias in Spain. City, Mexico. We reach our consumers through more than 2’200,000 For a second time, we are integrating our financial and social points of sale and our products are present in 19 countries responsibility reporting in one document. This better reflects worldwide: Argentina, Brasil, Chile, China, Colombia, Costa how we work at our business strategy and operations, as Rica, El Salvador, Guatemala, Honduras, México, Nicaragua, well as we add value to our business. 2012 Integrated Annual Report 6 GRUPO BIMBO | GRI 2.5, 2.7, 2.8 150 PLANTS TODAY LOCATED IN 19 COUNTRIES UNITED STATES 69 ® Plants MEXICO Plants 41 LATIN AMERICA 30 Plants MORE THAN 2.2 REDUCTION OF 180,000 MILLION EQUIVALENT TONS OF CO2e ELIMINATED BY THE PIEDRA POINTS OF SALE LARGA WIND FARM MORE THAN MORE THAN $12,000 MILLION ON MARKET 10,000 CAPITALIZATION AT PRODUCTS IN OUR DECEMBER 31, 2012 PORTFOLIO IBERIA 8 Plants ASIA 2 Plants Note: By march 2013, unless otherwise is specified. MORE THAN MORE 125,000 RESEARCH AND THAN ASSOCIATES AROUND DEVELOPMENT 51,000 THE WORLD 6 CENTERS DISTRIBUTION ROUTES LETTER FROM THE CHAIRMAN OF THE BOARD I am pleased to present to you the results of this Group for IMPRESSIVE fiscal year 2012. RISE IN SALES Our efforts over the course of the past year were focused largely on assimilating three sizeable acquisitions we had made the year before. “Our efforts over the course of the past year were focused Each of these acquisitions required the concerted efforts of practically all areas of our general management, in ad- largely on assimilating three dition to the time of our executive personnel and a signifi- sizeable acquisitions we had cant amount of economic resources. made the year before.”. They also turned out into an impressive rise in sales, along with a restriction in profits. The results of the fiscal year show consolidated sales growth of 29.7% over 2011. EBITDA declined by 4.4% and majority net income dropped by 58.4%. 2012 Integrated Annual Report GRI 1.1, 1.2 | GRUPO BIMBO 9 NATIONAL EFFORT FOR EBITDA *1 THE ENVIRONMENT 15,837 15,468 “In October, we inaugurated the 14,719 14,076 Piedra Larga Wind Farm, which has 45 wind generators that provide 9,829 enough electrical energy to cover consumption in almost all of our plants and other operating centers of Grupo Bimbo in Mexico”. 2008 2009 2010 2011 2012 * Figures expressed in millions of nominal pesos. The results of the past year were not what we expected, (1) 2012 and 2011 expressed in accordance with Interna- cional Reporting Standards (IFRS). Every other years are even though we are confident that the actions taken in re- expressed in compliance with Mexican Financial Reporting sponse to them will bring more satisfactory results in the Standards (NIF). future. Although we started out the year with a clear awareness of the need for prudent management of our investments, Among other recognitions, Barcel was awarded the Na- we made those outlays that were necessary. tional Quality Prize by the Mexican federal government. We opened a new bakery plant in Brasilia, a Barcel snack I am also pleased to report that management’s adminis- plant in Texas, and recovered a plant in the Canary Islands tration of the past fiscal year was approved, as well as the that we did not own at the time of our acquisitions in Spain report to the Board of Directors. The Board’s approval is and Portugal. based on the opinion of our auditors, and the Board con- siders the Group’s financial statements have been pre- In October, we inaugurated the Piedra Larga Wind Farm, pared in accordance with International Financial Report- which has 45 wind generators that provide enough elec- ing Standards (IFRS); the accounting policies and criteria trical energy to cover consumption in almost all of our were applied consistently and appropriately to the cir- plants and other operating centers of Grupo Bimbo in cumstances of this Group, and the financial information Mexico. This is a big step forward, not only because of the faithfully and reasonably reflects the position and results savings it brings us, but because of its importance in the of this Corporation. nationwide effort to reduce environmental contamination. As in the past, together with this report, we are presenting We carried out a major remodeling of our corporate head- the Shareholders with the following reports: quarters in Santa Fe, which were built almost 20 years ago. Report of the Audit Committee and Corporate We began significant expansions of plants in Santiago de Practices Committee Chile, Mogi, and Raposo in Brazil and Tenjo in Columbia. We Report of the Chief Executive Officer also completed construction of a plant in Topeka, Kansas Report on Compliance with Fiscal Obligations in the United States. Report on Primary Accounting and Information Policy and Criteria We closed nine plants in 2012. Six of these were in United Report on the Company’s Financial Position States, the result of divestitures ordered by US authori- ties for the integration of Sara Lee; two were by Barcel in As in previous years, I wish to express my gratitude to our the confectionery business and another was an El Globo management for its efforts, and to all of our associates, plant, because management found that we could operate unions and shareholders for their unfailing support. more efficiently elsewhere. As is the case every year, I am happy to remark that all of our collective bargaining contracts with workers in Mex- ico were renewed to the complete satisfaction of all par- ROBERTO SERVITJE ties, something I am very proud of because it reflects an CHAIRMAN OF THE BOARD effort of many years to build a company with a soul.