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70 Years Young 70 Years Young Integrated Annual Report 2015 Grupo Bimbo · 1 Table of contents 2 70 years young 3 Highlights from the year 5 Grupo Bimbo today 7 Letter from the Chairman & CEO 10 Industry overview 13 Building on our key capabilities 14 Risk Management 15 Creating sustainable long-term value and a responsible value chain 21 Sustainability at Grupo Bimbo 23 Materiality 27 Wellbeing Pillar 45 Planet Pillar About Grupo Bimbo 58 Community Pillar G4-3 G4-4, G4-6, G4-8 66 Value Chain Grupo Bimbo is the largest baking company in the world, with US$13.8 billion* of sales in 2015. Our operations span 22 countries throughout 77 Associates Pillar the Americas, Europe and Asia. Every day, millions of people enjoy our 89 Corporate Governance breads, buns, cookies, snack cakes, english muffins, bagels, pre-pack- aged foods, tortillas, salty snacks and confectionary prod ucts, among 96 About this report others. Our shares trade on the Mexican Stock Exchange (BMV), under 97 Summary financial performance the ticker symbol BIMBO, and we are included in its Sustainability Index as well since its creation in 2011. 102 GRI content Index 109 Consolidated Financial Statements 166 Contact *US$1 = Ps. 15.85, 2015 average exchange rate Grupo Bimbo · 2 Our Mission 70 years young G4-56 Delicious and nutritious baked goods and snacks in the hands of all. Our Vision In 2020 we transform the baking industry and expand our global leadership to better serve more consumers. Our Beliefs We celebrated our 70th anniversary in 2015, embracing the G4-6, G4-8, G4-4 entrepreneurial spirit of our founders that continues to drive our dynamism and momentum today. We Value the Person What’s next? It’s a fast-paced world, and Grupo Bimbo is on We are One We Get the move with it. With investment and innovation in our most Community Results cherished brands, new products for new tastes and prefer- ences, responsible production practices that are increas- We are ingly efficient and low-cost, and a world-class distribution We Compete Sharp network that aims to reach consumers everywhere, we are and Win Operators creating sustainable, long-term value for generations to come, keeping true to our founding purpose. We continue We Transcend to build a highly productive and deeply humane company. We Act with Integrity and Endure Grupo Bimbo · 3 Highlights from the year Double-digit growth in: net sales, Net reduction operating income, in CO2e emissions, adjusted EBITDA Celebrated our despite higher production and net income 70th and sales volumes anniversary 16 plants worldwide achieved zero waste to landfill objective; two in the UK received Gold Zero Waste Award* Significant Successful productivity large-scale launches and efficiency such as Healthfull, Villaggio and Artesano brands, gains across our operations among others *Award given by Letsrecycle, a division of Enviromental Media Group, LTD. Grupo Bimbo · 4 G4-9, G4-10, G4-LA6, G4-EC1 2015 2014 VAR % Economic and financial (millions of pesos except eps) Consolidated net sales 219,186 187,053 17.2 Organized the first ever Operating income 14,121 10,312 36.9 Global Energy race, Net majority income 5,171 3,518 47.0 with 70,000+ participants Earnings per share (pesos) 1.10 0.75 46.7 in 22 cities Adjusted EBITDA 23,369 18,418 26.9 Market capitalization at December 31st 216,112 191,420 12.9 Social Total associates worldwide 127,152 125,719 1.1 Lost time injuries index* 68.62 77.94 — Donations (millions of pesos) 90 86 4.7 Environmental Total emissions (Scope 1,2,3; tons CO2e) 1,550,395 1,361,102 -12.2 Total waste disposal, 279,142 257,800 7.7 including recycling (tons) Pilot projects underway Wind energy generated (total GJ)** 1,188,000 1,094,400 8.6 for select inputs, *A lost time injury (LTI) is an injury sustained by an employee that will ultimately lead to the loss of productive first time directly work time in the form of delays or absenteeism. ** The data on emissions and waste from 2014 was calculated based on 10 months of measurements and 2 supporting farmers months of estimations. in our supply chain Grupo Bimbo · 5 Grupo Bimbo today G4-9 52,000+ Distribution routes 163 10,000+ Plants Products 127,000+ 100+ Associates Brands 790,000+ 2.5+ GJ of wind energy million points consumed by of sale Grupo Bimbo Grupo Bimbo · 6 North America Latin America Asia 86 plants 30 plants 1 plant Mexico Europe 37 plants 9 plants Packed bread: traditional sliced bread, premium, buns & rolls, breakfast (english muffins & bagels) and frozen bread Sweet baked goods: cakes and pastries Cookies: sweet cookies and crackers Salty snacks Key brands Key Key categories Key Solutions: tortillas, pitas, wraps, pizza base, tostadas and totopos Prepackaged foods Confectionary Other Grupo Bimbo · 7 Letter from the Chairman & Ceo G4-1, G4-2 G4-DMA ECONOMIC PERFORMANCE I am pleased to report a good year for Grupo Bimbo. We celebrated our 70th anniversary in 2015, an opportunity to embrace the entrepreneurial spirit of our founders that remains as vital today as ever. Our founders’ values shaped our aspirations, and even with the extraordinary changes to our business over the decades, I believe we have held true to our purpose of being a highly produc- tive and deeply humane company. In 2015 we generated strong financial performance and solid productivity gains, extended our long track record of growth, deepened our bonds with consumers through the strength of our brands, and advanced our strategic priorities, all in the context of macroeconomic and cur- rency volatility, changing consumer preferences, com- petitive pressure and an evolving framework of corpo- rate responsibility. I want to start by highlighting our focus on innovation, with a growing emphasis on R&D and marketing. We launched new products, formats, line extensions, sea- sonal specialties and packaging in every market and category. Healthy and better-for-you products were relevant, and we reformulated recipes to anticipate and accommodate such demand accordingly. Yet equally successful were new snack concepts, indulgent treats, and artisanal-style products. Of particular note in 2015 were the brands and products we introduced that lever- age our cross-border capabilities, such as Artesano, Vil- laggio and Nature’s Harvest breads, among others. We continued to advance our goal of being a highly pro- ductive and low-cost company. We generated approxi- Grupo Bimbo · 8 mately US$200 million in savings in the year through our I would like to share with you the company’s over- lean supply chain initiative, closed eight plants in the all performance. Consolidated net sales in 2015 rose period, and a further US$90 was saved through global more than 17%, reflecting FX rate benefit, acquisitions procurement aimed at centralizing our processes. made in prior periods and organic growth in Mexico and Latin America. Consolidated gross margin expanded 50 We are working to develop our suppliers’ capabilities basis points, driven by lower raw material costs in most and improve the transparency and sustainability of our regions. Operating income increased almost 37% to Ps. supply chain, for example collaborating with grain farm- 14,121 million while adjusted EBITDA rose 26.9% to Ps. ers in Mexico on crop management and quality prac- 23,369 million, resulting in a 10.7% margin compared tices, transitioning to cage-free eggs, issuing our new to 9.8% in the prior year, driven by a 210 basis point global policy to build a fully traceable and responsible expansion in North America and a record margin in palm oil supply chain and pilot testing sustainable farm- Mexico. Net majority income rose 47.0% and the mar- ing options. Separately, we began the multi-year rollout gin expanded by 50 basis points to 2.4%. of zero-base budgeting. The balance sheet remains solid and flexible. Total debt Sustainability efforts have an important role to play in at December 31, 2015 was Ps. 67.8 billion, compared our continuous quest for increased productivity. We to Ps. 62.2 billion in December 2014. The increase have facilities today that already recycle 100% of their was primarily due to a 17% US dollar revaluation that water and waste, have perfect multi-year safety records, increased the Mexican peso value of US dollar-denom- and meet the global industry’s highest quality certifica- inated debt, although we have continued to pay down tion standards; zero-emissions vehicles are a growing debt. As a result, the total debt to adjusted EBITDA ratio part of our fleet; and wind power is an important part declined from 3.2 times at December 2014 to 2.9 times of our total energy portfolio. These are the standards at December 2015. we have set for ourselves, and we aim to lead the food industry accordingly. I would like to add that we also report on a number of non-financial metrics each year regarding our social As part of our multi-year asset transformation pro- and environmental performance. Highlights in 2015 cess, a new state-of-the-art plant started up operations include a reduction in CO2e emissions despite the in Spain in 2015, with the fastest and most efficient increases in production and distribution and a higher baking lines in the European industry and two bolt-on volume of water reused. As part of our commitment acquisitions were completed during the year that to health and wellbeing, we organized the first Global strengthen our presence in North America. Not only are Energy race, a same-day race in 22 cities with over we optimizing our footprint, but also how we run our 70,000 participants.
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