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ANNUAL REPORT PURSUANT to SECTION 13 OR 15(D) of the SECURITIES EXCHANGE ACT of 1934 for the Fiscal Year Ended December 31, 2003

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ANNUAL REPORT PURSUANT to SECTION 13 OR 15(D) of the SECURITIES EXCHANGE ACT of 1934 for the Fiscal Year Ended December 31, 2003 JobNumber: 04-7418-1 Tue Jun 29 18:21:47 2004 Cycle: 3 GRUMA SA DE CV <SUBMISSION> <TYPE> 20-F <FILER> <CIK> 0001053947 <CCC> xxxxxxx </FILER> <PERIOD> 12/31/2003 <SROS> NONE <SUBMISSION-CONTACT> <NAME> EDGAR Advantage Service Team <PHONE> (800) 688 - 1933 </SUBMISSION-CONTACT> JobNumber: 04-7418-1 Tue Jun 29 18:21:47 2004 Cycle: 3 GRUMA SA DE CV DOC 1 <Name> 20-F DOC 2 <Name> EX-1 DOC 3 <Name> EX-7 DOC 4 <Name> EX-8 DOC 5 <Name> EX-12.(a)(1) DOC 6 <Name> EX-12.(a)(2) DOC 7 <Name> Ex-13 DOC 8 <Name> EX-13.(a)(2) Merrill Corporation -04-7418-1 Wed Jun 30 03:24:54 2004 Chksum: 0 Cycle 3.0 20-F GRUMA SA DE CV C:\jms\rsampat\04-7418-1\task143634\7418-1-ba-1.pdf EDGAR Doc 1 Header DOC 1 : Header Merrill Corporation -04-7418-1 Wed Jun 30 03:24:54 2004 Chksum: 12984 Cycle 3.0 GRUMA SA DE CV20-F C:\jms\rsampat\04-7418-1\task143634\7418-1-ba-1.pdf EDGAR Doc 1 Page 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F !!! REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR """ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR !!! TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number: 1-14852 GRUMA, S.A. de C.V. (Exact name of Registrant as specified in its charter) N/A United Mexican States (Translation of Registrant’s name into English) (Jurisdiction of incorporation or organization) Calzada del Valle, Ote. 407 Colonia del Valle San Pedro Garza García, Nuevo León 66220, México (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class: Name of exchange on which registered: Series B Common Shares, without par value New York Stock Exchange* American Depositary Shares, each New York Stock Exchange representing four Series B Common Shares, without par value Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: 7.625% Notes due 2007 Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 450,133,443 Series B Common Shares, without par value Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes """ No !!! Indicate by check mark which financial statement item the registrant has elected to follow: Item 17 !!! Item 18 """ * Not for trading but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. Merrill Corporation -04-7418-1 Wed Jun 30 03:24:54 2004 Chksum: 807342 Cycle 3.0 GRUMA SA DE CV20-F C:\jms\rsampat\04-7418-1\task143634\7418-1-ba-1.pdf EDGAR Doc 1 Page 2 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE. ITEM 3. KEY INFORMATION. ITEM 4. INFORMATION ON THE COMPANY. ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS. ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES. ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS. ITEM 8. FINANCIAL INFORMATION. ITEM 9. THE OFFER AND LISTING. ITEM 10. ADDITIONAL INFORMATION. ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES. PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES. ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS. ITEM 15. CONTROLS AND PROCEDURES. ITEM 16A. FINANCIAL EXPERT ITEM 16B. CODE OF ETHICS ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES ITEM 16D. NOT APPLICABLE ITEM 16E. NOT APPLICABLE PART III ITEM 17. FINANCIAL STATEMENTS. ITEM 18. FINANCIAL STATEMENTS. ITEM 19. EXHIBITS. Merrill Corporation -04-7418-1 Wed Jun 30 03:24:54 2004 Chksum: 315536 Cycle 3.0 GRUMA SA DE CV20-F C:\jms\rsampat\04-7418-1\task143634\7418-1-ba-1.pdf EDGAR Doc 1 Page 3 PRESENTATION OF FINANCIAL INFORMATION Gruma, S.A. de C.V. is a corporation (sociedad anónima de capital variable) organized under the laws of the United Mexican States, or Mexico. In this Annual Report on Form 20-F, references to “pesos” or “Ps.” are to Mexican pesos, and references to “U.S. dollars,” “U.S.$,” “dollars” or “$” are to United States dollars. “We,” “our,” “us,” “our company,” “GRUMA” and similar expressions refer to Gruma, S.A. de C.V. and its consolidated subsidiaries, except when the reference is specifically to Gruma, S.A. de C.V. (parent company only) or the context otherwise requires. This Annual Report contains our audited consolidated financial statements as of December 31, 2002 and 2003 and for the years ended December 31, 2001, 2002 and 2003. The financial statements have been audited by PricewaterhouseCoopers, independent registered public accounting firm. We publish our financial statements in pesos and prepare our consolidated financial statements in accordance with accounting principles generally accepted in Mexico, commonly referred to as “Mexican GAAP.” Mexican GAAP differs in certain significant respects from accounting principles generally accepted in the United States of America, commonly referred to as “U.S. GAAP.” See Note 20 to our audited consolidated financial statements for information relating to the nature and effect of such differences and for a quantitative reconciliation of our consolidated net income and stockholders’ equity to U.S. GAAP. As the Mexican economy has experienced significant levels of inflation in the past, we are required under Mexican GAAP to recognize the effects of inflation in our financial statements. Under Bulletin B-10, issued by the Mexican Institute of Public Accountants, we are required to present our financial information in inflation-adjusted monetary units to allow for more accurate comparisons of financial line items over time and to mitigate the distortive effects of inflation on our financial statements. Unless otherwise indicated, all financial information in this Annual Report has been restated in pesos of constant purchasing power as of December 31, 2003. We are required to determine our monetary position gain/loss to reflect the effect of inflation on our monetary assets and liabilities. We determine our net monetary position by subtracting our monetary liabilities from our monetary assets and then adjusting our net monetary position by the appropriate inflation rate for the period with the resulting monetary gain or loss reflected in earnings. In so doing, we can reflect the effect inflation is having on our monetary items. Pursuant to Bulletin B-15, we apply the actual inflation rate in the relevant country of each non-Mexican subsidiary and then translate the inflation-adjusted financial statements into pesos. For the purposes of the quantitative reconciliation to U.S. GAAP, we have restated the data as of December 31, 2002 and for years ended December 31, 2001 and 2002 in pesos of constant purchasing power as of December 31, 2003 using the Mexican National Consumer Price Index, or NCPI, rather than the international restatement factor in Bulletin B-15. For a more detailed discussion of Mexican GAAP inflation accounting methodologies, see “Item 5. Operating and Financial Review and Prospects—Management’s Discussion and Analysis of Results of Operations—Overview of Accounting Presentation.” Merrill Corporation -04-7418-1 Wed Jun 30 03:24:54 2004 Chksum: 929108 Cycle 3.0 GRUMA SA DE CV20-F C:\jms\rsampat\04-7418-1\task143634\7418-1-ba-1.pdf EDGAR Doc 1 Page 4 MARKET SHARE AND OTHER INFORMATION The information contained in this Annual Report regarding market share and market position of corn flour, tortillas and wheat flour in Mexico, Venezuela, Central America and the United States is presented for the twelve-month period ended December 31, 2003. Market share and market position information for Mexico and Central America is based primarily on our own estimates and internal analysis. Market share and market position information for Venezuela is based on data provided by Information Resource Inc. Market and market position information for the United States is based on data from the Tortilla Industry Association as well as our own estimates and internal analysis. While we believe our internal research and estimates are reliable, they have not been verified by any independent source and we cannot assure you as to their accuracy. All references to “tons” in this Annual Report refer to metric tons. One metric ton equals 2,204 pounds. Estimates of production capacity contained herein assume operation of the relevant facilities on the basis of 24 hours a day, 360 days a year on three shifts and assume only regular intervals for required maintenance. FORWARD LOOKING STATEMENTS This Annual Report includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the statements about our plans, strategies and prospects under “Item 4.
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