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Nourishing a BETTER WORLD 2017 Integrated Annual Report 1 Nourishing a BETTER WORLD 2017 Integrated Annual Report 1 Nourishing a Better World This is our slogan. For 72 years, we have provided high-quality products to consumers as part of our mission to provide delicious About Us and nutritious baked goods and snacks in the hands of all. We are the largest baking company in the world1 and a key participant in snacks, generating US $14.1 billion2 in net sales in 2017. Our main product lines include fresh and frozen sliced bread, buns, cookies, snack cakes, English muffins, -ba gels, pre-packaged foods, tortillas, salt- ed snacks and confectionery products, among others, in 32 countries throughout the Americas, Europe, Asia and Africa. Our shares trade on the Mexican Stock Exchange (BMV) under the ticker symbol BIMBO, and in the over-the-counter market in the United States with a Level 1 ADR, under the ticker symbol BMBOY. 1 Source: IBISWorld Global 1 Source: IBISWorld Global 2 Based on an average FX rate of Ps. 18.94 in 2017 2 Calculated with an average FX rate of 2017 of Ps. 18.94 2 2017 Integrated Annual Report • BIMBO 3 (GRI: 102-46) “We have a firm Table of Contents conviction to develop 4 In Memoriam 24 With Options for Everyone actions to encourage 6 2017 Highlights 36 We Care for the Environment 8 Grupo Bimbo Today 66 We are Active Agents on healthy habits” Community Development Our Brands Alfred Penny, President of Bimbo Bakeries USA 10 76 We Value the Person 14 Letter from the Chairman & CEO 96 Performance Review 16 Nourishing a Better World 100 Board and Management 19 We Walk a Sustainable Way 102 Audit and Corporate Practices 20 About this Report Committee Report 22 Building a Sustainable, Highly 107 GRI Index Productive and Deeply Humane Company 198 Stakeholder Information 4 2017 Integrated Annual Report Summary • BIMBO 5 In Memoriam “We should see our daily work as a mission, a pa ssion and an adventure” Don Lorenzo Servitje, founder of Grupo Bimbo Don Lorenzo Servitje, founder of Grupo Bimbo 1918-2017 1918-2017 6 2017 Integrated Annual Report • BIMBO 7 2017 (GRI: 201-1, 102-7, 102-8, 305-1, 305-2, 305-3, 403-2) Key figures Economic and financial Set a record of the number (millions of Mexican pesos) Highlights of clients served, reaching Entered 10 new more than 3 million countries, significantly Accessed capital, points of sale enhancing our global profile strengthening our debt profile by increasing the average Net sales Operating income Adjusted EBITDA Net majority income Market capitalization tenor to 11.4 years 267,515 17,472 27,288 4,630 204,636 Strong sales growth 6.1% increase 3.4% decrease 6.9% decrease 21.5% decrease supported by solid organic performance and acquisitions 4% decrease of diesel consumption for primary transportation vs. 2016, Environmental accumulating 31% in the last 7 years Acquired East Balt Bakeries, Bays 1,569,252 303,050 4,886,204 m3 Foods, Adghal Group, Ready Roti and Direct (Scope 1,2,3) (Ton) total waste water consumption CO e emissions (Ton) 92% recycling 18% reduction vs. 2009 Stonemill Bakehouse, diversifying 2 1% reduction vs. 2016 and broadening our leadership 47% of our product in the baking industry portfolio is in the Best & Better categories* Social Snaps Sal de Mar (sea salt) Air-popped popcorn without preservatives, 1st place in Merco’s ranking, + 138,000 1.96 artificial colors or trans fats $123 Gansito as the most responsible Total associates Accident rate in Donations company in Mexico, since 2014 worldwide 15% decrease vs. 2016 (millions of pesos) #1 cake in its category 400 fewer accidents *According to Grupo Bimbo’s Nutritional Profiling System (Calculation based on products that represent 80% total sales) 8 2017 Integrated Annual Report • BIMBO 9 Latin America Sales: 11% Our footprint Grupo Bimbo Mexico Adj. EBITDA: 2% Sales: 31% Today Adj. EBITDA: 59% Europe, Asia North America & Africa 196 We are the largest baking Company in the Sales: 51% Sales: 7% plants world with presence in 32 countries. Adj. EBITDA: 46% Adj. EBITDA: -6% “Integrity should not only be seen as compliance with the law, rules and procedures; +58,000 routes it goes beyond that, it is part of our culture.” Daniel Servitje, Chairman & CEO +3.0 m points of sale EBITDA: Earnings before interests, taxes, depreciation, amortization (GRI: 102-4, 102-6, 102-7, 306-2, 416-1, 202: 103-1, 103-2, 103-3) and other non-cash items 10 2017 Integrated Annual Report • BIMBO 11 Our Brands (GRI:102-2) Our products hold a strong leadership We have developed more than 100 enduring and meaningful brands with top of mind awareness in the markets where we operate. position across markets ® + US ® + US ® ® We develop and offer products with superior quality that nourish and delight our consumers, provide clear information on the nutritional Brands $500 Million Brands Million 2 10 $100 profiles of our products and promote health and wellness initiatives that encourage healthy lifestyles. US Marca Reg. + $1 + US Sliced bread Brands BILLION 5 Brands 5 $250 Million USA Canada Mexico Latin America EAA Marca Reg. #1 #2 #1 #1 #1(4) ® ® ® ® ® Buns and rolls ® USA Canada Mexico Latin America EAA #1 #1 #1 #1 #1(5) Marca Reg. Marca Reg. Marca Reg. Source: Internal information on estimated retail sales by brand during the last 12 months as of September 30, 2017 Bagels “We strive to maintain an emotional bond with our consumers and to develop USA Canada Mexico Latin America EAA customer loyalty through our brands” #1 #1 #1(7) Gabino Gómez, Executive VP 12 2017 Integrated Annual Report • BIMBO 13 English Muffins Tortillas USA Canada Mexico Latin America EAA USA Canada Mexico Latin America EAA #1 #1 #1 #1 #1 Cookies Salty Snacks USA Canada Mexico Latin America EAA USA Canada Mexico Latin America EAA #2 #2 Cakes Confectionery USA Canada Mexico Latin America EAA USA Canada Mexico Latin America EAA #1 #2 #1 #1 #1 (1) #2 Pastries Not applicable GB market share not within top 2 USA Canada Mexico Latin America EAA #1 or #2 GB Market share position (1) Excludes Ecuador and Peru, where GB is #2. (2) Excludes Peru, where GB is #1. (3) Market share position for the countries where GB participates in each category. #2 #1 #2 (2) #1 (6) (4) Excludes China and India. (5) Excludes U.K., Portugal (GB #2) and India. (6) Excludes China, Morocco and U.K. (7) Only in the U.K. Source: Nielsen, IRI and Company Information 14 2017 Integrated Annual Report Summary • BIMBO 15 Letter from the Chairman & CEO (GRI: 102-14, 102-15, 102-32, 200: 103-1, 103-2, 103-3) Given the current situation in Venezuela, we changed our account- Dear shareholders: ing method for this operation’s financial results to a Fair Value basis, while continuing to serve this market the best we can. 2017 was in terms of reinvestment a transition year , having successfully in- and restructuring to create long-term value and drive profitability. transformation We accessed capital, supporting our strategy to drive the expansion tegrated 32 plants into our manufacturing footprint and of Grupo Bimbo’s industry leadership, while enhancing our financial closed ten, resulting in the creation of a lean and efficient The year was marked by several challenging circumstances, includ- profile by increasing the average tenor of our debt to 11.4 years and foundation for our supply chain. ing a difficult global economic and political environment and the se- maintaining health and flexibility in our balance sheet. vere natural disasters we experienced in some of our geographies. On the road to our 2020 Vision, we created the Global Internally, we also faced the restructuring of our Frozen business, as Transformation Office to accelerate our ten strategic ini- These would not have happened without taking care well as operational issues in our U.K. and Chinese markets. tiatives. In the meanwhile, we launched our business ac- of our people, our communities celerator, ELEVA, which offers funding, mentoring and However, this year’s milestones make me potential commercial alliances to promising startups. This and our environment. For example, our Safe- feel very proud of Grupo Bimbo. Here is a snapshot: new venture multiplies our possibilities for success in the ty Incident Rate improved by 15%, with a reduction of 400 accidents. search for innovation in products and processes. We captured strategic opportunities to enter ten new countries, As part of our sustainability strategy we created a through the acquisitions of: Ready Roti in India, a dynamic and Having said so, all these initiatives where aimed at department to focus our efforts on renewable energies. In addition, growing market; Adghal Group in Morocco; and most recently driving profitability for the long run. even with our acquisition-driven growth in the year, we managed to East Balt Bakeries, now Bimbo QSR, which gives us a leading Among our more than US$680 million investment in maintain stable environmental performance across our plants. position within the high-growth QSR business, enabling us to CAPEX, we started up a LEED Gold certified plant in Bo- serve customers and quick-service restaurants in a new way. gota and another one in Tepeji del Río, Mexico. We continue to remain strongly committed to the ten principles of the UN Global Compact, as well as to the 17 UN Sustainable devel- We also completed two small but strategic acquisitions in the opment goals. We invested US $70 million in the integration of Donuts markets where we currently operate: Stonemill in Canada and Iberia in Europe, which has been a complex process but is Bays English Muffins in the United States.
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