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General Information 3
Industry Classification 3
Performance/Segment Information 4
Peer Comparison 4
Company Report
General Information
Industry Classification
Grupo Bimbo S.A.B. de C.V. Grupo Bimbo SAB de CV is a Mexico-based multinational baking company. Its
activities include the production, distribution and sale of a variety of bakery
Selected Legal Status Categories: Public Limited products, such as bread, rolls, cookies, biscuits, cakes, sweets, chocolates,
Company snacks and tortillas, as well as processed food. The Company’s products are
marketed under the Bimbo, Lara, Barcel, Marinela, Ricolino, Coronado, Suandy,
Prolongacion PaseoDe la Reforma No 1000Colonia Tia Rosa, Clever, Chocolates La Corona, El Globo, Lonchibon, Milpa Real and
Desarrollo Santa Fe Del Hogar brands, among others. Through its subsidiaries and affiliates, the
Mexico D.F., Mexico Company has presence in North, Central and South America, and Asia. The
Mexico Company’s facilities comprise 39 production centers in Mexico; 19 production
plants located in 13 Latin American countries; 34 banking plants established in
Phone: 52-586-600 the United States, and a baking plant operating in Beijing, China. In June 2010,
Fax: 52-525-08314 the Company acquired Dulces Vero.
Web: http://www.grupobimbo.com
Location Type: 10
Source: Reuters
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Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.
Performance/Segment Information
Performance/Segment Information
Source: Reuters
Peer Comparison
Peer Comparison
Overview
Grupo Bimbo, S. A. B. de C. V. (Bimbo) is one of the leading baking goods companies in the world. It sells over 5,000 products under
more than 150 brands. The company operates in Mexico and the US. It is headquartered in Mexico City, Mexico and employs about
108,000 people.
The company recorded revenues of MXN82,317 million (approximately $7,465.3 million) during fiscal year ending December 2008
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Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.
(FY2008), an increase of 13.9% over 2007. The operating profit of the company was MXN7,328 million (approximately $664.6 million)
during FY2008, an increase of 14.4% over FY2007. The net profit was MXN4,444 million (approximately $403 million) in FY2008, an
increase of 13.5% over FY2007.
Bimbo is a leading baked goods company in the world. The company produces 5,000 products and has a
portfolio of 150 brands. The company's key products and brands include the following:
Products:
Bread
Buns
Cookies
Cakes
Pastries
Sweet bread
Muffins
Bagels
Packaged foods
Tortillas
Salted
Snacks
Confectionary goods
Brands:
Bimbo
Del Hogar
Gabi
Lara
Lonchibon
Marinela
Milpa Real
Oroweat
Suandy
Tía Rosa
Wonder
History
Grupo Bimbo (Bimbo) was established in Mexico City in 1945. It started its operations with Bimbo Bear products, which comprised large
bread, small bread and toasted products. In the following year, the company started the production of black bread and by the end of the
next year, it introduced cupcake and pound cake in the market. The company established its first distribution warehouse in Puebla in
1949. In the same period, the company set up warehouses in Tuxpan, Poza Rica, Toluca, Pachuca, and the cities of Puebla and
Cuernavaca. It opened two plants in Santa Maria Insurgentes.
In 1956, Bimbo promoted a new company, Pasteles y Biscochos, (Pabisa) and started the production of cakes and pastries under the
Keik brand name. In the same period, the company changed the name of Pasteles y Biscochos to Productos Marinela, and offered a new
range of cupcakes and pound cakes. In the early 1970s, the company entered the snack market by launching Palomitas (popcorn). In
1980, Bimbo was listed on the Mexican Stock Exchange. This provided the group with the capital to expand overseas. The company
acquired Plus Vita, one of the largest bakeries in Brazil, in 2001.
In 2004, the company completed the acquisition of confectionery companies, Joyco de Mexico, Alimentos Duval and Lolimen. The
company also acquired the Spanish company, Corporacion Agrolimen, which included two production facilities and the rights to the
Duvalin, Bocadin and Lunetas brands. In the same year, the company opened its new frozen bread plant, Fripan, with co-investor Rich's
Products in Lerma, Mexico. In the same year, the company launched Linseed Multigrain and 'Silueta' (Silhouette) bars and Light Bimbo
Loaf Bread. The company launched new double-fiber snack bar in 2005. During the same year, the company acquired Chocolates La
Corona and El Globo in Mexico, Lalo in Colombia and Lagos del Sur in Chile.
The company announced the acquisition of Walter M Doldan y Cia and Los Sorchantes, both of Uruguay in 2006. In the same year, the
company announced the acquisition of the Chinese subsidiary of Spanish company, Panrico. In 2006, the company reached an
agreement to acquire certain assets and brands of the "El Molino" pastry chain. In 2007, Bimbo and Grupo Arcor inaugurated the Mundo
Dulce confectionery plant, in Mexico.
In June 2008, Bimbo commenced operations at its new research and nutrition Institute. This institute is located within the facilities of the
Barcel Plant, Lerma, State of Mexico. In December 2008, Bimbo announced signing of an agreement for acquiring the US fresh bakery
business of Weston Foods, Inc. from Dunedin Holdings S.à r.l., a subsidiary of Toronto-based George Weston Limited. This acquisition
would help Bimbo to become one of the largest baked-goods companies in the US. The deal announced earlier was completed in
January 2009.
In May 2009, Organización Barcel, a subsidiary of Bimbo, initiated usage of metalized polypropylene packaging in its products. This
material contains a pro-degradation additive, which includes a bio-degradation function to the packaging once their useful life is over.
Source: DataMonitor
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Dow Jones Company Report for Grupo Bimbo S.A.B. de C.V.
Bimbo is a leading baked goods company in the world. The company produces 5,000 products and has a portfolio of 150 brands. The
company's key products and brands include the following:
Products:
Bread
Buns
Cookies
Cakes
Pastries
Sweet bread
Muffins
Bagels
Packaged foods
Tortillas
Salted
Snacks
Confectionary goods
Brands:
Bimbo
Del Hogar
Gabi
Lara
Lonchibon
Marinela
Milpa Real
Oroweat
Suandy
Tía Rosa
Wonder
Source: DataMonitor
Last Financial
Period
Reporting Currency MXN
Relative Valuations
P/E excluding Extraordinary Items 18.37
Price to Sales TTM 0.94
Price to Cash Flow 11.09
Price to Free Cash Flow 10.79
Price to Book 2.73
Price to Tangible Book Value 5.55
Tangible Book Value per Share 16.76
Current Enterprise Value 140,201.50
Current EV / Total Revenue 1.20
Current EV/EBITDA 8.88
Financial Strength
Current Ratio 1.04
Quick Ratio 0.87
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Touche LLP Yamazaki, Ruiz Touche LLP Touche LLP Touche LLP
Urquiza, S.C.
Accounting Standard Mexican Mexican Mexican Mexican Mexican
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Income Statement: (MXN, In millions)
Net Sales 116,353.41 82,317.11 72,293.57 66,836.43 58,642.93
Total Revenue 116,353.41 82,317.11 72,293.57 66,836.43 58,642.93
Cost of Revenue 54,932.86 40,292.77 34,095.04 31,199.48 26,966.68
Gross Profit 61,420.55 42,024.35 38,198.53 35,636.95 31,676.25
Selling, General and Administrative Expense 49,366.88 34,696.04 31,790.93 29,546.16 26,230.32
Labor and Related Expense 562.65 466.51 467.05 455.63 --
Other Unusual Expense 0.00 0.00 -- -- (9.46)
Total Operating Expense 104,862.39 75,455.32 66,353.02 61,201.27 53,187.54
Operating Income 11,491.03 6,861.80 5,940.55 5,635.16 5,455.39
Non Operating Interest Expense (2,837.92) (747.84) (795.07) (965.81) (1,001.17)
Non-Operating Interest Expense, Net (2,837.92) (747.84) (795.07) (965.81) (1,001.17)
Non-Operating Interest Income 519.94 286.67 331.44 443.94 332.16
Non-Operating Investment Income 348.53 (54.46) 289.62 255.40 283.09
Non-Operating Interest/Investment Income 868.47 232.21 621.06 699.34 615.25
Other Non-Operating Income (613.49) (9.13) 73.09 141.76 (140.54)
Other Non-Operating Income, Net (613.49) (9.13) 73.09 141.76 (140.54)
Income Before Tax 8,908.09 6,337.04 5,839.63 5,510.45 4,928.93
Total Income Tax 2,827.07 1,893.09 1,925.42 1,735.55 1,527.90
Income After Tax 6,081.02 4,443.96 3,914.21 3,774.90 3,401.03
Minority Interest (125.12) (124.40) (102.96) (93.74) (78.13)
Equity in Affiliates -- -- -- -- 59.61
Net Income Before Extraordinary Items 5,955.91 4,319.56 3,811.25 3,681.16 3,382.52
Net Income 5,955.91 4,319.56 3,811.25 3,681.16 3,382.52
Miscellaneous Earnings Adjustment -- -- -- -- (407.79)
Total Adjustments to Net Income -- -- -- -- (407.79)
Income Available to Common Excl. 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Extraordinary Items
Income Available to Common Incl. 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Extraordinary Items
Basic Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80
Basic EPS excluding Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Basic EPS including Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Dilution Adjustment -- -- 0.00 0.00 0.00
Diluted Net Income 5,955.91 4,319.56 3,811.25 3,681.16 2,974.72
Diluted Weighted Average Shares 1,175.80 1,175.80 1,175.80 1,175.80 1,175.80
Diluted EPS excluding Extrordinary Items 5.07 3.67 3.24 3.13 2.53
Diluted EPS including Extraordinary Items 5.07 3.67 3.24 3.13 2.53
Dividends per Share - Common Stock, 0.46 0.52 0.45 0.66 0.30
PrimaryIssue
Gross Dividends - Common Stock 540.87 615.00 530.07 777.59 349.97
Interest Expense, Supplemental 2,837.92 747.84 795.07 965.81 1,001.17
Depreciation, Supplemental 3,783.44 2,500.56 2,238.81 2,014.60 1,950.08
Total Special Items 0.00 0.00 -- -- (9.46)
Normalized Income Before Tax 8,908.09 6,337.04 5,839.63 5,510.45 4,919.47
Effect of Special Items on Income Taxes 0.00 0.00 -- -- (2.93)
Income Taxes Excl. Impact of Special Items 2,827.07 1,893.09 1,925.42 1,735.55 1,524.97
Normalized Income After Taxes 6,081.02 4,443.96 3,914.21 3,774.90 3,394.51
Normalized Income Available To Common 5,955.91 4,319.56 3,811.25 3,681.16 2,968.19
Basic Normalized EPS 5.07 3.67 3.24 3.13 2.52
Diluted Normalized EPS 5.07 3.67 3.24 3.13 2.52
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