Annual Report 2009 1

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1. AN OVERVIEW OF EBRO PULEVA

2. CHAIRMANS STATEMENT

3. EBRO PULEVA TODAY

A HEALTHY COMPANY

CORE BUSINESSES: RICE, PASTA AND DAIRY

OUR R+D+I POTENTIAL

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SALES (Thousand euro)

2007: 2,004,182

2008: 2,3 67,902

2009: 2,197,731

EBITDA (Thousand euro)

2007: 226,854

2008: 271,821

2009: 308,491

2007: 158,919

EBIT (Thousand euro)

2008: 201,821

2009: 240,447

NET PROFIT (Thousand euro)

2007: 9 0,577

2008: 130,637

2009: 176,539

DIVIDEND (Thousand euro)

2007: 55,392

2008: 55,392

2009: 144,700

EARNINGS PER SHARE (euro)

2007: 0.59

2008: 0.85

2009: 1.15

Evolution Graphs

FINANCIAL HIGHLIGHTS


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74

84

94

104

114

124

134

144

EVA IBEX IBEX MEDIUM IBEX SMALL EUROSTOXX F&B

30 DECEMBER 28 FEBRUARY 30 APRIL 30 JUNE 30 AUGUST 30 OCTOBER 30 DECEMBER

Evolution of our share

FINANCIAL HIGHLIGHTS


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INTERNATIONAL PRESENCE

1 Canada2 USA 3 Mexico4 Puerto Rico5 Uruguay

America


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INTERNATIONAL PRESENCE

26 India27 Thailand

Asia

21 Algeria22 Egypt23 Libya24 Morocco25 Israel

Africa

6 Germany7 Belgium

8 Czech Republic9 Denmark10 Spain

11 Finland12 France

13 Greece14 Hungary15 Italy

16 Poland17 Portugal

18 UK19 Romania20 Ukraine

Europe


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BUSINESS PROFILERice

ThisisthebusinessareainwhichtheGrouphasworldleadership.ItsoriginsinSpain go back to 1950 and its international expansion began in 1986 through

the acquisition of leading companies and brands in Europe, USA, Canada andNorth Africa. We are now also present on the Asian continent. This division,with a broad array of leading products and brands in its category, represents38% of the Groups business.

Principal brands:

In Spain: Brillante, Cigala, Nomen, La Fallera and Roco.

In Europe, Morocco, Libya, USA and Canada: : Oryza, Reis Fit, Ris-Fix,

Bosto, Riceland, Risella, Riziana, Gourmet House, Peacok,

Phoenix, Miura, Mahatma, Success, Carolina, Water Maid, River S&W,

Lustucru, Taureau Ail, Minute, Herba, Panzani, etc.


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This is, together with rice, the Groups most international business. Representedby New World Pasta (leader in USA and Canada), Panzani (no. 1 in France in dry

and fresh pasta,sauces, couscousand semolina) and Birkel (no.1 in Germany), theGroup is second pasta manufacturer in the world. Apart from these countries,EbroPulevaalsooperatesunderthePanzaniandBirkelbrandsinBelgium,Hungary,UK, Algeria, Czech Republic and Russia. The division now accounts for 42% ofthe Groups total business.

Principal brands:

Panzani, Lustucru, Birkel, Skinner, 3 Glocken, Schuele, Minuto,

Nudel Up, Ronzoni, Ronzoni Smart Taste, Catelli, Catelli Smart,

Healthy Harvest, American Beauty, Prince, Saint Giorgio, Lancia,

Creamette, Regia and Ferrero.

BUSINESS PROFILEPasta


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The main business of the dairy division is the manufacturing and marketingof differentiated dairy products with a high value added, backed by a powerful

research and innovation line and focusing on consumer health. The division isdeveloping a major business line in the infant nutrition segment with the samefocus. All this is complemented with the development of other dairy productsgeared towards values such as convenience or enhanced flavour. The divisionsbusiness represents approximately 20% of the Groups turnover.

Principal brands:

Puleva, Ram, El Castillo and Nad.

BUSINESS PROFILEDairy


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Developed by the Puleva Biotech Group, this business is engaged in the research,development, manufacturing and marketing of new products based on natural

ingredients with positive effects on healththat can improve peoples quality of life.

BUSINESS PROFILEBiotechnology

Principal brands:

Eupoly-EPA, Eupoly-DHA and Hereditum.


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STOCK MARKET HIGHLIGHTS 2007 2008 2008-2007 2009 2009-2008

Number of shares 153,865,392 153,865,392 0.0% 153,865,392 0.0%

Market capitalisation at year-end 1,929,472 1,507,881 (21.9%) 2,235,664 48.3%

EPS 0.59 0.85 44.2% 1.15 35.1%

Dividend per share 0.36 0.36 0.0% 0.94 161.1%

Theoretical book value per share 7.79 7.82 0.4% 8.32 6.4%

31 -1 2- 07 31 -1 2- 08 2008-2007 31-12-09 2009-2008

Equity 1,198,245 1,203,131 0.4% 1.280,322 6.4%

Net Debt (*) 988,249 1,055,853 6.8% 556,800 (47.3%)

Average Debt (*) 1,129,254 1,208,078 716,725

Leverage (2) 0.94 1.00 0.56

Total Assets 3,375,496 3,422,912 1.4% 2,684,465 (21.6%)

(*) To keep these items consistent, they are calculated including both the results and the associated assets and liabilities of the sugar business in 2007 & 2008

(1) ROCE = Operating income CAGR last 12 months / (intangible assets - property, plant & equipment - current assets)

(2) Ratio of average net financial debt with cost to equity (excluding minority interests)

(With Azucarera as net earnings of discontinued operations)

CONSOLIDATED FIGURES 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007

Net turnover 2,004,182 2,367,902 18.1% 2,197,731 (7.2%) 4.7%

EBITDA 226,854 271,821 19.8% 308,491 13.5% 16.6%

EBIT 158,919 201,821 27.0% 240,447 19.1% 23.0%

Operating profit 162,936 194,790 19.6% 222,318 14.1% 16.8%

Consolidated earnings for year (Going concern) 62,222 73,905 18.8% 129,635 75.4% 44.3%

Net earnings of discontinued operations 30,251 57,965 91.6% 43,188 (25.5%) 19.5%

Net profit 90,577 130,637 44.2% 176,539 35.1% 39.6%

Average current assets (*) 472,497 587,423 24.3% 323,230 (45.0%)

Capital employed (*) 1,675,831 1,669,991 (0.3%) 1,176,282 (29.6%)

ROCE (1) (*) 12.4 13.3 20.4

Capex (*) 87,199 96,497 10.7% 87,414 (9.4%)Average headcount 6,064 5,829 (3.9%) 5,693 (2.3%)

EBRO PULEVA IN FIGURESFigures in thousand euro


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RICE BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007

Net turnover 741,107 890,969 20.2% 836,147 (6.2%) 6.2%

EBITDA 96,194 126,560 31.6% 118,561 (6.3%) 11.0%

EBIT 75,297 105,724 40.4% 97,575 (7.7%) 13.8%

Operating profit 74,287 104,365 40.5% 82,157 (21.3%) 5.2%

Average current assets 188,294 263,281 39.8% 185,446 (29.6%)

Capital employed 498,237 556,299 11.7% 495,768 (10.9%)

ROCE 15.1 19.0

Capex 22,046 20,044 (9.1%) 55,138 175.1%

PASTA BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007

Net turnover 762,489 993,696 30.3% 928,077 (6.6%) 10.3%

EBITDA 88,450 105,993 19.8% 137,057 29.3% 24.5%

EBIT 58,274 75,581 29.7% 108,831 44.0% 36.7%

Operating profit 56,709 65,312 15.2% 104,066 59.3% 35.5%

Average current assets 69,642 121,795 74.9% 91,292 (25.0%)

Capital employed 441,731 511,570 18.8% 469,915 (8.1%)

ROCE 12.0 14.8 23.2

Capex 23,677 20,747 (12.4%) 18,359 (11.5%)

DAIRY BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007

Net turnover 527,489 506,064 (4.1%) 444,419 (12.2%) (8.2%)

EBITDA 53,033 50,135 (5.5%) 67,084 33.8% 12.5%

EBIT 37,541 34,993 (6.8%) 52,198 49.2% 17.9%

Operating profit 36,379 31,572 (13.2%) 49,694 57.4% 16.9%

Average current assets 74,072 60,738 (18.0%) 43,961 (27.6%)

Capital employed 196,938 182,363 (7.4%) 159,043 (12.8%)

ROCE 19.1 19.2 32.8

Capex 16,872 10,879 (35.5%) 8,756 (19.5%)

CORE BUSINESSESFigures in thousand euro

Documents

Annual Report 2009 1