MEXICAN STOCK EXCHANGE - dgi.com.mxdgi.com.mx/bafar/downloads/bmv/IVT2011 Ingles Dictaminado.pdf · mexican stock exchange grupo bafar, s.a. de c.v. balance sheets stock exchange

MEXICAN STOCK EXCHANGE

GRUPO BAFAR, S.A. DE C.V. BALANCE SHEETS

STOCK EXCHANGE CODE:

(Thousand Pesos)

YEAR:QUARTER: 201104

CONSOLIDATED

Final Printing

TO DECEMBER 31 OF 2011 AND 2010

BAFAR

AUDITED INFORMATION

Amount % %Amount

CURRENT YEAR PREVIOUS YEARCONCEPTSREF S

s01

s02s03s04

s06s07

s05

s08s09

s10

s11s12s13

s16s15s14

s18

s17

s20

s21s22s23

s26s25

s24

s29s28s27

s32s31s30

s33

s34

s35

s36s79

s41s40s39

s44s42

s80

CASH AND AVAILABLE INVESTMENTSACCOUNTS AND NOTES RECEIVABLE (NET)

CURRENT ASSETS

OTHER CURRENT ASSETSINVENTORIESOTHER ACCOUNTS AND NOTES RECEIVABLE (NET)

LONG-TERMACCOUNTS AND NOTES RECEIVABLE (NET)

INVESTMENTS IN SHARES OF NON-CONSOLIDATEDSUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

OTHER INVESTMENTS

LAND AND BUILDINGSPROPERTY, PLANT AND EQUIPMENT (NET)

OTHER EQUIPMENTMACHINERY AND INDUSTRIAL EQUIPMENT

ACCUMULATED DEPRECIATIONCONSTRUCTION IN PROGRESS

TOTAL LIABILITIES

CURRENT LIABILITIES

BANK LOANSSUPPLIERS

TAXES PAYABLE

STOCK MARKET LOANS

OTHER CURRENT LIABILITIES WITHOUT COST

BANK LOANSLONG-TERM LIABILITIES

STOCK MARKET LOANS

DEFERRED LIABILITIESOTHER LOANS WITH COST

OTHER NON CURRENT LIABILITIES WITHOUT COST

CONSOLIDATED STOCKHOLDERS EQUITY

COUNTABLE CAPITAL OF THE PARTICIPATIONCONTROLADORA

COUNTABLE CAPITAL OF THE PARTICIPATION NOTCONTROLADORA

TOTAL ASSETS

CONTRIBUTED CAPITALCAPITAL STOCK

CONTRIBUTIONS FOR FUTURE CAPITAL INCREASESPREMIUM ON ISSUANCE OF SHARES

EARNED CAPITAL

OTHER ACCUMULATED COMPREHENSIVE RESULTRETAINED EARNINGS AND CAPITAL RESERVES

SHARES REPURCHASED

s103 OTHER LOANS WITH COST

s19

OTHER INTANGIBLE ASSETS AND DEFERRED ASSETS (NET)

OTHER ASSETS

5,331,329

2,154,941596,000

673,595

347,947533,791

3,60800

0

01,832,3491,096,9501,064,256

552,7361,032,060

150,467

323,330

1,020,709

2,072,795

147,834147,834

00

60,860

65,04033,660

111,8830

3,258,534

46,762

3,211,772

472,425150,605321,820

02,739,3472,922,994-183,647

0

1,813,078385,567

1,267,9510

4,585,522

1,585,784104,816

587,609

443,206441,192

8,96100

0

01,665,0901,005,379

996,909529,612929,693

62,883

311,590

1,023,058

1,759,591

184,500184,500

00

72,386

67,79635,147

421,4200

2,825,931

10,053

2,815,878

547,075148,682398,393

02,268,8032,452,450-183,647

0

1,153,671179,854798,488

0

100

4011

13

710

000

0

03421201019

3

6

19

100

871961

03237

0005

7

100

1

99

145

100

8490-60

100

352

13

1010

000

0

03622221220

1

7

22

100

661045

0424

10

000

24

10

100

0

100

195

140

8087-60




(Thousand Pesos)

BREAKDOWN OF MAIN CONCEPTS


CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

PREVIOUS YEARREF S CONCEPTS

Amount %Amount %

CURRENT YEAR

s03s46s47

s81s82s83

s85s50

s104

s87s86

s21s52s53

s26

s89s88

s07

s48s49s51

s18

s19

s32s66s91s92s69

s79

s38s37

s90s68

s58

s27

s60s59

s31

s67s65

AVAILABLE INVESTMENTSCASH

DISCONTINUED OPERATIONSDERIVATIVE FINANCIAL INSTRUMENTS

OTHER

DERIVATIVE FINANCIAL INSTRUMENTS

BENEFITS TO EMPLOYEESDEFERRED TAXES

OTHERDISCONTINUED OPERATIONS

CURRENT LIABILITIESFOREIGN CURRENCY LIABILITIESMEXICAN PESOS LIABILITIES

OTHER CURRENT LIABILITIES WITHOUT COST

INTEREST LIABILITIESDERIVATIVE FINANCIAL INSTRUMENTS

CASH AND AVAILABLE INVESTMENTS

OTHER CURRENT ASSETS

GOODWILLDEFERRED EXPENSES (NET)

OTHER

OTHER INTANGIBLE ASSETS AND DEFERRED ASSETS(NET)

OTHER ASSETS

OTHER NON CURRENT LIABILITIES WITHOUT COSTDEFERRED TAXESOTHER LIABILITIES IN RESPECT OF SOCIAL INSURANCEDISCONTINUED OPERATIONSOTHER LIABILITIES

CAPITAL STOCK

RESTATEMENT OF CAPITAL STOCKCAPITAL STOCK (NOMINAL)

DISCONTINUED OPERATIONSPROVISIONS

OTHER CURRENT LIABILITIES

LONG-TERM LIABILITIES

MEXICAN PESOS LIABILITIESFOREIGN CURRENCY LIABILITIES

DEFERRED LIABILITIES

OTHERNEGATIVE GOODWILL

596,000378,151217,849

3,60800

3,608

323,330

318,8424,488

0

1,020,7090000

1,020,709

1,813,0781,119,078

694,000

65,0400

1,45418,761

044,825

147,8340

147,834

000

111,88395,33516,548

00

150,60554,22996,376

104,81660,85943,957

8,96100

8,961

311,590

307,1024,488

0

1,023,0580000

1,023,058

1,153,671332,267821,404

67,7960

50111,295

056,000

184,5000

184,500

000

421,420404,954

16,46600

148,68252,30696,376

1006337

10000

100

100

9910

1000000

100

1006238

10002

290

69

1000

100

10000

1008515

00

1003664

1005842

10000

100

100

9910

1000000

100

1002971

10001

170

83

1000

100

10000

10096

400

1003565

s105 BENEFITS TO EMPLOYEES 0 0 0 0




(Thousand Pesos)BREAKDOWN OF MAIN CONCEPTS


CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

REF S CONCEPTSAmount % Amount

CURRENT YEAR

%

PREVIOUS YEAR

s42s93

s95s94s43

s45

s100

s44s70

s97

s96

s71

s98

RETAINED EARNINGS AND CAPITAL RESERVESLEGAL RESERVE

OTHER RESERVESRESERVE FOR REPURCHASE OF SHARES

RETAINED EARNINGSNET INCOME FOR THE YEAR

OTHER

OTHER ACCUMULATED COMPREHENSIVE RESULTACCUMULATED MONETARY RESULT

CUMULATIVE RESULT FROM FOREIGN CURRENCYTRANSLATION

RESULT FROM HOLDING NON-MONETARY ASSETS

CUMULATIVE RESULT FROM DERIVATIVE FINANCIALINSTRUMENTSCUMULATIVE EFFECT OF DEFERRED INCOME TAXES

2,922,9940

-19,3260

2,489,440452,880

-183,64700

0

0

0-183,647

2,452,4500

8,4710

2,179,422264,557

-183,64700

0

0

0-183,647

100000

8515

10000

0

0

0100

100000

8911

10010000

0

0

0100




(Thousand Pesos)OTHER CONCEPTS


CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

REF S CONCEPTSCURRENT YEAR

Amount

PREVIOUS YEAR

Amount

s72s73s74

s76s77

s101

s75

s102

s78

EXECUTIVES (*)PENSIONS AND SENIORITY PREMIUMS

OUTSTANDING SHARES (*)WORKERS (*)

RESTRICTED CASH

WORKING CAPITAL

EMPLOYEES (*)

DEBT OF NON CONSOLIDATED COMPANIES

REPURCHASED SHARES (*)

(*) THESE CONCEPTS ARE STATED IN UNITS

341,86322,539

706,8161,223

314,153,0143,723,989

00

432,11336,130

716,7921,189

310,088,1485,357,748

00


GRUPO BAFAR, S.A. DE C.V. STATEMENTS OF INCOME


(Thousand Pesos)

YEAR:QUARTER:

FROM JANUARY THE 1st TO DECEMBER 31 OF 2011 AND 2010 CONSOLIDATED

Final Printing

201104BAFAR

AUDITED INFORMATION

REF R CONCEPTSAmount Amount %%

PREVIOUS YEARCURRENT YEAR

r01r02r03r04

r06

r05r08

r09r10

r11

r12

r14

r19

r18

r20

r48

GROSS PROFITGENERAL EXPENSES

COST OF SALES

COMPREHENSIVE FINANCING RESULT

INCOME (LOSS) FROM OPERATIONOTHER INCOME AND (EXPENSE), NET

INCOME BEFORE INCOME TAXESINCOME TAXES

INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS

EQUITY IN NET INCOME OF NON-CONSOLIDATEDSUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

DISCONTINUED OPERATIONSNET CONSOLIDATED INCOME

NET INCOME OF PARTICIPATION NOT CONTROLADORA

NET INCOME OF PARTICIPATION CONTROLADORA

NON ORDINARY ITEMS

NET SALES 6,362,129

2,044,4121,643,605

400,807-9,472

-135,632

0

0255,703

-282,084

537,787

0537,787

84,907

452,880

5,895,2063,934,2191,960,9871,598,110

362,87711,543-4,241

0

0370,179

97,682

272,497

0272,497

264,557

100683226

60

-2

0

04

-4

8

08

7

100673327

600

0

062

5

05

0

4

4,317,717

7,9401





YEAR:QUARTER:

CONSOLIDATED

Final Printing

201104BAFAR

AUDITED INFORMATION

CURRENT YEARREF R

Amount %CONCEPTS

PREVIOUS YEAR

Amount %

r01r21r22

r24

r26

r42r45

r46

r28

r34r35

r25

r06

r10r32r33

r23FOREIGN

INTEREST EXPENSE

DOMESTIC

GAIN (LOSS) ON RESTATEMENT OF UDIS

INTEREST INCOMEOTHER FINANCE COSTS

OTHER FINANCIAL PRODUCTS

RESULT FROM MONETARY POSITION

EMPLOYEES PROFIT SHARING EXPENSESDEFERRED EMPLOYEES PROFIT SHARING

FOREIGN EXCHANGE GAIN (LOSS) (NET)

NET SALES


DEFERRED INCOME TAXINCOME TAXINCOME TAXES

TRANSLATED INTO DOLLARS (***)

(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER

r08 OTHER INCOME AND (EXPENSE), NETr49 OTHER INCOME AND (EXPENSE), NET

6,362,1296,288,006

74,1235,670

-9,472-9,472

00

-135,63287,022

00

47,0590

-95,6690

-282,08427,533

-309,617

5,895,2065,837,665

57,5414,532

11,54311,543

00

-4,24133,980

00

6,4630

23,2760

97,68218,17379,509

10099

10

100100

00

100-64

00

-350

710

100-10110

10099

10

100100

00

100-801

00

-1520

-5490

1001981





YEAR:QUARTER:

CONSOLIDATED

Final Printing

201104BAFAR

AUDITED INFORMATION

PREVIOUS YEARCURRENT YEARREF R

Amount AmountCONCEPTS

r40

r36r37r38r39

r41r47

NET SALES (**)TAX RESULT FOR THE YEAR

NET INCOME OF PARTICIPATION CONTROLADORA(**)

OPERATING INCOME (**)

NET CONSOLIDATED INCOME (**)OPERATIVE DEPRECIATION AND ACCUMULATED

TOTAL SALES

(**) RESTATED INFORMATION OF THE LAST TWELVE MONTHS

6,901,4840

6,362,129400,807

452,880

537,787196,739

6,297,9670

5,895,206362,877

264,557

272,497170,798


GRUPO BAFAR, S.A. DE C.V. QUARTERLY STATEMENTS OF INCOME


(Thousand Pesos)

YEAR:QUARTER:

FROM OCTOBER1 TO DECEMBER 31 OF 2011 CONSOLIDATED

Final Printing

201104BAFAR

AUDITED INFORMATION

PREVIOUS YEAR

%Amount%Amount

CURRENT YEARCONCEPTSREF

RT

rt01rt02rt03rt04

rt06

rt05rt08

rt09rt10

rt11

rt12

rt14

rt19

rt18

rt20

rt48

GROSS PROFITGENERAL EXPENSES

COST OF SALES


INCOME (LOSS) FROM OPERATIONOTHER INCOME AND (EXPENSE), NET

INCOME BEFORE INCOME TAXESINCOME TAXES

INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS

EQUITY IN NET INCOME OF NON-CONSOLIDATEDSUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

DISCONTINUED OPERATIONSNET CONSOLIDATED INCOME

NET INCOME OF PARTICIPATION NOT CONTROLADORA

NET INCOME OF PARTICIPATION CONTROLADORA

NON ORDINARY ITEMS

NET SALES 1,857,5091,323,108

534,401422,470111,931

4,890-33,000

0

083,821

-314,859

398,680

0398,680

70,669

328,011

1,653,9681,109,627

544,341438,450105,891

13,750-415

0

0119,226

61,597

57,629

057,629

2,325

55,304

100712923

60

-2

0

05

-17

21

021

4

18

100673327

610

0

074

3

03

0

3





YEAR:QUARTER:

CONSOLIDATED

Final Printing

201104BAFAR

AUDITED INFORMATION

PREVIOUS YEARCURRENT YEARREFRT Amount %Amount %

CONCEPTS

rt0rt21rt22

rt24

rt26

rt42rt45

rt46

rt28

rt34rt35

rt25

rt06

rt10rt32rt33

rt23FOREIGN

INTEREST EXPENSE

DOMESTIC

GAIN (LOSS) ON RESTATEMENT OF UDIS

INTEREST INCOMEOTHER FINANCE COSTS

OTHER FINANCIAL PRODUCTS


EMPLOYEES PROFIT SHARING EXPENSESDEFERRED EMPLOYEES PROFIT SHARING

FOREIGN EXCHANGE GAIN (LOSS) (NET)

NET SALES


DEFERRED INCOME TAXINCOME TAXINCOME TAXES

TRANSLATED INTO DOLLARS (***)

(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER

rt08 OTHER INCOME AND (EXPENSE), NETrt49 OTHER INCOME AND (EXPENSE), NET

1,857,5091,835,920

21,5891,511

4,8904,890

00

-33,00025,928

00

16,1810

-23,2530

-314,85926,358

-341,217

1,653,9681,636,179

17,7891,415

13,75013,750

00

-4152,284

00

-1,4870

3,3560

61,59715,24246,355

10099

10

100100

00

100-79

00

-490

700

100-8

108

10099

10

100100

00

100-550

00

3580

-8090

1002575






CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

PREVIOUS YEARREFRT CONCEPTS

Amount

CURRENT YEAR

Amount

rt47

OPERATIVE DEPRECIATION AND ACCUMULATEDIMPAIRMENT LOSSES

49,705 4,330


GRUPO BAFAR, S.A. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD)


(Thousand Pesos)

MAIN CONCEPTS

YEAR:QUARTER: 04 2011

CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

REF FCURRENT YEAR

AmountCONCEPTS

PREVIOUS YEAR

Amount

ACTIVITIES OF OPERATIONe01 INCOME (LOSS) BEFORE INCOME TAXES 255,703 370,179

+ (-)ITEMS NOT REQUIRING CASHe02 -58,167 -26,690+ (-)ITEMS RELATED TO INVESTING ACTIVITIESe03 165,220 165,218+ (-)ITEMS RELATED TO FINANCING ACTIVITIESe04 87,022 70,166CASH FLOW BEFORE INCOME TAXe05

e06 CASH FLOWPROVIDED OR USED IN OPERATIONNET CASH FLOWS PROVIDED OF OPERATING ACTIVITIESe07

449,778111,504561,282 -94,543

-673,416578,873

INVESTMENT ACTIVITIESe08 NET CASH FLOW FROM INVESTING ACTIVITIES -328,774 -292,430

e09 FINANCING ACTIVITIES 232,508 -386,973

e10

e11

e12e13e14 CASH AND CASH EQUIVALENTS AT END OF PERIOD

CASH AND CASH EQUIVALENTS AT THE BEGINING OF PERIODTRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

NET CASH FROM FINANCING ACTIVITIESFINANCING ACTIVITIES

279,183

511,691

-20,507104,816596,000 104,816

105,557-473

-268

386,705


GRUPO BAFAR, S.A. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD)


(Thousand Pesos)

BREAKDOWN OF MAIN CONCEPTS


CONSOLIDATED

Final Printing

BAFAR

AUDITED INFORMATION

REF FCURRENT YEAR

AmountCONCEPTS

PREVIOUS YEAR

Amount

* IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO EXPLAIN IN NOTES.

e02 + (-)ITEMS NOT REQUIRING CASH -58,167 -26,69016,049-3,975+ESTIMATES FOR THE PERIODe15

e16 +PROVISIONS FOR THE PERIODe17 + (-)OTHER UNREALIZED ITEMS

84-54,276 -50,272

7,533

e03 + (-)ITEMS RELATED TO INVESTING ACTIVITIESe18 + DEPRECIATION AND AMORTIZATION FOR THE PERIODe19 (-) +GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT

165,220196,739

15,540 883170,798165,218

e20 +IMPAIRMENT LOSS 0 000

-6,463-47,05900(-) +EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES

(-)DIVIDENDS RECEIVED(-)INTEREST INCOMEe23

e22e21

e24 (-)+ OTHER ITEMS 0 0

e04 + (-)ITEMS RELATED TO FINANCING ACTIVITIES 87,022 70,166e25e26

+ACCRUED INTEREST+ (-) OTHER ITEMS

87,0220

70,1660

e06 CASH FLOWPROVIDED OR USED IN OPERATION 111,504 -673,416

e32e31e30

e29

e28e27

+ (-) INCOME TAXES PAID OR RETURNED+ (-)INCREASE (DECREASE) IN OTHER LIABILITIES+ (-)INCREASE (DECREASE) IN SUPPLIERS

+ (-)DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE

+ (-)DECREASE (INCREASE) IN INVENTORIES+ (-)DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE

-27,533-12,663251,993

74,317

-92,599-82,011

-18,17342,267

-194,174

-288,452

-125,658-89,226

e08 NET CASH FLOW FROM INVESTING ACTIVITIES -328,774 -292,430

e38e37e36e35e34e33

+DISPOSITION OF INTANGIBLE ASSETS-INVESTMENT IN INTANGIBLE ASSETS+SALE OF PROPERTY, PLANT AND EQUIPMENT-INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT+DISPOSITION OF PERMANENT INVESTMENT IN SHARES-PERMANENT INVESTMENT IN SHARES

0-21,87939,870

-394,23600

00

18,149-314,404

00

e44e43e42e41e40e39

+ (-)OTHER ITEMS+ (-)DECREASE (INCREASE) ADVANCES AND LOANS TO THIRD PARTS+INTEREST RECEIVED+ DIVIDEND RECEIVED+DISPOSITION OF OTHER PERMANENT INVESTMENTS-OTHER PERMANENT INVESTMENTS

4120

47,059000

-2,6380

6,463000

e10 NET CASH FROM FINANCING ACTIVITIES 279,183 386,705

e50e49e48e47e46e45

(-)OTHER FINANCING AMORTIZATION(-)STOCK MARKET FINANCING AMORTIZATION(-)BANK FINANCING AMORTIZATION+OTHER FINANCING+STOCK MARKET FINANCING+BANK FINANCING

-11,5260

-339,86800

772,665

00

-415,63218,668

0917,689

e56e55e54e53e52e51

-REPURCHASE OF SHARES-INTEREST EXPENSE+CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES+PREMIUM ON ISSUANCE OF SHARES(-)DIVIDENDS PAID+ (-)INCREASE (DECREASE) IN CAPITAL STOCK

-56,989-87,022

000

1,923

-64,441-69,664

000

827

-7420+ (-)OTHER ITEMSe57


GRUPO BAFAR, S.A. DE C.V.STATUS OF CHANGES IN STOCKHOLDERS'

EQUITY

STOCK EXCHANGE CODE: YEAR:QUARTER: 201104

Final Printing

CONSOLIDATED

BAFAR

AUDITED INFORMATION

STOCKHOLDERS EQUITY

ACCUMULATED (LOSSES) EARNINGS ORCONCEPTS

EARNED CAPITALACCUMULATED COMPREHENSIVE

RESULTCAPITALSTOCK

PREMIUM ONISSUANCE OF

SHARES

CONTRIBUTED CAPITAL

MINORITYINVESTMENTMAJORITY

INTERESTRESERVES EARNINGS (LOSSES) TOAPPLY

RETAM AND ISRDEFFERED

OTHERCOMPREHENSIVE

RESULT

CONSTITUTION OF RESERVES

APPLICATION OF THE RESULT OF THEEXERCISE TO ACCUMULATED RESULTS

DECREED DIVIDENDS

REPURCHASE OF SHARES

RESERVE FOR THE ACQUISITION OF SHARES

(DECREASE) INCREASE CAPITAL

(DECREASE) INCREASE IN PREMIUM ONISSUANCE OF SHARES

DECREASE) INCREASE IN MINORITYINVESTMENT

COMPREHENSIVE INCOME (*)

0

0

3,348

0

-2,583

62

0

0

0

0

0

72,518

0

0

-420

0

0

0

0

0

22,977

0

-62,773

1,795

0

0

0

0

0

-98,843

0

0

0

0

0

264,558

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-65,356

1,437

0

0

264,558

0

0

0

0

0

0

0

-5,666

7,939

0

0

0

0

-65,356

1,437

0

-5,666

272,497

BALANCE AT 31 DECEMBER OF 2010 148,682 321,822 -62,319 2,407,696 0 0 2,815,881 10,051 2,825,932

RECLASSIFICATION INITIAL BALANCESRESULT FOR HOLDING OF MONETARYASSETS AND DEFERRED TAX ON INCOME

APPLICATION OF THE RESULT OF THEEXERCISE TO ACCUMULATED RESULTS

CONSTITUTION OF RESERVES

DECREED DIVIDENDS

(DECREASE) INCREASE CAPITAL

REPURCHASE OF SHARES

RESERVE FOR THE ACQUISITION OF SHARES

(DECREASE) INCREASE IN PREMIUM ONISSUANCE OF SHARES

DECREASE) INCREASE IN MINORITYINVESTMENT

COMPREHENSIVE INCOME (*)

BALANCE AT 31 DECEMBER OF 2011 1,921

0

0

0

0

-1,778

0

3,699

0

0

0 0

0

0

0

0

0

0

0

0

0

321,822 -19,324

0

0

0

0

-55,211

0

98,206

0

0

0 0

0

0

-101,905

0

0

0

0

0

452,880

2,758,671 0

0

0

0

0

0

0

0

0

0

0 0

0

0

0

0

0

0

0

0

0

0 3,211,772

452,880

0

0

0

-56,989

0

0

0

0

0 0

0

0

0

0

0

0

0

0

36,710

46,761 3,258,533

489,590

0

0

0

-56,989

0

0

0

0

0

(*) INCLUDES EARNED AND RECYCLED

BALANCE AT 31 DECEMBER OF 2009 147,855 249,724 -24,318 2,241,981 0 0 2,615,242 7,778 2,623,020


GRUPO BAFAR, S.A. DE C.V.

DATA PER SHARE


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PREVIOUS YEAR

AMOUNTREF D

CURRENT YEAR

AMOUNTCONCEPTS

d01

d02

d03

d04

d05

d08

d09

d10

d11

d13

d12

DILUTED PROFIT PER ORDINARY SHARE (**)

EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONSPER COMMON SHARE (**)

BASIC PROFIT PER PREFERRED SHARE (**)

DISCONTINUED OPERATIONS EFFECT ON EARNING(LOSS) PER SHARE (**)

CARRYNG VALUE PER SHARE

CASH DIVIDEND ACCUMULATED PER SHARE

DIVIDEND IN SHARES PER SHARE

MARKET PRICE TO CARRYING VALUE

MARKET PRICE TO BASIC PROFIT PER PREFERENT SHARE(**)

BASIC PROFIT PER ORDINARY SHARE (**)

MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE(**)

(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.

shares

times

times

times

shares

times

times

times

10.22

1.45

0.00

0.00

1.45

1.45

0.00

-0.14

1.66

17.00

0.00

0.85

0.00

0.85

0.85

0.00

9.08

0.00

0.33

1.63

17.35

0.00

$

$

$

$

$

$

$

$

$

$

$

$

$

$



RATIOS


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8.09

p01

p02

p03

p05

p06

p04

p07

p08p09p10

p12p11

NET CONSOLIDATED INCOME TO STOCKHOLDERS EQUITY (**)

NET INCOME TO TOTAL ASSETS (**)

NET CONSOLIDATED INCOME TO NET SALES

NET SALES TO NET ASSETS (**)

RESULT FROM MONETARY POSITION TO NET CONSOLIDATEDINCOME

CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME

NET SALES TO PROPERTY, PLANT AND EQUIPMENT (NET) (**)

INVENTORIES TURNOVER (**)ACCOUNTS RECEIVABLE IN DAYS OF SALESPAID INTEREST TO TOTAL LIABILITIES WITH COST (**)

TOTAL LIABILITIES TO STOCKHOLDERS EQUITY

YIELD

TOTAL LIABILITIES TO TOTAL ASSETS

(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.

ACTIVITY

LEVERAGE

p13

p14p16

p17

p15

p18

p19

p20

FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIESLONG-TERM LIABILITIES TO PROPERTY, PLANT ANDEQUIPMENT (NET)

CURRENT ASSETS TO CURRENT LIABILITIES

NET SALES TO TOTAL LIABILITIES (**)

INCOME (LOSS) AFTER GENERAL EXPENSES TO INTERESTPAID

CURRENT ASSETS LESS INVENTORY TO CURRENTLIABILITIESCURRENT ASSETS TO TOTAL LIABILITIESCASH AND SHORT-TERM INVESTMENTS TO CURRENTLIABILITIES

LIQUIDITY

%

%

%

%

times

%

times

timesdays

%

times%

%

%

times

times

times

times

times

%

%

%

%

%

times

%

times

timesdays

%

times%

%

%

times

times

times

times

times

%

8.45

16.50

10.09

0.00

0.00

1.19

3.47

335.89

38.880.64

53.99

8.07

4.61

3.07

1.19

0.89

1.04

32.87

4.62

9.64

5.94

0.00

0.00

1.29

3.54

8.9231

3.22

38.370.62

18.88

11.08

10.68

3.35

1.37

0.99

0.90

9.09

CURRENT YEARCONCEPTSREF P PREVIOUS YEAR

p14


MANAGEMENTÆS DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF

OPERATIONS


1


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FINANCIAL STATEMENT NOTES

STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED IN CONFORMITY

WITH MFRS, WHICH REQUIRE THAT MANAGEMENT MAKE CERTAIN ESTIMATES AND USE CERTAIN

ASSUMPTIONS THAT AFFECT THE AMOUNTS REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS

AND THEIR RELATED DISCLOSURES; HOWEVER, ACTUAL RESULTS MAY DIFFER FROM SUCH ESTIMATES.

THE COMPANY’S MANAGEMENT, UPON APPLYING PROFESSIONAL JUDGMENT, CONSIDERS THAT ESTIMATES

MADE AND ASSUMPTIONS USED WERE ADEQUATE UNDER THE CIRCUMSTANCES. THE SIGNIFICANT

ACCOUNTING POLICIES OF THE COMPANY ARE AS FOLLOWS:

A.ACCOUNTING CHANGES:

BEGINNING JANUARY 1, 2011, THE COMPANY ADOPTED THE FOLLOWING NEW NIFS:

NIF C-4, INVENTORIES - ELIMINATES THE DIRECT COST AND LAST-IN, FIRST-OUT VALUATION

METHODS. IT ESTABLISHES THAT ANY CHANGE IN THE PURCHASE COST OF INVENTORIES BASED ON

THE LOWER OF COST OR MARKET, BE MADE ONLY BASED ON NET REALIZABLE VALUE.

NIF C-5, PREPAID EXPENSE - ESTABLISHES THAT THEIR BASIC FEATURE IS THAT THEY DO NOT

TRANSFER TO THE COMPANY THE RISKS AND REWARDS INHERENT IN THE GOODS AND SERVICES TO BE

ACQUIRED OR RECEIVED. IT ALSO REQUIRES THAT IMPAIRMENT BE RECOGNIZED WHEN SUCH PAYMENTS

LOSE THEIR ABILITY TO GENERATE SUCH BENEFITS AND HOW THEY SHOULD BE PRESENTED IN THE

BALANCE SHEET, AS CURRENT OR LONG-TERM ASSETS.

NIF C-6, PROPERTY, PLANT AND EQUIPMENT - INCORPORATES THE TREATMENT OF EXCHANGE OF

ASSETS PURSUANT TO THEIR COMMERCIAL SUBSTANCE. IT INCLUDES THE BASIS TO DETERMINE THE

RESIDUAL VALUE OF A COMPONENT, CONSIDERING CURRENT AMOUNTS. IT ELIMINATES THE RULE OF

ASSIGNING A VALUE BASED ON AN APPRAISAL OF PROPERTY, PLANT AND EQUIPMENT ACQUIRED FREE

OF CHARGE OR AT AN INAPPROPRIATE COST. IT ALSO SETS THE RULE TO CONTINUE TO DEPRECIATE

A COMPONENT WHEN IT IS NOT IN USE, EXCEPT WHEN DEPRECIATION METHODS ARE BASED ON

ACTIVITY.

IMPROVEMENTS TO MEXICAN FINANCIAL REPORTING STANDARDS 2011 - THE MAIN IMPROVEMENTS THAT

GENERATE ACCOUNTING CHANGES ARE AS FOLLOWS:

NIF B-1, ACCOUNTING CHANGES AND CORRECTION OF ERRORS - REQUIRES THAT, IF AN ACCOUNTING

CHANGE IS MADE OR AN ERROR IS CORRECTED, A RETROACTIVELY ADJUSTED BALANCE SHEET BE

PRESENTED AS OF THE START OF THE EARLIEST PERIOD FOR WHICH FINANCIAL INFORMATION IS

COMPARED TO THAT OF THE CURRENT PERIOD.

BULLETIN C-3, ACCOUNTS RECEIVABLE - INCLUDES CRITERIA FOR THE RECOGNITION OF INTEREST

INCOME AND DOES NOT ALLOW RECOGNITION OF INTEREST INCOME FROM DIFFICULT-RECOVERY

RECEIVABLES.

BULLETIN D-5, LEASES - ESTABLISHES THAT THE DISCOUNT RATE TO BE USED BY THE LESSEE TO

DETERMINE THE ASSET’S PRESENT VALUE SHOULD BE THE INTEREST RATE IMPLICIT IN THE LEASE

AGREEMENT, PROVIDED DETERMINATION IS PRACTICAL; OTHERWISE, THE INCREMENTAL BORROWING

RATE SHOULD BE USED. BOTH THE LESSOR AND THE LESSEE SHOULD DISCLOSE COMPLETE

INFORMATION ON THEIR LEASING TRANSACTIONS. IT ALSO REQUIRES THAT THE GAIN OR LOSS FROM

THE SALE AND LEASEBACK OF THE ASSET UNDER A CAPITALIZABLE AGREEMENT BE DEFERRED AND

AMORTIZED OVER THE TERM OF THE AGREEMENT AND THAT THE GAIN OR LOSS FROM THE SALE AND

LEASEBACK OF THE ASSET UNDER AN OPERATING LEASE BE RECOGNIZED IN CURRENT EARNINGS AT

THE TIME OF SALE, WHEN THE TRANSACTION IS STATED AT FAIR VALUE




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THE ADOPTING OF THESE NEW STANDARDS, HAVE NO MATERIAL EFFECTS IN THE CONSOLIDATED

FINANCIAL STATEMENTS NOR THE CONSOLIDATED STATEMENTS OF INCOME.

B.RECLASSIFICATIONS - CERTAIN AMOUNTS IN THE CONSOLIDATED FINANCIAL STATEMENTS AS OF

AND FOR THE YEAR ENDED DECEMBER 31, 2010 HAVE BEEN RECLASSIFIED TO CONFORM TO THE

PRESENTATION OF THE 2011 CONSOLIDATED FINANCIAL STATEMENTS.

C.RECOGNITION OF THE EFFECTS OF INFLATION - SINCE THE CUMULATIVE INFLATION FOR THE

THREE FISCAL YEARS PRIOR TO THOSE ENDED DECEMBER 31, 2011 AND 2010 WAS 15.19% AND

14.48%, RESPECTIVELY, THE ECONOMIC ENVIRONMENT MAY BE CONSIDERED NON-INFLATIONARY IN

BOTH YEARS AND, CONSEQUENTLY, NO INFLATIONARY EFFECTS ARE RECOGNIZED IN THE

ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. INFLATION RATES FOR THE YEARS ENDED

DECEMBER 31, 2011 AND 2010 WERE 3.82% AND 4.40%, RESPECTIVELY.

BEGINNING ON JANUARY 1, 2008, THE COMPANY DISCONTINUED RECOGNITION OF THE EFFECTS OF

INFLATION IN ITS FINANCIAL STATEMENTS. HOWEVER, NON-MONETARY ASSETS AND LIABILITIES

AND STOCKHOLDERS’ EQUITY INCLUDE THE RESTATEMENT EFFECTS RECOGNIZED THROUGH DECEMBER

31, 2007.

D.CASH AND CASH EQUIVALENTS – CASH AND CASH EQUIVALENTS CONSIST MAINLY OF BANK DEPOSITS

IN CHECKING ACCOUNTS AND SHORT-TERM INVESTMENTS, HIGHLY LIQUID AND EASILY CONVERTIBLE

INTO CASH, MATURING WITHIN THREE MONTHS AS OF THEIR ADQUISITION DATE, WHICH ARE SUBJECT

TO INMATERIAL VALUE CHANGE RISKS. CASH IS STATED AT NOMINAL VALUE AND CASH EQUIVALENTS

ARE VALUED AT FAIR VALUE; ANY FLUCTUATIONS IN VALUE ARE RECOGNIZED IN COMPREHENSIVE

FINANCING COST OF THE PERIOD. CASH EQUIVALENTS ARE REPRESENTED MAINLY BY INVESTMENTS IN

MONEY MARKET FUNDS.

E.PERFORMING LOAN PORTFOLIO – PERFORMING LOAN PORTFOLIO REPRESENTS AMOUNTS DISBURSED TO

BORROWERS PLUS ACCRUED INTEREST RECEIVABLE.

F.INVENTORIES AND COST OF SALES – INVENTORIES CONSIST OF FINISHED GOODS, RAW MATERIALS,

MATERIALS AND SUPPLIES. INVENTORIES OF FINISHED GOODS, RAW MATERIALS, MATERIALS AND

SUPPLIES ARE STATED AT THE LOWER OF COST OR REALIZABLE VALUE, USING THE FIRST-IN,

FIRST-OUT METHOD. INVENTORIES OF LIVESTOCK ARE VALUED AT NET REALIZABLE VALUE; THE

DIFFERENCE BETWEEN THE ACQUISITION COST OF CATTLE AND THE NET REALIZABLE VALUE ARE

RECORDED DIRECTLY IN RESULTS OF THE YEAR.

WHEN AN IMPAIRMENT INDICATOR SUGGESTS THAT THE CARRYING AMOUNTS OF INVENTORIES MIGHT

NOT BE RECOVERABLE, THE COMPANY REVIEWS SUCH CARRYING AMOUNTS, ESTIMATES THE NET

REALIZABLE VALUE, BASED ON THE MOST RELIABLE EVIDENCE AVAILABLE AT THAT TIME.

IMPAIRMENT IS RECORDED IF THE NET REALIZABLE VALUE IS LESS THAN THE BOOK VALUE.

IMPAIRMENT INDICATORS CONSIDERED FOR THESE PURPOSES ARE, AMONG OTHERS, OBSOLESCENCE, A

DECREASE IN MARKET PRICES, DAMAGE, AND A FIRM COMMITMENT TO SELL.

G.PROPERTY, PLANT AND EQUIPMENT – PROPERTY, PLANT AND EQUIPMENT ARE RECORDED AT

ACQUISITION COST. BALANCES FROM DOMESTIC ACQUISITIONS MADE BETWEEN JANUARY 1, 1997 TO

DECEMBER 31, 2007 WERE RESTATED FOR THE EFFECTS OF INFLATION BY APPLYING FACTORS

DERIVED FROM THE NATIONAL CONSUMER PRICE INDEX (“NCPI”) THROUGH THAT DATE. IN THE CASE

OF FIXED ASSETS OF FOREIGN ORIGIN, THEIR ACQUISITION COST WAS RESTATED FOR THE EFFECTS

OF INFLATION THROUGH DECEMBER 31, 2007 BASED ON THE INFLATION OF THE COUNTRY OF ORIGIN

AND CONSIDERING THE EXCHANGE FLUCTUATIONS OF THE MEXICAN PESO AGAINST THE CURRENCY OF

THE COUNTRY OF ORIGIN. ASSETS ACQUIRED THROUGH DECEMBER 31, 1996 ARE STATED AT NET

REPLACEMENT VALUES BASED ON INDEPENDENT APPRAISALS THROUGH 1996, AS PERMITTED BY MFRS,

WHICH WERE SUBSEQUENTLY RESTATED THROUGH DECEMBER 31, 2007 FOR INFLATION USING FACTORS

DERIVED FROM THE NCPI. DEPRECIATION AND AMORTIZATION ARE CALCULATED USING THE STRAIGHT-

LINE METHOD BASED ON THE REMAINING USEFUL LIVES OF THE RELATED ASSETS.




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BIOLOGICAL ASSETS WERE CLASSIFIED AS RENEWABLE AND IMMATURE.

THE AIRCRAFT DEPRECIATION IS CALCULATED ACCORDING TO FLIGHT HOURS IN THE YEAR WITH

RELATION TO THE ESTIMATED TOTAL HOURS THE EQUIPMENT DURING ITS SERVICE LIFE.

COMPREHENSIVE FINANCING COST INCURRED DURING THE PERIOD OF CONSTRUCTION AND

INSTALLATION OF QUALIFYING PROPERTY, PLANT AND EQUIPMENT WAS CAPITALIZED AND RESTATED

FOR INFLATION THROUGH DECEMBER 31, 2007 USING THE NCPI.

H.BIOLOGICAL ASSETS – BIOLOGICAL ASSETS CONSIST OF TREES FROM WHICH NUTS WILL BE

HARVESTED. THEY ARE VALUED AT FAIR VALUE LESS ESTIMATED POINT OF SALE COSTS. THE

DIFFERENCE BETWEEN THE ACQUISITION COST OF THE TREES AND THEIR NET REALIZABLE VALUE IS

RECOGNIZED IN RESULTS. WHEN THE FAIR VALUE CANNOT BE DETERMINED RELIABLY, VERIFIABLY,

AND OBJECTIVELY, THE ASSETS ARE VALUED AT PRODUCTION COST LESS DEPRECIATION.

DEPRECIATION IS ESTIMATED BASED ON THE EXPECTED FUTURE LIVES AND DETERMINED BY THE

STRAIGHT LINE METHOD. THEY ARE CLASSIFIED AS CONSUMABLE OR RENEWABLE OR MATURE OR

IMMATURE ASSETS.

I.IMPAIRMENT OF LONG-LIVED ASSETS IN USE - THE COMPANY REVIEWS THE CARRYING AMOUNTS OF

LONG-LIVED ASSETS IN USE WHEN AN IMPAIRMENT INDICATOR SUGGESTS THAT SUCH AMOUNTS MIGHT

NOT BE RECOVERABLE, CONSIDERING THE GREATER OF THE PRESENT VALUE OF FUTURE NET CASH

FLOWS OR THE NET SALES PRICE UPON DISPOSAL. IMPAIRMENT IS RECORDED WHEN THE CARRYING

AMOUNTS EXCEED THE GREATER OF THE AFOREMENTIONED AMOUNTS. IMPAIRMENT INDICATORS

CONSIDERED FOR THESE PURPOSES ARE, AMONG OTHERS, OPERATING LOSSES OR NEGATIVE CASH

FLOWS IN THE PERIOD IF THEY ARE COMBINED WITH A HISTORY OR PROJECTION OF LOSSES,

DEPRECIATION AND AMORTIZATION CHARGED TO RESULTS, WHICH IN PERCENTAGE TERMS IN RELATION

TO REVENUES ARE SUBSTANTIALLY HIGHER THAN THAT OF PREVIOUS YEARS, OBSOLESCENCE,

REDUCTION IN THE DEMAND FOR THE PRODUCTS MANUFACTURED, COMPETITION AND OTHER LEGAL AND

ECONOMIC FACTORS.

J.FINANCIAL RISK MANAGEMENT POLICY – THE ACTIVITIES CARRIED OUT BY THE COMPANY EXPOSE

IT TO A NUMBER OF FINANCIAL RISKS, INCLUDING MARKET RISK (WHICH ENCOMPASSES FOREIGN

EXCHANGE, INTEREST RATE AND PRICE RISKS – SUCH AS INVESTMENT IN SHARE CERTIFICATES AND

COMMODITY PRICES FUTURES), CREDIT RISK AND LIQUIDITY RISKS. THE COMPANY SEEKS TO

MINIMIZE THE POTENTIAL NEGATIVE EFFECTS OF THESE RISKS ON ITS FINANCIAL PERFORMANCE

THROUGH AN OVERALL RISK MANAGEMENT PROGRAM. THE COMPANY USES DERIVATIVE AND NON-

DERIVATIVE FINANCIAL INSTRUMENTS TO HEDGE AGAINST SOME EXPOSURES TO FINANCIAL RISKS

EMBEDDED IN THE BALANCE SHEET (RECOGNIZED ASSETS AND LIABILITIES) AND OFF-BALANCE SHEET

RISKS (FIRM COMMITMENTS AND HIGHLY PROBABLE FORECASTED TRANSACTIONS). BOTH, FINANCIAL

RISK MANAGEMENT AND THE USE OF DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS ARE

RULED BY COMPANY POLICIES APPROVED BY THE BOARD OF DIRECTORS AND ARE CARRIED OUT BY THE

COMPANY’S TREASURY.

THE COMPANY IDENTIFIES, ASSESSES AND HEDGES FINANCIAL RISKS IN COLLABORATION WITH ITS

SUBSIDIARIES. THE BOARD OF DIRECTORS HAS APPROVED WRITTEN POLICIES OF A GENERAL NATURE

WITH RESPECT TO THE MANAGEMENT OF FINANCIAL RISKS, AS WELL AS POLICIES AND LIMITS

ASSOCIATED TO OTHER SPECIFIC RISKS; GUIDELINES FOR PERMISSIBLE LOSSES, WHEN THE USE OF

CERTAIN DERIVATIVE FINANCIAL INSTRUMENTS IS APPROVED, OR WHEN SUCH INSTRUMENTS CAN BE

DESIGNATED AS HEDGES, OR WHEN THEY DO NOT QUALIFY FOR HEDGE ACCOUNTING, BUT RATHER FOR

TRADING, WHICH IS THE CASE OF CERTAIN INTEREST RATE AND / OR FOREIGN CURRENCY FORWARDS

AND SWAPS THAT HAVE BEEN CONTRACTED. COMPLIANCE BY COMPANY’S MANAGEMENT OF ESTABLISHED

POLICIES AND EXPOSURE LIMITS IS REVIEWED BY INTERNAL AUDIT ON AN ONGOING BASIS.

CORPORATE TREASURY REPORTS QUARTERLY TO THE RISK MANAGEMENT COMMITTEE, WHICH IS PART OF

THE BOARD OF DIRECTORS, RESPONSIBLE FOR MONITORING RISKS AND THE POLICIES IMPLEMENTED

TO MITIGATE RISK EXPOSURES.




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K.GOODWILL – GOODWILL REPRESENTS THE EXCESS OF COST OVER THE FAIR VALUE OF THE

SUBSIDIARIES SHARES, AS OF THE DATE OF ACQUISITION. GOODWILL IS NOT AMORTIZED AND IS

SUBJECT TO IMPAIRMENT TESTS, AT LEAST ONCE A YEAR.

L.RIGHTS TO USE TRADEMARKS – RIGHTS TO USE TRADEMARKS ARE RECORDED AT ACQUISITION COST,

AND THROUGH DECEMBER 31, 2007 WERE RESTATED USING THE NCPI. THE RIGHTS FOR THE USE OF

TRADEMARKS ARE CONSIDERED INTANGIBLE ASSETS WITH INDEFINITE LIVES, ARE NOT AMORTIZED,

BUT THEIR VALUE IS SUBJECT TO IMPAIRMENT RULES, AT LEAST ONCE A YEAR. THROUGH DECEMBER

31, 2002, SUCH RIGHTS WERE AMORTIZED USING THE STRAIGHT–LINE METHOD BASED ON ESTIMATED

USEFUL LIVES NOT GREATER THAN 10 AND 4 YEARS, RESPECTIVELY.

M.OTHER ASSETS – COSTS INCURRED IN THE DEVELOPMENT PHASE THAT MEET CERTAIN REQUIREMENTS

AND THAT THE COMPANY HAS DETERMINED WILL HAVE FUTURE ECONOMIC BENEFITS ARE CAPITALIZED.

THEY WERE RESTATED THROUGH DECEMBER 31, 2007 FOR THE EFFECTS OF INFLATION, AND ARE

AMORTIZED BASED ON THE STRAIGHT-LINE METHOD OVER TEN YEARS. DISBURSEMENTS THAT DO NOT

MEET SUCH REQUIREMENTS, AS WELL AS RESEARCH COSTS, ARE RECORDED IN RESULTS OF THE

PERIOD IN WHICH THEY ARE INCURRED. PREOPERATING COSTS ARE RECORDED DIRECTLY TO RESULTS

OF THE PERIOD IN WHICH THEY ARE INCURRED.

N.PROVISIONS – PROVISIONS ARE RECOGNIZED FOR CURRENT OBLIGATIONS THAT ARISE FROM A PAST

EVENT, THAT WILL PROBABLY RESULT IN THE USE OF ECONOMIC RESOURCES, AND CAN BE

REASONABLY ESTIMATED.

O.DIRECT EMPLOYEE BENEFITS – DIRECT EMPLOYEE BENEFITS ARE CALCULATED BASED ON THE

SERVICES RENDERED BY EMPLOYEES, CONSIDERING THEIR MOST RECENT SALARIES. THE LIABILITY

IS RECOGNIZED AS IT ACCRUES. THESE BENEFITS INCLUDE MAINLY STATUTORY EMPLOYEE PROFIT

SHARING (PTU) PAYABLE, COMPENSATED ABSENCES, SUCH AS VACATION AND VACATION PREMIUMS,

AND INCENTIVES.

P.EMPLOYEE BENEFITS FROM TERMINATION, RETIREMENT AND OTHER – LIABILITIES FOR SENIORITY

PREMIUMS AND SEVERANCE PAYMENTS AT THE END OF THE WORK RELATIONSHIP ARE RECOGNIZED AS

COSTS OVER EMPLOYEE YEARS OF SERVICE AND SHOULD BE CALCULATED BY INDEPENDENT ACTUARIES

USING THE PROJECTED UNIT CREDIT METHOD AT NET DISCOUNT RATES PURSUANT TO MFRS. HOWEVER,

THE COMPANY’S MANAGEMENT DETERMINES ITS LIABILITY FOR EMPLOYEE RETIREMENT OBLIGATIONS

USING AN ESTIMATE OF FUTURE SENIORITY PREMIUMS TO BE PAID THAT HAVE BEEN INCURRED AS OF

DECEMBER 31, 2011 AND 2010. MANAGEMENT BELIEVES THERE IS NO MATERIAL DIFFERENCE BETWEEN

ITS ESTIMATE AND THE AMOUNT THAT WOULD BE DETERMINED BY INDEPENDENT ACTUARIES USING THE

PROJECTED UNIT CREDIT METHOD AT NET DISCOUNT RATES.

Q.STATUTORY EMPLOYEE PROFIT SHARING (PTU) – PTU IS RECORDED IN THE RESULTS OF THE YEAR

IN WHICH IT IS INCURRED AND PRESENTED UNDER OTHER (EXPENSES) AND INCOME IN THE

ACCOMPANYING CONSOLIDATED STATEMENTS OF INCOME. DEFERRED PTU IS DERIVED FROM TEMPORARY

DIFFERENCES THAT RESULT FROM COMPARING THE ACCOUNTING AND TAX BASES OF ASSETS AND

LIABILITIES AND IS RECOGNIZED ONLY WHEN IT CAN BE REASONABLY ASSUMED THAT A LIABILITY

MAY BE SETTED OR BENEFIT IS GENERATED, AND THERE IS NO INDICATION THAT CIRCUMSTANCES

WILL CHANGE IN SUCH A WAY THAT THE LIABILITIES WILL NOT BE PAID OR BENEFITS WILL NOT BE

REALIZED.

R.INCOME TAXES – INCOME TAX (“ISR”) AND THE BUSINESS FLAT TAX (“IETU”) ARE RECORDED IN

THE RESULTS OF THE YEAR THEY ARE INCURRED. TO RECOGNIZE DEFERRED INCOME TAXES, BASED ON

ITS FINANCIAL PROJECTIONS, THE COMPANY DETERMINES WHETHER IT EXPECTS TO INCUR ISR OR

IETU AND, ACCORDINGLY, RECOGNIZES DEFERRED TAXES BASED ON THE TAX IT EXPECTS TO PAY.

DEFERRED TAXES ARE CALCULATED BY APPLYING THE CORRESPONDING TAX RATE TO TEMPORARY

DIFFERENCES RESULTING FROM COMPARING THE ACCOUNTING AND TAX BASES OF ASSETS AND




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LIABILITIES AND INCLUDING, IF ANY, FUTURE BENEFITS FROM TAX LOSS CARRYFORWARDS AND

CERTAIN TAX CREDITS. DEFERRED TAX ASSETS ARE RECORDED ONLY WHEN THERE IS A HIGH

PROBABILITY OF RECOVERY.

TAX ON ASSETS – THE TAX ON ASSETS (IMPAC) THAT IS EXPECTED TO BE RECOVERED IS RECORDED

AS A TAX CREDIT AND IS PRESENTED IN THE CONSOLIDATED BALANCE SHEETS UNDER DEFERRED

INCOME TAXES.

S.FOREIGN CURRENCY TRANSACTIONS – FOREIGN CURRENCY TRANSACTIONS ARE RECORDED AT THE

APPLICABLE EXCHANGE RATE IN EFFECT AT THE TRANSACTION DATE. MONETARY ASSETS AND

LIABILITIES DENOMINATED IN FOREIGN CURRENCY ARE TRANSLATED INTO MEXICAN PESOS AT THE

APPLICABLE EXCHANGE RATE IN EFFECT AT THE BALANCE SHEET DATE. EXCHANGE FLUCTUATIONS ARE

RECORDED AS A COMPONENT OF COMPREHENSIVE FINANCING COST IN THE CONSOLIDATED STATEMENTS

OF INCOME.

T.REVENUE RECOGNITION – REVENUES ARE RECOGNIZED IN THE PERIOD IN WHICH THE RISKS AND

REWARDS OF OWNERSHIP OF THE INVENTORIES ARE TRANSFERRED TO THE CUSTOMERS, WHICH

GENERALLY COINCIDES WITH THE DELIVERY OF PRODUCTS TO CUSTOMERS IN SATISFACTION OF

ORDERS.

U.RECOGNITION OF INTEREST INCOME – INTEREST EARNED ON LOANS IS RECOGNIZED IN THE

STATEMENT OF INCOME AS ACCRUED IN ACCORDANCE WITH THE DEADLINES SPECIFIED IN CONTRACTS

WITH BORROWERS AND INTEREST RATES.

V.INTEREST EXPENSE – INTERESTS ON BORROWINGS ARE RECOGNIZED IN THE CONSOLIDATED

STATEMENTS OF INCOME AS ACCRUED.

W.EARNINGS PER SHARE - BASIC EARNINGS PER COMMON SHARE ARE CALCULATED BY DIVIDING

CONTROLLING INTEREST BY THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING DURING

THE YEAR. DILUTED EARNINGS PER SHARE ARE DETERMINED BY ADJUSTING CONTROLLING INTEREST

AND COMMON SHARES ON THE ASSUMPTION THAT THE COMPANY’S COMMITMENTS TO ISSUE OR EXCHANGE

ITS OWN SHARES WOULD BE REALIZED. AS OF DECEMBER 31, 2011, THERE WERE NO COMMITMENTS TO

ISSUE OR EXCHANGE ITS OWN SHARES.

NEW ACCOUNTING PRINCIPLES

AS PART OF ITS EFFORTS TO MAKE MEXICAN STANDARDS CONVERGE WITH INTERNATIONAL STANDARDS,

IN 2011, THE MEXICAN BOARD FOR RESEARCH AND DEVELOPMENT OF FINANCIAL INFORMATION

STANDARDS (“CINIF”) ISSUED THE FOLLOWING MEXICAN FINANCIAL REPORTING STANDARDS (NIFS),

INTERPRETATIONS TO FINANCIAL INFORMATION STANDARDS (INIFS) AND IMPROVEMENTS TO NIFS,

WHICH BECOME EFFECTIVE FOR FISCAL YEARS BEGINNING ON JANUARY 1, 2012.

B-3, STATEMENT OF COMPREHENSIVE INCOME

B-4, STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

C-6, PROPERTY, PLANT AND EQUIPMENT

IMPROVEMENTS TO MEXICAN FINANCIAL REPORTING STANDARDS 2012

SOME OF THE MOST IMPORTANT CHANGES ESTABLISHED BY THESE STANDARDS ARE:

NIF B-3 - STATEMENT OF COMPREHENSIVE INCOME - PROVIDES THE OPTIONS OF PRESENTING A) A

SINGLE STATEMENT CONTAINING THE ITEMS THAT MAKE UP NET INCOME, AS WELL AS OTHER

COMPREHENSIVE INCOME (OCI)) AND EQUITY IN OCI OF OTHER ENTITIES AND BE NAMED STATEMENT

OF COMPREHENSIVE INCOME, OR B) TWO STATEMENTS: THE STATEMENT OF INCOME, WHICH SHOULD

INCLUDE ONLY ITEMS THAT MAKE UP NET INCOME AND THE STATEMENT OF OTHER COMPREHENSIVE

INCOME, WHICH SHOULD START FROM NET INCOME AND IMMEDIATELY PRESENT OCI ITEMS AND

EQUITY IN OCI OF OTHER ENTITIES. IN ADDITION, NIF B-3 ESTABLISHES THAT ITEMS SHOULD

NOT BE SEPARATELY PRESENTED AS NON-ORDINARY IN THE FINANCIAL STATEMENT OR THE NOTES TO




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THE FINANCIAL STATEMENTS.

NIF B-4, STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - ESTABLISHES THE GENERAL RULES

FOR THE PRESENTATION AND STRUCTURE OF THE STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY,

SUCH AS SHOWING RETROACTIVE ADJUSTMENTS DUE TO ACCOUNTING CHANGES AND CORRECTION OF

ERRORS THAT AFFECT THE BEGINNING BALANCES OF STOCKHOLDERS' EQUITY AND PRESENTING

COMPREHENSIVE INCOME IN A SINGLE LINE ITEM, PROVIDING A DETAIL OF ALL ITEMS MAKING IT

UP, ACCORDING TO THE NIF B-3.

NIF C-6, PROPERTY, PLANT AND EQUIPMENT - ESTABLISHES THE OBLIGATION TO DEPRECIATE

COMPONENTS THAT ARE REPRESENTATIVE OF AN ITEM OF PROPERTY, PLANT AND EQUIPMENT,

REGARDLESS OF DEPRECIATING THE REST OF THE ITEM, AS IF IT WERE A SINGLE COMPONENT.

IMPROVEMENTS TO MEXICAN FINANCIAL REPORTING STANDARDS 2012 -THE MAIN IMPROVEMENTS THAT

GENERATE ACCOUNTING CHANGES THAT SHOULD BE RECOGNIZED RETROACTIVELY IN FISCAL YEARS

BEGINNING ON JANUARY 1, 2012 ARE:

BULLETIN B-14, EARNINGS PER SHARE - STATES THAT DILUTED EARNINGS PER SHARE SHOULD BE

CALCULATED AND DISCLOSED WHEN THE RESULT FROM CONTINUING OPERATIONS IS A LOSS,

REGARDLESS OF WHETHER NET INCOME IS REPORTED.

NIF C-1, CASH AND CASH EQUIVALENTS - REQUIRES THAT CASH AND RESTRICTED CASH EQUIVALENTS

BE PRESENTED IN THE BALANCE SHEET AT SHORT TERM, PROVIDED SUCH RESTRICTION EXPIRES

WITHIN 12 MONTHS FROM THE BALANCE SHEET DATE; IF THE RESTRICTION EXPIRES AT A LATER

DATE, THIS LINE ITEM SHOULD BE PRESENTED UNDER LONG-TERM ASSETS.

BULLETIN C-11, STOCKHOLDERS’ EQUITY - ELIMINATES THE RULE TO RECORD DONATIONS RECEIVED

BY AN ENTITY, AS PART OF CAPITAL CONTRIBUTIONS, WHICH, ACCORDING TO NIF B-3, STATEMENT

OF INCOME, SHOULD BE RECORDED AS REVENUE IN THE STATEMENT OF INCOME.

BULLETIN C-15, ACCOUNTING FOR IMPAIRMENT AND DISPOSAL OF LONG-LIVED ASSETS -

ELIMINATES: A) THE RESTRICTION THAT AN ASSET BE NOT IN USE TO CLASSIFY IT AS AVAILABLE-

FOR-SALE, AND B) THE REVERSAL OF GOODWILL IMPAIRMENT LOSSES. IT ALSO ESTABLISHES THAT

IMPAIRMENT LOSSES IN THE VALUE OF LONG-LIVED ASSETS BE PRESENTED IN THE STATEMENT OF

INCOME UNDER THE CORRESPONDING COST AND EXPENSE LINE ITEMS AND NOT UNDER OTHER INCOME

AND EXPENSES, OR AS A SPECIAL ITEM.

NIF D-3, EMPLOYEE BENEFITS - REQUIRES THAT CURRENT AND DEFERRED PTU BE PRESENTED IN THE

STATEMENT OF INCOME UNDER THE CORRESPONDING COST AND EXPENSE LINE ITEMS AND NOT UNDER

OTHER INCOME AND EXPENSES.

ALSO, OTHER IMPROVEMENTS TO MEXICAN FINANCIAL REPORTING STANDARDS 2012 WERE ISSUED THAT

DO NOT GENERATE ACCOUNTING CHANGES AND WHICH REQUIRE FURTHER DISCLOSURES ABOUT KEY

ASSUMPTIONS USED IN THE ESTIMATES AND VALUATION OF ASSETS AND LIABILITIES AT FAIR

VALUE, THAT MIGHT GIVE RISE TO SIGNIFICANT ADJUSTMENTS TO SUCH VALUES IN THE NEXT

ACCOUNTING PERIOD.

AT THE DATE OF ISSUANCE OF THESE CONSOLIDATED FINANCIAL STATEMENTS, THE COMPANY HAS NOT

FULLY ASSESSED THE EFFECTS OF ADOPTING THESE NEW STANDARDS ON ITS CONSOLIDATED

FINANCIAL INFORMATION, BUT CONSIDERS THAT SUCH EFFECTS NOT BE MATERIAL TO THE

CONSOLIDATED FINANCIAL STATEMENTS NOR THE CONSOLIDATED STATEMENTS OF INCOME.

23.EFFECTS OF ADOPTING INTERNATIONAL FINANCIAL REPORTING STANDARDS

THE NATIONAL BANKING AND SECURITIES COMMISSION (CNBV) REQUIRES CERTAIN ENTITIES THAT

DISCLOSE THEIR FINANCIAL INFORMATION TO THE PUBLIC THROUGH THE MEXICAN STOCK EXCHANGE,




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THAT BEGINNING IN 2012, THEY MUST PREPARE AND DISCLOSE THEIR FINANCIAL INFORMATION

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS), ISSUED BY THE

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB).

THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDING DECEMBER 31, 2012 TO BE

ISSUED BY THE COMPANY WILL BE ITS FIRST ANNUAL CONSOLIDATED FINANCIAL STATEMENTS THAT

COMPLY WITH IFRS. THE TRANSITION DATE IS JANUARY 1, 2011 AND, THEREFORE, THE YEAR ENDED

DECEMBER 31, 2011 WILL BE THE COMPARATIVE PERIOD ESTABLISHED BY IFRS 1, FIRST-TIME

ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. ACCORDING TO IFRS 1, THE

COMPANY WILL APPLY THE RELEVANT MANDATORY EXCEPTIONS AND CERTAIN OPTIONAL EXEMPTIONS TO

THE RETROACTIVE APPLICATION OF IFRS.

THE COMPANY WILL APPLY THE RELEVANT MANDATORY EXCEPTIONS TO THE RETROACTIVE APPLICATION

OF IFRS AS FOLLOWS:

CALCULATION OF ESTIMATES - ESTIMATES AT THE DATE OF TRANSITION ARE CONSISTENT WITH

ESTIMATES AT THE SAME DATE UNDER MEXICAN FINANCIAL REPORTING STANDARDS (MFRS), UNLESS

THERE IS EVIDENCE OF ERROR IN THESE ESTIMATES.

CANCELLATION AND TRANSFER OF FINANCIAL ASSETS AND LIABILITIES - FINANCIAL ASSETS AND

LIABILITIES THAT WERE CANCELLED PRIOR TO JANUARY 1, 2004 ARE NOT RECOGNIZED, UNLESS:

-THE COMPANY DECIDES TO RECOGNIZE THEM; AND

-THE INFORMATION REQUIRED TO APPLY THE CRITERIA FOR THE CANCELLATION OF FINANCIAL

ASSETS AND LIABILITIES ACCORDING TO IFRS HAS BEEN GATHERED AT THE TIME OF THE INITIAL

RECORDING OF TRANSACTIONS.

NON-CONTROLLING INTERESTS - CERTAIN REQUIREMENTS TO RECOGNIZE AND PRESENT NON-

CONTROLLING INTERESTS WILL BE APPLIED PROSPECTIVELY AS OF THE DATE OF TRANSITION.

THE COMPANY CHOSE THE FOLLOWING OPTIONAL EXEMPTIONS TO THE RETROACTIVE APPLICATION OF

IFRS:

BUSINESS COMBINATIONS -THE BUSINESS COMBINATIONS EXEMPTION WILL BE APPLIED; THEREFORE,

NO REFORMULATIONS HAVE BEEN MADE TO BUSINESS COMBINATIONS THAT TOOK PLACE BEFORE THE

DATE OF TRANSITION.

ASSUMED COST - THE ASSUMED COST EXEMPTION WILL BE APPLIED; THEREFORE, THE COMPANY HAS

OPTED FOR USING THE FAIR VALUE AS OF THE DATE OF TRANSITION AS ASSUMED COST FOR CERTAIN

PROPERTY, PLANT AND EQUIPMENT.

LEASES - THE LEASE EXEMPTION WILL BE APPLIED; THEREFORE, THE COMPANY DETERMINED WHETHER

AN AGREEMENT IN EFFECT AT THE DATE OF TRANSITION CONTAINS A LEASE BASED ON FACTS AND

CIRCUMSTANCES EXISTING AS OF THAT DATE.

EMPLOYEE BENEFITS -THE EMPLOYEE BENEFITS EXEMPTION WILL BE APPLIED; THEREFORE, ALL

ACTUARIAL GAINS (LOSSES) CUMULATIVE AS OF THE DATE OF TRANSITION ARE RECOGNIZED.

BELOW IS A SUMMARY OF THE MAIN DIFFERENCES THE COMPANY HAS IDENTIFIED IN ITS TRANSITION

FROM NIFS TO IFRS AS OF THE DATE OF THESE CONSOLIDATED FINANCIAL STATEMENTS, AS WELL AS

AN ESTIMATE OF THEIR MOST SIGNIFICANT EFFECTS.

EFFECTS OF INFLATION - ACCORDING TO IFRS, INFLATIONARY EFFECTS ARE RECOGNIZED IN THE

FINANCIAL STATEMENTS WHEN THE ECONOMY OF THE CURRENCY IN WHICH THE COMPANY’S

TRANSACTIONS ARE RECORDED IS CONSIDERED HYPERINFLATIONARY. THE MEXICAN ECONOMY CEASED

TO BE HYPERINFLATIONARY IN 1999 AND, AS A RESULT, THE INFLATIONARY EFFECTS RECOGNIZED




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BY THE COMPANY THROUGH DECEMBER 31, 2007 UNDER NIFS WERE REVERSED, REPRESENTING A

DECREASE IN RETAINED EARNINGS OF APPROXIMATELY $248,034 MAINLY ORIGINATED UNDER OTHER

ASSETS (RIGHTS OF USE OF MARKS), AS OF THE DATE OF TRANSITION. THEIR IMPACT ON THE

CONSOLIDATED STATEMENTS OF INCOME FOR 2011 IS NOT SIGNIFICANT.

EMPLOYEE BENEFITS - ACCORDING TO IFRS, THE SEVERANCE PAYMENT PROVISION IS NOT

RECOGNIZED UNTIL THE COMPANY IS CAPABLE OF EVIDENCING ITS COMMITMENT TO END THE

RELATIONSHIP WITH THE EMPLOYEE OR HAS MADE HIM/HER AN OFFER TO ENCOURAGE VOLUNTARY

RETIREMENT. THEREFORE, THE $5,989 LIABILITY RECORDED ACCORDING TO NIFS WAS ELIMINATED.

THE IMPACT OF THESE DIFFERENCES IN THE CONSOLIDATED STATEMENTS OF INCOME FOR 2011 ARE

NOT SIGNIFICANT.

DEFERRED TAXES - ACCORDING TO IFRS, DEFERRED TAXES WERE RECALCULATED USING THE BOOK

VALUES OF ASSETS AND LIABILITIES AS ADJUSTED ACCORDING TO IFRS, WHICH RESULTED IN A

REDUCTION IN RETAINED EARNINGS OF APPROXIMATELY $49,171. WE APPLIED THE EXEMPTION OF

IAS 12 TO RECOGNIZE LIABILITIES DEFERRED INCOME TAXES OF THE ITEMS DID NOT AFFECT THE

ACCOUNTING BASIS AND TAX BASIS AT INITIAL RECOGNITION. THE EFFECT WAS AN INCREASE TO

RETAINED EARNINGS BY $ 23,495.

PROPERTY, PLANT AND EQUIPMENT AND OTHER ASSETS - THE COMPANY USED THE FAIR VALUE AT THE

DATE OF TRANSITION AS THE COST INCURRED AND SEPARATED THE SIGNIFICANT COMPONENTS WITH

DIFFERENT USEFUL LIVES TO THE REST OF THE ASSETS MAKING UP A GROUP OF ASSETS. CERTAIN

INTANGIBLES THAT WERE CANCELED DID NOT COMPLY WITH IFRS REQUIREMENTS FOR RECOGNITION AS

INTANGIBLE ASSETS, THE NET EFFECTS OF THESE ITEMS REPRESENTED AN INCREASE IN RETAINED

EARNINGS OF $ 81,507. THE COMPANY ELIMINATE THE REDEMPTION OF THE RIGHTS TO USE A

TRADEMARK THAT HAD BEEN RECOGNIZED UNTIL DECEMBER 31, 2002, WHICH REPRESENTED AN

INCREASE IN RETAINED EARNINGS OF $ 256,568.

OTHER DIFFERENCES IN PRESENTATION AND DISCLOSURES IN THE FINANCIAL STATEMENTS - IFRS

DISCLOSURE REQUIREMENTS ARE, GENERALLY, WIDER IN SCOPE THAN THOSE OF NIFS. THIS MAY

RESULT IN A LARGER NUMBER OF DISCLOSURES REGARDING ACCOUNTING POLICIES, SIGNIFICANT

JUDGMENTS AND ESTIMATES; FINANCIAL INSTRUMENTS AND RISK MANAGEMENT, AMONG OTHERS. IN

ADDITION, THERE MAY BE DIFFERENCES IN PRESENTATION, FOR EXAMPLE, IFRS REQUIRE A

STATEMENT OF COMPREHENSIVE INCOME THAT IS NOT REQUIRED UNDER IFRS.


ANALYSIS OF INVESTMENTS IN SHARES


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SUBSIDIARIES


AUDITED INFORMATION

COMPANY NAME MAIN ACTIVITIES NUMBER OF SHARES % OWNERSHIP

99.99107,130,189COMERCIALIZACION DEPRODUCTOS ALIMENTICIintercarnes sa de cv

99.991,105,266TENEDORA DE ACCIONESDEMARIUS, S.A DE C.V.

99.99254,607,196COMERCIALIZACION DEPRODUCTOS ALIMENTICIONUS COMERCIAL, S.A. DE C.V.

99.9950,349,000PRESTACION DE SERVICIOSADMINISTRATIVOSCIBALIS, S.A. DE C.V.

99.99125,779,014PROPIETARIA DE LAS MARCASAIAX, S.A. DE C.V.

51.0027,500,000PROD. Y PROCESAMIENTO DEPOLLOLECTIO, S DE RL DE CV

100.001,000COMERCIALIZACION DE ALIMENTOS,PREST. SELONG HORN WAREHOUSES, INC

99.9950,000SERVICIOS DE AGENCIAS DE VIAJESDESTINIA AGENCIA DE VIAJES

99.9850,000,000REALIZACION DE ACTIVIDADESAUXILIARES DE

VEXTOR ACTIVO, SA DE CV SOFOMENR

83.331SERVICIOS DE BENEFICIENCIAFUNDACION BAFAR, A.C.

100.00100TENEDORABAFAR HOLDINGS, INC

100.000PRESTACION SEVICIOS LOGISTICALONG HORN AVIATION

99.9950,000SIEMBRA CULTIVO Y COSECHA DEOTROS CULTI

AGROINDUSTRIA MERCANTIL SANANTONIO S DE RL DE CV

100.001APOYAR ECONOMICAMENTE O ENBIENES EN ESPFUNDACION GRUPO BAFAR AC

99.99592,099,548INMOBILIARIASEXTENSION INMOBILIARIA SA DE CV



BREAKDOWN OF CREDITS


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(Thousand Pesos)


AUDITED INFORMATION

UNTIL 4 YEARUNTIL 3 YEARUNTIL 2 YEARUNTIL 1 YEARCURRENT YEAR

AMORTIZATIONDATE

UNTIL 5 YEAR

AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $)

TIME INTERVAL

UNTIL 5 YEARUNTIL 4 YEARUNTIL 3 YEARUNTIL 2 YEARUNTIL 1 YEARCURRENT YEAR


TIME INTERVALINTEREST RATEDATE OFCONTRACTCREDIT TYPE / INSTITUTION WITH FOREING

INSTITUTION

BANKS

FOREIGN TRADE

SECURED

BBVA 8.8931/12/2013 18,000 18,000 1,500 0 0NOT APPLIED 19/01/2007

SCOTIABANK 9.5030/09/2013 22,000 22,000 22,000 22,000 62,334NOT APPLIED 31/10/2008

COMMERCIAL BANKS

COBANK 4.6031/12/2008 1,456 0 0 0 0YES

COBANK 4.6031/12/2008 1,530 0 0 0 0YES

COBANK 4.6031/12/2008 863 0 0 0 0YES

COBANK 4.6031/12/2008 2,110 0 0 0 0NOT

BANAMEX 1.6707/02/2012 69,894 0 0 0 009/08/2011NOT

BANAMEX 1.6513/02/2012 76,184 0 0 0 016/08/2011NOT

BANAMEX 1.6421/02/2012 55,915 0 0 0 023/08/2011NOT

BANAMEX 1.6528/02/2012 46,130 0 0 0 030/08/2011NOT

BANAMEX 1.6507/03/2012 31,452 0 0 0 007/09/2011NOT

BANAMEX 1.6420/12/2011 69,894 0 0 0 021/09/2011NOT

BANAMEX 1.6812/03/2012 69,894 0 0 0 014/12/2011NOT

SCOTIABANK 1.9412/03/2012 33,549 0 0 0 014/09/2011NOT

BBVA 2.2904/01/2012 69,894 0 0 0 006/10/2011NOT

BBVA 2.2910/01/2012 69,894 0 0 0 012/10/2011NOT

BBVA 2.2918/01/2012 69,894 0 0 0 020/10/2011NOT

SANTANDER 2.1814/03/2012 26,559 0 0 0 015/12/2011NOT

SCOTIABANK 1.9526/09/2011 144,930 0 0 0 030/03/2011NOT

SCOTIABANK 2.0803/02/2012 44,731 0 0 0 010/08/2011NOT

SANTANDER 2.1826/03/2012 113,226 0 0 0 027/12/2011NOT

OTHER

NACIONAL FINANCIERA 731/07/2011 164,141 0 0 0 001/09/2010NOT APPLIED

BBVA BANCOMER 6.1317/02/2012 60,000 0 0 0 019/12/2011NOT APPLIED

713/07/2011 5,811 0 0 0 001/09/2010NOTNACIONAL FINANCIERA

TOTAL BANKS 0 264,141 40,000 23,500 22,000 62,334 0 1,003,810 0 0 0 0





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(Thousand Pesos)AUDITED INFORMATION

CREDIT TYPE / INSTITUTION AMORTIZATION DATE INTEREST RATE

CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR CURRENT YEAR UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEAR

TIME INTERVAL


TIME INTERVAL


WITH FOREINGINSTITUTION

DATE OFCONTRACT

UNSECURED

LISTED STOCK EXCHANGE

STOCK MARKET

SECURED

UNSECURED

PRIVATE PLACEMENTS

SECURED

TOTAL BANKS 0 0 0 0 0 0 0 0 0 0 0 0




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(Thousand Pesos)


AUDITED INFORMATION

UNTIL 1 YEAR UNTIL 2 YEAR UNTIL 3 YEAR UNTIL 4 YEAR UNTIL 5 YEARCURRENT YEARUNTIL 5 YEARUNTIL 4 YEARUNTIL 3 YEARUNTIL 2 YEARUNTIL 1 YEARCURRENT YEAR

AMORTIZATIONDATE

DATE OFAGREEMENT

WITH FOREINGINSTITUTIONCREDIT TYPE / INSTITUTION TIME INTERVALTIME INTERVAL

AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $) AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $)

SUPPLIERS

PROVEED. CARNICOS 379,434 0 0 0 0NOT APPLIED

PROVEEDOPRES 6,133 0 0 0 0NOT

TOTAL SUPPLIERS 0 379,434 0 0 0 0 0 6,133 0 0 0 0

OTHER CURRENT LIABILITIESWITHOUT COST (S26)

OTHER LOANS WITH COST (S103 YS30)

0 0 0 0 0 0NOT

TOTAL 0 769,475 40,000 23,500 22,000 62,334 0 1,009,943 0 0 0 0

OTROS 65,040NOT APPLIED

OTROS 0

TOTAL 0 60,860 0 0 0 0 0 0 0 0 0 0

TOTAL 0 65,040 0 0 0 0 0 0 0 0 0 0

OBLIGACIONES PRIVADAS 6.531/12/2011 60,860 0 0 0 0NOT APPLIED

MEXICAN STOCK EXCHANGESTOCK EXCHANGE CODE:

MONETARY FOREIGN CURRENCY POSITION

(Thousand Pesos)


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BAFARGRUPO BAFAR, S.A. DE C.V.

AUDITED INFORMATION

OTHER CURRENCIES

MONETARY ASSETS

LIABILITIES POSITION

SHORT-TERM LIABILITIES POSITION

NET BALANCE

LONG-TERM LIABILITIES POSITION

FOREIGN CURRENCY POSITIONDOLLARS PESOS DOLLARS

2,378

80,668

499 6,976

81,167 1,121,559 13 0

33,247

1,121,559

1,114,583

6,976

-1,088,312-78,789 -13 0 -1,088,312

DOLLARS

33,247 0 0

0 0

1,114,583 13 0

PESOS

TOTAL THOUSANDSOF PESOS

EL TIPO DE CAMBIO UTILIZADO PARA DOLARES AMERICANOS (USD) ES DE13.9787

EL TIPO DE CAMBIO UTILIZADO PARA EUROS (EUR) ES DE18.0454

NOTES



(Thousand Pesos)


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AUDITED INFORMATION

MONTH MONETARY ASSETS MONETARYLIABILITIES

(ASSET) LIABILITYMONETARYPOSITION

MONTHLYINFLATION

MONTHLY PROFITAND (LOSS)

0 0 0 0.00 0JANUARY0 0 0 0.00 0FEBRUARY0 0 0 0.00 0MARCH


DEBT INSTRUMENTS


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NO APLICA

FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE


DEBT INSTRUMENTS


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ACTUAL SITUATION OF FINANCIAL LIMITED


PLANTS, COMMERCE CENTERS OR DISTRIBUTIONCENTERS


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AUDITED INFORMATION

PLANT OR CENTER ECONOMIC ACTIVITY UTILIZATION(%)PLANT CAPACITY

PROCESAMIENTO Y COMERCIALIZACIONINST Y MAQUINARIA INMAQ, S.A. 96.0017,435

COMPRA VENTA DE GANADO BOVINO ENINTERCARNES, S.A. DE C.V. 13.448,000

PLANTASLECTIO, S. DE R.L. DE C.V. 18.9712,958

NOTES


MAIN RAW MATERIALS


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AUDITED INFORMATION

DOMESTIC MAIN SUPPLIERS FOREIGN DOM.SUBST.

COSTPRODUCTION

(%)

Carnicos AJC INTERNACIONALINC Importación SI 2.92

Carnicos AMERICAN BEEF SA DECV Importación SI 0.52

Carnicos CARGILL MEATSOLUTIONS CO Importación SI 14.77

Carnicos INTERRAINTERNATIONAL INC Importación SI 2.33

Carnicos NORTHERN BEEFINDUSTRIES Importación SI 1.38

Carnicos PILGRIMS PRIDE S DERL DE Importación SI 7.50

Carnicos PORKY PRODUCTS INC Importación SI 4.47

Carnicos PRIME INTERNATIONALLLC Importación SI 1.51

Carnicos SARA LEE FOODS Importación SI 2.92

Carnicos TYSON FOODS INC Importación SI 2.44

Carnicos TYSON FRESH MEATSINC Importación SI 7.73

Carnicos AGROSUPERCOMERCIAL Nacional 2.07

Secos y Empaques ARANAL SA DE CV. Nacional 0.62

Carnicos CARNES FINAS DECAMARGO S Nacional 0.65

Carnicos CONSORCIO DIPSENSA DE CV Nacional 0.87

Secos y Empaques INOVA FOODS SA DECV Nacional 1.63

Secos y Empaques PROVEEDORES DEINGENIERIA Nacional 1.26

Secos y Empaques PUEBLAESPECIALIDADES IND Nacional 1.31

Secos y Empaques SOLAE DE MEXICO SADE CV Nacional 1.46

Secos y Empaques VISCOFAN DE MEXICOS DE R Nacional 1.47

0.00

0.00

0.00

0.00

0.00

0.00

NOTES


SALES DISTRIBUTION BY PRODUCT


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NET SALES/TOTAL SALES


AUDITED INFORMATION

VOLUME AMOUNT

NET SALES

TRADEMARKS CUSTOMERS

MAINMAIN PRODUCTS MARKET

SHARE (%)

DOMESTIC SALES

6,173,465163,658CARNICOS 0.00 AUTOSERVICIOS Y TIENBAFAR, sabori, burr

113,55130,803OTROS 0.00 VARIOSCAPITAN

FOREIGN SALES

CARNICOS 75,113 0.00 VARIOS DISTRIBUIDOREBAFAR1,874

0 0.000

TOTAL 6,362,129


SALES DISTRIBUTION BY PRODUCT


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FOREIGN SALES


AUDITED INFORMATION

EXPORT

VOLUME AMOUNT

NET SALESDESTINATION

TRADEMARKS CUSTOMERS

MAINMAIN PRODUCTS

GANADO 99080 E.U.A. VARIOS

FOREIGN SUBSIDIARIES

CARNICOS 52,5341,311 E.U.A. VARIOS DISTRIBUIDOREBAFAR

TOTAL 53,524

NOTES


PROJECT, AMOUNT EXERCISED AND PROGRESSPERCENTAGE


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INFORMATION RELATED TO BULLETIN B-15(FOREIGN CURRENCY TRANSLATION)


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PAGE 1 1/

FOREIGN SUBSIDIARY FINANCIAL STATEMENT CONVERSION

TO CONSOLIDATE THE FINANCIAL STATEMENTS OF FOREIGN SUBSIDIARIES WHICH OPERATIONS ARE

CONSIDERED INTEGRATED TO THE COMPANY (GRUPO BAFAR), THE MONETARY ASSETS AND LIABILITIES

ARE CONVERTED TO THE EXCHANGE RATE AT THE CLOSURE OF THE BALANCE SHEET, NON MONETARY

ASSETS AND LIABILITIES AND THE STOCKHOLDERS' EQUITY ARE CONVERTED TO THE HISTORICAL

EXCHANGE RATE OF THE DATE ON WHICH THE OPERATIONS AND CONTRIBUTIONS WERE MADE,

RESPECTIVELY. THE PROFITS, COSTS AND EXPENSES ARE CONVERTED TO THE AVERAGE EXCHANGE

RATE. THE CONVERSION EFFECTS ARE RECORDED IN THE EXERCISE'S RESULTS.



ANALYSIS OF PAID CAPITAL STOCK


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MEXICAN FREE SUBSCRIPTIONSERIES

VARIABLE PORTION FIXED VARIABLE

CAPITAL STOCK

FIXED PORTION

NUMBER OF SHARESVALIDCOUPONNOMINAL VALUE

0 0B 0.00000 120,000,000 194,153,014 20,000 34,2295

TOTAL 34,22920,00000194,153,014120,000,000

TOTAL NUMBER OF SHARES REPRESENTING THE PAID IN CAPITALSTOCK ON THE DATE OF SENDING THE INFORMATION 314,153,014

NOTES


DERIVATIVE FINANCIAL INSTRUMENTS


1


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PAGE 1/

Documents

MEXICAN STOCK EXCHANGE - dgi.com.mxdgi.com.mx/bafar/downloads/bmv/IVT2011 Ingles Dictaminado.pdf · mexican stock exchange grupo bafar, s.a. de c.v. balance sheets stock exchange