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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. BALANCE SHEETS
STOCK EXCHANGE CODE:
(Thousand Pesos)
BREAKDOWN OF MAIN CONCEPTS
YEAR:QUARTER: 201104
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. BALANCE SHEETS
STOCK EXCHANGE CODE:
(Thousand Pesos)BREAKDOWN OF MAIN CONCEPTS
YEAR:QUARTER: 201104
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. BALANCE SHEETS
STOCK EXCHANGE CODE:
(Thousand Pesos)OTHER CONCEPTS
YEAR:QUARTER: 201104
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(Thousand Pesos)BREAKDOWN OF MAIN CONCEPTS
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
COMPREHENSIVE FINANCING RESULT
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(Thousand Pesos)OTHER CONCEPTS
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. QUARTERLY STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(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
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 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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. QUARTERLY STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(Thousand Pesos)BREAKDOWN OF MAIN CONCEPTS
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
RESULT FROM MONETARY POSITION
EMPLOYEES PROFIT SHARING EXPENSESDEFERRED EMPLOYEES PROFIT SHARING
FOREIGN EXCHANGE GAIN (LOSS) (NET)
NET SALES
COMPREHENSIVE FINANCING RESULT
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. QUARTERLY STATEMENTS OF INCOME
STOCK EXCHANGE CODE:
(Thousand Pesos)OTHER CONCEPTS
YEAR:QUARTER: 201104
CONSOLIDATED
Final Printing
BAFAR
AUDITED INFORMATION
PREVIOUS YEARREFRT CONCEPTS
Amount
CURRENT YEAR
Amount
rt47
OPERATIVE DEPRECIATION AND ACCUMULATEDIMPAIRMENT LOSSES
49,705 4,330
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD)
STOCK EXCHANGE CODE:
(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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V. STATE OF CASH FLOW (INDIRECT METHOD)
STOCK EXCHANGE CODE:
(Thousand Pesos)
BREAKDOWN OF MAIN CONCEPTS
YEAR:QUARTER: 04 2011
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
MEXICAN STOCK EXCHANGE
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
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V.
DATA PER SHARE
STOCK EXCHANGE CODE: YEAR:QUARTER: 201104
Final Printing
CONSOLIDATED
BAFAR
AUDITED INFORMATION
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
$
$
$
$
$
$
$
$
$
$
$
$
$
$
MEXICAN STOCK EXCHANGE
GRUPO BAFAR, S.A. DE C.V.
RATIOS
STOCK EXCHANGE CODE: YEAR:QUARTER: 201104
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CONSOLIDATED
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AUDITED INFORMATION
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
MEXICAN STOCK EXCHANGE
MANAGEMENTÆS DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF
OPERATIONS
STOCK EXCHANGE CODE:
1
YEAR:QUARTER: 04 2011
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MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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PAGE 1 / 8
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
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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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.
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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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.
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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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
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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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
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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PAGE 6 / 8
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,
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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PAGE 7 / 8
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
MEXICAN STOCK EXCHANGE
FINANCIAL STATEMENT NOTES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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AUDITED INFORMATION
PAGE 8 / 8
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.
MEXICAN STOCK EXCHANGE
ANALYSIS OF INVESTMENTS IN SHARES
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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SUBSIDIARIES
GRUPO BAFAR, S.A. DE C.V.
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
GRUPO BAFAR, S.A. DE C.V.
MEXICAN STOCK EXCHANGE
BREAKDOWN OF CREDITS
STOCK EXCHANGE CODE:
CONSOLIDATED
Final Printing
BAFAR
(Thousand Pesos)
YEAR:QUARTER: 04 2011
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
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $)
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
GRUPO BAFAR, S.A. DE C.V.
MEXICAN STOCK EXCHANGE
BREAKDOWN OF CREDITS
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
CONSOLIDATED
Final Printing
BAFAR
(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
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $)
TIME INTERVAL
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (THOUSANDS OF $)
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
MEXICAN STOCK EXCHANGE
BREAKDOWN OF CREDITS
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
CONSOLIDATED
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BAFAR
(Thousand Pesos)
GRUPO BAFAR, S.A. DE C.V.
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)
YEAR:QUARTER: 04 2011
CONSOLIDATED
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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
MEXICAN STOCK EXCHANGESTOCK EXCHANGE CODE:
RESULT FROM MONETARY POSITION
(Thousand Pesos)
YEAR:QUARTER: 04 2011
CONSOLIDATED
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BAFARGRUPO BAFAR, S.A. DE C.V.
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
MEXICAN STOCK EXCHANGE
DEBT INSTRUMENTS
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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AUDITED INFORMATION
PAGE 1 / 2
NO APLICA
FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE
MEXICAN STOCK EXCHANGE
DEBT INSTRUMENTS
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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AUDITED INFORMATION
PAGE 2 / 2
ACTUAL SITUATION OF FINANCIAL LIMITED
MEXICAN STOCK EXCHANGE
PLANTS, COMMERCE CENTERS OR DISTRIBUTIONCENTERS
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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GRUPO BAFAR, S.A. DE C.V.
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
MEXICAN STOCK EXCHANGESTOCK EXCHANGE CODE:
MAIN RAW MATERIALS
YEAR:QUARTER: 04 2011
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BAFARGRUPO BAFAR, S.A. DE C.V.
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
MEXICAN STOCK EXCHANGE
SALES DISTRIBUTION BY PRODUCT
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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BAFAR
NET SALES/TOTAL SALES
GRUPO BAFAR, S.A. DE C.V.
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
MEXICAN STOCK EXCHANGE
SALES DISTRIBUTION BY PRODUCT
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
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BAFAR
FOREIGN SALES
GRUPO BAFAR, S.A. DE C.V.
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
MEXICAN STOCK EXCHANGE
PROJECT, AMOUNT EXERCISED AND PROGRESSPERCENTAGE
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
CONSOLIDATED
Final Printing
BAFAR
GRUPO BAFAR, S.A. DE C.V.
AUDITED INFORMATION
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GRUPO BAFAR, S.A. DE C.V.
MEXICAN STOCK EXCHANGE
INFORMATION RELATED TO BULLETIN B-15(FOREIGN CURRENCY TRANSLATION)
STOCK EXCHANGE CODE: YEAR:QUARTER: 04 2011
CONSOLIDATED
Final Printing
BAFAR
AUDITED INFORMATION
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.
GRUPO BAFAR, S.A. DE C.V.
MEXICAN STOCK EXCHANGESTOCK EXCHANGE CODE:
ANALYSIS OF PAID CAPITAL STOCK
YEAR:QUARTER: 04 2011
CONSOLIDATED
Final Printing
BAFAR
AUDITED INFORMATION
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
MEXICAN STOCK EXCHANGE
DERIVATIVE FINANCIAL INSTRUMENTS
STOCK EXCHANGE CODE:
1
YEAR:QUARTER: 04 2011
CONSOLIDATED
Final Printing
BAFAR
GRUPO BAFAR, S.A. DE C.V.
AUDITED INFORMATION
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