Investor Presentaiton
Sustainable Growth with Proven Ability to Deleverage
NET DEBT / ADj. EBITDA"
(3)
3.13
(1)
2.9
2.7 (2)
2.7
2.0
1.9
I
I
2.2
(4)
3.0
2.7
2.6
2.6
2.4
2.0
(5)
1.9
1.7
1.5 (5)
2008 2009 2010
2011
2012 2013 2014
2015
2016 2017
2018 2019
2020
2021 2022
LTM
1Q23
SINCE
1882
Weston
PEFULS
US$ 2.4 Bn
Sara fee
B
CANADA
BREAD
US$ 709 mm
CAD$ 1.8 Bn
East Balt Bakeries
US$ 650 mm
Ricolino
+US$ 1.4 Bn
(1) Adj. EBITDA w/o IFRS16: Earnings before interests, taxes, depreciation, amortization and MEPPS. (2) The acquisition of Weston Foods was consummated in January 2009. Leverage ratio giving pro-forma effect to the Weston
Foods acquisition as if such acquisition (and the incurrence of the indebtedness thereof) was consummated on December 31st, 2008. (3) The acquisition of Canada Bread was consummated in May 2014. Leverage ratio giving
pro-forma effect to the Canada Bread acquisition as if such acquisition was consummated on May 31, 2014, and Adjusted EBITDA includes 5 months of the EBITDA reported by Canada Bread for such year. (4) The acquisition
of East Balt was consummated in October 2017. Leverage ratio giving pro-forma effect to the East Balt acquisition includes 9.5 months of the EBITDA reported by East Balt for such year (Ps.1,060 million or $56 million
converted at the exchange rate of Ps. 18.92 per $1 dollar which is the average of the daily exchange rates published by Banco de Mexico for the year ended December 31st, 2017). Our Adjusted EBITDA for the year ended
December 31st, 2017, was Ps.27,289 mm. (5) Includes Ricolino's divestiture to Mondelēz International, Inc. for an Enterprise value of Ps. $25.8Bn.
14View entire presentation