Investor Presentaiton

42 22 CONSISTENCY IN OUR STRATEGY At December 31, 2009 and 2008, Company property, machinery and equipment show no indication of impairment that would require additional adjustments to the reserves of Ps156,535 and Ps188,203, respectively. • NOTE 8 ANALYSIS OF OTHER INTANGIBLE ASSETS: At December 31, 2009 and 2008, other assets are comprised as shown below: Merger of subsidiaries During 2009, the following two mergers took place: Hermarcas, S.A. de C.V. into Grupher and Arpons, S.A. de C.V., Inmobiliaria Enna, S.A. de C.V. and Yavaros Industrial, S.A. de C.V. into Comercial de Finanzas Netesa, S.A. de C.V. (Netesa). Due to the fact that the above were consolidated companies, these mergers had no effect on the accompanying consolidated financial statements, except for the Ps37,874 tax effect arising from withdrawal of subsidiaries from the tax consolidation regime. NOTE 10 ANALYSIS OF BANK LOANS AND LONG-TERM DEBT: Bank loans (See Note 18) Trademarks and patents Goodwill of subsidiaries: Grupo Colibrí Herdez del Fuerte Barilla Other Balance at December 31, 2009 Ps 176,378 2008 Ps 173,051 Bank loans at December 31, 2009 are analyzed as shown below: Maturity 68,625 2010 691,792 71,523 691,792 71,523 831,940 763,315 9,634 16,945 Ps 1,017,952 Ps 953,311 The reconciliation of the values of intangible assets at the beginning and end of the period is as follows: Balance at beginning of period Plus: Patents and trademarks Goodwill recognized in the period Other Balance at end of period Investment Ps 953,311 3,328 68,625 (7,312) Ps 1,017,952 During the year ended December 31, 2009, these assets were not subject to amortization, and suffered no impairment adjustments. NOTE 9 INVESTMENT IN ASSOCIATED COMPANIES: The investment in shares of subsidiary and associated companies at December 31, 2009 and 2008 is comprised as shown below: Mexican peso Short-term liabilities 2011 and 2012 Mexican peso Long-term liabilities Total The main obligations to do and not to do are as follows: - Not exceeding 2.75-times leverage (liabilities with cost/EBITDA). Average rate Amount 8.51% Ps 1,173,644 1,173,644 Reduce interest hedge (EBITDA/financing expenses) to less than 3.25 times. Not reduce capital stock to under Ps2,300,000. 9.41% 8,400 8,400 Ps 1,182,044 Grant any kind of loan or credit, secured or unsecured, except for those entered into with the borrower's subsidiaries and/or affiliates. At December 31, 2009 and at the date of this report, there is no default that could modify loan conditions. Long-term liabilities At December 31, 2009, Herdez del Fuerte has a loan payable to Grupo KUO in the amount of Ps250,000 maturing on December 31, 2010, at the average interbank compensation interest rate (TIIE), plus four percentage points, generating no obligations to do and not to do. As a result of the proportional consolidation mentioned in Note 1, the Grupher balance sheet at December 31, 2009 shows a balance of Ps125,000 corresponding to 50% of said liability. Associated companies of Grupher Associated companies of subsidiaries Total 2009 2008 Ps 98,852 Ps 96,187 Ps 43 98,895 28,800 Ps 124,987

View entire presentation