Investor Presentaiton
CONSISTENCY IN OUR STRATEGY
30
Гвер
REPORT OF INDEPENDENT AUDITORS
(Translated from original issued in Spanish)
PRICEWATERHOUSECOOPERS
To the Stockholders of
Grupo Herdez, S. A. B. de C. V.
Tlalnepantla, Mex., February 18, 2010
We have audited the consolidated balance sheets of Grupo Herdez, S. A. B. de C. V. and subsidiaries
at December 31, 2009 and 2008, and the related consolidated statements of income, of changes
in stockholders' equity and of cash flows for the years then ended. These financial statements are
the responsibility of Company's Management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those
standards require that we plan and perform the audit in order to obtain reasonable assurance about
whether the financial statements are free of material misstatement and that they were prepared in
accordance with Mexican Financial Reporting Standards (NIF for their acronym in Spanish). An audit
consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the financial reporting standards used and significant
estimates made by Management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the aforementioned financial statements present fairly, in all material respects, the
consolidated financial position of Grupo Herdez, S. A. B. de C. V. and subsidiaries at December 31, 2009
and 2008, and the consolidated results of its operations, the changes in its stockholders' equity and its
cash flows for the years then ended, in conformity with NIF.
PricewaterhouseCoopers
José Ignacio Toussaint Purón
Audit PartnerView entire presentation