Annual Report 1999
POSITIONED FOR PROFITABLE GROWTH
 
     
INTRODUCTION
FINANCIAL HIGHLIGHTS
LETTER FROM THE CHAIRMAN
MANAGEMENT FOCUS
STRATEGY
TECHNOLOGY
PRODUCTS
REVIEW OF OPERATIONS
MANAGEMENT DISCUSSION AND ANALYSIS
OFFICE OF THE PRESIDENT
OFFICERS
BOARD OF DIRECTORS
FINANCIAL STATEMENTS

GRUMA, S.A. DE C.V. AND SUBSIDIARIES

Millions of Mexican pesos in constant terms
as of December 31, 1999 (except per-share amounts)


1998
1999
VAR. %
NET SALES
14,401
15,624
8.5%
GROSS PROFIT
5,257
5,332
1.4%
OPERATING INCOME
1,078
361
(66.5%)
EBITDA (1)
1,688
1,114
(34.0%)
NET INCOME
683
(178)
n.a. (2)
NET MAJORITY INCOME
436
(282)
n.a.
TOTAL ASSETS
17,954
20,966
16.8%
TOTAL LIABILITIES
7,402
9,094
22.9%
STOCKHOLDERS' EQUITY
10,551
11,586
9.8%
MAJORITY STOCKHOLDERS' EQUITY
8,053
9,021
12.0%
EBITDA PER SHARE*
4.78
2.55
(46.7%)
EARNINGS PER SHARE*
1.24
(0.65)
n.a.
BOOK VALUE PER SHARE*
1.24
(0.65)
n.a.
*Number of outstanding shares (thousands)
353,197
436,462
23.6%

 

(1) EBITDA is defined as operating income plus depreciation and amortization.

(2) n.a. = not assessable.