Consolidated Financial Statements

Consolidated statements of financial position
As of December 31, 2011 and 2010 (as adjusted)
(In thousands of Mexican pesos)


Assets   2011   December 31, 2010 (as adjusted)   January 1, 2010 (as adjusted)
             
Current assets:            
Cash and cash equivalents $ 3,388,832 $ 2,124,418 $ 3,554,663
Investments in securities (held for trading)   1,620,721   1,044,667   1,186,114
Accounts and notes receivable:            
Customers (less allowance for doubtful accounts            
of $427,278 in 2011 and $450,295 in 2010)   15,147,871   13,926,409   13,965,136
Other   1,667,237   2,638,991   2,136,171
Due from related parties   1,666,658   1,562,207   3,673,491
    18,481,766   18,127,607   19,774,798
Derivative financial instruments   316,141   412,290   736,706
Inventories – Net   17,960,645   15,934,879   14,334,857
Prepaid expenses   1,114,445   1,245,124   1,471,093
Discontinued current assets   10,775   947,054   5,172,608
Total current assets   42,893,325   39,836,039   46,230,839
Long-term accounts receivable   152,571   12,591,441   103,612
Property, plant and equipment            
Buildings and leasehold improvements   11,933,431   11,316,474   11,492,977
Machinery and equipment   14,122,878   13,253,968   10,679,884
Vehicles   991,337   982,229   897,116
Furniture and fixtures   3,172,652   2,921,234   2,781,729
Computers   1,486,413   1,386,313   1,468,529
    31,706,711   29,860,218   27,320,235
Accumulated depreciation   (17,925,134)   (17,138,485)   (16,892,796)
    13,781,577   12,721,733   10,427,439
Land   2,762,174   3,028,770   3,321,852
Construction in process   1,057,227   1,634,506   1,690,744
    17,600,978   17,385,009   15,440,035
Real state inventories   669,631   667,131   643,116
Investment in shares of associated companies   9,174,272   9,035,467   8,493,825
Net projected asset from employee retirement benefits   427,978   457,647   375,538
Deferred income tax from tax loss carryforwards   399,067   216,688   131,096
Other assets – Net   1,013,205   899,776   720,919
Discontinued long-term assets   -   392,360   25,748,154
Total $ 72,331,027 $ 81,481,558 $ 97,887,134
             
Liabilities and stockholders' equity            
Current liabilities:            
Notes payable to financial institutions $ 10,607,764 $ 17,158,734 $ 3,913,439
Current portion of long-term debt   36,174   7,449,346   48,278
Trade accounts payable   8,759,435   6,903,805   5,770,511
Direct employee benefits   660,700   593,055   521,503
Accrued expenses and taxes other than income taxes   5,042,716   3,562,901   5,001,325
Derivative financial instruments   929,651   550,140   49,046
Advances from customers   959,057   1,202,326   1,202,110
Due to related parties   1,017,052   1,941,484   906,194
Discontinued current liabilities   -   1,024,879   5,707,110
Total current liabilities   28,012,549   40,386,670   23,119,516
Long-term debt   117,372   141,564   7,987,657
Deferred income taxes   1,837,745   2,016,433   2,621,700
Deferred statutory employee profit sharing   67,405   59,182   53,498
Other long-term liabilities   25,522   71,680   9,148
Deferred revenue - Net   -   -   37,602
Discontinued long-term liabilities   -   15,222   4,256,939
Total liabilities   30,060,593   42,690,751   38,086,060
Consolidated stockholders' equity:            
Common stock   4,278,014   4,282,349   6,605,928
Stock issuance premium   1,388,378   1,388,378   2,160,658
Additional paid-in capital   172,056   39,900   39,900
Retained earnings   28,432,229   25,462,733   41,340,323
Translation effects of foreign operations   659,602   605,899   1,068,710
Valuation of financial instruments   39,725   (64,123)   (345,525)
Controlling interest   34,970,004   31,715,136   50,869,994
Non-controlling interest   7,300,430   7,075,671   8,931,080
Total consolidated stockholders' equity   42,270,434   38,790,807   59,801,074
Total $ 72,331,027 $ 81,481,558 $ 97,887,134