Consolidated Financial Statements

Consolidated statements of income
For the years ended December 31, 2011 and 2010 (as adjusted)
(In thousands of Mexican pesos, except data of basic earnings per common share)


    2011   2010 (as adjusted)
         
Net sales $ 73,975,726 $ 64,196,109
Cost of sales   54,225,163   46,355,523
Gross profit   19,750,563   17,840,586
Operating expenses   11,802,539   10,953,558
Operating income   7,948,024   6,887,028
Other expense - Net   465,100   106,343
Comprehensive financing result:        
Interest expense   (1,068,580)   (1,009,972)
Interest income   521,156   658,978
Exchange (loss) gain - Net   (415,648)   261,202
Monetary position loss, net   -   (735)
Effects of valuation of financial instruments   (319,511)   (760,057)
    (1,282,583)   (850,584)
         
Equity in income of associated companies   731,752   1,034,536
         
Income from continuing operations before income taxes   6,932,093   6,964,637
         
Income taxes   1,871,903   1,975,142
         
Income before discontinued operations   5,060,190   4,989,495
         
Discontinued operations, adjusted   174,368   2,269,142
         
Consolidated net income $ 5,234,558 $ 7,258,637
         
Controlling interest   4,580,108   6,742,721
Non-controlling interest   654,450   515,916
         
    5,234,558   7,258,637
         
Basic earnings per common share   1.99   2.92
         
Income from continuing operations   2.20   2.16
Income from discontinued operations   0.08   0.98
         
Consolidated net income   2.28   3.14
         
Weighted average of outstanding shares (in thousands)   2,298,757   2,311,844