Notes to consolidated financial statements
For the years ended December 31, 2011 and 2010 (as adjusted)
(In thousands of Mexican pesos ($) and thousands of U.S. dollars (US$))

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21. Segment information

Information by operating segment is presented based on the management focus and general information is also presented by product, geographical area and homogenous groups of customers.

a. Analytical information by operating segment:

	2011
		Industrial		Commercial		Infrastructure and construction		Others and eliminations		Total consolidated
Net sales	$	21,765,752	$	37,044,327	$	14,348,667	$	816,980	$	73,975,726
Income from operations		2,040,021		4,605,831		1,028,788		273,384		7,948,024
Consolidated net income		1,676,971		2,926,431		475,253		155,903		5,234,558
Interest income		384,596		74,139		15,496		46,925		521,156
Interest expense		353,713		419,333		100,147		195,387		1,068,580
Other RIF		(202,725)		(64,769)		(33,806)		(435,859)		(735,159)
Depreciation and amortization		317,985		534,312		266,878		16,631		1,135,806
Income taxes		394,842		1,243,581		270,733		(37,253)		1,871,903
Investment in shares of
associates and other		4,748,148		1,319		7,103		4,417,702		9,174,272
Total assets		20,556,754		29,647,718		16,073,398		6,053,157		72,331,027
Current liabilities		7,523,689		10,608,361		5,757,561		4,122,938		28,012,549
Long-term liabilities		150,205		1,551,625		30,959		315,255		2,048,044
Total liabilities		7,673,894		12,159,986		5,788,520		4,438,193		30,060,593
Investments in productive assets		539,869		1,504,233		669,748		(11,609)		2,702,241
Cash flows from operating activities		284,050		6,238,580		577,069		(524,410)		6,575,289
Cash flows from investing activities		14,116,506		(2,721,905)		613,711		(679,414)		11,328,898
Cash flows from financing activities		(13,657,712)		(2,894,143)		(1,234,504)		1,092,883		(16,693,476)

	2010 (as adjusted)
		Industrial		Commercial		Infrastructure and construction		Others and eliminations		Total consolidated
Net sales	$	18,740,041	$	33,261,013	$	11,632,186	$	562,869	$	64,196,109
Income from operations		1,592,978		3,877,055		965,395		451,600		6,887,028
Consolidated net income		2,879,580		3,118,814		452,250		807,993		7,258,637
Interest income		649,805		0		17,650		(8,477)		658,978
Interest expense		558,797		439,098		31,340		(19,263)		1,009,972
Other RIF		102,172		2,814		89,863		(694,439)		(499,590)
Depreciation and amortization		367,285		652,320		247,756		48,997		1,316,358
Income taxes		591,476		943,079		418,807		21,780		1,975,142
Investment in shares of
associates and other		4,826,750		1,494		241,344		3,965,879		9,035,467
Total assets		32,296,755		27,538,094		17,015,120		4,631,589		81,481,558
Current liabilities		19,392,563		11,218,556		6,901,176		4,122,938		40,386,670
Long-term liabilities		440,898		1,604,241		9,608		249,334		2,304,081
Total liabilities		19,833,461		12,822,797		6,910,784		3,123,709		42,690,751
Investments in productive assets		1,053,902		360,050		2,430,401		75,910		3,920,263
Cash flows from operating activities		7,852,967		16,927,831		(1,830,476)		(14,894,662)		8,055,660
Cash flows from investing activities		(4,119,068)		(14,132,925)		(376,285)		(24,467)		(18,652,745)
Cash flows from financing activities		(1,087,866)		(2,772,863)		1,417,578		12,038,960		9,595,809

b. General segment information by geographical area:

The Company operates in different geographical areas and has distribution channels in México, the United States and other countries through industrial plants, commercial offices or representatives.

The distribution of such sales is as follows.

		2011	%		2010	%
North America	$	3,455,041	4.67	$	2,840,122	4.42
Central and South America and the Caribbean		6,554,929	8.86		5,254,708	8.19
Europe		361,599	0.49		378,782	0.59
Rest of the world		72,152	0.10		65,953	0.10
Total exports and foreign		10,443,721	14.12		8,539,565	13.30
México		63,532,005	85.88		55,656,544	86.70
Net sales	$	73,975,726	100.00	$	64,196,109	100.00

The Company has a wide variety of customers according to the category of products and services it offers; however, no particular customer represents more than 10% of net sales.