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09 Annual Report

1. AN OVERVIEW OF EBRO PULEVA

2. CHAIRMAN’S STATEMENT

3. EBRO PULEVA TODAY


A HEALTHY COMPANY
CORE BUSINESSES: RICE, PASTA AND DAIRY
OUR R+D+I POTENTIAL

1
EBRO PULEVA AT A GLANCE

World leader in the rice sector.

Second manufacturer worldwide in the pasta sector.

Leading food group in Spain in term of turnover, profits, market


capitalisation and international presence.

No. 1 in marketing of dairy products with a high value added in Spain.

Leading rice and pasta manufacturer in the USA and Canada.

More than 60 brands in 26 countries in Europe, America, North Africa


and Asia.

Annual Report 2
FINANCIAL HIGHLIGHTS

Evolution Graphs

SALES (Thousand euro) EBITDA (Thousand euro) EBIT (Thousand euro)


2007: 2,004,182 2007: 226,854 2007: 158,919
2008: 2,367,902 2008: 271,821 2008: 201,821
2009: 2,197,731 2009: 308,491 2009: 240,447

NET PROFIT (Thousand euro) DIVIDEND (Thousand euro) EARNINGS PER SHARE (euro)
2007: 90,577 2007: 55,392 2007: 0.59
2008: 130,637 2008: 55,392 2008: 0.85
2009: 176,539 2009: 144,700 2009: 1.15

Annual Report 3
FINANCIAL HIGHLIGHTS

Evolution of our share

144

134

124

114

104

94

84

74

30 DECEMBER 28 FEBRUARY 30 APRIL 30 JUNE 30 AUGUST 30 OCTOBER 30 DECEMBER

EVA IBEX IBEX MEDIUM IBEX SMALL EUROSTOXX F&B

Annual Report 4
INTERNATIONAL PRESENCE

America
1 Canada
2 USA
3 Mexico
4 Puerto Rico
5 Uruguay

Annual Report 5
Africa
21 Algeria
22 Egypt
23 Libya INTERNATIONAL PRESENCE
24 Morocco
25 Israel

Asia
26 India
27 Thailand

Europe
6 Germany 11 Finland 16 Poland
7 Belgium 12 France 17 Portugal
8 Czech Republic 13 Greece 18 UK
9 Denmark 14 Hungary 19 Romania
10 Spain 15 Italy 20 Ukraine

Annual Report 6
Rice BUSINESS PROFILE

This is the business area in which the Group has world leadership. Its origins in
Spain go back to 1950 and its international expansion began in 1986 through
the acquisition of leading companies and brands in Europe, USA, Canada and
North Africa. We are now also present on the Asian continent. This division,
with a broad array of leading products and brands in its category, represents
38% of the Group’s business.

Principal brands:
In Spain: Brillante®, Cigala®, Nomen®, La Fallera® and Rocío®.
In Europe, Morocco, Libya, USA and Canada: : Oryza®, Reis Fit®, Ris-Fix®,
Bosto®, Riceland®, Risella®, Riziana®, Gourmet House®, Peacok®,
Phoenix®, Miura®, Mahatma®, Success®, Carolina®, Water Maid®, River S&W®,
Lustucru®, Taureau Ailé®, Minute®, Herba®, Panzani®, etc.

Annual Report 7
Pasta BUSINESS PROFILE

This is, together with rice, the Group’s most international business. Represented
by New World Pasta (leader in USA and Canada), Panzani (no. 1 in France in dry
and fresh pasta, sauces, couscous and semolina) and Birkel (no. 1 in Germany), the
Group is second pasta manufacturer in the world. Apart from these countries,
Ebro Puleva also operates under the Panzani and Birkel brands in Belgium, Hungary,
UK, Algeria, Czech Republic and Russia. The division now accounts for 42% of
the Group’s total business.

Principal brands:
Panzani®, Lustucru®, Birkel®, Skinner®, 3 Glocken®, Schuele®, Minuto®,
Nudel Up®, Ronzoni®, Ronzoni Smart Taste®, Catelli®, Catelli Smart®,
Healthy Harvest®, American Beauty®, Prince®, Saint Giorgio®, Lancia®,
Creamette®, Regia® and Ferrero®.

Annual Report 8
Dairy BUSINESS PROFILE

The main business of the dairy division is the manufacturing and marketing
of differentiated dairy products with a high value added, backed by a powerful
research and innovation line and focusing on consumer health. The division is
developing a major business line in the infant nutrition segment with the same
focus. All this is complemented with the development of other dairy products
geared towards values such as convenience or enhanced flavour. The division’s
business represents approximately 20% of the Group’s turnover.

Principal brands:
Puleva®, Ram®, El Castillo® and Nadó®.

Annual Report 9
Biotechnology BUSINESS PROFILE

Developed by the Puleva Biotech Group, this business is engaged in the research,
development, manufacturing and marketing of new products based on natural
ingredients with positive effects on health that can improve people’s quality of life.

Principal brands:
Eupoly-EPA®, Eupoly-DHA® and Hereditum®.

Annual Report 10
EBRO PULEVA IN FIGURES
Figures in thousand euro

(With Azucarera as net earnings of discontinued operations)

CONSOLIDATED FIGURES 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007


Net turnover 2,004,182 2,367,902 18.1% 2,197,731 (7.2%) 4.7%
EBITDA 226,854 271,821 19.8% 308,491 13.5% 16.6%
EBIT 158,919 201,821 27.0% 240,447 19.1% 23.0%
Operating profit 162,936 194,790 19.6% 222,318 14.1% 16.8%
Consolidated earnings for year (Going concern) 62,222 73,905 18.8% 129,635 75.4% 44.3%
Net earnings of discontinued operations 30,251 57,965 91.6% 43,188 (25.5%) 19.5%
Net profit 90,577 130,637 44.2% 176,539 35.1% 39.6%

Average current assets (*) 472,497 587,423 24.3% 323,230 (45.0%)


Capital employed (*) 1,675,831 1,669,991 (0.3%) 1,176,282 (29.6%)
ROCE (1) (*) 12.4 13.3 20.4
Capex (*) 87,199 96,497 10.7% 87,414 (9.4%)
Average headcount 6,064 5,829 (3.9%) 5,693 (2.3%)

STOCK MARKET HIGHLIGHTS 2007 2008 2008-2007 2009 2009-2008


Number of shares 153,865,392 153,865,392 0.0% 153,865,392 0.0%
Market capitalisation at year-end 1,929,472 1,507,881 (21.9%) 2,235,664 48.3%
EPS 0.59 0.85 44.2% 1.15 35.1%
Dividend per share 0.36 0.36 0.0% 0.94 161.1%
Theoretical book value per share 7.79 7.82 0.4% 8.32 6.4%

31-12-07 31-12-08 2008-2007 31-12-09 2009-2008


Equity 1,198,245 1,203,131 0.4% 1.280,322 6.4%
Net Debt (*) 988,249 1,055,853 6.8% 556,800 (47.3%)
Average Debt (*) 1,129,254 1,208,078 716,725
Leverage (2) 0.94 1.00 0.56
Total Assets 3,375,496 3,422,912 1.4% 2,684,465 (21.6%)

(*) To keep these items consistent, they are calculated including both the results and the associated assets and liabilities of the sugar business in 2007 & 2008

(1) ROCE = Operating income CAGR last 12 months / (intangible assets - property, plant & equipment - current assets)

(2) Ratio of average net financial debt with cost to equity (excluding minority interests)

Annual Report 11
CORE BUSINESSES
Figures in thousand euro

RICE BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007


Net turnover 741,107 890,969 20.2% 836,147 (6.2%) 6.2%
EBITDA 96,194 126,560 31.6% 118,561 (6.3%) 11.0%
EBIT 75,297 105,724 40.4% 97,575 (7.7%) 13.8%
Operating profit 74,287 104,365 40.5% 82,157 (21.3%) 5.2%

Average current assets 188,294 263,281 39.8% 185,446 (29.6%)


Capital employed 498,237 556,299 11.7% 495,768 (10.9%)
ROCE 15.1 19.0
Capex 22,046 20,044 (9.1%) 55,138 175.1%

PASTA BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007


Net turnover 762,489 993,696 30.3% 928,077 (6.6%) 10.3%
EBITDA 88,450 105,993 19.8% 137,057 29.3% 24.5%
EBIT 58,274 75,581 29.7% 108,831 44.0% 36.7%
Operating profit 56,709 65,312 15.2% 104,066 59.3% 35.5%

Average current assets 69,642 121,795 74.9% 91,292 (25.0%)


Capital employed 441,731 511,570 18.8% 469,915 (8.1%)
ROCE 12.0 14.8 23.2
Capex 23,677 20,747 (12.4%) 18,359 (11.5%)

DAIRY BUSINESS 2007 2008 2008-2007 2009 2009-2008 CAGR 2009-2007


Net turnover 527,489 506,064 (4.1%) 444,419 (12.2%) (8.2%)
EBITDA 53,033 50,135 (5.5%) 67,084 33.8% 12.5%
EBIT 37,541 34,993 (6.8%) 52,198 49.2% 17.9%
Operating profit 36,379 31,572 (13.2%) 49,694 57.4% 16.9%

Average current assets 74,072 60,738 (18.0%) 43,961 (27.6%)


Capital employed 196,938 182,363 (7.4%) 159,043 (12.8%)
ROCE 19.1 19.2 32.8
Capex 16,872 10,879 (35.5%) 8,756 (19.5%)

Annual Report 12

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