KELLOGG EL SALVADOR, LTDA. DE C.V.

Balance General al 31 de Diciembre de

(Expresado en dolares de los Estados Unidos de América)

2005 2006
ACTIVO
ACTIVO CORRIENTE
Efectivo y equivalentes de efectivo 1,696,744.84 10,042,879.72
Cuentas por cobrar 686,177.89 1,937,578.58
Inventarios 131,710.88 332,816.13
Cuentas por Cobrar a Compañias Afiliadas 3,926,370.93

TOTAL ACTIVO CORRIENTE 6,441,004.54 12,313,274.43

ACTIVO NO CORRIENTE
Mobiliaro y Equipo 163,129.87 167,856.83
Depreciación acumulada -66,241.84 -95,087.68

TOTAL ACTIVO NO CORRIENTE 96,888.03 72,769.15

OTROS ACTIVOS
Activo Intangible Neto de Amortizacion 1,018,125.00 950,625.00

TOTAL OTROS ACTIVOS 1,018,125.00 950,625.00

TOTAL DEL ACTIVO 7,556,017.57 13,336,668.58

PASIVO
PASIVO CORRIENTE
Cuentas por Pagar Comerciales 109,579.99 180,948.82
Cuentas por Pagar a Compañias Relacionadas 85,845.70 1,694,641.97
Otas Cuentas por Pagar y Gastos Acumulados 191,609.26 118,474.70
Impuesto Sobre la Renta Por Pagar 818,642.84 1,123,022.35
Dividendos Por Pagar 27,000.00

TOTAL PASIVO CORRIENTE 1,232,677.79 3,117,087.84

Provision para Obligaciones Laborales 85,946.23 85,946.23

TOTAL PASIVO 1,318,624.02 3,203,034.07

PATRIMONIO
Capital Social 11,428.58 11,428.58
 Reserva Legal 2,285.71 2,285.71
Utilidades Retenidas Ejercicio Anterior 3,320,521.15 6,223,678.92
Utilidades del Presente Ejercicio 2,903,158.11 3,896,241.30
TOTAL DE PATRIMONIO 6,237,393.55 10,133,634.51

TOTAL DEL PASIVO Y PATRIMONIO 7,556,017.57 13,336,668.58

1 1

RAZON FINANCIERA 2005 2006

RAZON CIRCULANTE 5.23 3.95
RAZON DE PRUEBA ACIDA 5.12 3.84
RAZON DE ENDEUDAMIENTO 21.1% 31.6%
RAZON DEUDA TOTAL A TOTAL ACTIVOS 17.45% 24.02%
EXTRA RAZON DEUDA TOTAL A ACTIVOS CORRIENTES 20.47% 26.01%
A. DE C.V.
mbre de
nidos de América)
ANALISIS VERTICAL
2007 2008 2009 2005 2006 2007 2008

834,216.94 949,853.67 1,058,693.66 22.46% 75.30% 20.18% 17.45%

2,038,697.20 1,721,455.81 2,093,340.23 9.08% 14.53% 49.32% 31.62%
303,420.27 291,207.62 614,332.51 1.74% 2.50% 7.34% 5.35%
1,620,365.55 314,799.00 51.96% 0.00% 0.00% 29.76%

3,176,334.41 4,582,882.65 4,081,165.40 85.24% 92.33% 76.84% 84.18%

200,237.36 167,738.25 275,278.70 2.16% 1.26% 4.84% 3.08%

-125,891.65 -122,007.73 -158,887.96 -0.88% -0.71% -3.05% -2.24%

74,345.71 45,730.52 116,390.74 1.28% 0.55% 1.80% 0.84%

883,125.00 815,625.00 748,125.00 13.47% 7.13% 21.36% 14.98%

883,125.00 815,625.00 748,125.00 13.47% 7.13% 21.36% 14.98%

4,133,805.12 5,444,238.17 4,945,681.14

291,951.95 436,428.09 238,622.33 1.45% 1.36% 7.06% 8.02%

1,082,189.60 234,210.30 154,359.43 1.14% 12.71% 26.18% 4.30%
123,401.58 132,659.04 257,481.43 2.54% 0.89% 2.99% 2.44%
464,496.21 101,199.20 266,458.12 10.83% 8.42% 11.24% 1.86%
502,445.28 101,199.20 0.36% 0.00% 0.00% 9.23%

1,962,039.34 1,406,941.91 1,018,120.51 16.31% 23.37% 47.46% 25.84%

85,946.23 104,573.78 125,693.78 1.14% 0.64% 2.08% 1.92%

2,047,985.57 1,511,515.69 1,143,814.29 17.45% 24.02% 49.54% 27.76%

11,428.58 11,428.58 11,428.58 0.15% 0.09% 0.28% 0.21%

 2,285.71 2,285.71 2,285.71 0.03% 0.02% 0.06% 0.04%
119,920.22 1,952,185.04 2,419,008.19 43.95% 46.67% 2.90% 35.86%
1,952,185.04 1,966,823.15 1,369,144.37 38.42% 29.21% 47.22% 36.13%
2,085,819.55 3,932,722.48 3,801,866.85 82.55% 75.98% 50.46% 72.24%

4,133,805.12 5,444,238.17 4,945,681.14

1 1 1

2007 2008 2009

1.62 3.26 4.01
1.46 3.05 3.41
98.2% 38.4% 30.1% POR CADA DÓLAR DE LOS DUEÑOS, APORTAN de 0.21 a 0.9
49.54% 27.76% 23.13% DE CADA DÓLAR INVERTIDO, $0.1745 A $0.495 VENIAN DE TERCEROS O
64.48% 32.98% 28.03%
 ANALISI DE
TENDENCIA MEDIA
TICAL 2009 VS 2005 GEOMETRICA
2009

21.41% -91.6934% -37.6% 26.37%

42.33% 205.1% 24.43%
12.42% 366.4% 4.63%
6.37% -92.0%

82.52% -36.6%

5.57% 68.7%
-3.21% 139.9%

2.35% 20.1%

15.13% -26.5% 13.60%

15.13% -26.5%

4.82% 117.8%
3.12% 79.8%
5.21% 34.4%
5.39% -67.5%
2.05% 274.8%

20.59% -17.4% 24.93%

2.54% 46.2%

23.13% -13.3%

0.23% 0.0%
 0.05% 0.0%
48.91% -27.1%
27.68% -52.8%
76.87% -39.0% 70.63%

-34.5%

ÑOS, APORTAN de 0.21 a 0.98 LOS PASIVOS POR FINANCIAMIENTO EXTERNO

A $0.495 VENIAN DE TERCEROS O FUENTES DE FINANCIAMIENTO EXTERNO
 KELLOGG EL SALVADOR, LTDA. DE C.V.
Estado de Resultados del 01 de Enero al 31 de Diciembre de
(Expresados en dolares de los Estados Unidos de América)

2005 2006
INGRESOS
Ventas totales 11,777,111.02 13,819,755.19
Otros Ingresos 44,422.80 17,548.32
VENTAS NETAS 11,821,533.82 ###

GASTOS DE OPERACIÓN
Costo de Ventas 4,937,465.74 5,447,603.27
Depreciacion y Amortizacion 96,895.91 96,345.84
Gastos de Personal 339,664.03 343,861.37
Gastos de Propaganda 874,802.86 948,906.75
Regalias y Asistencia Tecnica 698,063.18 822,668.95
Estmacion para cuentas de dudosa recuperacion
Honorarios y Retribuciones Por Servicios 383,198.49 339,870.75
Alquileres 133,480.89 124,903.68
Fletes 129,320.53 132,054.95
Otros Gastos de Operacion 408,163.48 414,303.18
TOTAL GASTOS DE OPERACIÓN 8,001,055.11 8,670,518.74

UTILIDAD DE OPERACIÓN 3,820,478.71 5,166,784.77

Ingresos y Gastos financieros

Ingresos Financieros 71,578.39 72,938.90
Gastos financieros -2,412.99 -9,680.13

Utilidad Antes de la provisión para Impuestos Sobre la Renta 3,889,644.11 5,230,043.54

Menos - Provisión para impuestos sobre la renta -986,486.00 -1,333,802.24

UTILIDAD DEL EJERCICIO 2,903,158.11 3,896,241.30

DE C.V.
Diciembre de
e América)
ANALISIS ESTRUCTURAL (VERTICAL)
2007 2008 2009 2005 2006 2007 2008

11,681,828.74 12,219,581.49 13,022,439.67

62,944.16 8,011.29 230.06
### ### 13,022,669.73

5,717,960.31 5,646,549.71 7,532,653.82 41.9% 39.4% 48.9% 46.2%

98,303.97 97,274.19 106,040.41 0.8% 0.7% 0.8% 0.8%
321,931.71 363,345.47 443,277.66 2.9% 2.5% 2.8% 3.0%
1,191,801.22 1,109,926.53 844,535.44 7.4% 6.9% 10.2% 9.1%
927,387.92 851,098.45 888,377.57 5.9% 6.0% 7.9% 7.0%
45,000.00 204,978.72 0.0% 0.0% 0.4% 1.7%
395,629.25 541,099.07 148,301.10 3.3% 2.5% 3.4% 4.4%
154,390.73 157,706.46 168,592.39 1.1% 0.9% 1.3% 1.3%
115,750.25 117,768.00 127,033.10 1.1% 1.0% 1.0% 1.0%
523,086.59 485,251.21 977,656.13 3.5% 3.0% 4.5% 4.0%
9,491,241.95 9,574,997.81 11,236,467.62 67.9% 62.7% 81.2% 78.4%

2,253,530.95 2,652,594.97 1,786,202.11 32.4% 37.4% 19.3% 21.7%

366,902.98 40,878.00 74,671.76 0.6% 0.5% 3.1% 0.3%

-22,817.83 -2,947.83 -2,625.27 0.0% -0.1% -0.2% 0.0%

2,597,616.10 2,690,525.14 1,858,248.60 33.0% 37.8% 22.2% 22.0%

-645,431.06 -723,701.99 -489,104.23 -8.4% -9.7% -5.5% -5.9%

1,952,185.04 1,966,823.15 1,369,144.37 24.7% 28.2% 16.7% 16.1%

AL (VERTICAL) ANALISI DE TENDENCIA 2009 VS 2005
2009

10.57%
-99.48%
10.16%

57.8% 52.56%
0.8% 9.44%
3.4% 30.50%
6.5% -3.46%
6.8% 27.26%
0.0% 0.00%
1.1% -61.30%
1.3% 26.30%
1.0% -1.77%
7.5% 139.53%
86.3% 40.44%

13.7% -53.25%

0.6% 4.32%
0.0% 8.80%

14.3% -52.23%
-3.8% -50.42%

10.5% -52.84%
 Rubro 2005 2006 2007 2008
Total Activo Corriente 6,441,004.54 ### 3,176,334.41 4,582,882.65
Inventarios 131,710.88 332,816.13 303,420.27 291,207.62
Total Activo No Corriente 96,888.03 72,769.15 74,345.71 45,730.52
Activo Intangible Neto de Amortizacion 1,018,125.00 950,625.00 883,125.00 815,625.00
Total de Activo 7,556,017.57 ### 4,133,805.12 5,444,238.17

Inversiones
16,000,000.00

14,000,000.00

12,000,000.00

10,000,000.00

8,000,000.00

6,000,000.00

4,000,000.00

2,000,000.00

0.00
2005 2006 2007 2008 2009

Total Activo Corriente Inventarios Total Activo No Corriente

Activo Intangible Neto de Amortizacion Total de Activo

Financiamiento 2005 2006 2007 2008

Total Pasivo 1,318,624.02 3,203,034.07 2,047,985.57 1,511,515.69
Total Patrimonio 6,237,393.55 ### 2,085,819.55 3,932,722.48
Total Pasivo + Patrimonio 7,556,017.57 ### 4,133,805.12 5,444,238.17

Financiamiento
16,000,000.00
14,000,000.00
12,000,000.00
10,000,000.00
8,000,000.00
6,000,000.00
4,000,000.00
2,000,000.00
0.00
2005 2006 2007 2008 2009

Total Pasivo Total Patrimonio Total Pasivo + Patrimonio

 Rubro 2005 2006 2007 2008
Total Activo Corriente 6,441,004.54 ### 3,176,334.41 4,582,882.65
Total Pasivo Corriente 1,232,677.79 3,117,087.84 1,962,039.34 1,406,941.91

Razon Circulante
14,000,000.00

12,000,000.00

10,000,000.00

8,000,000.00

6,000,000.00

4,000,000.00

2,000,000.00

0.00
2005 2006 2007 2008 2009

Total Activo Corriente Total Pasivo Corriente

Rubro 2005 2006 2007 2008

Total Activo Corriente - Inventario 6,309,293.66 ### 2,872,914.14 4,291,675.03
Total Pasivo Corriente 1,232,677.79 3,117,087.84 1,962,039.34 1,406,941.91

Prueba Acida
14,000,000.00

12,000,000.00

10,000,000.00

8,000,000.00

6,000,000.00

4,000,000.00

2,000,000.00

0.00
2005 2006 2007 2008 2009

Total Activo Corriente - Inventario Total Pasivo Corriente

 2005 2006 2007 2008
Efectivo y equivalentes de efectivo 1,696,744.84 ### 834,216.94 949,853.67
Total Pasivo 1,318,624.02 3,203,034.07 2,047,985.57 1,511,515.69
Total Patrimonio 6,237,393.55 ### 2,085,819.55 3,932,722.48

Razon de Endeudamiento y Efectivo y Equivalentes

12,000,000.00

10,000,000.00

8,000,000.00

6,000,000.00

4,000,000.00

2,000,000.00

0.00
2005 2006 2007 2008 2009

Efectivo y equivalentes de efectivo Total Patrimonio

Financiamiento 2005 2006 2007 2008

Total Pasivo 1,318,624.02 3,203,034.07 2,047,985.57 1,511,515.69
Total Patrimonio 6,237,393.55 ### 2,085,819.55 3,932,722.48

Razon Endeudamiento
16,000,000.00
14,000,000.00
12,000,000.00
10,000,000.00
8,000,000.00
6,000,000.00
4,000,000.00
2,000,000.00
0.00
1 2 3 4 5

Total Pasivo Total Patrimonio

Rubro 2005 2006 2007 2008

Total Activo Corriente 6,441,004.54 ### 3,176,334.41 4,582,882.65
Total de Activo 7,556,017.57 ### 4,133,805.12 5,444,238.17
Total Pasivo 1,318,624.02 3,203,034.07 2,047,985.57 1,511,515.69

Razon deuda total a total de Activos

16,000,000.00
14,000,000.00
12,000,000.00
10,000,000.00
8,000,000.00
6,000,000.00
4,000,000.00
2,000,000.00
0.00
2005 2006 2007 2008 2009

Total Activo Corriente Total de Activo Total Pasivo

Rubro 2005 2006 2007 2008

Costo de Ventas 4,937,465.74 5,447,603.27 5,717,960.31 5,646,549.71
Ventas Netas ### ### ### ###

Costo de Ventas vs Ventas Netas

16000000
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
1 2 3 4 5

Costo de Ventas Ventas Netas

Rubro 2005 2006 2007 2008

Otros Gastos de Operacion 408,163.48 414,303.18 523,086.59 485,251.21
Ventas Netas ### ### ### ###

Gastos de Operacion vs Ventas Netas

16000000
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
1 2 3 4 5

Otros Gastos de Operacion Ventas Netas

Rubro 2005 2006 2007 2008

Utilidad del Ejercicio 2,903,158.11 3,896,241.30 1,952,185.04 1,966,823.15
Ventas Netas ### ### ### ###

Utilidad del Ejercicio vs Ventas Netas

16000000
14000000
12000000
10000000
8000000
6000000
4000000
2000000
0
1 2 3 4 5

Utilidad del Ejercicio Ventas Netas

 2009
4,081,165.40
614,332.51
116,390.74
748,125.00
4,945,681.14

2009

orriente

2009
1,143,814.29
3,801,866.85
4,945,681.14
 2009
4,081,165.40
1,018,120.51

2009
3,466,832.89 -45.05%
1,018,120.51
 2009
1,058,693.66
1,143,814.29
3,801,866.85

tes

2009

2009
1,143,814.29
3,801,866.85

2009
 4,081,165.40
4,945,681.14
1,143,814.29

2009

vo

2009
7,532,653.82
###

2009
977,656.13
###

2009
1,369,144.37
###