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2011 ANNUAL REPORT

financial highlights
in millions of US dollars¹, except per-ADS data

	2011	2010	%
Net sales	15,139	14,069	8
Operating income	960	856	12
Operating EBITDA	2,332	2,314	1
Controlling interest net income (loss)	(1,533)	(1,304)	(18)
Earnings (loss) per ADS2	(1.47)	(1.30)	(13)
Free cash flow after maintenance capital expenditures	386	512	(25)
Total assets	39,276	41,675	(6)
Total debt plus perpetual notes	18,067	17,729	2
Total controlling stockholders' equity	13,683	15,710	(13)

1  For the reader's convenience figures are presented in US dollars. For statements of operations accounts, these figures result from translating the local currency amounts into US dollars at the average exchange rate for the year, which approximates a convenience translation of the Mexican peso results for 2011 and 2010 using the average exchange rates of the year of 12.48 MXN/US$ and 12.67 MXN/US$, respectively. For balance sheet accounts, US dollar figures result from translating the local currency amounts into US dollars at the closing exchange rate for the year, which approximates a convenience translation of the Mexican peso amounts at the end of each year using the end-of-year exchange rate of 13.96 MXN/US$ and 12.36 MXN/US$, respectively.

2  Based on an average of 1,042.2 and 999.2 million American Depositary Shares (ADSs) for 2011 and 2010, respectively.