Corporate Presentation
November, 2010
INDEX
1.
Introduction
2.
Rice Business
3.
Pasta Business
4.
Conclusion
5.
Annex I. Main Figures
6.
Annex II. Product Samples
1
INTRODUCTION
Who is Ebro?
Ebro is an international brand-based food group with a market capitalization of €2.26 billion, turnover of €1.75 billion
and net profit of €176.4 m at the end of 2009.
Over the last ten years we have made several changes, transforming our company from a sugar company in 2000 (with
a financial participation in Herba since 1989) to our present structure:
In 2000, we merged with Puleva (branded dairy leader in Spain).
In 2001, we fully incorporated Herba (European rice leader).
Between 2001 and 2004 we bought up 7 small and medium-sized leading branded rice companies in Europe.
In 2004, we acquired Riviana (branded rice leader in USA).
In 2005, we acquired Panzani (branded rice and pasta leader in France).
In 2006, we acquired New World Pasta and Minute Rice (leading branded pasta and rice companies in USA
and Canada).
In 2007, we acquired Birkel (leading branded pasta company in Germany).
In 2009, we divested our Sugar Division.
In 2010, we divested Puleva.
In this period we have invested €1.7 billion, made divestments of €1.87 billon, with no capital increase and maintaining a
healthy pay out for our shareholders. Nowadays, after the sale of Puleva, we are debt free.
Ebro Nowadays
We are world leaders in the branded rice sector and the second branded pasta manufacturer worldwide.
Ebro subsidiaries are distributed over 23 countries in Europe, America, Asia, Northern Africa and we have a portfolio of
over 60 brands.
Our stock is quoted in the Madrid Stock Exchange Market (Ibex 35 company). The Hernandez family is the reference
shareholder since 2003. All together, with other members of the Board (essentially other Spanish families), control
44.6% of the equity. The rest is freely floated in the market.
Being our products strongly related with raw materials our relationship with rice and durum wheat farmers has always
been very strong and we consider this as a very valuable asset.
Our balance sheet is very strong. Nowadays we are debt free and we have a strong cash flow generation. We have the
clear ambition of reinforcing our international leadership in our core businesses.
Breakdown of Ebitda
EBITDA by Geographical Zone 1H10
EBITDA by Divisions 1H10
North
America
51%
Rice
41%
Rest of
Europe
41%
Spain
Iberia
7%
Rest of World
1%
Pasta
59%
Ebro Presence
2
RICE BUSINESS
The Rice Business
The history of our Rice Division tracks back to a business started by the Hernandez Family in Spain in 1950.
After its full integration in Ebro Foods in 2001, we have taken over 10 rice businesses throughout the world: Denmark,
Hungary, Finland, Germany, UK, USA, Canada, Egypt, Thailand and India most of them branded companies but as well
sourcing capacity (silos and mills).
Two key milestones for us were the acquisition on Riviana Foods in 2004 (374 MUSD) and Minute Rice in 2006 (280
MUSD). That development allowed us to become US leader in rice. That added to our pasta activity created a 1,0 BUSD
sales group in US and Canada.
Nowadays we are the largest rice processor in the world with leading brands in most countries in Europe, USA and
Canada.
We have a strong expertise in raw materials. One of our strengths is having a strong foothold in the largest rice
production regions in the world, with a strong infrastructure and a flexible balance sheet.
We are using our brands to open up new sectors, including convenience foods, pasta, purées, porridges and new
products.
Management raw materials, production and packaging, technologies and brands are vital for our project.
Rice Market Shares
COUNTRY
MARKET SHARE VOLUMEN
Spain
24,0%
Portugal
16,0%
Germany
20,0%
Belgium
31,7%
P. Rico
23,0%
USA
24,0%
Canada (Instant Rice)
65,0%
France
23,0%
Rice Brands
Rice Raw Material Purchases
In Europe:
We purchase 500.000 tm/annum of rice. All purchases are made to farmers and cooperatives.
In North America:
We purchase 200.000 tm/annum of paddy rice.
We purchase 200.000 tm/annum of milled rice.
The bulk of our purchasing is from Arkansas and Memphis therefore our facilities are located in that regions.
We procure paddy rice directly from growers as well as from drying and storage operations throughout
Arkansas.
We purchase milled rice from a preferred group of vendors that meet our quality requirements.
Other sources:
We purchase on paddy basis other 500.000 Mt/annum from origins as Uruguay, Guyana, Thailand, Egypt and
fragrant rice from India, Pakistan and Thailand.
Rice Factories Spain
Our factories in Spain have a:
Milling capacity of: 500.000 mt/annum.
Parboiling capacity: 210.000 mt/annum.
Storage capacity: 182.000 mt.
The facilities are located in:
San Juan – Seville: Rice Mill, Parboiled Rice, Quick Rice, Ready Made Dishes and Packing.
Isla Mayor - Seville: Rice Mill.
Coria - Seville: Rice Mill.
Jerez: Microwave and Packing facilities.
Silla - Valencia: Rice Mill and Packing Facilities.
L´Aldea - Tarragona: Rice Mill and Flour Mill.
Tortosa - Tarragona: Packing facilities.
Rice Factories Spain
L´Aldea Tarragona
Tortosa - Tarragona
San Juan - Sevilla
Silla - Valencia
Isla Mayor-Sevilla
Jerez - Jerez
Coria - Sevilla
Rice Factories EU.
Our factories in the European Union have:
Milling capacity of: 400.000 mt/annum.
Storing capacity of: 80.000 mt/annum.
The facilities are located in:
Cambridge, UK: Rice Mills.
Liverpool, UK: Rice Mills and Flour Mill.
Orbaek, Denmark: and IQF Rice and Pasta.
Antwerp, Belgium: Rice Mill, Flour Mill and Packing facilities.
Hamburg, Germany: Rice Mill and Packing facilities.
Vercelli, Italy: Rice Mill.
Coruche, Portugal: Rice Mill and Packing facilities.
Rice Factories EU.
Antwerp
Liverpool
Danmark
Hamburg
Cambridge
Vercelli
Coruche
Rice Factories USA.
Our plants in US are located in:
Carlisle, AR. Parboil and Crisping:
Capacity for Parboil and Milling operation 80.000 mt/annum.
Capacity for Crisping and Packaging 1.800 mt/annum.
Brinkley, AR. Instant Rice Processing and Milling:
Capacity for Instant Rice Processing and Packaging 26.000 mt/annum.
Capacity for Rice Milling 47.000 mt/annum.
Clearbrook, MN. Parboiling, Roasting, and packaging of Wild Rice:
Capacity for Parboiling/Roasting of green Wild Rice 25.700 mt/annum.
Memphis, TN. Next slide.
Rice Factories USA. Memphis Rice Factory
Construction on the estimated 110 MAUD Ebro’s., rice processing and packaging plant in Memphis will be finished by
1Q11 but is already starting to work.
It will add a 400,000-square-foot state-of-the-art plant that will include an on-site warehousing and distribution center.
The new facility will be located on 31 acres lands property of the Group.
It will have instant rice processing and packaging of instant and milled rice:
Capacity for instant rice processing and packaging 91.500 mt/annum. 8 processing lines and 9 packaging
lines.
Milled Rice packaging capacity 152.500 mt/annum. 11 packaging lines.
Other Rice Affiliates
We are also placed in:
Egypt: Herba Egypt
Milling capacity of: 100.000 mt/annum.
Storage capacity: 20.000 mt
Morocco: Mundiriz
Milling capacity of: 60.000 mt/annum.
Parboiling capacity: 18.000 mt/annum.
Storage capacity: 25.000 mt
Thailand: Herba Bangkok
Processing and packing capacity of: 100.000 mt/annum.
Storage capacity: 20.000 mt
Uruguay: Joint Venture with Casarone
20.000 ha of rice rotating with wheat. Production 40.000 mt/annum of paddy rice.
180.000 mt/annum of rice milled and parboiled.
Other Rice Affiliates
Uruguay
Herba Bangkok
3
PASTA BUSINESS
The Pasta Business
Our first step in the Pasta business was the acquisition of Panzani in 2005 (€639 m).
Panzani was the leading dry pasta, fresh pasta, rice and sauces branded leader in France. It brought to our group an
expertise in pasta marketing and R+I+D, along with a specialized management team that allowed us to transfer all
these knowledge to other countries.
Panzani was the perfect platform to develop a pasta business, offering know-how and product innovation, allowing those
new products to be introduced on markets on which we were already present.
In 2006 we bought New World Pasta (“NWP”), the pasta branded leader in USA and Canada, it was a company that was
getting out of Chapter 11, clearly underinvested in R+D and A&P. We integrated NWP with our rice businesses in North
America generating important synergies.
In 2008 we acquired Birkel, the branded pasta leader in Germany.
Our strategy in pasta is focused in:
Convenience, e.g.: microwave products, quick cook, etc.
Health, e.g.: pasta enriched with vegetables, whole grain pasta, high fiber white pasta, etc.
Taste/Ethnics, e.g. Fresh pasta, fresh sauces, Halal, etc.
The Pasta Division Market Shares
Pasta
COUNTRY
MARKET SHARE
VOLUMEN
Germany
11,2%
Belgium
13,7%
Cezch Republic
12,5%
USA
25,8%
Canada
39,4%
France
40,8%
Sauce
COUNTRY
France
MARKET SHARE
33,6%
Fresh Pasta
COUNTRY
France
MARKET SHARE
30,5%
The Pasta Division Main Brands
Pasta Raw Material Purchases
In Europe:
We purchase 582.000 tm/annum of durum wheat.
524.600 tm/ annum come from France.
57.400 tm/annum come from North America.
100% of French durum wheat purchase is done to cooperatives. In France the 60% of the purchases are
made through three years contract where the price is fixed at the average price of the market.
The North American 100% durum wheat purchases for Europe are made from brokers.
In North America:
We purchase 280.000 tm/annum of durum wheat.
196.000 tm/annum come from the Northern Tier (Dakotas).
28.000 tm/annum come form the desert (California).
56.000 tm/annum come from Canada (Saskatchewan and Alberta).

All purchases from the Northern Tier are made on the open market, in the desert we contract acres with
farmers, and in Canada is through the Canadian Wheat Board.
Pasta Factories EU.
Our facilities in EU are located in:
France:
Three mills:
Gennevilliers (Paris): with a capacity of 130.000 tm/annum.
Littoral (Marseille): with a capacity of 65.000 tm/annum.
Saint Just (Marseille): with a capacity of 130.000 tm/annum.
Two plants of dry pasta:
Nanterre (Paris): with a capacity of 87.000 tm/annum.
La Montre (Marseille): with a capacity of 76.000 tm/annum.
Two plants of fresh pasta:
Saint Genis Laval (Lyon): with a capacity of 20.000 tn/annum.
Lorette (Lyon): with a capacity of 16.000 tn/ annum.
A plant of cous cous
Vitrolles: with a capacity of 50.000 tn/annum.
Germany:
Two plants of dry pasta:
Mannheim: with a capacity of 66.000 tm/annum.
Waren: with a capacity of 14.000 tm/annum.
Pasta Factories France
Pasta Factories Germany
Pasta Factories USA. and Canada
We have four pasta factories between US and Canada.
Three in US:
Winchester, Virginia: this factory has a milling capacity of: 90.000 tm/annum.
St. Louis, Missouri: this factory has a milling capacity of 81.000 tm/annum.
Fresno, California: this factory has a milling capacity of 34.200 tm/annum.
One in Canada:
Montreal, Quebec: this factory has a milling capacity of 50.400 tm/annum.
Pasta Factories USA. And Canada
4
CONCLUSION
Conclusion
We are a Food Group specialized in products highly related with their raw materials, rice and durum wheat. Originally we
started as a sugar and dairy company and nowadays we are focused in rice and pasta therefore our relationship with our
raw material providers is very important.
We maintain strong and long lasting relations with the local farmers; we understand that the relationship between
farmers and industrials is a long term one, based on cooperation and respect.
We purchase around 2 million tones of rice a year and some 1 million tones of durum wheat what shows the magnitudes
we are used to trade.
We have a clear and strong commitment to develop ourselves as a world leading group in meal solutions based on rice
and pasta and therefore we highly invest in R+D and marketing. We want to upgrade our portfolio with more value
added products.
We are a Group with high speed of adaptation to the environment and specificities of each country. We have developed
a skill of integration, always respecting the local cultures of each business and local management.
5
ANNEX I. MAIN FIGURES
 RICE
Main Figures- Rice Business
9M08
647.763
17.430
89.592
9M09
654.925
21.166
85.600
9M10
602.055
20.699
87.779
EBITDA Margin
13,8%
13,1%
14,6%
EBIT
Operating profit
74.026
73.805
69.901
63.190
70.488
73.185
18,6
19,4
19,9
Thous EUR
Sales
Advertising
EBITDA
ROCE
Thous EUR
Sales
EBITDA
2008
890.969
20.214
126.560
EBIT
Operating profit
105.724
104.365
Advertising
EBITDA Margin
ROCE
14,2%
19,0
10/09 CAGR 10/08
-8,1%
-3,6%
-2,2%
9,0%
2,5%
-1,0%
11,6%
2,7%
0,8%
-2,4%
15,8%
-0,4%
2,6%
3,4%
2009
E2010 E10/09 CAGR E10/08
836.147 801.815
-4,1%
-5,1%
24.175 26.731 10,6%
15,0%
118.561 122.498
3,3%
-1,6%
14,2% 15,3%
7,7%
3,7%
97.575 99.128
1,6%
-3,2%
82.157 106.795
30,0%
1,2%
19,7
19,5
-1,0%
1,3%
Main Figures- Pasta Business
Thous EUR
Sales
Advertising
EBITDA
EBITDA Margin
EBIT
Operating profit
ROCE
9M08
713.065
9M09
692.308
9M10
669.379
10/09 CAGR 10/08
-3,3%
-3,1%
34.538
37.431
43.153
15,3%
11,8%
67.208
94.807
117.651
9,4%
13,7%
17,6%
45.257
36.381
73.818
71.767
97.569
91.254
12,6
21,6
29,3
24,1%
28,3%
32,2%
27,2%
35,6%
32,3%
36,6%
46,8%
58,4%
52,5%
Thous EUR
Sales
2008
993.696
2009
E2010 E10/09 CAGR E10/08
928.077 905.394
-2,4%
-4,5%
56.661
16,2%
9,5%
EBITDA
105.993
137.057 157.205
75.581
65.312
108.831 130.935
104.066 122.236
14,7%
17,6%
20,3%
17,5%
25,9%
21,8%
27,6%
31,6%
36,8%
40,5%
Advertising
EBITDA Margin
EBIT
Operating profit
ROCE
47.273
10,7%
14,8
48.781
14,8%
23,2
17,4%
29,2
Main Figures- Consolidated
Thous EUR
9M08
9M09
9M10
Sales
1,333,597
1,342,483
1,253,850
53,986
61,482
64,774
148,762
171,259
197,586
11.2%
12.8%
15.8%
108,360
128,969
69,519
46,997
92,698
131,665
117,977
99,176
67,008
134,701
157,520
142,443
135,283
265,702
346,065
13.2
17.8
21.5
Advertising
EBITDA
EBITDA margin
EBIT
Operating profit
Profit before tax
Discontinued operations
Net Profit
ROCE
Thous EUR
Sales
Advertising
2008
2009
E2010
1.874.475 1.765.397 1.684.898
70.219
75.750
84.930
EBITDA
224.074
243.824
271.229
EBIT
Operating profit
Profit before tax
Discontinued operations
Net Profit
169.216
165.606
72.354
82.049
130.637
190.666
175.041
124.436
79.543
176.539
217.940
205.754
199.780
265.702
387.552
EBITDA margin
ROCE
12,0%
14,5
13,8%
18,5
16,1%
n.a.
10/09
-6.6%
5.4%
15.4%
23.5%
19.6%
20.7%
36.4%
296.5%
156.9%
20.8%
CAGR 10/08
-3.0%
9.5%
15.2%
18.9%
20.6%
5.1%
39.5%
137.8%
93.2%
27.6%
E10/09 CAGR E10/08
-4,6%
12,1%
11,2%
16,6%
14,3%
17,5%
60,5%
234,0%
119,5%
-5,2%
10,0%
10,0%
16,0%
13,5%
11,5%
66,2%
80,0%
72,2%
Main Figures- Balance Sheet
After the sale of the Dairy Division (€630m) that took place in September we are debt free.
Thous EUR
Net Debt
Average Debt
Equity
Leverage ND
Leverage AD
x EBITDA (ND)
x EBITDA (AD)
30 Sep 08
31 Dec 08
30 Sep 09
31 Dec 09 30 Sep 10 E31 Dec 10
1,233,271
1,055,853
545,272
556,800
716,725
508,386
1,189,193
1,203,131
1,228,326
1,280,322
1,500,321
103.7%
101.4%
87.8%
100.4%
4.7
44.4%
62.8%
43.5%
56.0%
2.3
-5.6%
33.9%
1,205,893
1,208,078
5.4
770,943
2.9
-84,306
70,160
n.d
1,544,867
4.5%
46.4%
0.3
n.a.
E10/09
-115.5%
-34.1%
22.1%
-112.7%
-46.0%
CAGR E10/08
-74.2%
-23.0%
13.3%
-77.3%
-32.0%